Rakuten Group (4755) investor relations material

Executive summary

• Q3 consolidated revenue rose 10.9% YoY to a record JPY 697.1B; EBITDA reached a Q3 record JPY 123.5B, up 4.0%.

• Q3 Non-GAAP operating income rose 25.9% to JPY 48.6B, while valuation losses and impairments weighed on IFRS results.

• 9M revenue increased 12.2% to ¥2,006.1bn; IFRS operating income was ¥89.9bn, and net loss attributable to owners narrowed to ¥73.6bn.

Financial highlights

• Q3 EBITDA was JPY 123.5B, up 4.0% YoY; growth excluding minority investments was 11.7%.

• Q3 consolidated Non-GAAP operating income was JPY 48.6B and IFRS operating income was JPY 39.5B.

• Q3 income before tax was JPY 1.3B; results included JPY 16.7B of currency-swap derivative valuation losses and JPY 23.0B of income tax expense.

• Q3 net loss attributable to owners was JPY 62.7B, versus JPY 26.9B in Q3 2025.

• 9M Non-GAAP operating income rose 117.5% to ¥126.9bn and EBITDA rose 15.2% to ¥347.6bn; 9M income before tax was ¥19.2bn.

Outlook and guidance

• FY2026 targets remain high-single-digit consolidated revenue growth, Non-GAAP operating profitability, and positive income before tax and net income.

• FY2026 Mobile network-related CapEx plan remains JPY 200.0B; Q3 CapEx was JPY 40.3B, with base-station construction expected to accelerate in Q4.

• Further phased roaming reductions are planned as network coverage and quality improve; domestic satellite operations are targeted by end-March 2029.

• Internet Services plans GMS and revenue growth through customer acquisition, cross-use, data and AI tools; FinTech targets further customer, transaction and profit growth.