Rakuten Group (4755) investor relations material

Executive summary

• Achieved record consolidated revenue of JPY 2.5 trillion (+9.5% YoY), marking 29 consecutive years of growth, with strong contributions from FinTech and Mobile segments.

• Non-GAAP operating income rose to JPY 106.3 billion (+JPY 99.2 billion YoY), while consolidated EBITDA reached a record JPY 435.9 billion (+33.7% YoY).

• Mobile segment achieved full-year EBITDA profitability for the first time, with 10.01 million subscribers at year-end.

• Net loss attributable to owners widened to JPY 177.9 billion, mainly due to the absence of prior year one-off gains and impairment losses.

• All FY2025 earnings targets were achieved, with significant profit growth and cost optimization.

Financial highlights

• Consolidated revenue: JPY 2.5 trillion (+9.5% YoY); consolidated EBITDA: JPY 435.9 billion (+33.7% YoY).

• Non-GAAP operating income: JPY 106.3 billion (+JPY 99.2 billion YoY); IFRS operating income positive but declined YoY.

• Mobile segment revenue: JPY 482.8 billion (+9.6% YoY); EBITDA at JPY 28.8 billion; full-year EBITDA profit of JPY 12.9 billion.

• FinTech segment revenue: JPY 975.9 billion (+19% YoY); non-GAAP operating income: JPY 199.9 billion (+30.3% YoY).

• Pre-tax loss: JPY 29.5 billion, with impairment losses in online grocery, logistics, and Symphony/Open RAN businesses.

Outlook and guidance

• Targeting significant growth in non-GAAP and IFRS operating income in FY2026, with high single-digit consolidated revenue growth (excluding securities business).

• Aiming to reduce non-FinTech net interest-bearing debt/EBITDA ratio to around 6x in 2026.

• Focus on expanding synergies, accelerating AI adoption, and strengthening human resource development.

• CapEx of over JPY 200 billion planned for mobile network enhancements in 2026.