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Rebase (5138) investor relations material
Rebase Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary13 Nov, 2025
Executive summary
Revenue for the first half increased 15.3% year-over-year to ¥1,000.98 million, driven by proactive investments and continued demand in the space-sharing market.
Operating profit declined 69% year-over-year to ¥66.34 million, and net profit fell 65.9% to ¥46.67 million, due to higher marketing, organizational expenses, and a one-time accounting change.
Short-term initiatives for Instabase did not yield expected results, prompting a reallocation of resources to improve performance.
Full-year earnings forecast revised downward due to lower-than-expected gross transaction value and continued upfront investments.
The company operates a single segment: matching platform services, with no segment breakdown provided.
Financial highlights
Revenue for Q2 was ¥506 million, up 11% year-over-year; cumulative first-half revenue was ¥1,000.98 million, up 15.3%.
Operating profit for Q2 was ¥4 million, down 96% year-over-year; cumulative first-half operating profit was ¥66.34 million, down 69%.
Net profit for the first half was ¥46.67 million, down 65.9% year-over-year.
SG&A expenses increased 50% year-over-year, with notable rises in advertising (+79%), outsourcing (+89%), and office rent (+202%).
Gross transaction value for the first half was ¥3,434 million, up 19% year-over-year, but only 44% of the annual target.
Outlook and guidance
Full-year revenue forecast revised to ¥2,177 million (up 13% year-over-year, down ¥135 million from initial guidance), with operating profit expected at ¥70 million (down 86%).
Full-year net profit forecast revised to ¥49 million (down 86.4% year-over-year).
Key metrics targets also revised downward: transaction value to ¥7,270 million (-6%), usage volume to 1,723,000 (-3%), and average unit price to ¥4,200 (-3%).
Guidance revision announced on November 13, 2025.
Continued focus on maximizing transaction value through enhanced customer acquisition, UI/UX improvements, and expansion of space listings.
What drove the significant SG&A increase?
Explain large deposits/guarantees outflow.
What's the reason for head office exit decision?
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