Rebase (5138) Q2 2026 earnings summary

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.