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FY2026 Second Quarter Consolidated Financial Results Appendix August 10 , 2026 Rakuten Group , Inc. Rakuten Figures in this document are rounded to one decimal place , so there may be some discrepancies with the numbers in other disclosed materials . Past figures may be retroactively adjusted due to changes in accounting standards or revisions to definitions . Please refer to https://global.rakuten.com/corp/investors/assets/doc/documents/26Q2Datasheet.xlsx .
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 2 Executive Summary *1: EBITDA = Non-GAAP OI + depreciation and amortization, etc. *2: The perpetual subordinated bonds were fully redeemed on the f irst optional redemption date. Consolidated Results • Revenue: 665.5 B JPY (+11.6% YoY), a record high for a Q2. Increased across all segments; Internet Services, FinTech, and Mobile. • Consolidated Non-GAAP OI: 42.0 B JPY (+109.6% YoY), IFRS OI: 20.0 B JPY (+126.9% YoY), driven by steady growth across all businesses and successful cost-control measures. • EBITDA*1: 115.3 B JPY (+11.7% YoY), with each business segment continuing to show steady growth. Financing Activities • Maintaining our financial policies and strategies. Striving to improve profitability in each business and reduce outstanding interest-bearing debt in order to achieve our targets for non-FinTech net interest-bearing debt/EBITDA *1 ratio and consolidated equity ratio. • In May 2026, we raised approximately 200 B JPY through the sale of held securities. Furthermore, we completed the full redemption of USD-denominated perpetual subordinated bonds in April*2 and JPY-denominated senior bonds in June. We have already secured all necessary funds for bond redemptions scheduled for 2026. For bond redemptions from FY2027 onwards, we intend to proactively and flexibly manage our funding requirements through a combination of diverse financing methods.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 3 Executive Summary *1: From Q1/26, a portion of points-related business was transferred from Group Headquarters (Adjustments) to the Internet Servi ces segment. No retrospective adjustments were made. *2: From Q1/26, some AI -related development costs were allocated to each business. Retrospective adjustments were made to the performance of segments and each business from Q1/25. *3: From Q2/2 6, a portion of Domestic EC GMS definitions, etc. have been revised. Past figures have been retroactively adjusted. *4: Open Commerce: Total of Rakuten Rewards (US, Europe, Canada), Fillr, and overseas advertising business. EU: Total of Rakuten TV an d Rakuten France. Others: Total of Rakuten Kobo, Rakuten Viber, Rakuten Viki, etc. Note that Rakuten Symphony, Taiwan EC business, and businesses of overseas financial subsidiaries are not included. Internet Services • Segment revenue*1: 338.1 B JPY (+4.2% YoY), Non-GAAP OI*1*2: 23.1 B JPY (+68.6% YoY). • Domestic E-Commerce*1*3 GMS: 1,532.2 B JPY (+5.3% YoY). Growth driven primarily by Core Businesses, including Travel business, which performed well due to effective marketing initiatives capturing growing leisure demand. In addition to the steady revenue growth of Core Businesses such as Rakuten Ichiba and Travel business, various initiatives to improve profitability in Growth Investment Businesses resulted in Non-GAAP OI*2: 29.7 B JPY (+30.8% YoY). • International Business Unit*4 revenue: 499.68 MM USD (+3.9% YoY), Non-GAAP OI*2: 9.67 MM USD (-4.1% YoY). Rakuten Rewards saw profit growth despite stagnant revenue, supported by the discontinuation of certain low-profitability services and effective cost control. Rakuten Kobo achieved top-line growth but saw a decrease in profit due to proactive investments aimed at customer acquisition. Rakuten Viki sustained both top and bottom-line growth, benefiting from a larger user base following content expansion and enhanced profitability due to price adjustments.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 4 Executive Summary *1: From Q1/26, some AI-related development costs were allocated to each business. Retroactive revisions have been made to each segment's results from Q1/25. *2: Rounded down to the nearest unit *3: J -GAAP FinTech • Segment revenue: 295.4 B JPY (+27.0% YoY), Non-GAAP OI*1: 69.2 B JPY (+60.1% YoY), resulting in increased revenue and profit. Each business continued to see expansion in its customer base and GTV. • Rakuten Card: Robust growth in shopping GTV: 7.1 T JPY (+9.4% YoY), driven by an expanding customer base and increased average spend per customer. While funding costs continued to rise, other cost-control measures were successful, resulting in increased profit. • Rakuten Bank: Leveraged group synergies to promote account acquisition, reaching 18.46 MM accounts*2 (as of end of June 2026, +8.1% YoY). With further progress in converting Rakuten Bank accounts into main accounts, non- consolidated deposit balance also increased: 13.3 T JPY*2*3 (as of end of June 2026, +13.9% YoY). Revenue and profit grew significantly, driven by higher assets under management and increased interest income following BOJ rate hikes. • Rakuten Securities: Expanded its customer base, driven by the new NISA program, reaching 14.39 MM general securities accounts *2 (as of end of June 2026, +14.5% YoY) and 7.92 MM NISA accounts*2 (as of end of June 2026, +21.3% YoY). Driven by robust financial income amid favorable market conditions and increased interest income following the Bank of Japan's policy rate hikes, the company recorded its highest-ever quarterly operating income. • Rakuten Life Insurance: Improved profitability through the optimization of its product and channel strategy, as well as enhanced productivity. Rakuten General Insurance: Steadily advanced its "selection and concentration" strategy by shifting toward priority products, while automobile insurance continued to deliver strong growth. • Rakuten Payment: Revenue growth driven by increased GTV on an expansion of its customer base, primarily through the Rakuten Pay app. Various cost controls also contributed to robust profit growth.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 5 Executive Summary *1: From Q1/26, some AI-related development costs were allocated to each business. Retrospective adjustments were made to the pe rformance of segments and each business from Q1/25. *2: Includes investment gains and losses related to the Mobile business from Q4/25. *3: EBITDA = Non -GAAP OI + depreciation and amortization, etc. *4: Total value of MNOs, MVNEs and MVNOs inc luding BCP subscribers. *5: ARPU from which, out of MNO ARPU, the cost of sales associated with the revenue-uplift effect from Rakuten Mobile MNO subscribers and the referral effect from group companies to the mobile business are deducted. The mobile ecosystem contributi on (net ARPU x MNO contract lines) is recorded after revenue and operating expenses in Rakuten Mobile‘s income statement. The number of subscribers, which is the denominator for ARPU, is calculated using the average number of MNO subscribers at th e beginning and end of each quarter, excluding MVNE and BCP lines. *6: Network-related capex Mobile • Segment revenue: 121.4 B JPY (+8.3% YoY), Non-GAAP OI*1: -33.1 B JPY (+4.1 B JPY YoY). • Rakuten Mobile revenue: 101.3 B JPY (+11.9% YoY), driven by growth in the number of subscribers. While marketing expenses increased to strengthen promotional capabilities, other expenses remained at previous levels, resulting in Non- GAAP OI*1*2: -32.3 B JPY (+6.7 B JPY YoY), EBITDA*1*2*3: 5.9 B JPY (+6.4% YoY). • As of the end of June 2026, the number of Rakuten Mobile's total subscribers*4 was 10.75 MM, a net increase of 1.78 MM subscribers YoY. As a result of promoting measures such as levying a fee on the fifth line and any subsequent cumulative subscriptions per customer and strengthening identity verification, thereby curbing the inflow of subscribers intending short-term cancellation, we structured sustainable customer expansion centered on loyal customers, and the net increase grew steadily even after the end of the peak sales season. Net ARPU*5 was 2,516 JPY (+42 JPY YoY). Option ARPU trended strongly, supported by an expanded lineup of optional services. Other ARPU also grew steadily, driven by strong advertising revenue from the Rakuten Mobile Saikyo Thanks Festival campaign. • Rakuten Mobile Capex*6: 39.3 B JPY. To further improve network quality, we accelerated base station deployment through continued concentration of internal resources and process reforms in construction operations, including the in- housing of certain processes.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 6 Appendix Contents Consolidated Financial Results Segment Results and KPIs Finance 02 03 ー Number of Monthly Active Users and Ratio of Users of Two or More Services ー Membership Value ー Global GTV ー Consolidated Financial Results Summary ー Revenue, Non-GAAP Operating Income and Breakdown ー Overview of Consolidated and Major subsidiaries’ Balance Sheets ー Segment Organizational Chart ー Internet Services Segment ー FinTech Segment ー Mobile Segment ー Advertising Business (Total Domestic Advertising Revenue Recorded in Each Segment) 04 01 Ecosystem KPIs
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7 Ecosystem KPIs1.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 8 Rakuten Ecosystem Service Line-Up (Excerpt) ◼ Established leading positions in many markets. Highest cross-use rate among MNO carriers* *Source: MMD Labo. Feb 20, 2023. “Survey on the actual condition of use of related services of major 4 MNO carriers.” Number of carrier-related services except for mobile phone contracts for 4 MNO carrier users. (Internet survey, target: Major 4 MNO carrier users aged 18-69, valid responses = 2,000: Docomo users (n = 500), au users (n =50 0), Softbank users (n = 500), Rakuten Mobile users (n = 500)) International Payment Insurance Securities BankDomestic EC Mobile (Rakuten Rewards) (Rakuten Ichiba) Internet Services Segment FinTech Segment Mobile Segment (Rakuten Life Insurance) (Rakuten General Insurance)
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 9 Monthly Active User Growth in Japan Ratio of Users of Two or More Services*2 Number of Monthly Active Users and Ratio of Users of Two or More Services *1: Comparison of monthly active users in June 2026 versus June 2025. *2: Percentage calculated by dividing the number of use rs of two or more services in the past 12 months by the number of users of all services in the past 12 months. (As of the end of June 2026. Limited to the use of services that can earn Rakuten Points.) *3: Comparison of monthly use ratio in June 2026 versus J une 2025. Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 46.42 MM +4.9% YoY*1 77.0 % +0.1pt YoY*3
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 10 0.4 0.1 1.0 0.0 9.2 10.7 (T JPY) Membership Value *1 ◼ Growth in Membership Value is led by strong performance by FinTech businesses such as Rakuten Securities, Rakuten Bank, and Rakuten Card *1: Calculated by Rakuten Group (KPIs calculated internally). *2: LTV = Lifetime Value. LTV = Σ (ARPU x Profit Rate*3 x Retention Rate) ÷ (1 + Discount Rate)K-1 ①K is Projection Years ②ARPU = Revenue/YAU *3: Profit Rate = {(Revenue x Marginal profit ratio) - Retention cost*4} ÷ Revenue ①Marginal profit = Revenue - Variable Cost (cost of revenue, commissions, etc.). *4: Retention cost = Marketing costs – Customer acquisition cost ①Marketing cost = Advertising cost + Promotion Cost + Point cost ②Customer acquisition cost = Marketing cost allocated to new users Q2/25 Number of Active Users Cross Use LTV*2*3*4 CAC Q2/26 Yearly Active Users (YAU) Only for new usersPresent value of forecasted future profits to be generated by an average user × ( )× － +16.1% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 11 (T JPY) Global GTV *1*2*3*4 *1: Global Gross Transaction Value = Domestic E -Commerce GMS + Credit Card GTV + Rakuten Edy GTV + Rakuten Pay GTV+ Rakuten Poin t Card GTV + Overseas E-Commerce GTV + Rakuten Rewards (Ebates) GTV + Digital Contents GTV + Rakuten Advertising (Rakuten Marketing) GTV *2: Including intercompany transactions for settlement and affiliate services. *3: From Q 1/26, the scope was partially revised. Retrospective adjustments were also made to past figures. *4: From Q2/26, a portion of Domestic EC GMS definitions, etc. have been revised. Past figures have been retroactively adjusted. *5: Calculation does not take into account the impact of exchange rates. 10.9 11.9 13.0 Q2/24 Q2/25 Q2/26 LTM Total Global GTV 50.6 T JPY +9.3% YoY *5
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12 Consolidated Financial Results2.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 13 Q2/26 Consolidated Financial Results Summary (1) *1: From Q1/26, a portion of points-related business was transferred from Group Headquarters (Adjustments) to the Internet Servi ces segment. No retrospective adjustments were made. *2: From Q1/26, some AI -related development costs were allocated to each business. Retroactive revisions have been made to each segment‘s results from Q1/25. *3: EBITDA = Non -GAAP OI + depreciation and amortization, etc. (B JPY, rounded) Q2/25 Q2/26 YoY Consolidated Revenue*1 596.4 665.5 +11.6% Internet Services Segment 324.5 338.1 +4.2% FinTech Segment 232.7 295.4 +27.0% Mobile Segment 112.1 121.4 +8.3% Adjustments -73.0 -89.5 -16.5 Non-GAAP Operating Income*1*2 20.1 42.0 +109.6% (Reference: Excluding Mobile Segment & Minority Investments) 62.2 77.1 +24.0% Internet Services Segment 13.7 23.1 +68.6% FinTech Segment 43.2 69.2 +60.1% Mobile Segment -37.1 -33.1 +4.1 Adjustments 0.3 -17.1 -17.4 EBITDA*1*2*3 103.2 115.3 +11.7% Internet Services Segment 24.3 31.0 +27.4% FinTech Segment 59.7 87.1 +45.9% Mobile Segment 9.6 6.8 -28.4% Adjustments 9.6 -9.7 -19.3
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 14 Q2/26 Consolidated Financial Results Summary (2) (B JPY, rounded) Q2/25 Q2/26 YoY Non-GAAP Operating Income 20.1 42.0 +109.6% Amortization of Intangible Assets -1.2 -0.4 +0.8 Share Based Compensation -4.1 -4.6 -0.5 One-off Items -5.9 -17.0 -11.1 IFRS Operating Income 8.8 20.0 +126.9% Financial Income and Expenses (Net) -23.9 -19.4 +4.4 Gains (Losses) on Valuation of Investment Securities 5.3 0.1 -97.7% Gains (Losses) on Valuation of Derivatives -7.0 7.3 +14.2 Interest Income and Expenses (Net) -21.3 -22.5 -1.3 Foreign Exchange Gains (Losses) 2.3 -0.5 -2.8 Others -3.2 -3.8 -0.6 Share of Income (Losses) of Investments in Associates and Joint Ventures -5.4 -0.1 +5.3 Income (Loss) Before Income Tax -20.4 0.5 +20.9 Income Tax Expenses 19.7 -26.7 -46.3 Net Income (Loss) -40.1 27.2 +67.3 Attributable to Owners of the Company -51.0 7.7 +58.7 Attributable to Non-Controlling Interests 10.9 19.5 +78.9%
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 15 (B JPY) Q2/26 Revenue Breakdown * *From Q1/26, a portion of points-related business was transferred from Group Headquarters (Adjustments) to the Internet Services segment. No retrospective adjustments were made. 596.4 12.9 0.3 0.4 62.7 9.3 -16.5 665.5 Q2/25 Domestic EC International Business Unit FinTech SegmentOther Internet Services Mobile Segment Consolidated Adjustment Q2/26 Internet Services Segment +11.6% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 16 20.1 7.0 -0.1 3.0 -0.5 26.0 4.1 -17.4 42.0 (B JPY) Q2/26 Non-GAAP Operating Income Breakdown *1*2 *1: From Q1/26, a portion of points-related business was transferred from Group Headquarters (adjustment amount) to the Internet Services segment. No retrospective adjustments were made. *2: From Q1/26, some AI -related development costs were allocated to each business. Retrospective adjustments were made to the performance of segments and each business from Q1/25. Q2/25 Domestic EC International Business Unit Other Internet Services Minority Investment FinTech Segment Mobile Segment Q2/26 Internet Services Segment Consolidated Adjustments +109.6% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 17 103.2 4.3 0.0 3.0 -0.6 27.4 -2.7 -19.3 115.3 (B JPY) Q2/26 EBITDA Breakdown *1*2*3 *1: From Q1/26, a portion of points-related business was transferred from Group Headquarters (adjustment amount) to the Internet Services segment. No retrospective adjustments were made. *2: From Q1/26, some AI -related development costs were allocated to each business. Retrospective adjustments were made to the performance of segments and each business from Q1/25. *3: EBITDA = Non-GAAP OI + depreciation and amortization, etc. Q2/25 Domestic EC International Business Unit Other Internet Services Minority Investment FinTech Segment Mobile Segment Q2/26 Internet Services Segment Consolidated Adjustments +11.7% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 18 (B JPY) Consolidated and Major Subsidiaries’ Balance Sheets (1) – As of Jun-26 *1*2 ※Non-consolidated balance sheets include internal transactions *1: Rakuten Group, Inc. and Rakuten Mobile, Inc. are based on IFRS non -consolidated balance sheets. *2: Bonds and borrowings inc lude straight corporate bonds, CP, bank borrowings, etc. *3: Cash and cash equivalents includes assets under short -term management for effective use of cash on hand. *4: Mainly lease financing and Loans from Rakuten Group, Inc. Rakuten Mobile, Inc.*4Consolidated Rakuten Group, Inc.*3 Total AssetsTotal AssetsTotal Assets
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 19 (B JPY) Consolidated and Major Subsidiaries’ Balance Sheets (2) – As of Jun-26 *1*2 *1: Based on IFRS non-consolidated balance sheets. *2: Bonds and borrowings include straight corporate bonds, CP, bank borrowing s, etc. *3: Borrowings for banking business are mainly debt from Bank of Japan under eligible collateral. Joint venture in Taiwan (Rakuten International Commercial Bank.) is not included in the figures above. Total AssetsTotal AssetsTotal Assets Rakuten Securities, Inc.Rakuten Bank, Ltd.*3 Rakuten Card Co., Ltd.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 20 Consolidated Balance Sheet –As of Jun-26 *1: Including Rakuten Bank cash and cash equivalents, etc. *2: Bonds and borrowings include corporate straight bonds, CP, ban k borrowings, etc. (B JPY, rounded) Mar-26 Jun-26 QoQ Rakuten Group, Inc. (Consolidated) Total Assets 29,314.0 31,135.9 +6.2% Cash and Equivalents*1 5,042.3 4,490.5 -10.9% Financial Assets for Securities Business 6,779.5 9,019.1 +33.0% Investment Securities and Loans for Banking Business 8,633.6 8,714.4 +0.9% Loans for Credit Card Business 3,509.6 3,590.4 +2.3% Other Assets 5,349.0 5,321.5 -0.5% Total Liabilities 28,037.4 29,817.7 +6.3% Bonds and Borrowings*2 1,754.9 1,605.8 -8.5% Subordinated Bonds 82.7 82.7 +0.0% Borrowings for Securities Business 269.3 212.8 -21.0% Bonds and Borrowings for Credit Card Business 789.4 718.8 -8.9% Borrowings for Banking Business 2,840.7 2,258.8 -20.5% Deposits for Banking Business 12,578.6 13,139.2 +4.5% Financial Liabilities for Securities Business 6,741.5 8,966.0 +33.0% Other Liabilities 3,063.0 2,916.4 -4.8% Total Equity 1,276.6 1,318.2 +3.3% Total Liabilities and Equity 29,314.0 31,135.9 +6.2%
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 21 Non-Consolidated and Major Subsidiaries’ Balance Sheets – As of Jun-26 *1*2 *1: Rakuten Group, Inc. and Rakuten Mobile, Inc. are based on IFRS non -consolidated balance sheets. *2: Bonds and borrowings inc lude corporate straight bonds, CP, bank borrowings, etc. *3: Includes assets under short -term management for effective use of cash on hand. (B JPY, rounded) Mar-26 Jun-26 QoQ Rakuten Mobile, Inc. Total Assets 2,040.1 1,974.0 -3.2% Fixed Assets 819.2 834.1 +1.8% Intangible Assets 180.7 182.6 +1.0% Other Assets 1,040.1 957.3 -8.0% Total Liabilities 1,778.7 1,712.0 -3.8% Loans, Lease Finance, and Others 1,122.6 1,118.5 -0.4% Debt from External Financial Institutions 313.3 314.8 +0.5% Internal Transactions 809.3 803.7 -0.7% Lease Obligations 180.5 178.7 -1.0% Other Liabilities 475.6 414.8 -12.8% Total Equity 261.4 262.0 +0.2% Total Liabilities and Equity 2,040.1 1,974.0 -3.2% (B JPY, rounded) Mar-26 Jun-26 QoQ Rakuten Group, Inc. (non-consolidated) *Including internal transactions Total Assets 4,949.5 4,926.6 -0.5% Cash and Cash Equivalents, etc.*3 330.1 474.0 +43.6% Other Assets 4,619.4 4,452.7 -3.6% Total Liabilities 2,769.8 2,892.8 +4.4% Bonds and Borrowings 1,353.4 1,339.6 -1.0% Debt from External Financial Institutions 1,322.5 1,291.0 -2.4% Subordinated Bonds 82.7 82.7 +0.0% Internal Transactions 30.9 48.5 +57.1% Other Liabilities 1,416.4 1,553.3 +9.7% Total Equity 2,179.7 2,033.8 -6.7% Total Liabilities and Equity 4,949.5 4,926.6 -0.5%
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22 Segment Results and KPIs3.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 23 Rakuten Group Organizational Chart and Segment Correspondence Chart *1: 14.99% of Rakuten Card common stock was transferred to Mizuho Financial Group. in December 2024. *2: After overseas sale of common stock of Rakuten Bank in December 2023, the current shareholding ratio is 49.27%. *3: 19.99% and additional 29.0007% of Rakuten Securities common stock was transferred to Mizuho Securities. Rakuten Group, Inc. Rakuten Mobile, Inc. Rakuten Card Co., Ltd. Rakuten Bank, Ltd. Rakuten Payment, Inc. Other domestic and overseas subsidiaries, etc. Rakuten Communications Corp. Rakuten Insurance Holdings Co., Ltd. Rakuten Symphony, Inc. Rakuten Securities Holdings, Inc. Rakuten Wallet, Inc. Rakuten Investment Management, Inc. Rakuten Securities, Inc. 49.27%*2 Listed on TSE in Apr. 2023 51%*3 85.01%*1 95.28% 4.72% □Internet Services Segment □FinTech Segment □Mobile Segment
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 24 Rakuten Group Organization Chart Post-FinTech Reorganization (Effective on October 1, 2026) *1: Rakuten Card Co., Ltd. plans to transfer all shares of Rakuten Payment, Inc. that it holds to Rakuten Group, Inc. by Sep 3 0, 2026. *2: 19.99% and additional 29.0007% of Rakuten Securities common stock was transferred to Mizuho Securities. □Internet Services Segment □FinTech Segment □Mobile Segment Rakuten Group, Inc. Rakuten Mobile, Inc. Rakuten Card Co., Ltd. Rakuten Bank, Ltd. Rakuten Payment, Inc. Other domestic and overseas subsidiaries, etc. Rakuten Insurance Holdings Co., Ltd. Rakuten Symphony, Inc. Rakuten Securities Holdings, Inc. Rakuten Wallet, Inc. Rakuten Investment Management, Inc. Rakuten Securities, Inc. Voting rights: 49.95% Shareholding ratio: 72.35% 51％*2 95.28%*1 4.72% Rakuten Communications Corp. Rakuten Life Insurance Co., Ltd. Rakuten General Insurance Co., Ltd. Rakuten Insurance Planning Co., Ltd. Rakuten SS Insurance Co., Ltd. Rakuten Edy, Inc.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 25 Segment Management Structure Segment Leader Hiroshi Mikitani Representative Director, Chairman, President and CEO Segment Leader Kentaro Hyakuno Group COO President of Communications & Energy Company FinTechInternet Services Mobile Shunsuke Yazawa Representative Director and President of Rakuten Mobile, Inc. Kazuhiro Suzuki Representative Director and Co-CEO of Rakuten Mobile, Inc. Sharad Sriwastawa Representative Director, Co-CEO and CTO of Rakuten Mobile, Inc. Ryo Matsumura President of Commerce & Marketing Company Segment Leader Seiichiro Sonoda President of FinTech Group Company
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 26 Internet Services Segment Structure * *From Q4/22, Domestic EC was classified into Core Businesses and Growth Investment Businesses. The main definition of classif ication are as follows: - Core Businesses → ”Accomplished structural profitability,” “Realized profitability exceeding WACC,” “Businesses essential to domestic EC business portfolio even if profitability is low.” - Growth Investment Businesses → “Currently investment phase,” “Accountability in business portfolio management,” “Expected to bring positive value to Rakuten Group.” Internet Services Segment Domestic EC International Business Unit Core Businesses Growth Investment Businesses ◼ Rakuten Ichiba ◼ Rakuten Travel ◼ Rakuten Rebates ◼ Rakuten GORA ◼ Ad Related Business etc. ◼ Rakuten Super Logistics ◼ Rakuten Mart ◼ Rakuten Books ◼ Rakuten24 ◼ Rakuten Fashion etc. ◼ Rakuten Rewards ◼ Rakuten Viber ◼ Rakuten TV ◼ Rakuten Kobo ◼ Rakuten Viki etc. Other Internet Services Minority Investment ◼ Taiwan Rakuten Ichiba ◼ Sports Businesses (Eagles, Vissel, etc.) etc. ◼ Rakuten Capital etc.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 27 FinTech Segment Structure ◼ Rakuten Securities Holdings ◼ Rakuten Wallet ◼ Rakuten Investment Management ◼ Overseas Subsidiaries of Rakuten Card, Rakuten Bank and Rakuten Securities etc. ◼ Rakuten Pay ◼ Rakuten Edy ◼ Rakuten Point Partner ◼ Rakuten Pay (Online Payment) Rakuten Card Rakuten Bank Rakuten Securities Rakuten Payment Insurance Business ◼ Rakuten Life Insurance ◼ Rakuten General Insurance ◼ Rakuten Insurance Planning etc. Others ◼ Rakuten Card ◼ Rakuten Bank ◼ Rakuten Securities FinTech Segment
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 28 Mobile Segment Structure Mobile Segment Rakuten Mobile ◼ Rakuten Mobile ◼ Rakuten Energy (Rakuten Electricity, Rakuten Gas) ◼ Related investment Rakuten Symphony ◼ Rakuten Symphony Others ◼ Rakuten Communications etc.
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29 Internet Services Segment
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 30 Q2/26 Internet Services Segment Results *1 *1: From Q1/26, some AI-related development costs were allocated to each business. Retrospective adjustments were made to the pe rformance of segments and each business from Q1/25. *2: From Q3/25, a part of Travel business included in the Growth Investment Businesses was transferred to the Core Businesses. Past figures are retroactively revised. *3: From Q1/26, a porti on of points-related business was transferred from Group Headquarters (Adjustments) to the Internet Services segment. No retrospective adjustments were made. *4: Open Commerce: Total of Rakuten Rewards (US, Europe, Canada), Fillr, overseas Ads bu siness, etc. EU: Total of Rakuten TV and Rakuten France. Others: Total of Rakuten Kobo, Rakuten Viber, and Rakuten Viki, etc. This does not include businesses from Rakuten Symphony, Taiwan e -commerce, or overseas financial subsidiaries. (B JPY) Revenue YoY Non-GAAP Operating Income YoY Domestic EC 254.5 +5.3% 29.7 +30.8% Core Businesses*2*3 179.5 +7.9% 38.5 +10.7% Growth Investment Businesses*2 75.0 -0.3% -8.8 +3.3 International Business Unit*4 72.5 +0.4% 1.4 -7.2% Rakuten Rewards 31.5 -5.2% 1.8 +11.6% Minority Investment -2.0 +3.0 Other Internet Services 11.2 +3.6% -6.0 -0.5 Segment Total 338.1 +4.2% 23.1 +68.6%
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 31 (B JPY) Q2/26 Internet Services Segment Revenue Breakdown *1*2 *1: From Q3/25, a part of Travel business included in the Growth Investment Businesses was transferred to the Core Businesses . Past figures are retroactively revised. *2: From Q1/26, a portion of points -related business was transferred from Group Headquarters (Adjustments) to the Internet Services segment. No retrospective adjustments were made. 324.5 13.1 -0.2 0.3 0.4 338.1 Q2/25 Core Businesses Growth Investment Businesses International Business Unit Other Internet Services Q2/26 Domestic EC +4.2% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 32 (B JPY) Q2/26 Internet Services Non-GAAP Operating Income Breakdown *1*2*3 *1: From Q3/25, a part of Travel business included in the Growth Investment Businesses was transferred to the Core Businesses . Past figures are retroactively revised. *2: From Q1/26, a portion of points -related business was transferred from Group Headquarters (Adjustments) to the Internet Services segment. No retrospective adjustments were made. *3: From Q1/26, some AI -related development costs were allocated to each business. Retrospective adjustments were made to the performance of segments and each business from Q1/25. 13.7 3.7 2.1 1.1 -0.1 3.0 -0.5 23.1 Q2/25 Core Businesses Growth Investment Businesses (excl. Logistics Business) International Business UnitLogistics Business Minority Investment Other Internet Services Q2/26 Domestic EC +68.6% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 33 16.3% 16.6% 16.6% Q2/24 Q2/25 Q2/26 (B JPY) Q2/26 Domestic EC GMS *1*2*3*4 ◼ Travel business captured both inbound and domestic travel demand, driving GMS growth ◼ Ad revenue expanded, while take rate remained flat YoY amid portfolio restructuring in the Growth Investment Businesses *1: Domestic E-commerce GMS (excludes certain tax-exempt businesses, includes consumption tax.) is the combined transaction amou nt for Rakuten Ichiba, Rakuten Travel (GTV on checkout basis), Rakuten Books, Books Network, golf business, Rakuten Fashion, Rakuten Dream businesses, Rakuten Beauty, Rakuten24, Car, Rakuma, Rakuten Rebates, Rakuten Mart, Rakuten Ticket and cross border trading, etc. *2: From Q3/25, a part of Travel business incl uded in the Growth Investment Businesses was transferred to the Core Businesses. Past figures are retroactively revised. *3: From Q1/26, a portion of points -related business was transferred from Group Headquarters (Adjustments) to the Internet Services segment. No retrospective adjustments were made. *4: From Q2/26, a portion of Domestic EC GMS definitions, etc. have been revised. Past figures have been retroactively adjusted. 1,264.2 1,312.8 1,386.3 133.8 142.4 145.91,398.0 1,455.2 1,532.2 Q2/24 Q2/25 Q2/26 +5.3% YoY Domestic EC +2.4% YoY Growth Investment Businesses +5.6% YoY Core Businesses Domestic EC Take Rate Domestic EC Internet Services Segment International BU Minority Investment
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 34 (B JPY) Q2/26 Domestic EC Revenue *1*2 ◼ Core Businesses revenue grew, driven mainly by Ichiba, where ads remained solid, and the Travel business, which captured both domestic and inbound demand ◼ Growth businesses saw a decline in revenue, continuing to feel the impact of portfolio optimization with the online supermarket business, etc. *1: From Q3/25, a part of Travel business included in the Growth Investment Businesses was transferred to the Core Businesses . Past figures are retroactively revised. *2: From Q1/26, a portion of points -related business was transferred from Group Headquarters (Adjustments) to the Internet Services segment. No retrospective adjustments were made. 154.5 166.4 179.5 73.5 75.2 75.0 228.1 241.6 254.5 Q2/24 Q2/25 Q2/26 +5.3% YoY Domestic EC -0.3% YoY Growth Investment Businesses +7.9% YoY Core Businesses Domestic EC Internet Services Segment International BU Minority Investment
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 35 (B JPY) Q2/26 Domestic EC Operating Income *1*2*3 ◼ Core Businesses: continued cost control at Rakuten Ichiba, and profit growth in the Travel business drove earnings growth ◼ Growth Investment Businesses: narrowed losses through profitability improvement initiatives across all businesses *1: From Q3/25, a part of Travel business included in the Growth Investment Businesses was transferred to the Core Businesses . Past figures are retroactively revised. *2: From Q1/26, a portion of points -related business was transferred from Group Headquarters (Adjustments) to the Internet Services segment. No retrospective adjustments were made. *3: From Q1/26, some AI -related development costs were allocated to each business. Retroactive revisions have been made to each business' results from Q1/25. Domestic EC Internet Services Segment International BU Minority Investment 32.9 34.8 38.5 -11.5 -12.1 -8.8 21.5 22.7 29.7 Q2/24 Q2/25 Q2/26 +30.8% YoY Domestic EC +3.3B JPY YoY Growth Investment Businesses +10.7% YoY Core Businesses
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 36 -2 0 2 4 6 8 10 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 % of Online Shopping in Household Expenditure *1 and Core CPI *2 Online Shopping Expenditure Core CPI % of Online Shopping in Household Expenditure (JPY) (%) Growth of Online Shopping from a Macroeconomic Perspective ◼ The rise in online shopping usage triggered by the spread of COVID-19 has continued even as the economy normalized ◼ Consumer frugality deepened amid rising prices and inflationary pressure, but is now showing signs of recovery *1: Calculated based on online shopping expenditure (for households with two or more people) and household survey income and expenditure data (for households with two or more people). *2: Year -on-Year change in the overall index, excluding fresh food. Domestic EC Internet Services Segment International BU Minority Investment % of Online Shopping in Household Expenditure 8.9% Core CPI 1.6% COVID-19 Reclassified to Category 5 State of Emergency due to the Spread of COVID-19 Source: Ministry of Internal Affairs and Communications Consumer Price Index, Family Income and Expenditure Survey, Household Consumption Survey (Monthly Expenditure Per Household Using the Internet)
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 37 Chuo-rinkan Opened in 2021 RSL* Tsurumi Opened in 2024 Rakuten 24 Tama Opened in 2023 Rakuten 24 Daikoku Opened in 2013 Rakuten 24 JP Rakuten Logistics Rakuten Mart Logistics Centers List of Logistics Centers (as of Jun-26) *RSL = Rakuten Super Logistics Domestic EC Internet Services Segment International BU Minority Investment Iizuka Opened in 2004 Rakuten 24 Fukuoka Opened in 2022 RSL* Hirakata Opened in 2019 RSL* Kawanishi Opened in 2012 Rakuten 24 Yao Opened in 2023 RSL* Nanko Opened in 2016 Rakuten 24 Nagareyama Opened in 2019 RSL* Narashino Opened in 2020 RSL* IchikawaⅡ Opened in 2019 Rakuten Fashion Ichikawa Ⅳ Opened in 2020 Rakuten Books Matsudo Opened in 2023 Kohoku Opened in 2021
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 38 (MM USD) ■ Open Commerce ■ EU ■ Others Q2/26 International Business Unit Revenue *1 ◼ Rakuten TV achieved significant revenue growth driven by last year‘s change in customer strategy to a B2C+B2B hybrid model ◼ Rakuten Viber saw increased telecom revenue*2 and growth in key markets such as Ukraine, Greece, and the Philippines, etc. *1: Open Commerce: Total of Rakuten Rewards (US, Europe, Canada), Fillr, overseas Ads business. EU: Total of Rakuten TV and R akuten France. Others: Total of Rakuten Kobo, Rakuten Viber, and Rakuten Viki, etc. This does not include businesses from Rakuten Symphony, Taiwan e -commerce, or overseas financial subsidiaries.*2: Viber Out, Viber In, SMS. Domestic EC Internet Services Segment International BU Minority Investment 481.1 486.9 697.9 459.2 499.7 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 +3.9% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 39 (MM USD) ■ Open Commerce ■ EU ■ Others Q2/26 International Business Unit Operating Income *1*2 ◼ Rakuten Rewards achieved profit growth, driven by effective cost control ◼ Meanwhile, Rakuten Kobo's profit was lower, driven by front-loaded marketing investment to expand its customer base, along with higher device costs *1: Open Commerce: Total of Rakuten Rewards (US, Europe, Canada), Fillr, overseas Ads business. EU: Total of Rakuten TV and R akuten France. Others: Total of Rakuten Kobo, Rakuten Viber, and Rakuten Viki, etc. This does not include businesses from Rakuten Symphony, Taiwan e -commerce, or overseas financial subsidiaries. *2: From Q1/26, some AI -related development costs were allocated to each business. Retroactive revisions have been made to each business' results from Q1/25. Domestic EC Internet Services Segment International BU Minority Investment 10.1 4.1 38.5 7.1 9.7 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 -4.1% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 40 Global Customer Base ◼ Global customer base of Rakuten services is steadily expanding *Total number of registered users and non -registered AVOD (Advertising Video On Demand) users. Domestic EC Internet Services Segment International BU Minority Investment Registered Users (As of the end of Jun-26) Registered Users (As of the end of Jun-26) Registered Users (As of the end of Jun-26) Total Users* (As of the end of Jun-26) (Rakuten Rewards) GMS Q2/26 +12.7% 2.96 B USD 76.6 MM 127.3 MM1.66 B199.5 MM YoY YoY YoYYoYYoY +7.2% +3.5%+32.8% +16.2%
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 41 (B JPY) Rakuten Capital *1 Investment Performance *2 (As of Jun-26) *1: Investment Business of Rakuten Group (Rakuten Capital). *2: JPY based. Non -Rakuten Capital investments, such as Lyft and Rak uten Medical, and short-term investments are excluded (Total of Internet Services segment and Mobile segment). *3: Includes partial exits Domestic EC Internet Services Segment International BU Minority Investment 291.9 135.0 223.4 68.5Gain +157 B ROI +116% IRR +17.6% Int’l Inv. (2012~2026 Q2) Remaining + Exited Exit Amount (Realized) 61 investments*3 Remaining (Unrealized) 51 investments
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42 FinTech Segment
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 43 Q2/26 FinTech Segment Financial Results *1 *1: From Q1/26, some AI-related development costs were allocated to each business. Retrospective adjustments were made to the pe rformance of segments and each business from Q1/25. *2: From Q3/25, Rakuten Securities’ off -shore subsidiaries were transferred from Rakuten Securities to Others. Past figures have been retroactively adjusted. *3: Insurance Business includes Life Insurance, General Insurance, and Insurance Agency. *4: Rakuten Payment includes Rakuten Pay, Rakuten Edy, and Rakuten Point Card. *5: Others include Rakuten Card’s off -shore subsidiaries, Rakuten Bank’s off-shore subsidiaries, Rakuten Securities HD Inc., Rakuten Securities’ off-shore subsidiaries, Rakuten Wallet, Inc., and Rakuten Investment Management, Inc. etc. (B JPY) Revenue YoY Non-GAAP Operating Income YoY Rakuten Card 107.9 +18.3% 17.4 +16.2% Rakuten Bank 72.5 +36.0% 32.6 +28.6% Rakuten Securities*2 58.2 +63.7% 21.7 +209.1% Insurance Business*3 21.8 +1.9% 1.6 +2.5 Rakuten Payment*4 29.1 +12.2% 3.2 +79.2% Others*5 5.9 +12.0% -7.3 -2.3 Segment Total 295.4 +27.0% 69.2 +60.1%
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 44 (B JPY) Q2/26 FinTech Segment Revenue Breakdown * *From Q3/25, Rakuten Securities’ off-shore subsidiaries were transferred from Rakuten Securities to Others. Past figures have be en retroactively adjusted. 232.7 16.7 19.2 22.7 0.4 3.2 0.6 295.4 +27.0% YoY Q2/25 Rakuten Card Rakuten Bank Insurance BusinessRakuten Securities Rakuten Payment Others Q2/26
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 45 (B JPY) Q2/26 FinTech Segment Non-GAAP Operating Income Breakdown *1*2 *1: From Q3/25, Rakuten Securities’ off-shore subsidiaries were transferred from Rakuten Securities to Others. Past figures have been retroactively adjusted. *2: From Q1/26, some AI -related development costs were allocated to each business. Retrospective adjustments were made to the performance of segments and each business from Q1/25. 43.2 2.4 7.3 14.7 2.5 1.4 -2.3 69.2 Q2/25 Rakuten Card Rakuten Bank Insurance BusinessRakuten Securities Rakuten Payment Others Q2/26 +60.1% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 46 (B JPY) (B JPY) (T JPY) Revenue Non-GAAP Operating Income* Shopping GTV Q2/26 Rakuten Card Financial Results and KPIs ◼ Shopping GTV and revenue continued to grow with the advance of cashless payments ◼ Profitability improvements such as rate changes to revolving and installment payments offset higher interest expenses amid rising interest rates, driving profit growth *From Q1/26, some AI-related development costs were allocated to each business. Retroactive revisions have been made to the resu lts from Q1/25. Card Bank Securities Insurance Payment FinTech Segment 83.0 91.2 107.9 Q2/24 Q2/25 Q2/26 +18.3% YoY 15.8 15.0 17.4 Q2/24 Q2/25 Q2/26 5.9 6.5 7.1 Q2/24 Q2/25 Q2/26 +16.2% YoY +9.4% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 47 (B JPY) (B JPY) (MM) Revenue Non-GAAP Operating Income*1 Rakuten Bank Accounts*2 Q2/26 Rakuten Bank Financial Results and KPIs ◼ Steady growth in deposit balances and even faster growth in AUM expanded revenue ◼ While continuing upfront investment to expand the customer base, achieved record high profit for an Apr-Jun quarter *1: From Q1/26, some AI-related development costs were allocated to each business. Retroactive revisions have been made to the r esults from Q1/25. *2: Rounded down to the nearest unit Card Bank Securities Insurance Payment FinTech Segment 39.5 53.3 72.5 Q2/24 Q2/25 Q2/26 16.5 25.4 32.6 Q2/24 Q2/25 Q2/26 15.87 17.07 18.46 Q2/24 Q2/25 Q2/26 +36.0% YoY +28.6% YoY +8.1% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 48 (B JPY) (B JPY) (MM) Revenue*1 Non-GAAP Operating Income*1*2 Rakuten Securities General Accounts*3 Q2/26 Rakuten Securities Financial Results and KPIs ◼ Robust new account growth supported by favorable market conditions and the New NISA program ◼ Interest rate environment and active market conditions provided tailwinds, driving record high operating income *1: Rakuten Securities, Inc. non-consolidated, IFRS basis. From Q3/25, the scope of accounting was changed from Rakuten Securiti es consolidated (including off -shore subsidiaries) to Rakuten Securities, Inc. non -consolidated. Past figures have been retroactively adjusted. *2: From Q1/26, some AI -related development costs were allocated to each business. Retroactive revisions have been made to the results from Q1/25. *3: Rounded down to the nearest unit Card Bank Securities Insurance Payment FinTech Segment 32.9 35.6 58.2 Q2/24 Q2/25 Q2/26 9.5 7.0 21.7 Q2/24 Q2/25 Q2/26 11.33 12.56 14.39 Q2/24 Q2/25 Q2/26 +63.7% YoY +209.1% YoY +14.5% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 49 (B JPY) (B JPY) Revenue Non-GAAP Operating Income* Q2/26 Insurance Business Financial Results ◼ Life insurance profitability improved through optimization of product and channel strategy ◼ General insurance, the strategic shift toward focus products progressed steadily, while automobile insurance continued to deliver strong growth *From Q1/26, some AI-related development costs were allocated to each business. Retroactive revisions have been made to the resu lts from Q1/25. Card Bank Securities Insurance Payment FinTech Segment 20.5 21.4 21.8 Q2/24 Q2/25 Q2/26 -0.1 -0.9 1.6 Q2/24 Q2/25 Q2/26 +1.9% YoY +2.5B JPY YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 50 (B JPY) (B JPY) Revenue Non-GAAP Operating Income* Q2/26 Rakuten Payment Financial Results ◼ Growth in offline payments via the Rakuten Pay app drove double-digit top-line growth ◼ Efficient marketing and continued cost control achieved significant profit growth *From Q1/26, some AI-related development costs were allocated to each business. Retroactive revisions have been made to the resu lts from Q1/25. Card Bank Securities Insurance Payment FinTech Segment 22.5 26.0 29.1 Q2/24 Q2/25 Q2/26 1.2 1.8 3.2 Q2/24 Q2/25 Q2/26 +12.2% YoY +79.2% YoY
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51 Mobile Segment
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 52 Q2/26 Mobile Segment Financial Results *1 *1: From Q1/26, some AI-related development costs were allocated to each business. Retrospective adjustments were made to the pe rformance of segments and each business from Q1/25. *2: From Q4/25, investment gains and losses related to the Mobile business have been transferred from "Others" to "Rakuten Mobile." No retroactive adjustments have been made. *3: From April 7 , 2020, we ceased accepting new registrations for MVNO services. (B JPY) Revenue YoY Non-GAAP Operating Income YoY Rakuten Mobile*2 101.3 +11.9% -32.3 +6.7 MNO 62.7 +22.8% MVNO*3 1.0 -27.6% Device and Accessory 18.7 +15.3% Other Mobile (incl. Rakuten Hikari, etc.) 11.3 -19.9% Other Business 7.7 -2.5% Rakuten Symphony 15.7 -13.5% -0.8 -2.6 Others*2 4.4 +28.6% Segment Total 121.4 +8.3% -33.1 +4.1
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 53 (B JPY) Q2/26 Mobile Segment Revenue Breakdown 112.1 10.7 -2.5 1.0 121.4 Q2/25 Rakuten Mobile Rakuten Symphony Others Q2/26 +8.3% YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 54 (B JPY) Q2/26 Mobile Segment Non-GAAP Operating Income/Loss Breakdown *1*2 *1: From Q4/25, investment gains and losses related to the Mobile business have been transferred from "Others" to "Rakuten Mo bile." No retroactive adjustments have been made. *2: From Q1/26, some AI -related development costs were allocated to each business. Retrospective adjustments were made to the performance of segments and each business from Q1/25. -37.1 6.7 -2.6 -33.1 Q2/25 Rakuten Mobile Others Q2/26 +4.1B JPY YoY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 55 (B JPY) (B JPY) (B JPY) Revenue Non-GAAP Operating Income*1*2 EBITDA*1*2*3 Rakuten Mobile Quarterly Financial Results *1: From Q4/25, investment gains/losses related to the Mobile business are included. *2: From Q1/26, some AI -related development costs were allocated to each business. Retroactive revisions have been made to the results from Q1/25. *3: EBITDA = Non - GAAP OI + depreciation and amortization, etc. Rakuten Mobile Rakuten Symphony Mobile Segment 52.4 55.2 57.7 59.7 63.7 16.2 17.0 22.5 22.2 18.714.1 11.7 13.0 15.0 11.37.9 11.3 8.5 11.1 7.790.6 95.2 101.8 108.0 101.3 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 ■ Services ■ Devices ■ Other Mobile (incl. Rakuten Hikari, etc.) ■ Other Business -39.0 -37.3 -40.9 -30.8 -32.3 -5.6 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 5.6 7.7 5.9 6.6 5.9 -5.6 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 ■ Non-GAAP Operating Income/ excl. Property Tax ■ Property Tax
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 56 49.5 46.5 47.6 48.5 47.9 24.9 26.2 31.5 39.1 32.6 32.0 32.5 32.8 24.2 24.9 -1.6 0.2 2.5 -0.9 2.3104.9 105.3 114.3 110.8 107.7 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 ■ Network Cost (incl. Roaming, etc.) ■ Depreciation ■ SG&A (incl. Marketing, Property tax, etc.)*1*2 ■ Others (Foreign Exchange Adjustment, etc.)*1*2 Rakuten Mobile Operating Cost and Capital Expenditure ◼ Continued upfront investment in marketing to expand the subscriber base, while cost control elsewhere kept operating expenses at a steady level ◼ In Q2, recorded 39.3B JPY of Capex. For FY2026, plan roughly 200B JPY for the full year *1: From Q1/26, some AI-related development costs were allocated to each business. Retroactive revisions have been made to the results from Q1/25. *2: In Q2/26, the definition of SG&A expenses, etc. was partially revised. Past figures have been retroactively revised. *3: Including 1.7GHz, 3.7GHz, 28GHz, indoors and Platinum Band related capital expenditure and excluding IFRS16 right -of-use assets, capitalization for specified base stations opening fee for 5G 1.7 GHz, etc. Rakuten Mobile Rakuten Symphony Mobile Segment Operating Cost*1 (incl. Depreciation) (B JPY) Capital Expenditure*3 (B JPY) 10.0 26.210.7 39.3 13.5 28.7 62.9 65.5 2025 2026 Q1 Q2 Q3 Q4
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 57 (MM subscribers) Rakuten Mobile MNO Subscribers (B2C + B2B) * ◼ Strengthened anti-hopping measures curbed short-term churn, while B2C led an increase in net adds *MNO subscribers (B2C incl. Rakuten Turbo + B2B excl. BCP and MVNE). MVNE is wholesale of bandwidth from Rakuten Mobile to Ra kuten Communications. BCP (Business Continuity Plan) is a corporate plan sold for business continuity purposes. Rakuten Mobile Rakuten Symphony Mobile Segment 4.77 5.10 5.90 6.33 6.88 7.21 7.46 7.78 8.17 8.58 9.17 9.54 9.93 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 58 Rakuten Mobile MNO Churn (B2C + B2B) ◼ Gross churn steadily improved as measures targeting users prone to quick switching proved successful. Adjusted churn also tre nded toward improvement with the end of the peak sales season ◼ Continuing to monitor the market environment while improving network quality, aiming to further reduce the churn rate *Churn excludes subscribers cancelled in the same month as the contract in the B2C business, and subscribers transferred to B CP and other lines, etc. due to a change in the method of recording revenue in the B2B business. Rakuten Mobile Rakuten Symphony Mobile Segment 2.38% 2.08% 1.70% 1.54% 1.48% 1.71% 2.52% 1.99% 1.74% 1.68% 1.83% 1.76% 1.49% 1.68% 1.46% 1.28% 1.22% 1.17% 1.12% 1.38% 1.56% 1.40% 1.33% 1.46% 1.57% 1.38% Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Gross MNO Churn Adjusted MNO Churn*
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 59 1,773 1,781 1,756 1,722 1,761 86 92 89 85 87 203 203 205 210 215 63 61 69 63 77 736 736 741 754 781 2,861 2,873 2,860 2,834 2,921 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 (JPY) ■Data ■Call ■Options ■Others*2 ■Ecosystem*3 Rakuten Mobile MNO ARPU *1 ◼ Data ARPU recovering with rising data usage, despite a subscriber-mix effect from Q4/25 B2B acquisition drive ◼ With enhanced option lineups such as security and insurance, option ARPU performing well. Other ARPU also growing steadily on strong advertising revenue during the Rakuten Mobile SAIKYO Thanks Festival *1: The number of subscribers, which is the denominator for ARPU, is calculated using the average number of MNO subscribers a t the beginning and end of each quarter, excluding MVNE and BCP lines. *2: Includes advertising and miscellaneous B2B revenues. *3: Calculated using group revenue uplift effects from effects by MNO subscribers as the numerator. *4: Within ARPU , the cost of sales associated with the uplift effect of Rakuten Mobile's MNO subscribers and the effect of sending customers fr om group companies to the mobile business are deducted from Ecosystem ARPU. Mobile Ecosystem Contribution (net ARPU x number of MNO subscribers) is recorded after sales and operating expenses on Rakuten Mobile’s income statement. Rakuten Mobile Rakuten Symphony Mobile Segment 2,474 2,471 2,467 2,442 2,516Net ARPU*4
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 60 Rakuten Mobile ARPU Definition ◼ Net ARPU x MNO Subscribers*1 should be compared to cost to analyze breakeven *1: B2C and B2B excluding BCP and MVNE. *2: To enable precise evaluation of performance, including the effect of inter -segment contributions and cross-referrals within Ecosystem, “Mobile Ecosystem Contribution” is now included in each segment‘s Non - GAAP operating Income/ and Rakuten Mobile’s Operating Income/. Performance metrics will be disclosed in the data sheet, both before and after inclusion. Rakuten Mobile Rakuten Symphony Mobile Segment ARPU In addition to Data, Calls, Options and Others, revenue uplift effect of Rakuten Mobile MNO subscribers is now added to the calculation (divided by B2C+B2B subscribers). (－) Net ARPU (Net of COGS and customer referral effect) Net of COGS associated with revenue uplift by Rakuten Mobile MNO subscribers and customer referral effect from group companies to the mobile business. a) COGS associated with revenue uplift effect b) Customer referral effect from group companies to the mobile business Reference: Mobile Ecosystem Contribution*2 = (Gross profit uplift effect of Rakuten Mobile MNO subscribers) - (Referral effect from Group companies to the mobile business)
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 61 (GB) (GB) Average Data Usage per Day Monthly Median of Data Usage* Rakuten Mobile MNO Data Usage (B2C) ◼ Q2 average daily data usage hit a record high of 1.20GB ◼ Median data usage* also maintained its upward trend *The median is estimated from usage distribution data aggregated in 1 GB increments. Quarterly figures represent the average of the monthly medians for the three months in the quarter. Rakuten Mobile Rakuten Symphony Mobile Segment 0.62 0.73 0.76 0.77 0.81 0.94 0.98 1.02 1.00 1.09 1.14 1.16 1.20 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 4.6 5.6 5.9 5.7 6.1 7.2 7.7 7.6 8.0 9.0 9.2 9.5 11.0 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 62 Rakuten Mobile Owned and Roaming Frequency Bands *Roaming provision from October 1, 2026 onward to be decided upon consultation between the two companies. Rakuten Mobile Rakuten Symphony Mobile Segment Spectrum Status Bandwidth 4G 1.7GHz Allocated 40MHz Up: 1,730 – 1,750MHz Down: 1,825 - 1,845MHz 700MHz Allocated in October 2023 Started commercial use in June 2024 6MHz Up: 715 - 718MHz Down: 770 - 773MHz Reference: Roaming Roaming provided by KDDI* Reference: Including 800/900MHz Rakuten Mobile can decide when to submit application for frequency allocation Multiple bandwidths allocated to existing licensees 5G 1.7GHz (Other than Tokyo, Nagoya, Osaka) Allocated 40MHz Up: 1,765 – 1,785MHz Down: 1,860 - 1,880MHz 3.7GHz (Sub6) Allocated 100MHz Up and Down total: 3,800 - 3,900MHz 28GHz (mmW) Allocated 400MHz Up and Down total: 27.0 - 27.4GHz
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 63 (MM USD) Rakuten Symphony Revenue ◼ Continued shift toward high-margin software and professional services, supporting FY26 profitability ◼ Selected for a METI subsidy program, moved the Open RAN PoC with Kyivstar in Ukraine to Phase 2. Won new OSS orders (incl. AST SpaceMobile, etc.) ◼ Strengthened leadership: newly appointed strategic advisor Enrique Blanco (ex-Telefónica CTIO) and RAN BU President Amit Bhardwaj (ex-Ericsson/Boost) bring decades of operator and vendor expertise to accelerate global expansion 11 61 67 88 90 231 76 72 84 161 118 85 108 300 0.0 2.5 43.3 39.6 25.1 4.1 45.8 63.4 56.7 122.6 54.7 59.0 18.4 36.8 15.6 30.6 25.1 19.412.3 6.2 5.6 22.8 9.9 13.611.0 6.2 10.0 8.9 13.0 7.83.3 5.8 2.6 1.2 3.7 4.2 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 91 121 134 226 131 108 Entered partnership with 1&1 to build mobile network Started full-fledged delivery for 1&1 ■ OSS ■ Cloud ■ Internet Services ■ Others■ Hardware ■ Software, other professional services■ Total revenue RAN Non-RAN Achieved OI profitability Rakuten Mobile Rakuten Symphony Mobile Segment
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64 Advertising Business
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 65 (B JPY) Advertising Business Revenue * *Aggregates advertising revenues from domestic operating entities. The advertising business outside of Japan is included in t he International Business Unit. 54.2 56.7 65.6 Q2/24 Q2/25 Q2/26 +15.6% YoY
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66 Finance4.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 67 • Exchange principal in both currencies • Periodically exchange interest between both currencies • If JPY appreciates, the value of JPY rises, resulting in a valuation gain for the JPY recipient and a valuation loss for the JPY payer (Rakuten) • Upon contract termination, the principal is exchanged again, and the received currency is returned to the investor How Currency Swap Works • A cross-currency swap is a contract in which principal and interest denominated in different currencies are exchanged for a specified period of time • Exchange of principal and interest between different currencies • Both companies have the advantage of being able to manage exchange rate risk and interest rate risk Overview Premise ①Foreign currency perpetual subordinated bond Issued: $1,000, Exchange rate at Issuance: $1 = ¥100 ②Currency swap agreement: Fixed at $1 = ¥100 ③Interest rates are fixed: USD 10%, JPY 5% ④Interest is paid semi-annually Actual Process Contract concluded Rakuten Swap dealers (Financial institutions) $1,000 ¥100,000 Investors $1,000 Interim interest payment Rakuten Swap dealers (Financial institutions) ¥2,500 (=¥100,000 * 0.05 / 2) $50 (=$1,000 * 0.1 /2 ) $50 Rakuten Swap dealers (Financial institutions) Maturity $1,000 ¥100,000 $1,000 Key Points 1 2 3 4 Investors Investors
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 68 Subordinated Bond Accounting Process (Hedge Accounting Applied) Assumptions ①Foreign currency-denominated subordinated bonds issued: $1,000, exchange rate at time of issuance: $1 = ¥100 ②Currency swap agreement: Fixed at $1 = ¥100 ③Exchange rate at end of period: $1 = ¥90 ④Subordinated bonds are recognized as liabilities (recorded as liabilities) ⑤Hedge Accounting is Applied • Subordinated bonds recorded as liabilities at the time of issuance and subsequently evaluated quarterly • No journal entry required for the currency swap contract itself • In a currency swap, if JPY appreciates (¥90), the value of JPY rises, so the JPY receiver will experience a valuation gain, and the JPY payer (Rakuten) a valuation loss • On the other hand, the assessed value of Rakuten’s liabilities also decreases (from 100 K JPY to 90 K JPY), so a foreign exchange gain is recorded, and the two balance out Key Points 1 2 3 4 Actual Process Foreign bond issuance and currency swap agreement Quarterly evaluation Status after quarterly evaluation • If the subordinated bonds are recognized as liabilities (recorded as liabilities), hedge accounting is applied. Quarterly change in the fair value of the currency swap (derivative gains and losses) will offset change in the exchange rate valuation of the subordinated bonds Overview Derivative valuation gains/losses and foreign exchange translation of subordinated bonds offset each other BS PL Expenses Income Derivative valuation loss 10 K JPY - Exchange rate difference on subordinated bonds 10 K JPY Assets Liabilities Assets Liabilities Cash +100K JPY Assets Liabilities Equity Subordinated bonds 90 K JPY Derivative liabilities 10 K JPY Equity Subordinated bonds -10K JPY Derivative liabilities +10K JPY Equity Subordinated bonds +100K JPY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 69 Perpetual Subordinated Bond Accounting Process (Hedge Accounting is not Applied) Assumptions ①Foreign currency-denominated perpetual subordinated bonds issued: $1,000, exchange rate at time of issuance: $1 = ¥100 ②Currency swap agreement: Fixed at $1 = ¥100 ③Exchange rate at end of period: $1 = ¥90 ④Perpetual Subordinated bonds are recognized as capital (recorded as equity) ⑤Hedge Accounting is not Applied • Perpetual subordinated bonds recorded as capital at the time of issuance and do not move from then • No journal entry is required for the currency swap contract itself • In a currency swap, if JPY appreciates (¥90), the value of JPY rises, so the JPY receiver will experience a valuation gain, and the JPY payer (Rakuten) a valuation loss • Only derivative valuation gains/losses impact PL, and thus they negatively affect PL optics Key Points 1 2 3 4 Actual Process Foreign bond issuance and currency swap agreement Quarterly evaluation Status after quarterly evaluation • If perpetual subordinated bonds are recognized as capital (recorded as equity), hedge accounting cannot be applied. Quarterlychange in the market value of currency swaps (derivative gains and losses) will be recognized in BS, whereas the book value of perpetual subordinated bonds at the time of issuance will not change. Thus, only the valuation gains and losses of derivatives will hitPL Overview Only derivative valuation gains/losses hit PL BS PL Expenses Income Derivative valuation loss 10 K JPY - Assets Liabilities Assets Liabilities Cash +100K JPY Assets Liabilities Equity Equity Equity Perp bonds 100 K JPY Retained earnings -10 K JPY Derivative liabilities +10K JPY Perp bonds +100K JPY Derivative liabilities 10 K JPY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 70 Sensitivity Analysis of Derivative Gains and Losses on Currency Swaps ◼ Rakuten entered into currency swap agreements for the principal and interest of foreign currency-denominated perpetual subordinated bonds between USD, EUR, and JPY ◼ The valuation of the currency swaps is impacted by fluctuations in foreign exchange rates and interest rates, and is recordedas a derivative gain or loss in financial income and expenses at the end of each quarter *The interest rates referenced in interest rate sensitivity are the respective OIS (Overnight Index Swap) rates, and the impa ct of a uniform 10bp move in OIS rates for all periods. The base rate for JPY OIS is TONA, for USD OIS is SOFR, and for EUR OIS is ESTR. Estimated impact of exchange rate and interest rate fluctuations on Rakuten Group consolidated quarterly results (MM JPY) Relevant bonds (Issue date) Forex JPY interest rate* USD or EUR interest rate* Base: As of end Jun-26 As of end Sep-26 As of end Sep-26 As of end Sep-26 ¥1 weaker ¥1 stronger 10bps rise 10bps fall 10bps rise 10bps fall USD-denominated non-callable 10-Year perpetual subordinated notes (Apr 22, 2021) USD-denominated non-callable 5-year perpetual subordinated notes (Dec 13, 2024) 162.39/$ 859 -859 939 -939 -517 520 EUR-denominated non-callable 6-year perpetual subordinated notes (Apr 22, 2021) 185.30/€ 511 -511 130 -130 -76 76
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 71 Non-FinTech Net Interest-Bearing Debt *1*2 /Non-FinTech EBITDA *3 ◼ Aiming for a Non-FinTech net interest-bearing debt*1*2/Non-FinTech EBITDA*3 ratio of 5x or less within 2027 *1: Based on IFRS accounting *2: Total interest-bearing debt from non-FinTech businesses (bonds and borrowings + lease liabiliti es) - Cash from non-FinTech businesses (cash and cash equivalents from non -FinTech businesses + listed securities + managed surplus cash) = Net interest-bearing debt from non-FinTech businesses. Cash proceeds from the perpetual subordinated notes issue d in October 2025 were intended to replace the perpetual subordinated notes that reached their first optional redemption date in April 2026, and are therefore excluded from cash and cash equivalents as of December 31, 2025. *3: Consolidated EBITDA - FinTech EBITDA + dividends and management consulting fees from FinTech businesses (EBITDA is calculated before considering the Mobile Ecosystem Contribution). Total value for the past 12 months. 11.7x 5x or less (Target) 6.5x 6.2x Ratio Non-FinTech EBITDA*3 Non-FinTech net interest- bearing debt*1*2 Non-FinTech net interest- bearing debt*1*2 6.6x including a temporary increase in point costs Dec-24 Dec-27Dec-26Jun-26Dec-25
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 72 Achieved cash generation of 348.9 B JPY in Non-FinTech businesses Cash Conversion Cycle Improvement ◼ Continuing working capital optimization efforts aimed at reducing leverage ◼ Cumulative cash generation as of Q2/26 stands at 348.9 B JPY Q1/24~Q2/26 Cumulative amount of cash generated Cumulative total 348.9 B JPY
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 73 Diversifying Financing Source including Equity, Asset Financing and Bonds *1: On April 13, 2023, Rakuten Bank, Ltd. priced its global IPO for JPY 1,400 per share. We sold 53,951,300 shares of Rakuten Bank through the IPO. Based on net proceeds. *2: Established a joint venture with Japan Post Co., Ltd. and transferred a part o f logistics business to the company. *3: Dissolution of a preparatory company for the purpose of banking business in the United States. *4: 50% equity credit from S&P, R&I and JCR. Treated as 100% equity under IFRS. Equity Finance Exit / Asset Finance Business Portfolio Optimization Subordinated Bonds Senior Bonds ~Q3/21 Q2/21 Q2/23 Q2/24 Rakuten Bank America*3 Q4/23 Logistics Business*2 Q2/21 ●Third-party allotments 242 B JPY Q1/21 ●Strategic Transaction Involving Rakuten Securities 80 B JPY Q4/22 ●Rakuten Bank’s IPO 71.8 B JPY*1 Q2/23 ●Public offering and Third-party allotments 296 B JPY Q2/23 ●Strengthening of Strategic Transaction involving Rakuten Securities 87 B JPY Q4/23 ●Overseas Secondary Offering of Shares of Rakuten Bank 61 B JPY Q4/23 ●USD/EUR perp. bonds*4 1.75 B USD/1.0 B EUR Q2/21 ●JPY bonds 300 B JPY Q4/21 ●JPY bonds (retail) 150 B JPY Q2/22 ●USD bonds 500 MM USD Q4/22 ●USD bonds 450 MM USD Q1/23 ●JPY bonds (retail) 250 B JPY Q1/23 ●Strategic Transaction Involving Rakuten Card 165 B JPY Q4/24 ●USD perp. bonds*4 550 MM USD Q4/24 ●USD bonds 1.8 B USD Q1/24 ●USD bonds 2.0 B USD Q2/24 ●JPY bonds (private) 50 B JPY Q2/24 ●JPY bonds 30 B JPY Q3/25 ●JPY bonds (retail) 130 B JPY Q3/25 ●JPY perp. bonds*4 82 B JPY Q4/25 2021 2022 2023 2024 2025 2026
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 74 Rakuten Mobile Funding Flow Rakuten Group, Inc. FCF from Internet Services /Securitization/Equity- related financing, etc. FinTech Companies Independently regulated and funded Rakuten Mobile, Inc. Equity/Loan Lease financing /Securitization, etc. Other Subsidiaries Cash management by Rakuten Group, Inc. Banks & Capital Markets FY2025: 40.6 B JPY Dividends, management fees, etc. Priority allocation towards reducing interest-bearing debt hereafter Dividends, management fees, etc.
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Chart Colors Chart ColorsMaterial Colors Material Colors Segment Colors Segment Colors 75 This presentation includes forward-looking statements that reflect management’s current assumptions and expectations of future events, and accordingly, they are inherently susceptible to uncertainties and changes in circumstances and are not guarantees of future performance. Actual results may differ materially, for a wide range of possible reasons, including general industry and market conditions and general international economic conditions. In light of the many risks and uncertainties, you are advised not to put undue reliance on these statements. The management targets included in this presentation are not projections, and do not represent management’s current estimates of future performance. Rather, they represent targets that management strives to achieve through the successful implementation of the Company’s business strategies. The Company may be unsuccessful in implementing its business strategies, and management may fail to achieve its targets. The Company is under no obligation - and expressly disclaims any such obligation - to update or alter its forward- looking statements. Names and logos of companies, products, and services and such that appear in this material are trademarks or registered marks of their respective companies.