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FY2025 First Half Consolidated Financial Results November 11, 2025 Rakuten Bank, Ltd. https://www.rakuten-bank.co.jp/corp/english/investors/ * For detailed numerical data, please refer to the data book: https://www.rakuten-bank.co.jp/corp/investors/documents/doc/databook-20251111.xlsx * The figures in the document are truncated below the display unit.
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2 Rakuten Bank's Securities-Backed Loan Balance Has Exceeded JPY10bn Approximately Four Months After the Service Launch A personal loan product that enables customers to obtain financing at one of the lowest rates in the industry* without having to sell their securities holdings . Since its launch as a loan product designed to meet both asset management and funding needs of customers, its balance has steadily expanded. Balance (non-consolidated) Securities-backed loan balance (as of 31. October 2025) Over JPY10bn Surpassed JPY10bn as of 31.October 2025 Jul 25 Aug 25Jun 25 Sep 25 Service launched on June 22, 2025 Money Bridge user ① Enter into a loan agreement ② Apply to pledge securities as collateral ③ Pledge securities as collateral ④ Customer applies for a loan ⑤ Bank disburses a loan ⑥ Customer pays interests and makes flexible repayments ⑦ Bank manages credit and collects debt Enter into a banking agency agreement (Intermediation in the execution of loan agreements) No restrictions on the use of funds (in principle) Securities-backed loan Oct 25 * In a comparison of web-exclusive securities-backed loans, for loan balances exceeding 10 million yen.(based on Rakuten Bank’s survey as of end-September 2025) Rakuten Securities explains the service
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3 Contents 2 Appendix 1 Overview of Results for First Half of FY2025
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4 1 Overview of Results for First Half of FY2025
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5 # of Bank Accounts (Sep. 2025, non-consolidated) 17.3mm Ordinary Income (1H FY2025, consolidated) +6.9% YoY Total Deposit Balance (Sep. 2025, non-consolidated) JPY12.2tn +10.1% YoY Ordinary Profit (1H FY2025, consolidated) Key Financial and Other Data *1: Capital adequacy ratio (domestic standard) is calculated based on standards stipulated by Article 14-2 of the Banking Act for the purpose of determining whether banks have sufficient equity capital given their holdings of assets and other instruments (Notification No. 19, the Financial Services Agency of Japan, 2006). Basel III finalization was implemented from the end of March 2025. *2: Annualized ROE for 1H is calculated by dividing interim net income (profit attributable to owners of the parent) by the averag e shareholders’ equity at the beginning and end of the period. *3: Accounts that are used for direct debit or direct deposit of payroll including salary or bonus. *4: G&A expenses divided by gross operating profit. G&A Expense Ratio*4 (1H FY2025, non-consolidated) 32.9% Capital Adequacy Ratio*1 (Sep. 2025, consolidated) ROE*2 (1H FY2025, annualized basis, consolidated) 10.9%JPY118.3bn +41.4% YoY JPY48.2bn +55.3% YoY 21.2% 1H FY2025 Financial Results -4.7pts YoY +4.9pts YoY # of Main*3 Accounts (Sep. 2025, non-consolidated) 5.7mm +8.7% YoY Main account*3 ratio: 32.9% -0.5pts YoY
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6 3/25 9/253/25 9/25 12.2+10.1% YoY+6.9% YoY Driven by initiatives to acquire new accounts leveraging the Rakuten Group’s customer base, the number of accounts continued to increase, up 1.12 million Y oY. Total deposit balance also increased, up JPY1.12tn YoY.The amount of direct debit transactions in September slightly increased, partly due to a last-minute surge in hometown tax. Total Deposit Balance (Sep. 2025, non-consolidated) JPY12.2tn Number of Bank Accounts (Sep. 2025, non-consolidated) 17.32mm Japan’s No. 1 digital bank (Jun. 2025)*1 Japan’s No. 1 digital bank (Jun. 2025)*1 (mm) (JPY tn) 17.32 Scale of Operations *1: The number of bank accounts and total deposit balance are as of Jun. 30, 2025. Numbers are based on information disclosed by SBI Sumishin Net Bank, Ltd., PayPay Bank Corporation, au Jibun Bank Corporation, Daiwa Next Bank, Ltd., UI Bank Co., Ltd., and Minna Bank Co., Ltd.. 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 3/23 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 3/233/24 3/24
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7Non-main accounts Main accounts Non-main accounts Main acounts Average Revenue per Account 2.5 3.6 4.2 4.8 5.5 5.2 5.7 7.9 8.6 9.4 10.4 11.3 10.9 11.610.5 12.3 13.7 15.2 16.8 16.1 17.3 Mar. 2021 Mar. 2022 Mar. 2023 Mar. 2024 Mar. 2025 Sep. 2024 Sep. 2025 Main accounts Non-main accounts Our Main Accounts’*1 Growth Momentum Main accounts, which are highly profitable and have large deposit balances per account, increased at a faster pace than the total number of accounts. Increase in deposits, which serve as a source of interest income c.5x c.4x Growth in non- interest income +6.9% +8.7% YoY +6.1% Total accounts 2.5 3.6 4.2 4.8 5.5 5.2 5.7 Main accounts ratio: 29.3 % 31.1 % 31.5%24.6 % 32.4 % 32.9 %32.7 % Number of Total Accounts and Main Accounts*1 *1: Accounts that are used for direct debit or direct deposit of payroll including salary or bonus. Average Deposit Balance per Account
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8 Strengthen Deposit Acquisition Initiatives Focusing on Individual Yen Ordinary Deposits *1: Bonus Interest Rate is an additional rate applied to one of the following: the standard interest rate on ordinary deposit s, the preferential rate for direct debit for Rakuten Card payments, the preferential rate for Money Bridge for up to JPY3mn, or the preferential rate for Money Bridge for over JPY3mn. For details, please refer to the product description (https://www.rakuten-bank.co.jp/assets/fixeddep/savings/bonus- interest.html) *2: For customers eligible for multiple preferential interest rates, the highest applicable rate is applied. *3: For details, please refer to the product description ( https://www.rakuten-bank.co.jp/assets/fixeddep/savings/rakuten-card.html) *4: For details, please refer to the product description ( https://www.rakuten-bank.co.jp/assets/fixeddep/savings/moneyblidge.html) Individual ordinary deposits account for over 70% of Rakuten Bank’s total deposits. Aiming to grow ordinary deposits by more closely integrating into customers’ daily lives with our highly convenient services, we launched a preferential interest rate program, Bonus Interest Rate* 1, on July 1, for yen ordinary deposits. In addition to preferential interest rates linked to the Rakuten Ecosystem, we introduced additional benefits through cross-selling of services and encouraging customers to use our bank accounts as their main accounts. We will continue to strengthen our marketing activities to raise awareness of this program initiative. ① Deepening the use of Rakuten Bank as customers’ main account *Before taxes Individual ordinary deposit Individual time deposit Corporate ordinary deposit Corporate time deposit Other Individual ordinary deposits over 70％ Breakdown of Rakuten Bank’s deposits (As of September 30, 2025) Standard interest rate 0.20% p.a. Up to 0.28% p.a. Up to 0.44% p.a. Direct debit for Rakuten Card payments +0.02% p.a.*2*3 Linkage with Rakuten Securities Up to +0.08% p.a.*2*4 Benefits linked to the Rakuten Ecosystem By receiving salary, bonuses, or pension payments Up to +0.03% p.a. By direct debit for non-Rakuten Card payments Up to +0.02% p.a. By using Rakuten debit card Up to +0.02% p.a. By making regular deposits into foreign currency time deposits +0.01% p.a. By international money transfer Up to +0.01% p.a. By registering financial institutions for Money Support ( personal financial management ) +0.01％ p.a. By direct debit for Rakuten Black Card payments +0.06% p.a. By direct debit for Rakuten Premium Card payments +0.02% p.a. By direct debit for Rakuten Gold Card payments +0.01% p.a. ② Cross-selling Rakuten Bank services ③ Benefits for premium Rakuten Card customers*3
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9 Summary of Consolidated Financial Results Ordinary Income (JPY bn, consolidated) Ordinary Profit*1 (JPY bn, consolidated) Net Income*1*2 (JPY bn, consolidated) Forecasts for the FY2025 and 1H results (JPY bn, consolidated) FY2024 （Results） FY2025 (Forecasts) FY2025 1H Results Forecasts YoY 1HResults YoY Progress rate(1H) Ordinary Income 184.5 246.8 118.3 +33.7% +41.4% 47.9% Ordinary Profit*1 71.5 91.2 48.2 +27.5% +55.3％ 52.9% excluding costs for Rakuten FinTech Group Reorganization PJ 72.8 91.2 48.2 +25.2% +49.2％ ― Net Income*1*2 50.7 64.3 34.0 +26.7% +53.5％ 52.8% excluding costs for Rakuten FinTech Group Reorganization PJ 51.6 64.3 34.0 +24.5% +47.6％ ― Driven by the increase in interest income, ordinary income, ordinary profit, and net income all achieved high growth. Ordinary income, gross operating profit, ordinary profit, and profit attributable to owners of the parent all reached record highs for 1H. 31.0 48.2 FY2024 1H FY2025 1H 22.1 34.0 FY2024 1H FY2025 1H 83.6 118.3 FY2024 1H FY2025 1H +41.4% +55.3% +53.5% *1: Including costs for Rakuten FinTech Group Reorganization PJ (FY2024 JPY 1,279 mm). *2: Profit attributable to owners of the parent for 1H, Profit attributable to owners of the parent
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10 Consolidated Statements of Income 48.2 31.0 20.7 0.9(4.0) (0.4) FY2024 1H Adjusted net interest income Adjusted net non- interest income General and Administrative Expenses Other Ordinary Income/Expenses FY2025 1H +17.1 *1: Calculated as the sum of adjusted fees and commissions income, other operating income, and trust fees *2: Loan guarantee expenses, which are included in fees and commissions expense for accounting purposes, are adjusted to interest expenses because they are related to interest income. *3: Calculated as the sum of adjusted net fee and commission income and net other operating income (JPY bn, consolidated) FY2024 1H FY2025 1H Change YoY Ordinary income 83.6 118.3 +34.7 +41.4% Interest income 55.3 90.1 +34.7 +62.7% Non-interest income*1 27.9 27.7 -0.1 -0.6% Fees and commissions income 22.9 23.8 +0.8 +3.9% Other operating income 4.1 2.9 -1.1 -28.0% Trust fees 0.8 0.8 +0.0 +9.6% Other ordinary income 0.3 0.4 +0.1 +32.6% Gross operating profit*2 56.8 77.1 +20.2 +35.6% Adjusted net interest income*2 39.4 60.1 +20.7 +52.5% Adjusted net non-interest income*3 17.4 16.9 -0.4 -2.7% 12.4 13.0 +0.6 +4.8% Net other operating income 4.9 3.8 -1.0 -21.8% General and administrative expenses 22.7 26.8 +4.0 +17.7% Other ordinary profit -2.9 -2.0 +0.9 -32.8% Ordinary profit 31.0 48.2 +17.1 +55.3% Profit attributable to owners of parent 22.1 34.0 +11.8 +53.5% Loan guarantee expenses 6.4 5.8 -0.5 -8.9% Change in Ordinary profit （JPY bn, consolidated） Of which, impact of BOJ raising the interest rate +7.6 Ordinary profit rose significantly, driven by higher interest income resulting from the accumulation of well-diversified investment assets and the Bank of Japan’s policy rate hike. Adjusted net fees and commissions income*2
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11 26.3 29.5 39.5 10.1 14.2 21.1 2.1 9.7 26.5 38.6 53.5 87.2 FY2023 1H FY2024 1H FY2025 1H Others Interest on Monetary Claims Bought Interest on Loans Interest on due from banks, interest on loans to Ministry of Finance, etc. Excluding interest on loans to Ministry of Finance Interest Income (Non-Consolidated) Changes in Interest Income (JPY bn, non-consolidated) The expansion of risk-diversified investment assets led to a steady increase in interest on loans and interest on monetary claims bought. The Bank of Japan’s policy rate hike and accumulation of middle risk assets also contributed to the growth in interest income. *1: The figures in the document are truncated below the display unit, so the differences between items may not always match. Interest Income Non-Interest Income +6.8*1 +10.0*1 +33.6 +16.7*1
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12 Breakdown of Loans and Monetary Claims Bought Each category of the loans and the monetary claims bought increased in a well-balanced manner. （JPY bn, non-consolidated） Mar.31, 2024 Mar.31, 2025 Sep.30,2024 Sep.30,2025 YoY vs24/9（12M） QoQ vs25/3（3M） (Amount) (Rate) (Amount) (Rate) Loans 4,029.3 4,954.6 4,318.8 5,099.9 +781.1 +18.0% +145.3 +2.9% Personal loans 305.3 318.6 311.8 322.5 +10.7 +3.4% +3.8 +1.2% Housing loans 830.3 786.3 810.6 762.7 -47.8 -5.9% -23.6 -3.0% Affiliated loans 184.4 225.7 207.8 234.2 +26.4 +12.7% +8.5 +3.7% Investment property loans 654.2 783.0 706.2 865.6 +159.4 +22.5% +82.5 +10.5% ABL (Asset-Based Lending) 957.7 1,178.3 974.9 1,223.7 +248.8 +25.5% +45.4 +3.8% Business loans 42.9 45.4 37.4 50.1 +12.6 +33.6% +4.6 +10.2% Others 35.7 41.3 38.9 58.6 +19.7 +50.7% +17.3 +41.9% Loans to Ministry of Finance 1,018.4 1,575.5 1,230.9 1,582.0 +351.1 +28.5% +6.4 +0.4% Monetary claims bought 2,498.8 2,828.6 2,605.0 2,996.6 +391.6 +15.0% +168.0 +5.9% Trust beneficiary rights of Rakuten Card 2,100.5 2,260.6 2,126.2 2,385.7 +259.4 +12.2% +125.1 +5.5% Others 398.3 568.0 478.8 610.9 +132.1 +27.5% +42.9 +7.5% Loans + Monetary claims bought 6,528.1 7,783.2 6,923.9 8,096.6 +1,172.7 +16.9% +313.4 +4.0% 5,509.7 6,207.6 5,692.9 6,514.5 +821.6 +14.4% +306.9 +4.9% ★★, ★subtotal 2,315.7 2,848.0 2,471.8 3,023.0 +551.1 +22.2% +174.9 +6.1% 1,356.0 1,746.3 1,453.7 1,834.7 +380.9 +26.2% +88.4 +5.0% ★★ ★★ ★ ★ ★★: Assets considered as “middle-risk” ★: In part, assets categorized as “middle-risk” Non-Interest Income Interest Income Loans (excluding loans to Ministry of Finance) + Monetary claims bought Total of Securitized Assets (ABL + Monetary claims bought Others)
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13 Mar.31, 2023 Mar.31, 2024 Mar.31, 2025 Sep.30,2024 Sep.30,2025 YoY (Amount) YoY (Rate) Card loans (Personal loans) 297.6 305.3 318.6 311.8 322.5 +10.7 +3.4% Investment property loans 508.7 654.2 783.0 706.2 865.6 +159.4 +22.5% ABL (Asset-Based Lending) 904.9 957.7 1,178.3 974.9 1,223.7 +248.8 +25.5% 254.9 398.3 568.0 478.8 610.9 +132.1 +27.5% Total of the categories above 1,966.3 2,315.7 2,848.0 2,471.8 3,023.0 +551.1 +22.2% Card loans (Personal loans) Investment property loans ABL (Asset-Based Lending) Monetary claims bought: others Expanding Middle-Risk Assets Total for Categories Including Middle-Risk Assets (JPY bn, non-consolidated) ★★: Assets considered as “middle-risk” ★: In part, assets categorized as “middle-risk” ★★ ★★ ★ ★ The amount of total middle-risk asset category expanded steadily by over 20% YoY, and the total growth rate of middle-risk assets exceeded the total of loans and monetary claims bought. Non-Interest Income Interest Income Monetary claims bought: others
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14 (657) (148) (1,297) (2,102) (3,346) (1,442) (1,980) 0.04% 0.00% 0.03% 0.05% 0.07% 0.06% 0.07% FY2020 FY2021 FY2022 FY2023 FY2024 FY2024 1H FY2025 1H Credit costs Reversal of credit costs Credit cost ratio *1: Credit costs = provision of general allowance for loan losses + write -off of loans + provision of specific allowance for loa n losses + other disposal of non-performing loans - recoveries of written-off receivables *2: Total credit costs divided by the average balance of loans outstanding at the beginning and end of the period *3: Presentation of Income and Expenses (Net) Credit Costs (Non-Consolidated) Credit cost ratio remained at a low level, while credit costs rose due to an increase in non-guaranteed personal loans. Concurrently, actual credit costs decreased YoY, driven by the decline in guaranteed personal loan balances. Credit costs*1 （JPY mm, non-consolidated） *2 +579*3 YoY increase in credit costs YoY decrease in loan guarantee expenses YoY decrease in actual credit costs -537*3 +42*3
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15 Balance Sheet Summary ④ Deposits JPY12.24tn ① Loans JPY5.09tn ③ Monetary claims bought JPY2.99tn On the asset side, the vast majority of floating-rate assets are based on TIBOR (Sep 30, 2025, non-consolidated) Floating 80% Fixed 20% Floating 76% Fixed 24% Floating 87% Fixed 13% Loans Monetary claims bought Loans + monetary claims bought, by type of interest rate Floating 89% (Relatively lower sensitivity to interest rate than assets) Fixed 11% The vast majority of our liabilities are funded by ordinary deposits. Deposits, by type of interest rate Marketable securities JPY2.24tn Approximately 80% of our investment assets adopt floating rates, the vast majority of which are linked to TIBOR. Interest on duefrom the BoJ also fluctuates in line with the changes in the policy rate. As borrowings from the Bank of Japan are expected to gradually run off as the scheme ends, we aim to build up our investment assets by raising the loan-to-deposit ratio (LDR). Net assets JPY0.33tn Other assets JPY0.77tn Other liabilities JPY3.08tn Borrowed money 2.88tn Cash and due from banks JPY4.54tn Non-Interest Income Interest Income Loan-to-deposit ratio* ①+③ ④ ＝66.1％ ①‐②+③ ④ ＝53.1％ ② Loans to Ministry of Finance 1.58 tn * Calculated with major operating assets (loans and monetary claims bought) as the numerator.
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16 Other liabilities JPY3.08tn Status of Investment in Marketable Securities, etc.*1 In order to improve the yield on surplus funds while maintaining liquidity, we gradually and selectively increased loans to the Ministry of Finance and investments in marketable securities, taking interest rate trends into consideration. Interest Income Non-Interest Income Marketable securities for investment purposes (held-to-maturity) *1：Loans to Ministry of Finance, JGBs, government guaranteed bonds, and corporate bonds Loans to Ministry of Finance JPY Mar. 31, 2025 Jun. 30, 2025 Sep. 30, 2025 Loan balance 1,575.5bn 1,353.4bn 1,582.0bn Change from the end of the previous quarter +133.4bn -222.1bn +228.6bn • Progressively expand investment in marketable securities in light of future interest rate trends, while monitoring the emergence of unrealized losses Deposits JPY12.24tn Net assets JPY0.33tn Loans JPY5.09tn Monetary claims bought JPY2.99tn Loans to Ministry of Finance JPY1.58tn Excluding loans to Ministry of Finance JPY3.51tn Marketable securities JPY2.24tn Cash and due from banks JPY4.54tn Other assets JPY0.77tn • We maintain our policy of flexibly increasing balances in assets that do not generate unrealized losses, with yields exceeding the interest rate on deposits at the Bank of Japan (Sep. 30, 2025, non-consolidated) Borrowed money 2.88tn Ending balance New investment Ending balance New investment Ending balance New investment Mar. 31, 2025 Jun. 30, 2025 Sep. 30, 2025 JGBs 732.3bn 732.8bn 730.8bn - - - Government Guaranteed Bonds 442.8bn 490.9bn 540.2bn 52.7bn 48.0bn 49.2bn Corporate Bonds 244.4bn 289.7bn 330.9bn 72.4bn 47.6bn 44.9bn Total new investment 125.1bn 95.6bn 94.1bn
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17 Simulation of Future Net Interest Income (Estimate*1) Based on a simulation with certain assumptions, the net interest income impact, assuming a policy rate increase of +25bp, is approximately JPY13.5bn. The negative impact on net interest income from the gradual repayment of borrowings from the Bank of Japan, as the facility concludes, is illustrated in the chart. However, as these repayments are simultaneously replaced by funding through deposits, etc., this impact is considered limited. Floating-rate assets (approx. 80% of total) +25bp +JPY27.0bn Floating-rate deposits (approx. 90% of total) +12.5bp (50% pass-through rate) +JPY13.5bn Estimated Impact of Additional Rate Hikes Impact of +25bp policy rate increase*2 +JPY13.5bn Impact of Borrowed Money Repayments (Image) Revenue Side Cost Side Revenue Side Cost Side While interest payments will decrease as borrowed money is repaid *4, an increase in interest on deposits is expected due to the replacement with deposit funding. FY2025 FY2027 （Repaid in full by Mar. 2028） *1 Illustration of the annual impact on revenues and expenses *2 For the balance sheet, future projections are calculated assuming no change from the September 2025 -end baseline. Calculations assume an immediate impact from a rate hike on both assets and liabilities, based on the previously explained fixed-to-floating ratio. *3 Projected net decrease for the full year. *4 Due to the partial amendment of the “Principal Terms and Conditions for the Provision of Funds to Support Increases in Lendin g as Part of the Loan Support Program” on January 24, 2025, the program will terminate on March 31, 2028. However, for maturities falling between July 1 and December 31, 2025, up to 50% can be refi nanced. FY2026 As borrowed money is repaid, interest on due from banks decreases. However, by increasing funding through deposits, etc., and building up main investment assets, the negative impact on the revenue side is considered limited. JPY0.25tn Borrowed Money Scheduled Decrease Amount*3 JPY1.5tn JPY1.0tn No rate hike
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18 Exchange/settle ment 21% Direct debit 24% Debit cards 23% Other fees and commissions 21% Other operating income 11% (Income related to foreign currency deposits, special time deposits, FX, etc.) Non-Interest Income (Non-Consolidated) Core non-interest income sources, such as exchange/settlement commissions, and direct debit fees, continue to grow steadily. The YoY growth in the number of direct debit transactions surpasses the YoY growth in total settlements, which is an indicator of account activity, suggesting steady progress in customer nurturing. *1: Calculated as the sum of adjusted fees and commissions income and other operating income *2: Although loan guarantee expenses are included in fees and commissions expense (within non -interest expenses) for accounting purposes, these expenses are adjusted to interest expenses because they are related to interest income. *3: Accounts that are used for direct debit or direct deposit of payroll including salary or bonus. Breakdown of Non-Interest Income*1 (1H FY2025 , non-consolidated) Non-interest income JPY26.7bn(Financial instrument brokerage fees, housing loan commissions, etc.) Interest Income Non-Interest Income Fees and commissions income • Exchange/settlement commissions increased, owing to an increase in the number of total accounts and main accounts*3. • Direct debit fees have steadily increased, driven by the promotion of our accounts as main accounts, leading to a healthy rise in fees from everyday living-related transactions. • The number of debit card transactions continued to grow at a pace exceeding the growth in the number of accounts. (JPY bn, non-consolidated) FY2024 1H FY2025 1H Change YoY Non-interest income*1 27.0 26.7 -0.2 -1.0% Fees and commissions income 22.8 23.7 +0.8 +3.8% Exchange/settlement 5.1 5.6 +0.5 +10.0% Direct debit 6.1 6.4 +0.3 +5.6% Debit cards 6.2 6.1 -0.1 -2.0% Other fees and commissions 5.3 5.5 +0.1 +2.8% Other operating income 4.1 2.9 -1.1 -27.9% Adjusted net non-interest income*2 16.5 15.9 -0.5 -3.3% Exchange fees paid 2.2 2.3 +0.1 +7.9% Total settlements (mm) 437 471 +33 +7.7%
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19 7.1 7.5 7.9 4.0 4.9 26.5 28.3 31.2 15.2 17.7 2.1 2.5 3.3 1.5 2.0 35.8 38.4 42.5 20.9 24.7 45.8% 42.5% 35.6% 37.7% 32.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 0 10 20 30 40 50 60 70 80 90 FY2022 FY2023 FY2024 FY2024 1H FY2025 1H Personnel Expenses Non-personnel Expenses Tax and Due G&A Expense Ratio General and Administrative Expenses (Non-Consolidated) General and Administrative Expenses and G&A Expense Ratio* (Non-Consolidated) (JPY bn, amounts truncated after the digit shown) *G&A Expense ratio: General and administrative expenses/Gross operating profit YoY+18.3% YoY+10.5% Gross operating profit YoY YoY +31.9% YoY +35.3% Even though general and administrative expenses increased by 18.3% YoY, the business scale expansion boosted our management efficiency, and our G&A expense ratio reached 32.9%, improving 4.7ppt from FY2024. We will actively invest across a range of areas such as marketing, technology including AI, and human capital to lay the foundation for future growth.
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20 14.1% 18.0% 21.2% FY2023 FY2024 FY2025 1H ROE Performance Capital Deployment for Growth Sufficient capital base to pursue returns with greater leverage for further business expansion ーConsolidated Capital Adequacy Ratio*3 as of Sep. 2025: 10.9% ROE*1 *1: Annualized ROE for 1H is calculated by dividing net income (profit attributable to owners of the parent) by the average shareh olders’ equity at the beginning and end of the period. The balance of own capital for the beginning of the period was calculated as if the capital increase through a public offe ring in April 2023 and the increase due to a third-party allotment in May 2023 had been conducted at the beginning of the period, resulting in a JPY13,324mn increase in shareholders’ equity. *2: Accounts that are used for direct debit or direct deposit of payroll including salary or bonus. *3: Capital adequacy ratio (domestic standard) is calculated based on standards stipulated by Article 14-2 of the Banking Act for the purpose of determining whether banks have sufficient equity capital given their holdings of assets and other instruments (Notification No. 19, the Financial Services Agency of Japan, 2006). Pursue Capital Efficiency Strengthening the foundation for future sustainable growth by leveraging the efficiency of a digital bank business model Investment Towards Future Growth Non-Interest Income Growth • Further growth through main account*2 acquisition and cross-selling Enhance Risk/Return Profile • Produce of Group‘s proprietary assets to have a balanced and diversified loan portfolio • Balanced expansion of diverse assets under management Further Business Expansion with Unique Rakuten Ecosystem (annualized) We will continue to implement measures to achieve a high ROE.
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21 218 263 307 283 340 1,946 2,409 2,901 2,475 3,117 11.2% 10.9% 10.6% 11.4% 10.9% Mar.31, 2023 Mar.31, 2024 Mar.31, 2025 Sep.30, 2024 Sep.30, 2025 Common equity-regulartory adjustments Total risk weighted assets Capital adequacy ratio (domestic standard) Sufficient Capital Adequacy with Disciplined Management Our capital adequacy ratio remained at a sound level. (remaining largely unchanged since the end of March 2025) Capital Adequacy Ratio*1 (JPY bn, consolidated) *1: Capital adequacy ratio (domestic standard) is calculated based on standards stipulated by Article 14 -2 of the Banking Act for the purpose of determining whether banks have sufficient equity capital given their holdings of assets and other instruments (Notification No. 19, the Financial Services Agency of Japan, 20 06). *2: Basel III finalization was implemented from the end of March 2025. Increases in Apr. and May 2023 Due to Capital Increase After the implementation of the finalized Basel III*2 After the implementation of the finalized Basel III*2
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22 Our Dividend Policy Sep. 30, 2025 Retaining Net Income While accumulating risk assets for further growth, we will control the capital adequacy ratio at an appropriate level. Our Thoughts on Capital and View on the Capital Adequacy Ratio Capital adequacy ratio 10.9% Mar. 31, 2027 * This refers to accumulating risk assets, which constitute the denominator in the calculation formula for the capital adequacy ratio (total capital divided by risk assets). (%) Prioritize further growth over dividends for the near term – Future profits will be allocated to both further growth and the maintenance of the capital adequacy ratio – We will ensure room for further expansion to pursue higher returns Assess our capital management including paying dividends in light of our strategy in the mid term – Committed to pursue capital efficiency and maintain solid equity capital to enhance shareholder returns Factors that raise the capital adequacy ratio Factors that lower the capital adequacy ratio Capital deployment for growth* Dividend Policy: No Dividends Maintained. Shareholder Returns Through Enhanced Corporate Value Driven by Business Expansion.
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23 3 Appendix
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24 8,287 9,637 10,310 10,164 10,784 638 676 915 711 1,202 110 138 156 148 164 94 88 93 94 97 9,129 10,540 11,476 11,119 12,247 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Mar. 2023 Mar. 2024 Mar. 2025 Sep. 2024 Sep. 2025 Foreign Currency Deposits, etc. Structured Deposits Time Deposits Ordinary Deposits Total 13.73 15.23 16.83 16.19 17.32 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 Mar. 2023 Mar. 2024 Mar. 2025 Sep. 2024 Sep. 2025 Number of Accounts (Non-Consolidated) Deposit Balance (Non-Consolidated) (Millions of accounts) (JPY bn) Number of Accounts, Deposit Balance (Non-Consolidated) Note: Closed accounts are excluded.
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25 (JPY bn, consolidated) FY2024 FY2025 YoY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ordinary income 40.8 42.8 48.0 52.8 57.5 60.8 +40.8% +42.0% Interest income 26.1 29.2 34.1 38.6 43.6 46.5 +66.7% +59.2% Non-interest income 14.4 13.4 13.7 13.7 13.7 14.0 -5.4% +4.4% Fees and commissions income 11.8 11.1 11.4 11.9 11.9 11.9 +0.6% +7.3% Other operating income 2.2 1.9 1.8 1.4 1.3 1.6 -40.8% -13.3% Trust fees 0.3 0.4 0.4 0.4 0.4 0.4 +9.4% +9.8% Other income 0.1 0.1 0.1 0.3 0.1 0.2 +8.5% +60.5% Ordinary expenses 25.5 27.0 29.6 30.7 33.5 36.5 +31.3% +35.1% Interest expenses 4.0 5.3 8.4 9.1 11.0 13.0 +170.8% +141.8% Non-interest expenses 8.5 8.4 8.5 8.2 8.3 8.3 -1.3% -1.9% Fees and commissions expense 8.5 8.4 8.5 8.2 8.3 8.3 -1.3% -1.9% Other operating expense ― 0.0 ― 0.0 ― 0.0 ― ― General and administrative expenses 11.3 11.4 11.4 12.1 13.0 13.7 +15.1% +20.3% Other expenses 1.6 1.6 1.1 1.2 1.0 1.3 -34.3% -18.9% Net Operating Profit*1 16.5 16.6 18.7 22.0 24.6 25.1 +49.2% +51.0% Ordinary profit 15.2 15.8 18.4 22.0 23.9 24.3 +56.8% +53.8% % Margin 37.3% 36.9% 38.3% 41.6% 41.6% 40.0% +4.2pts +3.0pts Extraordinary profit / (loss) -0.0 ― -0.0 -0.0 ― ー ― ― Profit before income taxes 15.2 15.8 18.4 22.0 23.9 24.3 +56.8% +53.8% Profit attributable to owners of the parent 10.9 11.2 13.0 15.5 16.8 17.1 +54.1% +52.9% % Margin 26.7% 26.1% 27.1% 29.5% 29.2% 28.2% +2.5pts +2.0pts Quarterly Consolidated Financial Summary *1：Net Operating Profit = Gross Operating Profit－General and Administrative Expenses－Provision of General Allowance for Loan Losses
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26 (JPY bn, consolidated) Mar. 31, 2023 Mar. 31, 2024 Mar. 31, 2025 Sep. 30, 2024 Sep. 30, 2025 Total assets 11,589.5 13,480.4 14,748.6 14,222.7 15,710.3 (incl.) Cash and due from banks 4,050.2 4,791.0 4,241.8 4,970.4 4,563.0 (incl.) Monetary claims bought 2,103.0 2,550.8 2,919.4 2,643.9 3,048.5 (incl.) Marketable securities 780.3 1,090.5 1,791.4 1,465.7 2,065.1 (incl.) Loans 3,780.5 4,069.5 5,044.1 4,391.4 5,205.5 Total liabilities and equity 11,589.5 13,480.4 14,748.6 14,222.7 15,710.3 Total liabilities 11,357.8 13,200.8 14,429.5 13,923.5 15,354.2 (incl.) Deposits 8,985.6 10,442.3 11,451.5 11,039.8 12,232.9 (incl.) Borrowed money 2,277.4 2,565.8 2,749.8 2,658.7 2,881.8 Total equity 231.6 279.5 319.1 299.2 356.0 (incl.) Total shareholder equity 216.5 264.3 315.0 286.4 349.1 (incl.) Non-controlling interests 18.6 18.8 16.8 17.4 17.6 Capital adequacy ratio (a)/(b) (Japanese domestic standard) 11.2% 10.9% 10.6% 11.4% 10.9% Total capital (a) 218.3 263.6 307.8 283.2 340.0 Total amounts of risk-weighted assets, etc. (b) 1,946.0 2,409.9 2,901.4 2,475.2 3,177.7 Financial Summary – Consolidated Balance Sheets
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27 (JPY bn, consolidated) FY2024 FY2025 YoY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Ordinary income 39.5 41.3 46.3 50.8 55.8 58.5 +41.2% +41.5% Interest income 25.3 28.2 32.9 37.2 42.4 44.8 +67.5% +58.6% Non-interest income 14.0 12.9 13.2 13.3 13.2 13.5 -5.7% +4.1% Fees and commissions income 11.8 11.0 11.3 11.8 11.9 11.8 +0.7% +7.2% Other operating income 2.2 1.9 1.8 1.4 1.3 1.6 -40.7% -13.4% Other income 0.1 0.1 0.1 0.3 0.1 0.2 +6.9% +51.5% Ordinary expenses 23.7 25.2 27.6 29.0 31.5 34.4 +32.8% +36.5% Interest expenses 3.4 4.7 7.6 8.4 10.1 12.1 +191.3% +155.8% Non-interest expenses 8.4 8.4 8.5 8.2 8.3 8.2 -1.3% -2.0% Fees and commissions expense 8.4 8.4 8.5 8.2 8.3 8.2 -1.3% -2.0% Other operating expense ― ― ― ― ― ー ― ― General and administrative expenses 10.3 10.5 10.4 11.1 12.0 12.7 +15.7% +20.8% Other expenses 1.4 1.4 0.9 1.1 1.0 1.2 -27.9% -14.9% Net Operating Profit *1 16.7 17.1 19.3 22.2 24.9 24.8 +48.4% +44.3% Ordinary profit 15.7 16.1 18.7 21.8 24.2 24.1 +54.0% +49.2% % Margin 39.8% 39.0% 40.4% 43.0% 43.4% 41.1% +3.5pts +2.1pts Extraordinary profit / (loss) -0.0 ― -0.0 -0.0 ― ― ― ― Income before income taxes 15.7 16.1 18.7 21.8 24.2 24.1 +54.0% +49.2% Net income 11.0 11.1 13.0 15.3 16.8 16.7 +52.8% +49.9% % Margin 27.8% 27.0% 28.0% 30.0% 30.1% 28.6% +2.2pts +1.6pts Quarterly Non-consolidated Financial Summary *1：Net Operating Profit = Gross Operating Profit－General and Administrative Expenses－Provision of General Allowance for Loan Losses
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28 (JPY bn, non-consolidated) Mar. 31, 2023 Mar. 31, 2024 Mar. 31, 2025 Sep.30, 2024 Sep.30, 2025 Total assets 11,694.2 13,527.6 14,705.8 14,257.6 15,659.8 (incl.) Cash and due from banks 4,039.7 4,782.3 4,231.8 4,960.1 4,549.4 (incl.) Monetary claims bought 2,077.0 2,498.8 2,828.6 2,605.0 2,996.6 (incl.) Marketable securities 980.8 1,286.4 1,981.6 1,667.4 2,242.2 (incl.) Loans 3,769.0 4,029.3 4,954.6 4,318.8 5,099.9 Total liabilities and net assets 11,694.2 13,527.6 14,705.8 14,257.6 15,659.8 Total liabilities 11,484.9 13,271.9 14,408.0 13,979.9 15,327.6 (incl.) Deposits 9,129.8 10,540.2 11,476.3 11,119.0 12,247.3 (incl.) Borrowed money 2,277.4 2,565.8 2,749.8 2,658.7 2,881.8 Total net assets 209.2 255.7 297.7 277.6 332.2 (incl.) Total shareholder equity 216.3 264.3 314.9 286.5 348.6 Capital adequacy ratio (a)/(b) (Japanese domestic standard) 10.5% 10.6% 10.7% 11.4% 11.1% Total capital (a) 207.1 253.0 299.7 273.8 330.3 Total amounts of risk-weighted assets, etc. (b) 1,958.0 2,369.5 2,782.6 2,399.1 2,970.8 Financial Summary – Non-consolidated Balance Sheets
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29 (%) No. Six Months Ended Sep. 30, 2024 Six Months Ended Sep. 30, 2025 YoY Change for Interim Period Three Months Ended Jun. 30, 2024 Three Months Ended Sep. 30, 2024 Three Months Ended Jun. 30, 2025 Three Months Ended Sep. 30, 2025 Yield on Interest Earning Assets 1 0.76 0.77 0.77 1.16 1.15 1.15 0.38 Interest Earned on Loans and Bills Discounted 2 1.41 1.43 1.43 1.76 1.77 1.77 0.34 Interest Earned on Monetary Claims Bought 3 0.91 0.94 0.94 1.24 1.23 1.23 0.29 Interest Earned on Securities 4 0.71 0.76 0.76 1.11 1.20 1.16 0.40 Total Cost of Funding (Including Expenses) 5 0.41 0.43 0.43 0.62 0.65 0.63 0.20 Cost of Interest -Bearing Liabilities 6 0.10 0.12 0.12 0.28 0.32 0.30 0.18 Interest Paid on Deposits 7 0.06 0.07 0.07 0.24 0.26 0.25 0.18 Overall Interest Spread (1)-(5) 8 0.35 0.34 0.34 0.54 0.50 0.52 0.18 Interest Spread (1)-(6) 9 0.66 0.65 0.65 0.88 0.83 0.85 0.20 Reference: After Deducting Loans to the Japanese Government, etc. Interest Earned on Loans and Bills Discounted 10 1.91 1.94 1.92 2.30 2.27 2.29 0.37 Interest Spread (Non-consolidated)
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30 Hokkaido 4% Tohoku 6% Kanto, Koshinetsu 43% Hokuriku 2% Tokai 11% Kansai 17% Chugoku, Shikoku 7% Kyushu, Okinawa 10% 0 2 4 6 8 10 12 14 16 2024/9 2025/9 60s and over 50s 40s 30s 20s Under 20s Accountholder Demographics*1 Under 20s 4% 20s 12% 30s 23% 40s 24% 50s 22% 60s and over 15% *1: As of Sep. 2025 4.9% 5.8% 18.3% 20.0% 23.8% 25.0% 27.4% 28.8 % 3.1% 3.3% By Age By RegionBy Occupation Penetration Rate*2 by Age Group Company employee (general) 46% Company employee (manager & above) 5% Public servant, teacher 6% Specialist (doctor, lawyer, etc.) 1% Organizational staff 1% Self- employed 8% Part-time 12% Housewife 7% Student 5% Unemployed 4% Company executive 2% Others 4% *2: Ratio of Our Bank's Accounts to Population by Age Group. The population by age group is based on government statistics as of October 2024, published in April 2025. 16.1% 16.2 % 3.1% 3.3% (Millions of accounts)
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The opinions and forecasts stated in this document reflect the Bank's judgment at the time these materials were prepared. The Bank does not guarantee the accuracy of the information contained herein. Please note that actual performance and results may differ significantly due to various factors.
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Reference Materials for FY2025 First Half Consolidated Financial Results November 11, 2025 Rakuten Bank, Ltd. https://www.rakuten-bank.co.jp/corp/english/investors/
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33 Contents 3 Supplemental Information for Our Growth Strategy 2 About Our Medium- to Long-Term Vision and Growth Strategy 1 Rakuten Bank’s Corporate Profile 4 About Rakuten Group
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34 1 Rakuten Bank’s Corporate Profile
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35 Corporate Profile Name Rakuten Bank, Ltd. Established January 14, 2000 Capital JPY32,642mm* Employees 1,149* (consolidated) Headquarters NBF Shinagawa Tower, 2-16-5 Konan Minato-ku, Tokyo, Japan 108-0075 Business Banking via electronic medium Consolidated subsidiaries Rakuten Trust Co., Ltd. Rakuten International Commercial Bank 21 others * Sep. 30, 2025 In its aim to be the “safe, secure, and most convenient bank,” Rakuten Bank leverages the Rakuten Group’s strengths to develop a host of distinctive services.
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36 38.7 48.3 71.5 FY22 FY23 FY24 16.83 8.94 8.25 6.73 Rakuten Bank A B C Business Overview*1 No. of new accounts (April 2024–March 2025) Full lineup of digital banking service Personal loans, housing loans, foreign currency deposits, money transfers via Viber, etc. Digital bank within the Rakuten Ecosystem No.1 *31.59 million (mm) Highlights Japan’s largest digital bank KPI Both the number of accounts and the deposit balance continued to grow steadily. Consolidated financial figures Our growth & stability as reflected in financial figures Comparison of account numbers among digital banks (as of 31.March 2025) 32.7% Primary account for everyday transactions Percentage of customers using Rakuten Bank as their primary account*² *1 As of end-March 2025 *2 Accounts used for direct debit or for receiving salary and bonus payments *3 A digital bank is a bank that operates primarily online without physical branches. Based on the disclosure materials of institutions classified under “Other” in the Financial Services Agency’s “List of Licensed, Registered, and Authorized Financial Institutions” (as of end-March 2025), calculations were conducted by the Bank . *4 Capital adequacy ratio (domestic standard) is calculated based on standards stipulated by Article 14-2 of the Banking Act for the purpose of determining whether banks have sufficient equity capital given their holdings of assets and other instruments (Notification No. 19, the Financial Services Agency of Japan, 2006). Basel III finalization was implemented from the end of March 2025. Ordinary profit Capital Adequacy Ratio*4 Trends in Deposit Balances（2010-2025） 0.6 1.2 3.5 11.4 Mar. 2010 Mar. 2015 Mar. 2020 Mar. 2025 CAGR 12.3% CAGR 23.4% CAGR 26.2% (JPY tn) Number of Employees 1,001 1,056 1,076 Ordinary Profit per Employee (JPY mm) 38 45 66 218 263 307 1,946 2,409 2,901 11.2% 10.9% 10.6% Mar. 2023 Mar. 2024 Mar. 2025 Common equity-regulartory adjustments Total risk weighted assets Capital adequacy ratio (domestic standard) (JPY bn) (JPY bn)
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37 Rakuten International Commercial Bank in Taiwan 50% IBF Financial Holdings Co., Ltd. Rakuten International Commercial Bank Co., Ltd. Rakuten Card Co., Ltd. 49%1% Company Name RAKUTEN INTERNATIONAL COMMERCIAL BANK CO., LTD. (Joint Venture) Establishment May 18, 2020 Operation Since January 19, 2021 Business Electronic banking services (mainly online banking business for retail customers) Capital TWD 10bn Ownership Rakuten Bank 50%, Rakuten Card, 1%, IBF *1 49% *1: IBF Financial Holdings Co., Ltd. *2: Template for banks to accept customers to open digital deposit accounts online. Nov 2018 Jul 2019 May 2020 Dec 2020 Jan 2021 Nov 2021 Amendment of Banking Act to allow online banking in Taiwan Rakuten Bank, Rakuten Card and IBF obtained approvals to start a banking operation from the Financial Supervisory Commission Established a Joint Venture Obtained a business license Started business operations Permitted by applicable laws *2 (partially amended in Jan 2022) to allow open internet banking accounts for corporate customers to a limited extent History Company Overview Group Structure Taiwan Rakuten Ecosystem
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Our Philosophy 1. Mission: Contribute to society by creating value through innovation and entrepreneurship Empowering people to realize their hopes and dreams, embracing new thinking, Rakuten Bank changes the world through innovation 2. Vision: Global Innovation Company We drive disruptive innovation, engaging knowledge, creativity and passion from around the world to achieve ambitious goals and help build communities in which people can pursue their dreams and live in happiness 3. Values and Principles: Rakuten Shugi(Rakuten Basic Principles) The core values of the Rakuten Group, along with the values and principles understood and practiced by employees, consist of the Brand Concepts and Five Principles for Success Rakuten Bank is aware of our public role and social responsibilities as a bank, and we strive to establish sound efficient business operations based on high self-discipline, to maintain society's unwavering trust and establish value. In addition, as a member of the Rakuten Group, we share the “Mission, Vision, Values and Principles” and aim to be a global innovation company, increasing our corporate value and contributing to society in harmony with global society.
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39 Rakuten Bank’s History *1: Now Rakuten Group, Inc. *2: According to our research July. 2001 Obtained a Japanese banking license and launched eBANK Corporation Sep. 2008 Entered a capital and business alliance with Rakuten, Inc. *1 Oct. 2010 Became a wholly owned subsidiary of Rakuten, Inc. *1 Sep. 2010 Became the first bank in Japan*2 to offer an iPhone app that enabled bank transfers July 2019 Received necessary approvals to start a banking operation in Taiwan (started business in January 2021) January 2021 Became the first digital bank *2 in Japan to surpass 10mm accounts April 21, 2023 Listed on the Prime Market of the Tokyo Stock Exchange May. 2010 Change of corporate name to Rakuten Bank, Ltd. Dec 2023 Became the first digital bank*2 in Japan to surpass a JPY10tn deposit balance Feb. 2024 Became the first digital bank *2 in Japan to surpass 15mm accounts Apr.2009 Acquired part of the card loan business from Rakuten Credit, Inc. and commenced personal card loan operations Dec. 2010 Acquired the business of Rakuten Mortgage Co., Ltd. and commenced housing loan operations Sep. 2014 Made The Trans Value Trust Company, Limited a wholly owned subsidiary (currently Rakuten Trust Co., Ltd.)
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40 Three Business Pillars Services for Individual Customers Services for Corporate Customers and Sole Proprietors Securitization Business Rakuten Card trust beneficiary rights Real estate finance Asset liquidation Deposits/ asset management Transfers/ remittances Payments Entertainment Asset management tools DATA In collaboration with Rakuten Trust, the Rakuten Bank Group provides one-stop securitization services Rakuten Group services Personal loans The number of companies using us as their main bank among domestic digital banks*1 No.1 *1: Data pertaining from an August 2025 survey by Tokyo Shoko Research focusing on companies’ main banks in 2025. Data pertaining from a December 2024 survey by Teikoku Databank, Ltd. Nationwide Corporate ‘Main Bank’ Trends (2024) https://www.tdb.co.jp/report/industry/20241216_mainbank/ (Trust) Overwhelmingly convenient online services enabled by in-house systems Face-to-face representatives fostering comprehensive transactions A base of over 17 million individual customers supporting B2C & C2B transactions for corporate clients Three Features of Our Corporate Business
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41 Strong Commitment by Experienced Management*1 *1: As of Sep.30, 2025 *2: Executive Vice President. Mika Matsumoto Executive Manager: • Fukuoka Center Masato Tarukado Executive Manager: • Investment Business Takuya Mizuno Executive Manager: • General Affairs Tatsuya Misawa Executive Manager: • Creative & Web Design Kenji Takeuchi General Manager: • Data Intelligence Tamaki Kasuya Executive Manager: • Marketing • Innovative Service Planning Kosho Ito General Manager: • Innovative Service Planning Kazuma Koike Executive Manager: • Human Resources ・Risk Management Executive Manager • Sales＆Product Planning (Personal customers) • Sales＆Product Planning(Corporate customers) ・Credit ・Compliance ・Tokyo Center ・Finance ・Planning ・Data Intelligence ・System
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42 Career Summary • Born in Tokyo • Apr 1988 Joined The Long-Term Credit Bank of Japan, Limited (now SBI Shinsei Bank, Ltd.) • Sep 1998 Joined Asian Development Bank • Jan 2001 Joined The Industrial Bank of Japan, Ltd. (now Mizuho Bank, Ltd.) • Sep 2006 Joined Rakuten Securities, Inc. • Sep 2007 Assigned to Business Development Office, Rakuten, Inc. (now Rakuten Group, Inc.) • Apr 2016 Appointed Senior Executive Officer, Rakuten, Inc. (now Rakuten Group, Inc.) • Jan 2017 Seconded to Rakuten Bank, Ltd. Appointed Managing Executive Officer (in charge of planning, finance, and ALM) • Jun 2019 Appointed Function CCO (Chief Compliance Officer), Rakuten, Inc. (now Rakuten Group, Inc.) Compliance Division International Business Division • Apr 2022 Appointed Managing Executive Officer, Rakuten Group, Inc. • Apr 2025 Transferred to Rakuten Bank, Ltd. Appointed Executive Vice President Joined the Rakuten Group Tomotaka Torin President＆CEO Rakuten Bank, Ltd.
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43 Apr 1988 Joined The Long-Term Credit Bank of Japan, Ltd. (now SBI Shinsei Bank, Ltd.) Engaged in derivative transaction-related operations and financial product development Jun 1997 Studied aboard on government scholarship at the Tuck School of Business at Dartmouth College (MBA), US Sep 1998 Joined Asian Development Bank Involved in establishing the risk management department and overseeing liquidity management in response to the Asian financial crisis Jan 2001 Joined The Industrial Bank of Japan, Ltd. (now Mizuho Bank, Ltd.) Engaged in securitization and private equity investment Sep 2006 Joined Rakuten Securities, Inc. Sep 2007 Rakuten, Inc. (now Rakuten Group, Inc.) Primarily engaged in strategic investments, business alliances, and M&A in the Business Development Office 2008 Invested in eBANK Corporation 2009 Made eBANK Corporation a subsidiary Also involved in the integration of Rakuten Credit, Inc. and eBANK Corporation; the acquisition of bitWallet, Inc. (now Rakuten Edy, Inc.); the acquisition of AIRIO Life Insurance Co., Ltd. (now Rakuten Life Insurance Co., Ltd.); and the establishment of Rakuten Investment Management, Inc. Engaged in a wide range of projects to build the foundation for Rakuten’s FinTech segment Jan 2017 Seconded to Rakuten Bank, Ltd. Served as an executive overseeing planning, finance, and ALM Involved in the establishment of Rakuten International Commercial Bank Co., Ltd. Jun 2019 Rakuten, Inc. (now Rakuten Group, Inc.) Engaged in strengthening corporate governance across the Group, including serving as an auditor for Rakuten Card Co., Ltd. Apr 2025 Transferred to Rakuten Bank, Ltd. Key Employment History
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44 Business Operations Going Forward Efficiently acquire customers at low cost by leveraging the Rakuten Ecosystem Promote the conversion of acquired accounts into main accounts and further advance primary account usage to drive deposit growth Utilize deposits and retained capital to build a well-balanced portfolio of investment assets Achieve further growth in corporate value Currently discussing and evaluating new medium- to long-term targets for an environment with positive interest rates While keeping our core strategy essentially unchanged, we aim to further expand and strengthen existing initiatives Plans to revise the medium- to long-term vision, which had been based on the assumption of negative interest rates Achieved in FY2024
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45 Disciplined Corporate Governance*1 3 Outside Directors out of 5 Directors Hiroshi Mikitani Chairman Tomotaka Torin President & CEO 3 Outside Auditors out of 4 Auditors Tadamichi Shibano Outside audit and supervisory board member Shinnosuke Yamada Outside audit and supervisory board member Takeo Shikado Full-time audit and supervisory board member Eiji Ebinuma Outside director *1: As of Sep.30, 2025 *2: Special Advisory Committee must be consulted in advance or reported afterwards on management policy decisions made according to requests from Rakuten Group, Inc. related to their group business strategy, human resource matters regarding both Rakuten Bank group and the Rakuten Group, and the conducting of tran sactions and actions with the Rakuten Group. Members of the Special Advisory Committee are comprised of outside directors (Eiji Ebinuma, Masatsugu Nagato and Kayoko Kawamura) and outside audit and supervisory board members (Shinnosuke Yamada, Tadamichi Shibano and Toru Mimura) as defined in the Company Law. Masatsugu Nagato Outside director Special Advisory Committee*2 Banking Regulations Group Synergies Arm’s- Length Toru Mimura Outside audit and supervisory board member Kayoko Kawamura Outside director
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46 Our “SDGs” Initiatives People Prosperity PeacePlanet Partnership “SDGs” × Education • Host seminars for financial education for students • A member of “Children’s Smile Movement” since 2021 • Educational loans “SDGs” × Technology • Exceptional UI for banking app • Efficient payment method • Utilization of AI “SDGs” × Community • Active in supporting areas affected by natural disasters • Employee participation in local community “SDGs” × Partner • “Chokotto Iikoto Program” supports non-profit organizations through use of Rakuten Bank services • “Rakuten Clutch Special Charity Fund” “SDGs” × Climate change • Achieved 100% renewable energy use, including overseas business sites • Investments and loans in renewable energy projects and green bonds • Paperless financial services Contributing to a healthy and economically prosperous society through “SDGs” “SDGs” × Gender • Percentage of women in managerial positions *1: - Reached our initial target of more than 33% by end-Mar. 2024 - Moving toward a new target of more than 35% by end-Mar. 2026 ・ Housing loans for LGBT people *1: The percentage of women in management positions is based on the ratio of women in positions of “leader” or higher, based on the Company’s “general business owner’s action plan.”
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47 2 About Our Medium- to Long-Term Vision and Growth Strategy
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48 Medium- to Long-term Vision With an eye to the arrival of the zero-cash era, in April 2022 a medium- to long-term vision was formulated, indexed to FY2020, in the aim of becoming a leading FinTech company. Number of accounts (non-consolidated) CAGR 15%+ CAGR 20%+ CAGR 10%+ CAGR 15%+ Balance of deposits (non-consolidated) 10.52mm FY2020 Approx. 25mm Target (FY2026) JPY5.7tn FY2020 Approx. JPY20tn Target (FY2026) Consolidated ordinary income Consolidated ordinary profit Approx. JPY200.0bn Approx. JPY70.0bn Approx. JPY103.3bn Approx. JPY27.5bn FY2020 Target (FY2026) FY2020 Target (FY2026) Currently discussing and evaluating new medium- to long-term targets for an environment with positive interest rates
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49 5.7 11.4 20.0 FY2020 FY2024 FY2026 Target 103.3 184.5 200.0 FY2020 FY2024 FY2026 Target CAGR+15.5% （Target: >+10%） 27.5 71.5 70.0 FY2020 FY2024 FY2026 Target CAGR +26.8% （Target: >+15%） 10.5 16.8 25.0 FY2020 FY2024 FY2026 Target CAGR +12.4% （Target: >+15%） Progress of Medium- to Long-Term Vision Number of Bank Accounts （mm, non-consolidated） Ordinary Income （JPY bn, consolidated） Total Deposit Balance （JPY tn, non-consolidated ） CAGR +18.7% （Target: > +20%） Ordinary Profit （JPY bn, consolidated）
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50 The Consolidated Forecast for FY2025*1 *1: Assumption for earnings forecasts: BOJ policy interest rate of 0.50% *2: Costs for Rakuten FinTech Group Reorganization PJ was JPY 84 mm in FY2023 and JPY 1,279 mm in FY2024. *3: Profit attributable to owners of parent (JPY bn, consolidated)FY2023 （Actual) FY2024 (Actual) FY2025 (Forecast)YoY Change Change % YoY Change Change % Ordinary Income 137.9 184.5 +46.5 +33.7% ⇒ 246.8 +62.3 +33.7% Ordinary Profit 48.3 71.5 +23.1 +47.8% ⇒ 91.2 +19.6 +27.5% excluding costs for Rakuten FinTech Group Reorganization PJ *2 48.4 72.8 +24.3 +50.2% ー ー ー Net Income*3 34.4 50.7 +16.3 +47.4% ⇒ 64.3 +13.5 +26.7% excluding costs for Rakuten FinTech Group Reorganization PJ *2 34.4 51.6 +17.1 +49.7% ー ー ー (JPY bn, consolidated)
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51 Two Pillars of Earnings (Non-Interest Income/Interest Income) Growth in Interest Income ・Produce of Group's proprietary assets to have a balanced and diversified loan portfolio ・Balanced expansion of diverse assets under management Growth in Non-Interest Income ・Achieve further growth by acquiring main accounts*1 and through cross-selling Mar. 2027: Approx. 25mm Main account*1 acquisition Cross-selling of Rakuten Group services … Mid/long-term target for number of accounts*2 1H FY2025 non-interest income*2*3 : JPY26.7bn 1H FY2025 interest income*2 : JPY87.2bn 23.3% of total income 76.2% of total income direct debit or direct deposit of payroll including salary or bonus JPY5.0tn Housing loans 15% ABL*4 24% Loans to Ministry of Finance 31% Investment property loans 17% Card loans 6% Affiliated loans 5% Business loans 1% Others 1% (As of Sep.30, 2025, non-consolidated) JPY2.9tn (As of Sep.30, 2025, non-consolidated) Others 20% Assets Loans Monetary Claims Bought Trust beneficiary rights of Rakuten Card 80% *1: Accounts that are used for direct debit or direct deposit of payroll including salary or bonus; *2: Non -consolidated; *3: Calculated as the sum of fees and commissions income and other operating income ; *4: Asset-based lending;
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52 Robust Synergies with Unique Rakuten Ecosystem Unique Ecosystem Trusted and Well-known Brand Deep & Rich Data × Technology Most Popular*4 Point Program 70+ services*1 100mm+ membership*1*2 100mm+ membership*1*2 c. 6.0K tech engineers*6Attractive SPU*5 for customers No.1 web brand in Japan*3 Origination of Unique Investment Assets Customer Acquisition Cross-selling (in Japan) (in Rakuten group) *1: As of Sep.30, 2025. *2: Cumulative number of Rakuten IDs where members logged in at least once after membership registration (excluding members who cancelled their membership). Includes individuals with multiple membership IDs. One ID can be used for most Rakuten services. *3: In Nikkei BP Consulting’s web brand survey 2025 Spring/Summer, Rakuten Ichiba ranked No. 1 in the “Japan web brand index top 50.” Rakuten Travel, Rakuten Card, Rakuten Bank, and Rakuten 24 were also ranked among the top 50. *4: MyVoice Communications, Inc. Survey on points in Japan. Jun 2025. *5: Super Point Up Program: a point up program where customers can earn more points by using Rakuten Ichiba based on their usage of other Rakuten services. *6: As of Sep.30, 2025
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53 One ID / One Point Program Customer Satisfaction Survey ・Most coveted reward points ・ Most used reward points ・ Most earned reward pointsNO.1 *1 Cumulative number of point issued =A reward point program that allows users to earn additional points forpurchases made on Rakuten Ichiba (e-commerce platform) when they meet certain usage conditions for various Rakuten services 1x When using Rakuten Bank *Direct Debit for Rakuten Card (+0.3x) +Direct Deposit of Payroll (+0.2x) +0.5x +2x When using Rakuten Card *Regular (+1x) +Bonus (+1x) +1x When using Rakuten Securities *Point Investment in Investment trust(+0.5x) +US Stock(+0.5x) ・・・ +6x When using Rakuten Mobile Mobile contract (+4x)+Mobile career payment usage (+2x) Base Point 18x Max *2 Monthly Active Users*4 Over44mm % of points used*3 Ratio of Users with Two or More Services *5 Approx.4.5tn Over 90% 77.4% Rakuten Points Key figures（As of Dec. 2024） Rakuten Ecosystem Key figures（As of Dec. 2024） Multiple Usage Initiatives SPU （Super Point Up Program） *1: June 2025 survey on reward points in Japan by My voice. com *2: Each service has its own usage conditions and maximum number of points that can be awarded, including limited-time points. *3: Calculated by dividing total number of used points in 2024 by total number of points issued. *4: Number of active users in December 2024. Figures are for Rakuten members who earned at least one Rakuten Point in the relevant month. *5: Percentage calculated by dividing the number of users of two or more services in the past 12 months by the number of users ofall services in the past 12 months as of the end of December 2024. Limited to the use of services that can earn Rakuten Points. One ID can be used for various Rakuten services. Rakuten Point, our integrated reward point program that allows customers to earn and use points across all Rakuten services, supports effective customer acquisition and encourages repeat usage.
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54 Our Unique Service Offering through One App… Single integrated app comprehensively covering individuals’ everyday life Full-fledged Digital Banking Services Rakuten Ecosystem Payment Deposits / Asset Management TransferLoans Entertainment
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55 *1: Cumulative number of Rakuten IDs where members logged in at least once after membership registration (excluding members whocancelled their membership). Includes individuals with multiple membership IDs. One ID can be used for most Rakuten services. *2: Super Point Up Program: a point up program where customers can earn more points by using Rakuten Ichiba based on their usage of other Rakuten services. *3: CY2024. *4: Monthly Active Users *5: As of Jun.30, 2025. From Financial Data Sheet disclosed by Rakuten Group, Inc. in Aug. 8, 2025 *6: For the last twelve months, calculated as number of new Rakuten Bank’s customers who applied to open a bank account throughlinks on other Rakuten Group companies’ banners or websites divided by total new customers during the period(excl. Baas account). *7: Average over the most recent 4 quarters. CAC (Customer Acquisition Cost) is the expenses related to acquiring an individualcustomer who opens a new account over a period of time estimated based on the actual marketing expenses. *8: As of November 2025, from Rakuten Securities Press Release. *9: Compiled by Rakuten Securities based on the Financial Services Agency's 'Survey on NISA Usage (as of Jun. 2025) and disclosure information on each company's website. *10:Results of the Japan Customer Satisfaction Index Survey: https://www.jpc-net.jp/research/detail/007477.html (Japanese only) *11: As of Jul. 7, 2025. Total number of Rakuten Mobile subscriptions. Efficient Customer Acquisition through the Rakuten Ecosystem No.1 QR Code payment service in customer satisfaction for two consecutive years*10 13.0mm accounts*8 NISA’s Account No.1*9 100mm+ Rakuten membership*1 JPY 6.2tn domestic e-commerce GMS*3 44.3mm MAU*4*5 : Potential customer inflows (not to scale) 62.3% of new customers come via Rakuten Group channel*6 Money Bridge (Point rewards ・ favorable interest rate) Direct Payment SPU*2 (Point rewards) Direct Debit (Point rewards ・ favorable interest rate) Low CAC: JPY1,933 *7 32.6mm cards issued*5 A Leading Credit Card Service in Japan Rakuten Bank Customers’ Word of Mouth Exceeded 9mm lines * 11 Usage Fee （Debit card/direct debit）
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56 Customer Benefits Through Integration with the Rakuten Ecosystem Rakuten ID (Ecosystem-Wide Common ID) Rakuten Bank Account ID Linkage Happy Program (Customer Loyalty Program ) Preferential ATM and transfer fees to other banks are offered based on deposit balance and transaction volume. Rakuten Points are earned with every transaction. (Rakuten Bank) By linking their Rakuten member ID with their Rakuten Bank account, customers can earn free ATM and interbank transfer transactions based on usage, and accumulate Rakuten Points through the use of Rakuten Bank services.
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57 Full-fledged Digital Banking Services Single integrated app comprehensively covering individuals’ everyday life Payment Deposits / Asset Management Transfer Loans Direct Access to Rakuten Group Services ATM Payroll Transfer via Viber/Facebook Transfer via email address Split bill Domestic/international transfer Deposits (JPY, foreign currency) FX margin trading Personal financial management (“Money Support”) Debit card Affiliated credit card Prepaid card Pay-easy*1 Automatic payment transfer Convenience Store Payment (Payment by deposit slip) Personal loan Housing loan Education loan Reverse mortgage loan Investment property loans Real estate collateralized loans Securities-Backed Loan Rakuten Ichiba Rakuten Card Rakuten Pay Rakuten Securities Rakuten Life/General Insurance, etc. Entertainment Lottery Public racing (bicycle, horse, auto, boat) *1: Fast payment services via internet banking or at ATMs managed by Japan Multi-Payment Network Promotion Association through which people can pay for tax, utility bills, other bills, etc. without visiting financial institutions or convenience stores.
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58 Our Main Accounts’*1 Growth Momentum… *1: Accounts that are used for direct debit or direct deposit of payroll including salary or bonus. *2: Rakuten Ichiba (EC) SPU (Super Point Up) Program Benefits: When paying for Rakuten Card purchases on Rakuten Ichiba (EC), earn an additional 0.3x points if the payment is debited from your Rakuten Bank account. Earn an additional 0.2x points if you receive your salary, bonus, or pension into your Rakuten Bank account the month before your purchase. *3: A preferential interest rate is applied for one month following any month in which you have a Rakuten Card direct debit from your account. Our goal is to increase the number of main accounts by further enhancing convenience and economic efficiency. Rakuten Ecosystem Open Rakuten Bank account Converting customers to high-loyalty Main accounts*1 Economic Benefit Full-fledged services Customer-centric first-class UI/UX Earn Points with Every Transaction Convenience Earn Points on Rakuten Ichiba*2 Free Transfers to Other Banks Preferential Interest Rates on Ordinary Deposits*3 Experience the Value All-in-One App
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59 Enhanced Bonus Interest Rate Program *1 for Yen Ordinary Deposit Accounts Effective from July 1, 2025 (Announced on June 6, 2025) *1 The Bonus Rate is an additional interest rate applied to one of the following: the yen ordinary deposits interest rate, the preferential interest rate for Direct Debit for Rakuten Card, for Money Bridge accounts up to 3 million yen, or for Money Bridge accounts exceeding 3 million yen. For details, please refer to the product description document (https://www.rakuten-bank.co.jp/assets/fixeddep/savings/bonus-interest.html (Japanese only)) *2 For customers eligible for multiple preferential interest rates, the highest preferential interest rate will be applied. *3 For details, please refer to the product description document (https://www.rakuten-bank.co.jp/assets/fixeddep/savings/rakuten-card.html (Japanese only)) *4 For details, please refer to the product description document (https://www.rakuten-bank.co.jp/assets/fixeddep/savings/moneyblidge.html (Japanese only)) *5 Including salary, bonus or pension payment Condition Interest Rate per annum For amounts up to ¥3 MM For amounts exceeding ¥3 MM Interest Rates for Yen Ordinary Deposits None 0.20% Existing Preferential Rate Direct debit for Rakuten Card*2*3 0.22% Money Bridge（Linked with Rakuten Securities Account）*2*4 0.28% 0.22% Existing Bonus Rate Direct Debit for Rakuten Card*3（Gold Card） +0.01% － Direct Debit for Rakuten Card*3（Premium Card） +0.02% － Direct Debit for Rakuten Card*3（Black Card） +0.06% － Bonus Rate Effective from July 1 Direct Deposit of Payroll*5 +0.03% +0.01% Direct Debit for non-Rakuten Card（1-2） +0.01% － Direct Debit for non-Rakuten Card（3 or more） In addition to +0.01% for 1-2 +0.01% +0.005% Debit Card Transactions（5-19） +0.01% － Debit Card Transactions（20 or more） In addition to +0.01% for 5-19 +0.01% +0.005% Making Regular Deposits into Foreign Currency Time Deposits （¥10 thousand or more） +0.01% － International Money Transfer（1 or more） +0.01% +0.005% Registering Financial Institutions for Money Support （5 or more ex. Rakuten Bank） +0.01% － Max. +0.16％ Max. 0.44% ※Before tax
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60 Details of Benefit For Salary Receivers – JPY fixed deposits JPY 3-month fixed deposits rate＋0.25% per annum (before tax) Another ＋0.25% per annum (Total ＋0.50% per annum (before tax)) – Foreign currency term deposits JPY500 cashback for more than 1-month fixed deposit of a minimum of 10,000 currency units Another cashback of JPY500 （Total JPY1,000） – Housing loans JPY30,000 cashback to loan commission Another cashback of JPY30,000 （Total JPY60,000） Introduced a shareholder benefit program, based on which we also expect an increase in salary receiving accounts, one of the important factors toward achievement of our medium- to long-term vision. Purpose of Shareholder Benefit Program – Expressing gratitude for our shareholders’ patronage, as well as deepening shareholders’ understanding of our business through utilization of our digital banking services – Enhancing attractiveness of our share, so that more potential shareholders invest in our shares in the medium to long term Shareholders eligible for this program* – Shareholders who are listed in the shareholder registry as of the End of Sep. 2025 and own 100 shares (i.e. 1 share unit) or more – All individual accounts at all branches, excluding OKB branch and NCB branch. Implementation of Shareholder Benefit Program（Announced on August 25, 2025） Benefits example* *： Please refer to “Notice Concerning Shareholder Benefit Program (As of the End of Sep. 2025),” announced on Aug. 25, 2025, about the details of the benefit program. For details on JPY fixed deposits, please refer to the product description document ( https://www.rakuten-bank.co.jp/assets/fixeddep/term/details.html (Japanese only)). etc.
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61 Started handling non-guaranteed card loans in April 2020 Improved Spreads on the Card Loans (Personal Loans) Balance with external guarantees Amount required as fees and commissions expense*1, for loan guarantee expenses Non-guaranteed balance Amount required for credit costs, as an allowance for loan losses Effective yields on Card loans (Personal Loans) comprise two layers. Non-guaranteed balance: yield - ratio of allowance for loan losses = (1) effective yield on non-guaranteed personal loans Balance with external guarantees: yield - loan guarantee ratio = (2) effective yield on external guaranteed personal loans As the structure is ratio of allowance for loan losses < loan guarantee ratio, the improvement in the effective yield is due to the increase in the proportion of non-guaranteed balances in the overall personal loans, resulting from the growth in new personal loan contracts. *1: Loan guarantee expenses, which are included in fees and commissions expense for accounting purposes, are adjusted to inte rest expenses because they are related to interest income. Card loan balance and mix (Billions of yen) Interest Income Non-Interest Income
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62 19.8 22.4 25.3 23年3月 末 24年3月 末 25年3月 末 6.0 6.0 6.2 23年3月末 24年3月末 25年3月末 Compelling Rakuten Card Securitization Scheme …… … Rakuten Domestic E-commerce GMS*1 (JPY tn in Last 12 months) Rakuten Card Shopping GTV *3 (JPY tn in Last 12 months) Trust Beneficiary Rights of Rakuten Card (JPY tn, non-consolidated) *1: Gross Merchandise Sales of domestic E-commerce combining transaction amount for Rakuten Ichiba, Rakuten Travel (GTV on check out basis), Rakuten Books, Rakuten Books network, Rakuten Kobo (domestic), golf business, Rakuten Fashion, Rakuten Dream businesses, Rakuten Beauty, Rakuten Delivery, Rakuten 24 and other fir st-party daily necessities shops, auto business, Rakuma, Rakuten Rebates, Rakuten Seiyu Netsuper, cross border trading, etc. (excludes some tax -exempt businesses, includes consumption tax). Rakuten Books network, cross border trading and Rakuten Kobo (domestic) were added from Q2 CY2023. This has resulted in retroactive adjustments to domestic E -commerce GMS. *2: A subsidiary of Rakuten Group, Inc. *3: Gross Transaction Volume. Calculated on a managerial accounting basis. *4: Trust beneficiary rights. Increasing shopping GTV*3 Credit card receivables Shopping acceleration Funding through securitization*4 E-commerce GMS*1 Shopping GTV*3 *2 (Trust) One-stop securitization service Securitized Assets Senior portion Subordinated Portion Interest Income Non-Interest Income Jun. 2025 Jun. 2024 Jun. 2023 Jun. 2025 Jun. 2024 Jun. 2023 1.8 2.0 2.2 Jun. 2025 Jun. 2024 Jun. 2023
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63 Scheme for the Liquidation of Rakuten Card’s Credit Card Receivables (Trust Beneficiary Rights) Rakuten Card (originator) Rakuten BankRakuten Trust (trustee) Credit card receivables Credit card receivables trust Trust beneficiary rights (subordinated portion) Rakuten Card (originator) continues to hold subordinated beneficiary rights Pay proceeds from the transfer of preferred beneficiary rights to Rakuten Card Delivery of trust beneficiary rights (preferred, subordinated) Transfer preferred beneficiary rights to Rakuten Bank Trust beneficiary rights (preferred portion) 1. 2. 1. The originator, Rakuten Card Co., Ltd., entrusts its credit card receivables to the trustee, Rakuten Trust Co., Ltd., and acquires trust beneficiary rights (preferred /subordinated). 2. Rakuten Card Co., Ltd. transfers preferred beneficiary rights to Rakuten Bank*1. In return, Rakuten Bank pays a certain amount deducted from the interest portion received by Rakuten Bank*2 as proceeds from the transfer of preferred beneficiary rights. This payment enables Rakuten Card to raise funds swiftly and flexibly. *１ The “preferred” portion of the trust beneficiary rights is a safer asset than the “subordinated” portion, which means that Rakuten Bank holds the safer portion. Also, the underlying credit card receivables are based on the individual credit card use of each individual customer, so risks on these assets are diversified. *２ The interest portion received by Rakuten Bank is recorded in “other interest income” as part of interest income in the consolidated statements of income. Rakuten Card Co., Ltd. is one of Japan’s largest credit card companies, with more than 32 million cards issued.* In general, when the holder of a credit card uses their card to make purchases, the credit card company makes an advance payment to the store on behalf of the customer. The company then settles the payment after a certain period, when it receives payment from the card holder. During this process, there is a period in which there is a need for funds to be advanced by Rakuten Card. Rakuten Bank meets this need by using Rakuten Trust’s trust function. *As of Jun. 30, 2025 Simplified diagram Interest Income Non-Interest Income
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64 Creating Investment Opportunities on Our Own through the Securitization Business that Utilizes Rakuten Trust Monetary claims To leverage Rakuten Card’s shopping GTV growth fueled by domestic e-commerce • Investment property • Commercial property • Hotel finance, etc. Real estate To utilize proprietary data and customer traffic of Rakuten Travel • Rakuten Card trust beneficiary rights • Other credit card receivables • Accounts receivable, etc. • Solar power plants, etc. Asset securitization for various projects To provide proprietary and comprehensive securitization services Example of a Scheme (Simplified) オリジネーター Rakuten Trust (Monetary trust account) Originator Payment for the trust beneficiary rights purchased Trust beneficiary rights on target assetsTransfer of trust beneficiary rights Rakuten Trust Trust agreement Senior portion Subordinated portion Execution of a loan for the senior portion ⇒ ABL Purchase of senior beneficiary rights ⇒ Monetary claims bought Originator Monetary trust agreement* *Subordinated portion held by the originator Arranger Interest Income Non-Interest Income
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65 Deep and Rich Data EC Mobile Sports FinTechCommu- nity TravelContents Data Technology to Enlarge Our Interest Income Advanced Credit Scoring – Expand credit access – Drive loan growth – Reduce credit cost Optimized Marketing – Accelerate customer acquisition – Enhance service usage – Improve customer experience Improve accuracy Improve accuracy AI Technology Interest Income Non-Interest Income
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66 Rakuten Bank’s Ability to Lead Digitalization A corporate mindset of specializing in digital and cashless No possession of legacy assets (branches/own ATMs) Utilization of state-of-the-art technology (Systems development, maintenance, and operation using internal resources) Pursuit of customer-centric UI/UX Rakuten Bank Users In-house systems development Systems staff ratio 55.6%*1 Data-driven cycle (1) Impact on earnings improvement Service creation with an in-depth understanding of customers, based on close collaboration between the front office and systems division built on in-house systems development, operation, and maintenance. Addressing corporate customers’ diverse payment needs through flexible customization of existing services (2) Impact on cost reduction Efficient business operation by going cashless and paperless Pursuit of operational improvement and efficiency through the use of AI and data *1: As of Sep. 30, 2025. Represents the ratio of the number of employees in systems -related departments to the total number of employees. Provide convenient and economically rational services Bank service needs
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67 Promising Data Monetization Opportunities TargetingRich Data Reach Precise target segmentation – AI technology – In-house system engineers – Digital native culture Sales of advertising solutions to external parties ｰData-driven personalized ads to 17.3mm accounts*1 – Approx. 32.9% of highly engaged users have main accounts *1*5 Promotion of cross use to Rakuten Bank customers – Proposing a full-fledged banking services and Rakuten Group’s FinTech services 17.3mm accounts*1 (KYC completion) Banking transaction data Personal finance data*2 100mm+ IDs*3*4 Over 70 services*4 Online/offline consumer behavior data Our unique advantages enable us to expand the advertising business and improve the marketing efficiency of our banking services. *1 : As of Sep. 30, 2025. *2: Rakuten Bank has access to data related to other financial institutions through PFM (Personal Financial Management) servi ce (“Money Support”). *3: Cumulative number of Rakuten IDs where members logged in at least once after membership registration (excluding members who cancelled their membership). Includes individuals with multiple membership IDs. One ID can be used for most Rakuten services. *4: As of Sep. 30, 2025. *5: Accounts that are used for direct debit or direct deposit of payroll including salary or bonus.
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68 Corporate Clients, etc.Regional financial institution clients (regional banks) Open API*2 Other Regional Banks Entertainment Life Insurance Retail Real Estate/ Housing （Launched May 9,2024） Transportation (“Rakuten Bank Dai-ichi Life Insurance Branch” service started in Jan. 2023) Settlement, etc. Settlement Deposits Loans, etc. Providing a New Customer Experience through BaaS*1 *1: Banking-as-a-Service. *2: Application Programming Interface. *3: As of Sep. 30, 2025. *4: As of Sep. 30, 2025. The Ogaki Kyoritsu Bank THE NISHI-NIPPON CITY BANK 6.02 mm cardholders*4 15.57 mm passengers per day*3
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69 Providing JRE BANK service jointly with JR East Group * The benefits shown above are just examples. For details on other benefits and conditions, please refer to the information prov ided by the JR East Group. Connections between Customers and JR East Group Promoted by Main Account ー Benefit eligibility examples ・ Total balance of JPY3mm or more/JPY0.5mm or more ・ Direct debit for View Card payments ・ Direct deposit of salary, etc. Total Balance JPY3mm or more JPY0.5mm or more Service started on May 9, 2024. Realize a new financial service experience by providing benefits that take advantage of the assets (stations, trains, commercial facilities, etc.) and business areas (transportation, distribution and service, real estate, hotels, etc.) of the JR East Group through the BaaS initiative.
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70 3 Supplemental Information for Our Growth Strategy
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71 29% 42% 80% 2020 2024 Long- term Japan – Dawn of Banking Digitalization *1: As of Mar. 31, 2025. Calculated as the sum of digital banks’ deposit balances (based on the public disclosures of Rakuten Ban k, SBI Sumishin Net Bank, PayPay Bank, au Jibun Bank, Sony Bank, Daiwa Next Bank, ORIX Bank, GMO Aozora Net Bank, Minna Bank, and UI Bank) divided by the combined deposit balances of Japanese banks’ total deposit balance (Japanese Bankers Association), Japan Post Bank, and the digital banks. *2: Ministry of Economy, Trade and Industry (https://www.meti.go.jp/press/2024/03/20250331005/20250331005.html(Japanese only)). SMBC 11% Mizuho Bank 11% Japan Post Bank 17% 4% Digital Bank Share*1 (deposit balance) Inexorable digitalization trend toward future “Zero-cash” era MUFG Bank 15% Japan Cashless Payment Ratio*2 (aiming to be the global highest level) Government targets*2 … Promoted by Japanese Government … Actual Achieved approximately 40% target ahead of schedule (originally set for June 2025).
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72 Banking in a Cashless Era Debit Cards Prepaid Card Direct Payment for code payment Rakuten Bank Card (Rakuten Card Combined with Cash Card) Service Linkage with Rakuten Card via Direct Debit Interest on ordinary deposits is more favorable than the usual rate Point rewards program Email notification when funds are insufficient for direct debit etc.. The industry’s widest range of instruments for cashless payment
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73 4 About Rakuten Group
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74 Organizational Chart of Rakuten Group*1 *1: Simplified group structure effective as of Sep. 30, 2025. *2: IBF Financial Holdings Co., Ltd. and Rakuten Card Co., Ltd. hold 49% and 1% of ownership in Rakuten International Commercial Bank Co., Ltd., respectively. *3: On October 7, 2022, and November 9, 2023, as part of the strategic capital and business alliance between Rakuten Securities H oldings, Inc. and Mizuho Securities Co., Ltd., Rakuten Securities Holdings, Inc. transferred 49% of the common shares of Rakuten Securities, Inc. to Mizuho Securities Co., Ltd. *4: On December 1, 2024, as part of the strategic capital and business alliance between Rakuten Card Co., Ltd. and Mizuho Financi al Group, Inc., Rakuten Group, Inc. transferred 14.99% of the common shares of Rakuten Card Co., Ltd. to Mizuho Financial Group, Inc. 51%*3 100% Rakuten Edy, Inc. Rakuten Insurance Holdings Co., Ltd. Rakuten Securities, Inc. 100% 50% Rakuten International Commercial Bank Co., Ltd.*2 Rakuten Trust Co., Ltd. Rakuten Card Co., Ltd. Other domestic and overseas subsidiaries Rakuten Payment, Inc. 85.01 %*4 Rakuten Bank, Ltd. （TSE: 5838） 95.28% 49.26% 4.72% Rakuten Securities Holdings, Inc. 100% 100% 100% Rakuten Wallet, Inc. Rakuten Investment Management, Inc. Rakuten Mobile, Inc. 100%Insurance business Mobile business Payment business 100% Rakuten Group, Inc. (TSE: 4755) Internet Services business Trust business Taiwan subsidiary Securities business Asset Management business Cryptocurrency business Credit Card business
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75 The History of the FinTech Segment* Within the Rakuten Group November 2003 Rakuten acquires DLJdirect SFG Securities (currently Rakuten Securities, Inc.). January 2010 Rakuten acquires bitWallet, Inc. (now Rakuten Edy, Inc.). April 2013 Rakuten Group rebrands AIRIO Life Insurance as Rakuten Life Insurance Co., Ltd. June 2005 Rakuten commences credit card payment service with Rakuten Card by acquiring Kokunai Shinpan Co., Ltd. (currently KC Card Co., Ltd.; divested in 2011). August 2018 Rakuten acquires everybody’s bitcoin Inc. (now Rakuten Wallet, Inc.) through its subsidiary, Rakuten Card Co., Ltd. September 2004 Rakuten fully acquires Aozora Card Co., Ltd. (currently known as Rakuten Card Co., Ltd.). October 2010 Rakuten fully acquires Rakuten Bank, Ltd. March 2018 Rakuten acquires Asahi Fire & Marine Insurance Co., Ltd. (now Rakuten General Insurance Co., Ltd.). *: List of major FinTech segment companies. Securities business Credit card business Banking business Life insurance business General Insurance business Electronic money business October 2016 Rakuten launches "Rakuten Pay," a Cashless Payment Services Code payment business (Life Insurance) (General Insurance)
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76 Rakuten Card: Driving the Rakuten FinTech Ecosystem with a Huge Customer Base CY2024 Q2/CY23 Q2/CY24 Q2/CY25 Q2/CY23 Q2/CY24 Q2/CY25
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77 *1: The interest rate for ordinary deposits is variable. Effective from March 1, 2025. For ordinary deposit balances of JPY 3mm or less. For ordinary deposit balance over JPY 3mm, interest rate of 0.22% (0.175% after tax) is applied. *2: “Money Bridge” deposit balance divided by non-consolidated deposit balance as of Sep. 30, 2025. Huge Presence and Rapid Growth of Money Bridge Rakuten Securities: Achieving High Customer Loyalty through “Money Bridge” ＃of Money Bridge customers (non-consolidated) makes up 52.3%*2 of Rakuten Bank’s total deposit balance How Money Bridge Works “Money Bridge” deposit balance JPY 6.1tn (YoY +8.3%) 6.0mm accounts (YoY +11.9%) Automatic deposit Automatic withdrawal Transaction Money Bridge contributes to Rakuten Bank’s high customer loyalty Favorable interest rate for customers: 0.28% per annum (0.223% after tax)*1
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78 Rakuten Payment :Developing Leading Services in Japan Centered on Payment and Marketing *1: IFRS basis. *2: QR Code is a registered trademark of DENSO WAVE INCORPORATED. *3:As of May, 2024. Rakuten Payment Revenue*1 (JPY bn) Entrance to Rakuten Group New Rakuten Members 1 in 4 via Rakuten Payments*3 Service Lineup Cashless payment service (QR Code*2/barcode/touch payment/ Suica payment /Online payment, etc.) IC type electronic money Common point service Online electronic money Store visit promotion service Q2/CY2023 Q2/CY2024 Q2/CY2025 Enhanced convenience for the Rakuten Pay app when linked with a Rakuten Bank account Rakuten Pay direct payments from Rakuten Bank accounts Rakuten Bank top-ups to Rakuten Cash
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The opinions and forecasts stated in this document reflect the Bank's judgment at the time these materials were prepared. The Bank does not guarantee the accuracy of the information contained herein. Please note that actual performance and results may differ significantly due to various factors.