楽天グループ: 3月Q決算:全事業が増益貢献、金融好調、モバイル堅調:今後のイベントも株価にポジティブか

研报英文原文证据摘录

楽天グループ: 3月Q決算:全事業が増益貢献、金融好調、モバイル堅調:今後のイベントも株価にポジティブか

UpdateM

図表2: Rakuten Group (4755.T): Rakuten Mobile PL, Group KPI

Rakuten Mobile financial (JPY mil) F12/21 F12/22 F12/23 F12/24 F12/25 1Q F12/25 2Q F12/25 3Q F12/25 4Q F12/25 F12/26 1Qe F12/26 2Qe F12/26 3Qe F12/26 4Qe F12/26e F12/27e F12/28e F12/26 1Q vs. MSe vs. Consensus

Revenue 135,044 191,043 224,885 283,908 87,162 90,559 95,191 101,836 374,748 100,885 102,989 105,270 108,619 417,763 472,289 542,242 107,964 107.0% 105.2%

Non GAAP OP -403,835 -459,348 -301,249 -216,277 -49,074 -38,908 -37,207 -40,831 -166,020 -46,603 -35,304 -32,554 -30,458 -144,920 -119,590 -74,646 -36,392 78.1% -

Non GAAP EBITDA -325,906 -325,085 -152,549 -53,814 -6,451 5,620 7,808 5,937 12,914 588 11,392 13,673 15,322 40,975 67,201 108,854 1,037 176.2% -

Capex (seg) 508,998 418,816 238,502 129,427 15,783 20,898 21,206 41,782 99,669 40,000 40,000 40,000 40,000 160,000 160,000 160,000 41,193 103.0% -

YoY

Revenue 34,521 55,999 33,842 59,023 25,198 22,704 22,658 20,280 90,840 13,723 12,430 10,079 6,783 43,015 54,526 69,953 20,802 - -

Non GAAP OP -188,963 -55,513 158,099 84,972 17,545 13,860 13,440 5,412 50,257 2,471 3,604 4,653 10,373 21,100 25,330 44,944 12,682 - -

Non GAAP EBITDA -153,663 821 172,536 98,735 20,678 19,081 17,500 9,469 66,728 7,039 5,772 5,865 9,385 28,061 26,226 41,653 7,488 - -

Capex (seg) 173,044 -90,182 -180,314 -109,075 -22,961 -8,150 -7,644 8,997 -29,758 24,217 19,102 18,794 -1,782 60,331 0 0 25,410 - -

YoY%

Revenue 34.3% 41.5% 17.7% 26.2% 40.7% 33.5% 31.2% 24.9% 32.0% 15.7% 13.7% 10.6% 6.7% 11.5% 13.1% 14.8% 23.9% - -

Non GAAP EBITDA - - - - - - - - - - 102.7% 75.1% 158.1% 217.3% 64.0% 62.0% -

Capex (seg) 51.5% -17.7% -43.1% -45.7% -59.3% -28.1% -26.5% 27.4% -23.0% 153.4% 91.4% 88.6% -4.3% 60.5% 0.0% 0.0% 161.0% - -