Rakuten Group (4755): 2Q results: Firm results with no issues

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

11 August 2026

Rakuten Group (4755)

2Q results: Firm results with no issues

Neutral

4755.T, 4755 JP

Price (10 Aug 26):¥864

Price Target (Dec-27):¥880

Neutral: Rakuten Group reported IFRS operating profit of ¥20 billion in 2Q,

below our estimate of ¥41.7 billion and the Bloomberg consensus estimate of ¥34.4

billion. However, non-GAAP operating profit (adding back a valuation loss of

¥17.5 billion and other items) of ¥42 billion was in line with expectations. The

mobile segment loss was larger than we expected, but the fintech segment was

strong, and Rakuten made good progress in reducing losses in growth investment

businesses. Rakuten plans to continue the roaming agreement with KDDI from

October in areas where it needs coverage, and said it does not expect any large

impact overall.

The mobile segment had net MNO subscriber adds of 382,000, in line with our

estimate of 390,000, and ARPU of ¥2,140 was also near our estimate of ¥2,020.

Sales were moderately weak for Rakuten Symphony, and because mobile

segment operating costs were also somewhat higher than we expected, the

segment loss exceeded our estimate. Capex totaled ¥40.9 billion in 2Q,

expanding ¥13.8 billion from 1Q. However, the fintech segment was strong,

especially Rakuten Securities, and the internet services segment was also

slightly above our estimate due to cross-use with mobile services, AI use, and

cost reductions.

The return to positive net profit in 2Q includes one-time factors related to tax

costs. The continued recognition of large valuation losses raises some

concerns, but our impression is that Rakuten is reliably controlling overall

profitability. In contrast, while it appears the use of AI is starting to yield some

benefits for topline growth and profitability improvement, we think a full-scale

earnings contribution could take more time. We will watch future progress.

Japan Equity Research

Games, Internet, Services

Junko Yamamura AC

(81-3) 6736-8644

Ryo Nakagawa

(81-3) 6736-8643

JPMorgan Securities Japan Co., Ltd.