Rakuten wesentlich besser als Rocket

Some $-billion hidden reserves through AST-ownership

“Regarding AST, our company originally accounted for it under the equity method, but last year, we switched it to a pure investment asset. This means recognizing fair value in OCI (Other Comprehensive Income). The business relationship is secured by the initial contract, but its positioning is that of a business investment.”

global.rakuten.com/corp/investors/

Rakuten records the investment in ASTS at the original purchase price without adjustments for the change in fair value. This accounting system does not record fair value fluctuations or the current market value of the investment in ASTS unless there is a substantial decrease in value below the purchase cost, which is recorded as impairment. This method does not record gains until the gains are realized. The original purchase price remains the value of the equity investment asset until it is sold when a gain or loss is realized. It can be a disadvantage when the value of the investment increases but does not affect the income side of the balance sheet.

Gains from remeasurement relating to discontinuing the use of the equity method (Note 1) 106,906 million Yen

Note 1: The Company previously accounted for its shares in AST SpaceMobile, Inc. (hereinafter "AST") using the equity method, considering the substantial influence exerted over AST, including the dispatch of directors to the Board of Directors. In recent years, due to a continued decline in the Company's voting rights ratio and changes in the composition of AST's Board of Directors, we lost significant influence over AST on October 11, 2024. Accordingly, the Company has accounted for these shares as financial assets measured at fair value through other comprehensive income. As a result of this change in accounting treatment, the difference between the fair value of AST shares (Level 1 inputs) as of the date of the change, and the equity method book value on a consolidated basis, was recorded in the amount of ¥106,906 million in the Consolidated Financial Statements for the fiscal year ended December 31, 2024.

global.rakuten.com/corp/investors/

Building of hidden reserves of 169,642 billion Yen in 2025 through changes in equity instruments

Changes in equity instruments measured at fair value through other comprehensive income was (9,373) billion Yen in 2024.

Changes in equity instruments measured at fair value through other comprehensive income was 169,642 billion Yen in 2025 – near all from the gains of 31 miilion shares of Ast Space Mobile.

global.rakuten.com/corp/investors/

Das Other Comprehensive Income (OCI) beinhaltet Erfolgsvorgänge, die sich zwar im Eigenkapital widerspiegeln müssen, aber nicht als Ertrag oder Aufwand in der GuV erfasst werden dürfen oder müssen. Es handelt sich um ein "Sammelbecken" für noch nicht realisierte und noch nicht zahlungswirksame Gewinne und Verluste.

Die analytische Relevanz ergibt sich insbesondere aus dem Umstand, dass bisher noch nicht über die GuV realisierte Erfolge zu zukünftigen Erträgen oder Aufwendungen in der GuV führen, zB durch den Verkauf von Sachanlagen oder Unternehmen. Dementsprechend sind die Zusammensetzung dieser Eigenkapitalbestandteile sowie der während der Berichtsperiode erfolgten Zu- und Abgänge von Bedeutung.

Die direkt im Eigenkapital erfassten Erträge und Aufwendungen können als Komponenten einer Schatten-Gewinn- und Verlustrechnung angesehen werden.

www.haufe.de/id/beitrag/...winne-und-verluste-HI13130097.html

Total equity increased 115,718 millions Yen in 2025

Consolidated Statement of Financial Position (Millions of Yen)

As of December 31, 2024       As of December 31, 2025
Total equity 1,238,514                    1,354,232
global.rakuten.com/corp/investors/

The “Other Comprehensive Income” line item is recorded on the shareholders equity section of the balance sheet and consists of a company’s unrealized revenues, expenses, gains and losses.

Value of Rakuten Symphony is 348 million Yen ($ 1.92 billion) as the result of the impairment test

Rakuten Symphony The Rakuten Group provides infrastructure and platform solutions for 4G and 5G to the global market through Rakuten Symphony, Inc. The cash-generating units used to consider impairment of non-financial assets of "Rakuten Symphony" are business units that generate largely independent cash inflows. These business units are the five businesses: Open RAN business, Cloud business, OSS business, Internet Services business, and Global Service Delivery business. Among these five businesses, the Open RAN business had unique strengths in the Open RAN market due to its lack of hardware constraints and superior price competitiveness. We had expected to continuously enjoy these cost advantages in future updates. However, in addition to the recent rise in interest rates, the overall growth of the Open RAN market, which was initially anticipated, has been prolonged, leading to the business taking longer than initially expected to ramp up. Consequently, the profit level for future periods, considering the remaining useful life of the asset group (3.43 years), is expected to fall below initial expectations. Therefore, it was determined that there were indicators of impairment in the asset group related to the Open RAN business, and an impairment test was conducted. As a result, the recoverable amount of this asset group is expected to fall below its carrying amount of ¥21,647 million (¥2,205 million for property, plant and equipment, and ¥19,442 million for intangible assets). An impairment loss of ¥20,497 million (¥2,185 million for property, plant and equipment, and ¥18,312 million for intangible assets) has been recognized in the Mobile segment. The recoverable amount for this asset group is measured using its value in use and is evaluated at ¥348 million. The value in use is calculated by discounting the estimated future cash flows, which are based on the average remaining useful life of the non-financial assets of the business, considering future uncertainties in the business plan approved by management, at a pre-tax discount rate of 16.45%. No impairment indicators have been identified in the Cloud business and OSS business. Impairment losses were recognized in the Internet Services business and Global Service Delivery business in the previous fiscal year.

global.rakuten.com/corp/investors/

The number of Rakuten Symphony customers has reached 74, and given the progress of proof-of-concept around the world, we believe Symphony's future is extremely bright. It is very significant that, as a representative Japanese company, we play a major role in this telecommunications field globally. It is with this meaning that we are advancing Rakuten Symphony and operating Rakuten Mobile.

global.rakuten.com/corp/investors/

Market Cap of Rakuten Bank is 1,490 billion (about $ 10 billion)

www.marketwatch.com/investing/stock/5838?countrycode=jp

And Rakuten owning 50% of Rakuten Bank

Non-GAAP operating income is operating income under IFRS Accounting Standards (hereinafter "IFRS operating income") after deducting unusual items and other adjustments as prescribed by the Rakuten Group. Management believes that the disclosure of Non-GAAP financial measures facilitates comparison between the Rakuten Group and peer companies in the same industry or comparison of its business results with those of prior fiscal years by stakeholders, and can provide useful information in understanding the underlying business results of the Rakuten Group and its future outlook. Unusual items refer to one-off items that the Rakuten Group believes shall be excluded for the purposes of preparing a future outlook based on certain rules. Other adjustment items are those that tend to differ depending on the standards applied, and are therefore less comparable between companies, such as share based compensation expenses and amortization of acquisition-related intangible assets. (Note) For disclosure of Non-GAAP financial measures, the Rakuten Group refers to the rules specified by the U.S. Securities and Exchange Commission but does not fully comply with such rules.

global.rakuten.com/corp/investors/

“Next, I would like to report on our consolidated financial results for fiscal year 2025. Consolidated revenue increased 9.5% year-on-year to JPY 2.5 trillion, marking the 29th consecutive year of revenue growth. In particular, the FinTech segment contributed significantly to this growth, which was up 19% year-on-year. Consolidated non-GAAP operating income increased significantly by JPY 99.2 billion year-on-year to JPY 106.3 billion, thanks to the significant contributions of the FinTech segment and improved losses in the Mobile segment.

Consolidated EBITDA grew 33.7% year-on-year to JPY 435.9 billion, a new record high. To reiterate, we achieved 2 earnings targets we set at the beginning of 2025, demonstrating strong growth and solid profit improvement. In fiscal year 2025, non-GAAP operating income and IFRS operating income were both positive. For fiscal year 2026, we aim to achieve significant growth in both profit metrics.”

Source: Conference Call

Turning to the International business unit. Revenue increased 2.4% year-on-year to $2.1 billion, and non-GAAP operating income increased 35.3% year-on-year to $51.8 million. Within this, Open Commerce centered on Rakuten Rewards faced headwinds due to the impact of the U.S. macro environment. On the other hand, in other categories, strong device and content sales at Rakuten Kobo and solid growth in communications and marketing services at Rakuten Viber contributed significantly to the division's overall revenue and profit growth.

Source: Conference Call

The runway show is scheduled for March 17, 2026, and will be live-streamed free of charge to the public on Rakuten Fashion’s official website. Additionally, an exclusive interview with designer Agnès Troublé sharing her insights on the runway show will be available on a special microsite. As part of the "by R" commemoration, the collection of 35 limited-edition products, featuring the designer's own photography, will be available on Rakuten Fashion from March 3, 2026.

Rakuten became the title sponsor for TOKYO Fashion Week in August 2019, partnering with the Japan Fashion Week Organization. By hosting Rakuten Fashion Week TOKYO, Rakuten aims to contribute to the revitalization of the fashion industry. This year marks the seventh anniversary of the "by R" project, which is dedicated to empowering the Japanese fashion scene by selecting unique brands and showcasing their appeal both domestically and internationally, aiming to bring the joy and excitement of fashion from Japan to a global audience.

Through the “by R” project, Rakuten is committed to supporting both Japanese and international brands and fostering an environment where more people can enjoy fashion, thereby contributing to the continued growth and development of the Japanese fashion industry.

To celebrate agnès b.’s participation in "by R," a total of 35 exclusive items will be released on Rakuten Fashion.

The lineup includes playful takes on agnès b.’s iconic striped T-shirts, as well as a shirt, dress and tote bag featuring cherry blossom photographs taken by Agnès Troublé, created exclusively for this show. In addition, leather bags and wallets in vibrant hues will be available in limited-edition colors.

global.rakuten.com/corp/news/press/2026/0217_01.html

In addition, Rakuten Bank will add 0.02% per year (0.015% per year after tax) to the savings deposit interest rate when the amount of Rakuten Card usage is deducted from the Rakuten Bank account, and 0.32% per year (0.254% after tax) will be applied as a preferential interest rate. In addition, members who have the Rakuten Black Card, Rakuten Premium Card, and Rakuten Gold Card, which are eligible for the Rakuten Card Premium Program, which allows you to use each Rakuten Group's services at a more affordable and convenient price, will receive a bonus interest rate of up to 0.06% per year (0.047% per year after tax) as a bonus interest rate. The savings deposit interest rate is up to 0.38% per year (0.302% after tax).

The bonus interest rate is an interest rate preferential program in which savings deposit interest rates are added by using Rakuten Bank's services and the services of Rakuten Group companies. In particular, customers who subscribe to Rakuten Mobile's "Rakuten Strongest U-NEXT" will receive an additional interest rate of 0.10% per year (0.079% per year after tax), and an interest rate of up to 0.64% per year (0.509% after tax) will be applied if additional fees are applied by using other services such as "Rakuten Card". It will be realized.

The highest additional interest rate among Rakuten Bank bonus interest rate products
Rakuten Bank is currently holding the "Strongest Bonus Festival Ever" for a limited time until Saturday, February 28, 2026. In addition to receiving up to 5,000 points for opening an account and making a deposit, you will receive 1,000 yen for setting up an account transfer of the Rakuten Card usage amount and performing the first withdrawal.

Going forward, Rakuten Card and Rakuten Bank will continue to strive to further improve convenience and customer satisfaction through the joint services of the two companies, and aim to make financial services more accessible.

www.rakuten-bank.co.jp/campaign/tokuten-fes2025/

Rakuten Securities' asset creation app "iGrow" for smartphones has surpassed 2 million downloads!
- From 1 million downloads to 1 million in about 8 months. Reputation as an app that allows you to manage assets at a glance –

February 18, 2025

www.rakuten-sec.co.jp/web/company/newsrelease/fy2026.html

Released an "interview function" that anthropomorphizes target profiles generated by "Rakuraku Profile" using AI and allows for dialogue

2026.02.18

Rakuten Insight Co., Ltd. has released an "interview function" that allows you to interact by anthropomorphizing the generated profile results with AI in the AI tool "Rakuraku Profile" that automatically generates target profiles based on survey results.

The "Interview Function" is a feature that allows you to provide a new experience that generates ideas by interacting with profiles based on survey results. By interacting with anthropomorphic profile results in a chat format, it is possible to delve into the target values, behavioral backgrounds, and reasons for decision-making that are difficult to grasp only with attribute information from questionnaire survey results, and support researchers and marketers in generating ideas based on the analysis results.

In addition, when interacting with the anthropomorphic profile results, it is equipped with "senpai AI" as a role to follow up on what specific questions to ask. You can choose from two AI personalities: "Ai Senpai" who supports interviews as a senior in AI-based surveys, and "Ricky Senpai" who supports AI from the perspective of expanding ideas as a partner in "human-machine cooperation" that deepens thinking while collaborating with others, and "Ricky Senpai" under the supervision of creative engineering expert Rikishige Ishii.

insight.rakuten.co.jp/news/20260218.html

Rakuten has promoted products sold by Rakuten Ichiba merchants across various media through collaborations with influencers, leveraging its affiliate program, Rakuten Affiliate, and the shopping social media channel, ROOM. By strengthening its marketing activities in the v-commerce domain – a new e-commerce model leveraging video, voice and virtual reality – this partnership aims to further support Rakuten Ichiba merchants' affiliate activities and provide users with an engaging shopping experience.

Ryo Matsumura, President of Commerce & Marketing Company, Rakuten Group, commented, "We are delighted to partner with Google to integrate YouTube's creator economy within the Rakuten Ecosystem, starting with Rakuten Ichiba. We expect to provide our merchants with further business growth opportunities and deliver an even more enjoyable and convenient shopping experience to our users."

Naomi Yamakawa, Managing Director of YouTube Japan at Google, commented, " We are thrilled to partner with Rakuten Ichiba as our first domestic partner for the launch of the YouTube Shopping affiliate program in Japan. YouTube’s shopping experience, built on the foundation of creator trust, offers merchants a powerful new channel to reach highly engaged fan communities. We are committed to evolving this new ecosystem—one that drives sales growth for merchants, empowers creators to seamlessly turn their passions and expertise into a business, and provides viewers with a more convenient and enjoyable shopping experience."


Rakuten will continue to leverage technology and innovation to provide users with enjoyable shopping experiences and new product discoveries, while also delivering highly convenient and valuable services for both users and merchants.

global.rakuten.com/corp/news/press/2026/...tegory=corp%2520ec

"Achieving TM Forum Level 4 Autonomous validation for RAN Energy Efficiency Optimization is a testament to our vision of building and operating a cloud-native, Open RAN, and AI-driven mobile network,” said Shailesh Gupta, Director, Network Operations at Rakuten Mobile. “This underscores our unique approach delivering a truly autonomous system that optimizes energy consumption without compromising customer experience. We are proud to lead the charge towards a more sustainable and efficient future for mobile networks globally, and our commitment to pushing the boundaries of what's possible in telecommunications.”

“This validation highlights Rakuten Mobile’s commitment to advancing AI driven innovation built around our RIC platform, and delivering a more sustainable, high quality, customer centric autonomous mobile network,” said Sachin Verma, Chief Data and AI Officer at Rakuten Mobile.
“Our energy efficiency solution, deployed on Rakuten Mobile’s network in Japan, leverages our foundational cloud-native Open RAN architecture, the Rakuten Symphony platform, which includes our powerful RAN Intelligent Controller (RIC), enabling fully automated implementation without human supervision,” said Vivek Murthy, Executive Officer and President of OSS BU of Rakuten Symphony. “Our platform seamlessly enables the deployment of AI/ML-driven rApps that analyze KPIs, detect patterns, and forecast future cell traffic to make intelligent, real-time energy-saving decisions.”
TM Forum defines Level 4 Autonomy as highly autonomous networks, operating in a cross-domain environment driven by intent and adapt independently, relying on AI and machine learning for closed-loop management. It represents a shift from human-assisted decision-making to, mainly, intent-driven operations, where networks optimize themselves with minimal human oversight
“Rakuten Mobile’s achievement is significant in demonstrating how advanced autonomy can be applied to optimize energy efficiency – balancing sustainability with business value. Importantly, it adds to a growing body of evidence that the industry is making real, measurable progress toward Level 4 autonomy using common frameworks and standards,” said Andy Tiller, EVP, member products at TM Forum.

This world-first Level 4 Autonomous validation by TM Forum for RAN Energy Efficiency Optimization (GB1059H) on a live Open RAN network environment underscores Rakuten Mobile and Rakuten Symphony's unparalleled leadership in advancing telecommunications through open, cloud-native, and AI-driven solutions.

By proving the efficacy of fully autonomous, closed-loop systems, Rakuten Mobile and Rakuten Symphony are redefining operational excellence and setting new global benchmarks for self-managing telecommunications infrastructure and operational excellence for a more sustainable future.

corp.mobile.rakuten.co.jp/english/news/press/2026/0219_01/

Rakuten Card plans to roll out the new AI agent service to its Japanese language Rakuten Card app this year, enabling AI-powered support for even more card members. Moving forward, Rakuten Card aims to expand the functionalities of the AI agent, enabling assistance not only with credit card statements questions but also with a wide range of general service inquiries. Rakuten Card also plans to expand conversational support to include multiple languages, in addition to English and Japanese.

Rakuten is promoting the use of AI in all aspects of its businesses to achieve further growth, as part of its "AI-nization" initiative. Going forward, the company will continuously improve and expand the capabilities of Rakuten AI, expanding its support to encompass even more of the Rakuten Ecosystem.  

Rakuten Card is committed to providing customers with secure and easy-to-use financial services to improve daily convenience and enrich lives. The company will continue to enhance services and features to adapt to societal changes and diverse customer needs.

About Rakuten Card
Rakuten Card is a fintech services company established in July 2005. Through the expansion of credit card services and features, Rakuten Card aims to deliver exceptional customer satisfaction with financial services that are convenient, easy to use and personal.

global.rakuten.com/corp/news/press/2026/0219_02.html

About the relocation of the head office

2026/02/13

Rakuten Insurance Planning Co., Ltd. is pleased to announce that it has decided to relocate its headquarters from "Rakuten Crimson House Aoyama" to "NBF Shinagawa Tower".

This relocation is in line with the Rakuten Insurance Group's policy to consolidate multiple Tokyo bases in Shinagawa. We will promote the operation of the insurance group as a whole and aim to expand our business.

The Rakuten Insurance Group will continue to leverage the synergy with the Rakuten ecosystem to further expand its business and create new customer services.

About the Rakuten Insurance Group

The Rakuten Insurance Group consists of Rakuten Insurance Holdings Co., Ltd., Rakuten Life Insurance Co., Ltd., Rakuten General Insurance Co., Ltd., Rakuten Small Short-Term Insurance Co., Ltd., and Rakuten Insurance Planning Co., Ltd.

www.rakuten-insurance.co.jp/news/article/2026/20260213/