Goldman Sachs
May 14, 2026
Rakuten Group First Take In Line Overall
Single Stock ReportEquitiesConsumer Discretionary
Rakuten Group's 1Q 2026 EBITDA of ¥108.8 bn met market expectations, driven by strength in Fintech and Internet services offset by a miss in the Mobile division.
Key Takeaways
- 1.1Q 2026 non-GAAP EBITDA of ¥108.8 bn was in line with Bloomberg consensus expectations.
- 2.Fintech and Internet services outperformed expectations, while the Mobile business segment missed due to higher expansion costs and low ARPU.
- 3.The planned fintech reorganization (Oct 2026) aims to achieve significant interest savings by leveraging Rakuten Bank for internal borrowing.
Table of Contents
- Results summary
- Update on fintech business reorganization
- Financial position
- 1Q performance by segment
- Mobile business
- MNO business
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
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Authors
Sho KawanoChikai TanakaTomoko ImotoYuki SatoXiao Zhang
Securities
4755.T
Themes
Fintech Reorganization and SynergiesMobile Business Monetization ChallengesAI Utilization in Advertising
Regions
Asia PacificJapan