Notice Regarding Differences Between Current Period Results and Previous Period for Our Separate Financial Results for the Fiscal Year Ending December 2025

Overview of Financial Results

For the fiscal year ending December 2025, separate revenue increased to 967,393 million yen (YoY +7.7%), and operating income rose significantly to 70,018 million yen (YoY +440.3%). The increase in operating income was driven by solid growth in domestic e-commerce business and restrained selling, general and administrative expenses. Meanwhile, ordinary income reached 26,146 million yen, turning to profitability from a loss in the prior period; however, this was impacted by a decrease in dividend income from subsidiaries and an increase in losses related to the write-off of affiliated company receivables following the absorption-type merger of Rakuten Mart, Inc.

Factors and Impact of Net Loss

Net loss attributable to owners of parent amounted to △25,754 million yen, turning to a deficit from a profit of 249,935 million yen in the previous period. The main factors included impairment losses on fixed assets of 24,651 million yen in the logistics business and equity valuation losses of 41,343 million yen related to affiliated company shares including impairments of Rakuten Medical, Inc. stock. Additionally, the negative impact of the absence of the previous period’s gain on sale of affiliated company shares totaling 260,232 million yen was reflected.