Rebase (5138) investor relations material

Executive summary

• Revenue for the fiscal year ended March 2026 was ¥2,181 million, up 13.2% year-over-year, exceeding the revised forecast, but operating profit fell 80% to ¥97 million due to increased SG&A expenses and aggressive upfront investments.

• Net profit dropped 79.5% year-over-year to ¥74 million, mainly due to higher costs and limited short-term growth from main service initiatives.

• Cost efficiency improvements contributed to higher-than-expected profits at each stage.

Financial highlights

• Revenue: ¥2,181 million (+13.2% YoY); Operating profit: ¥97 million (-80% YoY); Net profit: ¥74 million (-79.5% YoY).

• SG&A expenses increased 45% YoY to ¥2,000 million, driven by higher advertising, personnel, and office relocation costs.

• Operating margin declined to 4.5% from 25.3% YoY; net margin fell to 5.6% from 30.9%.

• Cash and deposits decreased 23% YoY to ¥1,192 million, with a year-end decrease of ¥348 million.

• Dividend payout for the year was ¥0, compared to ¥35 per share (including commemorative dividend) in the prior year.

Outlook and guidance

• FY2027 revenue forecast is ¥2,400 million (+10% YoY), with operating profit expected at ¥72 million (-25.8% YoY) and net income to fall 25.5% to ¥55 million, reflecting continued investment.

• Excluding one-time relocation costs, operating profit is projected to increase significantly.

• Focus remains on growing the core platform, maximizing transaction volume, and investing in new business areas.