We primarily operate businesses in three segments: Marketplace (our flagship cross-category C2C marketplace Mercari, the B2C marketplace Mercari Shops), Fintech (the mobile payment service Merpay), and US (the C2C marketplace Mercari in the US). Please see our Business Activities page for more information regarding our main services.

Through our businesses, Mercari works to contribute to solving environmental issues and create a “planet-positive”^* world in which people can continue to create new value by sharing limited resources across generations. We have identified five topics as our materiality, and take on initiatives in these areas as part of our continued efforts to achieve a more abundant society. Our five material topics are “Empowerment of Individuals and Society,” “Creating a World That Circulates All Forms of Value,” “Creating a New User Experience Through Technology,” “Building Long-Term Public Trust,” and “Unleashing the Potential in Diverse Talent Worldwide.” For more details, see our Sustainability page.

^*“Planet positive” is based on the concept of “planetary boundaries” (the earth’s limited resources). Mercari Group adopted this term to express our stance of being a company that has a positive impact on the environment through the growth of our business.

See our Corporate Governance pages (Our Corporate Governance Principles, Corporate Governance Structure, Effectiveness of the Board of Directors, Compliance and Risk Management).

See our IR Calendar.

This figure comprises the sales balance we temporarily hold for sellers after they sell an item on Mercari, the money we hold for users when they add funds to their Merpay account from a bank account, and the sales balance we temporarily hold for merchants after users choose to pay for purchases using Merpay at merchants.

This figure refers to the security deposit we deposit to institutions in accordance with laws and ordinances as a guarantee for the deposits received that we temporarily hold for users.

This figure primarily refers to money that we have deposited mainly with payment service providers so that users are able to withdraw their sales balance early, which is a part of the deposits received that we temporarily hold for users.

This figure includes expected payments for the unpaid balance of Merpay Smart Payments (lump-sum payment, fixed-amount payment, and installment payment) made by users. This is climbing primarily due to the increase in unpaid balance as a result of continuous product improvements creating more opportunities for users to utilize this service.

This mainly refers to fees paid to contracted payment service providers.

This mainly refers to fees paid to contracted payment service providers.

This change was made to compare our financial disclosures internationally.

For FY2027.6, we will aim for consolidated revenue of 260.0–290.0B JPY and consolidated core operating profit of 45.0B JPY. We have also disclosed FY2027.6 targets for each of our business areas as below.
Marketplace: GMV growth rate of +10-15% YoY, core operating profit of 45.0B JPY
Fintech: Core operating profit of 10.0B JPY
US: Achieve a GMV growth rate of 10% or more YoY, maintain the same break-even point.

For FY2024.6–FY2027.6, we aim to achieve double-digit revenue CAGR and core operating profit CAGR of 25% or higher. As a result of the steady progress made against our mid-term policy, we achieved our target core operating profit in FY2026.6, the second year of the policy, and we estimate that we will achieve our target revenue within the final year of the policy. Additionally, for Fintech we aim to lift core operating profit to over 10.0B JPY and establish Fintech as the second pillar of Mercari Group. For US, we aim to continue to break even, while aiming for sustainable growth. For details, see our FY2026.6 Q4 financial results presentation material.

Since Mercari was established, we have grown our businesses by prioritizing high top-line growth.
Beginning in FY2022.6 H2, we incorporated an approach to profitability into our management policy, consciously balancing top-line growth and profitability in our management to strengthen Mercari Group’s profitability.
In FY2025.6, we moved one step further, aiming essentially for top-line growth and increased profitability going forward.
To achieve further growth in the future, it is crucial that we invest in business areas of high growth.
FY2027.6 is the final year of our mid-term plan. During this time, we will strive for continued high growth and investment toward mid- to long-term growth while maintaining top-line growth associated with increased profitability.

Unlike typical B2C businesses, C2C marketplaces are unique in that the sellers of items are ordinary consumers as well. It is essential to maintain an optimal balance of sellers and buyers in order to grow the business. If there are not enough buyers, sellers have difficulty selling their items; if there are not enough sellers, buyers have difficulty finding items to buy. We promote product improvements and marketing initiatives with this balance in mind.

In both Japan and the US, Q2 (October–December) and Q3 (January–March) are the peak season due to increased demand for winter clothing items, which tend to have high unit prices.

In both our C2C and B2C businesses, as well as sales through crossborder transactions, our primary source of sales is the selling fee (10% of the purchase price) we receive from sellers upon the sale of an item.

While we have no plans to change our fees at present, we will reconsider it as necessary taking into consideration similar services and the market environment.

According to an estimate by the Ministry of Economy, Trade and Industry (METI), the C2C EC market reached 2,526.9 billion JPY in 2024, an increase of 1.82% YoY. Additionally, the market size of the reuse industry, which includes the C2C EC market (marketplace apps, auction sites, etc.) and the B2C secondhand market (physical stores and EC platforms), was 3,100 billion JPY in 2024 and is predicted to reach 4,000 billion JPY in 2030, indicating that this is a promising market for future growth.<sup>*

*</sup> "FY2024 E-Commerce Market Survey Report", METI

We consider Mercari’s greatest strength to be that users can buy and sell anything, rather than leaning toward any one specific category. In FY2027.6, for our C2C and B2C businesses, we will aim for further GMV growth particularly by continuing to enhance the product’s core experience, and focusing on Entertainment & Hobby items, such as Anime & Comics, for crossborder transactions.

Through our interviews with our users, we have discovered that two of the major issues small businesses and manufacturers face when opening online shops are the technical knowledge required to operate an online shop and a lack of successful sales after opening a shop. Mercari Shops provides a platform just like Mercari where anyone can easily open a shop and sell items, as well as the ability to leverage Mercari’s user base of approx. 24 million people. We aim to use these solutions to allow a wide variety of small businesses and manufacturers to easily open up online shops and successfully sell their products. One further strength of the service is that, because sellers can seamlessly expand their sales channels to overseas users through crossborder transactions, Mercari Shops owners are able to easily incorporate global demand without taking any extra steps. Additionally, the number of large-scale business operators who have opened shops on Mercari Shops, mainly to sell secondhand items and outlet items, is increasing due to the strengthening of API connections with major application service providers.

We believe that by deepening our partnerships with B2C businesses in categories like Entertainment & Hobbies through *Mercari Shops*—and by expanding our inventory and product variety—we can enhance the shopping experience for buyers both domestically and internationally, complementing the items listed by individual users. Securing an ample inventory is a powerful element for responding appropriately to the growing demand of crossborder transactions.

Furthermore, as the number of compelling shop operators grows, this will allow us to reach a wider range of users, including people who have never used Mercari before, creating more sales opportunities for individual sellers while driving overall platform GMV growth.

The greatest strength of Mercari’s crossborder transactions is the rich and diverse stock of items we have cultivated as Japan’s largest marketplace. We offer overseas users a wide range of items from new to highly rare, including items related to Japanese entertainment & hobbies categories in particular, which are highly popular overseas.

In addition, Mercari is now focused on direct crossborder transactions through the global app. Leveraging a combination of elements cultivated in our Japan business—including our easy-to-use UI/UX, knowhow of safe & secure transactions, real-time AI translation, support for the currencies and payments of each country and region, item inspection, and overseas shipping—we are building an environment where overseas users can purchase items more easily and with peace of mind. Alongside this, another strength is that sellers and businesses in Japan do not need to have any expert knowledge or perform any complex procedures to expand their sales channels overseas.

The payment domain is an essential infrastructure for all transactions by users on the Mercari marketplace. Since Merpay was established, we have worked to enhance the UI and UX to provide a seamless transaction experience. With respect to enhancing profitability, we have been focusing on the credit domain since FY2021.6. As a result, we have made progress in establishing a profit base, achieving a core operating profit of 9.1B JPY in FY2026.6 while strengthening our investments to acquire holders of Mercard and Mercard Gold, which was released in March 2025 and carry on the shift to a continuous profit phase that started in FY2025.6. We will continue to advance business growth, particularly in the credit domain.

We began our Fintech business in 2019 confident that providing Mercari and Merpay as a single service would enable users to more seamlessly circulate both items and money. We have created a cycle that allows users to sell items they no longer need on Mercari, use the money gained to buy new items through Merpay, and sell those items on Mercari when they are done using them. As we aim to promote a circular economy, we believe that Merpay, as our connection with primary distribution, fulfills its role as a bridge between primary distribution and secondary distribution. In addition, introducing Merpay Smart Payments (lump-sum payment/fixed-amount payment) to the market also contributes to creating new purchase opportunities, such as enabling users to buy items that would have remained out of their reach in the past.
In November 2022, we launched Mercard, as well as a regular point-back rewards system. Through this, we are actively creating Group synergy, such as by promoting the three actions of paying, buying, and selling to maximize Mercari GMV and by encouraging the use of Mercard to contribute to reducing external payment processing fees.

Our main objective is to create Group synergy, such as by promoting the three actions of paying, buying, and selling through our regular point-back rewards system to maximize Marketplace GMV and by increasing the use of Mercard within Mercari to contribute to reducing external payment processing fees and enhance Group profitability.
We also expect increased use of Mercard (both within and outside of Mercari) to contribute to the Group by enhancing the profitability of the credit business.

Mercard Gold offers attractive incentives, such as 2% points back on purchases outside of Mercari. We would like to leverage this, primarily to promote more frequent usage both inside and outside Mercari and to encourage users to make Mercard their main card.

One of our primary focus areas is our deferred payment service. We consider this a promising market with continued growth potential. Studies estimate that the total payment volume of deferred payment services in the EC market will rise from 1.6 trillion JPY in 2024 to 2.3 trillion JPY in 2027.<sup>*

*</sup>Source: “Online Payment/Settlement Service Providers 2026”, Yano Research Institute Ltd. (published March 16, 2026) (Note: Numbers based on transaction volume of deferred payment service providers)

In 2021, we were the first business to obtain No.1 certification as a comprehensive credit purchase intermediary (AI credit). We carry out rigid risk management, leveraging our unique AI credit by calculating appropriate usage amounts that take into account credit based on each user’s behavior history, such as Mercari usage history, instead of traditional attribute information.

Our mission is to circulate all forms of value to unleash the potential in all people. In March 2023, we launched a service to buy and sell bitcoin within Mercari, with the belief that leveraging blockchain technology would allow us to create a user experience where people can easily exchange all forms of value, including services and digital content in addition to goods and money. Even though the percentage of cryptoasset ownership in Japan is low compared to other nations, there is room for growth. Therefore, our aim is to start by focusing mainly on casual users who have no experience purchasing cryptoassets.

Since we launched the service, in addition to adding major cryptocurrencies such as Ethereum and XRP, in 2025, we expanded the number of cryptoassets we handle to 12 through our partnership with Coincheck, Inc. in an effort to improve the convenience of our product. Going forward, we will expand transaction volume by increasing the options we offer to further improve the convenience of our product while diversifying revenue sources.

We receive a selling fee (10% of the total amount paid by the buyer, including both the item price and the shipping fee) from the seller and a buyer protection fee (3.6% of the total amount paid by the buyer, including both the item price and shipping) from the buyer. Our actual take rate^* is the sum of these fees plus fees for additional services utilized by many of our users, such as our Instant Pay and Mercari Authenticate services.

^* Calculated based on net sales data that is calculated based on net results for shipping revenue and costs. Under US GAAP, net sales for Mercari US are calculated based on gross results for shipping revenue and costs. Under Japanese GAAP, net sales were calculated based on net results through FY2021.6, but due to the adoption of the new sales recognition standards, are calculated based on gross results as of FY2022.6. Under the current IFRS, net sales are also calculated based on gross results.

The US market has multiple specialized services, such as services that only offer shipping options, services specific to certain categories, and services that require face-to-face transactions. However, we are establishing a unique position in the market as a cross-category C2C service that offers a variety of shipping options. We plan to continue strengthening this unique position to aim for mid- to long-term growth.

We consider this a promising market with continued growth potential, with a study carried out by Mercari US in partnership with a research organization (Mercari US, “The Reuse Report”) estimating that the US online reuse market is expected to grow from 74 billion USD in 2022 to approx. 180 billion USD by 2030.

WTYO: 4385.

100 shares.

Currently, we do not provide a shareholder benefit plan. Please see Shareholder Returns Policy for more details.

The Shareholders Meeting is held in September every year. The date and venue will be updated on the Shareholders Meeting page upon confirmation.

Sumitomo Mitsui Trust Bank, Limited.

Please contact the securities company at which you made your trading account. If you have a special account in which shares are recorded, the Securities Agency Department from Sumitomo Mitsui Trust Bank, Limited will be responsible for your stock procedures. For further details, please take a look at our Stock Procedures page.

Mercari Group is still in a growth phase, and we believe that improving mid-to-long-term corporate value through the growth and optimization of our business is tied to maximizing profit returns to our shareholders. We premise this belief on securing the capital and funds necessary for our business operations, comparing growth investment including M&A and the purchase of treasury shares as options for investment in the company, and we will prioritize capital allocation funds for long-term improvement of corporate value. We will flexibly consider and execute purchases of treasury shares taking into account investment opportunities, stock price levels, and other such factors. Furthermore, we do not have plans to pay dividends at present. Based on this idea, in August 2026, we purchased treasury stock worth 10.0 billion JPY, and on November 12, 2026, we plan to cancel the stock we purchased.