Net Protections Holdings (7383): FY2025 Results Summary — GMV Up 19.1% and Operating Profit Up 35.4%

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: the presentation labels the fiscal year ended March 31, 2026 as “FY3/26” and the current fiscal year as “FY3/27”; this article classifies the most recently completed fiscal year as FY2025 under our site convention, while all year labels in the text, tables and segment data below are kept exactly as they appear in the materials.

Net Protections Holdings, Inc. (TSE Prime Market: 7383), a BNPL (buy now, pay later) specialist operating NP Atobarai, atone and NP Kakebarai, reported FY3/26 GMV of JPY 764,384 million, up 19.1% year on year, and operating profit of JPY 2,848 million, up 35.4%. Total operating revenue rose 9.5% to JPY 25,214 million and gross profit (non-GAAP) rose 14.3% to JPY 11,984 million. Profit attributable to owners of parent increased 28.3% year on year to JPY 1,732 million. Against the full-year earnings forecast, GMV came in at 100.2% and operating profit at 98.2%.

Consolidated Results (Full-Year Actual)

The company presents GMV, gross profit, SG&A expenses and EBITDA as non-GAAP indicators alongside IFRS figures. GMV is defined as gross merchandise value for the Group’s payment services. Operating profit of JPY 2,848 million came in at 98.2% of the full-year earnings forecast, which the deck states is consistent with the Consolidated Financial Results for Six Months Ended September 30, 2025 and the Financial Results Presentation dated November 14, 2025. On the variance analysis slide, the JPY 2.90 billion forecast moved to the JPY 2.84 billion actual result via -0.23 from change in take rate, +0.22 from change in cost ratio to GMV, +0.02 from growth of atone, and -0.06 from change in SG&A expenses and other operating expenses.

Item (JPY in millions)	FY3/26 Full-year Results	YoY percentage change	Full-year earnings forecast	Achieved
GMV (non-GAAP)	764,384	+19.1%	763,000	100.2%
Total operating revenue	25,214	+9.5%	25,400	99.3%
Gross profit (non-GAAP)	11,984	+14.3%	11,950	100.3%
SG&A expenses (non-GAAP)	9,713	+9.0%	9,680	100.4%
Operating profit	2,848	+35.4%	2,900	98.2%
Profit before income taxes	2,853	+33.4%	2,740	104.2%
Profit attributable to owners of parent	1,732	+28.3%	1,600	108.3%
Basic earnings per share	17.44 yen	+25.8%	16.11 yen	108.3%
EBITDA (non-GAAP)	4,626	+23.5%	4,690	98.7%

Results by Service

GMV growth was led by the two growth drivers, atone and NP Kakebarai. B2C atone GMV rose 55.4% to JPY 62,090 million and B2B NP Kakebarai GMV rose 38.5% to JPY 343,868 million, while B2C NP Atobarai and others GMV rose 1.3% to JPY 358,425 million. On the highlights slide the company describes NP Atobarai and others as a stable cash cow whose GMV tracked in line with plan and which consistently generates gross profit, with full-year gross profit of JPY 7.95 billion, up 4.4% year on year. In Q4 FY3/26, GMV was JPY 193,557 million (up 18.3%), total operating revenue JPY 6,254 million (up 8.7%) and gross profit JPY 2,891 million (up 9.4%).

Item (JPY in millions)	Fiscal year ended March 31, 2026	Fiscal year ended March 31, 2025	Percentage change
GMV (non-GAAP)	764,384	641,950	19.1
B2C Services: NP Atobarai and others	358,425	353,716	1.3
B2C Services: atone	62,090	39,966	55.4
B2B Service	343,868	248,267	38.5
Total operating revenue	25,214	23,032	9.5
B2C Services: NP Atobarai and others	16,496	16,576	(0.5)
B2C Services: atone	2,977	1,864	59.7
B2B Service	5,740	4,591	25.0
Gross profit (non-GAAP)	11,984	10,483	14.3
B2C Services: NP Atobarai and others	7,956	7,624	4.4
B2C Services: atone	878	485	81.0
B2B Service	3,149	2,373	32.7
Operating profit (loss)	2,848	2,103	35.4
EBITDA (non-GAAP)	4,626	3,747	23.5

FY3/27 Forecast

For FY3/27 the company projects GMV of JPY 890,000 million, up 16.4% year on year, and operating profit of JPY 3,600 million, up 26.4%. Total operating revenue is forecast at JPY 27,800 million (up 10.3%) and profit attributable to owners of parent at JPY 2,190 million (up 26.4%), with basic earnings per share of 22.01 yen.

Item (JPY in millions)	FY3/27 H1	FY3/27 H2	FY3/27 Full-year	YoY change	(Reference) FY3/26 Results
GMV (non-GAAP)	420,000	470,000	890,000	+16.4 %	764,384
Total operating revenue	13,100	14,700	27,800	+10.3 %	25,214
Gross profit (non-GAAP)	6,300	7,300	13,600	+13.5 %	11,984
SG&A expenses (non-GAAP)	5,000	5,600	10,600	+9.1%	9,713
Operating profit	1,600	2,000	3,600	+26.4%	2,848
Profit before income taxes	1,550	1,900	3,450	+20.9%	2,853
Profit attributable to owners of parent	1,000	1,190	2,190	+26.4%	1,732
Basic earnings per share	10.05 yen	11.96 yen	22.01 yen	+26.2%	17.44 yen
EBITDA (non-GAAP)	2,600	3,000	5,600	+21.0%	4,626

Shareholder Returns and Financial Policy

The financial policy slide states that, while maintaining its low working capital business model, the company will expand debt financing as needed, and that it will take a flexible approach to shareholder returns, carefully balancing them with growth investments. In the capital allocation diagram, cash in consists of FCF accumulation from the BNPL business (excluding installment payments, etc.) and debt financing, while cash out covers repayment of existing borrowings, an increase in working capital due to installment payments and potential new business investments, and the potential for flexible shareholder returns. On liquidity management the company will maintain appropriate levels of cash and deposits based on strict daily liquidity management and consider upgrades to existing commitment lines including expansion of limits, and it will maintain equity levels required to secure financing capacity. A specific dividend amount or payout policy cannot be confirmed from the materials.

Medium-Term Management Policy

Under its three-year business plan covering FY3/27 to FY3/29, the company targets GMV of JPY 1.4 trillion and operating profit of JPY 6.0 billion for FY3/29, representing a three-year CAGR of 22% and 28% respectively. Its medium-to long-term target is GMV of JPY 2 trillion and operating profit of JPY 10 billion. By service, GMV CAGR targets are approximately 60% for atone, 25% for NP Kakebarai and 10% for NP Atobarai and others, with total operating revenue and gross profit both expected to achieve a CAGR of approximately 15%.

Item	FY3/26	FY3/27 (E)	FY3/28 (E)	FY3/29 (E)
GMV (JPY in billions)	764	890	1,100	1,400
Operating profit	2.84 bn	3.6 bn	4.5 bn	6.0 bn

Topics

On the revenue structure slide the company notes that while the take rate is trending downward due to the shift in the revenue mix driven by rapid B2B growth, lower invoicing and bad debt related expenses offset this impact, keeping its KPI of gross profit margin to GMV at a high level; for FY3/26 Q4 the slide shows gross profit margin to GMV of 1.49%, bad debt related expenses to GMV of 0.51% and invoicing related expenses to GMV of 1.06%. The strengths slide shows a credit approval rate of 95% for NP Atobarai and NP Atobarai air during FY3/26, proprietary transaction data of 650 million as of March 31, 2026, and delinquency rates of 0.59% for B2B and 0.32% for B2C. Group GMV for FY3/26 was JPY 764.3 billion and the company reports 336 employees at the operating company as of March 31, 2026.

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