Company-wide GMV is on plan, but the growth center is shifting to atone and B2B

Company-wide GMV in FY2027-Q1 was ¥207,114 million, up 14.9% year on year. Operating revenue was ¥6,582 million and operating profit was ¥840 million, up 6.8% and 9.5% year on year, respectively. The full-year forecasts are GMV of ¥890,000 million, operating revenue of ¥27,800 million and operating profit of ¥3,600 million. Progress at the first-quarter stage was 23.3%, 23.7% and 23.4%, respectively. Compared with a simple one-quarter run rate, results are broadly in line with plan.

By service, GMV for NP Postpaid and other services was ¥91,585 million, up only 5.0% year on year, while atone was ¥19,204 million, up 43.9%, and NP Kakebarai was ¥96,323 million, up 20.9%. Combined GMV for atone and NP Kakebarai was ¥115,527 million, accounting for approximately 55.8% of company-wide GMV. Accordingly, whether company-wide GMV can continue to grow at a double-digit rate will depend not only on a recovery in the traditional NP Postpaid business, but also on whether these 2 high-growth services can continue to expand.

The reported segment is a single Payment Solutions segment, while the figures for NP Postpaid and other services, atone and NP Kakebarai are management service categories. As of the first quarter, the company had not disclosed GMV contribution by merchant, the number of newly activated merchants or transaction volume generated through partnerships. In FY2027-H1, in addition to whether company-wide GMV progress will exceed the mechanical 50% benchmark for the full year, we will assess whether NP Postpaid and other services can maintain 5.0% growth and whether growth in atone and B2B reflects an accumulation of new projects rather than dependence on a few major merchants.