• The Point segment was an unexpected beneficiary of Japan's financial services re-rating — The end of negative interest rates and the new NISA have structurally elevated customer acquisition budgets among banks, brokerages, and card issuers, with affiliate channels, such as Moppy, emerging as an area that saw increased advertising spend. The Point segment saw record revenue and gross profit in Q1, which is expected to moderate QoQ due to seasonality. If the strong momentum seen in Q1 is sustained, then Ceres’ FY12/26 guidance, without factoring in the acquisition of Squiz, appears conservative. Furthermore, labol continues to deliver rapid growth and appears on track to help the Financial Service segment deliver profitability, contingent on cryptocurrency markets remaining stable.
