Net Protections Holdings (7383.T) 1Q broadly as expected, mixed impression

Equity Research 15 August 2026 | 1:40AM JST

Net Protections Holdings (7383.T) 1Q broadly as expected, mixed impression

7383.T 12m Price Target: ¥780 Price: ¥461 Upside: 69.2% NEUTRAL Makoto Kuroda Net Protections reported 1Q earnings after the August 14 close. | Goldman Sachs Japan Co., Ltd. GMV was ¥207.1 bn (+15% yoy, 23% progress vs. full-year guidance Hibiki Takuma of ¥890.0 bn), operating revenues came to ¥6.6 bn (+6.8% yoy, 24% | Goldman Sachs Japan Co., Ltd. progress vs. full-year guidance of ¥27.8 bn), operating profits came to ¥840 mn (+9.5% yoy, 23% progress vs. full-year guidance of ¥3.6 bn), and net profits came to ¥600 mn (+26% yoy, 27% progress vs. full-year guidance of ¥2.19 bn / full-year BBG consensus of ¥2.22 bn). Profits were thus mainly in line with guidance and consensus. Key Data _____________________________________ Market cap: ¥45.9bn / $288.2mn The company commented that the higher progress in net profits was Enterprise value: ¥29.5bn / $185.2mn 3m ADTV: ¥389.8mn / $2.4mn driven by one-off factors at an overseas subsidiary. Japan Japan Financials M&A Rank: 2 Leases incl. in net debt & EV?: Yes 1Q3/27 results GS Forecast __________________________________ n Overview by product 3/26 3/27E 3/28E 3/29E Revenue (¥ bn) o B2C NP Atobarai: Operating revenues declined yoy due to Op. profit (¥ bn) New 2.8 3.6 4.4 4.9

an increase in the weightings for major merchants with Op. profit (¥ bn) Old 2.7 3.4 4.2 5.0 Op. profit CoE (¥ bn) -- -- -- -- lower fee rates and NP Atobarai air, as well as the booking EPS (¥) New EPS (¥) Old of one-off profits in the year-earlier period. Although P/E (X)

there were questions about the decline in the take rate at P/B (X) 2.9 2.0 1.8 1.6 CROCI (%) the results briefing, the company commented that it does 6/26 9/26E 12/26E 3/27E not expect an ongoing decline. EPS (¥) 6.0 5.3 6.9 2.5

o B2C atone: The proportion of digital content merchants GS Factor Profile ______________________________ Growth increased, leading to GP growth (+63% yoy) that outpaced GMV growth. Financial Returns

o B2B NP Kakebarai: GMV came to ¥96.3 bn (+21% yoy), Multiple

and GP rose a strong +39% yoy, driven by lower costs from Integrated

enhanced collection efforts. Growth has also buoyed by Percentile 20th 40th 60th 80th 100th an improvement in collections from a one-off deterioration during the year-earlier period. The company 7383.T relative to Japan Coverage 7383.T relative to Japan Financials stated that the deceleration in the yoy growth rate for B2B Source: Company data, Goldman Sachs Research estimates. owed to the drop-out of major projects from the previous See disclosures for details.

period and the focusing of sales efforts on upcoming

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Net Protections Holdings (7383.T)

Net Protections Holdings (7383.T) Income Statement (¥ bn) ___________________________________ NEUTRAL Rating since Nov 7, 2022 3/26 3/27E 3/28E 3/29E Total revenue Cost of goods sold ( ) SG&A ( ) Ratios & Valuation __________________________________________ R&D /26 3/27E 3/28E 3/29E Other operating inc./(exp.) -- -- -- -- P/E (X) EBITDA 4.6 5.5 6.3 6.9 P/B (X) 2.9 2.0 1.8 1.6 Depreciation & amortization 0.0 (1.8) (1.9) (1.9) FCF yield (%) EBIT 2.8 3.6 4.4 4.9 EV/EBITDAR (X) 9.7 5.3 3.9 3.1 Net interest inc./(exp.) 0.0 (0.1) (0.1) (0.2) EV/EBITDA (excl. leases) (X) Income/(loss) from associates -- -- -- -- CROCI (%) Pre-tax profit 2.9 3.5 4.2 4.7 ROE (%) Provision for taxes (1.1) (1.4) (1.8) (1.9) Net debt/equity (%) ( ) Minority interest (0.0) 0.0 0.1 0.1 Net debt/equity (excl. leases) (%) ( ) Preferred dividends -- -- -- -- Interest cover (X) Net inc. (pre-exceptionals) 1.7 2.1 2.4 2.7 Days inventory…