Good morning, good afternoon. Thanks for watching this video. Thank you for your time. My name is Masaru, RAKSUL's CFO, and I'm here to share with you our highlights from our third quarter results. At RAKSUL , we want to become an end-to-end technology platform for small businesses. As you see on the graph on the left, we are steadily expanding our platform. As you can see from our RAKSUL ID, registered users have exceeded 3 million, reaching 3.15 million this quarter. This strong customer base underpins our continued multi-faced revenue growth as a B2B ecosystem. For the Q3, our consolidated revenue reached JPY 15.9 billion, a record quarter once again. Despite significant external changes in the global environment, our business demonstrates stable growth, less susceptible to external factors. The resilience comes from primarily serving domestic customers ranging from SMEs to medium to large enterprises and offering cost-competitive services.
Our gross margin, as you can see on the right, over a two-year term has been steadily increasing thanks to the expansion of the platform and the value that we offer to our customers. In the third quarter, we achieved record revenue and also EBITDA as well, with EBITDA on an annualized basis reaching JPY 6.6 billion. Some of the key financials: our revenue is at JPY 15.9 billion, an 18% increase year- over- year. Gross profit at JPY 5.7 billion, up 20% year- over- year. EBITDA is at JPY 1.65 billion, another 20% growth versus the previous year. Non-GAAP operating profit is at JPY 1.45 billion, a 19.7% growth year- over- year. The consistent profit generation reflects the healthy business model that we retain. Let me skip to the full year financials forecast. Given our strong performance, we have revised our full year earnings forecast for the fiscal 2025.
We now expect a revenue between JPY 61.5 billion-JPY 62.5 billion. We basically shrunk the range because we are certain that we're going for the middle of the range as we disclosed at the beginning of the year. EBITDA, we're expecting JPY 6 billion for the full year at the upper end of the range provided. Our longer-term direction remains clear to become an end-to-end technology platform for small businesses, and the common RAKSUL ID is central to providing these diverse services to our existing 3 million customers. We are going to be building synergies across our transaction, software, and finance business domains. Our strategic transformation involves four key stages, moving sequentially from expanding e-commerce offerings to continuous M&A, establishing business ecosystem, and finally evolving into an AI-native platform. This quarter, we talked about a couple of things in the realm of AI-native transformation.
One is the functional integration with Adobe Express for business card design, with additional product categories coming up pretty soon. Another one is automatically generating website design based on the flyer data within 10 minutes, promoting digitization for SMEs. These initiatives enhance our platform's competitiveness and streamline the creative process for our customers. Let me jump on to our M&A activities. Our growth model continues to combine our strong platform with a roll-up M&A. This strategy allows us to leverage our business and technology foundation to ensure synergies and repeatable organic growth, and also by providing many acquisition opportunities in adjacent areas. In 2025, we have completed and announced five acquisitions to date, including Mailing Japan, Marutama Company Ltd, and Marutama Well. These acquisitions are aimed at expanding our product lineup and the procurement platform business and strengthening our strategic supply chain.
Our post-merger integration is progressing pretty well. We have successfully united new user registrations at Dumble under RAKSUL ID, and it's expected to accelerate cross-selling going forward. We're also unifying our payment infrastructure across all services to improve profits by reducing costs and improving our convergence, potentially by around 1% of GMV in the future for smaller e-commerce acquisitions that we do. Additionally, by reconfiguring Peraichi's functions and launching it as RAKSUL Homepage under RAKSUL brand, we anticipate an annual EBITDA impact of about JPY 100 million by streamlining marketing costs for companies that we purchase. Going to segment performances, our procurement platform business continued its strong performance, driven by continuous organic growth and also M&A-driven expansion, with gross margins steadily increasing.
The number of purchasing users through RAKSUL ID, partly thanks to unification of ID infrastructure between Dumble and RAKSUL , has grown by 38% year- over- year in this quarter. We're also seeing rapid growth in RAKSUL Enterprise. Our online printing service for larger enterprise grew more than 2x in revenue to more than JPY 1 billion for the quarter for the first time in Q3. Recently launched RAKSUL DM delivery service, as you see on the right side of the page with Seno Group, is also showing very positive revenue momentum. We expect this business, the direct mail service, to boost up the procurement platform's growth rate by about 1% in the fourth quarter. In the marketing platform business, we have successfully established steady EBITDA profitability, benefiting from the long-term client relationships and the cost structure reviews.
We continue to see continuous growth in the marketing platform for small businesses and also SaaS for larger enterprises. Going forward, we aim to further enhance profitability and also efficiency in getting new revenue by leveraging AI in many parts of the business. Looking into the next year, fiscal July 2026, we are committed to quality growth, aiming for a gross profit of JPY 30 billion in EBITDA and JPY 30 billion in gross profit and EBITDA of JPY 10 billion by fiscal 2027. Our capital allocation continues to focus on growth investments and also partly shareholder returns. Looking into planning for fiscal 2026, these four drivers that you see on the right-hand side of the page will ensure that we'll see continuous profit and revenue growth.
We are going to be focusing on accelerating organic growth from here and continue to expand M&A investments and also investing and improving efficiencies across the board in the value chain through implementing AI. At the end of the day, we plan to continue on the journey of quality growth in many respects. Last but not least, our balance sheet. We continue to maintain a very healthy balance sheet. Our net debt as of the end of the third quarter is only JPY 2.7 billion, and our net debt to equity ratio is only 0.17 times. Our net debt to EBITDA as of this year is only 0.45x at this point. Thank you. That concludes our presentation. If you have any questions about the third quarter results, please do not hesitate to reach out to us. We are always available at ir@raksul.com.
Thanks for watching this video, and this is the end of the presentation.