Let me walk you through the summary. For the revenue, for the first quarter, we were able to achieve the record high JPY 643.6 billion versus the previous year. It was 14.4% increase, it was a very steady growth. For EBITDA, again, it was JPY 108.8 billion. MNO business, it was the very first time in the first quarter that we achieved over JPY 100 billion after we entered into MNO business for the third consecutive term. For non-GAAP operating income, since the full-fledged entry into the MNO business, we achieved a profit in the first quarter, JPY 36.6 billion versus the previous year. It was up by JPY 36.3 billion.
From here and after, I would like to talk about the Rakuten ecosystem in a qualitative manner. I would like the investors to have deep understanding on our ecosystem. In Japan, ecosystem, I think the ecosystem is created by Rakuten Group. Basically, the conglomerate discount, like the 1 + 1 due to various reasons, is less than two. However, in our case, it's not a simple conglomerate. We do have a huge synergy in our group services. That's why 1 + 1 is greater than two. It will be expanding.
In particular, recently, because of AI or agentic AI advance, what would happen with that? In various stages, Rakuten ecosystem, so-called we do have growth and the defense and offense and defense, we are able to achieve both sides. And the foundation for this is one single brand name. The common ID we do have and common points. With that, we do have 70 services connected. We haven't emphasized this, but the monthly 45.88 million users are using some of our services. We do not call them the viewer. Actually, they are transacting our services.
Other than this, from the corporate governance perspective, we do have a thorough corporate culture. Including Rakuten Mobile, they are making really hard efforts. The corporate culture, we do have more than 70 services. In all of the group companies, we do have a common culture among the group companies. Also the users, very loyal to our services. How to increase the number of users and how can we increase the number of cross use?
How to improve the LTV or the lifetime value of the customer, how can we improve this? Among that, looking at the overall CAC or customer acquisition cost, how can we lower this CAC? How can we bring that to the higher LTV and acquire new users to our ecosystem and how to upsell them to other services? That is a big point of this ecosystem. Over the past five years from 2020- 2025, so-called internet services such as EC or the travel. From those services, new users join. That is about 19.7 million. New customers from fintech, Rakuten Point Card, credit card, Bank and Securities. The customers moved from there, new users, that is 16.1 million. Through the mobile, 2.9 million.
38.71 million people who came into the ecosystem are using four point six times the number of services. Each of the services are organically connected. That's what is represented here. This is a very surprising, shocking number. The user of one segment and users of two segments and users of three segments, when we compare them, users who are using two segments are using 5.4x revenue. They are generating 5.4x the revenue of Rakuten Group. Users of three segments are generating 13.5x the revenue for us.
The customers or membership nurturing is now working. Two, three, four services, when users use all these services, what happens is that, for example, the users who are using one service, the churn rate of the user of one service is baselined as 100. Users of four services only have one churn rate. The more services users use Rakuten services, the higher the loyalty of the users becomes. As a result, looking at our strategy holistically, the relatively low CAC services are used to acquire customers. Among these users, we upsell them to high LTV services, including mobile and financial services.
That's our strategy. By the way, mobile and fintech, the users of these services, about 85% of new users of these segments came from the Rakuten channels, Rakuten ecosystem. There are many functions that we can utilize, and that is currently working very well. AI is advancing, and what will happen to all these services? That is the question. We have rich data on our hand. Not only online data, we have offline data as well. Globally speaking, we have really valuable and rich data.
Through the use of the data, we can provide many services. We can also have more customers come to our ecosystem through the use of AI. We will talk about this later again, but the profitability is going up more and more, which means that we have been decreasing the operating costs through the use of AI. We are also promoting cross-use using AI, and we can accelerate the customer acquisition using AI, and that's what we have been doing. On the offense and on the defense, AI can accelerate our strategy, and that's what's happening.
Okay, now move on to the segment results by each segment. Shopping, travel, the internet service segment. The revenue was JPY 317.6 billion. Not only from Ichiba and Travel, Kobo and Viber content businesses are performing pretty well to grow. Non-GAAP OI, JPY 21.2 billion comparing to the year before, + 65.6%. Each KPI. Domestic EC GMS, that is JPY 1.5 trillion, which is 4.8% YoY growth. Travel, + 16.4% increase YoY. Investment business IRR and is quite performing well. International BU revenue, $459 million, about 7% growth this time.
What we have to mention is AI-led advertisement business has been performing pretty well. This JPY 61.9 billion in Q1 and 13% growth YoY. Let me look into each business in detail. First of all, domestic EC. As mentioned before, GMS 4.8% YoY growth and revenue + 4.0% and OI + 29.2% growth. It's about the JPY 31 billion we achieved. The next is travel business. It's really growing today. Travel business, the GTV on YoY basis + 16.4%, and particularly inbound demand, which is the 69.7% growth. Even for the domestic travel, there is a growth of + 8.1%.
We have added direct AI capability here, which will help the searching hotel much easier and also the real concierge. Just like as you if you are talking to the travel agency to decide where you want to go and book your hotel, that is possible with this AI. Next is the growth investment business. Trying to lower the cost or increase the revenue, and that is what we are doing really hard. About the JPY 2.7 billion profitability improve was made non-GAAP OI. What we have to stop needs to be stopped. For example, NBA Rakuten, this is a basketball streaming service we have terminated.
For the Rakuten Mart in the Western area, we have terminated the service there. That will improve the remaining growth invest base businesses. It's still in the middle way. The next is international BU. Reward, YoY basis, there is a big jump from the YoY basis and also the streaming service, Viki, revenue has been steadily increasing. Unfortunately, it was not making a huge loss, but it was really difficult to turn into the profit, which is the Rakuten France marketplace, and that will be sold or terminated by the end of 2026, we have decided. With that non-GAAP OI for this Q1 FY 2026, $7.1 million. This is the shopping. We do have a higher season in Q4 for revenue. The next is ad business revenue, which is growing largely. The Q1 revenue was JPY 61.9 billion .
And so the, uh, 13% increase YoY growth, it's been accelerated. Using the AI for various advertisement services. For example, Rakuten Ichiba's for advertisement. Once you decide the budget, automatically we will replace the optimized advertisement with that. GMS at Ichiba will be growing. Not only that, but also for the merchant revenue had improved. The taking the power of AI and taking advantage of Rakuten data has a great potential or possibility. Rakuten advertisement and the common challenges in advertisement businesses, what are the difference between the two?
Our targeting for the AI use the actual data or actual purchase data. On the other hand, other company, they use behavioral data, for example, search and the view. We do have a Rakuten ID, we can have accurate analysis of the results. On the other hand, the common challenges. It is difficult to use the cookie. There is a restriction, so the accurate tracking or measurement of the result is quite difficult. The coverage, as mentioned before, well, we do have so many users using various services in our group, so data is one thing and also the advertisement placement, web page or application.
We do have rich the asset of that. The AI would be growing our advertisement business in Rakuten. Next is the Fintech segment. Revenue was up 73.1% to JPY 375.3 billion. All the services are growing steadily, especially Rakuten Bank and Rakuten Card. They have increased revenue steadily and also cost is controlled. The revenue, the non-GAAP operating income was JPY 58.5 billion, up 33.8% year-on-year. These are the major KPIs.
Rakuten Card shopping GTV was up by 8.5% to JPY 6.8 trillion, and the number of Rakuten Bank accounts was up 7.3% to 18.07 million, almost 20 million. Rakuten Bank deposit balance is JPY 12.9 trillion, up by 12.9%. There is severe competition, but it was JPY 12.9 trillion. It's growing. Rakuten Securities general accounts, it surpassed 14 million in April. NISA accounts, as a leading company, we are driving NISA, and there is 7.53 million accounts. For all generations, young people are opening up NISA accounts at Rakuten Securities as well.
Rakuten Securities deposited assets JPY 50.3 trillion, up by about 40% YoY. On Rakuten Card first. The so-called interest rate has been increasing, so how can we grow this business was the question. The number of members and GTV and assets and cost control, all of them are working successfully. An 8.5% increase in GTV and revenue was up by 18.4% and non-GAAP OI up by 15.7% to JPY 16.8 billion. On payment. It is also growing. The revenue was up 12% to JPY 27.3 billion, and non-GAAP OI was JPY 2.1 trillion, up 14.4% YoY.
On Rakuten Bank. The bank side already made an announcement that the ordinary income was up 38.4% to JPY 255.5 billion. Ordinary profit was up 44.1% to JPY 103 billion. The capital adequacy ratio is above 10% and ROE 21.7%. All in all, the number of bank accounts and number of main accounts, total deposit balance, they are all growing across the board. With the utilization of AI, the expense ratio has been going down. Rakuten Securities. Other securities are also facing the same situation, but the securities market is quite active. The number of general accounts has also surpassed 14 million, and operating revenue JPY 50.3 billion, up 43.7% year-on-year.
Operating income versus the previous year up by 92.5%, almost doubled to JPY 14.6 billion. Insurance. It's also trending favorably. The revenue itself, we have high margin products that we are focusing on. Looking at the revenue, the absolute number may have gone down, but the OI was JPY 1.7 billion. It's been trending steadily. Especially Rakuten Auto Insurance, that's where we focus on, and the sales has been expanding. As for life insurance, we have face-to-face and online and group insurance. All channels are doing well.
On the fintech business, I'd like to touch upon reorganization. As of now, as far as we can disclose, I'd like to talk about this topic. First of all, the financial synergy is quite significant. The Rakuten Card, Rakuten Securities. In Rakuten Bank, some of them are undertaken at Rakuten Bank, but on top of that, we also have external interest-bearing debt. A rather high interest rate is there. With the restructuring in the fintech group, we can complete the cycle ourselves.
The interest burden can be controlled, and also the asset management can be done in the group in by ourselves. In terms of the cross-use, we can accelerate that. Especially, we can consolidate and integrate applications, and we can do that more easily with this reorganization to achieve Super ARPU. We can maximize corporate customer base. The customers may have the corporate account at Rakuten Bank, but they may not have the personal account or vice versa.
Corporate customer base can be commonized to expand the business scale. More than anything, including Rakuten Group, we can utilize AI further. Even more than before, various financial services can be offered in a seamless manner. The identification of the person is the key, but eKYC can be used to automatically verify the identification, and then we can centralize the data by so doing. Synergy will be quite large.
Finally. Last from myself, talking about the mobile segment, it has been progressing smoothly in both the revenue and OI. The revenue, 18.5% YoY increase, which is JPY 131.2 billion. Non-GAAP OI, JPY 13.3 billion YoY improvement and JPY -38 billion. EBITDA, JPY 1 billion. The pre-marketing cash flow, the so-called new customers or new stores, excluding cost related to that, it's already reached JPY 28.7 billion. Through [EBITDA basis, it's beyond JPY 100 billion. The premium PMCF, growing 85.7%. Major KPI, Rakuten Mobile, the YoY basis, 10.36 million under subscriber, increasing 1.74 million.
The adjusted churn rate has been improving. ARPU, mainly around the store, it's getting increasing. On the other hand, mainly for the communication software, which is Rakuten Symphony, the number of customers are increasing and number of partners are increasing, this has been progressing smoothly. Let me go into detail about Rakuten Mobile. The revenue is growing by 23.9% YoY, recorded JPY 108 billion. Non-GAAP OI, improvement of JPY 12.7 billion. Particularly, we are still at the phase of increasing the customer bases, we are still in the growing phase. Excluding those growth investment, already achieved this, JPY 287 million , JPY 7 billion. EBITDA, excluding the property tax, and it's JPY 6.6 billion.
The net increase in the first quarter of last year was 324,000 lines. In this first quarter, it was 373,000. It was up by 15%. As for churn rate, on a quarter-to-quarter basis, it was down from 1.99%- 1.76%. In April, it was 1.45%. It was the improvement of 34 basis points. The one thing I can say is that there are people who are going around different areas to earn points. They are leaving the carriers quickly. Those users with more than five lines are now charged with our fee, and we are also strengthening the role to verify the identification.
That succeeded, and we were able to curb the short-term users as a result. That is a key point. Having said that, the user survey showed that the 76.4% of the Rakuten users are saying that they intend to continue using our service. Rakuten Mobile is the most considered mobile service for switching with 23.7%. We are ranked at the number one. ARPU is also about to go up. The base station construction, it is also accelerated, so the network quality will be improved as a result even further.
The shortage of labor has given us a difficulty, but other companies, and the mobile industry may not have used this process, but we are going to take up the upstream process internally to accelerate the base station construction. Rakuten Symphony, the $131.4 billion, that was the number. OSS cloud, including that, everything is trending well. That is all from my end. Now, I would like to turn it over to Kaga for finance, and Ting Cai is going to talk about the AI section.
This is Kaga. Let me explain the financial matters. This is the first quarter consolidated financial results summary. Non-GAAP operating income came in at a strong JPY 36.3 billion. After deducting amortization of intangible asset share-based compensation and one-off items, the IFRS operating income at JPY 30.4 billion, we made a very strong start toward the goal of significantly increasing profit in FY 2026. For this first quarter and the before tax, the profit before tax is making a profit. This is a big turning point, that is our understanding.
For this year, continuously we will revisit our business portfolio, there is a possibility of revisiting visit to business portfolio, but we are lowering the amount of risk on the balance sheet. That is how we are thinking of. This is about the financial strategies. There is no change to our financial strategy as previously communicated. We remain committed to continuing strategic investment in the mobile business while maintaining financial discipline and pursuing further credit improvement.
We will maintain this policy. The most important thing, which is one of the financial KPI for the net debt to EBITDA of our non-fintech businesses. One, we are targeting a reduction to below 5x by 2027. We are also maintaining our target for consolidated equity ratio of 10% over the long term and 5% over the medium term.
Regarding the ratio of net interest-bearing debt to EBITDA in non-fintech businesses, the ratio, due to both improved EBITDA and an increase in the valuation of listed securities, the ratio has declined to 5.6x as of the end of March. For the target at the end of fiscal year 2026, we have set a slightly conservative goal of around 6x . Our commitment to improving profitability and reducing interest-bearing debt remains unchanged. We are also making steady progress on funding for bond redemptions. For this year, senior bond redemption are planned to be covered by cash on hand. Last month, April, we had the first call date in April.
The U.S. dollar denominated perpetual subordinate bonds and have been fully redeemed using proceeds from the domestic perpetual subordinate bonds issued in October of last year. For the perspective of proactive maturity management, we have already began planning for redemption from 2027 onwards in addition to maximize free cash flow of the group. Where debt financing is required, we will carefully monitor market condition, including foreign exchange and interest rate trends, and evaluate the optional funding options from the full range of available options.
We recognize that our series of proactive initiative toward financial soundness have been continuously evaluated positively by the market. The trend in the spread of our corporate bonds issued in previous years and five year CDS spreads show relative improvements even when compared to the market indices. Going forward, we will continue to work on further strengthening our financial structure and maintaining disciplined financial management to sustain and enhance this evaluation. This is all about the financial section. Now we would like to move on to the AI initiative and see Chief AI & Data Officer Ting Cai would be explaining.
Thank you, Kaga-san. This is Ting. I'm the Chief AI and Data Officer of Rakuten Group. Today, I'm very excited to share with you our AI strategy, how we set Rakuten apart, and highlight our progress in rolling out AI agent across Rakuten ecosystem. We continue to pursue Rakuten AI vision to augment human creativity with the power of AI. We are leveraging our differentiated advantage, our ubiquitous channel, reaching 10 million online and offline touchpoints, and our connected ecosystem with 46 million online monthly active user in Japan.
That connected ecosystem make it much easier for user to discover new services, reducing Customer Acquisition Cost. With our diverse portfolio of businesses, we have built one of the most comprehensive ecosystem that can meet almost every user need in both daily and professional life. Every interaction in the ecosystem help us to accumulate unique data. Combined with AI, now we can derive more insights and provide higher quality services to our users, further nurture our relationship with our merchants, and build the growth flywheel through our Rakuten ecosystem.
Why do customers choose Rakuten ecosystem? Because the trust in our brand and the value and joy we provide to our users through Rakuten points, and the relationship with our merchants and partners. Now with AI, we can compound our ecosystem advantage. For every touch point we have, we can engage better with our users, whether it is a search, recommendation, advertising, customer service, AI can better understand the user intent, enhance user experience through personalization. This creates a sticky experience that increases customer satisfaction and entices them to come back to us more often.
Second, expand. AI can expand our services in multiple ways. It can help us to capture user intent earlier, turning vague ideas into concrete actions. It can help user to understand our points and campaigns more, because AI can guide them throughout the process. For example, in a shopping marathon, user can earn 10x points if they shop from 10 different shops in Ichiba. Which shop to choose from? Now AI can make recommendations.
With AI, we can also interact with users in new ways, through voice, through images, and through conversations. Now more users can interact with our services in the way they prefer. Lastly, differentiate. AI is increasingly better understanding what user want to achieve, break it down into tasks, planning, executing, iterating to achieve goals. When it comes to complete transactions, this is where Rakuten presents a unique advantage.
In a nutshell, AI enables us to engage user with more personalized services, expand usage scenario, and differentiate our services through transaction, through our memory, and connected services. With that, we can continue to build a flywheel to grow our competitive advantage. The beauty of Rakuten ecosystem is that it's all centered around one Rakuten ID. With Rakuten ID, we have accumulated precious data assets about our members, including historical context, user preferences, that enables us to provide tailored services to our users.
Integrated identity, context, and easy payment and delivery remains a unique advantage of Rakuten ecosystem that external AI agent have difficulty replicating. In addition, our AI agent can activate the depths of knowledge we have in each domain. By delivering specialized services, it will be difficult for other general purpose agent to match. In the AI era, data alone is not enough amount itself.
It is the value we create from the data that help us to build a more trusting relationship with our merchant and users. It is the additional economic and emotional value we can deliver through the Rakuten ecosystem that keeps our user coming back. As consumer increasingly shift from a traditional search engine to AI-powered information discovery services, our agentic AI strategy presents a significant opportunity for Rakuten to expand our services and capture user intent.
We are focusing on two things. One is building specialized agent with deep expertise in each domain. This enables user to skip traditional web search and come directly to Rakuten for discovery, consideration, and all the way to purchase decisions. Second, we are building a super agent. User can just share a vague idea, and super agent can figure out the intent through its memory or having a dialogue with the users.
It can plan and execute then and finally helping user to complete task across multiple ecosystem services. Going forward, we will enable our agent to complete even more task and expand our opportunity establishing Rakuten AI as the go-to destination for general inquiries. From architecture point of view, we are investing deeply in each layers, from infrastructure, data center, GPU optimization, model system, and all the way to application and agent.
Specifically our AI agent, we are focusing on a strategy where build the best but also partner with the best. We have been collaborating with the best AI company in the world, both startups and large company, such as Anthropic and OpenAI. We started collaborating with them early on. For example, we worked with OpenAI when they only had 400 people, and we worked with Anthropic before Claude Code became a phenomenon. At the same time, we want to understand the technology fundamentals so we can build from the ground up, creating our own embedding for commerce, tokenizer for Japanese.
We also innovate on top of our open source model, train with our unique data set, and optimize for domain-specific task. Today, we have a portfolio of models from mini models to super model with almost 700 billion parameters. Moving forward, we are focusing on building domain and task-specific models that are very cost efficient for our businesses and delivering better margin and more value for our customers. Since our grand launch of Rakuten AI, our agentic platform at Rakuten Optimism last year, we have continued our execution momentum.
Today, we have 11 AI agents available, particularly in our last earnings presentation, we talk about Rakuten Ichiba. Today, I want to briefly touch on Rakuten Travel. As Miki mentioned earlier, Rakuten Travel increased the gross transaction volume 16.4%, and I have personally used it every day during the Golden Week, while I was biking from Onomichi to Imabari. Every night, I booked on Rakuten Travel. It's a delightful experience for me to discover local gem easily and quickly on the go.
We are moving quickly to build, test, and deploy AI agent across the ecosystem. AI agent are already live across 11 services, our plan doesn't stop here. We hope to enhance all of our services through AI agent. Our ultimate goal is to augment human creativity with the power of AI. That concludes today's presentation. Thank you.
This concluded the financial result presentation. Thank you very much.