July 13, 2026 10:36 AM GMT Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Results: Revenue +24% YoY, operating loss of ¥377mn (OPM -3%). Strong growth in the Business segment drove revenue, but lower flow revenue in the Card business, higher personnel costs, and cybersecurity incident-related expenses resulted in an operating loss. Earnings surprise: The company raised its full ...