F&m Co., Ltd. · TSE:4771
F&m — Q2 FY2026 Earnings Presentation
55 slides from F&m's earnings presentation, Dec 9, 2025
Slide 1: Financial Results Presentation FY2026 2nd Quarter
Financial Results Presentation FY2026 2nd Quarter F&M CO., ltd. （TSE Standard, Stock Code 4771）
Slide 2: Corporate Philosophy
Corporate Philosophy 2 Making valuable things more accessible Practicing our Tap Water Philosophy of Services, we contribute to society by supporting the back-office functions of all businesses.
Slide 3: Consolidated Financial Results for Q2 FY2026
1 Consolidated Financial Results for Q2 FY2026
Slide 4: Consolidated Financial Results for Q2 FY2026: Net Sales Composition
Consolidated Financial Results for Q2 FY2026 4 Operating Net Sales Composition Ratio (Millions of Yen) Net Sales Profit Accounting Services Segment 2,223 584 Consulting Segment 3,993 1,214 24.8% Business Solutions 28.1% Segment 2,513 ▲165 Real Estate Leasing Segment 53 12 System Development ¥8,956M
Slide 5: Highlights
Highlights 5 Consolidated Results ●Sales and membership showed steady growth across all segments Accounting Services Segment ●Membership continued to increase steadily ●The number of members in the life insurance company channel exceeded 100,000 Consulting Segment ●Membership in the F&M Club continu
Slide 6: Press Release: Office Station series surpassed 50,000 companies
Press Release September 1, 2025 The Office Station series surpassed 50,000 companies. The Office Station series is expanding its reach to companies and professional service offices through hands-on support and user-friendly design. Its talent management features are attracting attention by addressin
Slide 7: Summary (vs. budget)
Consolidated Financial Results for Q2 FY2026｜Summary (vs. budget) 7 (Millions of Yen) Forecast Actuals Comparison with Financial Result Forecast Full-Year Forecast Net Sales 8,468 8,956 +488 +5.8% 20,867 Cost of Sales 2,916 3,021 +105 +3.6% 6,793 Gross Profit 5,552 5,934 +382 +6.9% 14,074 Gross Prof
Slide 8: Summary (vs. budget) commentary
Consolidated Financial Results for Q2 FY2026｜Summary （vs. budget） 8 ●Revenue ended 5.8% above budget, driven by steady growth in membership ●Operating profit ended 29.3% above budget, and ordinary profit ended 30.1% above budget, driven by cost control and restrained selling, general and administrat
Slide 9: Summary (YoY Comparison)
Consolidated Financial Results for Q2 FY2026｜Summary (YoY Comparison) 9 (Millions of Yen) Q2 FY2025 Q2 FY2026 YoY Change Net Sales 7,133 8,956 +1,822 +25.5% Cost of Sales 2,418 3,021 +603 +25.0% Gross Profit 4,715 5,934 +1,218 +25.8% Gross Profit Margin 66.1% 66.3% － － SG&A 4,090 4,997 +906 +22.2% O
Slide 10: Performance Trends (Cumulative)
Consolidated Financial Results for Q2 FY2026｜ Performance Trends (Cumulative) 10 ●Sales increased by 25.5% year on year, driven by steady growth in membership across all business segments ●The total number of employees rose by 37 year on year, including 34 sales staff Net Sales Growth Rate ＋25.5％ Op
Slide 11: Segment Performance (YoY Comparison)
Consolidated Financial Results for Q2 FY2026｜Segment Performance (YoY Comparison) 11 Net Sales Operating Profit (Millions of Yen) Q2 FY2025 Q2 FY2026 YoY Change Q2 FY2025 Q2 FY2026 YoY Change Accounting Services Segment 1,986 2,223 +236 +11.9% 541 584 +42 +7.9% Consulting Segment 3,049 3,993 +943 +3
Slide 12: Factors for Change in Consolidated Operating Profit (YoY)
Consolidated Financial Results for Q2 FY2026｜ 12 Factors for Change in Consolidated Operating Profit (YoY) ●While revenue increased by ¥1,822 million, expenses such as personnel costs, depreciation, and fees also rose ●Operating profit increased by ¥311 million (Millions of yen)
Slide 13: Consolidated Balance Sheet
Consolidated Financial Results for Q2 FY2026｜Consolidated Balance Sheet 13 (Millions of Yen) Q2 FY2025 Q2 FY2026 YoY Change Current Assets 7,269 7,147 ▲121 Non-Current Assets 10,036 10,917 +881 Assets 17,305 18,065 +759 Current Liabilities 3,932 4,329 +397 Non-Current Liabilities 159 170 +10 Liabili
Slide 14: Earnings Per Share (EPS) Trends
Earnings Per Share (EPS) Trends 14
Slide 15: Results by Business Segment for Q2 FY2026
2 Results by Business Segment for Q2 FY2026
Slide 16: Accounting Services Segment
Accounting Services Segment
Slide 17: Accounting Services Segment | Performance Trends (Cumulative)
Accounting Services Segment | Performance Trends (Cumulative) 17 ● Membership continued to grow steadily, contributing to sales growth ● The AI coverage rate for bookkeeping reached 93.2%, contributing to cost reduction Net Sales Growth Rate +11.9% Operating Profit Growth Rate +7.9% Operating Profit
Slide 18: Accounting Services | Membership Trends
Accounting Services | Membership Trends 18 ●Membership showed steady growth ●We conducted training sessions for new employees at each life insurance company, contributing to the creation of new sales opportunities ●We have upgraded the app’s features for existing users, enhancing the convenience and
Slide 19: Consulting Segment
Consulting Segment F&M Club AKA F&M Bridge
Slide 20: Consulting Segment | Performance Trends (Cumulative)
Consulting Segment｜ Performance Trends (Cumulative) 20 ●Steady growth in F&M Club membership contributed to membership fee revenue ●We recorded ¥462 million in revenue from grant awards under the 19th Round of the Monozukuri Subsidy and the 1st Round of the SME Growth Acceleration Subsidy Net Sales
Slide 21: F&M Club | Membership Trends
F&M Club ｜ Membership Trends 21 ●The number of members remained stable ●We aim to improve contract renewal rates by defining user segments, and by providing continuous, personalized value ●We launched “Hojo Search” a grant search site that allows comprehensive searches of a wide range of support pro
Slide 22: Partner Financial Institutions
Partner Financial Institutions 22 ●We launched a grant search site for financial institutions, enabling them to provide subsidy information to their customers (Financial Institutions) Q2 FY2026 Breakdown of Partner Financial Institutions Credit Cooperatives 6 Regional 206 213 223 230 Banks 46 192 Se
Slide 23: Business Solutions Segment
Business Solutions Segment NI4RAF—-Yay ll
Slide 24: Business Solutions Segment | Performance Trends (Cumulative)
Business Solutions Segment| Performance Trends (Cumulative) 24 ●Steady growth in membership of the Office Station series contributed to subscription revenue ●We are strengthening our initiatives for expansion and cross-selling to drive higher growth rates in recurring revenue Net Sales Growth Rate ＋
Slide 25: Office Station Series | Users Trends
Office Station Series｜ Users Trends 25 ●Membership in the Office Station Series exceeded 50,000 companies ●We are enhancing product-specific manuals and strengthening customer support via phone and chat
Slide 26: Office Station Series | Key Metrics
Office Station Series ｜Key Metrics 26 MRR ARR 403 M 4,837 M Churn rate by product CAGR Labor 1.16％ Payslips 1.22％ Time and Attendance Year-End Tax Adjustment 2.15％ 1.05％ 40.3 ％ Pro ※For Labor and Tax Professionals 0.35％
Slide 27: Management Innovation Consultation and Related Organizations | Membership Trends
Management Innovation Consultation and Related Organizations｜ Membership Trends 27 ●In the tax accountant and certified public accountant industry, firms are leveraging AI to improve office operations and client services, leading to growing demand for joining AI study groups (Offices) * Promotion Co
Slide 28: FY2026 Consolidated Forecast
FY2026 Consolidated Forecast 3
Slide 29: FY2026 Full-Year Plan
FY2026 Full-Year Plan 29 (Millions of Yen) Q4 Actuals (P/FY) Q4 Forecast (C/FY) YoY Change Net Sales 17,066 20,867 +3,800 +22.3% Cost of Sales 5,474 6,793 +1,318 +24.1% Gross Profit 11,592 14,073 +2,480 +21.4% Gross Profit Margin 67.9% 67.4% － － SG&A 8,875 10,941 +2,065 +23.3% Operating Profit 2,716
Slide 30: FY2026 Major Three Segments Full-Year Plan
FY2026 Major Three Segments Full-Year Plan 30 Net sales Operating profit (Millions of Yen) P/FY Actuals C/FY Forecast YoY Change P/FY Actuals C/FY Forecast YoY Change Accounting Services Segment 4,921 5,406 +484 +9.8% 1,610 1,613 +2 +0.2% Consulting Segment 6,618 8,283 +1,664 +25.1% 1,663 2,025 +361
Slide 31: Three-Year Business Plan FY2026 to FY2028
Three-Year Business Plan 4 FY2026 to FY2028
Slide 32: Back-Office Services for SMEs and Sole Proprietors in Collaboration With Partners
We Provide Services Specializing in Back Office to SMEs and Sole Proprietors Nationwide in 32 Collaboration With Our Partners Accounting Services Segment Accounting services for sole proprietors and small-sized enterprises *Main customers are life insurance sales employees Consulting Segment · Admin
Slide 33: Three Strategies for Sustainable Growth
Three Strategies for Achieving Corporate Philosophy Sustainable Growth 1) Stock-based business Secure continuous revenue and prioritize Bringing valuable things long-term relationships more accessible 2) Partner sales Broaden market access through strategic Tap Water partnerships Philosophy of 3) St
Slide 34: Final Year of Three-Year Plan | Plan for FY2028
Final Year of Three-Year Plan | Plan for FY2028 34 Sales Operating profit Operating profit margin ¥30.0 billion ¥6.0 billion 20% Accounting service members F&M Club members Office Station users 120,000 20,000 70,000 persons companies users
Slide 35: Accounting Services Segment
Accounting Services Segment 35 ● We promote BPO services for certified public tax accountant offices and bookkeeping services for small-sized enterprises toward achieving further growth ● We aim to control costs and improve quality with AI Bookkeeping services for sole proprietors and BPO services f
Slide 36: Consulting Segment
Consulting Segment 36 ● We will strengthen the provision of F&M Club services together with partnering financial institutions ● We aim to increase membership and sales by providing services that capture the latest trends to members Lecturer dispatch training services We promote employee growth and s
Slide 37: Business Solutions Segment
Business Solutions Segment 37 ● Office Station supports the digital transformation of all back-office operations by expanding its products from the “labor relations domain” to the “human resources domain” with the aim of increasing membership ● We aim to increase sales by promoting “cross-selling” t
Slide 38: Business Overview by Segment
5 Business Overview by Segment
Slide 39: Accounting Services Segment
Accounting Services Segment
Slide 40: Business Overview
Business Overview 40 ● We are pursuing cost control through the use of AI as well as efficiency improvements and enhanced user convenience through the widespread use of our app Bookkeeping service process AI coverage rate for 1 Receive necessary bookkeeping expense records, etc. 2 Scan 93.2％ *Result
Slide 41: Market
Market 41 Number of people who filed final income tax returns | 23,389,000 people Life insurance sales employees | 185,200 people Business Our members income earners 3,789,000 83,072 102,128 19,600,000 51.0％ Unit: People Unit: People *Source: National Tax Agency, “Report on the Status of Final Tax R
Slide 42: Consulting Segment
Consulting Segment
Slide 43: Business Overview | F&M Club
Business Overview | F&M Club 43 ● We have a lineup of services that address the issues faced by SMEs ● Users can share tasks to be completed in order to resolve issues on a dedicated member website and have individual company representatives follow up on service usage Finance, labor relations Human
Slide 44: Business Overview | Subsidy Application Support
Business Overview | Subsidy Application Support 44 ● We provide application support primarily for Monozukuri subsidies, business restructuring subsidies and growth investment subsidies for SMEs Cumulative number of (1) Extensive know-how approvals We have supported thousands of companies in applying
Slide 45: Business Solutions Segment
Business Solutions Segment
Slide 46: Business Overview
Business Overview 46 ●In addition to our existing labor services, we will expand offerings to the talent management and human resource evaluation domains, providing services across workforce management and development. Paperless collection of employee Paperless year-end adjustments Web distribution
Slide 47: No. 1 market share for 5 consecutive years
Companies Using Our Services 47 Labor relations management cloud No. 1 market share for 5 consecutive years *Source: Deloitte Tohmatsu MIC Research Institute Co., Ltd., “The Current State and Outlook of the HRTech Cloud Market” (FY2020-2024) Number of users: 51,391 *As of September 30, 2025
Slide 48: Sustainability
6 Sustainability
Slide 49: Sustainability Policy
Sustainability Policy 49 A world where no one is left behind socially or economically Based on our mission of the “Tap Water Philosophy of Sevices,” we aim to contribute to the revitalization of society by providing valuable services at low cost, as naturally as water. Currently, more than 99% of bu
Slide 50: F&M's Approach to ESG
F&M’s Approach to ESG 50 Environment Social Governance 01 | Achievement of 01 | Contribution to realizing the 01 | Effective corporate environmentally friendly sustainable growth of all governance business management enterprises and enhancing the work satisfaction of and 02 | Compliance promotion an
Slide 51: Education Policy
Education Policy 51 Master in one year what takes three years to learn at other companies Even new employees are given significant autonomy early on, such as being assigned many clients, allowing them to gain overwhelming real-world experience. This fosters a sense of ownership and a strong sense of
Slide 52: Training System
Training System 52 We have established a training system based on years of service and job duties. Each business division conducts OJT as a foundation and OFF-JT as specialized training for each department. For new graduate employees, training programs are provided from the first through the sixth y
Slide 53: Creating Comfortable Workplaces That Balance Work and Personal Life
Creating Comfortable Workplaces That Balance Work and Personal Life 53 Our Group has established various leave systems to encourage employees to take time off, with the aim of enhancing not only their work but also their personal lives. We have also introduced communication initiatives, including a
Slide 54: Fostering a Culture Where Diverse Human Resources Can Actively Participate
Fostering a Culture Where Diverse Human Resources Can Actively Participate 54 We promote work styles that enable diverse human resources to actively participate regardless of their attributes. We will also foster a culture that respects diversity in the workplace. Recognition trips for outstanding e
Slide 55: Disclaimer and IR contact
This document is intended to provide information about F&M CO.,ltd. and is not intended to solicit investment in securities issued by the Company. Furthermore, this document has been prepared based on data as of September 30, 2025. The opinions and forecasts contained in this document are based on t