Slide 1: FY2026 Q2 Earnings Presentation
4 stTmn FY2026 Q2 Earnings Presentation Stmn, Inc. | TSE Growth : 4019
Slide 2: FY2026 Second-Quarter Results
FY2026 Second-Quarter Results Employee Engagement Business | TUNAG | Community Engagement Business | FANTS | FY2026 Guidance Appendix 25 31
Slide 3: FY2026 Q2 Financial Results
FY2026 Q2 Financial Results
Slide 4: Operational Highlights
YoY +¥620M sv¥3.495 (Same Period of Prior Year: ¥2.868) ARR YoY +¥210M spv¥480m (Same Period of Prior Year: ¥260M) "1: ARR = MRR (Recurring Revenue) at quarter-end multiplied by 12. Operational Highlights TUNAG's ARR grew ¥620 million YoY. FANTS continued to deliver strong, broad-based growth across
Slide 5: Financial Highlights
——— Financial Highlights 3 sTmn Revenue grew 26.7% YoY, sustaining top-line growth momentum. Operating Income doubled YoY and rose 20.4% QoQ, demonstrating stronger earnings power. FY2025/12 Q2 FY2026/12 Q1 FY2026/12 Q2 YoY Q00 em) (Prior Year Period) (Prior Quarter) (Current Quarter) Revenue 900 1,
Slide 6: Monthly KPI Trend
Monthly KPI Trend TUNAG's recurring revenue continued to grow at a YoY rate in the 20% range. FANTS's recurring revenue sustained its high growth. ' Curent Period 276,703 280,168 283,887 284,415 288,220 291,294 Recurring Revenue 212401 216,059 221427 226,601 230,694 239,055 vo Per y r V 6, . r from
Slide 7: Quarterly Revenue Trends (Consolidated)
Quarterly Revenue Trends (Consolidated) 3 sTmn Q2 consolidated revenue declined slightly QoQ. We see this as temporary, driven by a higher share of non-recurring revenue in total sales. ferme Quarterly Revenue Trend 1,400,000 1,140,924 1,200,000 1,000,000 800,000 600,000 400,000 mW 20 30 40 1 20 30
Slide 8: Quarterly Operating Income Trends (Consolidated)
Quarterly Operating Income Trends (Consolidated) [Eanectall 3 sTmn Q2 posted operating income of about ¥120 million. Earnings power continues to strengthen, with both gross and operating margins trending higher. Operating Income/Loss. Phelan Quarterly Operating Income/Loss Trend 175,000 185.414 150,
Slide 9: Balance Sheet Overview
——— Balance Sheet Overview 3 sTmn The current ratio stood at 200.3% and the equity ratio at 62.6%, reflecting our continued financial soundness. End of FY2025 Equity Ratio 60.5% Current Liabilities Cash & Deposits ce 1,105 Current Assets 1,568 Net Assets 1,536 Non-current Assets 883 Non-current Liab
Slide 10: Cash Flow Statement
Cash Flow Statement Backed by continued steady operating cash flow following Q1, Q2 free cash flow reached ¥146 million, widening further into positive territory. (¥M) Cash Flow from Operating Activities Cash Flow from Investing Activities Free Cash Flow Cash Flow from Financing Activities Cash and
Slide 11: FY2026 Q2 Employee Engagement Business - TUNAG
FY2026 Q2 Employee Engagement Business -TUNAG
Slide 12: Trends in Number of Client Companies and ARPA
Trends in Number of Client Companies and ARPA 3 sTmn The number of client companies came in at 1,460 and ARPA at ¥199 thousand. We aim to drive further growth in both metrics. tent companies Trends in Number of Client Companies and ARPA ARPA Inits) (#K) 1,600 210 BB et ciet ves a mm a SS mani sm ee
Slide 13: Quarterly Revenue and Revenue Composition Trends
Quarterly Revenue and Revenue Composition Trends 3 sTmn Recurring revenue continues its solid growth. We aim to further diversify our revenue base and grow on both recurring and non-recurring fronts. Quarterly Revenue Quarterly Revenue and Revenue Composition Trends 1,000,000 — 88% ¥979,476K 900,000
Slide 14: Platform Revenue Trends
———— Platform Revenue Trends 3 sTmn "Platform Revenue," combining TUNAG subscription and initial setup fees, continued to grow steadily. Plattorm Revenue Platform Revenue Trends rk) 1,000,000 -_ 94% 92% 93% 9% on 93% 9% 99% 99% 9% inl 93% iad 0% 4 sono OO SS 7 —— a mee ¥912,184K 839,010 (YoY +23.8%)
Slide 15: Professional Services Revenue Trends
As professional services revenue is largely non-recurring, it fluctuates from quarter to quarter, but remains on a clear growth trajectory on a full-year basis. a Professional Services Revenue Professional Services Revenue Trends (ww) 100,000 a 96903 90,000 88,916 ia ¥67,292 K 70,000 (YoY +55.9%) 60
Slide 16: Trends in Key Advertising Expenses
Trends in Key Advertising Expenses $XZ0N 3 sTmn In Q2, we invested about ¥130 million in web advertising and trade show exhibitions. We are monitoring ROI by channel and, for now, prioritizing efficient spend management. Sanaa ee Trends in Quarterly Advertising & Promotional Expenses 200,000 185,070
Slide 17: Recent Business Updates
Recent Business Updates 3 sTmn We recently released numerous new features and major updates. We also launched "TUNAG AX," the TUNAG business's first BPaaS-model Al service. Planned for Q3 TUNAG AX Time Card Launching CED a new domain of shift Al-powered solutions Collection Planned for Q3 Album PLe
Slide 18: TUNAG AX: AI integration in frontline workflows
While personal use of Al is spreading, its integration into frontline workflows remains limited. TUNAG AX supports everything from design to setup, delivering benefits to frontline operations. Common Challenges in Al Adoption Key Features of TUNAG AX Tends to stay at the individual level Use centers
Slide 19: Recent Business Updates: What TUNAG AX Can Do
Recent Business Updates: What TUNAG AX Can Do (ZG 3 sTmn Designed to integrate with the systems you already use, TUNAG AX enables highly accurate workflow automation based on your company's accumulated data. Quantitative data accumulated in your systems ~ wm» GG Sales Expenses data HRdata billing Qu
Slide 20: TUNAG's Competitive Advantage Powered by TUNAG AX
Recent Business Updates: TUNAG's Competitive Advantage Powered by TUNAG AX 3 sTmn By using Al to combine TUNAG's organizational data with data from existing systems, we can predict various early signals and provide more precise organizational improvement services. > —_ ~ Integrate data accumulated D
Slide 21: FY2026 Q2 Community Engagement Business - FANTS
FY2026 Q2 Community Engagement Business -FANTS
Slide 22: Trends in Number of Communities and ARPA
Trends in Number of Communities and ARPA 3 sTmn The number of communities grew by 60 QoQ, sustaining its growth trend. ARPA held flat at ¥60 thousand. Communi Trends in Number of Communities and ARPA ARPA (¥K) 800 Ww 140 700 120 600 100 500 80 400 300 60 200 7 40 151 J ee [ Ei TTT TLL : 0 - ua i >.
Slide 23: FANTS Quarterly Revenue and Revenue Composition Trends
Recurring revenue continued to build steadily, sustaining strong growth of +35.5% YoY. We aim to surpass ¥200 million in quarterly revenue for the entire FANTS business in the near term. Guede Rovnue Quarterly Revenue and Revenue Composition Trends 160,000 85% ¥151,425K 143,778 wa.zT6 440,000 _ 77%
Slide 24: Recent Business Highlights
Recent Business Highlights 3 sTmn We enhanced the dashboard for FANTS owners. Now they can see their community, fans, and business at a glance. Revenue Management Check this month's revenue, Customer Management member sign-ups and cancellations, purchases, and more —all within the dashboard Visualiz
Slide 25: FANTS Mid-Term Strategy
FANTS Mid-Term Strategy 34esTmn The Company will expand its value proposition beyond the salon and community management platform, evolving into a revenue enhancement platform driven by FAN data. Operate Bringing Services to Life ul mm | Analysis i > F/ A NTS oni -_= had Customer Acquisition Visualiz
Slide 26: FY2026 Earnings Guidance
FY2026 Earnings Guidance
Slide 27: Revenue Progress Rate and Quarterly Revenue Composition
—— Revenue Progress Rate and Quarterly Revenue Composition [ESiRas 3 sTmn Our core business is SaaS, where Q3 and Q4 have historically contributed the most. Progress against the full-year plan was 44.3% through Q2; uneven, but we aim to deliver guidance. FY2026 Full-Year Forecast: ¥5,155M FY2025 Ful
Slide 28: FY2026 Full-Year Earnings Guidance
FY2026 Full-Year Earnings Guidance [ESiKaatae 3esTmn Revenue came in slightly below the initial forecast, but profit at every level far exceeded plan. Based on current projections, we have announced an upward revision to full-year guidance today. FY2026 (Forecast) FY2026 (Actual) (in JPY M) H1 Forec
Slide 29: Upward Revision to the Full-Year Earnings Forecast for FY2026
———— Upward Revision to the Full-Year Earnings Forecast for FY2026 [ESiriowas 3 sTmn We left our revenue forecast unchanged while raising each profit line by roughly 37%. Toward a seventh straight year of revenue and profit growth, we aim to grow steadily from Q3 onward. Initial Forecast | Revised F
Slide 30: Full-Year Earnings Guidance (After Upward Revision)
Full-Year Earnings Guidance (After Upward Revision) [ESRRIEeas 3 sTmn Our core business is SaaS, where Q3 and Q4 have historically contributed the most. H1 progress against plan was all in the 40% range, but we aim to deliver full-year guidance. FY2025 (Reference) FY2026 (Revised Forecast) FY2026 UP
Slide 31: Revision of the FY2026 Dividend Forecast
———— Revision of the FY2026 Dividend Forecast (Dividend Increase) [BanFICtual 3 sTmn We revised our year-end dividend forecast from the initial guidance of ¥8 to ¥10. If the profit upside is large, we would consider a further dividend increase from Q3 onward. FY2026 Dividend Forecast FY2025 FY2026 F
Slide 32: Appendix
Appendix
Slide 33: Company Overview
Company Overview Company Name Founded Location President & CEO Employee Headcount Business Overview Group Company (Consolidated Scope) 3 sTmn Stmn, Inc. August 1, 2016 (Incorporated: January 29, 2016) Tokyo Headquarters: 6-6-2 Kojimachi, Chiyoda-ku, Tokyo Nagoya Headquarters: 1-14-8 Shimohiroi-cho,
Slide 34: Mission / Vision / Values
Mission / Vision / Values Delivering inspiration to as many people as possible, and spreading happiness. Stmn is a company dedicated to making people, organizations, and society better by delivering inspiration. There are three groups whose happiness we aim to expand: 1. Our customers and society 2.
Slide 35: Group Business Activities
Group Business Activities kk stTmn Stmn, Inc. € STADIUM STADIUM, Inc. (Group Company) <= STAGE STAGE, Inc. (Group Company) TUNAG § Watchy & FANTS = STAGE 3esTmn A platform that enables end-to-end execution — from designing initiatives to address organizational challenges to conducting improvement ac
Slide 36: Where Work Becomes Meaningful
Where Work Becomes Meaningful =| TUNAG {Retention Rate § Client Companies A) YY] 4, of Active Users 9 N ~ 8 aN ¥ % 1400+ 4 90% “15m. }
Slide 37: TUNAG Business Overview
TUNAG Business Overview Beyond a platform integrating engagement and operational DX, 3 sTmn TUNAG offers hands-on professional services tackling deep organizational challenges in recruitment and HR. Engagement Domain + Organizational Survey + Employee Benefits + Points Feature + Internal Portal + Th
Slide 38: TUNAG Business Product Overview
————= TUNAG Business Product Overview 3 sTmn By integrating both the engagement domain and operational DX domain in a single platform, we deliver enhanced employee experience (EX) that contributes to both purpose-driven work and workplace ease. Employee Experience (EX) Sense of Purpose < Work Enviro
Slide 39: Critical Challenges in Japan's Labor Supply
Critical Challenges in Japan's Labor Supply 3 stTmn In a domestic market of constrained labor supply and chronic low productivity, sustained corporate growth requires strengthening organizational capability to maximize per-employee productivity. i Labor Shortage Due to Declining Working Population ‘
Slide 40: Frontline Workers Comprising the Majority of the Working Population
Frontline Workers Comprising the Majority of the Working Populati In the non-desk worker market — t ion he majority of the labor force — the benefits of cutting-edge technology remain limited, and the latent demand for a platform that "enhances Employee Engagement on the frontline" is exceptionally
Slide 41: The Future of Japan's Labor Force by Industry
The Future of Japan's Labor Force by Industry 3 sTmn As labor shortages become structural across essential-infrastructure frontline industries, The platform's value in improving retention and productivity for Frontline Workers is expected to grow further. 367 fer Transportation ‘Education Telecommun
Slide 42: Engagement: the Key to Solving Organizational Challenges
——<— "Engagement" — the Key to Solving Organizational Challenges 3 sTmn Global empirical evidence shows that organizations with high engagement achieve materially higher profitability and productivity, alongside significantly reduced attrition and related risk indicators. Improved Performance and Re
Slide 43: Correlation Between Employee Engagement and Business Performance
Correlation Between Employee Engagement and Business Performance 3 sTmn In correlation analysis, organizations achieving both workplace comfort and a sense of purpose record revenue growth of over 43%, demonstrating that a sense of purpose at work is essential to achieving high growth. "Work Comfort
Slide 44: TUNAG Positioning
TUNAG Positioning 3 sTmn TUNAG goes beyond point-solution tools and diagnostic-only platforms, occupying a unique position as an integrated infrastructure that delivers— in a single platform—the mechanisms needed to drive daily behavioral change. Action & Execution Support Type Value Delivered by TU
Slide 45: GTM Strategy as an EX Platform
Engagement Domain Operational DX (Digital Transformation) Industry-Specific Vertical GTM Strategy as an EX Platform 3esTmn Built on universally applicable "Engagement" and "Operational DX" capabilities, Provides one-stop coverage from industry-specific regulatory compliance to organizational improve
Slide 46: New Value Created by Engagement x Operational DX
New Value Created by Engagement x Operational DX 3 sTmn Starting from a single action, data aggregation drives content asset creation, dissemination, and capability development A single product that compounds value across every layer of the organization. Disseminating Pre-onboarding tasks can be org
Slide 47: TUNAG Customer Base
TUNAG Customer Base 3 sTmn Customer base expanding, with particular traction in sectors with large non-desk workforces. Broadening its value proposition as a solution that addresses organizational challenges regardless of company size. exp (2) Lenreten root — EIA Whscncc <S wisnumara vw kee FU) fn S
Slide 48: Potential Market Size in Japan
———— Potential Market Size in Japan 3 sTmn In a vast potential market encompassing approximately 730,000 domestic companies, TUNAG's market coverage remains in its early stages of expansion, representing significant growth potential with room to acquire hundreds of times more customers. TUNAG Client
Slide 49: BPaaS Expansion of the TUNAG Business
BPaaS Expansion of the TUNAG Business 3 sTmn Because TUNAG enables deep diagnosis of organizational challenges, Delivering value through professional services to address customer challenges beyond the reach of software alone. f=| TUNAG #7 U7 f=| TUNAG RPO Recruitment = T fal U N AG Challenges + Recr
Slide 50: TUNAG Professional Services
———==—= TUNAG Professional Services MUGS 3esTmn TUNAG's in-house experts address workforce shortages and organizational challenges, offering four tailored services to solve the unique issues of each organization. Resource Challenges Talent & Hiring Challenges Organizational Challenges - Hiring strat
Slide 51: Data Assets Held by TUNAG
Data Assets Held by TUNAG 3 sTmn Action data — capable of capturing behavior, relationships, sentiment, and outcomes within an organization — differs fundamentally from simple surveys or HR master data. It is highly valuable as organizational data that reflects actual conditions, formed through ever
Slide 52: AI Utilization Leveraging Proprietary Data
Al Utilization Leveraging Proprietary Data 3 sTmn Applying Al to vast organizational and behavioral datasets enables predictive signal detection and Enabling increasingly precise action recommendations, driving the evolution toward a higher-accuracy organizational improvement service. Assets & Stren
Slide 53: Outlook for New Business Areas
Outlook for New Business Areas 3 sTmn High-frequency daily engagement as an essential platform, combined with Leveraging HR and organizational data as a foundation, the Company will expand into new revenue streams through integrated data capabilities. Media Recruitment Matching CRM Gamifi- Human cat
Slide 54: Watchy IT Asset & Log Management
= USB Drive ma EEE ‘z=, Monitoring ANT 8 Web Activity . Logon & Monitoring Logoff Monitoring. Folder Monitoring Software 216 IT Asset & Log Management wR Software Monitoring oe hn Asset Management Asset Management Device Update Log Management System Client Companies Not ©. & 150+ .. "1: IT Trend Ann
Slide 55: Watchy Service Overview
Watchy Service Overview 3 sTmn Watchy efficiently manages corporate information through company PC monitoring and control, supporting IT asset management, data loss prevention, and workforce management. Cloud Security Service. Get Started in Just 3 Steps STEP STEP 2 STEP3 IT Asset & Log Management |
Slide 56: Watchy Business Flow
Watchy Business Flow 3 sTmn Pricing scales with the number of PCs with Watchy installed and contracted modules, a subscription model. Account setup through installation is fully self-contained within the client company, Device information management can go live in as little as one day. Watchy (Admin
Slide 57: The All-in-One Platform for the Creator Economy
The All-in-One Platform for the Creator Economy FANTS FANTS is the all-in-one platform empowering passionate creators—those with unique vision and expertise—to build sustainable businesses. Through closed, two-way communication—beyond what traditional one-way social media can offer—FANTS forges new
Slide 58: FANTS Mid-Term Strategy
FANTS Mid-Term Strategy 3 sTmn The Company will expand its value proposition beyond the salon and community management platform, evolving into a revenue enhancement platform driven by FAN data. sy al Analysis Customer Acquisition raf Service ‘Administration Customer Management Operate iy venue Manag
Slide 59: FANTS Solutions
FANTS Solutions 3esTmn A rich variety of features lets creators design unique fan experiences tailored to their community. a) j ° ; ° on . eee0 1-on-1 / Seminars Live Streaming (Video, articles, audio, etc.) ¥iso00 MRE waatme reas (moma 2U—$2 70 EDI ¥5,500 fav Digital Content One-Time Sales Subscrip
Slide 60: FANTS Business Flow
FANTS Business Flow 3 sTmn The FANTS brand covers community management, one-off service sales, and more, Multiple revenue models coexist: revenue share, monthly fixed fees, and transaction-based commissions. FANTS FANTS (Admin Dashboard) (User-Facing App) —_ Platform Delivery Community Operations e
Slide 61: Featured FANTS Communities (Selected Examples)
——— Featured FANTS Communities (Selected Examples) 3 sTmn Professional sports teams, musicians and artists, celebrities and public figures, leisure facilities, YouTubers, cooperatives, schools and hobby classes, and more. FANTS-operated communities are expanding across a wide range of categories. ‘A
Slide 62: Disclaimer and Important Notice
Disclaimer and Important Notice 3 sTmn The information contained in this material is provided for the purpose of offering the Company's financial information, management policies, management indicators, etc., and while we have exercised the utmost care in its preparation, we make no representations