Money Forward, Inc. · TSE:3994
Money Forward — Q3 FY2026 Earnings Presentation
61 slides from Money Forward's earnings presentation, Oct 15, 2026
Slide 1: Financial Results
Financial Results Fiscal Year 2026 3Q Ended August 31, 2026
Slide 2: Agenda
1 Financial Results 01 Companywide Financial Highlights in Q3 of FY11/26 P.2 02 Future Growth Opportunities and Initiatives Enabled by AI P.27 03 Appendix：Financial Highlights by Companywide and P.44 Segment 04 FY11/26 Guidance P.52
Slide 3: Companywide Financial Highlights in Q3 of FY11/26
Financial Results Companywide Financial Highlights in Q3 of FY11/26
Slide 4: Highlights in FY11/26 Q3
3 Highlights in FY11/26 Q3 Net sales ¥17.92bn • Total net sales of Business, X, Home segments surged 47% YoY. • Consolidated SaaS ARR*2 was ¥48.65bn, up 30% YoY. +66% YoY (excl. impact of deconsolidation*1) Business segment net sales • Number of paying customers topped 500,000. +52% YoY • 10,822 net
Slide 5: Q3 Consolidated Net Sales Up 66% YoY (Excl. Impact of Deconsolidation)
4 Q3 Consolidated Net Sales Up 66% YoY (Excl. Impact of Deconsolidation*1) + 48% YoY Total net sales of Business, X, Home segments surged 47% YoY. (+66%*1) Growth in Business segment accelerated to +52% YoY and in Home segment to +23% YoY. Transferred all shares of (¥mn) SMARTCAMP 17,916 (YoY) 18,00
Slide 6: SaaS ARR
5 SaaS ARR*1 +30% YoY Corporate ARR in Business segment continued to soar, up 31% YoY. (¥mn) (YoY) 50,000 48,645 47,669 48,000 X Recurring Revenue 1,893 +5 % 44,303 1,914 2,008 46,000 Business Fintech 1,848 +68% 44,000 Business :Corporate 40,879 1,896 42,000 1,684 40,000 Business Sole Proprietors 37
Slide 7: Quarterly Net Sales of Business Segment
Business segment 6 Quarterly Net Sales of Business Segment +52% YoY The card business served as a major driver, with net sales of Business segment surging 52% YoY. Corporate recurring revenue continued to see firm growth, up 34% YoY. (¥mn) 14,000 13,312 (YoY) 13,000 12,375 Transaction / Non-recurrin
Slide 8: Business Segment: Highlights in FY11/26 Q3
Business segment 7 Business Segment: Highlights in FY11/26 Q3 The number of paying customers exceeded 500,000. Net sales continued to grow rapidly, rising 52% YoY, and 45% YoY excluding the impact of the acquisition in Q3. Quarterly net sales Corporate ARR Medium-sized company ARR ¥ 13.31 v bn ¥ 37.
Slide 9: Corporate ARR in Business Segment Increased by 31% YoY
Business segment 8 Corporate ARR in Business Segment Increased by 31% YoY. +31% YoY ARR of medium-sized companies continued to grow rapidly, rising 35% YoY. (¥mn) 37,589 38,000 36,765 36,000 (YoY) Medium to large-sized Companies 33,733 34,000 31,263 32,000 SMB 30,000 28,654 26,958 28,000 18,763 19,5
Slide 10: Paying Customers and ARPA Continued to Rise
Business segment 9 Paying Customers*1 and ARPA*2 Continued to Rise The number of paying customers exceeded 500,000. The number of corporate customers continued strong growth, up 21.1% YoY. Corporate ARPA continued to increase, rising 8.4% YoY, even as the impact from price revisions subsided. Paying
Slide 11: Net Increase in Corporate Customers and Accounting Firms Channel
Business segment 10 Net Increase in Corporate Customers and Continued Enhancement of Accounting firms Channel Large-scale adoptions via accounting firms continued to make progress, with the net increase in customers FY11/26 Q3 Net increase in rising drastically YoY (from 9,675 in FY11/25 Q3). corpor
Slide 12: SMB ARR Increased by 28% YoY
Business segment 11 SMB ARR Increased by 28% YoY The net increase in customers was favorable at +10,345 companies. ARR excluding STREAMED rose ¥520mn, while ARPA also continued to grow, up 10.5% YoY. ARR and ARPA are expected to rise from FY11/27 Q3 onward driven by pricing revisions. SMB ARR and No
Slide 13: Pricing Updates Planned for Cloud Subscription Plans for SMBs and Sole Proprietors
Business segment 12 Pricing Updates Planned for Money Forward Cloud Subscription Plans for SMBs and Sole Proprietors Planning to update pricing for subscription plans to accommodate changes in laws and regulations, the development of new functions, and the rise in development costs due to inflation.
Slide 14: Updating Pricing by Continuously Raising Value of Services, Including AI Functions
Business segment 13 Updating Pricing by Continuously Raising Value of Services, Including via AI Functions Continued to enhance multiple products, including the MCP server and AI functions. AI-related updates Provision of Publication of Revamp of AI-powered accounting accounting API AI chat support
Slide 15: Accounting Firms Summit 2026
Business segment 14 Hosted “Accounting Firms Summit 2026,” one of Japan’s largest events for accounting and tax professionals, on October 2. Under the theme “Shaping the Future of Accounting Firms with AI,” we shared the latest examples of AI adoption and our product development roadmap. Live demons
Slide 16: Medium-Sized Company ARR Up 35% YoY
Business segment 15 Medium-Sized Company ARR Also Continued to Rise Firmly, Up 35% YoY ARPA excluding the impact of the business succession of AKASHI was ¥1,225k, accelerated, up 7.6% YoY. Medium-sized company ARR*1 and No. of customers Average No. of paid products and ARPA per 1 medium-sized compan
Slide 17: Back-office SaaS lineup enhanced with AI-powered autonomous support
Business segment 16 One of Japan’s largest back-office SaaS lineups, now enhanced with AI-powered autonomous support Corporate Performance Accounting Management HR Expense Management Contract NEW Receivable SaaS Management NEW AI-powered autonomous task support Released in Oct. 2026 to select accoun
Slide 18: Released Money Forward Cloud AI Token Management
Business segment 17 Released Money Forward Cloud AI Token Management Centrally monitors and displays AI costs and usage on a dashboard. Helps companies fortify AI governance in response to the expanded use of AI tools. AI costs and usage can be confirmed by unit of user, tool, and model Visualizatio
Slide 19: Strengthening Product Lineup for HR and Labor Management at Mid-Sized Companies
Business segment 18 Strengthening the Product Lineup for HR and Labor Management at Mid-Sized Companies Money Forward Cloud Health Management Launching in Mid-October. For mid-sized companies, health checkups and stress checks involve significant compliance requirements, including conducting assessm
Slide 20: Consolidated Gross Profit and Gross Profit Margin of Back-Office SaaS Business
19 Consolidated Gross Profit and Gross Profit Margin of Back-Office SaaS Business Gross margin of SaaS applications for back-office operations continued to sustain high levels, at 90%. Consolidated gross profit Back-office SaaS Business gross profit margin*1 (financial accounting basis) (management
Slide 21: Quarterly EBITDA and Operating Profit
20 Quarterly EBITDA*1, and Operating Profit Adjusted EBITDA*2 and EBITDA margin both hit a record high at ¥4.8bn and 26.8%, respectively. EBITDA margin excluding HIRAC FUND was 19.0%, improving by 7.3 pts YoY. FY11/22 FY11/23 FY11/24 FY11/25 FY11/26 (¥mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
Slide 22: Breakdown of Cost of Sales and SGA (EBITDA basis)
21 Breakdown of Cost of Sales and SGA (% to Net Sales, on an EBITDA basis) Will continue to place emphasis on unit economics while making disciplined investments. (%) 140% 134% Advertising Expenses 131% Other 124% 123% Rents 120% Commission Fee 30% 110% 108% Subcontract Expenses 34% 107% 25% 105% Pe
Slide 23: Employees
22 Employees*1 On an organic basis excluding the impact of group join, employees increased by 59, contracting from 118*2 in Q2. (Employees) People Forward（personnel department） Corporates Other Engineer / Designer / Data analyst 3,099 2,977 Major changes from 3,000 Finance 2,868 2,916 2,810 2,859 97
Slide 24: Boosted CS Productivity with AI Chatbot Updates
23 Boosted CS Productivity with AI Chatbot Updates Demand for customer support is rising driven by the expansion in our customer base and product lineup. AI reduces the need for additional customer support staff. No. of human customer support cases decreased 52% YoY*¹ 配賦処理の設定方法について教えて AI helps impro
Slide 25: Annual Sales and ARR per Employee
24 Annual Sales (excluding HIRAC FUND)*1 and ARR per Employee*2 ARR per employee improved by 15.9% YoY. Annual sales per employee (excluding HIRAC FUND*1) ARR per employee*2 (¥k) (¥k) 16,012 16,150 20,553 20,597 20,416 16,000 15,496 19,309 20,000 14,548 13,932 13,630 13,422 18,000 14,000 12,985 16,3
Slide 26: Balance Sheet Items
25 Balance Sheet Items Continued to maintain a high level of financial soundness. Short-term borrowings*1 (¥mn) 6,063 Current portion of long-term borrowings Cash and Deposits 6,579 Current Liabilities Accounts payable 39,148 46,727 9,820 Contract liabilities 11,797 Deposits received Purchased 4,896
Slide 27: Analysis of Changes in Cash and Deposits Balance
26 Analysis of Changes in Cash and Deposits Balance Breakdown of cash flow Profitability expanded, with Q3 business CF excluding the impact of Card business*1 increasing by ¥962mn and Q1-Q3 cumulative business CF by ¥2,619mn. Cash and deposits + purchased receivable Since the Company’s purchased (¥m
Slide 28: Future Growth Opportunities and Initiatives Enabled by AI
Financial Results Future Growth Opportunities and Initiatives Enabled by AI
Slide 29: Agenda: Targets, AI Growth Opportunities, Initiatives
28 Financial Results 1 Medium- to Long-Term Financial Targets for FY11/28 p. 29 2 New Growth Opportunities Enabled by AI p. 31 2-1. Evolution of Value Proposition 2-2. Enhanced Product Lineup for AI Execution 2-3. Achieving ¥15bn in ARR Through AI products & AI-managed services 2-4. TAM Expansion by
Slide 30: Progress in Medium- to Long-Term Financial Targets
29 1. Progress in Medium- to Long-Term Financial Targets In FY11/25, net sales was near the upper end of initial guidance, while adjusted EBITDA topped initial guidance. Raised full-year guidance in FY11/26 Q2. Making steady progress toward achieving medium- to long-term financial targets. Driving f
Slide 31: Business Segment Profit Plan, FY11/26 Progress in Medium- to Long-Term Targets
30 1-1. Business Segment Profit Plan, FY11/26 Progress in Medium- to Long-Term Targets Expecting EBITDA margin to improve by 21pts to 30%+ in the three years covering FY11/25–FY11/28. FY11/26 Q3 EBITDA margin expanded by 8.8pts YoY, on track to achieve the FY26 Rule of 40*1 and FY28 margin target. W
Slide 32: New Growth Opportunities Enabled by AI
31 Financial Results 2 New Growth Opportunities Enabled by AI
Slide 33: Unlocking Opportunities—from Cloud to AI
32 2. Unlocking Opportunities—from Cloud to AI Aiming for further business expansion by positioning the evolution of AI as the new catalyst following cloud adoption. Past Value created by cloud Now New value created by cloud and AI • Dependent on specific PCs or locations Cloud-based On-premises • T
Slide 34: Evolving Our Value Proposition — Delivering End-to-End Completion
33 2-1. Evolving Our Value Proposition — Delivering End-to-End Completion Evolving from providing tools for individual tasks to delivering end-to-end coverage across back-office workflows. e.g. Before People execute each step using task-specific tools Journal Entries & STEP 1 Invoicing STEP 2 Accoun
Slide 35: A Comprehensive Back-Office SaaS supporting AI Execution
34 2-2. A Comprehensive Back-Office SaaS supporting AI Execution One of Japan’s Leading Back-Office SaaS Portfolios, with 30+ Products System of Record Expanded through Reliable Capture and In-House Retention of Business Data Development and M&A etc Finance Payments and etc Cash Management Governanc
Slide 36: Achieving ¥15bn in ARR Through AI Products and AI-managed services
35 2-3. Achieving ¥15bn in ARR Through AI Products and AI-managed services Expanding both our customer base and ARPA through enhanced value proposition. SMB Mid Autonomously executing tasks Highly Autonomous Execution across back-office functions AI Agent of Individual Business Tasks ARPA Expansion
Slide 37: Expanding from digital tools to digital workers, increasing TAM by approximately 5x
36 2-4. Expanding from digital tools to digital workers, increasing the TAM by approximately 5x* TAM expands to approximately ¥14.1 trillion, offering higher-value solutions that substitute for labor costs as Japan faces an aging population and labor shortage. TAM in the SMB segment TAM in the Mid s
Slide 38: Initiatives in AI products/AI-managed services
37 Financial Results 3 Initiatives in AI products/AI-managed services
Slide 39: Early Access to Money Forward AI Cowork for Select Accounting Firms
AI product AI-managed services 38 Offered Early Access to Money Forward AI Cowork to Select Accounting Firms Money Forward AI Cowork performs tasks autonomously, from confirming evidence and card statements to recording monthly journal entries. For monthly settlements, it confirms unprocessed journa
Slide 40: Released New AI Agents, Started to Charge Fee for Certain Products
AI product AI-managed services 39 Released New AI Agents, Started to Charge Fee for Certain Products Started charging a fee for Custom Report Generation Agent from August. Will gradually monetize other AI agents as well. AI expense claims AI accounting and finance ⚫ Entertainment Expense Reimburseme
Slide 41: Released Multiple Accounting/Finance AI Agents
AI product AI-managed services 40 Released Multiple Accounting/Finance AI Agents Using Custom Report Generation Agent reduces time spent on such tasks as compiling multi-year comparisons of each division’s financial results from 15–20 minutes to 10 seconds*. Consolidated Financial Automated Project
Slide 42: Case: Raised Productivity of Accounting Firm with MCP Server
AI product AI-managed services 41 [Case] Raised Productivity of Accounting Firm with MCP Server, Money Forward Cloud Full-fledged cloud adoption and AI utilization enabled the accounting firm to maintain operational excellence even while reducing staff from 16 to 12. Change within Usage accounting f
Slide 43: Boosted Profitability, ARPA through AI-managed Services
AI product AI-managed services 42 Boosted Profitability, ARPA through AI-managed Services Raised operational productivity and cut back on man-hours spent on bank transfer tasks by some 50% by using AI. AI automates human operations/ Expert staff ensures accuracy Broadly covers back-office operations
Slide 44: Released AI-Managed Services for HR, Labor, Lease Contracts
AI product AI-managed services 43 Released AI-Managed Services to Comprehensively Manage HR, Labor, Lease Contracts Key functions Expert operators and AI offer tailored support in lease contract management and related tasks Example of tasks Calculate payroll/bonus Issue payslips Check/aggregate atte
Slide 45: Appendix: Financial Highlights by Companywide and Segment
Financial Results Appendix Financial Highlights by Companywide and Segment
Slide 46: Quarterly Net Sales of Home Segment
Home segment 45 Quarterly Net Sales of Home Segment Growth in net sales expanded to 23% YoY driven by media/advertising revenue. The number of users continued + 23% to rise as well. The negative impact on net sales from the extended premium service period deriving from the YoY GitHub incident was ro
Slide 47: Total and Paying Users of Money Forward ME
Home segment 46 Total and Paying Users of Money Forward ME The number of total and paying users expanded steadily, topping 18.6mn* and 682,000, respectively. (Premium paying users) (Total users) Number of Paying Users for Standard Course Number of Paying Users for Asset Building Advanced Course Numb
Slide 48: Money Forward ME App Now Available in Apps in ChatGPT
Home segment 47 Money Forward ME App Now Available in Apps in ChatGPT Enables using Money Forward ME data in ChatGPT*¹ to discuss concerns and questions regarding money. Will extend scope of support from “visualizing money” to helping make financial decisions. ”Simulate my life plan based ”Analyze m
Slide 49: Quarterly Net Sales of X Segment
X segment 48 Quarterly Net Sales of X Segment Quarterly net sales increased by 16% YoY. +16% YoY (¥mn) (YoY) 1,085 1,000 934 934 928 Non-recurring Revenue Recurring Revenue 800 800 736 739 719 609 689 717 +30% 668 660 469 465 628 613 462 620 616 600 356 508 349 346 303 284 503 276 452 466 320 290 32
Slide 50: FY11/26 Q3 Results by Segment
49 FY11/26 Q3 Results by Segment Business segment EBITDA increased by ¥1.73bn YoY, and the margin improved significantly by 8.8 pts. FY11/26 Q3 results (Reference) FY11/25 Q3 results EBITDA EBITDA Net sales YoY EBITDA Net sales EBITDA (¥mn) margin margin Consolidated 17,916 48% (66%*1) 4,732 26% 12,
Slide 51: Adjusted EBITDA / EBITDA, Adjustments, and Operating Profit
50 Adjusted EBITDA*1/ EBITDA*2 , Adjustments, and Operating Profit EBITDA excluding HIRAC FUND*3 increased by ¥1.61bn YoY. YoY QoQ (¥mn) FY11/25 Q3 FY11/26 Q2 FY11/26 Q3 (vs. FY11/25 Q3) (vs. FY11/26 Q2) EBITDA (excl. HIRAC FUND)*³ 1,390 2,183 2,997 1,608 814 Adjusted EBITDA*¹ 1,442 2,280 4,802 3,36
Slide 52: Breakdown of Cost of Sales and SGA (Operating Profit Basis)
51 [Reference]Breakdown of Cost of Sales and SGA (% to Net Sales, Based on Operating Profit) (%) Advertising Expenses Other 146% Rents Commission Fee 150% 142% Subcontract Expenses Personnel Expenses 134% 135% 30% 124% 122% 120% 125% 34% 118% 118% 25% 36% 110% 108% 110% 109% 20% 18% 17% 20% 17% 105%
Slide 53: FY11/26 Guidance
Financial Results FY11/26 Guidance
Slide 54: FY11/26 Guidance
53 FY11/26 Guidance The full-year Revenue guidance has been revised from ¥53.4～57.55 bn to ¥60.5~62.3 bn (YoY+33.1% to +37.1%), driven by the strong performance of the Business and Finance segments. Revenue by Segment (Actuals / Forecast) SaaS ARR by Segment (Actuals / Forecast) 2Q Updated 2Q Update
Slide 55: FY11/26 Guidance
54 FY11/26 Guidance In Q2, Revised upward the full-year guidance for Adjusted EBITDA*1, operating profit, ordinary profit, and profit attributable to owners of parent, driven by the strong performance of the Business and Finance segments. Full-Year Results FY26 Guidance Revised Forecast (¥mn) FY25 N
Slide 56: Back Office SaaS Potential Market Size
Business segment 55 Back Office SaaS Potential Market Size Potential market size of back-office SaaS, Group’s current area of focus, is estimated to be about ¥2.81tn*1. Money Forward’s share Potential customers TAM*1 (No. of customers)*2 Sole Proprietors 4.56mn ¥93bn 5% SMB 1.92mn ¥263bn 13% Medium-
Slide 57: Potential of Midmarket
Business segment 56 Potential of Midmarket Further growth is expected through the expansion of the midmarket customer base and increase in ARPA. Midmarket TAM ARPA ¥2.45tn *1 Medium-sized companies: 130,000 × Potential ARPA*2: ¥18mn (assuming that all 25 products are installed) FY26 Q3 Midmarket ARR
Slide 58: Extend Business Segments and Services and Tap Expansive TAM
57 Extend Business segments and Services and Tap Expansive TAM*¹ Deploying business in a massive TAM totaling ¥5.7tn. TAM is anticipated to expand further by offering SaaS x AI solutions in the digital worker space. Aim to accelerate corporate value growth. X ¥0.8tn Future Home Home segment*2 ¥1.0tn
Slide 59: Fintech ARR Disclosed Under the Business Segment from FY11/26
Business segment 58 From FY11/26 onward, Fintech ARR* is disclosed under the Business segment A portion of Fintech-related transaction revenue is now recognized as Fintech ARR*. Reflecting this update, full-year ARR guidance has been revised to ¥49.7~52.5bn to incorporate Fintech ARR. Invoicing and
Slide 60: Definition of KPIs
59 Definition of KPIs Monthly recurring revenue. MRR Total recurring revenue as of the end of a particular month. Annual recurring revenue. ARR Calculated by multiplying the MRR as of the end of a particular period by 12. Calculated by multiplying the MRR of Home, Business, and X segments at the end
Slide 61: Disclaimer
60 Disclaimer The forward-looking statements and other contents included in this material are determined based on information currently available and may be subject to change due to macroeconomic trends, changes in the market environment or industry in which the Group operates, or for other internal