Freee K.k. · TSE:4478
Freee K.k — Q2 FY2026.6 Earnings Presentation
65 slides from Freee K.k's earnings presentation, Feb 12, 2026
Slide 1: Q2 FY2026.6 Financial Results
Q2 FY2026.6 Financial Results freee K.K. February 12, 2026
Slide 2: Highlights for the Second Quarter of Fiscal Year Ending June 30, 2026
Highlights for the Second Quarter of Fiscal Year Ending June 30, 2026 Q2 revenue grew +29.5% YoY, raising full-year earnings guidance to JPY 41,930MM with +26.0% YoY. ● FY2026.6 Q2 revenue grew +29.5% YoY to JPY10,197MM, reflecting strong H1 performance and leading to an upward revision of the full-
Slide 3: Important KPIs and Financial Results
Important KPIs and Financial Results Platform ARR(1) Platform Number of Paying Customers(2) Platform ARPU(3) JPY 39.1Bn (YoY +26.0%) 643K+ (YoY +13.3%) JPY 60.8K (YoY +11.2%) Corporate Segment: Corporate Segment: Corporate Segment: JPY31.1Bn (YoY +29.5%) 256K+ (YoY +18.0%) JPY121.6K (YoY +9.7%) Reve
Slide 4: Financial Highlights - Platform Business
Financial Highlights ‐ Platform Business ‐ 4
Slide 5: Platform ARR
Platform ARR ● The Platform ARR was JPY 39,151MM, up 26.0% YoY. ○ Subscription ARR(1) growth reached 27.1% YoY in the Corporate segment, led by accelerated new customer acquisition in the Mid segment. The Self-employed segment also maintained a steady growth trend of 13.9% YoY. ○ Transaction ARR(2)
Slide 6: Number of Paying Customers/ARPU (Platform)
Number of Paying Customers/ARPU (Platform) ● In the Corporate segment, new paying customers achieved net additions of 21,265 in H1, surpassing a cumulative total of 250K, with robust new customer acquisitions via both direct channels and accounting firm partnerships driving further expansion of the
Slide 7: Revenue
Revenue ● Revenue was JPY 10,197MM, up +29.5% YoY. Exceeded JPY 10Bn in a single quarter. YoY Revenue(1)（Quarterly） +29.5％ JPY MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2024.6 FY2025.6 FY2026.6 1. Why, Inc. is consolidated from Q1 of FY2024.6, pasture is consolidated from Q2 of FY2024.6, Apollo Inc. is con
Slide 8: Gross Profit
Gross Profit ● Gross profit was JPY 8,198MM, and gross profit margin was 80.4%. ○ The gross profit margin, excluding the impact of software amortization, was 82.7%, tracking in line with the previous quarter. Gross Profit(1)（Quarterly） Gross Profit Margin(1)（Quarterly） JPY MM % ※ Gross profit margin
Slide 9: Adjusted Operating Profit
Adjusted Operating Profit ● Adjusted operating profit was JPY 662MM, and adjusted operating profit margin was 6.5%. ○ Achieving stable profit generation through disciplined cost control, while balancing continuous productivity improvement with strategic investments in key areas including accounting
Slide 10: Breakdown of SG&A (% of Revenue)
Breakdown of SG&A (% of Revenue) ● S&M(1)-to-revenue ratio increased YoY while the personnel cost-to-revenue ratio declined due to improvements in sales productivity. We also executed strategic investments in marketing, including brand awareness initiatives such as online ads and user conferences. ●
Slide 11: Adjusted Free Cash Flow
Adjusted Free Cash Flow ● Adjusted free cash flow(1) for H1 of FY2026.6 came in at JPY▲5,479MM, impacted by seasonal factors such as cash-outflows for prepaid IT tool expenses. We expect an improvement in H2 driven by the unearned revenue build-up. Adj. FCF Fluctuation Factors Adjusted Free Cash Flo
Slide 12: FY2026.6 Financial Outlook
FY2026.6 Financial Outlook 12
Slide 13: FY2026.6 Revenue Earnings Guidance Revised Upward to 26%, JPY 41,930MM
FY2026.6 Revenue Earnings Guidance Revised Upward to 26%, JPY 41,930MM ● The revenue earnings guidance was revised upward to +26.0% YoY, JPY 41,930MM, reflecting strong performance including robust new customer acquisition in the first half. ● Reflecting the upward revision of the revenue earnings g
Slide 14: Driving Growth Through Core Business Investment and Cost Optimization
Driving Growth Through Core Business Investment and Cost Optimization ● We will make strategic investments focused on key areas of S&M and R&D in FY2026.6 to drive mid-to-long-term growth, while continuing to improve cost efficiency through AI implementation. ● Hiring progressed as planned, maintain
Slide 15: Continuing Investment to Strengthen Positioning in the Corporate Segment
Continuing Investment to Strengthen Positioning in the Corporate Segment ● Investments for growth in the Corporate segment will continue to build a strong position and ensure profitability in both Small and Mid Corporate segments, supported by brand recognition established in Self-employed segment.
Slide 16: Mid Segment ARR Steadily Grows with Progress in New Acquisitions
Mid Segment ARR Steadily Grows with Progress in New Acquisitions ● Mid segment Platform ARR reached JPY 14,770MM, with strong growth of +28.2% YoY. ○ Mid segment Subscription ARR net additions reached JPY 758MM, expanding the cumulative total to JPY 13,722MM, achieving sustained growth through robus
Slide 17: Mid-to-Long-term Growth Strategy Initiatives
Mid-to-Long-term Growth Strategy Initiatives 17
Slide 18: Drivers for Achieving the Rule of 40 in FY2028.6
Drivers for Achieving the Rule of 40 in FY2028.6 1 Driving Customer Base Expansion Through Industry-Focused Solutions in Core Businesses Increasing Revenue Contribution from New Businesses 2 with High Growth Potential Aiming to Become the De Facto Standard Infrastructure 3 for Accounting Firms Advan
Slide 19: Driving Further Expansion of Our Customer Base Through Industry-Specific Product Enhancements
Driving Further Expansion of Our Customer Base Through Industry-Specific Product Enhancements ● Accelerating industry-specific product enhancements in core areas such as freee Accounting to broaden PMF(1) and deliver integrated value across diverse small business sectors. Industry-Specific Feature R
Slide 20: Accelerating our approach to the payment TAM as a spend management platform
Accelerating our approach to the payment TAM as a spend management platform ● The new freee Bank Transfer service, launching in January 2026, allows end-to-end bank transfers within the freee platform. Together with the existing credit card business, this will contribute to streamlining expense mana
Slide 21: Accelerating AI Integration to Enhance Platform Value and Maximize Customer Satisfaction
Accelerating AI Integration to Enhance Platform Value and Maximize Customer Satisfaction ● The mobile application feature, AI Expense Reimbursement, has advanced its product refinement for commercialization following its closed β phase. It is scheduled for release in February 2026. Standard integrat
Slide 22: Accelerating Market Penetration through AI Integration into SaaS and Outsourcing Services
Accelerating Market Penetration through AI Integration into SaaS and Outsourcing Services ● The AI Year-end Tax Adjustment feature, launched last year, has been widely adopted, streamlining HR operations and reducing administrative burden through AI-powered functions, such as defect checks. ● Levera
Slide 23: Expanding the Back-Office Personnel Expenses and B2B Payment Markets for Small Businesses
Driving Sustainable Growth by Expanding the Back-Office Personnel Expenses and B2B Payment Markets for Small Businesses Facing Labor Shortages ● By accelerating AI utilization and driving the expansion of our outsourcing business, in addition to the SaaS and Finance domains, we aim to develop a vast
Slide 24: Leading the Evolution to an AI-Native Integrated Business Platform
Leading the Evolution to an AI-Native Integrated Business Platfrom Holding a Master’s degree from Keio University. Following his tenure at Sony Corporation, he co-founded freee alongside CEO Daisuke Sasaki. He served as CTO beginning in 2015 and has held the position of Director at the Japan CTO Ass
Slide 25: Shift in Customer Value: from Done by You to Done for You
Shift in Customer Value：from “Done by You” to “Done for You” Conventional Saas Agentic AI Era SaaS Automates compliant expense Intuitive UI/UX for easy expense item What to expect from applications based on receipts, entry and minimize errors. Accounting？ internal policies, and tax regulations. Deli
Slide 26: Redefining the Value Proposition of SaaS in the Agentic AI Era
Redefining the Value Proposition of SaaS in the Agentic AI Era Increasing Value Proposition SaaS that is Challenged by AI SaaS that Thrives in the Agentic AI Era ● SaaS in domains where full business data ● SaaS in domains requiring auditability and Authoritative Record integrity is not required. ac
Slide 27: freee: Built a Competitive Advantage as a SaaS that Thrives in the Agentic AI Era
freee: Built a Competitive Advantage as a SaaS that Thrives in the Agentic AI Era Increasing Value Proposition freee’s Competitive Advantage and Reinforcement Points in the Agentic AI Era Authoritative Record ● One stop source of truth for all data in domains where an authoritative record is mandato
Slide 28: freee's Done for You Value Proposition: Two Concepts in the Agentic AI Era
freee’s “Done for You” Value Proposition: Two Concepts in the Agentic AI Era for Small Business Owners for Back-Office Professionals Towards Unprecedented, The AI Management Core Platform Fully Entrusted Automation. that Delivers Professional AI-Native Back-Office Series Accuracy and Accountability.
Slide 29: freee Cockpit: Achieving Professional Accuracy and Accountability
freee Cockpit: Achieving Professional Accuracy and Accountability What is Necessary to Achieve Expert-Level Accuracy and Accountability The Only AI Management Core Platform that 1 Delivers Professional Accuracy and Accountability Governance Business processes are standardized based on legal regulati
Slide 30: freee Autopilot: The Ecosystem for Complete Business Entrustment
freee Autopilot: The Ecosystem for Complete Business Entrustment What is Necessary for Complete Entrustment Towards unprecedented, fully entrusted automation. AI-Native Back-Office Series 1 Entrustment to AI x Professionals from freee Autopilot Upstream Business Processes AI x Professionals handle a
Slide 31: FAQ
FAQ 31
Slide 32: Q. Why did you revise the FY2026.6 revenue growth guidance to 26.0%?
Q. Why did you revise the FY2026.6 revenue growth guidance to 26.0%? A. For the first half of FY2026.6, driven by robust new customer acquisition, primarily in the Corporate segment, and the expansion of Platform ARR and one-time revenues such as implementation support, our revenue grew +30.8% YoY t
Slide 33: Q. Is freee Accounting's user interface unsuitable for accounting firms?
Q. Is it true that freee Accounting's user interface is considered unsuitable for accounting firms? A. freee Accounting is characterized by an intuitive UI that allows for easy operation regardless of bookkeeping knowledge, while simultaneously serving as a full-scale accounting system with complete
Slide 34: Q. What is the plan for shareholder returns? Q. Is AI a threat to freee?
Q. What is the plan for shareholder returns (share repurchase/dividend)? A. Based on the recognition that maximizing mid-to-long-term corporate value is the essence of shareholder returns, we will prioritize growth investments and strategic M&A to enhance platform value and expand the revenue base,
Slide 35: Appendix: Mid-to-Long-term Growth Strategy
Appendix 1 Mid-to-Long-term Growth Strategy 35
Slide 36: Sustaining High Growth and Improving Margins to Achieve Rule of 40 in FY2028.6
Sustaining High Growth and Improving Margins to Achieve Rule of 40 in FY2028.6 ● During the three-year period starting FY2026.6, we will continue to drive strong top-line growth through strategic initiatives, while steadily improving our adjusted free cash flow to build capacity for the future inves
Slide 37: Supplementary: Relationship Between Adjusted Operating Profit Margin and Adjusted FCF Margin
Supplementary: Relationship Between Adjusted Operating Profit Margin and Adjusted FCF Margin Reconciliation Items for Adj. Operating Profit and Adj. FCF Software Capitalization Impact on Adj. Operating Profit and Adj. FCF JGAAP Key Operating Metrics (Adjusted) Software Capitalization and Amortizatio
Slide 38: Business Model Enabling 40%+ Adjusted Operating Margin in Long-term
Business Model Enabling 40%+ Adjusted Operating Margin in Long-term Mid-to-Long-term Financial Model FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY30 Gross Margin 78.2% 77.4% 79.5% 80.7% 83.6% 82.5% 82.2% 75%-80% adj. R&D(1)(2)(3) 35.9% 28.4% 25.6% 25.8% 35.7% 32.8% 14.2% 8%-13% % of Revenue adj. S&M(1)(2)(4
Slide 39: Cloud Penetration in Japan's Small Business Continues to Expand
Cloud Penetration in Japan’s Small Business Continues to Expand Growing demand due to labor shortage Generational succession accelerating cloud shift Increase in new company incorporations ● Labor shortage in small businesses are about ● Business succession and generational 10x more severe than in l
Slide 40: Our Services for 6.6 Million Potential Customers
Our Services for 6.6 Million Potential Customers and over 70% of Total Employees Small business accounts for more than 70% out freee’s target segment of the 57 million employees in Japan Large Enterprise # of potential Ratio of total employees by company size(3) (1) （1,000EE+ ） customers(2) Mid （20-
Slide 41: Our Goal: De Facto Standard for Small Business
Our Goal: “De Facto Standard for Small Business” Delivering integrated Expanding scope of Accelerating network Unlocking potential in Building strong experience that drives automation and effects through SaaS-adjacent services: ecosystem with meaningful business management support exponential growth
Slide 42: Path to Establishing De Facto Standard Position
Path to Establishing De Facto Standard Position ● Strategic investments will drive freee product penetration rate to 30% in the Corporate segment in mid-term, with a longer-term goal of establishing it as the de facto standard in small business market. ● Leverage network effects from higher penetrat
Slide 43: Key to Develop Small Business Market is Meeting Needs for Cross-functional Streamlining
Key to Develop Small Business Market is Meeting Needs for Cross-functional Streamlining and Maximizing Profitability ERP Software Market Characteristics Implications for Competitive Landscape ● High unit prices. ● Needs for module-based products are high: business process is subdivided and the impor
Slide 44: Into Phase of Expanding Customer Base and Improving Productivity through Cross-Selling
Into Phase of Expanding Customer Base and Improving Productivity through Cross-Selling Driven by Integrated Value Competitive Advantage “A Flywheel” Driving as an Integrated Management Platform Customer Base Growth and Productivity Gains Deliver seamless integration across accounting, HR, and other
Slide 45: Drivers for Achieving the Rule of 40 in FY2028.6
Drivers for Achieving the Rule of 40 in FY2028.6 1 Driving Customer Base Expansion Through Industry-Focused Solutions in Core Businesses Increasing Revenue Contribution from New Businesses 2 with High Growth Potential Aiming to Become the De Facto Standard Infrastructure 3 for Accounting Firms Advan
Slide 46: Driving Customer Base Expansion Through Industry-Focused Solutions in Core Businesses
Drivers for Achieving Rule of 40 in FY2028.6： ①Driving Customer Base Expansion Through Industry-Focused Solutions in Core Businesses ● Accelerating industry-specific product adaptations in core business areas such as freee Accounting and freee HR, and expand PMF(1) coverage. Deliver integrated value
Slide 47: Increasing Revenue Contribution from New Businesses with High Growth Potential
Drivers for Achieving Rule of 40 in FY2028.6： ②Increasing Revenue Contribution from New Businesses with High Growth Potential ● Strengthening the revenue foundation for sustainable growth by increasing contributions from rapidly growing new businesses such as freee Order Management and the credit ca
Slide 48: Aiming to Become the De Facto Standard Infrastructure for Accounting Firms
Drivers for Achieving Rule of 40 in FY2028.6： ③Aiming to Become the De Facto Standard Infrastructure for Accounting Firms ● Leveraging our industry's only(1) cloud platform to provide end-to-end online solutions from bookkeeping, tax filing and business management support, we will promote further ex
Slide 49: Advancing AI Integration to Strengthen Product Value and Increase Operational Productivity
Drivers for Achieving Rule of 40 in FY2028.6： ④Advancing AI Integration to Strengthen Product Value and Increase Operational Productivity ● We aim to enhance product value by expanding operational automation capabilities and enabling high-precision management insights, ultimately driving customer bu
Slide 50: Appendix: Financial Data
Appendix 2 - Financial Data - 50
Slide 51: ARR/Number of Paying Customers/ARPU
ARR/Number of Paying Customers/ARPU FY2024.6 FY2025.6 FY2026.6 (1) Platform ARR Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Platform ARR JPY MM 22,286 23,846 26,441 26,834 28,787 31,071 34,469 35,796 37,120 39,151 Self-employed 5,636 5,773 7,231 6,594 6,604 6,988 8,656 7,745 7,765 7,970 Corporates 16,650 18,073 1
Slide 52: Consolidated Income Statement for Platform Business
Consolidated Income Statement for Platform Business Platform Business(1) JPY MM FY2025.6 FY2026.6 FY2021.6 FY2022.6 FY2023.6 FY2024.6 FY2025.6 Q1-2 Q1-2 Revenue 10,258 13,987 19,219 25,430 33,270 15,250 19,941 YoY Growth 48.8% 36.4% 37.4% 32.3% 30.8% 29.6% 30.8% Cost of Revenue 2,100 2,701 3,153 4,4
Slide 53: Reconciliation Table for Consolidated Income Statement for Platform Business
Reconciliation Table for Consolidated Income Statement for Platform Business R&D(1) FY2024.6 FY2025.6 FY2026.6 FY2024.6 FY2025.6 JPY MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 R&D 8,346 4,742 1,994 2,083 2,050 2,218 1,004 1,069 1,175 1,491 1,402 1,545 - ) Share-based compensation 0 0 0 0 0 0 0 0 0 0 0 0 expen
Slide 54: Reconciliation Table for Consolidated Income Statement for Platform Business
Reconciliation Table for Consolidated Income Statement for Platform Business G&A(1) FY2024.6 FY2025.6 FY2026.6 FY2024.6 FY2025.6 JPY MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 G&A 4,070 4,274 994 1,005 1,108 961 1,023 1,004 1,067 1,178 1,421 1,291 - ) Share-based compensation expenses 736 972 156 181 221 176
Slide 55: Reconciliation Table (Breakdown of COGS and R&D)
Reconciliation Table for Consolidated Income Statement for Platform Business (Breakdown of COGS and R&D) COGS FY2024.6 FY2025.6 FY2026.6 FY2024.6 FY2025.6 JPY MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 COGS 4,439 5,909 1,001 1,074 1,193 1,169 1,279 1,343 1,486 1,799 1,860 1,999 - ) Software Amortization 0 310
Slide 56: Consolidated Balance Sheet and Consolidated Cash Flow Statement
Consolidated Balance Sheet and Consolidated Cash Flow Statement Consolidated Balance Sheet Consolidated Cash Flow Statement JPY MM JPY MM FY2026.6 FY2026.6 FY2023.6 FY2024.6 FY2025.6 Q2 FY2023.6 FY2024.6 FY2025.6 Q1-Q2 Net Cash Provided Total Current Assets 41,210 38,431 45,874 44,554 by (Used in) O
Slide 57: Reconciliation Table for Consolidated Cash Flow Statement for Platform Business
Reconciliation Table for Consolidated Cash Flow Statement for Platform Business Adjusted Free Cash Flow FY2024.6 FY2025.6 FY2026.6 JPY MM FY2024.6 FY2025.6 H1 H2 H1 H2 H1 Operating Cash Flow -6,767 3,661 -6,420 -347 -1,926 5,588 -4,622 + ) Increase in advances paid 1,275 1,691 489 785 985 706 1,573
Slide 58: Shareholder Structure (As of December 31, 2025)
Shareholder Structure (As of December 31, 2025) Based on Total Shares Outstanding Excluding Shares Held by freee Executives and Pre-IPO VC / Strategic Shareholders Individual investors(1) etc. Individual investors(1) etc. freee executives Domestic corporations 8.2 and institutional investors % 11.2
Slide 59: Appendix: Product Pricing
Appendix 3 - Product Pricing - 59
Slide 60: Pricing - freee Accounting
Pricing - freee Accounting Plan(1) Price(1) Features(1) Financial Expense Internal Monthly Payment Annual Payment Statements Management Budgeting Workflow Support Controls Chat / Enterprise *Quoted price *Quoted price E-mail / Dedicated Support Team ● Base fee: JPY 51,980 ● Base fee: JPY 477,360 Cha
Slide 61: Pricing - freee Accounting (for Self-employed)
Pricing - freee Accounting (for Self-employed) Plan(1) Price(1) Features(1) Book- Cash Flow Expense Monthly Payment Annual Payment Tax Return Support keeping Reports Management Chat / E-mail ● Base fee: JPY 39,800 (Preferential Premium *Annual payment only ● ID fee: JPY 3,600 treatment)/ (Free ID fo
Slide 62: Pricing - freee HR
Pricing - freee HR Plan(1) Price(1) Features(1) HR Attendance Advanced Per Month Payroll Employee Support Procedures Management Management (3) Chat / (2) Advanced ● ID fee: JPY 1,100 E-mail / Telephone Chat / Standard ● ID fee: JPY 800(2) E-mail Chat / Starter ● ID fee: JPY 600(2) E-mail Chat / Mini
Slide 63: Pricing - freee Sign
Pricing - freee Sign Plan(1) Price(1) Features(1) Certified No. of No. of Contract (2) Templates Contracts Workflow API Annual Payment Electronic Signature Check Electronic Signature Registered Transmitted JPY 100 per contract JPY 200 Enterprise *Quoted price (Free for up to 5,000 Unlimited Unlimite
Slide 64: Pricing - Other Services
Pricing - Other Services freee A/R & A/P Management (1) freee Order Management(1)(2) Base fee : JPY 3,580 per month Annually Base fee : JPY 357,600 per annum Monthly ID fee : JPY 600 per month (Free ID for up to 1 member) freee Expense Reimbursement Plus(1) Base fee : JPY 2,980 per month Annually Ba
Slide 65: Disclaimer
Disclaimer This document has been prepared solely for the purpose of disclosing relevant information regarding freee K.K. (referred to herein as the "Company", "we" or "us") and, depending on the context, its consolidated subsidiary. This document does not constitute an offer to sell or the solicita