Visasq, Inc. · TSE:4490
Visasq — Q3 FY2025 Earnings Presentation
46 slides from Visasq's earnings presentation, Jan 14, 2026
Slide 1: FY2025 3Q Financial Results Presentation
FY2025 3Q Financial Results Presentation VisasQ Inc. (Stock Code: 4490) January 14th, 2026 ©VisasQ Inc. All Rights Reserved.
Slide 2: Summary
Summary • In FY2025 3Q, consolidated transaction volume was +5.3% Y-o-Y, making a return to positive growth on a consolidated basis ◦ Overseas markets, which had remained challenging, also returned to positive growth on a US dollar basis • Consolidated adjusted EBITDA for 3Q FY2025 was strong at JPY
Slide 3: Contents
Contents FY2025 3Q Results Growth Initiatives for FY2025 Appendix ©VisasQ Inc. All Rights Reserved. 3
Slide 4: FY2025 3Q Results
FY2025 3Q Results Growth Initiatives for FY2025 Appendix 4
Slide 5: FY2025 3Q Consolidated Financial Results
FY2025 3Q Consolidated Financial Results • Consolidated transaction volume returned to positive growth Y-o-Y in FY2025 3Q. We aim to recover progress during the fourth quarter, the peak season for our domestic business • Key profit metrics are progressing well, driven by the control of company-wide
Slide 6: Changes to Business Names in IR Materials
Changes to Business Names in IR Materials • Reflecting feedback from investors and to improve the clarity of our disclosure, starting from the 3Q IR materials, we are changing the names of business units from the previous titles to names based on client attributes. • This is a change in presentation
Slide 7: Transaction Volume and Business Profit by Business
Transaction Volume and Business Profit(1) by Business • The Japan Corporates Clients business continued to focus on strengthening sales capabilities. Business profit(1) grew due to the contribution of high-margin products • Transaction volume for Consulting Firms and Financial Institutions (Domestic
Slide 8: Trends in Transaction Volume
Trends in Transaction Volume Transaction volume (by business segment) Transaction volume (quarterly totals) (JPY M) (JPY M) Japan Corporates Clients Transaction volume 4Q Transaction volume 2Q Consulting Firm and Financial Institutions (Domestic Clients) Transaction volume 3Q Transaction volume 1Q C
Slide 9: FY2025: Overview of Key Initiatives and their Progress
FY2025: Overview of Key Initiatives and their Progress Business / Assumptions for FY2025 3Q / Key initiatives for FY2025 Progress 3Q cumulative(1) investment earnings forecast(1) ・Accelerate growth by executing strategies aligned with client characteristics Recovery trend - Target Companies: In addi
Slide 10: Japan Corporates Clients: Performance Trend
Japan Corporates Clients: Performance Trend(1) • Since this business comprises multiple products with different margins, we prioritize operating revenue growth • In 3Q FY2025, operating revenue grew +12.7% Y-o-Y, driven by solid growth in high-margin research products Annual Quarterly 61% 61% 63% 59
Slide 11: Japan Corporates Clients: Trend in Major KPIs
Japan Corporates Clients: Trend in Major KPIs (Sales Structure Aligned with Client Characteristics) • Transaction volume for target companies is recovering • Transaction volume for growth companies was strong at +34% Y-o-Y • Transaction volume for self-matching decreased Y-o-Y due to the transition
Slide 12: Japan Corporates Clients: Status of New Products Planned for FY2025
Japan Corporates Clients : Status of New Products Planned for FY2025 New product consideration phase Challenges and growth potential Progress (as of the initial announcement) • Interviews and reports have a strong impression of being for one-off projects, and are not easily recalled when there is a
Slide 13: Consulting Firms and Financial Institutions (Domestic Clients): Performance Trend
Consulting Firms and Financial Institutions (Domestic Clients) : Performance Trend(1) Annual Quarterly 72% 72% 72% 72% 71% 72% 72% 72% 73% 72% 72% 72% 72% 72% 69% (JPY M) 1,054 Transaction Operating Ratio of Operating Revenue 924 942 953 942 Volume Revenue to Transaction Volume 918 857 864 850 867 3
Slide 14: Consulting Firms and Financial Institutions (Overseas Clients): Performance Trend
Consulting Firms and Financial Institutions (Overseas Clients) : Performance Trend(1) Annual Quarterly 74% 74% 72% 72% 73％ 72% 73% 71% 72% 73% 71% 71% 72% 71% 68% (JPY M) Transaction Operating Ratio of Operating Revenue 1,635 1,650 Volume Revenue to Transaction Volume 1,494 1,472 1,466 1,474 1,489 1
Slide 15: Quarterly Trends in Adjusted EBITDA by Each Business
Quarterly Trends in Adjusted EBITDA by Each Business(1) • Consolidated adjusted EBITDA increased +88.5% Y-o-Y, driven by year-on-year increases in business profit across all three businesses and disciplined management of company-wide costs. Quarterly Trends in Adjusted EBITDA (JPY M) Japan Corporate
Slide 16: Headcount by Business
Headcount by Business(1) • The Japan Corporates Clients and Development fell slightly short of its headcount target Headcounts(average during the period) Personnel Ratios(as of the end of the period) Outer: FY2025 forecast Middle: FY2025 2Q Inner: FY2024 Other Consulting Firms and Financial Institut
Slide 17: Company-Wide Cost Structure after Consolidated Adjustments
Company-Wide Cost Structure after Consolidated Adjustments(1) • Maintained disciplined management of company-wide costs, which were generally consistent with the forecast Consolidated adjusted operating expenses Corporate personnel expenses (excl. costs attributable to business divisions and corpora
Slide 18: Reconciliation of Adjusted EBITDA and Supplement on P/L Statements
Reconciliation of Adjusted EBITDA and Supplement on P/L Statements FY2025 3Q (JPY M) Supplement cumulative Reconciliation of adjusted EBITDA Operating income 871 GAAP operating income +) Stock-based compensation expenses and depreciation expenses +41 Stock-based compensation expense for employees an
Slide 19: Overview of Consolidated Balance Sheet
Overview of Consolidated Balance Sheet (JPY M) End of February 2025 End of November 2025 Current assets 7,154 6,643 Fixed assets 357 464 Assets 7,510 7,107 Current liabilities 4,156 5,604 Fixed liabilities 2,489 110 Liabilities 6,645 5,714 Shareholder equity -2,553 -2,041 Accumulated other comprehen
Slide 20: Growth Initiatives for FY2025
FY2025 2Q Results Growth Initiatives for FY2025 Appendix 20
Slide 21: FY2025 Growth Initiative Highlights
FY2025 Growth Initiative Highlights • As a comprehensive knowledge platform, we are aiming for consolidated transaction volume of JPY 30.0 billion by FY2029, with each of our three businesses continuing to pursue their own growth strategies in FY2025 Japan Corporates Clients Japan Corporates Clients
Slide 22: Japan Corporates Clients: Overview
Japan Corporates Clients: Overview • A comprehensive knowledge platform that provides optimal products for the diverse knowledge needs of domestic corporate clients, from survey to implementation • Survey areas: In addition to expanding basic awareness, the focus is shifting from limited recall such
Slide 23: Platform Development
Consulting Firms and Financial Institutions (Domestic & Overseas Clients): Platform Development • The migration of Japanese clients to the platform originating from Coleman Research Group is progressing smoothly • AI development tailored to professional firms and other new features can now deliver v
Slide 24: Investment in AI Utilization
Consulting Firms and Financial Institutions (Domestic & Overseas Clients) : Investment in AI Utilization • Ilya Vadeiko, who joined Visasq in October 2023, was appointed Chief AI Officer in April 2025 • Promoting the development of functions that utilize AI in the Consulting Firms and Financial Inst
Slide 25: Strengthening Compliance
Consulting Firms and Financial Institutions (Domestic & Overseas Clients) : Strengthening Compliance • The compliance needs of professional firm clients are increasing, and advanced compliance capabilities will be a competitive advantage • In addition to the compliance app we already provide for ins
Slide 26: APPENDIX
| APPENDIX
Slide 27: Make Insightful Connections Possible
Make Insightful Connections Possible To build a better future through a global platform that reduces barriers and enables the direct exchange of mission-critical knowledge
Slide 28: Company Profile
Company Profile Company name VisasQ Inc. Head office location 1F and 9F 4-7-7 Aobadai, Meguro-ku Tokyo 153-0042, Japan Date of establishment March 2012 Services Knowledge sharing platform in the business domain CEO Eiko Hashiba Number of employees 628 (as of end-November 2025) Total number of issued
Slide 29: Business Model
Business Model One of Japan’s leading knowledge platforms specializing in the business domain. We have built a comprehensive knowledge database covering various industries and job functions, enabling rapid matching of corporate challenges with expert insights through multiple approaches. Interview 7
Slide 30: Executive Management Members
Executive Management Members Global Management Committee Director of Board, Director of Board, Head of Co-Head of Global ENS Representative Director of Board, Co-Head of Global ENS Knowledge Platform (US, EMEA) CEO (Japan/APAC, Product) Eiko Hashiba Takeshi Shichikura Yu Miyazaki Masayuki Ogata Eiko
Slide 31: Executive Management Members
Executive Management Members Global Management Committee CFO General Counsel and Chief Compliance Officer Mamoru Kokaze Conrad Gordon Mamoru joined Morgan Stanley in 2011. He joined VISASQ in Conrad served as Deputy General Counsel at Stifel Financial 2022 as CFO, where he is responsible for develop
Slide 32: FAQ: Will Expert Interviews be Replaced by AI?
FAQ: Will Expert Interviews be Replaced by AI? A. Even in the past, despite advances in desktop search and various paid economic information platforms, demand for expert interviews has grown. As the advancement of AI makes information more standardized, the need for expert interviews will, in fact,
Slide 33: FAQ: Business Growth Opportunities Leveraging AI Technologies
FAQ: Please Explain Business Growth Opportunities Leveraging AI Technologies A-1. In the Knowledge Platform Business targeting domestic enterprise clients, we are considering expanding the user base by lowering the barriers to expert interviews, increasing the sophistication of AI-driven matching, a
Slide 34: FAQ: Business Growth Opportunities Leveraging AI Technologies
FAQ: Please Explain Business Growth Opportunities Leveraging AI Technologies A-2. In the Global ENS Business, we expect the demand for expert interviews to increase as AI technologies advance. VISASQ will also leverage AI technologies to enhance its customer service capabilities. (1) Utilize AI in i
Slide 35: New Product for Japan Corporates Clients: Consulting Domain
New Product for Japan Corporates Clients: Consulting Domain We provide comprehensive support for a wide range of business challenges, including new business development, strategy formulation, and overseas expansion. We assemble an optimal team of experts and consultants, led by our core VISASQ consu
Slide 36: New Product for Japan Corporates Clients: Outsourcing Domain
New Product for Japan Corporates Clients : Outsourcing Domain We meticulously select and match you with highly experienced professionals for contract-based roles, tailored to the unique requirements of your project. Our database includes top-tier talent such as PMs, PMOs, engineers, data scientists,
Slide 37: New Product for Japan Corporates Clients: Training Domain
New Product for Japan Corporates Clients : Training Domain A corporate training program to hone "problem-framing" skills, a key to business success, through both theory and practice. Participants learn frameworks for asking the right questions in a group session, then apply these skills through inte
Slide 38: New Product for Japan Corporates Clients: Mid-Career Recruitment Domain
New Product for Japan Corporates Clients : Mid-Career Recruitment Domain This is a matching service that connects you with high-caliber professionals who are not typically found on traditional recruitment platforms. From our domestic database of over 200,000 experts, you can approach talent possessi
Slide 39: Overview of New Stock Incentives
Overview of New Stock Incentives • In order to achieve medium-term management plan, stock incentives will be provided to management so that they are committed to achieving performance targets and increasing the stock price. In addition to issuing new paid Stock Options in line with the performance g
Slide 40: Stock Information
Stock Information(1) 9,261,500 12,376,687 shares shares 1.8% 7.7% 3.0% SO＋PSU SO + PSU 20.3% B種 Class B 34.0% A種 Class A 5.8% VC 10.2% 25.5% 個人投資家 Individual investors 7.7% 機関投資家 Institutional investors 48.0% 創業者 35.9% Founder Before 希薄化前 dilution After dilution 希薄化考慮後 (1) As of Aug. 31st, 2025, “Be
Slide 41: External Factors: Trends in the Overseas M&A Market
(Reference) External Factors Affecting Consulting Firms and Financial Institutions (Overseas Clients) Business: Trends in the Overseas M&A Market Policy interest rates are gradually trending downward. Signs of a bottoming out in global M&A activity are emerging. US Federal Funds Rate Global M&A Tren
Slide 42: External Factors: Overseas M&A Market and Stock Market
(Reference) External Factors Affecting Consulting Firms and Financial Institutions (Overseas Clients) Business: Trends in the Overseas M&A Market and Stock Market • Private equity funds have accumulated significant dry powder, and with expectations of further declines in policy rates, signs of renew
Slide 43: External Factors: Focus on Japan
(Reference) External Factors Affecting Consulting Firms and Financial Institutions (Overseas Clients) Business: Focus on Japan With our strengths in Japanese expert matching, the increasing attention being paid to Japanese equities by overseas investors is a tailwind for VISASQ Overseas Investors’ E
Slide 44: VISASQ and SDGs
VISASQ and SDGs By connecting experts’ insights to various needs, we maximize the value of the insights. We enhance innovation across the globe by aggregating and sharing people’s insights, beyond the boundaries between organizations, generations and regions. ©VisasQ Inc. All Rights Reserved. 44
Slide 45: (Reference) Business Risks and Responses
(Reference) Business Risks and Responses Possibility of occurrence Main business Impact on growth realization risks and business plan execution Details or risk and mitigation strategy Timing of occurrence There is competition with a) overseas companies that mainly run similar businesses overseas and
Slide 46: Disclaimer
Disclaimer Handling of this document This document contains forward-looking statements. These statements were made solely from the information available at the time. Furthermore, these statements do not guarantee future results, and involve risks and uncertainties. Please be aware that the actual re