Bengo4.com, Inc. · TSE:6027
Bengo4.com — FY3/2025 Earnings Presentation
79 slides from Bengo4.com's earnings presentation, May 14, 2025
Slide 1: FY3/2025 Results
FY3/2025 RESULTS Bengo4.com, Inc. May. 14, 2025
Slide 2: Contents
Contents 01 FY3/2025 Results P. 3−8 02 FY3/2026 P. 9−12 03 Appendix P. 13−22 04 Business Overview P. 23−39 05 Appendix P. 40−78 1
Slide 3: Vision・Mission
VISION・MISSION VISION Drive a paradigm shift for the better world. Be the Professional-Tech Company. MISSION Do what only professionals can do. Contribute to society using expert knowledge and technologies. 2
Slide 4: FY3/2025 Results
FY3/2025 Results 3
Slide 5: Topics for FY3/2025
Topics for FY3/2025 Net sales increased 24.3% YoY. EBITA rose 14.9% YoY. Final sales and EBITDA exceeded the revised results forecast. （Mil.Yen） FY3/2025 FY3/2025 FY3/2024 Announced Actual /Forecast YoY Actual Actual Forecast Net Sales 14,072 14,000 +0.5% 11,323 +24.3% EBITDA 2,169 2,100 +3.3% 1,887
Slide 6: Quarterly trend in Net Sales
Quarterly trend in Net Sales Strong growth of sales continued in Q4. l New MRR and net MRR growth, a key KPI for CloudSign, reached a record high, driving growth for the Company as a whole. （Mil.Yen） Business Lawyers Library and 4,000 advertising sales were strong. 3,793 Business Lawyers and others
Slide 7: Quarterly trend in ARR
Quarterly trend in ARR Company-wide ARR was 12.73 billion yen. ARR l CloudSign ARR grew by over 30% YoY. YoY 12.73 CloudSign Bil. JPY 30.4% （Bil.Yen） 13.0 Bengoshi.com and others 11.77 CloudSign 11.12 10.66 10.72 10.02 4.6 4.5 4.5 8.09 4.4 4.4 7.62 7.67 4.4 6.81 6.97 6.5 6.39 6.45 2.9 2.8 5.68 2.8 5
Slide 8: Quarterly trend in SGA
Quarterly trend in SGA First decline in fixed costs such as personnel and outsourcing expenses in QoQ due to productivity improvements. Balance upfront investment for future growth and productivity improvement. （Mil.Yen） 2,600 2,523 Growth in personnel and Other Expenses outsourcing expenses stabili
Slide 9: Quarterly trend in Operating Profits
Quarterly trend in Operating Profits In Q4, we achieved record quarterly operating profit of 630 million yen and an operating profit ratio of 16.6%. Net sales increased 200 million yen in QoQ, and cost of sales ratio decreased due to growth in high gross margin services.In addition to the above, SG&
Slide 10: FY3/2026
FY3/2026 9
Slide 11: Trend in Net Sales and Plan for FY3/2026
Trend in Net Sales and Plan for FY3/2026 Net sales (Target) in FY3/2026 16.1 Launch the Legal Brain business AI this fiscal year to create a third Bil. JPY 16.1 business pillar. 14.07 CloudSign's KPIs such as number of requests for information, number of business meetings, and MRR will reach record
Slide 12: Trend in EBITDA and Plan for FY3/2026
Trend in EBITDA and Plan for FY3/2026 3.0 EBITDA (Target) in FY3/2026 Record profit of billion yen, up +38.3% YoY （Mil.Yen） 3,000 19.7% 3,000 20.0% EBITDA EBITDA Margin 16.7% 18.6% 15.8% 15.4% 2,169 1,887 1,500 1,357 1,378 10.0% 6.3% 334 0 0.0% 2021.3 2022.3 2023.3 2024.3 2025.3 2026.3（Target） *EBIT
Slide 13: Trend in Operating Profit and Plan for FY3/2026
Trend in Operating Profit and Plan for FY3/2026 2.0 Operating profit (Target) in FY3/2026 Record profit of billion yen, up +43.9% YoY • CloudSign business returned to profitability Take profits to a higher level • We invested proactively in Legal Brain. （Mil.Yen） 2,000 • Stock compensation expenses
Slide 14: Legal Brain
LEGAL BRAIN 13
Slide 15: Legal Brain initiative
Legal Brain initiative Database Lawyer of legal database precedents Judge Secret database Leagal Legal DB Public consultation Prosecutor Q&A database Legal profession Contract book database database Strengthen development M&A also utilized capabilities by hiring engineers, to acquire legal knowledge
Slide 16: What we hope to accomplish through Legal Brain
What we hope to accomplish through Legal Brain Current Focus LAWYER Current Focus BUSINESS LEGAL BRAIN Long- term view CONSUMER Empowering Japanese society through legal services as "Japan's Legal Department" 15
Slide 17: Launch Provision of Legal Brain Agent
To Business To Lawyer Launch Provision of Legal Brain Agent From May 23, we plan to start offering features to support complex legal research tasks. Going forward, we will gradually add features to comprehensively cover legal operations. Main features 01 Advanced research support using natural langu
Slide 18: Usage status of Legal Brain Agent
To Business To Lawyer Usage status of Legal Brain Agent Use of Legal Brain Agent is expanding in the legal departments of major financial institutions, large corporations, and law firms handling mainly corporate legal affairs. Companies using Legal Brain Agent* *Logos and company names of companies
Slide 19: Multi-product offerings for lawyers and businesses
To Business To Lawyer Multi-product offerings for lawyers and businesses Expand sales of our multiple legal services and products to many companies and lawyers. Compliance In-House Checks Legal Document creation Consultation FAQs All fee-paying companies and lawyers Education Research and training 4
Slide 20: April 7, 2025, AI functionality in BengoKakumei
To Lawyer April 7, 2025, AI functionality in BengoKakumei AI analyzes and organizes a vast amount of documents required for litigation / Reduces workload and fully supports DX for lawyers 19
Slide 21: Launch of AI Enjo Checker
To Consumer Launch of AI Enjo Checker, a risk checking tool for preventing online criticism and libel on April 7, 2025. 20
Slide 22: Providing legal services to society through various approaches
To Consumer Providing legal services to society through various approaches 01 02 03 04 Tik Tok “Bencom-san ” YouTube “Bengoshi.com news” 21
Slide 23: Legal Domain TAM
Legal Domain TAM The target market for Legal Brain has expanded to include the corporate legal affairs market in addition to the lawyer and contract markets. Legal needs continue to grow and the market is expected to continue to grow. Corporate legal Lawyer market Contract-related affairs market mar
Slide 24: Business Overview
Business Overview © Bengo4.com, Inc. 2025 23
Slide 25: CloudSign
CLOUDSIGN 24
Slide 26: CloudSign: Trend in Net Sales
Trend in Net Sales New MRR and net MRR reached record highs; new orders led by Self-Serve on the back of strong demand for e-contract services; ARPPU driven by high unit price products and improved sales activities. ARR increased by more than 30% and business grew steadily. Sales Trend in net sales
Slide 27: Trend in the number of contracts
Trend in the number of contracts （The number of contracts sent bearing an electronic signature and a timestamp） The number of contracts sent increased steadily, surpassing 2.78 million in the quarter. Trend in the Number of Contracts by Quarter Network effects of electronic contract service 1,000 co
Slide 28: Status of Introduction by Local Governments
Status of Introduction by Local Governments Of 427 local governments that have introduced electronic contracts, 289 local governments (approx. 70%)* have introduced CloudSign. Holding seminars for businesses engaging with local and metropolitan governments. Aiming to expand the number of adopting mu
Slide 29: CloudSign introduction in different industries
CloudSign introduction in different industries The introduction of CloudSign continued to accelerate, especially among large companies and local governments. Banks, securities, insurance and other financials IT services, information, telecommunications, human resources and media Construction / Real
Slide 30: Released Japan's First My Number Card Signed File Download Feature
Released Japan’s First My Number Card –Signed File Download Feature This new feature dramatically improve the practicality of electronic contracts while simultaneously streamlining identity verification processes and strengthening security for business-to-business transactions and other important co
Slide 31: Bengoshi.com
BENGOSHI.COM Bengoshi means lawyer 30
Slide 32: Bengoshi.com: Trend in Net Sales
Trend in Net Sales Customer attraction support services are in a recovering trend, while cross-selling of libraries and Hanreihisho progressed in business support services. Customer attraction and business support services, the most important services, have been on an increasing trend since the prev
Slide 33: Trend in the Number of Registered Lawyers
Trend in the Number of Registered Lawyers The number of registered lawyers reached 28,344,accounting for a 60% share of lawyers in Japan. ARPPU is in an increasing trend due to cross-selling of Hanreihisho and Bengoshi.com LIBRARY, and is expected to continue driving growth in the future. Trends in
Slide 34: Promotion of Sales Collaboration in Products for Lawyers
Promotion of Sales Collaboration in Products for Lawyers In the domain of services for lawyers, promoted group collaboration with Bengoshi.com, Hanreihisho, and BengoKakumei. Collaboration between Hanreihisho and Bengoshi.com LIBRARY feels positive, and cross-selling is progressing well. 4,200 lawye
Slide 35: Zeirishi.com
ZEIRISHI.COM Zeirishi means tax accountant 34
Slide 36: Zeirishi.com
Zeirishi.com Japan’s largest tax consultation portal site which has 824k visitors/month. 1. Tax Accountant introduction service Provide introduction service by experienced tax coordinators. They choose the best one for client from among 6,915 registered tax accountants. 2. Tax consultation service P
Slide 37: Zeirishi.com: Trend in net sales
Trend in net sales Net sales grew by 4.1% YoY. Temporarily low unit contract prices due to seasonal factors of tax returns Sales are expected to grow again in April due to a recovery trend in unit contract prices. Trend in net sales Mil.Yen 4.1% 356 322 329 325 312 300 293 253 233 224 210 182 174 17
Slide 38: Business Lawyers
BUSINESS LAWYERS 37
Slide 39: Business Lawyers
Business Lawyers Japan’s largest Corporate legal portal site which has 501k visitors/month. 1. Registered lawyers The lawyer who works in Nishimura & Asahi, Mori Hamada & Matsumoto, Nagashima Ohno & Tsunematsu, Anderson Mori & Tomotsune, TMI etc. 2. “Business Lawyers Library” Browse practical books
Slide 40: Business Lawyers Library also grows steadily
Business Lawyers Library also grows steadily The number of Business Lawyers users steadily increases. The number of companies using "Business Lawyers Library”, a service that provides access to legal books and magazines, currently exceeds 1,900. Trend in the users （monthly) Number of companies that
Slide 41: Appendix
APPE NDIX © Bengo4.com, Inc. 2025 40 APPENDIX
Slide 42: Summary for FY3/2025
Summary for FY3/2025 Net sales increased 24.3% YoY. Operating profit rose 12.4% YoY. (Mil. Yen) FY3/2025 FY3/2025 FY3/2024 Announced Actual /Forecast YoY Actual Actual Forecast Net Sales 14,072 14,000 +0.5% 11,323 +24.3% CoGS 3,239 - -% 2,331 +39.0% Gross Profit 10,833 - -% 8,992 +20.5% SGA 9,443 -
Slide 43: Balance sheet
Balance sheet Net assets increased 1,281 million yen due to higher retained earnings. Equity ratio rose to 47.6%. (Mil. Yen) FY3/2025 FY3/2024 YoY Current Assets 6,604 5,654 +949 Cash and equivalents 4,171 3,469 +702 Fixed Assets 4,692 4,509 +182 Total Assets 11,296 10,164 +1,132 Current Liabilities
Slide 44: Corporate Profile
Corporate Profile Name Bengo4.com, Inc. Place 4-1-4 Roppongi, Minato-ku, Tokyo Date of 4th Jul., 2005 establishment Representative Taichiro Motoe Director Consolidated: 5９５, Employees Non-consolidated: 567 (As of March 31, 2025) Group LIC CO., Ltd and EOC.com Co., Ltd. companies 43
Slide 45: Vision・Mission
VISION・MISSION VISION Drive a paradigm shift for the better world. Be the Professional-Tech Company. MISSION Do what only professionals can do. Contribute to society using professional knowledge and technologies. 44
Slide 46: Board Members
Board Members Representative Director, President and CEO Outside Director Taichiro Motoe Fumihiko Ishimaru Joined Anderson Mori & Tomotsune Foreign Law Joint Enterprise Representative Director of Accord Ventures, Inc. and subsequently founded Authense Law Office. Former executive officer of Digital
Slide 47: Corporate History
Corporate History Released CloudSign KANRI 2025 AI business Released AI Enjo Checker Bengo Kakumei Inc., a Provider of Digital Case 2024 Recordkeeping Tools for Lawyers, Joined the Group Announced Legal Brain Initiative Released Bengoshi.com AI chat legal consultation Released CloudSign Review 2023
Slide 48: Bengoshi.com
BENGOSHI.COM Bengoshi means lawyer 47
Slide 49: Social background of legal consulting services in Japan
Social background of legal consulting services in Japan 14.87 Million people had troubles / disputes over legal matters in a year. Only 28.1% of these people sought Lawyer’s advices. Reasons why they hesitated to ask professional’s help were: Concerns over professional fees 36.3%; / It’s a too minor
Slide 50: Background of lawyer's business in Japan
Background of lawyer’s business in Japan Environments of lawyer’s business has been changing rapidly since the judicial system reform in 2000, such as lifting of ban on advertisements, liberalization of fees, and new bar examination, which was meant to increase number of lawyers in Japan. Number of
Slide 51: Market Environment of the Legal Services Industry in Japan
Market Environment of the Legal Services Industry in Japan The legal services industry has been growing since 2000 due to progress in the development of new customers, as marketing needs for lawyers grow together with the increase in the actual number of lawyers. Legal services market size 25.6 mill
Slide 52: Value proposition of Bengoshi.com
Value proposition of Bengoshi.com A web-based platform for consumers and lawyers, to realize “familiar legal service”. Provides information and services about free legal consulting and detailed information about lawyers for consumers. Consumers Lawyers Hesitate to seek Want to reach out to Support f
Slide 53: Why Bengoshi.com?
Why Bengoshi.com? The largest free legal consultation portal in Japan which has 6.91M visitors/month.* 1. Because the lawyer offers user legal advice for free on the internet service • The outstanding database which has over 1,426k records of consulting cases* 2. Because it has a substantial databas
Slide 54: Services of Bengoshi.com provides
Services of Bengoshi.com provides Provides each kind of contents according to seriousness of issues users have. Targets Contents provided Benefit for users Consumers who have urgent Users can search for the most appropriate “List of lawyers” matters and are willing to seek lawyer for free thanks to
Slide 55: Overview of marketing support service for lawyers
Overview of “marketing support service for lawyers” A marketing support service for lawyers, which helps them acquire clients • The number of visitors to the site has exceeded 10 million. • Acquiring potential clients efficiently based on the focus area of each lawyer Price 20,000 yen or more per mo
Slide 56: Overview of research support service for lawyers
Overview of “research support service for lawyers” Making lawyer book research more comfortable. • Monthly subscription service for law books • "Book browsing" "research service" functions can be used while working from home Price 9,000yen per month Number of books Over 3,100 books Participating pub
Slide 57: Overview of Services for Lawyers (Research Support)
Overview of Services for Lawyers (Research Support) Precedents database with by far the largest share in the industry • The usage rate of the precedents search service by lawyers is 95%. • Hanreihisho in particular is used by all judges and prosecutors, and is the dominant service among the three el
Slide 58: Overview of Services for Lawyers (Business Support)
Overview of Services for Lawyers (Business Support) Digital document organization tool developed by lawyers for lawyers • It supports transition of lawyers’ practice style to one that makes efficient use of digitalized documents. • Empowering Lawyers with the Power of Digital x AI • It supports the
Slide 59: Growth Cycle of Bengoshi.com
Growth Cycle of — Bengoshi.com Increased DB draws more visitors, which stimulates new registration of lawyers who seek to reach out expanded number of users. Lawyer’s action Databases grow Advice for consumers Counselling Register to the website Lawyer list Lawyers Consumers Consumer’s action Visit
Slide 60: CloudSign
CLOUDSIGN 59
Slide 61: Overview of CloudSign
Overview of CloudSign Cloud-based e-contracting service from contract conclusion to contract management. Upload a completed contract that has been negotiated and approved by the other party, and the contract is concluded. The recipient of the document does not need to be registered with CloudSign. U
Slide 62: Usage Image
Usage Image Sender Upload PDF documents Enter Destination Document preparation Send Receiver Sender Receiver Receive by mail Contract confirmation Final step after conclusion of agreement and agreement The signed documents will be automatically e-mailed to the sender and receiver. (It is automatical
Slide 63: Documents used for CloudSign (examples)
Documents used for CloudSign (examples) Human Resources Sales Leases Employment contract Sales Contract Building Lease Agreement Working conditions notice Land purchase agreement Land Lease Agreement Offer of employment Building Sales Contract Parking Lot Rental Agreement Employment agreement Real e
Slide 64: Benefits of CloudSign
Benefits of CloudSign Speed up process Reduce cost Strengthening of compliance With CloudSign, contract signing Shipping cost, paper cost,printer No more losing/missing paper or process will be shorten by 1-2 ink cost, and stamp tax will no altering of contract. weeks, which boosts up upside of long
Slide 65: Price of CloudSign
Price of CloudSign Free Light Corporate Enterprise Fixed fee 0 JPY/Month Fixed fee 10,000 JPY/Month Fixed fee 28,000 JPY/Month Fixed fee To be inquired Pay- per-use 0 JPY/Month Pay- per-use 200 JPY/Sending Pay- per-use 200 JPY/Sending Pay- per-use 200 JPY/Sending Plan contents Plan contents Plan con
Slide 66: Why CloudSign?
Why CloudSign? 1. Cloud contracting service offered by Bengoshi.com • Our Company, which has a deep understanding and knowledge of Japanese law, provides legally reliable products under the supervision of a lawyer. 2. Product development in line with Japanese business practices • In order to expand
Slide 67: CloudSign services
CloudSign services Conclusion of Automatic a contract conversion to data CloudSign Kanri CloudSign scan It facilitates contract management operations with AI, It handles the process from scanning contract which automatically identifies the counterparty to documents to storing documents and the contr
Slide 68: Business Lawyers
BUSINESS LAWYERS 67
Slide 69: Business Lawyers Library fee structure
Business Lawyers Library fee structure Business Lawyers Library, an all-you-can-read book service for corporate legal affairs. Light plan Standard plan Enterprise plan The plan enables an individual to conduct A standard plan that includes education he plan includes compliance training minimum resea
Slide 70: Status of introduction of Business Lawyers Library
Status of introduction of “ BUSINESS LAWYERS LIBRARY ” From the website of "BUSINESS LAWYERS LIBRARY” The service is used by mainly leading law offices and large companies. https://www.businesslawyers.jp/lib/about 69
Slide 71: Advertisement on the websites
Advertisement on the websites Advertising sales on the "Bengoshi.com" and "Zeirishi.com" websites, as well as advertising sales associated with the Business Lawyers conference. Website Conference Advetisements 70
Slide 72: Sustainability
SUS —FAINA © Bengo4.com, Inc. 2025 71
Slide 73: Basic Policy on Sustainability
Basic Policy on Sustainability Going forward, we will work together with all stakeholders Three Viewpoints to drive the creation of a sustainable society, by facing the resolution of social issues from three perspectives, and empowering society. 01 For General 02 For Professional 03 For Enterprise G
Slide 74: Material Issue Map
Material Issue Map Importance to society Access to and use of expert knowledge Response to Information security climate change and protection of privacy Advancing DX services and improving productivity Strengthening corporate Diversity and governance inclusion Training and Corporate ethics creation
Slide 75: MSCI ESG Ratings
MSCI ESG Ratings Bengo4.com receives “BBB” rating from MSCI ESG Ratings Recognized for strong initiatives in "Information security and protection of privacy," a key material issue. The MSCI ESG Ratings,* issued by Morgan Stanley Capital International Inc. (MSCI), evaluate companies worldwide based o
Slide 76: Risk Information
© Bengo4.com, Inc. 2025 75
Slide 77: Risk Information 1
Risk Information1_ Risks identified that could have a significant impact on future growth Degree of Item Major Risks Possibility/Timing Influence Countermeasure Although our business areas are Media business and IT/Solutions business, Low/ Responding to changes in the Business Environment if the Int
Slide 78: Risk Information 2
Risk Information 2_ Risks identified as having the potential to materially impact future growth Degree of Item Major Risks Possibility/Timing Influence Countermeasure We will use a variety of recruiting As we expand our business in the future, we will need to continually recruit and train Low/ metho
Slide 79: Warning
WARNING This document is meant for explaining the company’s business itself and doesn’t mean any inducement or persuasion for buying stocks or/and bonds of the company. This document include descriptions about prospects for future which are based on information available as of today, and actual situ