Hennge K.k. · TSE:4475
Hennge K.k — FY2025 Earnings Presentation
66 slides from Hennge K.k's earnings presentation, Nov 7, 2025
Slide 1: FY09/2025 Full-year Consolidated Financial Results
Note: This is a translation of part of the original Japanese version and is provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail. FY09/2025 Full-year Consolidated Financial Results HENNGE
Slide 2: Table of Contents
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Table of Contents 1. FY09/2025 Full-year Consolidated Financial Results 2. FY09/2026 Full-year Forecast 3. Growth Strategy 4. Appendix Corporate Overview Total Addressable Market Others 2
Slide 3: FY09/2025 Full-year Consolidated Financial Results (Financial Results)
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results FY09/2025 Full-year Consolidated Financial Results (Financial Results) 3
Slide 4: Consolidated Financial Results Highlights
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Consolidated Financial Results Highlights FY2025 FY2024 FY2025 YoY YoY (%) Forecast Progress (%) (unit: JPY million) (Revised on 2025/05) Net sales 8,365 10,924 +2,559 +30.6% 10,881 100.4% (HENNGE One) 7,737 10,259 +2,5
Slide 5: Net Sales
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Net Sales ■ Professional service and others ■ HENNGE One (unit: JPY million) FY2022 FY2023 FY2024 FY2025 5
Slide 6: Net Sales (YoY)
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Net Sales (YoY) Net sales for HENNGE One business, our growth driver, grew significantly YoY. ■ Professional service and others Total ■ HENNGE One YoY +30.6% (unit: JPY million) (+ JPY 2.56B) Professional service and oth
Slide 7: Gross Profit
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Gross Profit ● Gross profit margin ■ Gross profit (unit: JPY million) FY2022 FY2023 FY2024 FY2025 7
Slide 8: Gross Profit (YoY)
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Gross Profit (YoY) Increase in margin was achieved mainly from higher ARPU, which kept the margin stably high. ● Gross profit margin ■ Gross profit (unit: JPY million) Gross profit YoY +34.3% (+ JPY 2.41B) FY2022 FY2023 FY2
Slide 9: Operating Expenses (QoQ)
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Operating Expenses (QoQ) QoQ Advertising expenses increased mainly due Other SG&A - JPY 2M to conducting campaigns aimed at raising awareness and strengthening brand. (unit: JPY million) Business consignment and staffing
Slide 10: Operating Expenses (YoY)
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Operating Expenses (YoY) SG&A to sales ratio 70.0% cost to sales ratio (YoY) SG&A to sales ratio 72.0% Other SG&A increased mainly from Other SG&A 22.1% (-0.2pts) recruitment related expenses associated with the acceler
Slide 11: Net Sales and Operating Expenses
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Net Sales and Operating Expenses ● Net sales ■ Other SG&A ■ Advertising expenses ■ Business consignment & staffing expenses ■ Personnel expenses ■ R&D expenses ■ Cost of Sales (unit: JPY million) FY2022 FY2023 FY2024 FY20
Slide 12: Number of Employees
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Number of Employees A net increase of 79 employees compared to the end of the previous fiscal year. ■ Others ■ Professional service ■ Business Dev. ■ HENNGE One Customer Success ■ HENNGE One Sales ■ HENNGE One Dev./ R&D
Slide 13: Cash Flow
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Cash Flow ● Cash and cash equivalents ■ CF from operating activities ■ CF from investing activities ■ CF from financing activities (unit: JPY million) CF from operating activities: HENNGE One basically has annual contrac
Slide 14: FY09/2025 Full-year Consolidated Financial Results (Business Activities)
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results FY09/2025 Full-year Consolidated Financial Results (Business Activities) 14
Slide 15: Business Highlights
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Business Highlights ● Advertisements and events ○ Hosted “HENNGE One Partner Meeting 2025” in Osaka, Tokyo, and Nagoya (July and September 2025) ○ Hosted “Executive Lunch Meeting” in Osaka and Tokyo (September 2025) “Ex
Slide 16: Advertising Activity Highlights
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Advertising Activity Highlights Actively conducted advertising initiatives focused on in-person events. Engaged in 45+ events 16
Slide 17: Branding Advertisement Activities
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Branding Advertisement Activities To raise awareness of HENNGE One, a campaign featuring three Ultra Heroes was launched from August 2025. In addition, as part of HENNGE’s branding efforts, OOH advertisements targeting n
Slide 18: FY09/2025 Full-year Consolidated Financial Results (KPI Results)
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results FY09/2025 Full-year Consolidated Financial Results (KPI Results) 18
Slide 19: HENNGE One KPI Highlights
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One KPI Highlights (Progress in 12 months, compared to the end of FY2024) # of contracted companies # of contracted users ARR 3,427 companies 2.80M users JPY 11.13B increased by 476 companies increased by 305K us
Slide 20: HENNGE One KPIs (YoY)
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One KPIs (YoY) # of contracted companies # of contracted users ARR YoY +16.1% YoY +12.2% YoY +27.2% (unit: companies) (unit: K users) (unit: JPY million) +476 companies +305K users + JPY 2.38B 20
Slide 21: HENNGE One Gross Revenue Churn Rate
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One Gross Revenue Churn Rate The churn rate remains low, securing a solid base of recurring revenue. 0.54% 0.44% 0.45% 0.43% 0.36% 0.30% 0.34% 0.33% 0.27% 0.28% 0.28% 0.27% 0.27% 0.24% 0.23% 0.21% ● Average month
Slide 22: HENNGE One Contracted Companies & Users
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One Contracted Companies & Users # of contracted companies has increased due to the acquisitions of small to mid sized contracts. ● HENNGE One Contracted Users (K users) ■ HENNGE One Contracted Companies (compani
Slide 23: HENNGE One ARR & ARPU
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One ARR & ARPU Despite the adoption of HENNGE One Pro remaining strong across both new and existing customers, a high proportion of new customers, regardless of their size, opted for single-featured plans, result
Slide 24: FY09/2026 Full-year Forecast
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results FY09/2026 Full-year Forecast 24
Slide 25: Value Generation Cycle
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Value Generation Cycle Leveraging the experience gained from achieving JPY 10B in ARR, we will evolve the Value Generation Cycle striving for JPY 20B in ARR, and sustainable growth beyond. CAGR over 20% FY2022 FY2025 FY
Slide 26: HENNGE One, Supporting Customers' Change
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One, Supporting Customers’ Change Search for the market demands and accelerate the release of new features and services that meet the demands. Continue to support our customers in utilizing SaaS and keep continui
Slide 27: Our Policy of FY2026
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Our Policy of FY2026 In pursuit of JPY 20B in ARR, strengthen sales structure and accelerate new customer acquisition, along with enhancing additional service value HENNGE One Business ● Conduct marketing focusing on ev
Slide 28: FY2026 Forecast Highlights
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results FY2026 Forecast Highlights FY2024 FY2025 FY2026 YoY YoY (%) (unit: JPY million) Results Results Forecast Net sales 8,365 10,924 12,834 +1,910 +17.5% (HENNGE One) 7,737 10,259 12,087 +1,828 +17.8% (Professional service a
Slide 29: FY2026 Forecast - Net Sales by Business
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results FY2026 Forecast - Net Sales by Business Net Sales of HENNGE One business are expected to grow by 17.8% YoY to JPY 12.09B. Professional service HENNGE One and others (unit: JPY million) (unit: JPY million) ■ Results ■ Fo
Slide 30: FY2026 Forecast - Operating Expenses
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results FY2026 Forecast - Operating Expenses Advertising expenses are expected to increase by 20.1% YoY to JPY 1.15B. Operating expenses, excluding advertising expenses, are expected to increase by 17.8% YoY to JPY 9.62B. Opera
Slide 31: Growth Strategy
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Growth Strategy 31
Slide 32: Liberation of Technology
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Corporate Philosophy We want to deliver the power of technology to as many people as we can. Liberation of Technology テクノロジーの解放 32
Slide 33: Maximize LTV
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Maximize LTV Our growth strategy is to maximize LTV. Currently, “Y” and “r” are already in high numbers, therefore our focus is to maximize ARR. LTV = ARR × Y × r Y = [Average contract duration in years] r = [Gross profi
Slide 34: HENNGE One - Growth Strategy KPIs
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One - Growth Strategy KPIs In the recent years, number of small to mid sized contracts were acquired by strengthening relationships with resellers. As a result of providing demanded new services and features, ARP
Slide 35: Mid-term Target and Ambition Beyond
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Mid-term Target and Ambition Beyond While targeting JPY 20B in ARR for FY2029, we will solidify our foundation for further growth beyond, which enables us to exceed JPY 100B in ARR and achieve potential operating profit
Slide 36: Path to Becoming World Class IT Company
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Path to Becoming World Class IT Company We will aggressively focus on promoting the existing business, cultivating new markets, and expanding our value through M&As and other measures. To accelerate these efforts, streng
Slide 37: Preparation for TSE Prime Market Application
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Preparation for TSE Prime Market Application Board resolves to prepare application for TSE Prime Market, aiming for mid to long term growth and further enhancement of corporate value Objectives of Changing Market Segmen
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Slide 39: Appendix (Corporate Overview)
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Appendix (Corporate Overview) 39
Slide 40: Corporate Profile
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Corporate Profile Company name : HENNGE K.K. Directors : Kazuhiro Ogura Representative Director, President and CEO/CTO Kazuaki Miyamoto Representative Director, Executive Senior Vice President Yoshiki Nagatome Director,
Slide 41: Locations
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Locations Japan Taiwan USA HENNGE Inc. HENNGE Taiwan 2025/04 2016/10 Nagoya branch office 2016/08 Tokyo Osaka Head office branch office 2015/06 Fukuoka branch office 2018/08 41
Slide 42: Employee Breakdown by Function
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Employee Breakdown by Function 390 9 (unit: employees, excluding part-time employees, as of 2025-09-30) 42
Slide 43: Liberation of Technology
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Corporate Philosophy We want to deliver the power of technology to as many people as we can. Liberation of Technology テクノロジーの解放 43
Slide 44: History
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results History Our business domain is ever-changing, but our will remains steadfast. y) rit cu y) se tit er ) en LP yb (Id (D (C l x ai aS aS aS nu Em Sa Sa Sa Li 1996 1997 2000 2011 2012 2021 Linux server eCRM software HENNGE
Slide 45: Net Sales by Business
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Net Sales by Business 93.9% of net sales come from HENNGE One business. 6.1% JPY 10.92B ● HENNGE One ● Professional service and others (as of FY09/2025) 45
Slide 46: HENNGE One
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One Provide services in one-stop that remove obstacles for companies trying to improve productivity by adopting cloud. Enhance security and usability of cloud to all the employees by having company-wide implement
Slide 47: HENNGE One - Identity
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One - Identity Provide cross-sectional secure access and SSO for various cloud services used by companies. Access Control ID Federation Customizable policy Administrator Various cloud services SSO Microsoft 365 U
Slide 48: HENNGE One - DLP
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One - DLP Prevent leaks of important data, such as confidential corporate information, from misdirected email and wrong file sharing misconfiguration. DLP Secure DL Email DLP Email Archive - URL auto-conversion - Fi
Slide 49: HENNGE One - Cybersecurity
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One - Cybersecurity Improve the level of security from technology, people, and processes, by addressing measures such as for ransomware and targeted email attacks. HENNGE Cloud Protection HENNGE Tadrill URLs File
Slide 50: HENNGE One - Solid Customer Base
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One - Solid Customer Base HENNGE One is used by 3,427 companies in various industries, and has approximately 2.80 million users. Average number of contracted users per contracted company is approximately 817. (as
Slide 51: HENNGE One - License Lineups
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One - License Lineups Breakdown by Plan (ARR Base, FY2025) ● HENNGE One Pro ● HENNGE One Basic ● Single-function plans and others 51
Slide 52: Appendix (Total Addressable Market)
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Appendix (Total Addressable Market) 52
Slide 53: Number of Companies by Employee Size in Japan
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Number of Companies by Employee Size in Japan Enormous potential within the market exists as cloud adoption will accelerate going forward. Customers’ demands # of employees ID management for 653 ■ # of companies by each
Slide 54: Strengthening Expansion into Overseas Markets
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Strengthening Expansion into Overseas Markets Our main service is a cloud service, which has the potential for cross-border expansion. While continuing to target the Asian market, we will also challenge the business exp
Slide 55: Appendix (Others)
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Appendix (Others) 55
Slide 56: New Business Developments
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results New Business Developments Search for the market demands and accelerate the release of new features and services that meet the demands. Continue to support our customers in utilizing SaaS and keep continuing “Liberation
Slide 57: HENNGE One - Service Overview
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE One - Service Overview Service Overview Service Overview HENNGE Access Control Access control/SSO, etc. HENNGE Email Archive Email audit/Archive HENNGE Device Certificate Device certificate HENNGE Secure Transfer L
Slide 58: Business Investments
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Business Investments Mainly invested in B2B startups that own proprietary elements and technologies, which have synergy with our business. We will increase the value provided to our customers through business alliances,
Slide 59: Customers Mail Cloud
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Customers Mail Cloud Offers email delivery platform that facilitates secure and seamless connection between businesses’ digital services and customers. Public Sector Login notification SMTP DKIM/DMARC TLS Internet Server
Slide 60: Eat unripe fruits, and make mistakes early
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Value Continuously eat unripe fruits and remain as early adopters in order to make “Liberation of Technology” happen. Through a number of trial and error, we will identify new technology that is useful for our customers
Slide 61: HENNGE WAY
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results HENNGE WAY HENNGE WAY is our code of conduct in order to keep changing with challenges and failures. 01 Love technology 02 Eat unripe fruits 03 Be a learnaholic Love and use Take on challenges and Be endlessly curious.
Slide 62: Diversity and Inclusion
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Diversity and Inclusion Focusing our efforts on the Global Internship Program (GIP) not only to provide career development opportunities for the most talented candidates from all over the world, but also to be the preced
Slide 63: Diversity in Organization
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Diversity in Organization Diversity is the key driver to keep challenging and changing. We recognize the differences and respect the differences, which then we can create a basis for an ever-changing organization that val
Slide 64: Glossary
HENNGE K.K. (4475:TSE Growth) FY09/2025 Full-year Consolidated Financial Results Glossary ARR (Annual Recurring Revenue) refers to revenue, normalized on an annual basis, that a company expects to receive from its customers for providing them with products or services of subscription-based model. AR
Slide 65: Disclaimer
Disclaimer This document has been prepared by HENNGE K.K. (the “Company”) solely for information purpose. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company in Japan, th
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