F&m Co., Ltd. · TSE:4771
F&m — Q3 FY2026 Earnings Presentation
52 slides from F&m's earnings presentation, Mar 5, 2026
Slide 1: Financial Results Presentation FY2026 3rd Quarter
Financial Results Presentation FY2026 3rd Quarter F&M CO., ltd. （TSE Standard, Stock Code 4771）
Slide 2: Corporate Philosophy
Corporate Philosophy 2 Making valuable things more accessible Practicing our Tap Water Philosophy of Services, we contribute to society by supporting the back-office functions of all businesses.
Slide 3: Consolidated Financial Results for Q3 FY2026
1 Consolidated Financial Results for Q3 FY2026
Slide 4: Consolidated Financial Results for Q3 FY2026
Consolidated Financial Results for Q3 FY2026 4 Operating Net Sales Composition Ratio (Millions of Yen) Net Sales Profit Accounting Services Segment 3,729 1,137 Consulting Segment 6,169 1,993 24.8% Business Solutions Segment 4,787 585 31.9% Real Estate Leasing Segment 81 20 System Development ¥15,020
Slide 5: Highlights
Highlights 5 Consolidated Results ●Sales and membership showed steady growth across all segments Accounting Services Segment ●Membership continued to increase steadily Consulting Segment ●Membership in the F&M Club continued to grow steadily ●We recorded ¥421 million in revenue from grant awards und
Slide 6: Consolidated Financial Results for Q3 FY2026 | Summary (YoY Comparison)
Consolidated Financial Results for Q3 FY2026｜Summary (YoY Comparison) 6 (Millions of Yen) Q3 FY2025 Q3 FY2026 YoY Change Net Sales 12,326 15,020 +2,693 +21.9% Cost of Sales 3,941 4,821 +879 +22.3% Gross Profit 8,385 10,199 +1,813 +21.6% Gross Profit Margin 68.0% 67.9% － － SG&A 6,521 7,597 +1,075 +16
Slide 7: Performance Trends (Cumulative)
Consolidated Financial Results for Q3 FY2026｜ Performance Trends (Cumulative) 7 ●Sales increased by 21.9% year on year, driven by steady growth in membership across all business segments ●The number of employees in the sales division increased by 40 year-on-year Net Sales Growth Rate ＋21.9％ Operatin
Slide 8: Segment Performance (YoY Comparison)
Consolidated Financial Results for Q3 FY2026｜Segment Performance (YoY Comparison) 8 Net Sales Operating Profit (Millions of Yen) Q3 FY2025 Q3 FY2026 YoY Change Q3 FY2025 Q3 FY2026 YoY Change Accounting Services Segment 3,347 3,729 +382 +11.4% 984 1,137 +153 +15.5% Consulting Segment 4,947 6,169 +1,2
Slide 9: Factors for Change in Consolidated Operating Profit (YoY)
Consolidated Financial Results for Q3 FY2026｜ 9 Factors for Change in Consolidated Operating Profit (YoY) ●While revenue increased by ¥2,693 million, expenses such as personnel expenses, commissions expenses, and depreciation also rose ●Operating profit increased by ¥738 million (Millions of yen)
Slide 10: Consolidated Balance Sheet
Consolidated Financial Results for Q3 FY2026｜Consolidated Balance Sheet 10 (Millions of Yen) Q3 FY2025 Q3 FY2026 YoY Change Current Assets 7,269 8,313 +1,044 Non-Current Assets 10,036 11,323 +1,287 Assets 17,305 19,637 +2,331 Current Liabilities 3,932 5,093 +1,160 Non-Current Liabilities 159 176 +16
Slide 11: Earnings Per Share (EPS) Trends
Earnings Per Share (EPS) Trends 11
Slide 12: Results by Business Segment for Q3 FY2026
2 Results by Business Segment for Q3 FY2026
Slide 13: Accounting Services Segment
Accounting Services Segment
Slide 14: Accounting Services Segment | Performance Trends (Cumulative)
Accounting Services Segment | Performance Trends (Cumulative) 14 ● Membership continued to grow steadily, contributing to sales growth ● The AI coverage rate for bookkeeping reached 93.6%, contributing to cost reduction Net Sales Growth Rate +11.4% Operating Profit Growth Rate +15.5% Operating Profi
Slide 15: Accounting Services | Membership Trends
Accounting Services | Membership Trends 15 ●Membership showed steady growth ●We added a tutorial feature to our app for new users to facilitate the onboarding process ●We enhanced our app for existing users to facilitate service delivery through tech touch
Slide 16: Consulting Segment
Consulting Segment F&M AVAVANG Club F&M Bridge
Slide 17: Consulting Segment | Performance Trends (Cumulative)
Consulting Segment｜ Performance Trends (Cumulative) 17 ●Steady growth in F&M Club membership contributed to membership fee revenue ●We recorded ¥421 million in revenue from grant awards under: • The 20th Round of the Monozukuri Subsidy • The 1st Round of the Subsidy for New Business Ventures • The 4
Slide 18: F&M Club | Membership Trends
F&M Club ｜ Membership Trends 18 ●The number of members remained stable ●We aim to improve contract renewal rates by defining user segments, and by providing continuous, personalized value
Slide 19: Partner Financial Institutions
Partner Financial Institutions 19 ●We launched “Hojo Search," a grant search site for financial institutions, enabling them to provide subsidy information to their customers (Financial Institutions) Q3 FY2026 Breakdown of Partner Financial Institutions Credit Cooperatives 6 Regional 206 213 223 230
Slide 20: Business Solutions Segment
Business Solutions Segment NI4RAF—-Yay ll
Slide 21: Business Solutions Segment | Performance Trends (Cumulative)
Business Solutions Segment| Performance Trends (Cumulative) 21 ●Steady growth in membership of the Office Station series contributed to subscription revenue ●We are strengthening our initiatives for expansion and cross-selling to drive higher growth rates in recurring revenue ●We recorded revenue fr
Slide 22: Office Station Series | Users Trends
Office Station Series｜ Users Trends 22 ●Membership in the Office Station Series exceeded 54,000 companies ●We are focused on improving user retention by enhancing the onboarding process for new users and strengthening our support system for existing users
Slide 23: Office Station Series | Key Metrics
Office Station Series ｜Key Metrics 23 MRR ARR 421 M 5,051 M Churn rate by product CAGR Labor 1.11％ Payslips 1.33％ Time and Attendance Year-End Tax Adjustment 2.02％ 1.05％ 33.7 ％ Pro ※For Labor and Tax Professionals 0.35％
Slide 24: Management Innovation Consultation and Related Organizations | Membership Trends
Management Innovation Consultation and Related Organizations｜ Membership Trends 24 ●In the tax accountant and CPA industry, firms are increasingly leveraging generative AI to improve productivity in office operations and client services This trend has led to steady growth in membership for our AI St
Slide 25: FY2026 Consolidated Forecast
FY2026 Consolidated Forecast 3
Slide 26: FY2026 Full-Year Plan
FY2026 Full-Year Plan 26 (Millions of Yen) Q4 Actuals (P/FY) Q4 Forecast (C/FY) YoY Change Net Sales 17,066 20,867 +3,800 +22.3% Cost of Sales 5,474 6,793 +1,318 +24.1% Gross Profit 11,592 14,073 +2,480 +21.4% Gross Profit Margin 67.9% 67.4% － － SG&A 8,875 10,941 +2,065 +23.3% Operating Profit 2,716
Slide 27: FY2026 Major Three Segments Full-Year Plan
FY2026 Major Three Segments Full-Year Plan 27 Net sales Operating profit (Millions of Yen) P/FY Actuals C/FY Forecast YoY Change P/FY Actuals C/FY Forecast YoY Change Accounting Services Segment 4,921 5,406 +484 +9.8% 1,610 1,613 +2 +0.2% Consulting Segment 6,618 8,283 +1,664 +25.1% 1,663 2,025 +361
Slide 28: Three-Year Business Plan FY2026 to FY2028
Three-Year Business Plan 4 FY2026 to FY2028
Slide 29: We Provide Services Specializing in Back Office to SMEs and Sole Proprietors
We Provide Services Specializing in Back Office to SMEs and Sole Proprietors Nationwide in 29 Collaboration With Our Partners Accounting Services Segment Accounting services for sole proprietors and small-sized enterprises *Main customers are life insurance sales employees Consulting Segment · Admin
Slide 30: Three Strategies for Achieving Sustainable Growth
Three Strategies for Achieving Corporate Philosophy Sustainable Growth 1) Stock-based business Secure continuous revenue and prioritize Bringing valuable things long-term relationships more accessible 2) Partner sales Broaden market access through strategic Tap Water partnerships Philosophy of 3) St
Slide 31: Final Year of Three-Year Plan | Plan for FY2028
Final Year of Three-Year Plan | Plan for FY2028 31 Sales Operating profit Operating profit margin ¥30.0 billion ¥6.0 billion 20% Accounting service members F&M Club members Office Station users 120,000 20,000 70,000 persons companies users
Slide 32: Accounting Services Segment
Accounting Services Segment 32 ● We promote BPO services for certified public tax accountant offices and bookkeeping services for small-sized enterprises toward achieving further growth ● We aim to control costs and improve quality with AI Bookkeeping services for sole proprietors and BPO services f
Slide 33: Consulting Segment
Consulting Segment 33 ● We will strengthen the provision of F&M Club services together with partnering financial institutions ● We aim to increase membership and sales by providing services that capture the latest trends to members Lecturer dispatch training services We promote employee growth and s
Slide 34: Business Solutions Segment
Business Solutions Segment 34 ● Office Station supports the digital transformation of all back-office operations by expanding its products from the “labor relations domain” to the “human resources domain” with the aim of increasing membership ● We aim to increase sales by promoting “cross-selling” t
Slide 35: Business Overview by Segment
5 Business Overview by Segment
Slide 36: Accounting Services Segment
Accounting Services Segment
Slide 37: Business Overview
Business Overview 37 ● We are pursuing cost control through the use of AI as well as efficiency improvements and enhanced user convenience through the widespread use of our app Bookkeeping service process AI coverage rate for 1 Receive necessary bookkeeping expense records, etc. 2 Scan 93.6％ *Result
Slide 38: Market
Market 38 Number of people who filed final income tax returns | 23,389,000 people Life insurance sales employees | 185,200 people Business Our members income earners 3,789,000 80,304 104,896 19,600,000 56.6％ Unit: People Unit: People *Source: National Tax Agency, “Report on the Status of Final Tax R
Slide 39: Consulting Segment
Consulting Segment
Slide 40: Business Overview | F&M Club
Business Overview | F&M Club 40 ● We have a lineup of services that address the issues faced by SMEs ● Users can share tasks to be completed in order to resolve issues on a dedicated member website and have individual company representatives follow up on service usage Finance, labor relations Human
Slide 41: Business Overview | Subsidy Application Support
Business Overview | Subsidy Application Support 41 ● We provide application support primarily for Monozukuri subsidies, business restructuring subsidies and growth investment subsidies for SMEs Cumulative number of (1) Extensive know-how approvals We have supported thousands of companies in applying
Slide 42: Business Solutions Segment
Business Solutions Segment
Slide 43: Business Overview
Business Overview 43 ●In addition to our existing labor services, we will expand offerings to the talent management and human resource evaluation domains, providing services across workforce management and development. Paperless collection of employee Paperless year-end adjustments Web distribution
Slide 44: Companies Using Our Services
Companies Using Our Services 44 Labor relations management cloud No. 1 market share for 5 consecutive years *Source: Deloitte Tohmatsu MIC Research Institute Co., Ltd., “The Current State and Outlook of the HRTech Cloud Market” (FY2020-2024) Number of users: 54,143 *As of December 31, 2025
Slide 45: Sustainability
6 Sustainability
Slide 46: Sustainability Policy
Sustainability Policy 46 A world where no one is left behind socially or economically Based on our mission of the “Tap Water Philosophy of Sevices,” we aim to contribute to the revitalization of society by providing valuable services at low cost, as naturally as water. Currently, more than 99% of bu
Slide 47: F&M's Approach to ESG
F&M’s Approach to ESG 47 Environment Social Governance 01 | Achievement of 01 | Contribution to realizing the 01 | Effective corporate environmentally friendly sustainable growth of all governance business management enterprises and enhancing the work satisfaction of and 02 | Compliance promotion an
Slide 48: Education Policy
Education Policy 48 Master in one year what takes three years to learn at other companies Even new employees are given significant autonomy early on, such as being assigned many clients, allowing them to gain overwhelming real-world experience. This fosters a sense of ownership and a strong sense of
Slide 49: Training System
Training System 49 We have established a training system based on years of service and job duties. Each business division conducts OJT as a foundation and OFF-JT as specialized training for each department. For new graduate employees, training programs are provided from the first through the sixth y
Slide 50: Creating Comfortable Workplaces That Balance Work and Personal Life
Creating Comfortable Workplaces That Balance Work and Personal Life 50 Our Group has established various leave systems to encourage employees to take time off, with the aim of enhancing not only their work but also their personal lives. We have also introduced communication initiatives, including a
Slide 51: Fostering a Culture Where Diverse Human Resources Can Actively Participate
Fostering a Culture Where Diverse Human Resources Can Actively Participate 51 We promote work styles that enable diverse human resources to actively participate regardless of their attributes. We will also foster a culture that respects diversity in the workplace. Recognition trips for outstanding e
Slide 52: This document is intended to provide information about F&M CO.,ltd. and is not intended
This document is intended to provide information about F&M CO.,ltd. and is not intended to solicit investment in securities issued by the Company. Furthermore, this document has been prepared based on data as of December 31, 2025. The opinions and forecasts contained in this document are based on th