Money Forward, Inc. · TSE:3994
Money Forward — Q1 FY11/26 Earnings Presentation
68 slides from Money Forward's earnings presentation, April 2026
Slide 1: Financial Results Fiscal Year 2026 1Q
Financial Results Fiscal Year 2026 1Q Ended Feb 28, 2026
Slide 2: Financial Results contents
1 Financial Results 01 Companywide Financial Highlights in FY11/26 P.2 02 Business Highlights and Initiatives in Focus Areas P.25 ４ 03 FY11/26 Guidance and Medium- to Long-Term P.45 Targets 04 Appendix：Financial Highlights by Companywide P.56 and Segment
Slide 3: Companywide Financial Highlights in Q1 of FY11/26
Financial Results Companywide Financial Highlights in Q1 of FY11/26
Slide 4: Highlights in FY11/26 Q1
3 Highlights in FY11/26 Q1 Net sales: ¥14.67bn • Consolidated net sales excluding the impact of deconsolidation rose 42% YoY. Revenue in the Business segment increased by 59%YoY. • Growth in consolidated SaaS ARR*¹ increased to +34% YoY. Accelerating Growth in • As a new indicator of recurring trans
Slide 5: Consolidated Net Sales Excluding Impact of Divestiture Up 42%
4 + 25% Consolidated Net Sales Excluding Impact of Divesture Continued to Grow in Q1, YoY Up 42% YoY (+42% *¹) Growth in Business segment net sales expanded to +59% YoY driven by pricing revisions and the card business. Transfer of all shares of SMARTCAMP Co., Ltd. (¥mn) 16,000 (YoY) 15,043 15,000 F
Slide 6: Quarterly Net Sales of Business Segment
Business segment 5 Quarterly Net Sales of Business Segment +59% Corporate recurring revenue grew significantly, up 37% YoY, while transaction revenue, including the card YoY business surged 200%YoY. As a result, total revenue accelerated, increasing 59% YoY. (¥mn) 13,000 12,375 Transaction / Non-rec
Slide 7: SaaS ARR
6 SaaS ARR*1 +34% YoY Fintech ARR*2 disclosure begins with strong +90% YoY Growth led by the card business. Growth in corporate ARR in Business segment accelerated to +37% YoY. (¥mn) (YoY) 44,303 44,000 +13% 40,879 1,896 +90% 42,000 X Recurring Revenue 1,684 40,000 Business_Fintech 37,519 1,881 38,0
Slide 8: Business Segment: Highlights in FY11/26 Q1
Business segment 7 Business Segment: Highlights in FY11/26 Q1(Corrected on July 2, 2026*) Growth in corporate ARR accelerated to 37% YoY. Quarterly net sales Corporate ARR Corporate ARPA ¥ 12.38 v bn ¥ 33.73 v bn +12.9% v (+59% YoY) (+37% YoY) YoY Growth accelerated QoQ. Growth accelerated QoQ. Grow
Slide 9: Corporate ARR in Business Segment Up 37% YoY
Business segment 8 Corporate ARR in Business Segment Continued to Accelerate, up 37% YoY +37% YoY Net increase in SMB corporate ARR hit a record high at +¥1.63bn, driven by price revisions and STREAMED. ARR of medium-sized companies continued to grow rapidly, rising 42% YoY. (¥mn) 33,733 34,000 31,2
Slide 10: Paying Customers and ARPA Continued to Rise
Business segment 9 Paying Customers*1 and ARPA*2 Continued to Rise Corporate ARPA accelerated, increasing by 12.9% YoY. The number of corporate paying customers increased steadily, up 21.2% YoY. Paying customers*1 ARPA*2 (YoY) (¥k) (1,000 businesses) Sole Proprietors Corporates (YoY) 135 140 140 Tot
Slide 11: Net Increase in Corporate Customers and Accounting Firm Channel
Business segment 10 Net Increase in Corporate Customers and Continued Enhancement of Accounting Firm’ Channel Continued to acquire customers via large accounting firms even during the off-peak tax filing period. Net increase in customers rose drastically YoY (from +8,914 in FY11/25 Q1) mainly owing
Slide 12: Growth in SMB ARR rose to 32% YoY
Business segment 11 Growth in SMB ARR rose to 32% YoY Net increase in ARR reached a record at +¥1.63bn. STREAMED drove growth in both ARR and ARPA owing to the expansion in sales during the tax return period. Price revisions continued to progress steadily. SMB ARR and No. of customers SMB ARPA Net i
Slide 13: Case Studies: Cloud Accounting Spreads among Large Accounting Firms
Business segment 12 [Case Studies] Use of Money Forward Cloud Accounting Spreads among Large Accounting Firms Up Partners SHIN Chuo Accounting Company Deployed corporate-wide Pivoted from manual operations migration to achieve goals and to a convenience-first business model strengthen intra-group li
Slide 14: Medium-Sized Company ARR Up 42% YoY
Business segment 13 Medium-Sized Company ARR Continued to Rise Firmly, Up 42% YoY Net increase in medium-sized companies continued to expand steadily, reaching +699 YoY. Net new ARR in 1Q was in line with historical trends due to seasonality in the sales cycle, with a significant recovery expected i
Slide 15: Case Study: Cost Optimization by Automobile Sales Group
Business segment 14 [Case Study] Cost Optimization, Operational Efficiency by Leading Domestic Automobile Sales Group Isuzu Motors Sales Ltd. and seven other dealerships have adopted Money Forward Cloud. Other car dealerships have also decided to implement the product. Isuzu Motors Sales Ltd. Provid
Slide 16: Japan's Largest Back-Office SaaS Lineup with AI Support
Business segment 15 One of Japan’s largest back-office SaaS lineups, now enhanced with AI-powered autonomous support Corporate Performance Accouting Management HR NEW Expense Management Contract Receivable SaaS Management AI-powered autonomous task support NEW Scheduled to launch in July 2026
Slide 17: Extended Mid-Market HR Customer Base by Taking Over AKASHI
Business segment 16 Extended Customer Base in Mid-Market HR Realm by Taking Over AKASHI Took over Sony Biz Networks Corporation’s attendance management system AKASHI through an absorption-type company split, enabling us to extend our reach to companies whose complex labor management needs could not
Slide 18: Consolidated Gross Profit and Back-Office SaaS Gross Margin
17 Consolidated Gross Profit and Gross Profit Margin of Back-Office SaaS Business Consolidated gross profit and Gross profit margin of back-office SaaS continued to increase. Gross profit margin of back-office SaaS Business *¹ was 88%. Consolidated gross profit Gross profit margin of back-office Saa
Slide 19: Quarterly EBITDA
18 Quarterly EBITDA*1 Adjusted EBITDA*² reached ¥2.81bn, and the adjusted EBITDA margin was 19.2%, both marking record highs. FY11/22 FY11/23 FY11/24 FY11/25 FY11/26 (¥mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 3,000 2,792 2,815 +50% *3 EBITDA (excl.HIRAC FUND) 2,500 adjusted EBITDA 2,00
Slide 20: Breakdown of Cost of Sales and SGA
19 Breakdown of Cost of Sales and SGA (% to Net Sales, on an EBITDA basis) Making steady progress toward improving margins to achieve full-year guidance. Will continue to place emphasis on unit economics while making disciplined investments. Advertising Expenses (%) Other 140% 134% Rents 131% 124% 1
Slide 21: Improving cost efficiency through AI coding agents
20 Improving cost efficiency through expanded utilization of AI coding agents Named the first Japanese advanced use case for end-to-end adoption of Cursor, driving significant productivity gains. Reduced engineers’ workload Leveraged for complex code analysis, internal architecture by 15–20 hours st
Slide 22: Employees
21 Employees*1 Employees increased by 49 from the previous quarter. Will continue to make new hires based on careful selections. People Forward（personnel department） (Employees) Corporates 2,868 2,916 2,859 3,000 Other Engineer / Designer / Data analyst 2,810 Finance 58 56 54 2,800 X 2,597 2,634 148
Slide 23: Balance Sheet Items
22 Balance Sheet Items Continued to maintain a high level of financial soundness. Cash and deposits increased temporarily due to the difference in the timing of payments/withdrawals based on the designated settlement cycle in the invoicing BPO business*1. (¥mn) Short-term borrowings*2 5,116 Current
Slide 24: Annual Sales and ARR per Employee
23 Annual Sales (excluding HIRAC FUND)*1 and ARR per Employee*2 Aiming for ¥30mn in annual sales per employee in FY11/28 by leveraging AI. Annual sales per employee (excluding HIRAC FUND*1) ARR per employee*2 (¥k) (¥k) 14,907 20,553 20,597 13,997 14,000 13,264 13,488 20,000 13,013 12,409 12,259 12,2
Slide 25: Analysis of Changes in Cash and Deposits Balance
24 Analysis of Changes in Cash and Deposits Balance Cash and deposits + purchased receivables increased by ¥24.39bn* due to the designated timing of settlements in the invoicing BPO business. Q1 business CF excluding the impact of Pay business was ¥698mn, making steady headway toward achieving the i
Slide 26: Business Highlights and Initiatives in Focus Areas
Financial Results Business Highlights and Initiatives in Focus Areas
Slide 27: Introducing Money Forward AI Vision 2026
26 Introducing “Money Forward AI Vision 2026” 1. About Money Forward AI Vision 2026 2. Japan’s Social Challenges and Our Value Creation 3. “SaaS × AI” Release Track Record and AI- Driven Efficiency Gains 4. Announcing the Launch of Money Forward AI Cowork 5. No.1 Back-Office AI Company Strategy
Slide 28: Japan's Shrinking Working-Age Population
Japan’s Shrinking Working-Age Population 2020: 75.09mn 2040: 62.00mn 2070: 45.35mn *Calculated based on data from the National Institute of Population and Social Security Research's (NSSR) Future Population Estimates. Money Forward, Inc. 27
Slide 29: Empowering Businesses with Cloud for 10+ Years
28 Empowering Businesses with Cloud for 10+ Years Medium-sized, Sole proprietors SMEs Listed companies pre-IPO companies For sole For mid-sized, pre-IPO companies, For SMB proprietors and listed companies Suitable for businesses of all sizes Primarily for professional Primarily for mid-sized service
Slide 30: Delivering Convenience via Cloud & Generative AI
29 Delivering Convenience via Cloud & Generative AI For example... + Generation of customized formula Conversion to + consolidated account titles Auto-population of + contract information Auto-generation of + document templates + Reconciliation suggestions
Slide 31: Also Offering AI Agents as Reliable Coworkers
30 Also Offering AI Agents as Reliable Coworkers AI expense claims AI accounting and finance ● Entertainment Expense Reimbursement Agent ● Fixed Asset Registration Support Agent ● Expense Application Support Agent ● Consumption Tax Category Check Agent AI invoice management AI business management ●
Slide 32: Launched New Features Powered by Cloud and Generative AI
31 Launched New Features Powered by Cloud and Generative AI Reduced year-end and New Year holiday operations 6 days 3 hours “All I have to do is check the AI agent’s work. Tax filing has become much easier than I expected. It feels like I am done before I even know it.” Ms. Okabe, freelance designer
Slide 33: Remote MCP Server Now Available in All Plans
32 Remote MCP Server Now Available in All Plans Also released third-party APIs to drive automated accounting by AI agents Case study of Sevenrich Accounting Office 1. Boosted operational efficiency • Auto-generates monthly balance sheets of five clients • Reduced time spent on each company from 4 ho
Slide 34: Providing AI-Managed services for full operational outsourcing
33 Providing AI-Managed services for companies seeking full operational outsourcing SMB Mid
Slide 35: Empowering your back office as a coworker
34 Empowering your back office as a coworker To be released in July 2026
Slide 36: Usage of Money Forward AI Cowork
35 Usage of Instructs and automates In-house back-office operations By Streamlines and automates accounting firms BPO and advisory services
Slide 37: Enables Accounting Firms to Offer High-Value Advisory Services
Enables Accounting Firms to Offer 36 High-Value Advisory Services 2-fold, 5-fold, 10-fold... Client Client Client Can deliver services to more clients Accounting firms (Certified members of Money Forward Cloud)
Slide 38: Features of Money Forward AI Cowork
37 Features of Executes various tasks via chats Accurately deciphers users’ intentions, after which multiple AI agents work together to perform tasks Provides operation-centric UX Offers optimal functions specializing in routine work and task management Ensures reliable governance Provides guardrail
Slide 39: Flexible & Dependable Architecture
38 Flexible & Dependable Architecture Users Chats with Money Forward AI Cowork Orchestrator Interprets users’ intentions and directs them to the suitable agent Agent offered by Agent offered by “My Agent” created development Money Forward by users partner
Slide 40: Operation-Centric UX
39 Operation-Centric UX Categorization Users can initiate routine tasks by simply of routine work selecting the target from the “Agent List” AI agent suggests/notifies priority tasks based Proposals by agents on routine work cycles, deadlines, and requests from others Internal AI Internal AI-powered
Slide 41: Richness & Scalability of Data
40 Richness & Scalability of Data Money Forward Data-mart 3rd-party MCP Cloud connection connection Provides extensive Integrates all internal data and Supports cross-functional operational logic and data delivers sophisticated operations by linking with third- management analyses party SaaS, etc.
Slide 42: Reliable Governance
41 Reliable Governance Guardrails Sets a framework for AI to follow internal rules at all times “Agent Human-in-the-loop (draft & approval) harness” AI generates a draft, while an employee gives the final approval i.e., AI agents are controlled by humans AI audit logging Records who operated which A
Slide 43: Aiming to Generate ¥15bn+ in AI-related ARR by FY30
42 Aiming to Generate Replaces ¥15bn+ in AI-related ARR AI-related personnel costs Digital worker market by FY30 net sales ¥14.1tn* Money Forward AI Cowork, etc. IT budget Digital tool market SaaS-related net sales ¥2.8tn* Cloud adoption in Japan still has growth potential * Potential market size ba
Slide 44: No.1 Back-Office AI Company
43 No.1 Back-Office AI Company Through the three strategies outlined below, including cross-selling and upselling of existing products, we aim to increase ARPA by 30~40%+ by FY28. In FY26, we will invest 2bn in AI product development, including the reallocation of existing resources. By FY30, we aim
Slide 45: Boosting profitability and ARPA through AI-driven outsourcing
44 Boosting profitability and increasing ARPA through AI-driven outsourcing Transforming outsourced workflows into AI agents to streamline operations, lower costs, and deliver faster, more reliable services. Human-performed tasks are automated with AI, Services covering wide range of back-office tas
Slide 46: Appendix: Financial Highlights by Companywide and Segment
Financial Results Appendix 1 Financial Highlights by Companywide and Segment
Slide 47: Quarterly Net Sales of Home Segment
Home segment 46 Quarterly Net Sales of Home Segment 4 + % Growth in revenue from premium paying users expanded to +19% owing to price revisions carried out in August YoY (+17%*1) 2025. (¥mn) Nexsol Co., Ltd. 1,400 deconsolidation Net Sales from Media/Advertising 1,294 1,300 1,267 1,257 Net Sales fro
Slide 48: Total and Paying Users of Money Forward ME
Home segment 47 Total and Paying Users of Money Forward ME The number of total and paying users topped 18.1mn* and 640,000, respectively. Revised pricing of the Standard Course under Premium Service in August 2025. (Premium paying users) (Total users) Number of Paying Users for Standard Course 18.1m
Slide 49: Money Forward ME Incorporated into SMBC App and Vpass
Home segment 48 Money Forward ME to Be Incorporated into SMBC App and Sumitomo Mitsui Card Vpass App, provided to Olive users As part of initiatives undertaken by the joint venture between the Company and Sumitomo Mitsui Card, selected features of Money Forward ME will become available starting Marc
Slide 50: Outline of Olive
Home segment 49 (Restatement) Outline of Olive Olive, an all-in-one mobile financial service provided by the SMBC Group, offers a range of high-quality functions on a single platform to solve users’ various financial issues. It provides banking and card payment functions as well as access to investm
Slide 51: Launching a Shareholder Benefit Program
Home segment 50 Launching a Shareholder Benefit Program to Expand the Investor Base Will offer Money EXPO benefits to shareholders who hold 500 or more shares as of the record date, with the first record date set to the end of May 2026. Thereafter, will offer Money Forward ME premium coupons to shar
Slide 52: Quarterly Net Sales of X Segment
X segment 51 Quarterly Net Sales of X Segment Steady progress continued to be made in the co-development of Cashmap with JCB Co., Ltd. and Orient Corporation. +36% YoY (¥mn) 1,000 934 934 900 (YoY) Non-recurring Revenue 800 800 Recurring Revenue 736 739 719 717 689 668 660 +68% 700 469 465 620 628 6
Slide 53: Bolstering Services Targeting Financial Institutions' Customers
X segment 52 Bolstering Services Targeting Financial Institutions’ Customers. Will be providing the Shizuoka Chuo Bank, Ltd. and Kagawa Bank, Ltd. with BANK APP targeting their individual customers. Will also offer Nanto Bank, Ltd. with BANK Biz for corporate customers. Seeing a steady spread in ado
Slide 54: FY11/26 Q1 Results by Segment
53 FY11/26 Q1Results by Segment Business segment EBITDA and margin improved significantly, increasing by ¥1,780mn YoY and 12.1 pts YoY, respectively. FY11/26 Q1 results (Reference) FY11/25 Q1 results (¥mn) EBITDA EBITDA Net sales YoY EBITDA Net sales EBITDA margin margin Consolidated 14,670 25% (42%
Slide 55: Adjusted EBITDA / EBITDA Adjustments and Operating Profit
54 Adjusted EBITDA*1/ EBITDA*2 Adjustments and Operating Profit Adjusted EBITDA increased by ¥1.62bn YoY. YoY QoQ (¥mn) FY11/25 Q1 FY11/25 Q4 FY11/26 Q1 (vs. FY11/25 Q1) (vs. FY11/25 Q4) EBITDA (excl. HIRAC FUND)*³ 564 1,354 2,792 +2,228 +1,438 Adjusted EBITDA*¹ 1,190 1,625 2,815 +1,624 +1,190 M&A-r
Slide 56: Breakdown of Cost of Sales and SGA (Operating Profit Basis)
55 [Reference]Breakdown of Cost of Sales and SGA (% to Net Sales, Based on Operating Profit) Advertising Expenses Other Rents Commission Fee (%) Subcontract Expenses Personnel Expenses 150% 146% 142% 134% 135% 30% 124% 122% 120% 125% 34% 118% 118% 25% 36% 110% 110% 109% 20% 18% 108% 17% 20% 17% 105%
Slide 57: FY11/26 Guidance and Medium- to Long-Term Targets
Financial Results FY11/26 Guidance and Medium- to Long-Term Targets
Slide 58: FY11/26 Guidance
57 FY11/26 Guidance With the disclosure of Fintech ARR, the full-year ARR guidance has been revised from 47.5～49.8 bn to 49.74~52.50 bn (YoY +21.7% to +27.8%). Revenue by Segment (Actuals / Forecast) SaaS ARR Revenue by Segment (Actuals / Forecast) Updated Updated YoY YoY (¥mn) Upper end (¥mn) X Rec
Slide 59: FY11/26 Guidance
58 FY11/26 Guidance As disclosed on January 27, we recorded extraordinary income in Q1, and have accordingly revised upward our FY26 full-year guidance for net income attributable to owners of the parent. Full-Year Results FY26 Guidance (mn) FY25 Range Notes ・The improvement in adjusted EBITDA margi
Slide 60: Medium-to Long-Term Financial Targets
59 Medium-to Long-Term Financial Targets We are making steady progress against the mid- to long-term targets set in January 2024. In FY25, Net Sales achieved the guidance and Adjusted EBITDA*¹ exceeded the upper end of guidance. FY26 is trending solidly against guidance. FY11/28 net sales ¥ 90bn+ Br
Slide 61: Targeting 30%+ EBITDA Margin in the Business Segment by FY28
Business segment 60 Targeting 30%+ EBITDA Margin in the Business Segment by FY28 The EBITDA margin in the business segment for FY25 was 8.6%(+6.8 pts YoY), and for Q1 of FY26 was 18.4%(12.1 pts YoY), representing solid progress toward our FY28 target of 30% or higher. FY11/28 net sales of Business d
Slide 62: Business Segment Profit Plan toward Medium- to Long-Term Targets
Business segment 61 Business Segment Profit Plan toward Achieving Medium- to Long-Term Financial Targets and FY26 Progress EBITDA margin for FY26 Q1 improved steadily to 18.4%, progressing well within the FY26 full-year guidance range of 12%–19%, and to achieve the Rule of 40*¹. Business segment cos
Slide 63: Back Office SaaS Potential Market Size
Business segment 62 Back Office SaaS Potential Market Size Potential market size of back-office SaaS, Group’s current area of focus, is estimated to be about ¥2.31tn*1. Money Forward’s share Potential customers TAM*1 (No. of customers)*2 Sole Proprietors 4.56mn ¥93bn 5% SMB 1.92mn ¥263bn 12% 0.13mn
Slide 64: Potential of Midmarket
Business segment 63 Potential of Midmarket Further growth is expected through the expansion of the midmarket customer base and increase in ARPA. Midmarket TAM ARPA ¥2.45tn *1 Medium-sized companies: 130,000 × Potential ARPA*2: ¥18mn (assuming that all 24 products are installed) FY26 Q1 Midmarket ARR
Slide 65: Extend Business Segments and Services and Tap Expansive TAM
64 Extend Business segments and Services and Tap Expansive TAM*¹ Deploying business in a massive TAM totaling ¥5.7tn. TAM is anticipated to expand further by offering SaaS x AI solutions in the digital worker space. Aim to accelerate corporate value growth. X ¥0.8tn Future Home Home segment*2 ¥1.0tn
Slide 66: Fintech ARR Disclosed under the Business Segment
Business segment 65 From FY11/26 onward, Fintech ARR* is disclosed under the Business segment A portion of Fintech-related transaction revenue is now recognized as Fintech ARR*. Reflecting this update, full-year ARR guidance has been revised to ¥49.7~52.5bn to incorporate Fintech ARR. Invoicing and
Slide 67: Definition of KPIs
66 Definition of KPIs Monthly recurring revenue. MRR Total recurring revenue as of the end of a particular month. Annual recurring revenue. ARR Calculated by multiplying the MRR as of the end of a particular period by 12. Calculated by multiplying by 12 the MRR of the Home, Business, and X segments
Slide 68: Disclaimer
67 Disclaimer The forward-looking statements and other contents included in this material are determined based on information currently available and may be subject to change due to macro economic trends, changes in the market environment or industry in which the Group operates, or for other interna