Freee K.k. · TSE:4478
Freee K.k — Q3 FY2026.6 Earnings Presentation
66 slides from Freee K.k's earnings presentation, May 13, 2026
Slide 1: Q3 FY2026.6 Financial Results
Q3 FY2026.6 Financial Results freee K.K. May 13, 2026
Slide 2: Highlights for the Third Quarter of Fiscal Year Ending June 30, 2026
Highlights for the Third Quarter of Fiscal Year Ending June 30, 2026 Announced the launch of freee Agent Hub, an integrated AI agent for accounting firms. ● A new product embodying the freee Cockpit AI concept to deliver professional accuracy and accountability. ● Delivering stringent security tailo
Slide 3: Important KPIs and Financial Results
Important KPIs and Financial Results Platform ARR(1) Platform Number of Paying Customers(2) Platform ARPU(3) JPY 42.4Bn (YoY +23.2%) 712K+ (YoY +13.6%) JPY 59.6K (YoY +8.5%) Corporate Segment: Corporate Segment: Corporate Segment: JPY 32.7Bn (YoY +26.8%) 264K+ (YoY +17.6%) JPY 123.9K (YoY +7.8%) Rev
Slide 4: Financial Highlights - Platform Business -
Financial Highlights ‐ Platform Business ‐ 4
Slide 5: Platform ARR
Platform ARR ● The Platform ARR expanded to JPY 42,481MM, up +23.2% YoY. ○ Subscription ARR(1) in the Self-employed segment expanded +12.4% YoY due to solid acquisitions during the tax filing season, while the Corporate segment grew +24.5% YoY driven by new customer acquisitions. ○ Transaction ARR(2
Slide 6: Self-employed Segment Achieved Record-High Net ARR Additions Driven by Solid Acquisitions During the Tax Filing Season
Self-employed Segment Achieved Record-High Net ARR Additions Driven by Solid Acquisitions During the Tax Filing Season ● Achieved record-high net ARR additions while doubling marketing productivity year-over-year. We aim for sustainable business growth by further enhancing our value proposition thro
Slide 7: Mid Segment Platform ARR
Mid Segment Platform ARR ● Mid segment Platform ARR expanded to JPY 15,522MM, up +26.1% YoY, driven by accelerated new customer acquisition and expansion of the credit card services. YoY Platform ARR Trends in the Mid Segment +26.1％ JPY MM Transaction ARR Subscription ARR Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 8: Number of Paying Customers/ARPU (Platform)
Number of Paying Customers/ARPU (Platform) ● Number of paying customers in the Self-employed segment reached +11.3% YoY growth due to solid acquisitions during the tax filing season, while the Corporate segment expanded +17.6% YoY driven by direct channel acquisitions. ● Self-employed segment ARPU r
Slide 9: Revenue
Revenue ● Revenue showed steady growth of +26.8% YoY to JPY 10,901MM, progressing on track toward the full-year growth target of +26.0%. YoY (1) +26.8％ Revenue （Quarterly） JPY MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2024.6 FY2025.6 FY2026.6 1. Why, Inc. is consolidated from Q1 of FY2024.6, pasture is
Slide 10: Gross Profit
Gross Profit ● Gross profit was JPY 9,001MM, and gross profit margin was 82.6%. Gross profit margin excluding software amortization increased to 85.2%. ● Driving gross profit margin efficiency through the integration of AI within our customer support operations. ● Certain costs previously recognized
Slide 11: Adjusted Operating Profit
Adjusted Operating Profit ● Adjusted operating profit was JPY 445MM, and adjusted operating profit margin was 4.1%. Adjusted Operating Profit(1)(2)(Quarterly) Adjusted Operating Profit(1)(2)(Quarterly) JPY MM % YoY ▲3.6pts Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2024.6 FY
Slide 12: Breakdown of SG&A (% of Revenue)
Breakdown of SG&A (% of Revenue) ● S&M-to-revenue ratio remained flat YoY. Advertising expenses-to-revenue ratio declined due to enhanced marketing productivity. Conversely, the S&M personnel cost ratio rose, reflecting ongoing headcount expansion and the reclassification(1) from COGS. ● R&D-to-reve
Slide 13: Adjusted Free Cash Flow
Adjusted Free Cash Flow ● Adjusted free cash flow(1) for H1 of FY2026.6 came in at JPY▲5,479MM, impacted by seasonal factors such as prepayment of server costs and expenses for AI-related tools. We expect an improvement in H2 driven by the unearned revenue build-up. Adj. FCF Fluctuation Factors Adju
Slide 14: FY2026.6 Financial Outlook
FY2026.6 Financial Outlook 14
Slide 15: FY2026.6 Revenue Earnings Guidance is +26% YoY, JPY 41,930MM
FY2026.6 Revenue Earnings Guidance is +26% YoY, JPY 41,930MM ● The revenue earnings guidance is +26.0% YoY, JPY 41,930MM. On the profit outlook, as we continue to promote strategic investments with productivity improvements, we forecast adjusted operating profit(1) to JPY 2,520MM (YoY +33.7%), and a
Slide 16: Driving Growth Through Core Business Investment and Cost Optimization
Driving Growth Through Core Business Investment and Cost Optimization ● We will make strategic investments focused on key areas of S&M and R&D in FY2026.6 to drive mid-to-long-term growth, while continuing to improve efficiency in customer support, product development and sales activities through AI
Slide 17: Continuing Investment to Strengthen Positioning in the Corporate Segment
Continuing Investment to Strengthen Positioning in the Corporate Segment ● Investments for growth in the Corporate segment will continue to build a strong position and ensure profitability in both Small and Mid Corporate segments, supported by brand recognition established in Self-employed segment.
Slide 18: Mid-to-Long-term Growth Strategy Initiatives
Mid-to-Long-term Growth Strategy Initiatives 18
Slide 19: Drivers for Achieving the Rule of 40 in FY2028.6
Drivers for Achieving the Rule of 40 in FY2028.6 1 Driving Customer Base Expansion Through Industry-Focused Solutions in Core Businesses Increasing Revenue Contribution from New Businesses 2 with High Growth Potential Aiming to Become the De Facto Standard Infrastructure 3 for Accounting Firms Advan
Slide 20: Launched freee for Medical and freee Inventory Management, Accelerating Industry-Specific Solutions
Launched freee for Medical and freee Inventory Management, Accelerating Industry-Specific Solutions to Enhance Integrated Platform Value ● Launched freee for Medical in March to meet medical accounting standards. Accelerating market penetration by achieving PMF(1) through specialized features of med
Slide 21: Delivering Superior Accessibility in the AI Ecosystem through Extensive Public API Assets and MCP Server Provision
Delivering Superior Accessibility in the AI Ecosystem through Extensive Public API Assets and MCP Server Provision ● Since releasing the industry's first(1) Public API in 2013, we have accumulated extensive Public API assets across a wide range of domains, including accounting, HR/payroll, and order
Slide 22: Announcing the Release of Integrated AI Agent freee Agent Hub
Announcing the Release of Integrated AI Agent freee Agent Hub: Delivering Business Automation Solutions to a Wide Range of Accounting Firms ● Scheduled for release in May as an open beta, freee Agent Hub is an integrated AI agent for accounting firms built on the freee Cockpit AI concept, which ensu
Slide 23: Growing Anticipation for Automated Operation via freee Agent Hub Among Accounting Firms
Growing Anticipation for Automated Operation via freee Agent Hub Among Accounting Firms ● Streamlining accounting operations through automated execution of anomaly detection and journal generation. ● freee Agent Hub has garnered significant traction from accounting firms since its announcement, with
Slide 24: FAQ
FAQ 24
Slide 25: Q. Is there a risk that revenue from seat-based pricing models will be impaired
Q. Is there a risk that revenue from seat-based pricing models will be impaired as AI agents increasingly replace back-office operations? A. Given our strategic revenue framework and the unique dynamics of the Japanese labor market, we believe we are relatively insulated from the risk of per-seat re
Slide 26: Q. There is a prevailing view that SaaS for self-employed faces a higher risk of AI displacement
Q. There is a prevailing view that SaaS for self-employed faces a higher risk of AI displacement compared to SaaS for corporates. How do you respond to this market sentiment? A. Our self-employed segment achieved a record-breaking JPY 1.76Bn net increase in subscription ARR for Q3 FY2026.6. Despite
Slide 27: Q. What is the difference between freee Agent Hub and Claude Cowork?
Q. What is the difference between the recently announced integrated AI agent "freee Agent Hub" and "Claude Cowork"? A. The defining difference lies in our professional-grade security architecture, specifically tailored for accounting firms. freee Agent Hub strictly isolates credentials, contexts, br
Slide 28: Q. Rationale behind the capital reduction announced for the Extraordinary General Meeting
Q. Regarding the timely disclosure on April 23 concerning the Extraordinary General Meeting of Shareholders, what is the specific rationale behind this capital reduction? A. To enhance our agility in executing capital policies such as share buybacks and in response to the stock market shifts since e
Slide 29: Appendix 1 Mid-to-Long-term Growth Strategy
Appendix 1 Mid-to-Long-term Growth Strategy 29
Slide 30: Sustaining High Growth and Improving Margins to Achieve Rule of 40 in FY2028.6
Sustaining High Growth and Improving Margins to Achieve Rule of 40 in FY2028.6 ● During the three-year period starting FY2026.6, we will continue to drive strong top-line growth through strategic initiatives, while steadily improving our adjusted free cash flow to build capacity for the future inves
Slide 31: Relationship Between Adjusted Operating Profit Margin and Adjusted FCF Margin
Supplementary: Relationship Between Adjusted Operating Profit Margin and Adjusted FCF Margin Reconciliation Items for Adj. Operating Profit and Adj. FCF Software Capitalization Impact on Adj. Operating Profit and Adj. FCF JGAAP Key Operating Metrics (Adjusted) Software Capitalization and Amortizatio
Slide 32: Business Model Enabling 40%+ Adjusted Operating Margin in Long-term
Business Model Enabling 40%+ Adjusted Operating Margin in Long-term Mid-to-Long-term Financial Model FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY30 Gross Margin 78.2% 77.4% 79.5% 80.7% 83.6% 82.5% 82.2% 75%-80% adj. R&D(1)(2)(3) 35.9% 28.4% 25.6% 25.8% 35.7% 32.8% 14.2% 8%-13% % of Revenue adj. S&M(1)(2)(4
Slide 33: Cloud Penetration in Japan's Small Business Continues to Expand
Cloud Penetration in Japan’s Small Business Continues to Expand Growing demand due to labor shortage Generational succession accelerating cloud shift Increase in new company incorporations ● Labor shortage in small businesses are about ● Business succession and generational 10x more severe than in l
Slide 34: Our Services for 6.6 Million Potential Customers
Our Services for 6.6 Million Potential Customers and over 70% of Total Employees Small business accounts for more than 70% out freee’s target segment of the 57 million employees in Japan Large Enterprise # of potential Ratio of total employees by company size(3) (1) （1,000EE+ ） customers(2) Mid （20-
Slide 35: Our Goal: De Facto Standard for Small Business
Our Goal: “De Facto Standard for Small Business” Delivering integrated Expanding scope of Accelerating network Unlocking potential in Building strong experience that drives automation and effects through SaaS-adjacent services: ecosystem with meaningful business management support exponential growth
Slide 36: Path to Establishing De Facto Standard Position
Path to Establishing De Facto Standard Position ● Strategic investments will drive freee product penetration rate to 30% in the Corporate segment in mid-term, with a longer-term goal of establishing it as the de facto standard in small business market. ● Leverage network effects from higher penetrat
Slide 37: Driving Sustainable Growth by Expanding the Back-Office Personnel Expenses and B2B Payment Markets
Driving Sustainable Growth by Expanding the Back-Office Personnel Expenses and B2B Payment Markets for Small Businesses Facing Labor Shortages ● By accelerating AI utilization and driving the expansion of our outsourcing business, in addition to the SaaS and Finance domains, we aim to develop a vast
Slide 38: Positioning and Strategic Advantages of the Small Business Market in the Agentic AI Era
Positioning and Strategic Advantages of the Small Business Market in the Agentic AI Era Strategic Advantages of the Integrated Market Characteristics in the Agentic AI Era Management Platform for Small Businesses ● Abundant management resources enable ● High replacement barriers for small businesses
Slide 39: Into Phase of Expanding Customer Base and Improving Productivity through Cross-Selling
Into Phase of Expanding Customer Base and Improving Productivity through Cross-Selling Driven by Integrated Value Competitive Advantage “A Flywheel” Driving as an Integrated Management Platform Customer Base Growth and Productivity Gains Deliver seamless integration across accounting, HR, and other
Slide 40: Drivers for Achieving the Rule of 40 in FY2028.6
Drivers for Achieving the Rule of 40 in FY2028.6 1 Driving Customer Base Expansion Through Industry-Focused Solutions in Core Businesses Increasing Revenue Contribution from New Businesses 2 with High Growth Potential Aiming to Become the De Facto Standard Infrastructure 3 for Accounting Firms Advan
Slide 41: Driving Customer Base Expansion Through Industry-Focused Solutions in Core Businesses
Drivers for Achieving Rule of 40 in FY2028.6： ①Driving Customer Base Expansion Through Industry-Focused Solutions in Core Businesses ● Accelerating industry-specific product adaptations in core business areas such as freee Accounting and freee HR, and expand PMF(1) coverage. Deliver integrated value
Slide 42: Increasing Revenue Contribution from New Businesses with High Growth Potential
Drivers for Achieving Rule of 40 in FY2028.6： ②Increasing Revenue Contribution from New Businesses with High Growth Potential ● Strengthening the revenue foundation for sustainable growth by increasing contributions from rapidly growing new businesses such as freee Order Management and the credit ca
Slide 43: Aiming to Become the De Facto Standard Infrastructure for Accounting Firms
Drivers for Achieving Rule of 40 in FY2028.6： ③Aiming to Become the De Facto Standard Infrastructure for Accounting Firms ● Leveraging our industry's only(1) cloud platform to provide end-to-end online solutions from bookkeeping, tax filing and business management support, we will promote further ex
Slide 44: Advancing AI Integration to Strengthen Product Value and Increase Operational Productivity
Drivers for Achieving Rule of 40 in FY2028.6： ④Advancing AI Integration to Strengthen Product Value and Increase Operational Productivity ● We aim to enhance product value by expanding operational automation capabilities and enabling high-precision management insights, ultimately driving customer bu
Slide 45: Shift in Customer Value: from Done by You to Done for You
Shift in Customer Value：from “Done by You” to “Done for You” Conventional Saas Agentic AI Era SaaS Automates compliant expense Intuitive UI/UX for easy expense item What to expect from applications based on receipts, entry and minimize errors. Accounting？ internal policies, and tax regulations. Deli
Slide 46: Redefining the Value Proposition of SaaS in the Agentic AI Era
Redefining the Value Proposition of SaaS in the Agentic AI Era Increasing Value Proposition SaaS that is Challenged by AI SaaS that Thrives in the Agentic AI Era ● SaaS in domains where full business data ● SaaS in domains requiring auditability and Authoritative Record integrity is not required. ac
Slide 47: freee: Built a Competitive Advantage as a SaaS that Thrives in the Agentic AI Era
freee: Built a Competitive Advantage as a SaaS that Thrives in the Agentic AI Era Increasing Value Proposition freee’s Competitive Advantage and Reinforcement Points in the Agentic AI Era Authoritative Record ● One stop source of truth for all data in domains where an authoritative record is mandato
Slide 48: freee's Done for You Value Proposition: Two Concepts in the Agentic AI Era
freee’s “Done for You” Value Proposition: Two Concepts in the Agentic AI Era for Small Business Owners for Back-Office Professionals Towards Unprecedented, The AI Management Core Platform Fully Entrusted Automation. that Delivers Professional AI-Native Back-Office Series Accuracy and Accountability.
Slide 49: freee Cockpit: Achieving Professional Accuracy and Accountability
freee Cockpit: Achieving Professional Accuracy and Accountability What is Necessary to Achieve Expert-Level Accuracy and Accountability The Only AI Management Core Platform that 1 Delivers Professional Accuracy and Accountability Governance Business processes are standardized based on legal regulati
Slide 50: freee Autopilot: The Ecosystem for Complete Business Entrustment
freee Autopilot: The Ecosystem for Complete Business Entrustment What is Necessary for Complete Entrustment Towards unprecedented, fully entrusted automation. AI-Native Back-Office Series 1 Entrustment to AI x Professionals from freee Autopilot Upstream Business Processes AI x Professionals handle a
Slide 51: Appendix 2 - Financial Data -
Appendix 2 - Financial Data - 51
Slide 52: ARR/Number of Paying Customers/ARPU
ARR/Number of Paying Customers/ARPU (1) FY2024.6 FY2025.6 FY2026.6 Platform ARR Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Platform ARR JPY MM 22,286 23,846 26,441 26,834 28,787 31,071 34,469 35,796 37,120 39,151 42,481 Self-employed 5,636 5,773 7,231 6,594 6,604 6,988 8,656 7,745 7,765 7,970 9,741 Corporates
Slide 53: Consolidated Income Statement for Platform Business
Consolidated Income Statement for Platform Business Platform Business(1) JPY MM FY2025.6 FY2026.6 FY2021.6 FY2022.6 FY2023.6 FY2024.6 FY2025.6 Q1-3 Q1-3 Revenue 10,258 13,987 19,219 25,430 33,270 23,850 30,843 YoY Growth 48.8% 36.4% 37.4% 32.3% 30.8% 29.5% 29.3% Cost of Revenue 2,100 2,701 3,153 4,4
Slide 54: Reconciliation Table for Consolidated Income Statement for Platform Business
Reconciliation Table for Consolidated Income Statement for Platform Business R&D(1) FY2024.6 FY2025.6 FY2026.6 FY2024.6 FY2025.6 JPY MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 R&D 8,346 4,742 1,994 2,083 2,050 2,218 1,004 1,069 1,175 1,491 1,402 1,545 1,774 - ) stock-based compensation 0 0 0 0 0 0 0 0 0 0
Slide 55: Reconciliation Table for Consolidated Income Statement for Platform Business
Reconciliation Table for Consolidated Income Statement for Platform Business G&A(1) FY2024.6 FY2025.6 FY2026.6 FY2024.6 FY2025.6 JPY MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 G&A 4,070 4,274 994 1,005 1,108 961 1,023 1,004 1,067 1,178 1,421 1,291 1,355 - ) stock-based compensation 736 972 156 181 221 176
Slide 56: Reconciliation Table (Breakdown of COGS and R&D)
Reconciliation Table for Consolidated Income Statement for Platform Business (Breakdown of COGS and R&D) COGS FY2024.6 FY2025.6 FY2026.6 FY2024.6 FY2025.6 JPY MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 COGS 4,439 5,909 1,001 1,074 1,193 1,169 1,279 1,343 1,486 1,799 1,860 1,999 1900 - ) Software Amortizati
Slide 57: Consolidated Balance Sheet and Consolidated Cash Flow Statement
Consolidated Balance Sheet and Consolidated Cash Flow Statement Consolidated Balance Sheet Consolidated Cash Flow Statement JPY MM JPY MM FY2026.6 FY2026.6 FY2023.6 FY2024.6 FY2025.6 Q3 FY2023.6 FY2024.6 FY2025.6 Q1-Q3 Net Cash Provided Total Current Assets 41,210 38,431 45,874 48,011 by (Used in) O
Slide 58: Reconciliation Table for Consolidated Cash Flow Statement for Platform Business
Reconciliation Table for Consolidated Cash Flow Statement for Platform Business Adjusted Free Cash Flow FY2024.6 FY2025.6 FY2026.6 JPY MM FY2024.6 FY2025.6 H1 H2 H1 H2 H1 Operating Cash Flow -6,767 3,661 -6,420 -347 -1,926 5,588 -4,622 + ) Increase in advances paid 1,275 1,691 489 785 985 706 1,573
Slide 59: Shareholder Structure (As of December 31, 2025)
Shareholder Structure (As of December 31, 2025) Based on Total Shares Outstanding Excluding Shares Held by freee Executives and Pre-IPO VC / Strategic Shareholders Individual investors(1) etc. Individual investors(1) etc. freee executives Domestic corporations 8.2 and institutional investors % 11.2
Slide 60: Appendix 3 - Product Pricing -
Appendix 3 - Product Pricing - 60
Slide 61: Pricing - freee Accounting
Pricing - freee Accounting Plan(1) Price(1) Features(1) Financial Expense Internal Monthly Payment Annual Payment Statements Management Budgeting Workflow Support Controls Chat / Enterprise *Quoted price *Quoted price E-mail / Dedicated Support Team ● Base fee: JPY 51,980 ● Base fee: JPY 477,360 Cha
Slide 62: Pricing - freee Accounting (for Self-employed)
Pricing - freee Accounting (for Self-employed) Plan(1) Price(1) Features(1) Book- Cash Flow Expense Monthly Payment Annual Payment Tax Return Support keeping Reports Management Chat / E-mail ● Base fee: JPY 39,800 (Preferential Premium *Annual payment only ● ID fee: JPY 3,600 treatment)/ (Free ID fo
Slide 63: Pricing - freee HR
Pricing - freee HR Plan(1) Price(1) Features(1) HR Attendance Advanced Per Month Payroll Employee Support Procedures Management Management (2) Chat / Advanced ● Fee per employee: JPY 1,100 E-mail / Telephone Chat / Standard ● Fee per employee: JPY 800 E-mail Chat / Starter ● Fee per employee: JPY 60
Slide 64: Pricing - freee Sign
Pricing - freee Sign Plan(1) Price(1) Features(1) Certified No. of No. of Contract (2) Templates Contracts Workflow API Annual Payment Electronic Signature Check Electronic Signature Registered Transmitted JPY 100 per contract JPY 200 Enterprise *Quoted price (Free for up to 5,000 Unlimited Unlimite
Slide 65: Pricing - Other Services
Pricing - Other Services freee A/R & A/P Management (1) freee Order Management(1)(2) Base fee : JPY 3,580 per month Annually Base fee : JPY 357,600 per annum Monthly ID fee : JPY 600 per month (Free ID for up to 1 member) freee Expense Reimbursement Plus(1) Base fee : JPY 2,980 per month Annually Ba
Slide 66: Disclaimer
Disclaimer This document has been prepared solely for the purpose of disclosing relevant information regarding freee K.K. (referred to herein as the "Company", "we" or "us") and, depending on the context, its consolidated subsidiary. This document does not constitute an offer to sell or the solicita