Quants Research Institute Holdings, Inc. · TSE:9552
Quants Research Institute — M&A Research Institute Holdings — FY2025 Earnings Presentation
65 slides from Quants Research Institute's earnings presentation, Oct 30, 2025
Slide 1: FY2025/9 Q4 Financial Results Presentation
FY2025/9 Q4 Financial Results Presentation October 30, 2025 M&A Research Institute Holdings Inc. (TSE Prime: 9552)
Slide 2: Table of Contents
Table of Contents 1 FY2025/9 Earnings Results 2 FY2026/9 Earnings Forecast 3 Medium- to Long-term Growth Strategy 4 Q&A 5 Company Overview 6 Business Overview and Competitive Advantages 7 Reference
Slide 3: Earnings Summary
1. FY2025/9 Earnings Results Earnings Summary (Unit: Million yen) ・Consolidation FY25/9 FY25/9 Achievement While net sales from the M&A brokerage business FY24/9 YoY (Forecast) (Actual) Rate declined, growth in the consulting business led to higher consolidated net sales YoY. Operating profit decrea
Slide 4: Consolidated: Performance Trends Over the Past Five Years
1. FY2025/9 Earnings Results Consolidated: Performance Trends Over the Past Five Years (Unit: Million yen) FY21/9 FY22/9 FY23/9 FY24/9 FY25/9 YoY Net Sales 1,328 3,911 8,642 16,549 16,602 +0.3％ M&A Brokerage 1,328 3,911 8,642 16,301 15,146 -7.1％ Consulting Business - - - 247 1,451 +485.4% Incubation
Slide 5: Consolidated: Full-Year Trends in Net Sales and Operating Profit
1. FY2025/9 Earnings Results Consolidated: Full-Year Trends in Net Sales and Operating Profit Net sales totaled 16,602 million yen, and operating profit was 4,964 million yen. The results fell short of the full-year earnings forecast, mainly due to a lower-than-expected number of M&A brokerage deals
Slide 6: Consolidated: Balance Sheet
1. FY2025/9 Earnings Results Consolidated: Balance Sheet In FY2025/9, we executed shareholder returns through share repurchases, share cancellations, and dividend payments. We will continue to pursue both improved capital efficiency and growth investments in parallel. FY24/9 Q4 (Unit: Million yen) F
Slide 7: M&A Brokerage: Financial Highlight (Quarterly Accounting Period)
1. FY2025/9 Earnings Results M&A Brokerage: Financial Highlight (Quarterly Accounting Period) In Q4 on a standalone basis, net sales totaled ¥4,422 million, up 21.9% YoY. The balance of ongoing deals continued to trend upward and remains steadily increasing. Meanwhile, due to changes in both the ind
Slide 8: M&A Brokerage: Quarterly Net Sales, Deal Count, Average Deal Value Trend
1. FY2025/9 Earnings Results M&A Brokerage: Quarterly Net Sales, Deal Count, Average Deal Value Trend Net sales for Q4 totaled 4,422 million yen, with 59 deals successfully closed. The closing of large-scale deals contributed to an increase in the average deal value. M&A Brokerage Sales (Million yen
Slide 9: M&A Brokerage: Employee Headcount by Quarter
1. FY2025/9 Earnings Results M&A Brokerage: Employee Headcount by Quarter Based on our existing hiring policy, we implemented a recruitment process that placed greater emphasis on post-hire performance data. As a result, the number of hires fell below the initial plan. Moving forward, we will contin
Slide 10: Consulting Business: Net Sales and Consultant Headcount by Quarter
1. FY2025/9 Earnings Results Consulting Business: Net Sales and Consultant Headcount by Quarter Both net sales and hiring have been progressing steadily. Although losses have continued due to ongoing active recruitment, this reflects upfront investments aimed at medium- to long-term growth. As discl
Slide 11: FY2026/9 Earnings Forecast
Table of Contents 1 FY2025/9 Earnings Results 2 FY2026/9 Earnings Forecast 3 Medium- to Long-term Growth Strategy 4 Q&A 5 Company Overview 6 Business Overview and Competitive Advantages 7 Reference
Slide 12: Consolidated: Earnings Forecast
2. FY2026/9 Earnings Forecast Consolidated: Earnings Forecast (Unit: Million yen) FY25/9 Actual FY26/9 Forecast YoY Growth Net Sales 16,602 22,184 +33.6％ M&A Brokerage 15,146 18,000 +18.8％ Consulting Business 1,451 3,800 +161.8% Incubation1 4 384 +8,433.3% Operating Profit 4,964 5,993 +20.7％ M&A Bro
Slide 13: M&A Brokerage: Earnings Forecast
2. FY2026/9 Earnings Forecast M&A Brokerage: Earnings Forecast In the direct sales department, we are working to restore productivity, while in the partnership departments, we are promoting the expansion of referral deals through the development of new partners and the strengthening of relationships
Slide 14: Consulting Business: Earnings Forecast
2. FY2026/9 Earnings Forecast Consulting Business: Earnings Forecast Consultant hiring continues to be actively pursued, with the latest utilization rate exceeding 90%. We aim to maintain a level of 85–90% in the next fiscal year. Strategic investments are being made to strengthen branding, and we p
Slide 15: Incubation: Earnings Forecast
2. FY2026/9 Earnings Forecast Incubation1: Earnings Forecast Although the asset management consulting business had obtained the necessary licenses to begin operations, we decided to withdraw from the business to optimize our portfolio, in light of changes in market conditions, deviations from initia
Slide 16: Medium- to Long-term Growth Strategy
Table of Contents 1 FY2025/9 Earnings Results 2 FY2026/9 Earnings Forecast 3 Medium- to Long-term Growth Strategy 4 Q&A 5 Company Overview 6 Business Overview and Competitive Advantages 7 Reference
Slide 17: Regarding Group Structure and Company Name Change
3. Medium- to Long-term Growth Strategy Regarding Group Structure and Company Name Change Under M&A Research Institute Holdings, Inc, we operate businesses in M&A brokerage, consulting, and incubation. Since our founding, we have focused on the M&A brokerage business, creating value by addressing so
Slide 18: Launching New Businesses
3. Medium- to Long-term Growth Strategy Launching New Businesses Using the stable cash flow generated from our existing business (M&A brokerage business) as a funding source, we are investing in new businesses to cultivate future net sales pillars over the medium to long term. As these new businesse
Slide 19: M&A Brokerage: Initiatives to Increase Net Sales
3. Medium- to Long-term Growth Strategy M&A Brokerage: Initiatives to Increase Net Sales Strategic initiatives are being implemented for each business department. Sales Department (direct sales model) will address current challenges by introducing a department head system and enhancing training qual
Slide 20: Expansion of Offices
3. Medium- to Long-term Growth Strategy Expansion of Offices Expanding domestic and international offices to strengthen the sales structure. Successful track records in projects involving [domestic companies× foreign companies], as well as [foreign companies × foreign companies] have been steadily b
Slide 21: Strengthening Internal Management Systems①
3. Medium- to Long-term Growth Strategy Strengthening Internal Management Systems① In addition to the SME M&A Guidelines and the self-regulatory rules of the M&A Intermediary Association, we conduct our own rigorous multi-level compliance checks to ensure quality of service and a fair trading enviro
Slide 22: Strengthening Internal Management Systems②
3. Medium- to Long-term Growth Strategy Strengthening Internal Management Systems② Since last fiscal year, we have further strengthened our screening process for buyer companies. We conduct risk checks at multiple stages, including before and after both the proposal and the deal commencement, and re
Slide 23: Consulting Business: Growth Strategy
3. Medium- to Long-term Growth Strategy Consulting Business: Growth Strategy While continuing active hiring, we are expanding the organization around members with management experience at major consulting firms. We aim to achieve steady and sustainable growth with a strong focus on quality. Competit
Slide 24: Dividend Payment
3. Medium- to Long-term Growth Strategy Dividend Payment We aim to build long-term trust with shareholders through balanced shareholder returns and market-conscious management. We remain in a growth phase and will continue disciplined, proactive investments to achieve both sustainable growth and pro
Slide 25: Implementation of Share Buyback
3. Medium- to Long-term Growth Strategy Implementation of Share Buyback We repurchased our own shares during the period from May 1 to September 30, 2025, and, as announced in the release dated September 19, 2025, we cancelled all of our treasury shares held as of September 18, 2025, effective Septem
Slide 26: Q&A
Table of Contents 1 FY2025/9 Earnings Results 2 FY2026/9 Earnings Forecast 3 Medium- to Long-term Growth Strategy 4 Q&A 5 Company Overview 6 Business Overview and Competitive Advantages 7 Reference
Slide 27: Frequently Asked and Anticipated Questions
4. Q&A Frequently Asked and Anticipated Questions 項目 Q A At this stage, we plan to focus on three core areas — the M&A brokerage business, consulting business, and incubation. In the M&A brokerage business, we aim to restore productivity and achieve stable growth, while in the consulting business, w
Slide 28: Frequently Asked and Anticipated Questions
4. Q&A Frequently Asked and Anticipated Questions 項目 Q A The number of closed deals fell short of the initial plan due to a slower-than-expected recovery in the closing rate. Did the number of closed deals fall short of That said, leading KPIs prior to closing have been generally in line the initial
Slide 29: Frequently Asked and Anticipated Questions
4. Q&A Frequently Asked and Anticipated Questions 項目 Q A Costs generally remained within the expected range. In FY2025/9 results, what caused the However, part of the increase was due to strategic investments in operating loss to widen compared to the branding initiatives aimed at strengthening futu
Slide 30: Frequently Asked and Anticipated Questions
4. Q&A Frequently Asked and Anticipated Questions 項目 Q A The content of the timely disclosure reflects accounting treatments such as the recognition of valuation losses where necessary, and Regarding the timely disclosure titled has no material impact on actual business operations. “Regarding Provis
Slide 31: Company Overview
Table of Contents 1 FY2025/9 Earnings Results 2 FY2026/9 Earnings Forecast 3 Medium- to Long-term Growth Strategy 4 Q&A 5 Company Overview 6 Business Overview and Competitive Advantages 7 Reference
Slide 32: Company Overview
5. Company Overview Company Overview Company name M&A Research Institute Holdings Inc. Vision Established October 12, 2018 Transforming the M&A brokerage sector by fully leveraging AI and DX Representative: Shunsaku Sagami Graduated from Faculty of Agriculture, Representative Kobe University. In 201
Slide 33: Management
5. Company Overview Management Management Akihiro Yabuki, Director Hikaru Ogino, Director Graduated from Meiji University. Joined Keyence Corporation in 2010. Graduated from Rikkyo University. Joined KPMG AZSA LLC in 2014 and Engaged in consulting sales for the manufacturing industry Joined Nihon wo
Slide 34: Governance Structure
5. Company Overview Governance Structure Independence and diversity have been emphasized in the governance framework, which has been further refined. Through rigorous risk management and compliance, along with transparent and proactive information disclosure, we seek to strengthen the foundation of
Slide 35: Business Overview and Competitive Advantages
Table of Contents 1 FY2025/9 Earnings Results 2 FY2026/9 Earnings Forecast 3 Medium- to Long-term Growth Strategy 4 Q&A 5 Company Overview 6 Business Overview and Competitive Advantages 7 Reference
Slide 36: Business Model
6. Business Overview and Competitive Advantages Business Model The brokerage business model charges fees from both the seller and the buyer. Through efficiency improvements, we have reduced costs and introduced a full success-fee model with no upfront or interim fees for sellers. No retainer No reta
Slide 37: Two Advantages Based on Strong Organizational Capabilities
6. Business Overview and Competitive Advantages Two Advantages of the Company Based on Strong Organizational Capabilities Advantages in Services Advantages in Recruitment 1 Adopt a pricing system with only success fees Ricky 1 Efficient working environment 2 Average time of 7.2 months to M&A complet
Slide 38: Advantages in M&A Brokerage Services
6. Business Overview and Competitive Advantages Advantages in M&A Brokerage Services Pricing, speed to completing M&A transactions, and matching capability, creating a competitive advantage 1 Adopt a pricing system with only success fees Selling companies are charged with only a success fee 2 Averag
Slide 39: Pricing System with Only Success Fees
6. Business Overview and Competitive Advantages Pricing System with Only Success Fees We are the only M&A brokerage firm listed on the Tokyo Stock Exchange Prime Market that adopts a full success- fee model, reducing cost barriers for clients in M&A transactions. This unique model also provides a co
Slide 40: In-House Development of Transformational System
6. Business Overview and Competitive Advantages In-House Development of Transformational System We have developed a sales management system specialized in M&A and have already updated it 12,005 times. We have also reduced working hours and shortened the time required to complete M&A deals to about 7
Slide 41: Unparalleled In-House Developed System: Development History
6. Business Overview and Competitive Advantages Unparalleled In-House Developed System: Development History History of Developing In-House System and Our Advantages History of Development: We realized the disadvantages of an off-the-shelf system and switched to in-house development early on In the
Slide 42: Industry-leading Matching Capability
6. Business Overview and Competitive Advantages Industry-leading Matching Capability We have established a system that enables us to quickly make proposals to a large number of companies through a matching-specific department. AI utilization enables a speedy approach with no omissions. When one advi
Slide 43: Advantages in Recruitment
6. Business Overview and Competitive Advantages Advantages in Recruitment We have created a working environment where M&A advisors can work efficiently concentrating on essential work by promoting systemization of other work with DX and AI technology. We also try to differentiate from other companie
Slide 44: Comprehensive Training Curriculum Established
6. Business Overview and Competitive Advantages Comprehensive Training Curriculum Established We established a dedicated Education Support Department to provide comprehensive training not only after onboarding but also tailored to each role level. By developing the necessary skills and mindset, we a
Slide 45: Consulting Business: Service Overview
6. Business Overview and Competitive Advantages Consulting Business: Service Overview Centered on members from major consulting firms, we focus on DX consulting while providing effective, results- driven solutions across a wide range of areas including strategy, organization, talent, and IT. Technol
Slide 46: Reference
Table of Contents 1 FY2025/9 Earnings Results 2 FY2026/9 Earnings Forecast 3 Medium- to Long-term Growth Strategy 4 Q&A 5 Company Overview 6 Business Overview and Competitive Advantages 7 Reference
Slide 47: ESG Initiatives
7. Reference: Sustainability ESG Initiatives Towards the realization of a sustainable society, we aim to solve the “Social” issues facing Japan, where the declining birthrate and aging population are becoming more serious, tackling the business closure issues due to the lack of successors through ou
Slide 48: SDG Initiatives
7. Reference: Sustainability SDG Initiatives We aspire to create a sustainable work environment where employees can work in a healthy manner both physically and mentally. We contribute to solving social issues arising from the lack of successors and realizing a sustainable society through the M&A br
Slide 49: Focus Area in SDG Initiatives
7. Reference: Sustainability Focus Area in SDG Initiatives We aim to contribute to elements 9 and 11 through our M&A brokerage business and will further enhance information disclosure on our corporate website. Contributing to industrial and technological innovation through M&A brokerage business. Op
Slide 50: Assumption of Earnings Forecasts in the M&A Brokerage
7. Reference: Assumption of Earnings Forecasts Assumption of Earnings Forecasts in the M&A Brokerage Assumption of Earnings Forecast Calculated based on factors such as the likelihood of M&A completion and the accumulation of expected contract Net Sales fees for each accepted project. In addition to
Slide 51: Key Performance Indicators (Consolidated): Cumulative Quarterly Results
7. Reference: KPI Highlights Key Performance Indicators (Consolidated): Cumulative Quarterly Results Consolidated Financial Statements (Unit: Million yen) FY22/9 FY23/9 FY24/9 FY25/9 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Net Sales 3,911 2,125 3,874 6,336 8,642 4,900 8,526 12,771 16,549 4,178 7,658
Slide 52: M&A Brokerage Deal Flow by Step
7. Reference: M&A Brokerage Deal Flow by Step M&A Brokerage Deal Flow by Step The M&A process is divided into three phases. At our company, two departments work in a specialized structure: the Sales Department (M&A Advisors) and the Corporate Sales Department (in charge of matching). By leveraging D
Slide 53: Earnings Structure
7. Reference: Earnings Structure Earnings Structure M&A brokerage earnings are structured as follows: Sales = Number of M&A Advisors x Sales per Advisor. Keys to further accelerate the increase in sales are the number of M&A advisors and increase in sales per advisor. Earnings structure Number of Ad
Slide 54: Advantages in Recruitment of M&A Advisors
7. Reference: Advantage in Recruitment of M&A Advisors Advantages in Recruitment of M&A Advisors We rapidly expanded headcount through a data-driven hiring strategy. An OJT-based training framework enables immediate contribution and helps maintain a high employee retention rate. Recruitment strategy
Slide 55: Participation in M&A Brokerage Associations
7. Participation in M&A Brokerage Associations Participation in M&A Brokerage Associations The M&A Intermediary Association was renamed the "M&A Advisors Association" in January and established a committee to develop a qualification system and self-regulation rules. It involves not only M&A firms bu
Slide 56: Strengthening Internal Management Systems
7. Reference: Strengthening of Internal Control Systems Strengthening Internal Management Systems Mr. Kanetaka, Former Commissioner General of the National Police Agency, was appointed as an advisor in October 2024 and now provides advice and guidance on our company’s risk management and compliance
Slide 57: Strengthening Internal Management Systems
7. Reference: Shareholder Composition Strengthening Internal Management Systems To further strengthen compliance, the Compliance Department is leading efforts to align with the SME M&A Guidelines, industry self-regulations, and internal rule development. Additionally, the Education Support Departmen
Slide 58: M&A Conclusion
7. Reference: M&A Conclusion M&A Conclusion We have successfully brokered M&As with companies in various industries, sectors, and regions. Closed Deals (Examples) Business of selling companies1 Seller Buyer 1% 1% 1％ 3% 3% Manufacturing Business Description Region Business Description Region 5% Const
Slide 59: Background of Our M&A Advisors
7. Reference: Background of Our M&A Advisors Background of Our M&A Advisors Our M&A advisors come from a wide range of industries and companies. With a sales environment that enables even young professionals to thrive, the average age is 29.0. Former employers of M&A advisors Breakdown by age of M&A
Slide 60: Uniqueness of M&A Market in Japan
7. Reference: Market Environment M&A Market in Japan In Japan, a unique market has developed where M&A advisory firms are widely used, driven by the increasing number of business owners reaching retirement age without successors. Uniqueness of M&A Market in Japan Growing Need for Business Succession
Slide 61: Market Size of Domestic M&A Brokerage
7. Reference: Market Environment Market Size of Domestic M&A Brokerage Many profitable companies are at risk of closure and the market size is extremely large even in the domestic market. We expect M&A demand is highly exceeding its supply, and the M&A brokerage market size to be ¥553 to ¥653 bn ann
Slide 62: Growing Need for Business Succession due to Aging of Business Owners
7. Reference: Market Environment Growing Need for Business Succession due to Aging of Business Owners In Japan today, the number of young people continues to decline, and the birthrate is declining and the population is aging. As a result, the ratio of companies without successors is 57.2％1, and bus
Slide 63: Imbalance between M&A Demand and M&A Brokerage Supply
7. Reference: Market Environment Imbalance between M&A Demand and M&A Brokerage Supply There are three types of companies engaged in M&A intermediation, but in Japan, M&A intermediary firms hold a significant presence, with about 3,000 such companies operating nationwide. However, there is an overwh
Slide 64: Shareholder Composition
7. Reference: Shareholder Composition Shareholder Composition Change in shareholder composition Treasury Stock Treasury Stock Domestic institution 2％ Domestic institutional 0.1％ investors investors 10.0% 16% Foreign Foreign institution institutional investors As of investors As of 16.4% September 17
Slide 65: Disclaimer
Disclaimer This presentation was prepared by M&A Research Institute (the “Company”) solely for informational purposes. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any security in the United States, Japan or any other jurisdiction. This presentation is
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