Slide 1: FY2025 Full-Year Financial Results Presentation
FY2025 Full-Year Financial Results Presentation (Matters related to business plans and growth potential) VisasQ Inc. (Stock Code: 4490) April 14th, 2026 ©VisasQ Inc. All Rights Reserved.
Slide 2: Summary
Summary Consolidated Financial Results for Q4 FY2025 • Driven by the strong performance of domestic businesses, consolidated transaction volume increased by +4.8% YoY, and consolidated operating revenue grew by +7.7% YoY. ◦ For the two domestic businesses combined, transaction volume rose by +15.1%
Slide 3: Contents
Contents Company and Business Overview FY2025: 4Q and Full-Year Results FY2026: Growth Initiatives and Forecast Appendix ©VisasQ Inc. All Rights Reserved. 3
Slide 4: Company and Business Overview
Company and Business Overview FY2025: 4Q and Full-Year Results FY2026: Growth Initiatives and Forecast Appendix 4
Slide 5: Company Profile
Company Profile Company name VisasQ Inc. CEO Eiko Hashiba Number of group employees 625 (as of end-February 2026) Founded March 2012 Japan: Tokyo US: New York, Raleigh, Phoenix Locations UK: London Hong Kong: Hong Kong ©VisasQ Inc. All Rights Reserved. 5
Slide 6: Make Insightful Connections Possible
Make Insightful Connections Possible To build a better future through a global platform that reduces barriers and enables the direct exchange of mission-critical knowledge
Slide 7: Business Overview
Business Overview • For client companies, we provide a variety of solutions to address research needs and talent needs • For individuals (experts), we provide opportunities to leverage their business knowledge Client Research Support Expert Interview matching Research needs Need for opportunities to
Slide 8: Our Journey to Date
Our Journey to Date • At the time of listing: Centered around interview matching for domestic consulting firms and financial institutions • At present: Have expanded our client base to domestic business corporations and overseas clients. Have also diversified the services we provide May 2024 FY2025
Slide 9: Social Background Supporting Growth: The Value of Primary Information in Research
Social Background Supporting Growth: The Value of Primary Information in Research • “Primary information” is valuable for improving the quality of business decision-making and for making decisions that lead to differentiation Primary Information Secondary Information First-hand information obtained
Slide 10: Social Background Supporting Growth: The Value of Interviews in the Age of Generative AI
Social Background Supporting Growth: The Value of Interviews in the Age of Generative AI • In new business development in the age of generative AI, 97.2% consider interviews with experts to be important • Approx. 80% of respondents experienced rework due to insufficient interviewing. Furthermore, th
Slide 11: VISASQ’s Core Product: Interviews
VISASQ’s Core Product: Interviews Enables the effective and efficient acquisition of “primary information,” which is crucial for business decision-making ご依頼企業 Clients Experts One-hour interview Utilize External Insights 社外の知見を活用 Opportunities to Leverage ビジネス知見を活かす機会 Needs アドバイスfor Advice / Researc
Slide 12: Expansion of the Expert Database: Building a Foundation for Growth
Expansion of the Expert Database: Building a Foundation for Growth • Alongside growth in the number of interviews, expert data expands in both quantity and quality • This leads to an expanded lineup of services leveraging expert data Trend in the number of experts (individuals) 900,000 800,000 The a
Slide 13: From Interviews to Research Support, and Further into Talent Services
From Interviews to Research Support, and Further into Talent Services • Consulting firms and financial institutions continue to have needs centered on research • For business corporations, while developing sales channels through the unique strength of “interviews for new business development,” we ar
Slide 14: Overview of the Business for Consulting Firms and Financial Institutions (Domestic and Overseas)
Overview of the Business for Consulting Firms and Financial Institutions (Domestic and Overseas) • For professionals who place importance on speed and quality through to interview closing, we provide high- quality services by leveraging AI and an operational structure with locations capable of 24-ho
Slide 15: Business for Consulting Firms and Financial Institutions: Japan (TAM and Positioning)
Business for Consulting Firms and Financial Institutions: Japan (TAM and Positioning ) • The domestic business consulting market is expected to continue growing strongly, driven by demand for support in AI-powered business transformation and value creation • In matching between domestic consulting f
Slide 16: Business for Consulting Firms and Financial Institutions: Ex-Japan (TAM and Positioning)
Business for Consulting Firms and Financial Institutions: Ex-Japan (TAM and Positioning ) • The global consulting market is expected to continue growing, driven by demand for digital transformation, AI implementatio operational efficiency improvements, and other factors • M&A transactions, which are
Slide 17: Overview of the Business for Japan Corporates Clients
Overview of the Business for Japan Corporates Clients • A structure enabling the matching of a wide range of experts to business corporations with diverse needs, through an extensive product lineup Diverse applications Client Customer Needs Use Cases Products Used VisasQ’s Competitive Advantages ・ M
Slide 18: Business for Japan Corporates Clients: Research Support (Online survey)
Business for Japan Corporates Clients：Research Support (Online survey) Clients Experts Web surveys, support • A B2B-focused web survey service providing access to tens or hundreds of experts with deep business insights Collect response Q Q1. Requirements for exporting processed foods to Asia Q2. Cha
Slide 19: Business for Japan Corporates Clients: Research Support (Project Based Consulting)
Business for Japan Corporates Clients： Research Support (Project Based Consulting) • We provide comprehensive support for a wide range of business challenges, including new business development, strategy formulation, and overseas expansion. We assemble an optimal team of experts and consultants, led
Slide 20: Business for Japan Corporates Clients: Talent Services
Business for Japan Corporates Clients：Talent Services (Outsourcing Introduction and Direct Recruiting) • We have launched multiple services to address growing demand for execution support caused by labor shortages Matching for Self-Matching for Hands-On Support IT Personnel / PM / PMO Contract Work
Slide 21: Business for Japan Corporates Clients: TAM
Business for Japan Corporates Clients：TAM • Expanding our scope from interviews to a broader range of services, including research, personnel costs, and recruitment VISASQ now Receive responses from 5 or more experts within 24-hours 3.7 trillion Survey JPY(1) VISASQ survey Online questionnaire surve
Slide 22: VisasQ’s Strengths
VisasQ’s Strengths • Capturing growth in a vast market through a variety of products centered on interviews, and with a unique database Established a Strong A Unique Product: Interviews Accumulated Expert Database Customer Base • A unique product that delivers business • Information is accumulated i
Slide 23: Executive Management Members
Executive Management Members Global Management Committee Director of Board, Director of Board, Head of Co-Head of Global ENS Representative Director of Board, Co-Head of Global ENS Knowledge Platform (US, EMEA) CEO (Japan/APAC, Product) Eiko Hashiba Takeshi Shichikura Yu Miyazaki Masayuki Ogata Eiko
Slide 24: FY2025: 4Q and Full-Year Results
Company and Business Overview FY2025: 4Q and Full-Year Results FY2026: Growth Initiatives and Forecast Appendix 24
Slide 25: FY2025 4Q and Full-Year Consolidated Financial Results
FY2025 4Q and Full-Year Consolidated Financial Results • Consolidated Transaction volume and Operating revenue achieved Y-o-Y growth for the full year of FY2025, driven by a strong performance in the fourth quarter, which is the peak season in Japan • Key profit metrics grew Y-o-Y and significantly
Slide 26: Transaction Volume and Business Profit by Business
Transaction Volume and Business Profit(1) by Business • The Japan Corporates Clients business achieved double-digit growth compared to 4Q FY2024 by capturing peak season demand, with Operating revenue growing by +20.9% • Consulting Firms and Financial Institutions (Domestic Clients) also reached the
Slide 27: Trends in Transaction Volume
Trends in Transaction Volume Transaction volume (by business segment) Transaction volume (quarterly totals) (JPY M) (JPY M) Japan Corporates Clients Transaction volume 4Q Transaction volume 2Q Consulting Firm and Financial Institutions (Domestic Clients) Transaction volume 3Q Transaction volume 1Q C
Slide 28: FY2025: Overview of Key Initiatives and their Progress
FY2025: Overview of Key Initiatives and their Progress Business / Assumptions for FY2025 4Q / Key initiatives for FY2025 Progress 4Q cumulative(1) investment earnings forecast(1) ・Accelerate growth by executing strategies aligned with client characteristics - Target Companies: In addition to the sal
Slide 29: Japan Corporates Clients: Performance Trend
Japan Corporates Clients: Performance Trend(1) • Since this business comprises multiple products with different margins, we prioritize operating revenue growth • In 4Q FY2025, Operating revenue grew +20.9% Y-o-Y, driven by solid growth in high-margin research products Annual Quarterly 63% 65% 60% 60
Slide 30: Japan Corporates Clients: Trend in Major KPIs
Japan Corporates Clients: Trend in Major KPIs (Sales Structure Aligned with Client Characteristics) • Transaction volume for target companies grew by +14% Y-o-Y, maintaining a continuing recovery trend • Transaction volume for growth companies was strong at +30% Y-o-Y • Transaction volume for self-m
Slide 31: Japan Corporates Clients: Status of New Products Planned for FY2025
Japan Corporates Clients : Status of New Products Planned for FY2025 New product consideration phase Challenges and growth potential Progress (as of the initial announcement) • Interviews and reports have a strong impression of being for one-off projects, and are not easily recalled when there is a
Slide 32: Consulting Firms and Financial Institutions (Domestic Clients): Performance Trend
Consulting Firms and Financial Institutions (Domestic Clients) : Performance Trend(1) Annual Quarterly 72% 72% 72% 72% 72% 72% 72% 71% 72% 72% 72% 73% 72% 72% 72% 69% 1,106 1,054 (JPY M) 942 953 942 Transaction Operating Ratio of Operating Revenue 924 918 Volume Revenue to Transaction Volume 857 864
Slide 33: Consulting Firms and Financial Institutions (Overseas Clients): Performance Trend
Consulting Firms and Financial Institutions (Overseas Clients) : Performance Trend(1) Annual Quarterly 73% 73% 74% 74% 72% 71% 72% 73% 71% 71% 72% 71% 72% 71% 71% 68% (JPY M) 1,635 1,650 Transaction Operating Ratio of Operating Revenue 1,509 Volume Revenue to Transaction Volume 1,472 1,466 1,474 1,4
Slide 34: Quarterly Trends in Adjusted EBITDA by Each Business
Quarterly Trends in Adjusted EBITDA by Each Business(1) • Consolidated Adjusted EBITDA increased by 11% Y-o-Y, driven by strong profit contributions from the domestic business in 4Q and company-wide cost optimizations throughout the fiscal year Quarterly Trends in Adjusted EBITDA (JPY M) Japan Corpo
Slide 35: Headcount by Business
Headcount by Business(1) • The Japan Corporates Clients fell slightly short of its headcount target Headcounts(average during the period) Personnel Ratios(as of the end of the period) Outer: FY2025 forecast Middle: FY2025 Inner: FY2024 Other Consulting Firms and Financial Institutions (Domestic Clie
Slide 36: Company-Wide Cost Structure after Consolidated Adjustments
Company-Wide Cost Structure after Consolidated Adjustments(1) • Company-wide cost came in lower than the forecast, as a result of greater-than-expected progress in efficiency improvements. Consolidated adjusted operating expenses Corporate personnel expenses (excl. costs attributable to business div
Slide 37: Reconciliation of Adjusted EBITDA and Supplement on P/L Statements
Reconciliation of Adjusted EBITDA and Supplement on P/L Statements (JPY M) FY2025 Supplement Reconciliation of adjusted EBITDA Operating income 1,341 GAAP operating income +) Stock-based compensation expenses and depreciation expenses +59 Stock-based compensation expense for employees and depreciati
Slide 38: Overview of Consolidated Balance Sheet
Overview of Consolidated Balance Sheet (JPY M) End of February 2026 End of February 2025 Current assets 7,554 7,154 Fixed assets 537 357 Assets 8,091 7,510 Current liabilities 6,173 4,156 Fixed liabilities 105 2,489 Liabilities 6,278 6,645 Shareholder equity -1,652 -2,553 Accumulated other comprehen
Slide 39: FY2026: Growth Initiatives and Forecast
Company and Business Overview FY2025: 4Q and Full-Year Results FY2026: Growth Initiatives and Forecast Appendix 39
Slide 40: FY2026 KPI Highlights (Y-o-Y Growth)
FY2026 KPI Highlights (Y-o-Y Growth) Group-wide Japan Corporates Clients & Consulting and Financial Institutions (Domestic Clients) Consolidated Transaction Operating Revenue Volume Growth Rate Number of Matchings Number of Matchings Growth Rate Domestic Expert Overseas Expert New Domain Products In
Slide 41: FY2026 Growth Initiative Highlights
FY2026 Growth Initiative Highlights Related business Growth Initiative Topics domains ● Ongoing efforts to improve matching efficiency and productivity by leveraging AI internally ● Higher value-added client services (AI Scout, pre/post-interview support AI Investment All business domains functions,
Slide 42: AI Investment (Consulting Firms and Financial Institutions): Overall Picture of AI Development
AI Investment (Consulting Firms and Financial Institutions): Overall Picture of AI Development • Implementing functions for the internal matching process has been largely completed, and we have moved into the phase of applying them in Japan and making continuous improvements • In our overseas busine
Slide 43: AI Investment: Accelerating the Process via AI Scout
AI Investment (Consulting Firms and Financial Institutions): Accelerating the Process via AI Scout • Added a feature for interview matching where AI provides an initial list of highly relevant candidates in approximately 5 minutes, 24/7 (Released in March 2026) • This contributes to customer satisfa
Slide 44: AI Investment (Japan Corporates Clients): Enhancing Interview Value-add through AI
AI Investment (Japan Corporates Clients): Enhancing Interview Value-add through AI • Added AI-powered features for requirement definition and automated summarization for Japan corporates clients (Released in February 2026). • Reducing preparation workload and visualizing information value to promote
Slide 45: AI Investment (Japan Corporates Clients): AI Candidate Recommendation Function
AI Investment (Japan Corporates Clients): AI Candidate Recommendation Function • Launched "AI Candidate Recommendation Function" for VISASQ direct; AI automatically suggests high-match candidates upon job posting (Released in March 2026). • With this function, recruiters can immediately send scout m
Slide 46: AI Investment: Partnership with Hakuhodo
AI Investment: Partnership with Hakuhodo • Agreed on joint development of "Expert AI," an AI service trained on the perspectives, decision-making criteria, and thought processes of experts. • Provides an end-to-end automated solution from market research and competitive analysis to strategic insight
Slide 47: Growth of Our Core Product (Interviews): Interviews with Japan-Based Experts for Domestic Clients
Growth of Our Core Product (Interviews): Interviews with Japan-Based Experts for Domestic Clients • Capturing the continuous high growth of the domestic consulting market and the increasing research needs of corporate clients • Launched an exclusive partnership in the ENS industry with "Eight Career
Slide 48: Growth of Our Core Product (Interviews): Interviews with Overseas Experts for Domestic Clients
Growth of Our Core Product (Interviews): Interviews with Overseas Experts for Domestic Clients • Demand from domestic clients for research into advanced overseas case studies is expected to continue expanding, and there remains substantial room for us to gain market share • Designated Japanese-speak
Slide 49: Growth in New Domains (From Survey to Execution): For Japan Corporates Clients
Growth in New Domains (From Survey to Execution): For Japan Corporates Clients • Expect an increase in revenue per account by cross-selling research products (surveys, reports, etc.) leveraging the existing interview client base • VISASQ partner (Business Outsourcing) aims for renewed growth, with a
Slide 50: Consolidated Earnings Forecast
Consolidated Earnings Forecast • Targeting Transaction volume of JPY 15.9 billion for FY2026, representing a +10% growth rate Y-o-Y • Accelerate growth investments to achieve the Mid-term Management Plan target of JPY 30 billion in consolidated Transaction volume by Feb. 2030, while maintaining fina
Slide 51: FY2026 Earnings Forecast (by Business)
FY2026 Earnings Forecast (by Business) Assumptions for earnings Business / investment Key initiatives for FY2026 FY2025 Full-year forecast ・In the research support domain, we eliminated the distinction between Target companies and Growth companies and thoroughly systematized sales operations through
Slide 52: Adjusted EBITDA Breakdown by Each Business
Adjusted EBITDA Breakdown by Each Business(1) • Company-wide costs are expected to remain roughly flat compared to FY2025 Breakdown of Adjusted EBITDA (1) 4,000 (JPY M) 1,084 Japan Corporates Clients Consulting Firms and Financial Institutions 2,000 1,499 (Domestic clients) Consulting Firms and Fina
Slide 53: Outlook for the Medium-Term Management Plan
Outlook for the Medium-Term Management Plan • The JPY 30 billion target for FY2029 as the final year remains unchanged FY2029 Transaction Volume Transaction Volume/Adjusted EBITDA FY2026 Transaction Volume Margin (Image) JPY 30.0 billion or more Japan Corporates Clients JPY 20.0 billion or more Cons
Slide 54: Share Acquisition by Management
Share Acquisition by Management • A total of six individuals—including Directors Hashiba, Miyazaki, and Shichikura, as well as Executive Officers and employees—will purchase VISASQ common stock from the market, with a total upper limit of JPY 130M • By taking personal risk to acquire shares, the man
Slide 55: APPENDIX
| APPENDIX
Slide 56: FAQ: Will Expert Interviews be Replaced by AI?
FAQ: Will Expert Interviews be Replaced by AI? A. Even in the past, despite advances in desktop search and various paid economic information platforms, demand for expert interviews has grown. As the advancement of AI makes information more standardized, the need for expert interviews will, in fact,
Slide 57: FAQ: Please Explain Business Growth Opportunities Leveraging AI Technologies
FAQ: Please Explain Business Growth Opportunities Leveraging AI Technologies A-1. In the Knowledge Platform Business targeting domestic enterprise clients, we are considering expanding the user base by lowering the barriers to expert interviews, increasing the sophistication of AI-driven matching, a
Slide 58: Stock Information
Stock Information(1) 9,261,500 12,324,037 shares shares 1.4% SO + PSU SO＋PSU 7.7% 3.0% B種 B Class 20.4% A種 A Class 34.0% 5.8% VC 25.6% 個人投資家investors Individual 10.2% 7.7% 機関投資家 investors Institutional 創業者 Founder 48.0% 36.1% Before dilution After dilution (1) As of Feb. 28th, 2026, “Before dilution
Slide 59: VISASQ and SDGs
VISASQ and SDGs By connecting experts’ insights to various needs, we maximize the value of the insights. We enhance innovation across the globe by aggregating and sharing people’s insights, beyond the boundaries between organizations, generations and regions. ©VisasQ Inc. All Rights Reserved. 59
Slide 60: (Reference) Business Risks and Responses
(Reference) Business Risks and Responses Possibility of occurrence Main business Impact on growth realization risks and business plan execution Details or risk and mitigation strategy Timing of occurrence There is competition with a) overseas companies that mainly run similar businesses overseas and
Slide 61: Disclaimer
Disclaimer Handling of this document This document contains forward-looking statements. These statements were made solely from the information available at the time. Furthermore, these statements do not guarantee future results, and involve risks and uncertainties. Please be aware that the actual re