Hennge K.k. · TSE:4475
Hennge K.k — Q3 FY2025 Earnings Presentation
67 slides from Hennge K.k's earnings presentation, Aug 4, 2025
Slide 1: Q3 FY09/2025 Consolidated Financial Results
Note: This is a translation of part of the original Japanese version and is provided for reference purposes only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail. Q3 FY09/2025 Consolidated Financial Results HENNGE K.K. (
Slide 2: Table of Contents
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Table of Contents 1. Q3 FY2025 Consolidated Financial Results 2. FY2025 Full-year Forecast Progress 3. Growth Strategy 4. Appendix Corporate Overview Total Addressable Market Others 5. Past Materials 2
Slide 3: Q3 FY2025 Consolidated Financial Results
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Q3 FY2025 Consolidated Financial Results (Financial Results) 3
Slide 4: Consolidated Financial Results Highlights
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Consolidated Financial Results Highlights FY2025 Q3 FY2024 Q3 FY2025 YoY YoY (%) Forecast Progress (%) (unit: JPY million) (Revised on 2025/05) Net sales 6,061 8,016 +1,955 +32.3% 10,881 73.7% (HENNGE One) 5,593 7,509 +1,916 +
Slide 5: Net Sales
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Net Sales ■ Professional service and others ■ HENNGE One (unit: JPY million) FY2022 FY2023 FY2024 FY2025 5
Slide 6: Net Sales (YoY)
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Net Sales (YoY) Net sales for HENNGE One business, our growth driver, grew significantly YoY. ■ Professional service and others Total ■ HENNGE One YoY +32.3% (unit: JPY million) (+ JPY 1.96B) Professional service and others YoY
Slide 7: Gross Profit
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Gross Profit ● Gross profit margin ■ Gross profit (unit: JPY million) FY2022 FY2023 FY2024 FY2025 7
Slide 8: Gross Profit (YoY)
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Gross Profit (YoY) Gross profit margin remains high. Increase in margin was achieved mainly from higher ARPU. ● Gross profit margin ■ Gross profit (unit: JPY million) Gross profit YoY +35.7% (+ JPY 1.82B) FY2022 FY2023 FY2024 FY202
Slide 9: Operating Expenses (QoQ)
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Operating Expenses (QoQ) QoQ Other SG&A increased mainly due to (unit: JPY million) Other SG&A + JPY 155M proactive recruitment and in-person initiatives. Advertising expenses increased mainly due Advertising expenses + JPY 13
Slide 10: Operating Expenses (YoY)
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Operating Expenses (YoY) SG&A to sales ratio 66.5% cost to sales ratio (YoY) SG&A to sales ratio 68.9% Other SG&A increased mainly due to the Other SG&A 21.8% (+1.5pts) acceleration of recruitment activities. In addition, expe
Slide 11: Net Sales and Operating Expenses
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Net Sales and Operating Expenses ● Net sales ■ Other SG&A ■ Advertising expenses ■ Business consignment & staffing expenses ■ Personnel expenses ■ R&D expenses ■ Cost of Sales (unit: JPY million) FY2022 FY2023 FY2024 FY2025 11
Slide 12: Number of Employees
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Number of Employees A net increase of 58 employees compared to the end of the previous fiscal year. ■ Others ■ Professional service ■ Business Dev. ■ HENNGE One Customer Success ■ HENNGE One Sales ■ HENNGE One Dev./ R&D # of em
Slide 13: Business Activities
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Q3 FY2025 Consolidated Financial Results (Business Activities) 13
Slide 14: Business Highlights
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Business Highlights ● Advertisements and events ○ Hosted “HENNGE Unveiled 2025” (April 2025) ○ Exhibited at “Japan IT Week Spring” and “Japan IT Week Nagoya” (April and May 2025) ○ Engaged in numerous events (April to June 202
Slide 15: Advertising Activity Highlights
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Advertising Activity Highlights Conducted advertising activities such as “Japan IT Week Spring” and “HENNGE Unveiled 2025.” (Inside the venue of “Japan IT Week Spring”) Engaged in 45+ events 15
Slide 16: KPI Results
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Q3 FY2025 Consolidated Financial Results (KPI Results) 16
Slide 17: HENNGE One KPI Highlights
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results HENNGE One KPI Highlights (Progress in 9 months, compared to the end of FY2024) # of contracted companies # of contracted users ARR 3,290 companies 2.704M users JPY 10.73B increased by 339 companies increased by 209K users inc
Slide 18: HENNGE One KPIs (YoY)
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results HENNGE One KPIs (YoY) # of contracted companies # of contracted users ARR YoY +15.3% YoY +9.1% YoY +31.5% (unit: companies) (unit: K users) (unit: JPY million) +437 companies +226K users + JPY 2.57B 18
Slide 19: HENNGE One Gross Revenue Churn Rate
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results HENNGE One Gross Revenue Churn Rate The churn rate remains low, securing a solid base of recurring revenue. 0.54% 0.44% 0.45% 0.43% 0.34% 0.36% 0.30% 0.27% 0.28% 0.28% 0.27% 0.27% 0.24% 0.23% 0.21% ● Average monthly churn rate
Slide 20: HENNGE One Contracted Companies & Users
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results HENNGE One Contracted Companies & Users # of contracted companies has increased due to the acquisitions of small to mid sized contracts. ● HENNGE One Contracted Users (K users) ■ HENNGE One Contracted Companies (companies) QoQ
Slide 21: HENNGE One ARR & ARPU
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results HENNGE One ARR & ARPU ARPU increased mainly due to the rise in the proportion of HENNGE One Pro within ARR. ● HENNGE One ARPU (JPY per user) ■ HENNGE One ARR (JPY million) QoQ + JPY 52 per user QoQ + JPY 0.35B FY2022 FY2023 FY
Slide 22: FY2025 Full-year Forecast Progress
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results FY2025 Full-year Forecast Progress 22
Slide 23: Our Policy of FY2025
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Our Policy of FY2025 By strengthening our corporate branding, aim to accelerate mid to long term ARR growth and improve productivity. HENNGE One Business Aim to exceed JPY 10B for ARR by increasing the number of contracted com
Slide 24: Progress of Our Policy of FY2025
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Progress of Our Policy of FY2025 HENNGE One ARR and operating expenses are in line with our revised forecast. Enhancing talent acquisition remains a key challenge. HENNGE One Business ● HENNGE One ARR progresses in line with o
Slide 25: FY2025 Forecast Highlights
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results FY2025 Forecast Highlights FY2025 FY2023 FY2024 Revised Forecast YoY YoY (%) (unit: JPY million) Results Results (Revised on 2025/05) Net sales 6,776 8,365 10,881 +2,516 +30.1% (HENNGE One) 6,250 7,737 10,222 +2,485 +32.1% (Pr
Slide 26: FY2025 Forecast - Net Sales by Business
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results FY2025 Forecast - Net Sales by Business The progress of HENNGE One’s sales is 73.5% against the revised forecast. Professional service HENNGE One and others (unit: JPY million) (unit: JPY million) ■ Results ■ Forecast 26
Slide 27: FY2025 Forecast - Operating Expenses
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results FY2025 Forecast - Operating Expenses The progress of advertising expenses is 61.7% against the revised forecast. The progress of operating expenses excluding advertising expenses is 71.6~73.4% against the revised forecast. Ope
Slide 28: Growth Strategy
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Growth Strategy 28
Slide 29: Liberation of Technology
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Corporate Philosophy We want to deliver the power of technology to as many people as we can. Liberation of Technology テクノロジーの解放 29
Slide 30: Maximize LTV
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Maximize LTV Our growth strategy is to maximize LTV. Currently, “Y” and “r” are already in high numbers, therefore our focus is to maximize ARR. LTV = ARR × Y × r Y = [Average contract duration in years] r = [Gross profit rate]
Slide 31: Growth Strategy KPIs (HENNGE One)
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Growth Strategy KPIs (HENNGE One) In the recent years, number of small to mid sized contracts were acquired by strengthening relationships with resellers. As a result of providing demanded new services and features, ARPU has i
Slide 32: Growth Strategy Beyond FY2025
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Growth Strategy Beyond FY2025 We achieved JPY 10B in ARR for HENNGE One and would like to build a solid foundation that will allow us to continue to grow beyond JPY 20B in ARR as a group in FY2029. With a focus on the promotio
Slide 33: HENNGE
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Slide 34: Appendix (Corporate Overview)
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Appendix (Corporate Overview) 34
Slide 35: Corporate Profile
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Corporate Profile Company name : HENNGE K.K. Directors : Kazuhiro Ogura Representative Director, President and CEO/CTO Kazuaki Miyamoto Representative Director, Executive Senior Vice President Yoshiki Nagatome Director, Executi
Slide 36: Locations
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Locations Japan Taiwan USA HENNGE Inc. HENNGE Taiwan 2025/04 2016/10 Nagoya branch office 2016/08 Tokyo Osaka Head office branch office 2015/06 Fukuoka branch office 2018/08 36
Slide 37: Employee Breakdown by Function
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Employee Breakdown by Function 369 8 (unit: employees, excluding part-time employees, as of 2025-06-30) 37
Slide 38: Liberation of Technology
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Corporate Philosophy We want to deliver the power of technology to as many people as we can. Liberation of Technology テクノロジーの解放 38
Slide 39: History
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results History Our business domain is ever-changing, but our will remains steadfast. y) rit cu y) se tit er ) en LP yb (Id (D (C l x ai aS aS aS nu Em Sa Sa Sa Li 1996 1997 2000 2011 2012 2021 Linux server eCRM software HENNGE One HE
Slide 40: Net Sales by Business
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Net Sales by Business 93.7% of net sales come from HENNGE One business. 6.3% JPY 8.02B ● HENNGE One ● Professional service and others (as of Q3 FY2025) 40
Slide 41: HENNGE One
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results HENNGE One Provide services that remove obstacles for companies trying to improve productivity by adopting cloud in one-stop. Enhance security and usability of cloud to all the employees by having company-wide implementation.
Slide 42: HENNGE One - Identity
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results HENNGE One - Identity Provide cross-sectional secure access and SSO for various cloud services used by companies. Access Control ID Federation Customizable policy Administrator Various cloud services SSO Microsoft 365 User man
Slide 43: HENNGE One - DLP
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results HENNGE One - DLP Prevent leaks of important data, such as confidential corporate information, from misdirected email and wrong file sharing misconfiguration. DLP Secure DL Email DLP Email Archive - URL auto-conversion - Filtering
Slide 44: HENNGE One - Cybersecurity
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results HENNGE One - Cybersecurity Improve the level of security from technology, people, and process point of view, by addressing measures such as for ransomware and targeted email attacks. HENNGE Cloud Protection HENNGE Tadrill URLs
Slide 45: Solid Customer Base (HENNGE One)
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Solid Customer Base (HENNGE One) HENNGE One is used by 3,290 companies in various industries, and has approximately 2.704 million users. Average number of contracted users per contracted company is approximately 822. (as of 20
Slide 46: Appendix (Total Addressable Market)
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Appendix (Total Addressable Market) 46
Slide 47: Number of Companies by Employee Size in Japan
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Number of Companies by Employee Size in Japan Enormous potential within the market exists as cloud adoption will accelerate going forward. Customers’ demands # of employees ID management for 653 ■ # of companies by each employ
Slide 48: Strengthening Expansion into Overseas Markets
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Strengthening Expansion into Overseas Markets Our main service is a cloud service, which has the potential for cross-border expansion. While continuing to target the Asian market, we will also challenge the business expansion
Slide 49: Appendix (Others)
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Appendix (Others) 49
Slide 50: Our Long-term Ambition
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Our Long-term Ambition Aim to establish a business model which enables us to exceed JPY 100B for ARR and a potential operating profit margin (OPM) of 50% within FY2035 to FY2037. ARR JPY 100B In addition to promoting current bu
Slide 51: Path to Becoming World Class IT Company
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Path to Becoming World Class IT Company We will aggressively focus on promoting the existing business, cultivating new markets, and expanding our value through M&As and other measures. To accelerate these efforts, strengthening
Slide 52: New Business Developments
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results New Business Developments Search for the market demands and accelerate the release of new features and services that meet the demands. Continue to support our customers in utilizing SaaS and keep continuing “Liberation of Tech
Slide 53: Service Overview (HENNGE One)
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Service Overview (HENNGE One) Service Overview Service Overview HENNGE Access Control Access control/SSO, etc. HENNGE Email Archive Email audit/Archive HENNGE Device Certificate Device certificate HENNGE Secure Transfer Large fil
Slide 54: Business Investments
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Business Investments Mainly invested in B2B startups that own proprietary elements and technologies, which have synergy with our business. We will increase the value provided to our customers through business alliances, M&As,
Slide 55: Eat unripe fruits, and make mistakes early
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Value Continuously eat unripe fruits and remain as early adopters in order to make “Liberation of Technology” happen. Through a number of trial and error, we will identify new technology that is useful for our customers, and w
Slide 56: HENNGE WAY
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results HENNGE WAY HENNGE WAY is our code of conduct in order to keep changing with challenges and failures. 01 Love technology 02 Eat unripe fruits 03 Be a learnaholic Love and use Take on challenges and Be endlessly curious. technol
Slide 57: Diversity and Inclusion
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Diversity and Inclusion Focusing our efforts on the Global Internship Program (GIP) not only to provide career development opportunities for the most talented candidates from all over the world, but also to be the precedent org
Slide 58: Diversity in Organization
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Diversity in Organization Diversity is the key driver to keep challenging and changing. We recognize the differences and respect the differences, which then we can create a basis for an ever-changing organization that value chal
Slide 59: Past Materials
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Past Materials 59
Slide 60: Customers Mail Cloud
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Customers Mail Cloud Offers email delivery platform that facilitates secure and seamless connection between businesses’ digital services and customers. Public Sector Login notification SMTP DKIM/DMARC TLS Internet Server Auth En
Slide 61: Marketing Activities for HENNGE One
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Marketing Activities for HENNGE One It requires some time from marketing campaigns to the contribution in expansion of ARR as HENNGE One’s lead time is relatively long. However, the results of the investment in advertising exp
Slide 62: License Lineups for HENNGE One
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results License Lineups for HENNGE One Announced in 2019/05 (June 2019 - September 2021) * New contracts taken into place after October 2021 will apply new license lineup which was announced in August 2021. 62
Slide 63: Service Lineups for HENNGE One
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Service Lineups for HENNGE One Announced in 2021/08 (October 2021 - March 2024) Service lineups were renewed from October 2021. Approaching varieties of customers with high value-added suite plans, as well as setting up single
Slide 64: Renewal of License Lineups for HENNGE One
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Renewal of License Lineups for HENNGE One Announced in 2023/08 (April 2024 -) The several license lineups for HENNGE One were revised from April 2024. (Updated June 2025) 64
Slide 65: Glossary
HENNGE K.K. (4475:TSE Growth) Q3 FY09/2025 Consolidated Financial Results Glossary ARR (Annual Recurring Revenue) refers to revenue, normalized on an annual basis, that a company expects to receive from its customers for providing them with products or services of subscription-based model. ARPU (Ave
Slide 66: Disclaimer
Disclaimer This document has been prepared by HENNGE K.K. (the “Company”) solely for information purpose. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company in Japan, th
Slide 67: HENNGE
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