F&m Co., Ltd. · TSE:4771
F&m — FY2026 Earnings Presentation
56 slides from F&m's earnings presentation, Jun 18, 2026
Slide 1: Financial Results Presentation FY2026 4th Quarter
Financial Results Presentation FY2026 4th Quarter F&M Co., Ltd. （TSE Standard, Stock Code 4771）
Slide 2: Corporate Philosophy
Corporate Philosophy 2 Making valuable things more accessible Practicing our Tap Water Philosophy of Services, we contribute to society by supporting the back-office functions of all businesses.
Slide 3: Consolidated Financial Results for Q4 FY2026
1 Consolidated Financial Results for Q4 FY2026
Slide 4: Consolidated Financial Results for Q4 FY2026 - Net Sales Composition
Consolidated Financial Results for Q4 FY2026 4 Operating Net Sales Composition Ratio (Millions of Yen) Net Sales Profit Accounting Services Segment 5,504 1,873 Consulting Segment 8,192 2,592 26.5% Business Solutions Segment 6,524 848 31.4% Real Estate Leasing Segment 108 27 System Development ¥20,80
Slide 5: Highlights
Highlights 5 5 Consolidated Results ●Sales and membership showed steady growth across all segments Accounting Services Segment ●Membership continued to increase steadily Consulting Segment ●Membership in the F&M Club continued to grow steadily ●We recorded ¥237 million in revenue from grant awards u
Slide 6: Summary (vs. Budget)
Consolidated Financial Results for Q4 FY2026｜Summary (vs. Budget) 6 (Millions of Yen) Forecast Actuals Comparison with Financial Result Forecast Net sales 20,867 20,807 ▲59 ▲0.3% Cost of sales 6,793 6,733 ▲59 ▲0.9% Gross profit 14,074 14,074 +0 +0.0% Gross profit margin 67.4% 67.6% － － SG&A 10,941 1
Slide 7: Summary (vs. Budget)
Consolidated Financial Results for Q4 FY2026｜Summary (vs. Budget) 7 ● Net sales came in broadly in line with the budget, driven by steady growth in membership ● Operating Profit and ordinary Profit exceeded the budget by 23.2% and 23.5% respectively, due to the containment of cost of sales and SG&A
Slide 8: Summary (YoY Comparison)
Consolidated Financial Results for Q4 FY2026｜Summary (YoY Comparison) 8 (Millions of Yen) Q4 FY2025 Q4 FY2026 YoY Change Net Sales 17,066 20,807 +3,741 +21.9% Cost of Sales 5,474 6,733 +1,259 +23.0% Gross Profit 11,592 14,074 +2,482 +21.4% Gross Profit Margin 67.9% 67.6% － － SG&A 8,875 10,215 +1,340
Slide 9: Performance Trends (Cumulative)
Consolidated Financial Results for Q4 FY2026｜ Performance Trends (Cumulative) 9 ●Sales increased by 21.9% year on year, driven by steady growth in membership across all business segments ●The number of employees in the sales division increased by 35 year-on-year Net Sales Growth Rate ＋21.9％ Operatin
Slide 10: Segment Performance (YoY Comparison)
Consolidated Financial Results for Q4 FY2026｜Segment Performance (YoY Comparison) 10 Net Sales Operating Profit (Millions of Yen) Q4 FY2025 Q4 FY2026 YoY Change Q4 FY2025 Q4 FY2026 YoY Change Accounting Services Segment 4,921 5,504 +583 +11.8% 1,610 1,873 +263 +16.3% Consulting Segment 6,618 8,192 +
Slide 11: Factors for Change in Consolidated Operating Profit (YoY)
Consolidated Financial Results for Q4 FY2026｜ 11 Factors for Change in Consolidated Operating Profit (YoY) ●While revenue increased by ¥3,741 million, costs such as personnel expenses, outsourcing fees, and commissions also rose ●Operating profit increased by ¥1,141 million (Millions of yen)
Slide 12: Consolidated Balance Sheet
Consolidated Financial Results for Q4 FY2026｜Consolidated Balance Sheet 12 (Millions of Yen) Q4 FY2025 Q4 FY2026 YoY Change Current Assets 7,269 8,736 +1,466 Non-Current Assets 10,036 11,906 +1,869 Assets 17,305 20,642 +3,336 Current Liabilities 3,932 5,037 +1,105 Non-Current Liabilities 159 180 +21
Slide 13: Earnings Per Share (EPS) Trends
Earnings Per Share (EPS) Trends 13
Slide 14: Results by Business Segment for Q4 FY2026
2 Results by Business Segment for Q4 FY2026
Slide 15: Accounting Services Segment
Accounting Services Segment
Slide 16: Accounting Services Segment | Performance Trends (Cumulative)
Accounting Services Segment | Performance Trends (Cumulative) 16 ● Membership continued to grow steadily, contributing to sales growth ● The AI coverage rate for bookkeeping reached 93.4%, contributing to cost reduction Net Sales Growth Rate ＋11.8％ Operating Profit Growth Rate ＋16.3％ Operating Profi
Slide 17: Accounting Services | Membership Trends
Accounting Services | Membership Trends 17 ●Membership showed steady growth ●We added a tutorial feature to our app for new users to facilitate the onboarding process ●We enhanced our app for existing users to facilitate service delivery through tech touch
Slide 18: Consulting Segment
Consulting Segment F&M DAVAVANS Club F&M Bridge
Slide 19: Consulting Segment | Performance Trends (Cumulative)
Consulting Segment｜ Performance Trends (Cumulative) 19 ●Steady growth in F&M Club membership contributed to membership fee revenue ●We recorded ¥237 million in revenue from grant awards under: • The 21st Round of the Monozukuri Subsidy • The 2nd Round of the Subsidy for New Business Ventures • The 4
Slide 20: F&M Club | Membership Trends
F&M Club ｜ Membership Trends 20 ●The number of members remained stable ●By integrating our sales and follow-up departments into a seamless, end-to-end structure, we consolidate customer touchpoints to gain a deeper understanding of their management challenges and provide continuous support.
Slide 21: Partner Financial Institutions
Partner Financial Institutions 21 ●We launched “Hojo Search," a grant search site for financial institutions, enabling them to provide subsidy information to their customers (Financial Institutions) Q4 FY2026 Breakdown of Partner Financial Institutions Credit Cooperatives 6 Regional 206 213 223 234
Slide 22: Business Solutions Segment
Business Solutions Segment NI4RAF—-Yay ll
Slide 23: Business Solutions Segment | Performance Trends (Cumulative)
Business Solutions Segment| Performance Trends (Cumulative) 23 ●Steady growth in membership of the Office Station series contributed to subscription revenue ●We are strengthening our initiatives for expansion and cross-selling to drive higher growth rates in recurring revenue ●We recorded revenue fr
Slide 24: Office Station Series | Users Trends
Office Station Series｜ Users Trends 24 ●Membership in the Office Station Series exceeded 56,000 companies ●We are focused on improving user retention by enhancing the onboarding process for new users and strengthening our support system for existing users
Slide 25: Office Station Series | Key Metrics
Office Station Series ｜Key Metrics 25 MRR ARR 456 M 5,466 M Churn rate by product CAGR Labor 1.08％ Payslips 1.29％ Time and Attendance Year-End Tax Adjustment 1.97％ 1.01％ 33.9 ％ Pro ※For Labor and Tax Professionals 0.37％
Slide 26: Management Innovation Consultation and Related Organizations | Membership Trends
Management Innovation Consultation and Related Organizations｜ Membership Trends 26 ●In the tax accountant and CPA industry, firms are increasingly leveraging generative AI to improve productivity in office operations and client services This trend has led to steady growth in membership for our AI St
Slide 27: FY2027 Consolidated Forecast
3 FY2027 Consolidated Forecast
Slide 28: FY2027 Q2 and Full-Year Forecasts
FY2027 Q2 and Full-Year Forecasts 28 (Millions of Yen) Q2 Actuals (P/FY) Q2 Forecast (C/FY) YoY Change Q4 Actuals (P/FY) Q4 Forecast (C/FY) YoY Change Net Sales 8,956 10,477 +1,520 +17.0% 20,807 24,694 +3,886 +18.7% Cost of Sales 3,021 3,882 +860 +28.5% 6,733 8,713 +1,979 +29.4% Gross Profit 5,934 6
Slide 29: Subsidies Planned for Support in FY2027
Subsidy Application Support｜Subsidies Planned for Support in FY2027 29 Subsidy Program Estimated Budget Subsidy Cap Subsidy Rate Supports "bold investments" by SMEs aiming for net sales exceeding ¥10 Growth Acceleration billion, which contribute to wage hikes, capture foreign demand through ¥140.0 b
Slide 30: FY2027 Full-Year Forecasts for Three Key Segments
FY2027 Full-Year Forecasts for Three Key Segments 30 Net sales Operating profit (Millions of Yen) C/FY Actuals N/FY Forecast YoY Change C/FY Actuals N/FY Forecast YoY Change Accounting Services Segment 5,504 5,738 +234 +4.3% 1,873 1,976 +103 +5.5% Consulting Segment 8,192 10,158 +1,966 +24.0% 2,592
Slide 31: Three-Year Business Plan FY2026 to FY2028
Three-Year Business Plan 4 FY2026 to FY2028
Slide 32: Progress of the Medium-Term Management Plan
Progress of the Medium-Term Management Plan 32
Slide 33: Back-Office Services for SMEs and Sole Proprietors Nationwide
We Provide Services Specializing in Back Office to SMEs and Sole Proprietors Nationwide in 33 Collaboration With Our Partners Accounting Services Segment Accounting services for sole proprietors and small-sized enterprises *Main customers are life insurance sales employees Consulting Segment · Admin
Slide 34: Tap Water Philosophy of Services: Three Strategies
Three Strategies for Achieving Corporate Philosophy Sustainable Growth 1) Stock-based business Secure continuous revenue and prioritize Making valuable things long-term relationships more accessible 2) Partner sales Broaden market access through strategic Tap Water partnerships Philosophy of 3) Stay
Slide 35: Final Year of Three-Year Plan | Plan for FY2028
Final Year of Three-Year Plan | Plan for FY2028 35 Sales Operating profit Operating profit margin ¥30.0 billion ¥6.0 billion 20% Accounting service members F&M Club members Office Station users 120,000 20,000 70,000 persons companies users
Slide 36: Accounting Services Segment
Accounting Services Segment 36 ● We promote BPO services for certified public tax accountant offices and bookkeeping services for small-sized enterprises toward achieving further growth ● We aim to control costs and improve quality with AI Bookkeeping services for sole proprietors and BPO services f
Slide 37: Consulting Segment
Consulting Segment 37 ● We will strengthen the provision of F&M Club services together with partnering financial institutions ● We aim to increase membership and sales by providing services that capture the latest trends to members Lecturer dispatch training services We promote employee growth and s
Slide 38: Business Solutions Segment
Business Solutions Segment 38 ● Office Station supports the digital transformation of all back-office operations by expanding its products from the “labor relations domain” to the “human resources domain” with the aim of increasing membership ● We aim to increase sales by promoting “cross-selling” t
Slide 39: Business Overview by Segment
5 Business Overview by Segment
Slide 40: Accounting Services Segment
Accounting Services Segment
Slide 41: Business Overview
Business Overview 41 ● We are pursuing cost control through the use of AI as well as efficiency improvements and enhanced user convenience through the widespread use of our app Bookkeeping service process AI coverage rate for 1 Receive necessary bookkeeping expense records, etc. 2 Scan 93.4％ *Result
Slide 42: Market
Market 42 Number of people who filed final income tax returns | 23,389,000 people Life insurance sales employees | 185,200 people Business Our members income earners 3,789,000 81,590 103,610 19,600,000 55.9％ Unit: People Unit: People *Source: National Tax Agency, “Report on the Status of Final Tax R
Slide 43: Consulting Segment
Consulting Segment
Slide 44: Business Overview | F&M Club
Business Overview | F&M Club 44 ● We have a lineup of services that address the issues faced by SMEs ● Users can share tasks to be completed in order to resolve issues on a dedicated member website and have individual company representatives follow up on service usage Finance, labor relations Human
Slide 45: Business Overview | Subsidy Application Support
Business Overview | Subsidy Application Support 45 ● We provide application support for the "Monozukuri Subsidy," "Labor-saving Investment Subsidy (General Type)," and "Growth Investment Subsidy for Mid-sized Enterprises and SMEs" Cumulative number of (1) Extensive know-how approvals We have support
Slide 46: Business Solutions Segment
Business Solutions Segment
Slide 47: Business Overview
Business Overview 47 ●In addition to our existing labor services, we will expand offerings to the talent management and human resource evaluation domains, providing services across workforce management and development. Paperless collection of employee Paperless year-end adjustments Web distribution
Slide 48: No.1 Market Share for 6 Consecutive Years
Companies Using Our Services 48 Labor relations management cloud No.1 market share for 6 consecutive years ※*Source: Deloitte Tohmatsu MIC Research Institute Co., Ltd., “The Current State and Outlook of the HRTech Cloud Market” (FY2020-2025) Number of users: 56,335 *As of March 31, 2026
Slide 49: Sustainability
6 Sustainability
Slide 50: Sustainability Policy
Sustainability Policy 50 A world where no one is left behind socially or economically Based on our mission of the “Tap Water Philosophy of Sevices,” we aim to contribute to the revitalization of society by providing valuable services at low cost, as naturally as water. Currently, more than 99% of bu
Slide 51: F&M's Approach to ESG
F&M’s Approach to ESG 51 Environment Social Governance 01 | Achievement of 01 | Contribution to realizing the 01 | Effective corporate environmentally friendly sustainable growth of all governance business management enterprises and enhancing the work satisfaction of and 02 | Compliance promotion an
Slide 52: Education Policy
Education Policy 52 Master in one year what takes three years to learn at other companies Even new employees are given significant autonomy early on, such as being assigned many clients, allowing them to gain overwhelming real-world experience. This fosters a sense of ownership and a strong sense of
Slide 53: Training System
Training System 53 We have established a training system based on years of service and job duties. Each business division conducts OJT as a foundation and OFF-JT as specialized training for each department. For new graduate employees, training programs are provided from the first through the sixth y
Slide 54: Creating Comfortable Workplaces That Balance Work and Personal Life
Creating Comfortable Workplaces That Balance Work and Personal Life 54 Our Group has established various leave systems to encourage employees to take time off, with the aim of enhancing not only their work but also their personal lives. We have also introduced communication initiatives, including a
Slide 55: Fostering a Culture Where Diverse Human Resources Can Actively Participate
Fostering a Culture Where Diverse Human Resources Can Actively Participate 55 We promote work styles that enable diverse human resources to actively participate regardless of their attributes. We will also foster a culture that respects diversity in the workplace. Recognition trips for outstanding e
Slide 56: Disclaimer and IR Contact
This document is intended to provide information about F&M Co., Ltd. and is not intended to solicit investment in securities issued by the Company. Furthermore, this document has been prepared based on data as of March 31, 2026. The opinions and forecasts contained in this document are based on the