Freee K.k. · TSE:4478
Freee K.k — FY2026.6 Earnings Presentation
68 slides from Freee K.k's earnings presentation, Aug 13, 2026
Slide 1: FY2026.6 Financial Results
FY2026.6 Financial Results freee K.K. August 13, 2026
Slide 2: Highlights for the Fiscal Year Ended June 30, 2026
Highlights for the Fiscal Year Ended June 30, 2026 Achieved strong revenue growth of +27.6% YoY for FY2026.6 ● Robust growth in both Self-employed and Corporate segments proves System of Record value in the Agentic AI era. ● In the Mid segment, HR-related SaaS and AI outsourcing businesses continued
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 43.5Bn (YoY +21.8%) 694K+ (YoY +14.0%) JPY 62.7K (YoY +6.8%) Corporate Segment: Corporate Segment: Corporate Segment: JPY 34.7Bn (YoY +24.0%) 274K+ (YoY +16.8%) JPY 126.6K (YoY +6.1%) FY2
Slide 4: Financial Highlights - Platform Business
Financial Highlights ‐ Platform Business ‐ 4
Slide 5: FY2026.6 Financial Results
FY2026.6 Financial Results ● FY2026.6 Platform Business revenue increased 27.6％ YoY to JPY 42,441MM, with adjusted operating profit(1) of JPY 2,663MM and adjusted free cash flow(2) of JPY ▲351MM. ○ Revenue exceeded earnings guidance, driven by solid acquisition through direct channel and accounting
Slide 6: Platform ARR
Platform ARR ● The Platform ARR expanded to JPY 43,595MM, up +21.8% YoY. ○ Subscription ARR(1) grew +21.9% YoY driven by strong new acquisitions in the Corporate segment. The Self-employed segment also expanded +13.5% YoY, accelerating from the previous quarter, supported by churn reduction followin
Slide 7: Mid Segment Platform ARR
Mid Segment Platform ARR ● Credit card and HR businesses sustained high growth, with customer acquisition accelerating as we addressed industry-specific needs such as healthcare, welfare and construction. Quarterly net new ARR reached a record high of JPY 1.25Bn, expanding ARR by 27.2% YoY to JPY 16
Slide 8: Number of Paying Customers/ARPU (Platform)
Number of Paying Customers/ARPU (Platform) ● Number of paying customers in the Self-employed segment grew steadily to +12.2% YoY, reaching 419,957. The Corporate segment grew +16.8% YoY to 274,629, accelerated by direct channel and accounting firm acquisition. ○ Corporate net new customers in Q1 FY2
Slide 9: Churn Rate
Churn Rate ● The 12-month average churn rate for FY2026.6 continued to decline to 1.0%, reflecting strong customer retention driven by the value of the core System of Record in the Agentic AI era. The 12-month Average Churn Rate(1) Key Drivers for Churn Reduction Overall Corporates Self-employed seg
Slide 10: Revenue
Revenue ● Revenue for FY2026.6 increased by 27.6% YoY to JPY 42,441MM, outperforming full-year earnings guidance. YoY +23.1％ Revenue(1) (Yearly) Revenue(1) (Quarterly) JPY MM JPY MM YoY +27.6％ Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2024.6 FY2025.6 FY2026.6 FY2024.6 FY2025.6 FY2026.6 1. Why, Inc. is c
Slide 11: Gross Profit
Gross Profit ● Gross profit for FY2026.6 was JPY 34,397MM, and gross profit margin was 81.0%. The gross profit margin excluding the impact of software amortization increased to 83.8%. ※ Gross profit margin in () excludes the impact Gross Profit(1) (Yearly) Gross Profit(1) (Quarterly) Gross Profit Ma
Slide 12: Adjusted Operating Profit
Adjusted Operating Profit ● Adjusted Operating Profit for FY2026.6 reached JPY 2,663MM, up 41.3% YoY and exceeding full-year earnings guidance. Adjusted Operating Profit(1) (Yearly) Adjusted Operating Profit(1) (Quarterly) Adjusted Operating JPY MM YoY JPY MM Profit Margin +41.3% 5.7% 6.3% 12.4% 7.5
Slide 13: Breakdown of SG&A (% of Revenue)
Breakdown of SG&A (% of Revenue) ● S&M(1)-to-revenue ratio decreased YoY. The personnel expense-to-revenue ratio was contained through enhanced sales productivity driven by AI, while the advertising expense-to-revenue ratio declined alongside improvements in marketing efficiency. ● R&D(2)-to-revenue
Slide 14: Adjusted Free Cash Flow
Adjusted Free Cash Flow ● For FY2026.6, adjusted free cash flow(1) landed at JPY▲351MM , representing YoY decline of JPY ▲1,732MM, impacted by office expansion costs, higher consumption tax payments after turning profitable in the prior fiscal year, and cash outflows related to other payable accumul
Slide 15: FY2027.6 Earnings Guidance & Mid-to-Long-term Financial Outlook
FY2027.6 Earnings Guidance & Mid-to-Long-term Financial Outlook 15
Slide 16: FY2027.6 Guidance: Targeting JPY 52.2Bn revenue and 11% adj. OPM
FY2027.6 Guidance: Targeting JPY 52.2Bn revenue and 11% adj. OPM ● For FY2027.6, we expect revenue to grow by 23.0% YoY, driven by new customer acquisition and cross-selling initiatives. ● Regarding profit performance, supported by company-wide productivity gains through AI implementation and contin
Slide 17: Executing Growth Initiatives to Solidify Corporate Segment Market Positioning
Executing Growth Initiatives to Solidify Corporate Segment Market Positioning ● Realize sustained growth in the Corporate segment by enhancing new customer acquisition efficiency and improving LTV through cross-selling and increased transaction volume. Solidify market positioning by leveraging brand
Slide 18: Driving Operating Leverage Through Revenue Growth and AI-Driven Productivity
Driving Operating Leverage Through Revenue Growth and AI-Driven Productivity ● By accelerating our AI initiatives, we are expanding company-wide productivity across product development, sales, marketing, and customer success. This will enhance operational leverage by moderating cost growth relative
Slide 19: Balancing Growth and Profitability: Rule of 40 by FY2028.6
Balancing Growth and Profitability: Remaining Committed to the Rule of 40 by FY2028.6 ● Over the three-year period beginning in FY2026.6, we will drive continued top-line growth through strategic investments while simultaneously enhancing profitability. Through these initiatives, we aim to achieve R
Slide 20: Decision on Share Repurchase in Light of H1 2026 Market Trend
Decision on Share Repurchase in Light of H1 2026 Market Trend ● While expecting sustainable growth driven by AI tailwinds, our share price in H1 2026 remained significantly undervalued, failing to reflect our intrinsic corporate value. Consequently, we have resolved to execute a share repurchase pro
Slide 21: Mid-to-Long-term Growth Strategy Initiatives
Mid-to-Long-term Growth Strategy Initiatives 21
Slide 22: 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 23: Leading Digital Transformation for Small Businesses with AI-Powered Value Proposition
Leading Digital Transformation for Small Businesses with AI-Powered Value Proposition AI-Powered Value Proposition The Small Business Management Platform Trusted by 700K Business Easier to Adopt and Use Data Actionable Business Insights Accurate, contextualized records of corporate activities AI Cre
Slide 24: Delivering the "Done for You" Experience
Drivers to Become the De Facto Standard for Small Business Operations ● Trustworthy AI Agents Built for Human Accountability Delivering the ● Delivering an End-to-End, Hands-Off Operations Experience ✕ AI "Done for You" Experience ● High Token Efficiency with High Quality Outputs Becoming the De Fac
Slide 25: freee: The SaaS Platform of Choice in the Agentic AI era
freee: The SaaS Platform of Choice in the Agentic AI era ● Following the March 2026 launch of "freee-mcp," our brand awareness as an AI-powered solution has expanded significantly on social media. ● Our CAIO, Ryu Yokoji, presented at Anthropic's "Code with Claude" and delivered a keynote address at
Slide 26: Driving Innovation via the AI Ecosystem: Delivering "Done for You" Experiences
Driving Innovation via the AI Ecosystem: Delivering "Done for You" Experiences to Accelerate Small Business Growth ● We have established industry-leading accessibility in the AI ecosystem through over 380 Public API assets and MCP (1) server. ● By driving "AI × freee" use cases among innovators, we
Slide 27: Evolving into an AI Agent-Driven Platform for Accounting Firms
Evolving into an AI Agent-Driven Platform to Deliver a "Done for You" Experience for Accounting Firms ● Evolving into a platform where AI agents execute tasks to deliver "Done for You" experiences across all areas, including accounting, tax filing, and HR. Initial AI agent features launched for book
Slide 28: Expanding Accounting Firm Partnerships Toward the De Facto Standard
Expanding Accounting Firm Partnerships Toward the De Facto Standard ● Expanding partnership as growing AI adoption across the industry drive great awareness of and demand for "AI × freee". ● Establishing an industry-leading position by partnering with AI-native accounting firms providing AI-driven o
Slide 29: Launch of freee AI Assistant for Corporate Customers
Launch of freee AI Assistant for Corporate Customers, Delivering AI Solutions Tailored to Industry-Specific and Company-Specific Needs ● Released the beta version of freee AI Assistant for corporate customers in June 2026, deploying custom AI agents on an integrated platform to execute workflows ali
Slide 30: HR Domain Sustains High Growth to Expand its Revenue Contribution
HR Domain Sustains High Growth to Expand its Revenue Contribution by Addressing Critical Labor Shortages ● We have launched our Talent Management suite to solve critical talent acquisition challenges faced by small businesses. Concurrently, we are expanding our outsourced HR services to address the
Slide 31: Accelerating Growth by Enhancing Our Financial Value Proposition
Accelerating Growth by Enhancing Our Financial Value Proposition ● Transaction ARR maintains strong growth, driven by corporate credit card business. ● Delivering embedded finance seamlessly built into Accounting SaaS on an integrated management platform, unlocking unified spend management and flexi
Slide 32: FAQ
FAQ 32
Slide 33: Q. Is AI monetization factored into the FY2027.6 earnings guidance?
Q. Is AI monetization factored into the FY2027.6 earnings guidance? A. We are accelerating AI adoption across our integrated management platform and positioning AI as a core growth driver for FY2027.6 and beyond. Our focus is on strengthening brand awareness as the “most user-friendly AI-powered Saa
Slide 34: Q. What caused the decline in adjusted free cash flow for FY2026.6?
Q. What caused the decline in adjusted free cash flow(1) for FY2026.6, and what is the future outlook? A. The decrease in adj. FCF for FY2026.6 (JPY ▲1,732MM YoY), impacted by office expansion costs, higher consumption tax payments after turning profitable in the prior fiscal year, and cash outflows
Slide 35: Q. Why did you change the FY2028.6 Rule of 40 commitment metric?
Q. Why did you change the FY2028.6 Rule of 40 commitment metric from Adj. FCF Margin to adj. operating profit(2) margin? A. We have changed our primary financial KPI for achieving Rule of 40 in FY2028.6 from adj. FCF (1) margin to adj. OP(2) margin for three reasons: to accelerate growth through fas
Slide 36: Q. What is the rationale behind the timing of this share buyback?
Q. What is the rationale behind the timing of this share buyback? Additionally, do you plan to continue conducting share repurchases and open-market purchases for the ESOP on an ongoing basis? A. We view the advancement of generative AI as a major business opportunity and are further strengthening o
Slide 37: Appendix 1 Mid-to-Long-term Growth Strategy
Appendix 1 Mid-to-Long-term Growth Strategy 37
Slide 38: 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 39: 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 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY30 Gross Margin 79.5% 80.7% 83.6% 82.5% 82.2% 81.0% 78%-81% 75%-80% R&D(1)(2)(3) 25.6% 25.8% 35.7% 32.8% 14.3% 15.4% 12%-15% 8%-13% % of Revenue S&M(1)(2)(4) 58.8
Slide 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: Expanding Customer Base and Productivity through Cross-Selling Driven by Integrated Value
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 47: 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 48: 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 49: 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 50: freee's Done for You Value Proposition: Two Concepts
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 51: 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 52: 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 53: Appendix 2 - Financial Data -
Appendix 2 - Financial Data - 53
Slide 54: ARR/Number of Paying Customers/ARPU
ARR/Number of Paying Customers/ARPU FY2024.6 FY2025.6 FY2026.6 Platform ARR(1) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 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 43,595 Self-employed 5,636 5,773 7,231 6,594 6,604 6,988 8,656 7,745 7,765 7,970 9,741 8
Slide 55: Consolidated Income Statement for Platform Business
Consolidated Income Statement for Platform Business Platform Business JPY MM FY2022.6 FY2023.6 FY2024.6 FY2025.6 FY2026.6 Revenue 13,987 19,219 25,430 33,270 42,441 YoY Growth 36.4% 37.4% 32.3% 30.8% 27.6% Cost of Revenue 2,701 3,153 4,439 5,909 8,043 % of Revenue 19.3% 16.4% 17.5% 17.8% 19.0% Gross
Slide 56: 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 JPY MM FY2024.6 FY2025.6 FY2026.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 R&D 8,346 4,742 6,549 1,994 2,083 2,050 2,218 1,004 1,069 1,175 1,491 1,402 1,545 1,774 1,826 - ) Stock-based compensat
Slide 57: 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 JPY MM FY2024.6 FY2025.6 FY2026.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 G&A 4,069 4,274 5,438 994 1,004 1,108 961 1,023 1,004 1,067 1,178 1,421 1,291 1,355 1,369 - ) Stock-based compensation
Slide 58: 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 JPY MM FY2024.6 FY2025.6 FY2026.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 COGS 4,439 5,909 8,043 1,001 1,074 1,193 1,169 1,279 1,343 1,486 1,799 1,860 1,999 1,900 2,28
Slide 59: 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 FY2024.6 FY2025.6 FY2026.6 FY2024.6 FY2025.6 FY2026.6 Net Cash Provided Total Current Assets 38,431 45,874 50,357 by (Used in) Operating Activities -6,767 3,661 1
Slide 60: 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 FY2026.6 H1 H2 H1 H2 H1 H2 Operating Cash Flow -6,767 3,661 1,519 -6,420 -347 -1,926 5,588 -4,622 6,141 + ) Increase in advances paid 1,275 1,69
Slide 61: Shareholder Structure (As of June 30, 2026)
Shareholder Structure (As of June 30, 2026) 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 8.7 % 12.0 % and institutional investors 23
Slide 62: Appendix 3 - Product Pricing -
Appendix 3 - Product Pricing - 62
Slide 63: 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 64: 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 65: 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 66: 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 67: 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 68: 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