Visasq, Inc. · TSE:4490
Visasq — Q2 FY2026 Earnings Presentation
54 slides from Visasq's earnings presentation, Oct 15, 2026
Slide 1: FY2026 Q2 Financial Results Presentation
FY2026 Q2 Financial Results Presentation VisasQ Inc. (Stock Code: 4490) October 15, 2026
Slide 2: Summary (Consolidated Financial Results)
Summary (Consolidated Financial Results) FY2026 Q2 (Cumulative) Consolidated Financial Results • Consolidated operating revenue ahead of plan (YoY +16.1%) • Adjusted EBITDA also significantly increased to ¥756M (YoY +93.7%), but growth investment is expected in H2; full-year results are expected to
Slide 3: Summary (KPI)
Summary (KPI) FY2026 Q2 (Cumulative) • 3 KPIs ahead of plan • Initiatives to boost Domestic Expert Interview (Full-Support) matches are beginning to pay off (Q1 actual: +1%, business day basis: +4%) Consolidated Japan Corporate Clients & Consulting and Financial Institutions (Domestic Clients) Conso
Slide 4: Contents
Contents Company and Business Overview FY2026: Q2 Financial Results FY2026: Growth Initiatives and Progress Appendix ©VisasQ Inc. All Rights Reserved. 4
Slide 5: Company and Business Overview
Company and Business Overview FY2026: Q2 Financial Results FY2026: Growth Initiatives and Progress Appendix 5
Slide 6: Company Profile
Company Profile Company Name VisasQ Inc. Representative Director &CEO Eiko Hashiba Group Employees 639(as of end of August 2026) Founded March 2012 HQs: Tokyo Americas: New York, Raleigh, Phoenix, Bogotá Offices Europe: London Asia: Hong Kong, Ho Chi Minh* (*establishment in progress) ©VisasQ Inc. A
Slide 7: 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 8: 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 9: 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 FY2022 May 2024
Slide 10: 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 11: 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 12: 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 13: 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 14: 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 15: VISASQ's Strategy
VISASQ's Strategy • Starting from interviews, building a strong customer base and unique database to enter a vast market through product diversification A Unique Product: Expanding customer base Achieving product Interviews and expert database diversification Establishment of a Strong Customer Base
Slide 16: 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 17: 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 18: 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 implementation, operational efficiency improvements, and other factors • M&A transactions, which a
Slide 19: 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 20: 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 21: Japan Corporates Clients: Research Support (Project-based consulting)
Japan Corporates Clients: Research Support (Project-based consulting) ● Supporting necessary aspects from designing the process for research, new business development, and strategy formulation, through deliberation and output ● Leveraging VISASQ's expert database and accumulated knowledge to provide
Slide 22: 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 23: 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 24: 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 25: FY2026: Q2 Financial Results
Company and Business Overview FY2026: Q2 Financial Results FY2026: Growth Initiatives and Progress Appendix 25
Slide 26: FY2026 Q2 Consolidated Financial Results and Earnings Forecast
FY2026 Q2 Consolidated Financial Results and Earnings Forecast • Consolidated transaction volume and operating revenue progressed ahead of expectations, driven by growth initiatives in the two domestic businesses • All profit metrics are ahead of plan on the back of strong top-line growth; growth in
Slide 27: (Reference) FY2026 (H2) Investment Areas
(Reference) FY2026(H2) Investment Areas • In H2, we will strengthen our medium- to long-term growth foundation through the expansion of talent and offices in Japan and overseas, and AI investment Area Investment details Strengthening the hiring of specialists to expand new domain Japan Corporates Cl
Slide 28: Transaction Volume Trend
Transaction Volume Trend(1) Transaction Volume (by Business Segment) Transaction Volume (Cumulative quarterly) (JPY M) (JPY M) Japan Corporates Clients Q4 Transaction volume Q2 Transaction volume Consulting Firms and Financial Institutions (Domestic Clients) Q3 Transaction volume Q1 Transaction volu
Slide 29: Transaction Volume and Business Profit by Business Segment
Transaction Volume and Business Profit by Business Segment(1) • Both domestic businesses achieved significant growth in transaction volume and business profit • For Consulting Firms and Financial Institutions (Overseas Clients), investment in the strongly performing U.S. interview business is procee
Slide 30: FY2026: Overview of Key Initiatives and Progress
FY2026: Overview of Key Initiatives and Progress Assumptions for FY2026 Business/Investment Key Initiatives for FY2026 Progress earnings forecast Q2 / Cumulative ・In the research support domain, we eliminated the distinction between Target companies and Growth companies and thoroughly Transaction vo
Slide 31: Japan Corporates Clients: Business Performance Trend
Japan Corporates Clients: Business Performance Trend(1) • Since we have multiple products with different margins, operating revenue is the most important indicator • Operating revenue achieved strong growth of +31.6% YoY, driven by value-added products through cross-selling Annual trend Quarterly tr
Slide 32: Consulting Firms and Financial Institutions (Domestic Clients): Business Performance Trend
Consulting Firms and Financial Institutions (Domestic Clients): Business Performance Trend(1) • Transaction volume grew +34.1% YoY and operating revenue grew +34.8%, reaching all-time highs for the second consecutive quarter following Q1 Annual trend Quarterly trend (JPY M) 71% 72% 72% 72% 73% 72% 7
Slide 33: Consulting Firms and Financial Institutions (Overseas Clients): Business Performance Trend
Consulting Firms and Financial Institutions (Overseas Clients): Business Performance Trend(1) • On a yen basis, both transaction volume and operating revenue were flat YoY • Core product interviews achieved double-digit YoY growth in the US. Re-strengthening other regions and the survey business tha
Slide 34: Quarterly Trends in Adjusted EBITDA by Business Segment
Quarterly Trends in Adjusted EBITDA by Business Segment(1) • Consolidated adjusted EBITDA increased +118% YoY, driven by profit contribution from strong growth in transaction volume and operating revenue Japan Corporates Clients Quarterly Trends in Adjusted EBITDA Consulting Firms and Financial Inst
Slide 35: Headcount by Business Segment
Headcount by Business Segment(1) • Continuing active recruitment for necessary positions while advancing productivity improvements through AI utilization Headcount (average during the period) Headcount Breakdown (as of the end of the period) Others Outer: FY2026 Forecast Middle: FY2026 Q2 Inner: FY2
Slide 36: Consolidated Adjusted Company-wide Cost Structure
Consolidated Adjusted Company-wide Cost Structure(1) • Progressing as planned through appropriate cost control Consolidated adjusted company-wide costs Corporate personnel expenses （excl. costs attributable to business segments and corporate personnel expenses） Ratio of adj. company- wide costs to T
Slide 37: Reconciliation of Adjusted EBITDA and Supplement on P/L Statements
Reconciliation of Adjusted EBITDA and Supplement on P/L Statements FY2026 Q2 (JPY M) Notes (cumulative) Reconciliation of adjusted EBITDA Operating income 848 GAAP operating income +) Stock-based compensation expenses and depreciation expenses +31 Stock-based compensation expense for employees and d
Slide 38: Overview of Consolidated Balance Sheet
Overview of Consolidated Balance Sheet (JPY M) End of Feb. 2026 End of Aug. 2026 Current assets 7,554 7,315 Non-current assets 537 622 Total assets 8,091 7,938 Current liabilities 6,173 3,973 Non-current liabilities 104 1,649 Total liabilities 6,278 5,623 Shareholders' equity △ 1,652 △ 1,160 Accumul
Slide 39: FY2026: Growth Initiatives and Progress
Company and Business Overview FY2026: Q2 Financial Results FY2026: Growth Initiatives and Progress Appendix 39
Slide 40: FY2026 KPI Highlights (Growth Rate vs. FY2025) [Reposted]
FY2026 KPI Highlights (Growth Rate vs. FY2025) [Reposted] Consolidated Japan Corporate Clients & Consulting and Financial Institutions (Domestic Clients) Consolidated Transaction Operating Revenue Growth Number of Matches Number of Matches Volume Growth Rate Rate Domestic Expert Overseas Expert New
Slide 41: FY2026 Growth Initiatives Highlights
FY2026 Growth Initiatives Highlights (Reprinted from prior period materials) Related Business Growth Initiatives Topic Segment ● Ongoing efforts to improve matching efficiency and productivity by leveraging AI internally ● Higher value-added client services (AI Scout, pre/post-interview support AI I
Slide 42: AI Investment: Delivering New Value
AI Investment: Delivering New Value New Release New Release New Service New Service VISASQ compass Future Forecast Map AI trained on experts' perspectives, decision criteria and Combines experts' primary information with AI cross- thought processes autonomously handles everything analysis to create
Slide 43: AI Investment (Japan Corporates Clients): Launch of VISASQ compass
AI Investment (Japan Corporates Clients): Launch of VISASQ compass • Launched "VISASQ compass", a research AI that supports decision-making in business development, on October 15 • Jointly developed by combining our experts' analytical perspectives and "question design" capability with Hakuhodo Inc.
Slide 44: AI Investment: Question Design and Project Support Features
AI Investment: Question Design and Project Support Features VISASQ now Request Support AI Job Posting Creation Support Through a 24-hour Q&A service, AI consistently For outsourcing recruitment, AI automatically creates supports the creation of request texts and questions. job postings. Creates requ
Slide 45: Growth of Core Product (Interviews): Japan Expert Interviews for Domestic Clients
Growth of Core Product (Interviews): Japan Expert Interviews for Domestic Clients • Achieving +5% (Q2 cumulative) vs. last year's result of +2% annual growth • Enhancing client supporting structures, particularly for Japan Corporates Clients, to capture strong interview demand • Expanding matches th
Slide 46: Growth of Core Product (Interviews): Overseas Expert Interviews for Domestic Clients
Growth of Core Product (Interviews): Overseas Expert Interviews for Domestic Clients • Achieving high growth of +45% (Q2 cumulative) vs. last year's result of +26% annual growth • Ongoing efficiency gains from our in-house AI supporting the matching process • Strengthening our structure to gain mark
Slide 47: New Domain Growth (From Research to Execution): For Japan Corporates Clients
New Domain Growth (From Research to Execution): For Japan Corporates Clients • Achieving high growth of +50% (Q2 cumulative) vs. last year's result of +5% annual growth • Changes to the sales structure tailored to customer characteristics are driving cross-selling to interview customers • Strengthen
Slide 48: APPENDIX
| APPENDIX
Slide 49: 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 50: FAQ: Please explain business growth opportunities leveraging AI
FAQ: Please explain business growth opportunities leveraging AI A. In the Japan corporates clients’ segment, we are considering expanding the user base by lowering the barriers to expert interviews, increasing the sophistication of AI-driven matching and developing new products that leverage experts
Slide 51: Stock Information
Stock Information(1) 9,284,847 12,697,931 shares shares 1.5% SO＋PSU 7.7% 3.3% B種 Class B 22.1% A種 Class A 36.3% 5.6% VC 8.5% 26.5% 個人投資家 Individual investors 機関投資家 Institutional investors 6.2% 創業者 Founder 47.4% 34.7% Before 希薄化前 dilution After 希薄化考慮後dilution (1) As of Aug. 31st, 2026, “Before diluti
Slide 52: 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. 52
Slide 53: (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 of risk and mitigation strategy Timing of occurrence There is competition with a) overseas companies that mainly run similar businesses overseas and
Slide 54: 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 res