Money Forward, Inc. · TSE:3994
Money Forward — Q2 FY11/26 Earnings Presentation
64 slides from Money Forward's earnings presentation, Jul 13, 2026
Slide 1: Financial Results Fiscal Year 2026 2Q
Financial Results Fiscal Year 2026 2Q Ended May 31, 2026
Slide 2: Financial Results Contents
1 Financial Results 01 Companywide Financial Highlights in Q2 of FY11/26 P.2 02 Business Highlights and Initiatives in Focus Areas P.23 03 Appendix：Financial Highlights by Companywide and P.42 Segment 04 FY11/26 Guidance and Medium- to Long-Term Targets P.51
Slide 3: Companywide Financial Highlights in Q2 of FY11/26
Financial Results Companywide Financial Highlights in Q2 of FY11/26
Slide 4: Highlights in FY11/26 Q2
3 Highlights in FY11/26 Q2 Net sales ¥14.32bn • Consolidated SaaS ARR*2 rose 34% YoY to ¥47.67bn. Consolidated net sales rose by 40% YoY • Adjusted EBITDA*3 stood at ¥2.28bn, with margin improving by 9.8pts. (excl. deconsolidation impact*1). • Net increase of medium-sized company ARR was +¥2.18bn, O
Slide 5: Upward Revision to Full-Year Guidance
4 Upward Revision to Full-Year Guidance Driven by strong performance in the Business and Finance segments, full-year guidance has been revised upward for net sales, adjusted EBITDA*1, operating profit, ordinary profit, and profit attributable to owners of parent. FY26 Guidance (¥mn) Previous Forecas
Slide 6: SaaS ARR
5 SaaS ARR*1 +34% YoY Corporate ARR in Business segment continued to rise steadily, up 36% YoY. Growth in Premium Charges in Home segment accelerated to+30% YoY. (¥mn) (YoY) 47,669 +8 % 48,000 46,000 44,303 1,914 +71% X Recurring Revenue 1,848 44,000 Business Fintech 42,000 40,879 1,896 Business :Co
Slide 7: Q2 consolidated net sales rose 40% YoY
6 Q2 consolidated net sales rose 40% YoY (excl. deconsolidation impact*1). + 24 % (+40% *¹) Business segment continued to grow, up 41% YoY. YoY Transferred all shares of SMARTCAMP (¥mn) 16,000 15,043 (YoY) 15,000 Finance 14,670 657 14,322 -% X 1 934 1 +51% 14,000 934 Home 1,085 Deconsolidation of Ne
Slide 8: Quarterly Net Sales of Business Segment
Business segment 7 Quarterly Net Sales of Business Segment +41% Corporate recurring revenue continued to see firm growth, up 36% YoY. YoY (¥mn) 13,000 12,375 11,791 12,000 (YoY) Transaction / Non-recurring Revenue 11,135 11,000 Recurring Revenue(Corporates) 3,329 1,987 +84% 10,000 Recurring Revenue(
Slide 9: Business Segment: Highlights in FY11/26 Q2
Business segment 8 Business Segment: Highlights in FY11/26 Q2 Net increases in medium-sized company ARR and in corporate paying customers reached record highs even on an organic basis*. Quarterly net sales Corporate ARR Medium-sized company ARR ¥ 11.79v bn ¥ 36.76v bn ¥ 18.76v bn (+41% YoY) (+36% Yo
Slide 10: Corporate ARR in Business Segment Increased by 36% YoY
Business segment 9 Corporate ARR in Business Segment Increased by 36% YoY +36% The net increase in medium-sized company ARR was +¥2.18bn (¥1.53bn on an organic basis*1), YoY expanding markedly QoQ and hitting an all-time high even on an organic basis. (¥mn) 36,765 36,000 (YoY) 33,733 34,000 31,263 3
Slide 11: Paying Customers and ARPA Continued to Rise
Business segment 10 Paying Customers*1 and ARPA*2 Continued to Rise Growth in corporate customers was +21.5% YoY, expanding QoQ. Corporate ARPA also increased steadily, up 12.3% YoY. Paying customers*1 ARPA*2 (YoY) (1,000 businesses) Sole Proprietors Corporates (¥k) (YoY) 144 Total Sole Proprietors
Slide 12: Net Increase in Corporate Customers and Professional Service Channel
Business segment 11 Net Increase in Corporate Customers and Continued Enhancement of Professional Service Channel The net increase in customers hit a record high, even on an organic basis*1, FY11/26 Q2 net increase driven by large-scale adoptions among accounting firms. in corporate customers Quarte
Slide 13: Growth in SMB ARR rose to +36% YoY
Business segment 12 Growth in SMB ARR rose to +36% YoY The full-year impact of price revisions on ARR was +¥2.4bn, markedly topping the initial forecast of +¥2bn, buoyed by a lower-than-expected customer churn rate. Net increase in customers was 11,686, hitting a record high. SMB ARR and No. of cust
Slide 14: Medium-Sized Company ARR Also Continued to Rise Firmly
Business segment 13 Medium-Sized Company ARR Also Continued to Rise Firmly, Up 37% YoY Net increase in ARR was +¥2.18bn (¥1.53bn on an organic basis*1), both reaching all-time highs driven by accounting and HR services. ARPA excluding the impact of M&As*1 was ¥1,206k, accelerating QoQ. Medium-sized
Slide 15: One of Japan's largest back-office SaaS lineups
Business segment 14 One of Japan’s largest back-office SaaS lineups, now enhanced with AI-powered autonomous support Corporate Performance Accounting Management HR Expense Management Contract Receivable SaaS Management AI-powered autonomous task support Planned for launch in late July 2026
Slide 16: Consolidated Gross Profit and Gross Profit Margin
15 Consolidated Gross Profit and Gross Profit Margin of Back-Office SaaS Business Gross profit margin continued to improve to 89% in back-office SaaS Business*1. Consolidated gross profit Gross profit margin of back-office SaaS Business*1 (financial accounting basis) (management accounting basis) (¥
Slide 17: Quarterly EBITDA
16 Quarterly EBITDA*1 Adjusted EBITDA*2 margin was 15.9%, improving by 9.8 pts YoY. FY11/22 FY11/23 FY11/24 FY11/25 FY11/26 (¥mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3,000 2,792 2,815 +50% *3 2,280 EBITDA (excl.HIRAC FUND) 2,500 2,183 adjusted EBITDA 2,000 Operating Profit 1,442 1,
Slide 18: Breakdown of Cost of Sales and SGA
17 Breakdown of Cost of Sales and SGA (% to Net Sales, on an EBITDA basis) The personnel expenses to sales ratio increased temporarily due to the decline in consolidated net sales resulting from the impact of flow-based revenue in the card business, as well as the joining of new graduates. Will cont
Slide 19: Employees
18 Employees*1 The number of employees increased by 118 from Q1, primarily consisting of personnel hired for AI product development and 39 new graduates. Will continue recruiting based on careful selections. (Employees) People Forward（personnel department） Corporates 2,916 2,977 3,000 Other Engineer
Slide 20: Annual Sales and ARR per Employee
19 Annual Sales (excl. HIRAC FUND)*1 and ARR per Employee*2 Net sales per employee decreased QoQ due to the drop in sales in the card business. Aiming for ¥30mn in sales per employee in FY11/28 by leveraging AI. Annual sales per employee (excluding HIRAC FUND*1) ARR per employee*2 (¥k) (¥k) 16,012 2
Slide 21: Boosted Productivity by Driving Corporate-Wide Usage of AI
20 Boosted Productivity by Driving Corporate-Wide Usage of AI. Will continue to focus on further improvement Reduced work hours by roughly 2,400 hours per year by streamlining content creation Reduced up to 31%* • SEO articles can now be created in-house using AI, replacing third-party outsourcing.
Slide 22: Balance Sheet Items
21 Balance Sheet Items Continued to maintain a high level of financial soundness. (¥mn) Short-term borrowings*1 6,003 Current portion of long- Cash and Deposits term borrowings Current Liabilities 6,802 45,387 Accounts payable 50,198 13,197 Contract liabilities 11,337 Purchased Deposits received rec
Slide 23: Analysis of Changes in Cash and Deposits Balance
22 Analysis of Changes in Cash and Deposits Balance Q2 business CF excluding the impact of Pay business was +¥1,056mn, achieving a record high and Breakdown of cash flow making steady progress toward achieving full-year guidance (¥2bn to ¥4bn). Cash and deposits + purchased (¥mn) receivable Since th
Slide 24: Business Highlights and Initiatives in Focus Areas
Financial Results Business Highlights and Initiatives in Focus Areas
Slide 25: Key Initiatives in Back-Office SaaS for Medium-Sized Companies
24 Financial Results 1 Key Initiatives in Back-Office SaaS for Medium-Sized Companies P.25 2 Key Initiatives toward the No. 1 Back-Office AI Company Strategy P.28 2-1. Initiatives on AI Agents and AI-Native Products 2-2. Initiatives on AI-Managed Services 2-3. Frequently Asked Questions on AI 3 Unau
Slide 26: Bolstering Competitive Edge in HR through M&A and Alliances
Business 成長戦略 segment SaaS AIプロダクト M&A 25 Bolstering Competitive Edge in HR through M&A and Alliances An expanded product lineup, including AKASHI and Shatoku, drove record-high organic*1 net ARR growth in the HR domain. Attendance ARPA expansion via product enhancements management The release of Mo
Slide 27: Money Forward Cloud Consolidated Accounting Dominates Midmarket
Growth Business Strategy segment SaaS AI product M&A 26 Money Forward Cloud Consolidated Accounting Dominates Midmarket* Captured the top share in the consolidated accounting market for companies with annual sales of ¥10bn-50bn as well. Share has been expanding, recording the top growth rate for the
Slide 28: Business Card and Cloud Services help reduce workload
Growth Business Strategy segment SaaS AI product M&A 27 [Case] Business Card and Cloud Services help reduce workload stemming from multi-store scaling User of Money Forward Cloud Expense implemented Money Forward Business Card, enabling real-time visualization of expense details, thereby reducing th
Slide 29: Evolving into No.1 Back-Office AI Company
Growth Business Strategy segment SaaS AI product M&A 28 Money Forward: Evolving into No.1 Back-Office AI Company Empowering every labor-starved back office with AI. Let the AI agent handle my expense reports. I was able to generate two new sales leads. Special site now open! Money Forward AI
Slide 30: Interweave 3 Growth Strategies to No.1 Back-Office AI Company
Growth Business Strategy segment SaaS AI product M&A 29 Interweave 3 Growth Strategies to No.1 Back-Office AI Company • AI Agents Develop and • AI-Native products provide • AI-Managed Services No.1 AI products Autonomous processing using operational logic Back-office AI Company TAM expansion into AP
Slide 31: Growth Strategies Powered by SaaS x Fintech x AI
Growth Business Strategy segment SaaS AI product M&A 30 Growth Strategies Powered by SaaS x Fintech x AI In addition to the rapid growth of back-office SaaS, growth is expected to accelerate further through the expansion of Fintech and AI services. Generate ¥15bn+ in ARR by FY2030 AI Expand earnings
Slide 32: Releasing Many AI Agents in H1 FY26
Growth Business Strategy segment SaaS AI product M&A 31 AI Agent Releasing Many AI Agents in H1 FY26 Some agents are already available as paid services, with additional agents to be monetized over time. AI expense claims AI accounting and finance ● Entertainment Expense Reimbursement Agent ● Fixed A
Slide 33: Released Multiple Accounting/Finance AI Agents in Q2
Growth Business Strategy segment SaaS AI product M&A 32 AI Agent Released Multiple Accounting/Finance AI Agents in Q2 Performance Analysis Agent Custom Report Generation Agent Click “AI analysis” button on ledger Analyzes “Description” field and screen. automatically aggregates data by Generates rep
Slide 34: Plans to release Money Forward AI Cowork in late July
Growth Business Strategy segment SaaS AI product M&A 33 AI Native Plans to release Money Forward AI Cowork in late July We provide an AI service that autonomously carries out back-office operations. By embedding governance and business rules, it supports accounting, HR, legal, and other operations i
Slide 35: Reduced Reliance on Individuals and Standardized Processes
Growth Business Strategy segment SaaS AI product M&A 34 [Case] Reduced Reliance on Individuals and Standardized AI-Managed Services Processes with Money Forward Accounting Outsourcing Issues surfaced in accounting processes, stemming from excessive dependency on individual skills and manual operatio
Slide 36: Boost Profitability, ARPA through AI-Managed Services
Growth Business Strategy segment SaaS AI product M&A 35 AI-Managed Services Boost Profitability, ARPA through AI-Managed Services Boosting productivity through AI Agents for outsourcing processes. Reduced the man-hours required for payment operations by 50%. AI and specialist ensure accuracy of oper
Slide 37: PMI of WhippleWood CPAs Progressing Steadily
Growth Business Strategy segment SaaS AI product M&A 36 AI-Managed Services PMI of WhippleWood CPAs Progressing Steadily WhippleWood, which joined the Group last October, is seeing productivity improvements through the adoption of AI tools. In addition, the know-how gained from the U.S. business is
Slide 38: Acquired Gerstle, Rosen & Goldenberg to Bolster AI-Managed Services
Growth Business Strategy segment SaaS AI product M&A 37 AI-Managed Services Acquired Gerstle, Rosen & Goldenberg(GRG) to Bolster AI-Managed Services Accounting operations involves substantial manual work, leaving significant room to improve productivity and profitability through AI. Following the ad
Slide 39: FAQs about AI (1)
Growth Business Strategy segment SaaS AI product M&A 38 FAQs about AI (1) Q1. While Japan’s cloud adoption rate remains lower than that of Western countries, what impact will the evolution of AI have on cloud vendors? We view the evolution of AI as a major business opportunity for our company. Japan
Slide 40: FAQs about AI (2)
Growth Business Strategy segment SaaS AI product M&A 39 FAQs about AI (2) Q2. Will the increase in token fees driven by AI products and internal AI utilization impact the achievement of your FY28 mid-to-long-term financial targets or profitability improvements? How do you plan to control the margins
Slide 41: FAQs about AI (3)
Growth Business Strategy segment SaaS AI product M&A 40 FAQs about AI (3) Q3. What is the difference between Money Forward AI Cowork, scheduled for release in July, and what can be achieved using general-purpose AI tools combined with MCP? For enterprises to leverage generative AI in back-office ope
Slide 42: Outline and Impact of Unauthorized Access to GitHub
41 Outline and Impact of Unauthorized Access to “GitHub” We have thoroughly implemented enhanced security measures and recurrence-prevention initiatives. Meanwhile, the impact on Business segment is expected to be limited, and continue to anticipate achievement of our full-year guidance. • Unauthori
Slide 43: Appendix: Financial Highlights by Companywide and Segment
Financial Results Appendix Financial Highlights by Companywide and Segment
Slide 44: Quarterly Net Sales of Home Segment
Home segment 43 Quarterly Net Sales of Home Segment Growth in premium subscription revenue expanded to +26% YoY owing to the positive impact from year-end + 13% (+18%*1) and new year’s campaigns. YoY (¥mn) 1,400 Nexsol Co., Ltd. (YoY) Net Sales from Media/Advertising deconsolidation 1,294 1,304 1,30
Slide 45: Total and Paying Users of Money Forward ME
Home segment 44 Total and Paying Users of Money Forward ME The number of total and paying users expanded steadily, topping 18.3mn* and 673k respectively. (Premium paying users) (Total users) Number of Paying Users for Standard Course 18.3mn+ Number of Paying Users for Asset Building Advanced Course
Slide 46: Co-launched Official YouTube Channel ME STUDIO
Home segment 45 “Money is interesting. For everyone”. Co-launched Official YouTube Channel “ME STUDIO“ with 2 Other Companies. Launched the official YouTube channel ”ME STUDIO” in collaboration with Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Card Co., Ltd. Will deliver various contents,
Slide 47: Quarterly Net Sales of X Segment
X segment 46 Quarterly Net Sales of X Segment Quarterly sales expanded 51% YoY to exceed ¥1bn. Expansion in non-recurring revenue was driven by mitosel, jointly developed with Orient Corporation. YoY +51% (¥mn) 1,085 (YoY) 1,000 934 934 Non-recurring Revenue Recurring Revenue 800 800 736 739 609 719
Slide 48: Launched New Asset Management Platform for SMEs
X segment 47 Launched New Asset Management Platform for SMEs/ Sole Proprietors with Orient Corporation Co-developed Orient Corporation‘s new service, mitosel. Allows users to complete the entire process, from cash flow visibility to financing on a smartphone. × Centrally manages Streamlines Covers f
Slide 49: FY11/26 Q2 Results by Segment
48 FY11/26 Q2 Results by Segment Total sales grew 40%, and EBITDA margin improved significantly by 9.1pts. EBITDA margin improved across all segments. In particular, Business segment EBITDA and EBITDA margin improved, increasing by ¥1.42bn YoY and 10.3pts YoY. FY11/26 Q2 results (Reference) FY11/25
Slide 50: Adjusted EBITDA, Adjustments, and Operating Profit
49 Adjusted EBITDA*1/ EBITDA*2 , Adjustments, and Operating Profit Adjusted EBITDA increased by ¥1.57bn YoY. Operating profit margin improved by 6.1pts YoY. YoY QoQ (¥mn) FY11/25 Q2 FY11/26 Q1 FY26 Q2 (vs. FY11/25 Q2) (vs. FY11/26 Q1) EBITDA (excl. HIRAC FUND)*³ 849 2,792 2,183 1,334 (608) Adjusted
Slide 51: Breakdown of Cost of Sales and SGA (Operating Profit Basis)
50 [Reference]Breakdown of Cost of Sales and SGA (% to Net Sales, Based on Operating Profit) Advertising Expenses Other (%) Rents Commission Fee 150% 146% Subcontract Expenses Personnel Expenses 142% 134% 135% 30% 124% 122% 120% 125% 34% 118% 118% 25% 36% 110% 110% 109% 20% 18% 108% 17% 20% 17% 105%
Slide 52: FY11/26 Guidance and Medium- to Long-Term Targets
Financial Results FY11/26 Guidance and Medium- to Long-Term Targets
Slide 53: FY11/26 Guidance
52 FY11/26 Guidance The full-year Revenue guidance has been revised from 53.4～57.55 bn to 60.5~62.3 bn (YoY+33.1% to +37.1%), driven by the strong performance of the Business and Finance segments. Revenue by Segment (Actuals / Forecast) SaaS ARR Revenue by Segment (Actuals / Forecast) Updated Update
Slide 54: FY11/26 Guidance
53 FY11/26 Guidance Revised upward the full-year guidance for Adjusted EBITDA*1, operating profit, ordinary profit, and profit attributable to owners of parent, driven by the strong performance of the Business and Finance segments. Full-Year Results FY26 Guidance Revised Forecast (¥mn) FY25 Notes (1
Slide 55: Medium-to Long-Term Financial Targets
54 Medium-to Long-Term Financial Targets We are making steady progress against the mid- to long-term targets set in January 2024. Aiming to achieve further upside with AI products. FY11/28 net sales ¥ 90bn+ Breakdown of FY11/28 net sales • Business segment: ¥65-70bn+ • Home/X segments: ¥10bn+ each •
Slide 56: Targeting 30%+ EBITDA Margin in the Business Segment
Business segment 55 Targeting 30%+ EBITDA Margin in the Business Segment by FY28 The EBITDA margin in the business segment for FY25 was 8.6%(+6.8 pts YoY), and FY11/26 Q2 margin was 16.0%(+10.1pts YoY), making steady progress toward achieving the FY11/28 EBITDA margin target of 30%+. FY11/28 net sal
Slide 57: Business Segment Profit Plan toward Achieving Targets
Business segment 56 Business Segment Profit Plan toward Achieving Medium- to Long-Term Financial Targets and FY26 Progress FY11/26 Q2 EBITDA margin was 16.0%. Progressing well toward the FY26 full-year guidance range of 12%~19% and the Rule of 40*¹, as well as the FY28 targets of an EBITDA margin of
Slide 58: Accelerating Mid- to Long-Term ARR Growth Through AI Strategy
Business segment 57 Accelerating Mid- to Long-Term ARR Growth Through No.1 Back-Office AI Company strategy Through the three strategies outlined below, including cross-selling and upselling of existing products, we aim to increase ARPA by 30~40%+ by FY28. In FY26, we will invest ¥2bn in AI product d
Slide 59: Back Office SaaS Potential Market Size
Business segment 58 Back Office SaaS Potential Market Size Potential market size of back-office SaaS, Group’s current area of focus, is estimated to be about ¥2.81tn*1. Money Forward’s share Potential customers TAM*1 (No. of customers)*2 Sole Proprietors 4.56mn ¥93bn 5% SMB 1.92mn ¥263bn 12% Medium-
Slide 60: Potential of Midmarket
Business segment 59 Potential of Midmarket Further growth is expected through the expansion of the midmarket customer base and increase in ARPA. Midmarket TAM ARPA ¥2.45tn *1 Medium-sized companies: 130,000 × Potential ARPA*2: ¥18mn (assuming that all 25 products are installed) FY26 Q2 Midmarket ARR
Slide 61: Extend Business segments and Services and Tap Expansive TAM
60 Extend Business segments and Services and Tap Expansive TAM*¹ Deploying business in a massive TAM totaling ¥5.7tn. TAM is anticipated to expand further by offering SaaS x AI solutions in the digital worker space. Aim to accelerate corporate value growth. X ¥0.8tn Future Home Home segment*2 ¥1.0tn
Slide 62: Fintech ARR Disclosed under the Business Segment
Business segment 61 From FY11/26 onward, Fintech ARR* is disclosed under the Business segment A portion of Fintech-related transaction revenue is now recognized as Fintech ARR*. Reflecting this update, full-year ARR guidance has been revised to ¥49.7~52.5bn to incorporate Fintech ARR. Invoicing and
Slide 63: Definition of KPIs
62 Definition of KPIs Monthly recurring revenue. MRR Total recurring revenue as of the end of a particular month. Annual recurring revenue. ARR Calculated by multiplying the MRR as of the end of a particular period by 12. Calculated by multiplying the MRR of Home, Business, and X segments at the end
Slide 64: Disclaimer
63 Disclaimer The forward-looking statements and other contents included in this material are determined based on information currently available and may be subject to change due to macroeconomic trends, changes in the market environment or industry in which the Group operates, or for other internal