Enechange Ltd. · TSE:4169

Enechange — Q1 FY2026 Earnings Presentation

49 slides from Enechange's earnings presentation, Aug 7, 2026

Slide 1: FY26 1st Quarter Financial Results
FY26 1st Quarter Financial Results ENECHANGE Ltd. Tokyo Stock Exchange Growth Securities Code ｜ 4169 August 7, 2026
Slide 2: INDEX
INDEX 1. FY26Q1 Performance and Financial Highlights 2. Progress on Growth Strategy (M&A) 3. Key KPIs of our solutions Appendix
Slide 3: Financial results summary: Key Points
Steady progress toward achieving Key Points: the full-year adjusted EBITDA* target of 655 million JPY, driven by solid growth in the Financial results summary corporate electricity switching business FY26Q1 Financial results Revenue 1.3 bil JPY, Adjusted EBITDA*78 MM JPY, Net income 47 MM JPY ✔ Exec
Slide 4: Executive Summary
Conﬁdential Executive Summary FY26 Q1 results remained on track, with revenue of 1.3 billion JPY, Adjusted EBITDA of 78 million JPY, and net income of 47 million JPY Steady progress toward achieving the full-year Adjusted EBITDA target of 655 million JPY, driven by 1 solid growth in corporate energy
Slide 5: 1. FY26Q1 Performance and Financial Highlights
1.FY26Q1 Performance and Financial Highlights
Slide 6: Q1 Company-wide Performance Summary
Company-wide Conﬁdential Q1 Company-wide Performance Summary *1 Excluding FY25 2024 2025 One-Oﬀ Items 2026 YoY YoY unit:MM JPY 2025 (Apr. -Jun.) (Apr. -Jun.)① (Apr. -Jun.)③ ①vs③ ②vs③ (Apr. -Jun.)② Q1 progressed as planned, keeping us on track to achieve Revenues 1,336 1,546 1,392 1,345 -13% -3% our
Slide 7: Adjusted EBITDA up 38% YoY in FY26 Q1 excluding one-off items
Company-wide Conﬁdential Adjusted EBITDA up 38% YoY in FY26 Q1 (excluding one-oﬀ items), driven by the corporate energy switching business Adjusted EBITDA Corporate SaaS & System energy development for switching corporate customers SaaS:Concentrated completion of performance obligations, including p
Slide 8: Adjusted EBITDA progressed as planned toward full-year target
Company-wide Conﬁdential Adjusted EBITDA progressed as planned, keeping us on track to achieve our full-year target under our H2-weighted earnings plan Adjusted EBITDA Unit：MM JPY (Revenue mix) Full-year forecast FY26 78 （12％） 655 MM JPY Excluding FY25 one-oﬀ items YoY Q1 +38% FY25 Full-year Actual
Slide 9: Maintained a strong financial position, entering capital deployment from Q2
Company-wide Conﬁdential Maintained a strong ﬁnancial position, entering a phase of capital deployment from Q2 Financial Base and Net Cash Position Interest-bearing debts Interest-bearing debts Approx.0.6 Approx.0.5 billion JPY billion JPY Other liabilities Other liabilities Approx.2.3 Approx.1.6 Ca
Slide 10: Executed a share repurchase program as optimal capital allocation
Conﬁdential Executed a share repurchase program as the optimal capital allocation to maximize shareholder value ■Our Capital Allocation Options: From the June 22 “Business Plan and Growth Potential” Interest-bearing debts Approx.0.5 Reinvestment in Disciplined M&A Repayment of billion JPY 1 existing
Slide 11: Targeting further improvement in ROE through optimal capital allocation
Conﬁdential Targeting a further improvement in ROE through optimal capital allocation Pro forma balance sheet (based on the June 30, 2026 balance sheet) The full 576 million JPY acquisition cost is In sequence Acquisition of own shares ■ ROE estimation: Status of improvement funded by external borro
Slide 12: 2. Progress on Growth Strategy (M&A)
2.Progress on Growth Strategy (M&A)
Slide 13: Growth strategy positioning: Advancing AI-powered Field Operations
As disclosed in "Business Plan and Growth Potential" Conﬁdential on June 22 Growth strategy positioning: Advancing "AI-powered Field Operations" (Energy-Adjacent Domain) FY25 〜FY27 From FY28 onwards Overseas investment Deepening of the investment Learning Abroad, Customer expansion in the management
Slide 14: Focus on high value-added businesses and asset-light strategy
Focus on high value-added businesses and asset-light strategy, and the next challenge Electricity Generation & Consumption & Retail & Sales Procurement Energy Management Flight PILOT Electricity and gas retailers Customers and consumers Household Corporate Decentralized Infrastructure Electric power
Slide 15: Acquisition of Darwin and Strategic Investment in Flight PILOT
Conﬁdential Acquisition of Darwin and Strategic Investment in Flight PILOT, including the Acquisition of AI Inspection Software Flight PILOT Co., Ltd. Darwin Inc. Acquisition of AI Inspection Software and Acquisition (wholly-owned subsidiary) Strategic Investment (19.9% Equity Stake) ● AI-powered im
Slide 16: Business Synergies with Both Companies
Conﬁdential Business Synergies with Both Companies ‒ Leveraging Technology and Cross-Selling Through ENECHANGE ‒ ② Cross-selling inspection services to our ① Provision of AI-powered image analysis, corporate energy switching customer base inspection know-how, and inspection software (approx. 18K sit
Slide 17: Value Creation Through This M&A
Conﬁdential Value Creation Through This M&A ｜ ‒ Field Operations × AI & Software × Energy Switching Customer Base ‒ AI‧Software Recurring revenue Customer foundation Creating value business in energy switching in the mid to long term Nationwide electricity and × Flight PILOT: Infrastructure inspecti
Slide 18: Replicating the Proven Infrastructure Safety Services Roll-Up Model in Japan
Conﬁdential Future Direction: Replicating the Proven "Infrastructure Safety Services Roll-Up Model" in Japan Statutory, recurring inspection and safety service roll-ups have created trillion-JPY businesses overseas; this transaction is our ﬁrst step Pure play Transaction size exited Scale achievemen
Slide 19: Overview of acquired company
Overview of acquired company
Slide 20: Overview of Darwin
Conﬁdential Overview of Darwin: A nationwide recurring business backed by statutory inspections under the Fire Service Act. Emergency generator load testing (annual statutory inspections under the Fire Service Act), ﬁre protection equipment services, and related businesses Company name Darwin Inc. F
Slide 21: Overview of Flight PILOT
Conﬁdential Overview of Flight PILOT Business partnership through equity Development and commercialization of AI-powered image recognition and damage investment detection inspection software for inspection service providers 19.89% Features of business and technology Company name Flight PILOT Co., Lt
Slide 22: 3. Key KPIs of our solutions
3. Key KPIs of our solutions I4FIUy
Slide 23: Household energy switching: Q1 revenue broadly flat YoY
Household energy switching Conﬁdential Q1 household energy switching revenue remained broadly ﬂat YoY, while recurring revenue increased 4% YoY, mainly driven by higher ARPU Quarterly ﬁgures can be found in the Appendix Quarterly Trend in Recurring customers Revenue remained ﬂat despite lower Quarte
Slide 24: Corporate energy switching revenue grew 13% YoY
Corporate energy switching Conﬁdential Q1 corporate energy switching revenue grew 13% YoY, with recurring revenue up 27% YoY on growth in customer sites and ARPU Quarterly ﬁgures can be found in the Appendix Quarterly Trend in Recurring customers Quarterly Trend in Recurring ARPU* Recurring customer
Slide 25: SaaS & System Development revenue declined slightly
SaaS & System Development Conﬁdential Q1 SaaS & System Development revenue declined slightly due to prioritized investment in CIS development Quarterly ﬁgures can be found in the Appendix Quarterly Trend in Number of customers *1 Number of customers*1：42 Maintained our customer base while One-oﬀ ite
Slide 26: Appendix - Data
Appendix - Data I4FIUy
Slide 27: Reference: FY26 Adjusted EBITDA Outlook
Conﬁdential Reference: FY26 Adjusted EBITDA Outlook*1 Adjusted EBITDA ＋595 Household Corporate SaaS & System Next growth area: energy energy development for Power brokerage and the revival of switching switching corporate customers overseas investments SaaS:Concentrated completion of performance obl
Slide 28: Reference: Company-wide performance trends (Quarterly)
Company-wide Conﬁdential Reference:Company-wide performance trends (Quarterly)*1 Figures in blue are presented excluding one-oﬀ items 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 unit：million JPY （Apr.-Jun.）（Jul.-Sep.）（Oct.-Dec.）（Jan.-Mar.）（Apr.-Jun.）（Jul.-Sep.）（Oct.-Dec.）
Slide 29: Reference: Energy switching revenues trends
Energy switching Conﬁdential Reference:Energy switching revenues trends Figures in blue are presented excluding one-oﬀ items 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 unit （Apr.-Jun.）（Jul.-Sep.）（Oct.-Dec.）（Jan.-Mar.）（Apr.-Jun.）（Jul.-Sep.）（Oct.-Dec.）（Jan.-Mar.）（Apr.-Jun
Slide 30: Reference: JEPX prices remained elevated YoY in Q1
Energy switching Conﬁdential Reference: JEPX prices remained elevated YoY in Q1 due to external factors, including Middle East tensions and the rainy season JEPX price trends* 2026 2025 2026 Apr - Jun Higher JEPX prices weighed on retailers’ customer acquisition appetite, while we continue to monito
Slide 31: Reference: Market Environment
Energy switching Conﬁdential Reference: Market Environment 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 Unit （Apr.-Jun.）（Jul.-Sep.）（Oct.-Dec.）（Jan.-Mar.）（Apr.-Jun.）（Jul.-Sep.）（Oct.-Dec.）（Jan.-Mar.）（Apr.-Jun.）（Jul.-Sep.）（Oct.-Dec.）（Jan.-Mar.） 100 Energy demand* million 1,763
Slide 32: Reference: SaaS & System Development Revenues trends
SaaS & System Development Conﬁdential Reference:SaaS & System Development Revenues trends Figures in blue are presented excluding one-oﬀ items 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 Unit Unit （Apr.-Jun.）（Jul.-Sep.）（Oct.-Dec.）（Jan.-Mar.）（Apr.-Jun.）（Jul.-Sep.）（Oct.-Dec.）（Ja
Slide 33: Appendix - Company Overview
Appendix - Company Overview I4FIUy
Slide 34: Company overview
Company overview ▍ The main areas of our solutions Energy/gas switching CHANGING ENERGY FOR A BETTER WORLD Electricity and Gas comparison site Company name ENECHANGE Ltd. No.1*1 Representative Tomoya Maruoka, SaaS & System Representative Director and CEO Development Masayoshi Hirata, Representative
Slide 35: Advancements in Energy's 4Ds are expected to lower energy costs
Advancements in Energy's 4Ds are expected to lower energy costs, nearing zero marginal cost Deregulation Decentralization Decarbonization Digitalization Downward price pressure from Maximized energy eﬃciency Expanded adoption of renewable Greater eﬃciency and cost intensiﬁed competition through rene
Slide 36: Focus on high value-added businesses and asset-light strategy
Focus on high value-added businesses and asset-light strategy, and the next challenge Electricity Generation & Consumption & Retail & Sales Procurement Energy Management Electricity and gas retailers Customers and consumers Household Corporate Decentralized Infrastructure Electric power Energy resou
Slide 37: Deepening of existing businesses and breakthroughs in AI x Field operations
Deepening of existing businesses and breakthroughs in "AI x Field operations" and "Overseas domains" While achieving steady growth in energy switching and CIS, we will dramatically expand our business size through Field operations DX by AI and global expansion FY25 〜FY27 From FY28 onwards Overseas i
Slide 38: Targeting Adjusted EBITDA of 5-10 billion JPY from FY28 onwards
Targeting Adjusted EBITDA of 5-10 billion JPY from FY28 onwards Adjusted EBITDA ■ Recruiting co-investors, expand operating assets Learning Abroad, ■ Returning overseas Shaping the Future expertise to Japan ■ Roll-up via M&A ■ Eﬃciency Shaping Tomorrow improvement through AI inspection with AI ■ Exp
Slide 39: Providing solutions that help reduce Japan's energy and environmental costs
Conﬁdential Providing solutions that help reduce Japan's energy and environmental costs The area of electricity distribution System Development ①：Energy switching ②：SaaS and System Development ③：Electricity procurement support ②：Core system development for new Business ④：Decentralized resource provi
Slide 40: Revenue growth achieved in four areas of our solutions
Revenue growth achieved in four areas of our solutions targeted at both operators and customers Service provision Payments Electricity and 1 Referrals through energy switching Web strengths driving referrals Customers gas retailers Delivering credible and quality referrals 1 Energy switching for cor
Slide 41: Appendix - Risks
Appendix - Risks I4FIUy
Slide 42: Main recognized risks - List of significant risk events
Main recognized risks - List of signiﬁcant risk events Impact Probability of No Risk name level occurrence ① Risks related to IT (Information leakage and system failures) Large High ② Risk related to dependence on aﬃliated parties Large High ③ Risks related to changes in the business environment Lar
Slide 43: Main recognized risks (1/4)
Main recognized risks（1/4） ▍① Risks related to IT (Information leakage and system failures) ① Information leakage - Impact level：Large / Probability of occurrence：High Risk assessment ② system failures - Impact level：Large / Probability of occurrence：High ① Information leakage The Company handles a
Slide 44: Main recognized risks (2/4)
Main recognized risks（2/4） ▍③ Risks related to changes in the business environment Risk assessment Impact level：Large / Probability of occurrence：Medium A decline in end-user willingness to switch due to changes in economic conditions or market trends may adversely aﬀect platform usage. Changes in s
Slide 45: Main recognized risks (3/4)
Main recognized risks（3/4） ▍⑥ Risks related to business development and investments Risk assessment Impact level：Medium / Probability of occurrence：Medium If new business initiatives or investment projects, including fund management, do not progress as planned, the Company may experience delays in R
Slide 46: Main recognized risks (4/4)
Main recognized risks（4/4） ▍⑨ Risks related to internal control Risk assessment Impact level：Medium / Probability of occurrence：Medium The Company previously restated certain Annual Securities Reports and other ﬁlings. Based on the ﬁndings of the Independent Investigation Committee, the Company iden
Slide 47: IR information desk
IR information desk IR Website IRウェブサイト IR | ENECHANGE Ltd. Includes ﬁnancial summaries and presentation materials, as well as stock information and materials related to the General Meeting of Shareholders. We also have a page for individual investors. Sustainability サステナビリティページ Sustainability | ENE
Slide 48: Disclaimer
Disclaimer This material has been prepared by ENECHANGE Ltd. solely for the purpose of providing information about the Company and does not constitute an oﬀer to sell, or a solicitation of an oﬀer to buy, any securities in Japan, the United States, or any other jurisdiction. This material contains f
Slide 49: CHANGING ENERGY FOR A BETTER WORLD
エネルギーの未来をつくる CHANGING ENERGY FOR A BETTER WORLD

ENECHANGE — Q1 FY2026 Earnings Presentation on 6ix

Enechange — Q1 FY2026 Earnings Presentation

Slide 1: FY26 1st Quarter Financial Results

Slide 2: INDEX

Slide 3: Financial results summary: Key Points

Slide 4: Executive Summary

Slide 5: 1. FY26Q1 Performance and Financial Highlights

Slide 6: Q1 Company-wide Performance Summary

Slide 7: Adjusted EBITDA up 38% YoY in FY26 Q1 excluding one-off items

Slide 8: Adjusted EBITDA progressed as planned toward full-year target

Slide 9: Maintained a strong financial position, entering capital deployment from Q2

Slide 10: Executed a share repurchase program as optimal capital allocation

Slide 11: Targeting further improvement in ROE through optimal capital allocation

Slide 12: 2. Progress on Growth Strategy (M&A)

Slide 13: Growth strategy positioning: Advancing AI-powered Field Operations

Slide 14: Focus on high value-added businesses and asset-light strategy

Slide 15: Acquisition of Darwin and Strategic Investment in Flight PILOT

Slide 16: Business Synergies with Both Companies

Slide 17: Value Creation Through This M&A

Slide 18: Replicating the Proven Infrastructure Safety Services Roll-Up Model in Japan

Slide 19: Overview of acquired company

Slide 20: Overview of Darwin

Slide 21: Overview of Flight PILOT

Slide 22: 3. Key KPIs of our solutions

Slide 23: Household energy switching: Q1 revenue broadly flat YoY

Slide 24: Corporate energy switching revenue grew 13% YoY

Slide 25: SaaS & System Development revenue declined slightly

Slide 26: Appendix - Data

Slide 27: Reference: FY26 Adjusted EBITDA Outlook

Slide 28: Reference: Company-wide performance trends (Quarterly)

Slide 29: Reference: Energy switching revenues trends

Slide 30: Reference: JEPX prices remained elevated YoY in Q1

Slide 31: Reference: Market Environment

Slide 32: Reference: SaaS & System Development Revenues trends

Slide 33: Appendix - Company Overview

Slide 34: Company overview

Slide 35: Advancements in Energy's 4Ds are expected to lower energy costs

Slide 36: Focus on high value-added businesses and asset-light strategy

Slide 37: Deepening of existing businesses and breakthroughs in AI x Field operations

Slide 38: Targeting Adjusted EBITDA of 5-10 billion JPY from FY28 onwards

Slide 39: Providing solutions that help reduce Japan's energy and environmental costs

Slide 40: Revenue growth achieved in four areas of our solutions

Slide 41: Appendix - Risks

Slide 42: Main recognized risks - List of significant risk events

Slide 43: Main recognized risks (1/4)

Slide 44: Main recognized risks (2/4)

Slide 45: Main recognized risks (3/4)

Slide 46: Main recognized risks (4/4)

Slide 47: IR information desk

Slide 48: Disclaimer

Slide 49: CHANGING ENERGY FOR A BETTER WORLD