Money Forward (3994) investor relations material

Executive summary

• Consolidated net sales for Q2 FY11/26 rose 40% year-over-year to ¥14.32bn, driven by strong Business and Finance segment performance.

• Net sales for the six months ended May 31, 2026, rose 24.8% year-over-year to ¥28,992 million, with SaaS ARR up 32.3% to ¥47,669 million.

• Adjusted EBITDA reached ¥2.28bn in Q2, with margin improving by 9.8pts YoY to 15.9%.

• Adjusted EBITDA increased 168.7% year-over-year to ¥5,094 million for the six months, and operating loss narrowed significantly.

• Full-year guidance for net sales, operating profit, and adjusted EBITDA was revised upward.

Financial highlights

• Net sales: ¥14.32bn in Q2 FY11/26, up 40% YoY (excluding deconsolidation impact).

• Gross profit increased to ¥20,048 million from ¥15,647 million year-over-year.

• Consolidated SaaS ARR: ¥47.67bn, up 34% YoY.

• Net increase in medium-sized company ARR: +¥2.18bn (¥1.53bn organic), both record highs.

• Cash and cash equivalents at period-end rose to ¥44,542 million from ¥38,553 million a year earlier.

Outlook and guidance

• Full-year net sales forecast revised to ¥60.5–62.3bn (YoY +33.1% to +37.1%).

• SaaS ARR is projected at ¥49,742–¥52,505 million, up 21.7–28.4% year-over-year.

• Adjusted EBITDA guidance raised to ¥10.5–11.5bn.

• Operating profit forecast revised to ¥(0.5)–1.5bn.

• Profit attributable to owners of parent revised to ¥(700)–3,200mn.