Money Forward (3994) Investor presentation summary

Business scale and positioning

• Revenue CAGR was 35% over the past 4 years; Business segment growth was 40%.

• FY11/25 sales mix: Business 79.3%, Home 10.4%, X 6.9% and Finance 3.4%; excludes Other and SaaS Marketing.

• More than 500k paying customers; over half are corporations. Money Forward ME had 18.6mn+ users, 682k+ paying users and ~¥41tn in connected assets as of Aug 2026.

• Recurring revenue was 65% of total sales; corporate customer churn was 0.8% on a 12-month average through Aug 2026.

SaaS, AI and market expansion

• Strategy combines back-office SaaS, Fintech and AI; target is ¥15bn+ ARR from AI services by FY2030.

• Digital-worker solutions expand estimated TAM to ¥14.1tn, ~5x the digital-tool opportunity, as labor shortages increase demand for higher-value automation.

• AI agent monetization began for Custom Report Generation Agent in Aug; additional agents are slated for gradual monetization.

• Remote MCP Server is available across Cloud Accounting plans; a case study cut trial-balance preparation time per client from 4 hours to 24 minutes.

• Midmarket ARR reached ¥19,544mn in FY26 Q3 versus ¥2,290mn at FY11/21 end; ARR grew 8.5x and ARPA 1.9x over the period.

Profitability and capital allocation

• FY11/25 EBITDA margin rose 5.2pts YoY to 9.5%; EBITA turned profitable at ¥0.63bn.

• FY11/28 targets are net sales above ¥90bn, EBITDA above ¥27bn and Business CF above ¥18bn; longer-term EBITDA margin target is 40%+.

• Resources are being concentrated in Business, with continued margin improvement and AI productivity gains; FY11/25 EBITDA margin improved 5.2pts YoY, exceeding the initial 1–5pt target.

• Group-wide AI adoption reached 100%; over 68% of surveyed employees reported saving 5+ hours weekly versus a year earlier.

• ¥8.5bn cash was recovered from strategic exits, against ¥4.4bn total investment in SMARTCAMP, BizHint and Nexsol.