Money Forward (3994) Q3 2026 earnings summary

Executive summary

• Q3 net sales were ¥17.916bn, up 48% reported and 66% excluding SMARTCAMP deconsolidation; 9M sales rose 32.9% to ¥46,909mn.

• Q3 adjusted EBITDA was ¥4.802bn, with a record 26.8% margin; 9M adjusted EBITDA rose 196.5% to ¥9,896mn.

• Q3 operating profit reached ¥1.895bn versus a ¥387mn loss YoY; 9M operating profit was ¥1,686mn and parent-attributable profit was ¥498mn.

• Growth initiatives emphasized AI-enabled back-office workflows, agents and managed services, alongside planned subscription price revisions.

Financial highlights

• Q3 consolidated EBITDA was ¥4.732bn; adjusted EBITDA increased ¥3.360bn YoY to ¥4.802bn. EBITDA excluding HIRAC FUND rose ¥1.608bn YoY to ¥2.997bn.

• 9M gross profit was ¥32,386mn versus ¥23,929mn YoY; SG&A was ¥30,699mn versus ¥25,909mn.

• 9M ordinary profit was ¥328mn versus a ¥2,375mn loss, and comprehensive income was ¥2,552mn versus a ¥2,715mn loss.

• Q1–Q3 adjusted EBITDA reached ¥9.90bn; business cash flow excluding Card business impact improved ¥2.619bn YoY.

Outlook and guidance

• FY26 net sales guidance is ¥60.5–62.3bn, SaaS ARR ¥49.742–52.505bn and adjusted EBITDA ¥10.5–11.5bn; sales growth excluding Nexsol and SMARTCAMP is 33.1%–37.1%.

• FY26 operating profit guidance is -¥500mn to ¥1.5bn; ordinary profit -¥2.2bn to -¥200mn; parent-attributable loss ¥3.2bn to ¥700mn.

• FY26 business cash flow guidance is ¥2–4bn; EPS guidance is -¥57.82 to -¥12.65 per share.

• Medium-term FY28 targets: net sales ¥90bn+, SaaS ARR ¥80bn+, EBITDA ¥27bn+, business cash flow ¥18bn+ and Business segment EBITDA margin 30%+.