Money Forward (3994) Q3 2025 earnings summary

Executive summary

• Q3 net sales rose 23% YoY to ¥12.07bn, with nine-month net sales up 19% YoY to ¥35,306mn and SaaS ARR up 30% YoY to ¥36.32bn.

• Adjusted EBITDA reached a record ¥1.44bn in Q3 and ¥3,338mn for the nine months, up 124.9% YoY.

• Business domain led growth, with corporate ARR up 35% YoY and medium-sized company ARR up 48% YoY, driven by price revisions and strong customer acquisition.

• Operating loss narrowed to ¥1,979mn and net loss attributable to owners of parent was ¥3,384mn for the nine months.

• Signed agreement to transfer SMARTCAMP, planning to book ¥6.3bn in extraordinary income in Q4.

Financial highlights

• Consolidated gross profit hit a record ¥8.28bn in Q3 and ¥23,929mn for the nine months, with SaaS gross margin for back-office operations at 87%.

• Adjusted EBITDA increased by ¥1.03bn YoY in Q3, with margin improving from 6% in Q2 to 12% in Q3.

• Business domain EBITDA margin rose to 12%, up 8 percentage points YoY.

• Total assets rose to ¥112,526mn and net assets to ¥51,097mn as of August 31, 2025.

• Q3 cash flow from operating activities (excluding Pay Business) was ¥707mn, achieving profitability for the first time.

Outlook and guidance

• FY11/25 SaaS ARR forecast: ¥39.2–41.2bn (+30.6% to +37.2% YoY); adjusted EBITDA: ¥2.5–4.5bn.

• Full-year net sales forecast: ¥49,500–52,100mn, up 22.6–29.1% YoY; net loss attributable to owners of parent forecasted at ¥(4,700)–(2,300)mn.

• Targeting improvement of adjusted EBITDA margin by +1 to +5 points over FY11/24.

• Medium-term targets: FY11/28 net sales ¥100bn+, SaaS ARR ¥80bn+, EBITDA ¥30bn+, and long-term EBITDA margin of 40%+.

• Earnings per share guidance is ¥(123.86)–(80.15).