Money Forward (3994) Q4 2025 earnings summary

Executive summary

• Net sales for FY11/25 reached ¥50.35bn, up 25% YoY, surpassing guidance, with SaaS ARR up 31.1% to ¥39.33bn.

• Adjusted EBITDA hit ¥4.96bn, exceeding guidance, and the company achieved its first-ever full-year profitability, with profit attributable to owners at ¥1.59bn.

• Operating loss narrowed to ¥2.65bn from ¥4.74bn, and comprehensive income reached ¥2.46bn, a significant turnaround from the previous year.

• Accelerated SaaS ARR and Business segment ARR growth, with new AI-native products and expansion into the digital worker market.

• Divestments and strategic acquisitions, including SMARTCAMP Co., Ltd. and Cashmo, Inc., shaped the year.

Financial highlights

• Consolidated net sales grew 25% YoY to ¥50.35bn, with gross profit at ¥34.23bn and gross margin for back-office SaaS at 87%.

• Adjusted EBITDA was ¥4.96bn (margin 9.9%), and basic EPS rebounded to ¥28.78 from a loss of ¥116.32.

• Total assets increased to ¥127.57bn, net assets to ¥55.87bn, and cash and cash equivalents at year-end were ¥40.93bn.

• Operating profit was ¥2.65bn, and profit attributable to owners was ¥1.59bn, both above guidance.

• SaaS ARR reached ¥39.33bn (+31% YoY), with corporate ARR in Business segment up 36% YoY.

Outlook and guidance

• FY11/26 revenue guidance: ¥53.4–57.55bn (+17.5–26.6% YoY); SaaS ARR: ¥47.5–49.8bn (+20.8–26.6% YoY).

• Adjusted EBITDA guidance: ¥8.0–10.0bn; Business segment EBITDA margin target: 12–19%.

• Medium- to long-term targets: FY11/28 net sales ¥90bn+, EBITDA ¥27bn+, Business CF ¥18bn+.

• Operating profit guidance for FY26 ranges from a loss of ¥2.5bn to a profit of ¥0.5bn.

• Excluding divested subsidiaries, net sales growth forecast is 17.5–26.6% YoY.