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株式会社ラクス 〒151-0051 東京都渋谷区千駄ヶ谷5-27-5 リンクスクエア新宿 7階 Earnings Results for Q3 of the fiscal year ending March 2026 RAKUS Co., Ltd. (Securities Code：3923) 2026/02/13Rakus Co., Ltd. 5-27-5 Sendagaya, Shibuya-ku, Tokyo 7th Floor, Link Square Shinjuku
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2 AGENDA Executive Summary1. P.3 2. Consolidated Results for Q3 of the fiscal year ending March 2026 P.5 3. Cloud Business P.14 4. IT Outsourcing Business P.21 5. Business Topics P.23 6. Guidance for full year of the fiscal year ending March 2026 P.31 7. Appendix P.40
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3 Executive Summary
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4 FY2026.3 guidance ⚫ Full-year guidance remains unchanged from the upward revision announced at H1, reflecting solid business performance. ⚫ Operating profit margin for Q4 is expected to decline slightly from Q3 due to planned growth investments. Consolidated Results for Q3 of FY2026.3 ⚫ Net sales maintained steady YoY growth. ⚫ The operating profit margin reached the 30% range for the first time on a quarterly basis, supported by further progress in expense efficiency. Cloud Business ⚫ Raku Raku Seisan and Raku Raku Kintai remained strong, offsetting intensifying competition for Raku Raku Meisai. IT Outsourcing Business ⚫ Business continued to perform well, supported by steady engineer utilization. Business Topics ⚫ Disclosed information regarding the transferee and terms for the transfer of the IT Outsourcing Business. ⚫ Decided to implement a share buyback of up to 5.0 billion yen in advance, using the expected gain on sale of the IT Outsourcing Business as the source of funds. ⚫ Disclosed the policy for capital allocation and shareholder returns under the next Mid-Term Management Plan. ⚫ Updated product information to further promote cross-selling. Executive Summary
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5 Consolidated Results for Q3 of the fiscal year ending March 2026
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6 13,491 million yen YoY +61.1％ 3,398 YoY +16.7％ 9,596 million yen YoY +71.7% 44,297 million yen YoY +24.6％ 12,500 million yen YoY +65.7％ 28.2 % YoY +7.0Pt Summary of Consolidated Results for Q3 of FY2026.3 * EBITDA＝pretax net income + extraordinary profits/losses + depreciation + goodwill amortization + interest payment Net sales continued a steady upward trend YoY. OP margin improved significantly YoY, driven by sales growth and the optimization of advertising costs. Profit attributable to owners of parent includes an extraordinary income of 1,491 million yen from the Q1 sale of shares in Kaonavi, Inc Net Sales EBITDA Number of EmployeesProfit attributable to owners of parent Operating Profit OP Margin
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7 Trends in Sales Revenue and Operating Profit 519 368 312 378 286 391 432 546 1,031 686 1,853 1,988 2,327 2,333 2,885 2,646 3,656 4,051 4,791 4,613 4,860 5,365 5,789 6,165 6,571 7,081 7,580 8,288 9,373 10,179 10,567 11,219 11,783 12,546 13,355 14,081 14,699 15,516 11.3% 7.6% 5.8% 6.5% 4.6% 6.0% 6.1% 7.2% 12.4% 7.3% 18.2% 18.8% 20.7% 19.8% 23.0% 19.8% 26.0% 27.6% 30.9% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 3Q FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 Sales Operating Profit OP Margin (million yen) YoY +23.7% YoY +66.1% In addition to sales growth, cost optimization led to a record-high operating profit margin in the 30% range.
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8 FY2025.3 Q1-Q3 FY2026.3 Q1-Q3 YoY FY2025.3 Q3 FY2026.3 Q3 YoY Net Sales 35,549 44,297 +8,748 +24.6% 12,546 15,516 +2,969 +23.7% Cost of sales 9,225 10,920 +1,695 +18.4% 3,236 3,791 +554 +17.1% Gross profit 26,323 33,376 +7,053 +26.8% 9,309 11,725 +2,415 +25.9% GP margin 74.0% 75.3% +1.3Pt 74.2% 75.6% +1.4Pt SG&A 18,777 20,876 +2,098 +11.2% 6,424 6,933 +509 +7.9% Operating Profit 7,546 12,500 +4,954 +65.7% 2,885 4,791 +1,906 +66.1% OP margin 21.2% 28.2% +7.0Pt 23.0% 30.9% +7.9Pt EBITDA 8,374 13,491 +5,117 +61.1% 3,192 5,134 +1,942 +60.9% EBITDA margin 23.6% 30.5% +6.9Pt 25.4% 33.1% +7.7Pt Income tax 1,966 4,435 +2,469 +125.5% 937 1,519 +582 +62.1% Tax rate 26.0% 31.6% +5.6Pt 32.4% 31.6% -0.7Pt Profit attributable to owners of parent 5,590 9,596 +4,006 +71.7% 1,959 3,285 +1,325 +67.7% Number of Employees 2,911 3,398 +487 +16.7% - - - - Outline of the Consolidated Results for Q3 of FY2026.3 (million yen)
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9 FY2025.3 Q1-Q3 FY2026.3 Q1-Q3 YoY FY2025.3 Q3 FY2026.3 Q3 YoY Cloud Business Net Sales 30,312 37,982 +7,669 +25.3% 10,718 13,294 +2,575 +24.0% Operating Profit 6,846 11,443 +4,597 +67.1% 2,640 4,375 +1,735 +65.7% OP Margin 22.6% 30.1% +7.5Pt 24.6% 32.9% +8.3Pt Number of Employees 1,761 2,060 +299 +17.0% IT Outsourcing Business Net Sales 5,236 6,315 +1,078 +20.6% 1,827 2,222 +394 +21.6% Operating Profit 699 1,057 +357 +51.1% 245 416 +170 +69.7% OP Margin 13.4% 16.7% +3.4Pt 13.4% 18.7% +5.3Pt Number of Employees 996 1,160 +164 +16.5% Outline of the Segment Results for Q3 of FY2026.3 (million yen)
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10 1,483 1,580 1,674 1,744 1,821 2,016 1,981 2,019 2,144 2,232 2,322 2,437 2,537 2,605 2,741 1,767 1,817 1,989 2,093 2,259 2,470 2,413 2,466 2,857 2,915 3,028 3,220 3,374 3,424 3,591 3,251 3,398 3,663 3,838 4,080 4,487 4,395 4,485 5,001 5,148 5,350 5,657 5,912 6,030 6,332 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 SG&A Cost of sales 1,458 1,603 1,737 1,868 1,763 2,542 2,212 2,429 2,093 2,506 2,312 3,049 2,4252,375 2,153 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 Advertising CostsPersonnel Costs While personnel costs increased following the base pay increase, they remained below plan due to delayed hiring. Advertising costs declined QoQ as we prioritized investment efficiency. Personnel Costs and Advertising Costs (million yen) (million yen)
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11 233 272 247 291 260 326 275 275 260 276 264 265 283 320 313 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 外注費 277 276 285 307 324 350 345 358 382 401 416 442 439 477 475 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 Office Rent and Outsourcing Costs Due to the completion of some office relocations, office rent decreased slightly QoQ, but remains in line with the plan. Outsourcing costs increased YoY due to the utilization of external resources for the development of Raku Raku Seikyu and Raku Raku Meisai. Outsourcing CostsOffice Rent (million yen) (million yen)
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12 7,546 12,500 7,669 1,078 -2,775 -42 -976 FY2025.3 Q1-Q3 Cloud Business IT Outsourcing Business Personnel Costs Increase Advertising Costs Increase Others Increase FY2026.3 Q1-Q3 増収効果 +8,748 成長投資増加額 -3,794 Sales Factors Cost Factors Factors for Changes in Consolidated Operating Profit (YoY) Significant sales growth in the Cloud Business exceeded the increase in costs, driving strong overall profit growth. (million yen) YoY +4,954 （+65.7%）
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13 End of March 2025 End of December 2025 Difference Current assets 19,296 22,621 +3,324 Non-current assets 12,357 13,759 +1,402 Total assets 31,654 36,380 +4,726 Current liabilities 9,462 8,410 -1,052 Non-current liabilities 213 174 -39 Total liabilities 9,676 8,584 -1,092 Shareholder’s equity 20,949 27,734 +6,784 Accumulated other comprehensive income 1,028 62 -966 Total equity 21,977 27,796 +5,818 Total liabilities and equities 31,654 36,380 +4,726 Equity ratio 69.4% 76.4% +7.0Pt Consolidated Balance Sheet (million yen)
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14 Cloud Business
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15 (million yen) Performance of the Cloud Business Sales increased steadily due to solid growth in new orders for core services, while profitability improving steadily over the medium to long term. * Indirect expense allocation method revised for FY2024.3 and earlier. Figures restated retroactively. 404 321 200 238 146 258 315 431 908 665 1,595 1,810 2,121 2,084 2,640 2,518 3,328 3,739 4,375 3,709 3,961 4,343 4,701 5,011 5,338 5,761 6,166 6,832 7,952 8,629 9,051 9,543 10,050 10,718 11,550 12,065 12,621 13,294 10.9% 8.1% 4.6% 5.1% 2.9% 4.8% 5.5% 7.0% 13.3% 8.4% 18.5% 20.0% 22.2% 20.7% 24.6% 21.8% 27.6% 29.6% 32.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 Sales Operating profit OP Margin YoY +24.0% YoY +65.7%
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16 40,321 13,990 14,938 16,347 17,675 18,838 20,143 21,706 23,252 25,699 29,813 32,482 34,139 35,999 37,935 43,468 45,554 47,538 50,087 02004006008001,0001,2001,4001,6001,8002,0002,2002,4002,6002,8003,0003,2003,4003,6003,8004,0004,2004,4004,6004,8005,0005,2005,4005,6005,8006,0006,2006,4006,6006,8007,0007,2007,4007,6007,8008,0008,2008,4008,6008,8009,0009,2009,4009,6009,80010,00010,20010,40010,60010,80011,00011,20011,40011,60011,80012,00012,20012,40012,60012,80013,00013,20013,40013,60013,80014,00014,20014,40014,60014,80015,00015,20015,40015,60015,80016,00016,20016,40016,60016,80017,00017,20017,40017,60017,80018,00018,20018,40018,60018,80019,00019,20019,40019,60019,80020,00020,20020,40020,60020,80021,00021,20021,40021,60021,80022,00022,20022,40022,60022,80023,00023,20023,40023,60023,80024,00024,20024,40024,60024,80025,00025,20025,40025,60025,80026,00026,20026,40026,60026,80027,00027,20027,40027,60027,80028,00028,20028,40028,60028,80029,00029,20029,40029,60029,80030,00030,20030,40030,60030,80031,00031,20031,40031,60031,80032,00032,20032,40032,60032,80033,00033,20033,40033,60033,80034,00034,20034,40034,60034,80035,00035,20035,40035,60035,80036,00036,20036,40036,60036,80037,00037,20037,40037,60037,80038,00038,20038,40038,60038,80039,00039,20039,40039,60039,80040,00040,20040,40040,60040,80041,00041,20041,40041,60041,80042,00042,20042,40042,60042,80043,00043,20043,40043,60043,80044,00044,20044,40044,60044,80045,00045,20045,40045,60045,80046,00046,20046,40046,60046,80047,00047,20047,40047,60047,80048,00048,20048,40048,60048,80049,00049,20049,40049,60049,80050,00050,20050,40050,60050,80051,00051,20051,40051,60051,80052,00052,20052,40052,60052,80053,00053,20053,40053,60053,80054,00054,20054,40054,60054,80055,00055,20055,40055,60055,80056,00056,20056,40056,60056,80057,00057,20057,40057,60057,80058,00058,20058,40058,60058,80059,00059,20059,40059,60059,80060,00060,20060,40060,60060,80061,00061,20061,40061,60061,80062,00062,20062,40062,60062,80063,00063,20063,40063,60063,80064,00064,20064,40064,60064,80065,00065,20065,40065,60065,80066,00066,20066,40066,60066,80067,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 * ARR (Annual Recurring Revenue) ＝ Monthly Recurring Revenue ×12 Recurring Revenue Ratio 92.8% (million yen) YoY +24.2％ ARR and Recurring Revenue Ratio of the Cloud Business ARR grew steadily, surpassing 50.0 billion yen in December 2025, while the recurring revenue ratio remained at a high level.
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17 FY2025.3 Q1-Q3 FY2026.3 Q1-Q3 YoY FY2025.3 Q3 FY2026.3 Q3 YoY Raku Raku Seisan 12,559 15,317 +2,757 +22.0% 4,307 5,271 +963 +22.4% Raku Raku Meisai 7,169 9,521 +2,351 +32.8% 2,631 3,408 +776 +29.5% Raku Raku Hambai 3,962 5,236 +1,273 +32.1% 1,477 1,844 +366 +24.8% Raku Raku Kintai 1,078 1,457 +379 +35.2% 371 537 +165 +44.6% Raku Raku Jidootai Formerly Mail Dealer 2,293 2,537 +244 +10.6% 786 866 +80 +10.2% E-mail distribution services 2,721 3,035 +314 +11.5% 949 1,038 +88 +9.3% Others 527 877 +349 +66.3% 193 329 +135 +70.0% Total of the Cloud Business 30,312 37,982 +7,669 +25.3% 10,718 13,294 +2,575 +24.0% *Effective from FY2026.3, revenue from Raku Raku Kintai is presented as a new reportable segment. Accordingly, comparative figures for prior periods have been retroactively restated. *The figure for E-mail distribution services is the sum of Raku Raku Mailmarketing(formerly Hai Hai Mail), Curumeru and blastmail. Our core services such as Raku Raku Seisan and Raku Raku Meisai continued to drive our overall growth. For Raku Raku Hambai, the impact of price revisions implemented through October 2024 has largely run its course. Sales of the Cloud Business by Service (million yen)
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18 Raku Raku Seisan: Active Clients and Churn Rate 352 375 595 509 487 534 597 651 812 1,169 873 501 343 422 326 355 371 475 420 6,856 7,231 7,826 8,335 8,822 9,356 9,953 10,604 11,416 12,585 13,458 13,959 14,302 14,724 15,050 15,405 15,776 16,251 16,671 1.39% 1.36% 1.16% 1.24% 1.19% 1.14% 1.02% 1.07% 1.28% 1.25% 1.62% 1.42% 1.81% 1.51% 1.41% 1.50% 1.52% 1.41% 1.54% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 Quarterly Net Additions Quarterly Churn Rate *Active Clients: The number of paying customers. *Quarterly Net Additions: The net change calculated by subtracting the number of churned customers from the number of new paying customers during the quarter. *Quarterly Churn Rate: Total number of churns in the quarter ÷ Active users at the end of the previous quarter. While the expense management system market is maturing, performance remained resilient due to the continuous reinforcement of sales activities. The number of new orders was generally solid against the company plan, and the churn rate remained low.
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19 275 399 396 428 405 443 576 617 781 1,346 793 668 599 756 779 774 668 709 673 2,179 2,578 2,974 3,402 3,807 4,250 4,826 5,443 6,224 7,570 8,363 9,031 9,630 10,386 11,165 11,939 12,607 13,316 13,989 1.00% 0.73% 0.47% 0.94% 0.41% 0.53% 0.47% 1.00% 0.88% 0.53% 0.55% 0.75% 0.65% 0.94% 0.69% 0.60% 0.67% 0.54% 0.53% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 Quarterly Net Additions Quarterly Churn Rate Raku Raku Meisai: Active Clients and Churn Rate As the temporary demand surge from legislative changes has run its course and the market shows signs of gradual maturation, the number of new orders was weak due to rising difficulty in customer acquisition amid changing target segments. The churn rate continued to remain at a low level even after the price revisions implemented in October 2025. *Active Clients: The number of paying customers. *Quarterly Net Additions: The net change calculated by subtracting the number of churned customers from the number of new paying customers during the quarter. *Quarterly Churn Rate: Total number of churns in the quarter ÷ Active users at the end of the previous quarter.
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20 99 79 131 140 103 118 133 174 237 237 207 112 104 107 130 140 165 136 200 1,329 1,408 1,539 1,679 1,782 1,900 2,033 2,207 2,444 2,681 2,888 3,000 3,104 3,211 3,341 3,481 3,646 3,782 3,982 2.58% 2.74% 1.93% 2.13% 2.43% 2.16% 2.37% 2.37% 2.23% 2.23% 2.15% 2.36% 2.85% 3.14% 3.52% 2.90% 2.57% 3.02% 2.49% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 Quarterly Net Additions Quarterly Churn Rate Raku Raku Hambai: Active Clients and Churn Rate The number of new orders has been building up steadily, progressing generally as expected. The impact of the price revisions implemented in the previous fiscal year is nearing an end, and the churn rate improved QoQ. *Active Clients: The number of paying customers. *Quarterly Net Additions: The net change calculated by subtracting the number of churned customers from the number of new paying customers during the quarter. *Quarterly Churn Rate: Total number of churns in the quarter ÷ Active users at the end of the previous quarter.
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21 IT Outsourcing Business
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22 115 47 111 140 139 132 116 114 123 20 257 177 205 248 245 127 328 312 416 903 899 1,021 1,087 1,154 1,232 1,320 1,414 1,455 1,421 1,549 1,515 1,675 1,733 1,827 2,016 2,077 2,222 12.9% 5.2% 11.0% 12.9%12.1%10.8% 8.8%8.1%8.5% 1.5% 16.6% 11.7%12.3% 14.4%13.4% 7.0% 16.3%15.0% 18.7% 0 500 1,000 1,500 2,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 業績推移 Sales Operating profit OP Margin 605 781 811 975 1,057 End of Mar. 2022 End of Mar. 2023 End of Mar. 2024 End of Mar. 2025 End of Dec. 2025 Performance and Number of Engineers of the IT Outsourcing Business (person) Sales & Profit Number of Engineers (million yen) * Indirect expense allocation method revised for FY2024.3 and earlier. Figures restated retroactively. * These figures include apprentice engineers. The number of active engineers increased due to the continuous reinforcement of sales activities. Achieved a significant increase in profit by maintaining high utilization rates while capturing steady demand. YoY +21.6% YoY +69.7% 1,804
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23 Business Topics
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24 Transfer of IT Outsourcing Business Background Use of Funds As announced in May 2025, the transferee and terms of the transfer for the IT Outsourcing Business have been officially determined. ⚫ Transferee BREXA Technology Co., Ltd. ⚫ Scheduled Date of Transfer April 1, 2026 ⚫ Transfer Price 18,774 million yen ⚫ Estimated Extraordinary Income* 16.5 billion yen *This figure is an estimated forecast and not a final amount. ⚫ The IT Outsourcing Business is performing well, but it has limited synergy with the Cloud Business. ⚫ Under the next Mid-Term Management Plan, RAKUS will focus on improving the operating profit margin with "Rule of 50*1" in mind. ⚫ RAKUS will concentrate and invest its management resources into the cloud business. ⚫ Although the gain on the business transfer will be recorded in the fiscal year ending March 2027, we have decided to implement a share buyback of up to 5.0 billion yen ahead of schedule. ⚫ While we primarily intend to utilize funds for our M&A strategy, we have determined that our own shares are currently undervalued. Additional capital policy measures are scheduled to be announced at the time of the full-year earnings results in May 2026. *For details, please refer to the timely disclosure dated February 13, 2026. Determined Items *1 Rule of 50: Based on the "Rule of 40," a widely recognized benchmark in the cloud services industry where the sum of the revenue growth rate and operating profit margin should ideally exceed 40%, we have set an even higher target. In our next Mid-Term Management Plan, we intend to establish the "Rule of 50," aiming for the sum of these two metrics to reach 50% or higher.
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25 Cancellation of Treasury Shares Acquisition of Treasury Shares Considering the growth potential and profitability of the Cloud Business, as well as recent stock price trends, we have determined that this is an opportune time to acquire treasury shares. We plan to acquire up to 5.0 billion yen of treasury shares and cancel all acquired shares by the end of the fiscal year. *For details, please refer to the timely disclosure dated February 13, 2026. Acquisition of Treasury Shares ⚫ Type of shares to be acquired Common shares of the Company ⚫ Total number of shares to be acquired Up to 8,800,000 shares (Equivalent to 2.44% of the total number of outstanding shares, excluding treasury shares) ⚫ Total amount of acquisition cost Up to 5.0 billion yen ⚫ Acquisition period From February 16, 2026 to March 19, 2026 ⚫ Acquisition method Market purchases conducted through discretionary trading on the Tokyo Stock Exchange ⚫ Number of shares to be cancelled All treasury shares acquired through the acquisition above ⚫ Scheduled date of cancellation March 31, 2026 Determined Items
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26 Measures to Achieve Management Conscious of Capital Cost and Stock Price Updating the approach to capital efficiency and shareholder returns for the new Mid-Term Management Plan. FY2026.3 （Current Policy） FY2027.3 - FY2029.3 （New Mid-Term Management Plan Policy） Capital Efficiency ⚫ Aim to maintain ROE of 30% or higher, excluding one-time effects such as extraordinary income and losses. *The Company's cost of capital is estimated to be approximately 8-10%. Shareholder Return Policy ⚫ Targeting a total payout ratio of over 20%. ⚫ Aiming for consecutive dividend increases, using the previous year's annual dividend per share as the lower limit. Capital Efficiency ⚫ Steady achievement of current Mid-Term Management Targets. ⚫ Consideration of capital policies with a focus on improving capital efficiency. Shareholder Return Policy ⚫ Targeting a dividend payout ratio of over 10%. ⚫ Aiming to achieve a consecutive increase in annual dividends per share, using the previous year's performance as the lower limit.
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27 Launch of “Raku Raku AI Agent for Raku Raku Seisan” β Version December 2025 Started providing the β version of “Raku Raku AI Agent for Raku Raku Seisan”, a new feature that automates expense reimbursement, in December 2025. Planning sequential functional expansions toward the official release. What is “Raku Raku AI Agent for Raku Raku Seisan”? Just select on your smartphone! AI automatically proposes reimbursement slips By simply selecting the receipts you want to process from the app, AI automatically creates and proposes the optimal reimbursement data. Automatically link related data AI automatically links "pre-approval slips" or "credit card statements" based on the date and amount of the “receipt”. AI refers to past applications The AI refers to and reflects past application patterns, such as "this content belongs to this account item." 1 2 3 Release of "Raku Raku AI Agent for Raku Raku Seisan" β Version Functional expansion and broadening the scopeof application types ⚫ Automatic creation of reimbursement slips with zero user operation. ⚫ Expanding the scope of application types to include business trip reimbursements, etc. ⚫ Automation of approval processes and auxiliary functions according to settings From 2026 Onwards Improving Governance ⚫ Strengthening functions to prevent duplicate receipt applications. ⚫ Detection functions for fraudulent activity or alterations in receipt images. From 2027 Onwards Press release https://www.rakus.co.jp/news/2025/1201.html(only in Japanese)
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28 Updates to the AI Assist Function in “Raku Raku Hambai” Achieved functional expansion within approximately 1 month of the initial release in November 2025. Enabled automatic construction and implementation of AI -proposed database structures within “Raku Raku Hambai”. Provides smooth implementation support, allowing users to proceed without hesitation even if they are unfamiliar with system construction. The initial AI assist function was limited to “Presenting database structures in Excel”. Actual construction and configuration required manual work by the customer. Automatically generate the actual system screens based on proposed configurations. Dedicated support staff assist with the construction process based on the automatically generated database. Automatic implementation of AI-generated designs into “Raku Raku Hambai” with a single click. November 2025 December 2025 Rapid Functional Updates Before After Press release https://www.rakurakuhanbai.jp/info/251218.php (only in Japanese) DB Configuration Proposal AI It is possible to automatically build the proposed AI content directly into Raku Raku Hambai. This makes it easier to check the differences between the AI proposal and your actual business requirements. Would you like to execute automatic construction? Execute Do Not Execute Execut e Automatic construction completed! A new "AI Proposal Group" has been created at the bottom of the left panel. Please register data into the constructed DB to confirm the business fit.
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29 Launch of “Raku Raku Jugyoin Portal” Scheduled for March 2026 “Raku Raku Jugyoin Portal” A common ID infrastructure that allows employees to use multiple services seamlessly by centrally managing IDs and employee master data, leading to a reduced operational load for administrative departments. Main Features Single Sign-On Seamlessly log in to each service within “Raku Raku Cloud” using a single ID. Integration with External Cloud Services Seamlessly log in to external SAML- compliant*1 cloud services. Centralized Management of Employee Information and IDs Consolidate employee information required for ID management to support operational efficiency in administrative tasks. 1 2 3 *1 SAML（Security Assertion Markup Language） An XML-based standard for securely exchanging authentication information between different domains. Providing a common ID infrastructure, “Raku Raku Jugyoin Portal”, for “Raku Raku Cloud” starting March 2026. Promoting the “Integrated Best-of-Breed Strategy” by sequentially strengthening integration between services. Press release https://www.rakus.co.jp/news/2026/id.html (only in Japanese) Common ID Infrastructure "Raku Raku Jugyoin Portal" ID Information Employee Master ID Master Workflow ID Master Workflow ID Master Workflow Raku Raku Seisan Raku Raku Meisai Raku Raku Seikyu Raku Raku Hambai Raku Raku Denshihozon Raku Raku Kintai Raku Raku Saiken Kanri
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30 Key Features HR Management Employee ledger management, qualification management, personnel orders, and organizational changes Labor Management Employment contracts, onboarding procedures, change of status notifications, My Number management, year-end adjustments, and e-Gov electronic applications. Health management and safety confirmation Personnel Evaluation Personnel evaluation management and goal management Workflow Applications for qualification acquisition and transfer requests Analytics Personnel data analysis. Dashboards Security SAML authentication IP address restrictions Integration with Other Systems Integration with Raku Raku Kintai and API integration. “Raku Raku Jinji Roumu” Scheduled to Launch on April 1 ⚫ Target Companies Companies with 300 or fewer employees. ⚫ Launch Date April 1, 2026. ⚫ Fees Initial Fee：100,000 yen (excl. tax) Monthly Fee：From 30,000 yen (excl. tax) *Monthly fees vary depending on the number of users and options. ⚫ Service Overview A cloud-based HR and labor system that enables centralized management of HR-related information and various procedures, including employee ledger management, onboarding and offboarding procedures, change of status notifications, year-end adjustments, and personnel evaluations. Through a capital and business alliance with Plus Alpha Consulting Co., Ltd., which holds high competitiveness in the HR Tech field, we plan to launch “Raku Raku Jinji Roumu” on April 1, a new service designed to streamline HR and labor operations. By expanding our service lineup, we will further promote the DX of back-office operations as a whole. Standard Standard Optional Optional Optional Optional Standard Optional Standard Standard For details, please refer to the press release dated February 13, 2026.
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31 Guidance for full year of the fiscal year ending March 2026
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32 Mid-Term Management Targets (FY2022-FY2026) 2Five-Year sales Profit for FY2026.3 Net assets as of 2026.3 1 CAGR 31% 32% ~ 2 3 10 billion yen + 20 billion yen + Expected to be achieved in FY2026.3 FY2026.3 Guidance 31.3% Expected to be achieved in FY2026.3 FY2026.3 Guidance 12.1 billion yen Achieved in FY2025.3 FY2025.3 Actual 21.9 billion yen
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33 FY2026.3 Full-Year Revised Guidance (Unchanged from the revised guidance at H1) FY2025.3 (Actual) FY2026.3 (Initial guidance) FY2026.3 (Revised guidance) YoY vs initial guidance Net Sales 48,904 59,400 60,000 +11,095 +22.7% +600 +1.0% Cost of sales 12,594 15,289 15,090 +2,495 +19.8% -199 -1.3% Gross profit 36,310 44,111 44,910 +8,599 +23.7% +799 +1.8% GP margin 74.2% 74.3% 74.9% +0.6Pt +0.6Pt SG&A 26,117 29,111 28,910 +2,792 +10.7% -201 -0.7% Operating Profit 10,192 15,000 16,000 +5,807 +57.0% +1,000 +6.7% OP margin 20.8% 25.3% 26.7% +5.8Pt +1.4Pt Ordinary Profit 10,218 15,000 16,000 +5,781 +56.6% +1,000 +6.7% Ordinary profit margin 20.9% 25.3% 26.7% +5.8Pt +1.4Pt EBITDA 11,351 16,317 17,260 +5,908 +52.0% +943 +5.8% EBITDA margin 23.2% 27.5% 28.8% +5.6Pt +1.3Pt Income Tax 2,212 4,814 5,396 +3,183 +143.9% +582 +12.1% Tax rate 21.7% 29.2% 30.8% +9.2Pt +1.7Pt Profit attributable to owners of parent 8,003 11,690 12,100 +4,096 +51.2% +410 +3.5% EPS（yen） 22.09 32.40 33.54 +11.45 +51.8% +1.14 +3.5% DPS（yen） 2.25 3.25 3.40 +1.15 +51.1% +0.15 +4.6% * Figures are after stock split adjustment. ※ ※ (million yen)
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34 FY2026.3 Full-Year Revised Guidance by Segment (Unchanged from the revised guidance at H1) FY2025.3 (Actual) FY2026.3 (Initial guidance) FY2026.3 (Revised guidance) YoY vs initial guidance Cloud Business Net Sales 41,862 51,301 51,636 +9,773 +23.3% +335 +0.7% Operating Profit 9,365 14,093 14,849 +5,483 +58.6% +756 +5.4% OP Margin 22.4% 27.5% 28.8% +6.4Pt +1.3Pt IT Outsourcing Business Net Sales 7,041 8,099 8,364 +1,322 +18.8% +265 +3.3% Operating Profit 827 907 1,151 +323 +39.1% +244 +26.9% OP Margin 11.8% 11.2% 13.8% +2.0Pt +2.6Pt 単位：百万円 Both Cloud Business and IT Outsourcing Business are expected to exceed initial guidance. OP margin in the IT Outsourcing Business, initially expected to decline, is now expected to improve due to high utilization rates. (million yen)
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35 Personnel Costs and Advertising Costs Revised Guidance (Unchanged from the revised guidance at H1) 10,442 14,151 17,449 21,158 25,832 25,313 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 (initial guidance) FY2026.3 (revised guidance) (million yen) 4,674 6,667 8,947 9,961 9,232 9,458 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 (initial guidance) FY2026.3 (revised guidance) (million yen) Advertising CostsPersonnel Costs Personnel costs are expected to fall below the initial guidance due to hiring difficulties, despite implementing an unplanned base pay increase. While advertising costs are expected to remain lower YoY, they are projected to exceed the initial guidance due to increased investment focused on efficient channels.
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36 866 1,147 1,378 1,643 1,928 1,928 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 (initial guidance) FY2026.3 (revised guidance) Office Rent and Outsourcing Costs Revised Guidance (Unchanged from the revised guidance at H1) 840 1,045 1,137 1,068 1,429 1,331 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 (initial guidance) FY2026.3 (revised guidance) Office rent is expected to increase due to office expansion associated with headcount growth. Outsourcing costs are expected to increase YoY but are projected to be lower than the initial guidance. (million yen) (million yen) Outsourcing CostsOffice Rent
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37 増+11,095 -5,288 Sales Factors Cost Factors Factors for Changes in Consolidated Operating Profit (Unchanged from the revised guidance at H1) We plan to achieve a significant increase in operating profit by leveraging sales growth and controlling advertising costs to offset rising personnel and other costs. (million yen) 10,192 9,773 1,322 -4,154 503 -1,637 16,000 FY2025.3 Cloud Business IT Outsourcing Business Personnel Costs Increase Advertising Costs Decrease Others Increase FY2026.3 (revised guidance) YoY +5,807 （+57.0%）
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38 2.97 3.51 11.55 22.09 32.40 33.54 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 (initial guidance) FY2026.3 (revised guidance) (yen) * EPS figures for each period, actual and guidance, have been retroactively adjusted for the stock split. ※ EPS Guidance (Adjusted for Stock Split) (Unchanged from the revised guidance at H1) The difference from the initial guidance of 64.52 yen is due to the upward revision of the full-year guidance, as well as the impact of the stock split and the acquisition of treasury shares (which have been cancelled).
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39 0.038 0.075 0.076 0.109 0.150 0.244 0.363 0.550 0.800 0.875 0.950 0.975 1.175 2.250 3.250 3.400 FY2012.3 FY2013.3 FY2014.3 FY2015.3 FY2016.3 FY2017.3 FY2018.3 FY2019.3 FY2020.3 FY2021.3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 (initial guidance) FY2026.3 (revised guidance) Shareholder Returns (Adjusted for Stock Split) (Unchanged from the revised guidance at H1) (yen) Dividend Policy Targeting a dividend payout ratio of over 10%. Aiming to achieve a consecutive increase in annual dividends per share, using the previous year's performance as the lower limit. ※ In line with our policy of increasing dividends each period, we have raised dividends for 14 consecutive periods. We plan for a total payout ratio of 68.0%, combining the scheduled additional share buyback. * Dividend per share figures for each period, actual and guidance, have been retroactively adjusted for the stock split. Revised FY2026.3 guidance Profit attributable to owners of parent ：12,100 million yen Total dividends ：1,225 million yen Share buyback(Completed) ：2,000 million yen Share buyback(Scheduled) ：5,000 million yen Total payout ratio ：68.0%
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40 Appendix
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41 Direction of the Next Mid-Term Management Plan 2 OP Margin Improvement ⚫ Pursuing further improvements in operating margin, we are targeting a combined “Revenue Growth Rate + OP Margin” of over 50%(Rule of 50). ⚫ Going forward, we will shift from a high- growth phase to a phase focused on sustainable growth and enhanced profitability. 3 Capital Allocation Prioritized for M&A ⚫ To realize sustainable growth, we will prioritize M&A when considering capital allocation. ⚫ Exploring the concept of a loose federation, remaining open to flexible investments without insisting on consolidation. ⚫ At the same time, we will work to enhance shareholder returns. 1 Focus on The Cloud Business ⚫ With the planned transfer of the IT Outsourcing Business, we are shifting to a structure that focuses more on the Cloud Business. ⚫ Organic growth, excluding M&A, is expected to achieve a CAGR of approximately 15%–20%. The next Mid-Term Management Plan will cover the three fiscal years starting from FY2027. Quantitative targets are scheduled to be disclosed with the full-year results for FY2026. *1 Rule of 50: Based on the "Rule of 40," a widely recognized benchmark in the cloud services industry where the sum of the revenue growth rate and operating profit margin should ideally exceed 40%, we have set an even higher target. In our next Mid-Term Management Plan, we intend to establish the "Rule of50," aiming for the sum of these two metrics to reach 50% or higher.
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42 Growth Strategy for the Next Mid-Term Management Plan Enterprise Strategy Cross Sell Strategy *1: Refers to companies with 1,000 or more employees. *2: ABM (Account Based Marketing): A strategic approach that targets specific companies, where marketing and sales teams collaborate to engage them. *3: LBM (Lead Based Marketing): A marketing method that starts with acquired leads (prospective customers). AI Strategy Market AnalysisGrowth Strategy ⚫ Market Status The market is extremely large, with enterprise companies*1 said to account for the majority of software investment in Japan. ⚫ Our Situation SMB/MMB market where we have a strong base, our share is relatively low, presenting significant growth opportunities. ⚫ New Organization Launched a specialized organization from the highly mature “Raku Raku Seisan” business to promote added- value proposals different from those for SMB/MMB. ⚫ ABM Implementation Added ABM*2 to conventional LBM*3 to deepen engagement through organizational targeting that actively approaches target companies. ⚫ Market Status As the market matures, the difficulty of acquiring new customers is expected to increase further, making existing customer engagement crucial. ⚫ Our Situation Having promoted a Best-of-Breed strategy, growth opportunities exist in actively encouraging the introduction of multiple products. ⚫ New Organization Established a specialized organization to promote multi-product proposals to SMB/MMB customers as an integrated Best-of-Breed strategy. ⚫ Simultaneous Orders Aim for simultaneous orders of multiple products from the initial negotiation for SMB/MMB customers, and strengthen engagement with existing customers. ⚫ Market Status With the rapid evolution of generative AI, interest in implementing AI functions is increasing in the cloud services market, and players are actively responding. ⚫ Our Situation Promoting the implementation of task- processing AI that automates and supports operations to improve customer productivity. ⚫ New Organization Established the new position of CAIO (Chief AI Officer) to establish a management structure that promotes company-wide AI utilization and strategy. ⚫ ARPU Improvement Aim to improve ARPU by providing advanced AI functions that allow customers to feel added value toward productivity improvement.
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43 Capital and Business Alliance Agreement with Plus Alpha Consulting Co., Ltd. ⚫ Target Customers Officially concluded a capital and business alliance with Plus Alpha Consulting Co., Ltd. Develop and sell “Raku Raku Jinji Roumu” as an OEM of the talent management system “Talent Palette”. *For details on this capital and business alliance, please refer to the timely disclosure dated November 14, 2025, “Notice Regarding the Conclusion of a Capital and Business Alliance Agreement with Plus Alpha Consulting Co., Ltd.” *For details on the talent management system "Talent Palette," please refer to the Plus Alpha Consulting website: https://www.pa-consul.co.jp/talentpalette/ We will continue to discuss mutual support in sales activities, customer referrals, promotional activities, etc. We aim to maximize synergy by focusing on each other's areas of strength. The impact of this alliance on the financial results for the fiscal year ending March 2026 is expected to be minor. RAKUS will sell “Raku Raku Jinji Roumu” primarily to companies with 300 or fewer employees. Plus Alpha Consulting will sell “Talent Palette” primarily to companies with 301 or more employees. ⚫ Sales Start Date April 1, 2026 (Scheduled) *Acquisition is by RAKUS only; no cross-shareholding was conducted. ⚫ Effective Date of Alliance November 14, 2025 ⚫ Ratio to Total Outstanding Shares 4.09% ⚫ Number of Shares Acquired 1,739,000 shares ⚫ Acquisition Price ¥2,393 Raku Raku Cloud Plus Alpha Consulting Co., Ltd. RAKUS Co., Ltd. ⚫ Total Acquisition Cost ¥4,161 million
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44 Sales Trend and Main Services 単位：百万円 38,408 48,904 60,000 FY2001.3 FY2002.3 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3 FY2010.3 FY2011.3 FY2012.3 FY2013.3 FY2014.3 FY2015.3 FY2016.3 FY2017.3 FY2018.3 FY2019.3 FY2020.3 FY2021.3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 (guidance) 2007 2008 2009 2013 2020 2024(million yen) 2002 Started IT Outsourcing Business 2022 2018 formerly Hai Hai Mail 2001 formerly Mail Dealer By offering services that make inefficient work easier, we are realizing sustainable growth. Raku Raku Seisan Raku Raku Meisai Raku Raku Seikyu Raku Raku Hambai Raku Raku Kintai Raku Raku Denshihozon Raku Raku MailmarketingRaku Raku Jidootai
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45 Sales composition ratio of the Cloud Business* Raku Raku Seisan 41.4% Raku Raku Meisai 23.8% Raku Raku Hambai 13.2% Raku Raku Kintai 3.6% Raku Raku Jidootai formerly Mail Dealer 7.4% E-mail distribution services 8.8% Others 1.8% Expense management system Form issuance system Sales management system Invoice receiving system Electronic book storage system Attendance management system Mail marketing service *Calculated based FY2025 results. Services formerly Hai Hai Mail Automated Inquiry Response System List of Main Cloud Services Raku Raku Mailmarketing
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46 Achieve sustainable growth by increasing products Integrated Best-of-Breed Strategy While continuing to promote our “Best-of-Breed Strategy” to improve efficiency in specific back-office areas, we are evolving to an “Integrated Best-of-Breed Strategy” that encourages the use of multiple services through cross-selling. Multi-product Strategy Offering multiple services across different growth stages to drive profitability while ensuring sustainable growth. Sales & Marketing Strategy We have established overwhelming brand recognition through advertising centered on TV commercials, mainly targeting companies with 30 to 1,000 employees. Going forward, we will expand our target to include enterprise and regional markets. Customers Support back-office operational efficiency Products in maturity phase （Profit generation） Products in high growth phase (growth driver) New products (investment in training) Growth investments in new products Investment in M&A Cloud Business Growth Strategy Raku Raku Seisan Raku Raku Meisai Raku Raku Seikyu Raku Raku Hambai Raku Raku Denshihozon Raku Raku Kintai Raku Raku Mailmarketing formerly Mail Dealer formerly Hai Hai Mail Raku Raku Jidootai
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47 “Best-of-Breed” vs. “Suite” Models Optimization of individual areas Services are independent, enabling maximum value delivery without being affected by other services. Individual management Difficult to provide benefits through tight integration with products across different business domains. Tight integration across domains Business domains are unified, providing benefits through seamless internal product integration. Functional lag in specific areas Since optimal design varies by domain, it is difficult to achieve best-in-class design across all areas. Pros Cons Pros Cons Best-of-Breed Suite / Compound Moving toward the “Integrated Best-of-Breed Model” that provides continuous and seamless support for business improvement.
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48 Sales Management Sales Management Accounts receivable management Financial Institutions Service Integration Conceptual Diagram Output Transfer Data Deposit Data Integration Monthly Usage Fee Cloud Services Paper, E-mail Invoices, Receipts, etc. Digitization of Forms Data Integration Common ID Infrastructure "Raku Raku Jugyoin Portal" (Scheduled for March 2026) Moving forward, we will promote “Integrated Best-of-Breed” by further strengthening data integration between products. Form issuance Electronic book storage Form Management Expense Management HR Attendance management Payroll HR and Labor Evaluation & Development Mail Services Automated Inquiry Response Mail Marketing Expense Management Invoice Receiving Client Company Accounting System ERP In-house Infrastructure Raku Raku Cloud Raku Raku Seisan Raku Raku Seikyu Raku Raku Kintai Raku Raku Jinji Roumu Raku Raku HambaiRaku Raku Denshihozon Raku Raku Meisai Raku Raku Saiken Kanri formerly Mail Dealer formerly Hai Hai MailRaku Raku Mailmarketing Raku Raku Jidootai Integrated To be Integrated
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49 Integrated “Mail Dealer” and “Hai Hai Mail” into the “Raku Raku Cloud” brand Renamed to new names, reflecting the evolution of value provided beyond “E-mail" through the leverage of AI technology. This brand integration enhances their appeal under the unified “Raku Raku Cloud” brand. Achieves automated inquiry responses by leveraging AI technology Inquiry Management System Mail Marketing Service Supports generating results through E-mail marketing New NameFormer Name Raku Raku Jidootai Raku Raku Mailmarketing *This brand integration will be implemented sequentially starting October 23, 2025. Press release https://www.rakus.co.jp/news/2025/1021.html(only in Japanese)
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50 ⚫ Dominated by ERP, with a high IT adoption rate ⚫ The white space is small, so the main focus is on replacement proposals Enterprise Employees: 1,000～ MMB 200 ～ 999 SMB ～ 199 Positioning and Growth Strategy in the Target Market ⚫ Overwhelming share, primarily in urban areas ⚫ While there is still white space, the market is gradually maturing as IT adoption advances ⚫ We have multiple No. 1 products, and will continue to expand our share through our competitive strengths ⚫ A large number of companies have not yet gone paperless, so the white space is large ⚫ On the other hand, competition is becoming fiercer Market Environment and Growth StrategyCustomer Size Expansion Penetration
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51 Sales of the Cloud Business by Service FY2021.3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 Raku Raku Seisan Sales 5,559 7,658 10,343 14,446 17,348 YoY +41.3％ +37.7％ +35.1％ +39.7% +20.1% Raku Raku Meisai Sales 1,177 2,260 3,735 6,840 9,966 YoY +113.3％ +92.0％ +65.3％ +83.1% +45.7% Raku Raku Hambai Sales 1,281 1,867 2,626 3,907 5,517 YoY +47.5% +45.7% +40.7% +48.7% +41.2% Raku Raku Jidootai Formerly Mail Dealer Sales 1,979 2,178 2,430 2,841 3,103 YoY +14.2％ +10.1％ +11.5％ +16.9% +9.2% E-mail distribution services Sales 1,963 2,367 2,672 3,035 3,687 YoY +24.8％ +20.6％ +12.9％ +13.6% +21.5% Others Sales 336 384 468 1,394 2,238 YoY +15.2% +14.3% +22.1% +197.4% +60.5% *The figure for E-mail distribution services is the sum of Raku Raku Mailmarketing (formerly Hai Hai Mail), Curumeru and blastmail. (million yen)
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52 LTV of the Cloud Business by Service FY2021.3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 Raku Raku Seisan 15,449,125 17,354,319 20,931,651 17,268,962 17,038,879 Raku Raku Meisai 20,303,924 15,402,526 23,408,991 25,543,657 25,999,018 Raku Raku Hambai 8,759,510 8,833,376 10,463,032 12,032,671 10,960,061 Raku Raku Jidootai formerly Mail Dealer 4,281,398 4,506,168 4,986,751 6,009,109 8,170,188 E-mail distribution services 1,521,779 1,887,750 2,318,227 2,370,458 2,813,569 *LTV (Life Time Value) = revenue that a customer will generate during their lifetime (ARPU × estimated average usage years × gross profit margin) *The figure for E-mail distribution services is the sum of Raku Raku Mailmarketing (formerly Hai Hai Mail) and Curumeru. (million yen)
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53 Monthly Churn Rate of the Cloud Business by Service FY2021.3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 Raku Raku Seisan Customer churn 0.43% 0.42% 0.36% 0.46% 0.51% Revenue churn 0.30% 0.26% 0.22% 0.25% 0.25% Raku Raku Meisai Customer churn 0.18% 0.27% 0.20% 0.22% 0.23% Revenue churn 0.07% 0.11% 0.10% 0.11% 0.11% Raku Raku Hambai Customer churn 0.83% 0.84% 0.78% 0.76% 1.02% Revenue churn 0.62% 0.70% 0.62% 0.60% 0.80% Raku Raku Jidootai formerly Mail Dealer Customer churn 0.91% 0.90% 0.85% 0.87% 0.70% Revenue churn 0.71% 0.68% 0.73% 1.02% 0.61% E-mail distribution services Customer churn 1.49% 1.29% 1.16% 1.23% 1.19% Revenue churn 1.41% 1.26% 1.20% 1.22% 1.13% *Customer churn: Average percentage of contracts lost due to churn over the past 12 months. Revenue churn : Average percentage of Monthly Recurring Revenue (MRR) lost due to churn over the past 12 months. *The figure for E-mail distribution services is the sum of Raku Raku Mailmarketing (formerly Hai Hai Mail) and Curumeru.
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54 2021.3 2022.3 2023.3 2024.3 2025.3 2025.12 Raku Raku Seisan 78,655 85,530 88,818 92,731 100,896 102,663 Raku Raku Meisai 64,923 65,092 67,644 72,733 78,230 81,845 Raku Raku Hambai 95,865 103,343 110,141 117,191 146,024 150,983 Raku Raku Kintai － － － － － 51,766 Raku Raku Jidootai formerly Mail Dealer 46,819 47,893 50,497 61,304 67,590 71,664 E-mail distribution services 25,295 28,175 33,511 35,324 40,271 41,983 Monthly Average Unit Price of the Cloud Business by Service * The figure for E-mail distribution services is the sum of Raku Raku Mailmarketing (formerly Hai Hai Mail) and Curumeru. (yen)
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55 Cumulative Number of Companies Using Main Services 339 549 671 646 487 723 741 962 9611,221 1,026748 548 628 606 702 569 710 581 21,278 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 Number of new companies 315 369 452 501 375 527 740 759 9181,098863 814 648 929 865 962 699 861 680 15,615 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 80 147 159 179 137 183 176 251 258 299 251 221 200 245 254 252 228 314 247 6,027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 239 225 222 272 267 257 260 262 243 224 234 13,059 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2024.3 FY2025.3 FY2026.3 103 140 109 113 106 136 83 117 95 106 109 9,248 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2024.3 FY2025.3 FY2026.3 formerly Mail Dealer formerly Hai Hai Mail *No. of New Companies refers to the number of clients whose applications for service introduction have been received. *All figures in this document are based on internal management accounting data (preliminary figures) and are subject to revision upon confirmation. Raku Raku Seisan Raku Raku Meisai Raku Raku Hambai Raku Raku MailmarketingRaku Raku Jidootai
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56 Cloud-based Expense Management System Streamline your operations by digitizing everything from application and approval to accounting processing, with features like automatic journal entries and integration with accounting software. Reduce the hassle of expense management tasks and contribute to preventing errors. Dramatically reduce the time and cost of expense reimbursement! Applies from a PC or smartphone Allows for review of error-free applications Within regulations Outside regulations Applicant Approver Accounting staff All accounting processes, such as journal entries, payment requests, and creation of transfer data, are completed on “Raku Raku Seisan” Regulation violations are automatically blocked!
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57 Market Size Forecast for Expense Management Systems Source：ITR, "ITR Market View: Budget, Expense, and Subscription Management Market 2025," Expense Reimbursement Market Size Trends and Forecast: by Delivery Model (FY2022-FY2024, Sales Revenue) (only in Japanese) 32.3 40.2 46.7 3.0 3.2 3.3 April 2022-March 2023 April 2023-March 2024 April 2024-March 2025 (Estimate) Cloud-based Package-based Market Size ¥35.3 billion ¥43.4 billion ¥50.0 billion The expense management system market is expanding, led by cloud-based solutions.
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58 Rakus 32.0% 35.9% 36.8% A 52.6% 48.5% 47.1% Others 15.4% 15.6% 16.1% April 2022-March 2023 April 2023-March 2024 April 2024-March 2025 (Estimate) Market Size ¥32.3 billion ¥40.2 billion ¥46.7 billion Sales Share Trends in the Cloud-based Expense Management Market Source: ITR, "ITR Market View: Budget, Expense, and Subscription Management Market 2025," Cloud-based Expense Reimbursement Market, Revenue Share by Vendor (FY2022-FY2024 Forecast, Sales Revenue) (only in Japanese) In the increasingly mature cloud-based expense management market, Raku Raku Seisan continues to expand its market share.
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59 Cloud-based Form Issuance System Simply upload your billing data, and automatically issue invoices via web, E-mail, or mail according to your clients' preferences. Drastically reduce the time and cost of issuing invoices and lighten the load on your accounting staff. Eliminate the manual work of “printing, sealing, and sending” invoices Issuer Upload billing data Automate all types of form issuance • Invoices • Delivery slips • Payment details • Receipts Upload Automatic Issuance Download from web Mail forwarding service E-mail attachment FAX Recipient
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60 Rakus 44.2% 47.4% 47.7% A 5.4% 6.2% 6.9% B 5.0% 5.0% 4.7% Others 45.3% 41.4% 40.7% April 2023-March 2024 April 2024-March 2025 April 2025-March 2026 (Estimate) Market Size ¥15.4 billion ¥21.0 billion ¥27.6 billion Sales Share Trends in the Electronic Invoice Issuance Service Market Source: ITR, "ITR Market View: E-Commerce Site Construction/CMS/SMS Transmission Service/Electronic Invoice Service/Electronic Contract Service Market 2025," Electronic Invoice Issuing Service Market: Revenue Share by Vendor (FY2023-FY2025 Forecast) (only in Japanese) The electronic invoice issuance service market, where Raku Raku Meisai operates, continues to expand each year. Raku Raku Meisai has maintained the top market share while steadily increasing revenue.
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61 By combining various business operations with a web database and workflow, this system enables centralized management of various ledgers, efficient invoice issuance, unified management of order information, and effective utilization of sales and purchase data. Cloud-based Sales Management System Standardize and streamline all management tasks, including sales management Complex Sales Management Tasks • Quote management • Order management • Billing management • Purchase order management etc. Streamline with database and workflow Quote Management DB Billing Management DB Purchase Order Management DB Order Management DB Sales Dept. Accounting Dept. Partner CompanyManagement Information transferred on a per-project basis Shared Master Data • Customer Master • Product Master • Business Partner Master etc.
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62 Rakus 14.8% 17.3% 20.0% A 19.3% 17.3% 15.5% B 15.7% 14.1% 13.2% C 10.6% 11.1% 12.3% Others 39.6% 40.2% 39.0% April 2022-March 2023 April 2023-March 2024 April 2024-March 2025 (Estimate) Sales Share Trends in the Cloud-Based ERP Market (sales operations segment) Source: ITR, "ITR Market View: ERP Market 2025": Market Share by Vendor (Cloud-based ERP Market - Sales Operations Field) (FY2022-FY2024 Forecast, Sales Revenue)(only in Japanese) Market size is not disclosed due to the data provider's policy. Raku Raku Hambai is estimated to have become the market leader in the cloud-based ERP market (sales operations segment) in FY2023, with a slight lead over competitors. Its market share is expected to grow further in FY2024, solidifying its top position.
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63 Cloud-Based Invoice Receiving System Whether invoices are received on paper or by email, all documents are digitized accurately,swiftly, and at low cost for unified management. Streamlining invoice receipt, reducing payment omissions, and easing the burden of transcription and verification tasks Receipt* Multiple invoices can be scanned and uploaded in batches. Invoices Received by Email Uploaded automatically as-is. Digitization Automatic data capture eliminates manual input, enabling centralized visibility and easier management within the system. AI-OCR automatically extracts information* such as “invoice date, amount, and payee”, reducing transcription workload and preventing human error. Invoices are centrally managed within the system, lowering the risk of omissions or data loss. *The registered business identification number is also automatically matched against the National Tax Agency’s database. Journal data automatically generated based on predefined accounting patterns, ensuring alignment with accounting software. Bank transfer data (FB data) is also auto-generated, reducing the burden of remittance tasks and preventing errors. Electronic records compliant with the Electronic Books Preservation Act are automatically stored, reducing correction work and manual checks. *Optional services are available for outsourcing invoice receipt. Invoices Received on Paper Processing/Storage
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64 April 2023-March 2024 April 2024-March 2025 April 2025-March 2026 (Estimate) Market Size Forecast for Electronic Invoice Receiving Services Market Size ¥19.0 billion ¥29.0 billion ¥38.3 billion The electronic invoice receiving service “Raku Raku Seikyu” launched in October 2024. While market share acquisition is still ahead, we aim to expand sales in this growing market. Source: ITR, "ITR Market View: E-Commerce Site Construction/CMS/SMS Transmission Service/Electronic Invoice Service/Electronic Contract Service Market 2025, "Electronic Invoice Receipt Service Market Size Trends and Forecast (FY2023-FY2029 Forecast, Sales Revenue)(only in Japanese)
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65 24.3 29.0 35.0 8.5 8.7 9.0 April 2022-March 2023 April 2023-March 2024 April 2024-March 2025 (Estimate) Market Size Forecast for Attendance Management Systems Cloud-based Market Size ¥32.8 billion ¥37.7 billion ¥44.0 billion The attendance management system market is expanding, driven by cloud-based solutions. Source: ITR, "ITR Market View: HR, Payroll, and Work Management Market 2025," Work Management Market Size Trends and Forecast: by Delivery Model (FY2022-FY2024 Forecast, Sales Revenue) (only in Japanese) Package-based
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66 -11 2,170 5,288 9,006 -877 -699 -4,860 -3,465 -295 -348 579 -1,180 -889 1,471 428 5,541 FY2022.3 FY2023.3 FY2024.3 FY2025.3 Operating CF Investing CF Financing CF FCF(million yen) FY2022.3 FY2023.3 FY2024.3 FY2025.3 Cash Flow Trends
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67 Sequential Rollout of AI Functions for “Raku Raku Meisai” and “Raku Raku Saiken Kanri” Press release https://www.rakus.co.jp/news/2025/0710_2.html (only in Japanese) It's a lot of work to create E-mail text for each recipient when issuing invoices AI automatically generates E-mail text based on the situation and customer characteristics! It's a lot of work to match and confirm billing and payment data It's a lot of work to send reminders to customers with outstanding payments AI matches billing and payment data with high accuracy for automatic reconciliation! AI agent creates and automatically sends reminder E-mails! "Raku Raku Meisai" solve with AI functions! "Raku Raku Saiken Kanri" solve with AI functions! Aiming to eliminate high-load, routine tasks from invoice issuance to accounts receivable management, we plan to add these functions sequentially. These will reduce the mental burden of tasks like payment reminders and strengthen our comprehensive solution capabilities through a multi-product approach. From FY2026 onwards
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68 Sequential Rollout of AI Functions for “Raku Raku Hambai” to Begin within 2025 Press release https://www.rakus.co.jp/news/2025/0710.html (only in Japanese) Optimized Sales Management System Even without specialized expertise, systems can be built through integration of AI × Humans. AI Assist Function Rapidly drive functional enhancements, supporting everything from configuration proposals to automated system development in live environments, with AI assistance throughout the process. Requirements Definition Assist AI By 2026, planned updates will further expand capabilities to include database schema definition and combinations of automated processing. November 2025 Free Version Launch December 2025 Major Update 2025 It's a lot of work to identify the fine details of business workflows It's a lot of work to design a system based on business workflows Database (DB) Configuration Proposal AI AI understands the business content, verbalizes the operations, identifies fine details, and can propose the main DB configuration It's a lot of work to design specific items and processes according to the system design System Requirement Definition Assist AI AI defines the specific design! It can propose database contents and combinations of automated processes 2026 2027 Users want help not just with system design, but also with setting up and building the environment Requirement Auto- Configuration AI Agent Through dialogue with the customer, the AI automatically carries out the process all the way to construction!
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69 AI Agent to be Added to “Raku Raku Jidootai” Phase 2 Improved Accuracy of Inquiry Responses FY2027 ★Launched in July 2025 Complaint Detection Agent (Currently available) Self-learning function for new response patterns Automates Q&A on the web to encourage self-resolution Inquiry Response Auto-Learning Agent Customer Support Agent Automatic generation of E-mail drafts based on input Automatically generate optimal answers from past correspondence history and FAQs Mail Composition Agent AI Reply Text Auto-Generation Agent ★Launched in October 2025 Phase 1 FY2026 Automation of Inquiry Responses FY2025Phase 0 Increased Efficiency of E-mail Responses Launched the second phase “AI Reply Text Auto-Generation Agent”. Aiming to fully automate inquiry response operations, we plan continuous releases of AI agents. Press release https://www.rakus.co.jp/news/2025/0710_3.html (only in Japanese)
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70 Since October 2025, the “AI Reply Text Auto-Generation” feature has been available at no additional charge. We plan to continue deploying AI agents that leverage past interaction data as knowledge assets to automate customer support. Equipped “Raku Raku Jidootai” with the second phase of AI agent features （formerly Mail Dealer） Press release https://www.rakus.co.jp/news/2025/1021_2.html (only in Japanese) AI prepares response information on behalf of the replier! I'd like to know about the contract renewal procedure... Customer Past E-mail Response FAQ Information AI refers to internal knowledge base Hello. It is time for contract renewal, so please tell me how to renew. Thank you for your inquiry. The method for contract renewal is found at the top of the TOP page... From: Yamada, ○× Corp. Thank you for your inquiry. The method for contract renewal is via the "Contract Info" screen at the top of the TOP page... Support Send Insert into body
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71 Number of Employees 73 75 82 94 114 107 113 125 146 139 139 146 161 155 154 168 172 171 178 525 576 626 668 709 736 787 859 898 891 883 896 928 946 996 1,069 1,089 1,126 1,160 780 841 904 958 1,022 1,083 1,147 1,213 1,286 1,394 1,470 1,519 1,611 1,690 1,761 1,849 1,940 2,004 2,060 1,378 1,492 1,612 1,720 1,845 1,926 2,047 2,197 2,330 2,424 2,492 2,561 2,700 2,791 2,911 3,086 3,201 3,301 3,398 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 Cloud Business IT Outsourcing Business Corporate (person) * The Figures are as of the end of each quarter.
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72 Base pay increase (Effective from October 2025) Details Impact on Business Results ⚫ Target Full-time employees ⚫ (approximately 2,000 people) ⚫ Raise Rate Average 3% ⚫ Method Increased salary levels in addition to regular salary ⚫ increases ⚫ Period Starting with payments in ⚫ October 2025 A base pay increase outside of the initial plan was decided with the aim of strengthening the acquisition, development, and utilization of talented personnel. Normally implemented in May, this increase was implemented seven months ahead of schedule in October. The cost increase associated with this base pay increase is estimated to be approximately 300 million yen, including the impact on new hiring costs. This has already been incorporated into the FY2026.3 full-year guidance, which was revised upward in November 2025. The regular salary increase in May 2026 is estimated to be around 3.5% on average. Press release https://www.rakus.co.jp/news/2025/0814.html (only in Japanese)
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73 Shareholder Composition Trends 72.0% 67.5% 70.2% 65.9% 68.8% 65.1% 15.0% 17.0% 15.4% 17.2% 16.8% 22.8% 11.6% 14.0% 13.4% 15.5% 13.3% 11.5% 1.4% 1.5% 1.1% 1.4% 1.1% 0.6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% End of Mar. 2023 End of Sep . 2023 End of Mar. 2024 End of Sep. 2024 End of Mar. 2025 End of Sep. 2025 Individuals & Others Foreign Corporations Financial Institutions Other Corporations
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74 Company Overview / Group Structure (As of February 13,2026) Company Name RAKUS Co., Ltd. President and Representative Director Takanori Nakamura Established 2000/11/01 Capital ¥378,378,000 Fiscal Year From April 1 to March 31 of the following year Number of Employees as of December 31, 2025 Consolidated 3,398 Non-consolidated 2,114 Stock Exchange Listing TSE Prime Market Ticker 3923 Shareholder Registry Mitsubishi UFJ Trust and Banking Corporation Audit Corporation KPMG AZSA LLC Group Companies Business RAKUS Light Cloud Co., Ltd. Cloud-based software service provider RAKUS Partners Co., Ltd. IT engineer dispatching IT engineer career change support RAKUS Mirai Co., Ltd. Office services business RAKUS Vietnam Co., Ltd. Cloud service development PT. Reformasi Kerja Solusi Cloud service development Office Locations Sapporo Niigata Nagoya Osaka Head office 2nd Office Fukuoka Hiroshima Shizuoka RAKUS Co., Ltd. Head Office - 1st Office - 2nd Office RAKUS Light Cloud RAKUS Partners RAKUS Mirai
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75 About the Databook Information Included ⚫ Consolidated Balance Sheet ⚫ Consolidated Income Statement ⚫ Consolidated Cash Flow Statement (updated twice a year) ⚫ KPIs for each service (number of new companies, churn rate, etc.) ⚫ Sustainability-related data (updated once a year) Databook Download here From the fiscal year ended March 2025, we have released the “Databook”. In addition to BS/PL/CF, KPIs for each service are also disclosed.
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76 IR Calendar (Scheduled) ⚫ Feb. 13, 2026 (Fri) Announcement of FY2026 Q3 Financial Results ⚫ Feb. 16, 2026 (Mon) Earnings Results Briefing for FY2026 Q3 ⚫ Feb. 16 , 2026(Mon) – Mar. 31, 2026 (Tue) Open Period ⚫ May 14, 2026 (Thu) Announcement of FY2026 Full-Year Financial Results Announcement of the New Mid-Term Management Plan ⚫ May 15, 2026 (Fri) Full-Year Earnings Results Briefing for FY2026 ⚫ May 15, 2026 (Fri)– Jun. 30, 2026 (Tue) Open Period ⚫ Aug. 14, 2026 (Fri) Announcement of FY2027 Q1 Financial Results ⚫ Aug. 17, 2026 (Mon) Earnings Results Briefing for FY2027 Q1 ⚫ Aug. 17, 2026 (Mon) – Sep. 30, 2026 (Wed) Open Period ⚫ Late Aug. 2026 (Expected) Publication of Integrated Report ⚫ Nov. 13, 2026 (Fri) Announcement of FY2027 H1 Financial Results ⚫ Nov. 16, 2026 (Mon) Earnings Results Briefing for FY2027 H1 ⚫ Nov. 16, 2026 (Mon) – Dec. 25, 2026 (Fri) Open Period ⚫ Feb. 12, 2027 (Fri) Announcement of FY2027 Q3 Financial Results ⚫ Feb. 15, 2027 (Mon) Earnings Results Briefing for FY2027 Q3 ⚫ Feb. 15, 2027 (Mon) – Mar. 31, 2027 (Wed) Open Period ⚫ May 14, 2027 (Fri) Announcement of FY2027 Full-Year Financial Results ⚫ May 17, 2027 (Mon) Full-Year Earnings Results Briefing for FY2027 Date Events
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77 ⚫ This material is only for the purpose of providing information to investors. It is not to induce investors to buy or sell shares in the company. ⚫ Forward looking statements in the material are based on our goals and guidance. They are not guarantees of future performance. ⚫ It needs to be clear that our future performances could be different from the currently estimated business performances. ⚫ Market information included in this material is based on reliable data, but the company cannot guarantee its accuracy or integrity. ⚫ This material is provided under the condition that investors use it at their own discretion and use it on their own judgement. The company shall not be liable under any circumstances. Contact Information regarding This Material ⚫ RAKUS Co., Ltd. IR Section Mail： ir@rakus.co.jp ⚫ IR website https://www.rakus.co.jp/ir/ Important Notice Regarding This Material