Slides
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Business Overview for Investors October 2026
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1 ¥ Business Overview for Investors 01 Growth Trajectory and Corporate Overview 02 MVVC, Sustainability, and Human Capital 03 Company-wide Strategy 05 Appendix 04 Services and Business Overview P.31 P.6 P.9 P.2 P.46
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Growth Trajectory and Company Overview Business Overview for Investors
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3 4,738 36,051 3,139 1,550 4,739 3 76 441 1,542 2,900 4,595 7,157 11,319 15,633 21,477 30,381 40,364 50,350 FY11/13 (Standalone) FY11/14 (Standalone) FY11/15 (Standalone) FY11/16 (Standalone) FY11/17 (Consolidated) FY11/18 (Consolidated) FY11/19 (Consolidated) FY11/20 (Consolidated) FY11/21 (Consolidated) FY11/22 (Consolidated) FY11/23 (Consolidated) FY11/24 (Consolidated) FY11/25 (Consolidated) SaaS Marketing Finance X Business Home Growth Trajectory Since Founding Expanding business scope through new business development and M&As (group joins) since our founding in 2012. Company-wide revenue CAGR was +35% over the past 4 years, with the Business segment leading overall growth at +40%. Home（2013-） Business (2014-) X (2017-) • Transferred all shares of SMARTCAMP Co., Ltd. and its subsidiary BizHint, Inc. in SaaS Marketing segment on November 4, 2025. See “Notice Regarding Changes in Consolidated Subsidiaries (Share Transfer) and Anticipated Recording of Special Profits” for details. SaaS Marketing segment excluded from net sales. （¥mn） Finance (2017-) SaaS Marketing（2020～2025）* ※ Group Deconsolidation on November 4, 2025 *
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4 * The chart and revenue composition ratios show the breakdown of cumulative net sales for the fiscal year ending November 2025, excluding Other sales and the SaaS Marketing segment. Transferred all shares of SMARTCAMP Co., Ltd. and its subsidiary BizHint, Inc. in SaaS Marketing segment on November 4, 2025. See “Notice Regarding Changes in Consolidated Subsidiaries (Share Transfer) and Anticipated Recording of Special Profits” for details. *1 The number of users of Money Forward ME in Home segment as of end of August, 2026, consisting of app downloads and online registrations. *2 Based on an online survey outsourced to Macromill, Inc. Respondents consist of 1,034 PFM app users and 1,035 asset management app users, both in their 20s to 60s. Survey period: August 29-30, 2025 for PFM apps, August 29-September 2, 2025 for asset management apps. *3 The number of premium paying users of Money Forward ME, provided by Home segment. *4 Total financial assets in accounts connected to Money Forward ME and Money Forward X as of end of August 2026. *5 Sales growth rate excluding Nexsol Co., Ltd. (excluded from scope of consolidation in April 2025) in FY11/24 and FY11/25. Providing One of Japan’s Largest User Bases and Product Lineup in SaaS/Fintech Field Financial institutions Home X PFM services ( Personal financial management services) Fintech promotion/DX support 18.6 mn+ users*1; No.1 PFM app and asset management app in terms of user base and brand recognition*2; 682k+ paying customers*3; connected asset balance of approx. ¥41tn*4 Provides financial services and cloud- based back-office support through co-creation with regional financial institutions. IndividualsCorporations Business SaaS Applications for back-office operations Provides cloud services for back-office operations (e.g., accounting/finance, HR, legal affairs, information systems, and fintech services). Over half of the 500k+paying customers are corporations. Venture capital 10.4% (+10% YoY*5) 79.3% (+33% YoY) 3.4%6.9% (+10% YoY) Finance Money Forward Group’s VC targeting startups in their seed or early stages. Leverages the Group’s competitive edge to invest in and support the startup industry. Startups
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5 Figures not marked with an asterisk are those as of November 30, 2025. *1 As of November 30, 2025. See ESG Data for details. *2 Financial services that users can connect to. Based on research by Money Forward, Inc. (as of end of August 2026) *3 The No. of certified members is the total No. of employees who use our services at professional service firms. *4 Source: Funai Consulting Incorporated, “2026 White Paper on Management Practices for Accounting Firms.” Based on responses from 81 firms. *5 Survey Overview: Commissioned to Macromill, Inc.; respondents included 1,034 household budgeting app users and 1,035 asset management app users aged 20–69; the survey period was August 29–30, 2025, for the Household Budgeting App Survey and August 29–September 2, 2025, for the Asset Management App Survey; methodology: online survey. *6 Accumulated number of users of Money Forward ME in Home segment as of end of August 2026, consisting of app downloads and online registrations. *7 Ratio of consolidated recurring revenue to total sales of end as of August 2026. *8 Corporate customer churn rate. 12-month average up to August 2026. *9 Business CF = EBITDA (excl. HIRAC FUND) + change in contract liabilities − Recognized software assets. *10 All shares of SMARTCAMP Co., Ltd. and its subsidiary BizHint, Inc. in SaaS Marketing segment were transferred on November 4, 2025, and guidance was updated accordingly. See “Notice of Revision of Full-Year Consolidated Financial Forecasts and Change in Medium-to-Long-Term Financial Targets Due to a Change in Consolidated”(November 4, 2025) for details. Business Environment and Characteristics of Group • Aging population with declining birthrate and workforce⇒ The Need for Autonomous Operations Through AI and Technology Utilization • DX promotion by government (Revised Electronic Book Preservation Act, Invoice System, and IT subsidies) • Open API adoption by banks • Initiatives toward doubling asset income Expansive product lineup and excellent development capabilities • Excellent user interface and experience (43.3% of employees are designers or engineers*1) and speedy development • Mid-market: Vast cloud product lineup offered in flexible modular format（⇒P.36） • Platform with largest No. of aggregated services ( 2,434*2) in Japan Partnerships in sales and marketing • National network of professional service firms and chambers of commerce (50k+ certified members*3 ) • Network with financial institutions across Japan and wide-ranging collaborative achievements（⇒P.44） Emphasis on co-creation with stakeholders as leading player in SaaS/Fintech Market positionin No.1 recommended accounting software by accounting firms*4（⇒p.34） • Japan's No.1 PFM app in usage and brand awareness *5(⇒P.40) One of Japan’s largest customer bases for both individuals and corporations • SMBs, medium-sized companies, sole proprietors (B2B): 500,000 businesses (=>Financial Results P.9) • Individuals (B2C): 18.6 mn+ users*6, 682k+ premium users (=>Financial Results P.46) • Stable revenue model centered on recurring revenue (65% of total sales*7) • Low and stable customer churn rate (0.8%*8) (=>Financial Results P.7) • Aiming to achieve both high growth and better margins*¹⁰, with FY11/28 target net sales set to ¥90bn+ and EBITDA to ¥27bn+ and Business CF to ¥18bn+*⁹(⇒Financial Results P.29) • Concentrating resources to Business segment (SaaS applications for back-office operations), where ARR growth is accelerating. For FY11/28, aiming to achieve 30%+ in EBITDA margin through a 7-8pt yearly average improvement from FY11/25 to FY11/28, and 20%+ in operating margin. • Instilling Mission, Vision, Values, and Culture (MVVC)(⇒P.7) • Disclosure of ”Talent Forward Strategy” and human capital • Increasingly diverse organization, with 63.3% engineers being non- Japanese*1 Macro environment Competitive advantage Organization and culture Market positioning and user base Revenue model Financial targets 1 2 2 1
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MVVC, Sustainability and Human Capital Business Overview for Investors
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8Aiming to create a society where everyone's financial challenges are resolved and they can take on new challenges The following three areas are positioned as key themes (materiality) to be addressed. We have received an MSCI ESG rating of ”AA” for four consecutive years. In addition, we have been selected for all ESG indices adopted by the GPIF that target Japanese equities. User Forward Moving Users’ Lives Forward Talent Forward Moving Employee Potential Forward Society Forward Moving Society Forward We aim to capitalize on the powers of technology and design to deliver services to various users to solve their money issues. We aim to build a better society by making policy proposals and co- creating with diverse partners. We aim to create an environment that enables our superior and diverse talent gathered from around the world to unleash the capabilities and achieve continuous growth. Assessment from external institutions * Company names and product/service names (including logos) mentioned herein are trademarks or registered trademarks of their respective owners.*1 Selected from among approximately 50,000 companies listed on the job-hunting site "One Career," based on especially high evaluations from students regarding recruitment events (internships, information sessions, and selection processes), across five categories: Overall, Kansai, Tokai, Regional Cities, and Startups/Ventures. 「Talent Forward Strategy」 Penetration of Money Forward's Mission/Vision/Values/Culture Governance that Balances Offense and Defense Foundations Supporting 3 Priority Themes We published our ”Talent Forward Strategy”, outlining the Group's organizational strategy. In recognition of our continued commitment to human capital management, we were selected as a ”GOLD” company, the ranking's top honor, in the ”One Career Corporate Ranking” *¹ for the third consecutive year. MSCI Nihonkabu ESG Select Leaders Index MSCI Japan ESG Select Leaders Index MSCI Japan Empowering Women Index (WIN) FTSE4Good Index Series FTSE JPX Blossom Japan Index FTSE JPX Blossom Japan Sector Relative Index S&P/JPX Carbon Efficient Index Morningstar Japan ex-REIT Gender Diversity Tilt Index
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Business Overview for Investors Company-wide Strategy
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10 Growth Strategies Powered by SaaS x Fintech x AI In addition to the rapid growth of back-office SaaS, growth is expected to accelerate further through the expansion of Fintech and AI services. AI Fintech Back-office SaaS Generate ¥15bn+ in ARR by FY2030 Growth Continues on Expanding Customer Base and Rising ARPA Expand earnings with SaaS customer base as foothold 30+ product lineup including the above etc.
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11 Company-wide Strategy: Maximize Corporate Value by Balancing Accelerated Growth and expansion of profitability Accelerating growth (3 growth strategies) Expansion of profitability Execute M&A strategies Continue margin expansion and reach EBITDA margin 40%+ Maximize sales per employee Raise productivity with AI Enhance value of back-office SaaS Growth & Profitability Optimization of capital allocation Develop and provide AI products
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Business segment 12 Growth Strategy SaaS AI product M&A Interweave 3 Growth Strategies to No.1 Back-Office AI Company Develop and provide AI products Enhance value of back-office SaaS Execute M&A strategies API integration platform SaaS x Fintech integration Comprehensive service lineup and operational logic Service expansion Autonomous processing using operational logic • AI agents • AI-native products • AI-managed services No.1 Back-office AI Company Expansion of TAM in digital worker market Expand customer base and improve ARPA
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Money Forward, Inc. 13 Japan’s Shrinking Working-Age Population 2020: 75.09mn 2040: 62.00mn 2070: 45.35mn *Calculated based on data from the National Institute of Population and Social Security Research's (NSSR) Future Population Estimates.
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Business segment 14 Growth Strategy SaaS AI product M&A * Our estimate based on the number of back-office employees and assumed annual compensation at SMBs and mid-sized companies. Expanding from digital tools to digital workers, increasing the TAM by approximately 5x* TAM in the SMB segment TAM expands to approximately ¥14.1 trillion, offering higher-value solutions that substitute for labor costs as Japan faces an aging population and labor shortage. ¥4.3 Trn ¥2.45 Trn ¥9.8 Trn Digital Tool Digital Worker Digital Tool Digital Worker ¥263 Bn TAM in the Mid segment
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Business segment 15 Growth Strategy SaaS AI product M&A AI expense claims ⚫ Entertainment Expense Reimbursement Agent ⚫ Expense Application Support Agent AI invoice management ⚫ Invoice Download Agent ⚫ Payment Request Support Agent ⚫ Outstanding Payment Collection Support Agent AI contract management ⚫ Lease Assessment Agent AI accounting and finance ⚫ Fixed Asset Registration Support Agent ⚫ Consumption Tax Category Check Agent ⚫ Custom Report Generation Agent ⚫ Automated Project Time Entry Agent ⚫ Consolidated Financial Statements Review Agent AI business management ⚫ Performance Analysis Agent ⚫ Sactona Agent NEW NEW Released New AI Agents, Started to Charge Fee for Certain Products Started charging a fee for Custom Report Generation Agent from August. Will gradually monetize other AI agents as well. Started charging fee NEW
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16 Remote MCP Server Offered in All Cloud Accounting Plans 1. Boosted operational efficiency • Auto-generates trial balance sheets of five clients • Reduced time spent on each company from 4 hours to 24 minutes -dedicated to final reviews Case study of Sevenrich Accounting Office 2. Improved deliverable quality • Now that AI executes all tasks ranging from data entry to initial reviews with consistent quality, employees can focus on final confirmation • Improved overall quality of deliverables Also released third-party APIs to drive automated accounting by AI agents Growth Strategy SaaS AI product M&A
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17 “All I have to do is check the AI agent’s work. Tax filing has become much easier than I expected. It feels like I am done before I even know it.” Ms. Okabe, freelance designer 6 days 3 hours Reduced year-end and New Year holiday operations AI is Accelerating the Efficiency of Tax Filing Growth Strategy SaaS AI product M&A
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Business segment 18 Growth Strategy SaaS AI product M&A Issues surfaced in accounting processes, stemming from excessive dependency on individual skills and manual operations following the retirement of a long-time staff. Difficulties faced in handing over tasks led the company to consider outsourcing. Visualizes management with cloud accounting Enables not only the accounting staff but also the management team to check the company’s financial conditions in real time, leading to speedier managerial decisions. Has a high labor cost-effectiveness in terms of recruitment, training, and HR management. Labor cost-effective Provides one-stop accounting solution The outsourcing service covers not only bookkeeping but also the entire accounting process, from payroll calculations and transfers, payments, and trial balance preparation. Reduces dependency on individual employees and standardizes accounting process Optimizes and standardizes the workflow itself instead of maintaining conventional manual operations. Case of company with nine employees operating beauty salons. Why the customer chose [Case] Reduced Reliance on Individuals and Standardized Processes with Money Forward Accounting Outsourcing AI-Managed Services
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Business segment 19 Growth Strategy SaaS AI product M&A M&A (Group Join) Policies To evolve into the No.1 Back-Office AI Company, we are advancing our M&A strategy. Through disciplined M&A, we aim to further enhance corporate value. Strategies Value creation Track records Expansion of Product Lineup No.1 Back-Office AI Company Expansion of TAM (Geographical Expansion) Mainly to expand our back-office SaaS portfolio for mid-market and enterprise customers to shorten development timelines and drive faster customer acquisition. Expansion into AI technologies, advanced products, and AX consulting/BPO strengthens our SaaS capabilities and drives operational efficiency. By expanding our exposure to high-growth overseas markets, we develop new growth opportunities that underpin future revenue expansion while preserving profitability. Capability enhancement through group integration strengthens our competitive position, driving expanded upselling and cross-selling, higher ARPA, and accelerated growth. By fusing operational expertise and data with AI, we create differentiated products that unlock the “digital worker market” and enable an AI-driven autonomous back office. Through overseas expansion that is synergistic with our existing businesses, we aim to achieve step-change growth primarily in North America and Southeast Asia, maximizing mid- to long-term enterprise value. (Aug. 2020) (Dec. 2024) (Jul. 2018) (Nov. 2017) (multiple investments since Jan. 2018) *Money Forward, Inc. holds minority stakes in Mekari. (Dec. 2024) (Dec. 2025) (Mar. 2026) (Jun. 2025) (Jul. 2025) (Dec. 2024) (May. 2026)
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Business segment 20 Growth Strategy SaaS AI product M&A *1 As of the end of August 2026. *2 Started offering OEM of LeCHECK, provided by Lisse Co., Ltd., from August 2025. *3 Started offering OEM of Mikiwame Aptitude Test and Mikiwame Well-Being Survey, provided by Leading Mark, Inc., from October 2025. Strengthening the Product Lineup through Alliances and Group Integration By expanding the product lineup, we will increase cross-selling to existing customers and drive higher ARPA. Receivable Accounting Expense management HR ContractSaaS management Business Management BPO *2 *3 Product provision through OEM Product provision through M&As ■ Medium-sized company's products*¹
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Business segment 21 Growth Strategy SaaS AI product M&A * Net sales and EBITDA of companies that are not incorporated as a result of an absorption-type merger are estimated based on EBITDA and product ARR in the final financial year before the merger. Maximizing post-group join value creation alongside disciplined capital strategy optimization. Investments through 2023 (¥11.5 bn) were effectively recovered by enhancing value with group resources and realizing cash recycling via strategic exits. [Value Creation] Driving Revenue Growth and Profit Generation FY11/25 total net sales* ¥5bn Value creation accelerates growth and improves profitability ⚫ Most group join begin in an investment (loss-making) phase. ⚫ By leveraging cross-selling to our broad existing customer base, we drive revenue growth and profitability, contributing to increased enterprise value. Targets: Klavis, Inc., Knowledge Labo, Inc., R&AC Co., Ltd., and HiTTO, Inc. (Total investment: ¥7.1 bn) FY11/25 total EBITDA ¥1.24bn [Strategic exits] Achieved cash recycling Amount of cash recovered ¥8.5bn Significance in terms of capital allocation ⚫ Exit strategies allow for early recovery of cash exceeding the total investment amount. ⚫ This enables sustained flexibility in BS and for reinvestments into the next high-growth areas. Targets: SMARTCAMP Co., Ltd., BizHint, Inc., and Nexsol Co., Ltd. (Total investment: ¥4.4 bn)
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Business segment 22 Growth Strategy SaaS AI product M&A 2024年12月 2025年1月 2025年2月 2025年3月 2025年4月 2025年5月 (¥mn) - 1,000 2,000 3,000 4,000 20/11 期 21/11 期 22/11 期 23/11 期 24/11 期 25/11 期 *1 Number of new registrations after joining the Group. Synergy Effects After Group Join Disciplined PMI and group-wide resource leverage underpin mid- to long-term growth across our group companies. ⚫ Total ARR of Klavis, Inc., Knowledge Labo, Inc., and R&AC Co., Ltd. increased roughly 3.6-fold over five years. ⚫ Integration with Money Forward’s customer base, technology, and management know-how drove the growth of companies that joined the Group. Trend of Application Requests Roughly 6-fold ⚫ Promoted cross-selling by effectively sharing information among departments. ⚫ New registrations to the service increased about 6-fold in half a year after joining the Group*1. ⚫ Has grown into a product that bolsters revenue and customer acquisition in Money Forward's HR space. ARR of companies that joined the Group in or before FY11/20 KPI of Shatoku, Inc. (provider of employee benefit housing services), which joined the Group in FY11/24 ARR +¥2.8bn (in 5 years) 3,898 FY11/20 FY11/21 FY11/22 FY11/23 FY11/24 FY11/25 Dec 2024 Jan 2025 Feb 2025 Mar 2025 Apr 2025 May 2025
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Business segment 23 Growth Strategy SaaS AI product M&A Target company / Business Period acquired Net sales *² (growth rate) Products/services Strategic positioning Klavis, Inc.*¹ Nov. 2017 ¥100mn (+400%) Service for digitizing paper evidence targeting accounting firms Knowledge Labo, Inc.*¹ Jul. 2018 ¥70mn (n/a) Cloud budget control system R&AC Co., Ltd.*³ Aug. 2020 ¥380mn (+32%) Payment reconciliation/receivable management software Shatoku, Inc. Dec. 2024 ¥20mn (n/a) Company housing management system OutlookConsulting Co., Ltd.*⁴ Dec. 2024 ¥1.67bn (+16%) Business management system Cashmo, Inc. Jun. 2025 ¥300mn (n/a) Accounting BPO service WhippleWood CPAs PC Jul. 2025 $6.3mn (+1.5%) Accounting BPO service (USA) michibiku, Inc. Nov. 2025 ¥90mn (+134%) Board meeting DX System AKASHI(Business Acquisition) Mar. 2026 ¥540mn (+13%) Attendance Management System Gerstle Rosen & Goldenberg May. 2026 $13.7M （n/a） Accounting BPO service (USA) *1 Legal entity dissolved due to absorption-type merger.*2 Marked as n/a for companies where business scope or revenue recognition changed before and after joining the group. Figures show the latest full-year revenue and YoY growth for the fiscal year in which acquisition of a majority stake was announced.*3 Acquired a majority stake in August 2020; became a wholly owned subsidiary in October 2020.*4 Acquired a majority stake in December 2024; became a wholly owned subsidiary in February 2026. [Reference] M&A (Group Join) Track Records Up to FY2026 Capture the next powerful growth drivers through active and disciplined M&As with companies that share our mission and vision. M&A track records Expansion of product lineup Evolve into No.1 Back-office AI Company Evolve into No.1 Back-office AI Company Expansion of product lineup Expansion of product lineup Expansion of product lineup Expansion of product lineup Expansion of product lineup Evolve into No.1 Back-office AI Company Expansion of product lineup
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24 Accelerate growth while expanding profitability Accelerating growth (3 growth strategies) Expansion of profitability Execute M&A strategies Continue margin expansion and reach EBITDA margin 40%+ Maximize net sales per employee Raise productivity with AI Enhance value of back-office SaaS Growth & Profitability Optimized capital allocation Develop and provide AI products
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25 (4,062) (1,178) 634 (6,029) (2,260) 1,727 4,782 556 3,409 8,340 11,712 (28%) (7%) +4% +9% FY11/22 (Consolidated) FY11/23 (Consolidated) FY11/24 (Consolidated) FY11/25 (Consolidated) (30%) (25%) (20%) (15%) (10%) (5%) 0% +5% +10% +15% +20% +25% +30% +35% +40% (8,000) (7,000) (6,000) (5,000) (4,000) (3,000) (2,000) (1,000) 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 EBITA EBITDA EBITDA (excl. Advertising expenses) EBITDA Margin *1 EBITA = Operating profit/loss + Amortization of goodwill + Tax expenses included in operating expenses + Share-based remuneration expenses Continuous Margin Improvement and EBITDA Margin 40%+ • Consolidated EBITDA margin improved by +5.2pts YoY to 9.5%, exceeding the initial target of +1~5pts. • EBITA*¹ reached +0.63bn, achieving full-year profitability. Medium- to long- term targets • In FY28, we aim to achieve net sales of over 90bn, EBITDA of over 27bn, and Business CF of over 18bn. • In the longer term, reach an EBITDA margin of 40%+. FY11/25 results +5.2pts in FY11/25 EBITDA margin improved by +37pts over the past three years. EBITA*¹ (EBITDA-depreciation) achieved profitability in FY11/25. +37pts over 3 years
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26 Boosted Productivity by Driving Corporate-Wide Usage of AI, Will continue to focus on further improvement Reduced up to 31%*¹ in development lead time • Leveraging generative AI in code generation, review, and testing. • Established an AI-powered software development lifecycle, covering all processes from requirement definition to product release. • Visualized productivity indicators per product, such as development lead time, with the aim of becoming a more productive engineering organization. • Significantly streamlined meetings, document creation, and other tasks by using Notion and AI tools. Expecting to save more than 139,000 hours annually. • The cumulative number of views of internal knowledge videos has topped 50,000, indicating that a knowledge cycle has been established. AI adoption has reached 100% company-wide. Over 68% save 5+ hours per week compared with a year ago,*² reflecting AI’s widespread adoption across the organization. Reduced work hours by roughly 2,400 hours per year by streamlining content creation * 1 Comparison of the average from June to December 2025 and the data for April 2026 for certain products. *2 Based on the results of the 2026 Group Survey. • SEO articles can now be created in-house using AI, replacing third-party outsourcing. • Time spent on creating weekly analysis reports and other internal materials has been reduced by 90%.
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27 Maximize Corporate Value Through Optimized Capital Allocation Accelerating growth (3 growth strategies) Expansion of profitability Execute M&A strategies Continue margin expansion and reach EBITDA margin 40%+ Maximize net sales per employee Raise productivity with AI Enhance value of back-office SaaS Growth & Profitability Optimized capital allocation Develop and provide AI products
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28 Optimizing Capital Allocation *1 Total amount before tax of transfer price of the shares of the newly established subsidiary (¥14bn) and capital increase through third-party allotment (¥5bn). In a bid to maximize corporate value, will concentrate resources in Business segment (Back-office SaaS), where ARR growth is accelerating markedly. While maintaining growth in other segments, will prioritize improvement in profitability and aim to optimize capital allocation further. • Established a strategic joint venture with Sumitomo Mitsui Card Co., Ltd. (51% ownership). Achieved ¥19.0bn in cash inflow*¹. • Build strategy and organizational structure to accelerate growth in the Home segment. • Transferred shares of insurance agency business Nexsol Co., Ltd. Policy of capital allocation by segment and current initiatives SaaS Marketing segment Home segment X segment • X segment has been spun off as Money Forward X, inc. and is currently advancing discussions on a capital and business alliance with strategic business partners. • Transferred all owned shares of SMARTCAMP Co., Ltd. and its subsidiary BizHint, Inc. in November 4, 2025. • Concentrating strategic resources in the midmarket space, which continues to grow rapidly, and the development of AI products. • Bolstering the development of AI-based accounting BPO and services through the M&As of Cashmo, Inc. and U.S.-based AI outsourcing firms, thereby extending reach to the digital worker market. Business segment
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Home segment 29 *1 Appointed on August 1, 2025. Established JV with Sumitomo Mitsui Card Company, for B2C Services in Money Forward ME Beginning in FY25, Money Forward Home and Sumitomo Mitsui Card Company, Limited (SMCC) have commenced the business of a joint venture in the personal sector. The aim is to provide personalized financial services by combining the financial services of the SMBC Group (such as Olive and V Points) with Money Forward ME. For more details, see the supplemental material Outline of joint ventureOutline of structure An absorption-type company split of B2C businesses (Home Segment business) *1 including Money Forward’s PFM service Money Forward ME. Name and title of representatives (plan) Yukihiko Onishi, Representative Director and Chairperson (President and Representative Director of SMCC) Naoya Kanesaka, Representative Director and President (Director, Executive Officer of Money Forward) Business Development and provision of PFM services Business launch December 2024 Fiscal year-end November 30 Investment ratio Before share transfer and investment: Money Forward 100% After share transfer and investment: Money Forward 51% SMCC 49% New subsidiary (succeeding company/joint venture) 51% 49%
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30 * Click here to see the relevant press release. *1 A special purpose company wholly owned by Marunouchi Capital [Fund No. 3] Investment Limited Partnership, which is managed and operated by Marunouchi Capital Co., Ltd. Divested Our Stake in Smartcamp Inc. to Optimize Capital Allocation Transferred all shares of SMARTCAMP Co., Ltd. to M-Cap No. 21 Co., Ltd.*1 as a result of updating medium- to long-term strategies. Subsidiary to be transferred. SMARTCAMP Co., Ltd. and its wholly owned subsidiary BizHint, Inc. Share transfer counterparty M-Cap No. 21 Co., Ltd. (Marunouchi Capital Co., Ltd.) Transfer price Not disclosed An extraordinary income of ¥6,172mn is expected to be recognized in FY11/25 Q4. Ownership ratio 100% (before transfer) to 0% (after transfer) Date of contract signing September 19, 2025 Date of share transfer execution November 4, 2025 Reason for share transfer • To bolster the medium- to long-term corporate value and business growth of SMARTCAMP Co., Ltd. • To optimize Money Forward Group’s capital allocation Impact on Money Forward’s financial results SaaS marketing segment was removed from Money Forward’s portfolio as a result of the exclusion from the scope of consolidation. Changes in the medium- to long-term financial targets and in conditions for exercising performance-linked stock options.
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Business Overview for Investors Services and Business Overview
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Business segment 32 Wide Variety of Product Lineup Catered Towards Various Company Sizes Price Business Plan : ¥6,480~/month(¥77,760~/ year) • Recommended: 4 or more users • For Small and Medium-sized companies Accounting Plus： Inquiry Price Expense : ¥500+ per user Payroll : ¥300 per user Attendance : ¥300 per user Payable Management : ¥300 per inquiry * Above is a list of representative products Major products Professional service firms and their clients Pre-IPO/ Medium-sized companies Company Stages Key users Sole proprietors SMB Companies Sole proprietors Marketing method Direct sales Online subscription Direct sales and partner sales Online subscription Accounting, HR, administration, and sales departments Accountants, certified public tax accountants, and certified social insurance labor consultants CEOs, CFOs, and personnel of accounting firms Sole proprietors and personnel of accounting firms Personal Mini ¥1,280 per month ¥10,800 per year Personal ¥1,680 per month ¥15,360 per year Personal Plus ¥35,760 per year SMB Provides a bundled package centered on Money Forward Cloud Accounting as well as a scanning service, called STREAMED. Provides a bundled package centered on Money Forward Cloud Accounting. The service is provided in a component- based manner, centered on accounting, expense and payable management, human resources and receivable management. Provides a bundled package centered on Money Forward Cloud Tax Return. Small Business Plan : ¥4,480~/month (¥53,760~/year) • Recommended: Up to 3 users • For Small Businesses One-person corporation: ¥2,480~/month (¥29,760~/year) • Recommended: 1 user • For Small or Single-Person Businesses * Planning to revise pricing from June 2027. See the “Presentation Material for FY11/26 3Q Financial Results” for details. * Planning to revise pricing from December 2026. *3 See the “Presentation Material for FY11/26 3Q Financial Results” for details.
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Business segment 33 *1 The ratio of offices that had installed Money Forward Cloud Accounting as of August 2025 calculated by Money Forward, Inc. based on “Top 500 Professional Service Firms” in 2025 by Monthly ProPartner. Strong Partnerships with Accounting Firms across Japan Focusing on helping accounting firms and their clients succeed through branches across Japan. 84%*1 of Japan’s top 100 accounting firms as of 2025 have already introduced our cloud accounting modules. Hokkaido Tohoku Kanto Koshinetsu Tokai Hokuriku Kansai Chugoku Shikoku Kyushu SMB
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Business segment 34 *1 Source: Funai Consulting Incorporated, “2026 White Paper on Management Practices for Accounting Firms.” Based on responses from 81 firms. Growing Presence of Money Forward Cloud Accounting among Accounting Firms According to a survey targeting accounting firms conducted by Funai Consulting Incorporated*1, Money Forward Cloud Accounting was selected as “the most recommendable software” by an overwhelming number of firms. Company A Company B Company C Other 47% SMB
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Business segment 35 Steady Promotion of Money Forward Cloud via Accounting Firms FLAGS Group Hokuriku Kaikei Had all clients migrate to Money Forward Cloud to gain competitive edge • A tax accountant corporation based in Nagoya City, Aichi Prefecture that provides a wide range of services, including support in corporate management and compliance with public schemes. • In 2022, decided to have all clients switch to Money Forward Cloud. Also launched a service centered around the product to drive digital transformation (DX) in accounting across the region together with financial institutions. • As of February 2025, 500+ clients have adopted Money Forward Cloud. Migrated to support SMEs’ business management L&B Yoshida Tax Corporation • A tax accountant corporation that specializes in small businesses, with 1,200+ clients and two bases in the Niigata Prefecture. • Streamlined legal administration and bookkeeping tasks by also adopting STREAMED. • Can now spend more time on high value-added work such as startup support, fund procurement, and managerial consulting, which are the corporation’s strengths. • As of February 28, 2025, 300+ clients have adopted Money Forward Cloud. The corporation aims to raise this to 800+ clients. Adopted Money Forward Cloud to create employee-friendly environment • A leading tax accountant corporation in Ishikawa Prefecture with 42 years of history and three offices in the prefecture. • Introduced Money Forward Cloud to streamline bookkeeping tasks, which pose a heavy burden on employees. Achieved smooth migrations by actively hiring new graduates and having the younger employees lead the switch to Money Forward Cloud. • As of February 28, 2025, 500+ clients have adopted Money Forward Cloud. Migrations to Money Forward Cloud continued to increase among large offices across Japan. SMB
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Business segment 36 Deploying Composable ERP with Flexibility and Scalability in Midmarket Space Developing and providing stand-alone functions to enable users to speedily realize the optimal system configuration. Customers can implement individual functions as necessary while combining them with their existing systems and gradually adding new functions. Consolidation of master data, which is often a challenge when using multiple products, is carried out in sequence. Stage 1 Stage 2 Stage 3Start with 1 product Add products Implement full package Account ing HR HRHR HR Expense Payable Expense Payable Expense PayableReceivable Receivable Receivable Account ing Account ing Can start with any product Mid
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Business segment 37 *1 See “Notice Regarding the Initiation of Discussions on the Provision of BaaS/Digital Banking with Sumitomo Mitsui Financial Group and Sumitomo Mitsui Banking Corporation" for details. Use of Balance Sheet for SaaS × Fintech Strategies In the business development phase, we will rely on our assets and hedge risks with insurance, but in the medium to long term, we will leverage the BaaS/digital bank joint venture (equity method affiliate) with Sumitomo Mitsui Financial Group*1 and thereby control balance sheet expansion. We consider technology and data utilization to be our value proposition to users. Medium- to Long-Term: Utilization of partnerships Deploy businesses that use our assets through partnerships with financial institutions. Our primary value proposition is technology and data. Early Stage: Use own balance sheet Deploy businesses while taking credit risks during the early stage of business developments, as it is difficult for financial institutions to offer credit without a track record. (However, insurance is used as a hedge against most risks.) Business development phase Business expansion phase
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Business segment 38 *1 When users undergo credit screening and set up direct debit procedures, they can make purchases within their credit limits without charging funds upfront. Other than the timing of receiving funds from the user, the structure is essentially the same as the prepaid function. Impact of the Working Capital of Business Card to our Balance Sheet The working capital of the Business Card fluctuates primarily due to receivables and payables which are closely tied to transaction volumes. User Partner Accounting procedures in Money Forward In the case of a user charges 1,000,000 yen and makes payments 400,000 yen (using prepaid function *1) Merchant ① Charge the usage amount ③ Settlement of payables ② The user makes payments (Receivables convert to payables) ④ Making payments to Merchant ①When a user makes a charge (Cash and deposit) ¥1mn / (Unearned Revenue) ¥1mn ②When a user uses the charged balance (Unearned Revenue) ¥0.4mn / (Accounts Payables) ¥0.4mn ③When MF settles payables with a Merchant (Accounts Payables) ¥0.4mn / (Cash and deposit) ¥0.4mn receivables Payables
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Business segment 39 (Reference) Overview of Money Forward Kakebarai Users can issue, send, and save invoices as well as manage credit screening, reconciliation, and reminders. Corporate user Business partner of user (buyer) (1) Provides goods/service (Occurrence of receivable) (5) Pays amount of receivable after deducting fees Offers various payment methods; handles cumbersome payment reminders and guarantees nonpayment risks of receivables Can also choose to make early payment Complies with Invoice System and Electronic Book Preservation Act AI-powered credit screening in a few seconds, 99% automatic AI-powered credit screening (machine learning) (2) Makes BPO request + transfers receivable (3) Sends invoice by e-mail or postal mail (4) Makes payment, reconciles receivable (bank transfer, account transfer, or convenience store payment) Original creditor Debtor
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Home segment 40 Money Forward ME - Automated PFM Service The number of users has topped 18.6 million *1. No.1 PFM app and asset management app in terms of user base and brand recognition*2, with the largest coverage among PFM products in Japan *3. Released a function that allows users to earn points for PFM and asset management actions taken on Money Forward ME. Key Features of Money Forward ME Function for earning points for PFM, asset management actions Connects with 2,430+ financial services, the largest coverage among PFM products in Japan*3. Centrally manages a range of financial services Visualizes personal finances (income/expenses) using automated classification Centrally manages all assets by linking with users’ bank and security accounts Enables users to check their total assets via connections with multiple bank accounts, both for daily use and savings, and securities accounts. Automatically classifies daily expenses into categories such as ”food” and ”household items.” Enables users to easily check what they are spending on and how much more they can spend during the current month. Users can earn points for actions such as checking their personal finance and assets or adding new links to financial service accounts. Points can be redeemed and used as V Points*4, provided by CCCMK Holdings Co., Ltd. And Sumitomo Mitsui Card Company, Limited. (SMCC). *1 Accumulated number of users of Money Forward ME in Home Segment as of end of August 2026, consisting of app downloads and online registrations *2 Based on an online survey outsourced to Macromill. Inc. Respondents consist of 1,034 PFM app usersand 1,035 asset management app users, both in their 20s to 60s. Survey period: August 29-30, 2025 for PFM apps, August 29-September 2, 2025 for asset management apps. *3 Number of services connected to Money Forward ME as of August 2026, tallied by Money Forward, Inc. *4 See CCCMKHD’s site and Sumitomo Mitsui Card Company, Limited ’s site (in Japanese) for details on V Point services.
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Home segment 41 *1 Users of designated credit cards, including Olive Flexible Pay and Sumitomo Mitsui Card (NL) will be rewarded with V Points worth 10% of the payment. Revising Pricing of Standard Course in Money Forward ME Premium Service from Aug 5, 2025 Currently implementing a price revision to revise pricing of Standard Course under Premium Service in response to the rise in maintenance and operation costs driven by inflation and in API integration costs, with an eye toward stably providing services of higher quality. Olive users will be able to continue using the service with essentially no additional fee by redeeming points, thereby enhancing the experience of combined usage between Money Forward ME and Olive. Before revision (tax included) After revision (tax included) Apple Store payment (iOS app) ¥480 per month / ¥5,300 per year ¥590 per month ¥6,490 per yearGoogle Play payment (Android app) ¥500 per month / ¥5,500 per year Credit card payment ¥500 per month / ¥5,300 per year ¥540 per month ¥5,940 per year Olive and Sumitomo Mitsui Card (NL) users can redeem 10% with V Points.*¹
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Home segment 42 Money Forward ME to Be Incorporated into SMBC App and Sumitomo Mitsui Card Vpass App, provided to Olive users As part of initiatives undertaken by the joint venture between Sumitomo Mitsui Card and Money Forward, selected features of Money Forward ME will become available starting March 2, 2026.Seamless integration with the SMBC Banking App and the SMBC Card Vpass App is expected to accelerate user acquisition from Olive users. Overview of service after integration • Will provide a single-view dashboard of all accounts linked to Money Forward ME, enabling users to grasp their asset status through the app. • In the SMBC app, seamless interbank transfers using drag-and-drop actions are also planned.
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Home segment 43 Outline of Olive * As of August 2026 Olive, an all-in-one mobile financial service provided by the SMBC Group, offers a range of high-quality functions on a single platform to solve users’ various financial issues. It provides banking and card payment functions as well as access to investments and insurance. • All-in-one mobile financial service • Offers a seamless UX in banking, payments, insurance, and securities on a single app. • Flexible Pay -World’s 1st all-in-one payment app covering four modes • Covers cash card, debit card, credit card, and point payments. • V Point -Japan’s largest point reward service • V has approximately 130 million active member IDs and around 70 million annual unique users. 8mn+ accounts*¹ have been opened since the service was launched in March 2023
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44 X segment *1 Lists only representative projects. *2 The three years between the product launch in May 2023 to end of August, 2026. Enhanced DX Solutions for Corporate/Individual Customers of Financial Institutions An increasing number of financial institutions are adopting our services targeting both their individual and corporate customers. For corporate customers of banks*1For individual customers of banks*1 A financial management service for small businesses and sole proprietors. From gaining visibility into cash flow to securing financing, everything can be done via smartphone. Fund/cash-flow management portal Online lending Jointly develops services that target financial institutions’ customers with Sumitomo Mitsui Trust Bank and Nomura Securities, utilizing our account aggregation platform. Other services that utilize Money Forward’s account aggregation platform BANK APP: banking app for individual customers Expanded scope of financial transactions covered in BANK App, which targets individual customers of regional banks, by adding extensive banking functions including for opening accounts, submitting documents, transferring funds, and making payments. Adopted by Tochigi Bank, Bank of Kochi, Kyoto Shinkin Bank, Yokohama Shinkin Bank, Tokushima Taisho Bank, San ju San Bank, etc., with the number of downloads exceeding 900,000 as of August 31, 2026*2. Financial/back-office services for corporate customers Jointly planned and developed the asset management platform mitosel with Orient Corporation. Providing online loans on BANK Biz and JCB’s Cashmap by utilizing an AI credit screening model co-developed with Orient Corporation, thereby offering end-to- end support from asset management to daily operations and fund procurement. Users can now check the criteria and apply for loans on Cashmap. BANK Biz: platform service for corporate customers Chugoku Bank and Nanto Bank adopted BANK Biz, a new platform targeting corporate customers of regional banks. Will provide convenient digital services for the bank’s corporate customers and a CRM platform, thereby enabling the bank to streamline its B2B businesses and gain opportunities for revenue growth.
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45 X segment Driving Financial Institutions’ B2B Businesses with BANK Biz Will start offering BANK Biz via Chugoku Bank and Nanto Bank. The platform aims to enhance various financial experiences of corporate customers while also supporting CRM of regional banks. A portal service that offers access to wide-ranging financial and DX services Services for corporate customers Handles all complex operations, from customer and application management to marketing Services for financial institutions Services (for corporate managers) Send application, provide data Send application results, offer marketing Fund management Loan Transaction lending Business management MarketingE-administration Back-office DX (via Mikatano) Streamline/automate operations Link with own bank Link with other banks Link with cards Reporting Loan application AI credit screening Insurance Financial analysis Managerial support Apply for change Submit documents Pop-up advertising Banner advertising X-insight marketing Invoice Workflow CS BPO Automated operations Functions offered in BANK Biz
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Appendix Business Overview for Investors
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Case Studies In Business Segment Business Overview for Investors Appendix 01
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Business segment 48 Our Customers（1/2） Money Forward Cloud Accounting Plus users increased steadily. Corporates using Money Forward Cloud Accounting Plus（Examples）
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Business segment 49 Corporates using Money Forward Cloud, V-ONE Cloud and Manageboard and Admina etc.（Examples） Expanding the client base that includes listed companies, medium-sized companies, and companies preparing for IPO. Our Customers（2/2） Prime/ Standard Market* Listed company * Including companies listed on the Nagoya Stock Exchange, Fukuoka Stock Exchange, and Sapporo Stock Exchange. Mid-sized and Pre-IPO Companies Growth Market
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Business segment 50 Business Design, production, wholesale and retail of household goods; support for regions of production (industry- specific management consulting and distribution support); and design, production, and wholesale of tea ware. Employees Approx. 600 Founded 1716 Composable ERP model in Midmarket Space (Case Study of Mature Company) A mature company replaced its peripheral systems with SaaS in a stepwise manner while retaining its core system, thereby building an optimized composable ERP model and making it possible to adapt to the times as well as future business changes. 2021- 2023- 2022- 2023- 2023- Nakagawa Masashichi Shoten Co., Ltd. Shifted to cloud in stages to address specific issues (Example of implementation process at mature company) Relied entirely on core system Replaced certain functions with linkable SaaS Achieved “postmodern ERP” Core system Core system Core system System that closely integrates all functions, including accounting, HR, expense claim, attendance management Expense claims Attend- ance mgmt. E- contract Expense claims Attend- ance mgmt. E- contract Invoice receival Budget- ing Account- ing
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Business segment 51 Composable ERP in Midmarket Space (Case Study of Growth Company) A growth company implemented the necessary systems in a phased manner according to its growth stage, enabling it to flexibly adapt its back office by combining components even when its workforce and business expanded rapidly. 2020- 2023- Business Management of conditioning brand TENTIAL Employees Approx. 100 Founded 2018 Listed Market TSE Growth Market (listed in February 2025) 2022- 2021- TENTIAL Inc. Started implementing necessary components with a view towards IPO (Example of implementation process at growth company) Achieved composable ERP model Implemented necessary systems Added components in line with growth Account -ing Account -ing Account -ing Payroll calcula- tion Payroll calcula- tion Payroll calcula- tionInvoicing Invoicing Expense claims Expense claims Consolid -ated account- ing HR mgmt. Budget control Fixed assets Attend- ance mgmt. HR mgmt.HR mgmt.Budget control Budget control Invoicing Expense claims Spreadsheet software and manual work Spreadsheet software and manual work
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Business segment 52 Case of User Experience in SaaS(Cloud Accounting) and Fintech(Money Forward Business Card ) Before implementing service Purchasing management and journal entries are streamlined through real-time integration of Money Forward Business Card and Money Forward Cloud Accounting. 39 Dining Co., Ltd. (Referred by DIG Tax Co.) Business Restaurant business (operates 5 shops) Managing massive receipts and journal entries was the biggest challenge in operating multiple shops No longer needs to use paper receipts. Journal entries can be made with one click owing to API integration with Money Forward Cloud Accounting API integration Each shop purchased materials and equipment, and then sent the receipts to the accounting staff A single accounting staff had to manage and make journal entries for over 200 receipts every month. • Centralized purchases by shops with Money Forward Business Card. No longer needs to manage receipts or settle expenses. • Workload was greatly reduced through real-time integration of card statements and automatic journal entries. Can complete journal entries by digitizing purchase data with Business Card × Employees Approx. 50
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Business segment 53 Before implementing service Improved efficiency with Business Card and Cloud Expense Case of User Experience in SaaS(Cloud Expense) and Fintech(Money Forward Business Card ) Succeeded in going paperless by using both Money Forward Business Card and Money Forward Cloud Expense. Employees and the accounting department benefited from enhanced operational efficiency. Saitama Daihatsu Co., Ltd. Business Automobile sales business There were risks of documents getting lost, typing errors, and approvals getting delayed due to paper-based management. Went paperless through combined use with Money Forward Cloud Expense Greatly reduced the burden on both the employees and accounting department. • Each employee prepared expense application forms on their PC, printed them out and pasted receipts to them, and then sent them via postal mail to the accounting department. • The accounting department received about 300 forms per month from 31 locations and manually entered their contents on Excel. • Accounting workload was significantly curbed with the automatic integration of card statements to Money Forward Cloud Expense. • In addition to eliminating workload for expense settlements by shifting to card payments, the company was able to go paperless by using Money Forward Cloud Expense. Employees Approx. 700
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Macro Environment and TAM Business Overview for Investors Appendix 02
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Business segment 55 Money Forward’s share (No. of customers)*2 5% 13% 13% *1 Created by Money Forward, Inc. based on National Tax Agency 2024 Survey, MIAC June 2021 Economic Census Activity Survey, TEIKOKU DATABANK, Ltd, and Final tabulation report of the “Survey on the Actual Conditions Concerning the Administrative Workload of Settlement Affairs, etc.”, October 26, 2016. Total annual expenditure when the Group’s all potential customers introduced Money Forward Cloud in Japan. The total number of potential customers is the sum of sole proprietors and corporates with less than 2,000 employees.*2 As of end of August, 2026. Back Office SaaS Potential Market Size Potential market size of back-office SaaS, Group’s current area of focus, is estimated to be about ¥2.81tn*1. Sole Proprietors SMB Medium-sized Companies (midmarket) 4.56mn 1.92mn 0.13mn Potential customers TAM*1 ¥93bn ¥263bn ¥2.45tn
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Business segment 56 Potential of Midmarket *1 Total annual expenditure of all the Group’s potential corporate users in Japan if they were to implement Money Forward Cloud or our other services targeting corporations. The number of medium-sized companies is the number of companies with 50 to 1,999 employees calculated by Money Forward, Inc. based on the National Tax Agency’s (NTA) 2024 survey, the Ministry of Internal Affairs and Communications’ (MIC) June 2021 economic census activity survey, and Teikoku Databank, Ltd.’s Final Aggregation Report of Survey on Administrative Workload of Payment Operations (October 26, 2016). *2Annual fees paid by each company if they were to implement all 25 of the Group's services catering to the midmarket, based on the fact that the average number of employees for all medium-sized companies (50 to 1,999 employees) is 170 (NTA 2021 survey). Further growth is expected through the expansion of the midmarket customer base and increase in ARPA. ¥2,290 mn FY11/21-end Midmarket ARR No. of customers: 4.5x ARPA 1.9x ARPA No. of customers Midmarket TAM ¥2.45tn*1 Medium-sized companies: 130,000 × Potential ARPA*2: ¥18mn (assuming that all 25 products are installed) ¥19,544 mnFY11/21-end vs. FY11/26 Q3-end ARR 8.5x FY26 Q3 Midmarket ARR Market penetration rate (FY11/26 Q3) • ARR: 1% • No. of customers: 13% • ARPA: 6%
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57 Digital Worker領域による TAMの拡大 *1 Abbreviation for total addressable market. Estimation of the potential market size of the three segment of Money Forward Group, based on certain assumptions as well as third-party statistical data and disclosed materials, and past performance of the Company’s services. *2 PFM Service Business, such as household budgeting apps and asset management apps. *3 Total of SaaS applications for back-office operations, Business Card, and deferred payment services. The TAM of deferred payment services is calculated based on the percentage of the use of B2B deferred payment services in annually required working capital by Japanese companies with net sales of less than 500 million yen and the annual fee required for implementing Money Forward Kakebarai services. Required working capital is calculated by the formula: ”accounts receivables + inventories - trade payables.” Prepared by the Company based on 2023 Basic Survey on Small and Medium Enterprises issued by the Small and Medium Enterprise Agency. *4 Estimated by adding market size of Japan's contract software developmentbusiness (limited to the scope covered in X segment) and the market size of the Mikatano series. Prepared by the Company from estimations based on 2021 Basic Survey on Information and Communications Industryissued by the Ministry of Economy, Trade and Industry and the Ministry of Internal Affairs and Communications, and the track record of the Company's services. * These figures and graphs do not objectively represent the market size of the Company’s business as of the time of disclosure. The actual market size may differ from these estimates due to limitations in the accuracy of the aforementioned third-party research and disclosures. Extend Business segments and Services and Tap Expansive TAM*¹ Deploying business in a massive TAM totaling ¥5.7tn. TAM is anticipated to expand further by offering SaaS x AI solutions in the digital worker space. Aim to accelerate corporate value growth. 2025 / ¥5.7tn Future Business segment*3 Home segment*2 X segment*4 Business ¥3.9tn Home ¥1.0tn X ¥0.8tn TAM expansion via digital worker market Home ¥1.0tn X ¥0.8tn Business ¥14.1tn
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Management Members Business Overview for Investors Appendix 03
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59 Members of Board Directors Management team has in-depth expertise in finance and technology. Yosuke Tsuji Representative Director, President and Group CEO After graduating from the Faculty of Agriculture (BS), Kyoto University, obtained his MBA at the Wharton School, University of Pennsylvania. Worked at Sony Corporation and Monex, Inc. before establishing Money Forward, Inc. in 2012. Currently serves as the Vice Chairperson of the Japan Association of Corporate Executives (Keizai Doyukai) and Chairperson of its Startup Promotion General Committee, Executive Committee member of the Silicon Valley Japan Platform (SVJP), and Executive Officer of the Japan Association of New Economy. Naoya Kanesaka Director, Executive Officer/ President and Representative Director of Money Forward HOME, Inc. Naoya Kanesaka graduated from the Faculty of Economics, The University of Tokyo in 2007. He joined Goldman Sachs Japan Co., Ltd., working in its Tokyo and San Francisco offices where he engaged in cross-border M&A and fundraising advisory, as well as enhancing the value of portfolio companies, primarily in the technology and financial industries.. He joined Money Forward, Inc. in 2014 and has been serving as Director since 2017. He also serves as Managing Partner of “HIRAC FUND,” run by Money Forward Venture Partners, Inc., established in May 2020. He was appointed President and Representative Director of Money Forward HOME, Inc. in August 2025. Masanobu Takeda Director, Executive Officer and Business Segment COO Joined Money Forward, Inc. in 2017 at the timing of M&A of Klavis Inc., where he has been serving as Director and CFO since 2016. Prior to joining Klavis, he served as Director at Macromill Group and was in charge of corporate planning including corporate and HR strategic planning, M&As, and new business development, and as Director and Head of Corporate Planning at eole Inc. Takuya Nakade Director, Executive Officer and Group CTO Takuya Nakade joined Jupiter Shop Channel Co., Ltd. in 2001 and led CRM system development as IT manager. In 2007 he joined Simplex Inc. and developed stock trading systems catered to securities companies and subsequently served as product manager of FX dealing system. He joined Money Forward, Inc. in 2015 and developed financial system. In 2016, he was appointed as CTO. He is also a board member of the Japan CTO Association (General Incorporated Association). Chiaki Ishihara Director, Executive Officer, Group CHO (Chief Human Officer) and Head of DEI (Diversity, Equity & Inclusion) Joined Deloitte Touche Tohmatsu LLC in 2012 and registered as a Japanese CPA in 2015. Joined Money Forward, Inc. in 2016, where she was involved in IPO preparation. After the IPO, she was engaged in international public offerings, the sector transfer from Mothers to First Section of the TSE, and the launch of the sustainability project as division manager of the Corporate Planning Division and head of IR. In 2021, she moved to HR and has led the project to revise the HR policies as general manager of the People Forward Department. Appointed as CHO in 2023, and as a board member in 2025.
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60 External Directors (1/2) Highly experienced leaders in both the Japanese and International economies are appointed as external directors. Hiroaki Yasutake External Director Junify Corporation Co-founder & CEO Joined Rakuten in 1998 as one of its earliest employees, and created various Rakuten services as a software engineer as well as building the tech team from scratch and leading the entire Rakuten group tech team as Managing Executive Officer until January 2016. After Rakuten,moved to the US and founded a new startup called Junify Corporation. At the same time, support many Japanese companies as an advisor on innovation and technology management. Board member of Techmatrix since 2013. Advisor of Japan CTO Association since 2019, currently serving as advisor. Gen Miyazawa External Director SoftBank Corp. Senior Vice President In 2004, Gen Miyazawa founded Cirius Technologies, Inc. After the company was acquired by Yahoo Japan Corporation, he joined Yahoo Japan in August 2010. In April 2014, he was appointed Corporate Officer and President of Search Services Company, and in April 2018, Managing Corporate Officer and President of Media Company. He was then appointed Director and Senior Managing Corporate Officer, Corporate Group Head in October 2020. Following the merger into LY Corporation in October 2023, he was appointed Executive Corporate Officer. He also concurrently served as Head of Group ASI Strategy Office at SoftBank Corp., and in April 2026, he assumed the position of Senior Vice President and Group ASI Strategy Division Head of SoftBank Corp. He assumed the position of External Director of the Company in February 2022. Ryu Kawano Suliawan External Director AYANA Hospitality, Director and VP of Digital Currently the Vice President of Digital at AYANA Hospitality. He joined AYANA in 2022 after a decade in the technology industry. He was previously the Head of Business Solutions at Goto Financial. He joined Goto Financial in 2018 through GOJEK’s acquisition of Midtrans, the largest online payment gateway in Indonesia, where he was the founder and CEO. Prior to establishing Midtrans, Ryu worked as an Associate at TPG Capital, and as an Investment Banking Analyst in the Technology, Media, Telecom Group at Lazard. Ryu holds an MBA from Harvard Business School and a Bachelor of Arts in Economics from Claremont McKenna College. Yukino Kikuma External Director Law Office of Matsuo & Kosugi, Representative Managing Partner Joined Fuji Television Network, where she worked as newscaster on a number of entertainment, information, and sports programs. In 2011, she joined Law Office of Matsuo & Kosugi and registered as an attorney in the same year.Since 2022, she has worked as a Representative Managing Partner in a wide range of practice areas including dispute resolution, general corporate legal affairs, risk management, and corporate governance, as well as serving as an outside director of listed companies.
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61 External Directors (2/2) Highly experienced leaders in both the Japanese and International economies are appointed as external directors. Ken Ashida External Director After joining the former Fuji Bank (currently Mizuho Bank, Ltd.) in 1987, Ken Ashida worked at the London and Düsseldorf branches, primarily engaging in non-Japanese corporate sales and syndicated loan structuring.From April 2019 to March 2025, he served as Managing Executive Officer and Deputy President of Mizuho Bank, Ltd., and in April 2025, he was appointed Co-Chairman of Bain Capital (Japan), LLC.He assumed the position of External Director of the Company in February 2026. Ririko Ueda External Director After her doctoral studies in German Literature, Ririko Ueda passed the Certified Public Accountant examination while pursuing her research, and joined Kyoto Audit Corporation (currently PwC Japan LLC) in 2008. She engaged in various audits and quality control operations, registering as a Certified Public Accountant in 2012 and as a Certified Fraud Examiner in 2021. In 2023, she joined Panasonic Operational Excellence Co., Ltd., engaging in internal audits. She assumed the position of External Director of the Company in February 2026.
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62 Executive Officers Management members who have key roles in the growing group. Toshio Taki Executive Officer, Group CoPA (Chief of Public Affairs) Head of Sustainability and Head of Money Forward Institute of Economic Research After graduating from the Keio University Faculty of Economics in 2004, Toshio Taki joined Nomura Securities Co., Ltd. At the Nomura Institute of Capital Markets Research, he engaged in research on household behavior, the pension system, and financial institution business models among other themes. After receiving his MBA from Stanford University and working in the planning division of Nomura Holdings, Inc., he joined in the launch of Money Forward, Inc., in 2012. He is also an expert committee member of the Council for Promotion of Regulatory Reform (Cabinet Office), Vice Chair of the Japan Association for Financial APIs, an adviser of Fintech Association of Japan, a Director of Japan Financial Service Intermediary Business Association, etc. Hirokazu Ban Executive Officer and Group CCO (Chief Compliance Officer) Started his career at a securities company in 2001 and worked in sales for 2 years. After graduating from law school in 2007, he was registered as a lawyer in 2008. Subsequently, he joined legal department of SBI SECURITIES and was in charge of group-wide projects at corporate planning department. In 2011, he was seconded to SBI Holdings, where he was in charge of executing group strategy and managing its subsidiaries as Head of CEO Office. He also served as Director and Head of Administration Department of SBI Money Plaza Inc. after contributing to its establishment. He joined Money Forward, Inc. in January 2016. Daisuke Sergio Ito Executive Officer and Group CDO (Chief Design Officer) Joined FreeBit Co., Ltd. in 2003, where he was in charge of public relations, corporate branding, and business strategy in the CEO’s office. In 2006, he left the company and moved to New York, where he studied art and became a freelance designer. In 2010, he returned to Japan and became the president of a design firm, An INC. In 2013, he won the Good Design Award. From 2019, he has been engaging Money Forward group as head of design team. He was appointed as CDO in 2020. Masakazu Sekita Executive Officer and Group CLO (Chief Legal Officer) After graduating from the University of Tokyo Faculty of Law in 2002, he registered as a lawyer in 2004. After joining Mitsui, Yasuda & Wani in the same year, he worked at Gaikokuho Kyodo-Jigyo Horitsu Jimusho Linklaters (Linklaters Tokyo) and T&K Partners for more than 16 years before joining the Company in January 2021. He was also involved in the launch of BizForward Inc., a joint venture with Mitsubishi UFJ Bank, Ltd. and was appointed as Director in charge of the administrative division of BizForward Inc. in August 2021. In December of the same year, he was appointed as the Company’s Group Executive Officer and CLO. Shun Matsuoka Executive Officer and Group CAO (Chief Accounting Officer) Joined Sony Corporation in 1998 and engaged in accounting and tax operations, including projects for early closing of accounts and adoption of new system and new accounting standards. While in Sony, he passed Small and Medium Business Consultant, Certified Public Tax Accountant, and Certified Public Accountant examinations. He was transferred to England for 5 years from 2012. He joined Money Forward, Inc. in April 2019 as Co- Accounting Department Manager. He was registered as a CPA in 2020. Yotaro Agari Executive Officer and Group CCDO (Chief Corporate Development Officer) Yotaro Agari graduated from the Faculty of Law, The University of Tokyo in 1990 and completed his MBA at J.L. Kellogg School of Management, Northwestern University in 1995. He joined Goldman Sachs Japan Co., Ltd. in 2000, where he provided advice on M&A and capital raising to financial institution clients as a co-head of the Financial Institutions Group. From 2012, he led overseas M&A strategy at Mitsubishi UFJ Financial Group, Inc., contributing to the establishment of a commercial banking franchise in Southeast Asia. In 2019, he joined SoftBank Group Corp., where he was involved in investment strategy at the Vision Fund and later served as the Global Head of IR and Chief Sustainability Officer（CSusO）. He joined Money Forward, Inc. in August 2025.
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63 Executive Officers Management members who have key roles in the growing group. Kazuhito Nomura Executive Officer and Group CDAO (Chief Data and Analytics Officer) Joined Accenture Japan Ltd. in 2007 and served as a Senior Manager in Digital Consulting. He then joined Rakuten Group, Inc. in 2017, where he was in charge of data science consulting division. From 2021, he worked at SmartNews Inc., overseeing the company’s data strategy planning as a Group Manager. He joined the Company in December 2023 and has been in charge of the Data Strategy Office, responsible for the group-wide data strategy and execution. Kouichi Umeda Executive Officer, and Group CRO (Chief Risk Officer) Kouichi Umeda joined The Sanwa Bank, Ltd. (currently MUFG Bank, Ltd.) in 1996, where he developed core systems for direct banking and call centers. From 2014, he spearheaded integrated strategy planning for business and systems as well as crisis management. From 2020, he led operational resilience, AI governance, among other initiatives, within the Risk Management Division. He joined Money Forward in February 2025. Umeda holds a Master of Information Systems Management from Carnegie Mellon University. Kazuya Yamada Executive Officer and Group CSO After passing Japanese CPA examination, Kazuya Yamada joined Deloitte Touche Tohmatsu LLC, in 2006. He then experienced Executive Director and CFO at Pankaku Inc. and Executive Director and Head of Venture Support at Bridge Consulting Group Inc. He joined Money Forward, Inc. in 2014 and served as Head of CEO Office and Head of Development of Money Forward Cloud. He currently oversees strategy as Group CSO. Yumiko Nagao Executive Officer and Group CFO (Chief Financial Officer) After graduating from Kyoto University in 2011, Yumiko Nagao joined Mitsui & Co., Ltd. (Tokyo HQ, Singapore and Brazil offices) engaging in overseas investments and corporate development. After joining Money Forward in 2018, she has been leading M&A activities as Head of Corporate Development as well as corporate finance areas such as debt and equity financing.
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64 Executive Officers Management members who have key roles in the growing group. Ryo Shibuya Executive Officer and Head of Money Forward AI Cowork Ryo Shibuya joined Adways Inc. in 2007 and was in charge of developing advertising system. He then worked at GREE, Inc. and experienced the development of advertising system and new business. He joined Money Forward, Inc. in 2014 and was involved in development of invoice and accounting / tax return modules. He also experienced the launch of payroll and MyNumber modules. Head of Development of B2B services. He now serves as Head of Money Forward AI Cowork. Keiko Kanai Group Executive Officer and Group VPoC (VP of Culture) After working as a web designer and art director at a design production company, she joined the Company in 2014. After establishing a design organization and developing our Mission, Vision, Values, and Culture, she became Vice President of Culture (VPoC) in 2020. In 2023, she was appointed as Head of Corporate Identity Forward Office, which unites the brand and culture of the Group. Tetsuya Komaguchi Executive Officer, Head of HR Domain of Business Segment After graduating from the University of Tokyo’s Graduate School of Engineering, he worked at Procter & Gamble’s Japan and Singapore offices, where he was involved in product strategy development and brand management for North America, Asia, and Europe. After serving as PMM (Product Marketing Manager) for Money Forward ME and overseeing the accounting and finance domain business of Money Forward Cloud, he currently manages the HR Domain. Hiroshi Shimauchi Executive Officer /President and CEO of Money Forward Consulting ,Inc. In 2005, he joined Cynancial System Consulting Ltd. (currently Fujitsu Ltd.), where he was involved in consulting and system integration in the areas of corporate performance management and financial accounting. From 2015, he took on the role of head of sales and development at Fenrir Inc., where he engaged in launching the consulting business. In 2019, he became the division manager at DIVA CORPORATION, leading product management, development organization reform, and business transformation. After joining Money Forward, Inc. in 2023, he has been leading the Group Management Solution Department, Partner Business Department, and Cloud ERP Department. Masayuki Matsuhisa Executive Officer, Group CISO (Chief Information Security Officer) and Group CIO Joined Hewlett-Packard Japan in 1997 and oversaw the system development business mainly for major banks. In 2011, he was transferred to the Hewlett Packard Singapore as project director responsible for IT projects in Asian countries. In 2016, he returned to Japan and joined Amazon Web Services Japan. As general manager of the Financial Solutions Division, he focused on cloud adoption in the financial services industry. Joined Money Forward, Inc. in 2023. Yukihiro Koyama Executive Officer, Director and Executive Vice President and COO of Money Forward Kessai, Inc Yukihiro Koyama joined a domestic credit card company as a new graduate in 1999. In 2003, he participated in the early stages of the e-money service “Edy”. In 2010, he joined the Rakuten Group, where he held various positions including Executive Officer at Rakuten Edy, Inc., Head of the Strategy Office at Rakuten Payment, Inc., and Managing Executive Officer and General Manager of the Marketing Division, and later General Manager of the Membership Management Division at Rakuten Card Co., Ltd.Since starting his career as a new graduate, he has consistently led the creation and business expansion of Fintech services. He joined Money Forward, Inc. in August 2025 as Vice President of Money Forward Kessai, Inc. He completed an MBA at the Graduate School of Management, GLOBIS University.
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Others Business Overview for Investors Appendix 04
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66 Shareholder Composition Overseas institutional investors continue to hold a large proportion of shares, while the proportion of individual shareholders has been increasing following the introduction of the shareholder benefit program. Overseas Institutional Investors 50% Domestic Institutional Investors 14% Individual Investors 8% Strategic Partners 7% Management and founding members 21% May 31, 2026
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67 *1 The shareholder must be recorded twice in a row in the shareholder registry under the same shareholder number to ensure continuous ownership. *2 All coupons are valid for half a year. Launching a Shareholder Benefit Program to Expand the Investor Base Will offer Money EXPO benefits to shareholders who hold 500 or more shares as of the record date, with the first record date set to the end of May 2026. Thereafter, will offer Money Forward ME premium coupons to shareholders who retain 100 or more shares for at least six months*1. Also, hold briefings for individual investors, where co-founder Taki will present Money Forward’s strengths and growth strategies. No. of shares owned Benefits*2 100+ <End of May and End of November> Coupon for Standard Course for Money Forward ME premium members 200+ <End of May and End of November> Coupon for Asset Building Advanced Course for Money Forward ME premium members 300+ <End of May and End of November> ・Coupon for Asset Building Advanced Course for Money Forward ME premium members ・Personal plan for Money Forward Tax Return 500+ <End of May and End of November> ・Coupon for Asset Building Advanced Course for Money Forward ME premium members ・Personal plan for Money Forward Tax Return <End of May only> ・One of the Largest Money & Finance Events in Japan,Money EXPO benefits Date of briefing for individual investors • October 29: Logmi (online) Toshio Taki Executive Officer, Group CoPA (Chief of Public Affairs), Head of Sustainability and Head of Money Forward Institute of Economic Research He co-founded Money Forward, Inc. after receiving an MBA from Stanford University and working at Nomura Holdings, Inc. He is also involved in the Japanese government’s digital transformation initiative. *The benefits will be sent twice a year, roughly two months after the record date. Benefits for the May-end record date will be sent out in July, and those for November-end in February of the following year.
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68 *1 See “Notice Regarding Changes to Exercise Conditions of Stock Acquisition Rights (Performance-Linked Stock Acquisition Rights)” and “Notice of Revision of Full-Year Earnings Forecast and Change in Medium- to Long-Term Financial Targets Due to a Change in Consolidated Subsidiaries” (November 4, 2025) for details. Corrections of ¥10bn in net sales and ¥3bn were made for contributions by SMARTCAMP Co., Ltd. There were no changes to SaaS ARR and adjusted business cash flow margin. *2 (HIRAC- adjusted EBITDA - software assets +/- increase/decrease in contract liabilities + one-time M&A expenses) / HIRAC-adjusted net sales *3 Excluding Fintech ARR. For Fintech ARR, please refer to the end of page on FY26 Q3 Financial Report. Incentive Framework to Achieve Medium- to Long-Term Financial Targets With the aim of sharing incentives with shareholders further and thereby raising corporate value, the Company decided to issue performance-linked share acquisition rights based on FY11/28 medium- to long-term financial targets along with a criteria for cash flow from operating activities to demonstrate its commitment. Rights will be granted if the minimum conditions for all four items shown below are met. Medium-term financial targets and exercise conditions were updated in November 2025 due to the drastic change in business portfolio resulting from the transfer of SMARTCAMP Co., Ltd.*¹ 13th share acquisition rights (performance-linked SO) No. of shares Exercise conditions Impact on P<arget • Maximum 2,190,500 shares over a period of four years until meeting performance requirements (maximum dilution rate of 4% and 1% per year) • No plans to issue additional performance- linked stock options until FY11/28 Internal directors, executive officers, and other candidates • The vesting ratio is determined based the achievement rates for FY11/28 shown below (each item will be judged independently). • Share acquisition rights can be exercised in stages over a period of three years after the vesting ratio is determined based on FY11/28 earnings results. • Will impact stock compensation expenses up to FY11/31 Q1. Expenses to be recorded will be reviewed every quarter in consultation with an auditing firm based on estimated expirations. • Booking of expenses is expected to concentrate in FY11/28, when the vesting ratio is determined. There will be no impact on EBITDA as share acquisition right is a non-cash item. Vesting ratio 25% 20% 5% 0% Net sales 0–25% ¥100bn+ ¥90bn+ ¥80bn+ Less than ¥80bn SaaS ARR*³ 0–25% ¥88bn+ ¥80bn+ ¥72bn+ Less than ¥72bn EBITDA 0–25% ¥32bn+ ¥27bn+ ¥22bn+ Less than ¥22bn Adjusted business cash flow margin*² 0–25% 25%+ 20%+ 15%+ Less than 15%
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69 Money Forward, Inc. Money Forward Consulting 100% Money Forward Kessai, 100% Platform service business Money Forward Vietnam / Money Forward India Private Limited 100% Service development base in Vietnam (Ho Chi Minh City, Hanoi) and India R&AC Co., Ltd. 100% Planning, development, and operation of payment reconciliation and receivable management solution V-ONE Cloud Money Forward Venture Partners 100% Entrepreneurs fund that primarily targets seed- and early-stage startups; Operation of HIRAC FUND Money Forward i 100% Planning, development, and operation of SaaS management platform Money Forward Admina Ownership Main Services Money Forward Home*¹ 51% * 1 Sumitomo Mitsui Card Company, Limited has a 49% ownership. Money Forward Group Structure OutlookConsulting Co., Ltd. 100% Development, sales, deployment, maintenance, and infrastructure provision of Sactona, a cloud-compatible CPM software Design and sales of corporate performance management (CPM) software and provision of consulting services related to CPM Cloud-based business analysis tool Manageboard and consulting services Planning, development and operation of B2B invoicing and settlement business Money Forward Kakebarai and factoring business Money Forward Early Payment; Fintech-related businesses centered on Money Forward Business Card*1 Development and provision of PFM services Money Forward X 100% Development and provision of financial services Offering of accounting AI-managed serviceCashmo 75% Operation of AI-managed services business in the U.SMoney Forward Partners 100%
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70 Disclaimer The forward-looking statements and other contents included in this material are determined based on information currently available and may be subject to change due to macroeconomic trends, changes in the market environment or industry in which the Group operates, or for other internal/external factors. Money Forward, Inc. shall not represent or warrant the accuracy or completeness of the information contained in this material. The names of companies, products, and services (including logos, etc.) mentioned in this document are trademarks of the respective companies or registered trademarks of the respective right holders.