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FY2025.6 Financial Results freee K.K. August 13, 2025
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2 Highlights for the Fiscal Year Ended June 30, 2025 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Delivered strong revenue growth of over 30% YoY. ● For the fiscal year ended June 2025, revenue increased by 30.8% YoY to JPY 33,270 million, exceeding the initial earnings guidance of JPY 33,060 million. ● This strong growth was driven by continued momentum, supported by cross-selling mainly with freee HR, increased new customer acquisition through the expansion of partnership with accounting firms and pricing revisions. Targeting rule of 40(3) achievement by FY2028. ● Financial outlook has been updated following the achievement of profitability. The company targets to achieve Rule of 40 on an adjusted free cash flow basis by FY2028, aiming to balance continued high growth with improving profitability in three years from FY2026. 1. Adjusted operating profit (the sum of the operating profit, stock-based compensation expenses, expenses for amortization of acquisition-related intangible assets, and one-time cost). 2. Adjusted Free Cash Flow Definition: Starting with common free cash flow (cash flows from operating activities + cash flows from investing activities), we make two adjustments to better reflect our actual business performance: excluding fluctuations of advances paid incurred in the credit card business in operating cash flow and M&A-related payments and proceeds from investing cash flow. 3. A performance metric balancing growth and profitability in SaaS companies, calculated as the sum of YoY revenue growth rate and adjusted FCF margin (adjusted free cash flow as a percentage of revenue). Achieved profitability in adjusted operating profit(1) and adjusted free cash flow(2). ● For FY2025.6, adjusted operating profit(1) reached JPY 1,885 million, achieved profitability and landed within the range of earnings guidance. ● Alongside improved profitability, adjusted free cash flow(2) also turned positive, established a foundation for mid to long-term growth.
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3 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Important KPIs and Financial Results 1. Annual Recurring Revenue. Monthly Recurring Revenue (MRR) at the end of June 2025, multiplied by 12. Monthly Recurring Revenue is defined as the amount of fees contracted to be paid by customers on a monthly basis as of the end of a particular month. 2. As of June 30, 2025. The number of paying customers includes self-employed customers. 3. As of June 30, 2025. Calculated by dividing total ARR by the number of paying customers. 4. Adjusted operating profit (the sum of the operating profit, stock-based compensation expenses, expenses for amortization of acquisition-related intangible assets, and one-time cost). 5. For the twelve months of the fiscal year ended June 30, 2025. Rate calculated by dividing subscription revenue (revenue earned every month from contracts that automatically renew unless customer indicates intention to terminate) by total revenue. JPY34.3Bn (YoY +31.8%) Corporate Segment: JPY26.7Bn (YoY +36.7%) ARR(1) 606K+ (YoY +13.9%) Corporate Segment: 234K+ (YoY +18.4%) Number of Paying Customers(2) JPY56.7K (YoY +15.8%) Corporate Segment: JPY114.1K (YoY +15.4%) ARPU(3) JPY33.27Bn (YoY +30.8%) Revenue JPY1.88Bn Adjusted Operating Profit(4) 90%+ Subscription Rate(5)
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4 Financial Highlights ‐ Platform Business ‐
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5 JPY MM #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ 1. Adjusted operating profit (the sum of the operating profit, stock-based compensation expenses, expenses for amortization of acquisition-related intangible assets, and one-time cost). Breakdown of adjustment items is provided later. ● Revenue for the Platform Business for FY2025.6 increased by 30.8% YoY to JPY 33,270MM, with adjusted operating profit(1) of JPY 1,885MM. ○ Revenue exceeded earnings guidance, maintaining strong growth momentum, driven by cross-selling initiatives primarily through freee HR, accelerated new customer acquisition via accounting firm partnerships, and pricing revisions. ○ Adjusted operating profit achieved profitability, landing within the guidance range, supported by top-line growth and enhanced operational efficiency. FY2025.6 Results FY2024.6 FY2025.6 (Actual) (Actual) （Guidance） Revenue 25,430 33,270 33,060 YoY Growth 32.3% 30.8% 30.0% Adjusted Operating Profit(1) -7,562 1,885 1,800 2,500 Adjusted Operating Profit Margin ▲29.7% 5.7% 5.4% 7.6% ~ ~
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6 1. ARR: Annual Recurring Revenue. Monthly Recurring Revenue for last month of relevant period, multiplied by 12. Monthly Recurring Revenue is defined as the amount of fees contracted to be paid by customers on a monthly basis as of the end of a particular month (excludes one-time fees). 2. Mikatus Inc. is consolidated from FY2023.6, sweeep Inc. is consolidated from Q3 of FY2023.6, Why, Inc. is consolidated from Q1 of FY2024.6, pasture is consolidated from Q2 of FY2024.6, Apollo Inc. is consolidated from Q2 of FY2025.6, and YUI Inc. is consolidated from Q3 of FY2025.6. 3. Corporates: Paying Customers other than Self-employed (the Corporate segment includes partner companies such as accounting firms). ARR #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Corporates Self-employed ● ARR was JPY 34,393MM, up +31.8% YoY. ○ The Corporate segment demonstrated high growth of 36.7% compared to the same period of the previous year which had seen a demand normalization of the Invoice System implementation. The incremental ARR from the pricing revision for freee Accounting was approx. JPY 1.7Bn, within the initially expected range. YoY growth in the Mid segment accelerated to +28.1% from the previous quarter. ○ ARR for the Self-employed segment increased strongly by 17.4% YoY, although it declined from the last quarter due to the tax filing seasonality. ARR (At the end of Quarter) (1)(2)(3) JPY MM FY2023.6 FY2024.6 FY2025.6 YoY +31.8％ YoY +36.7％ YoY +17.4％
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7 Number of Paying Customers/ARPU #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Number of Paying Customers(1)(2) 1. Number of paying customers: Refers to both Self-employed individuals and corporates that use our services. 2. freee Sign and Taxnote are consolidated from FY2022.6, Mikatus Inc. is consolidated from FY2023.6, sweeep Inc. is consolidated from Q3 of FY2023.6, Why, Inc. is consolidated from Q1 of FY2024.6, pasture is consolidated from Q2 of FY2024.6, Apollo Inc. is consolidated from Q2 of FY2025.6, and YUI Inc. is consolidated from Q3 of FY2025.6. 3. ARPU: Average Revenue Per User. Annual Recurring Revenue as of the end of the relevant period divided by the number of paying customers as of the end of the same period. FY2023.6 FY2024.6FY2021.6 FY2022.6 FY2025.6 FY2024.6 FY2025.6FY2022.6 FY2023.6 ARPU(2)(3) JPY YoY +18.4％ YoY +11.2％ ● The number of paying customers grew by 13.9% YoY to 606,533 with the solid customer acquisition both in the Corporate segment and the Self-employed segment. ● ARPU for the Corporate segment increased by 15.4% YoY to 114,072 yen, demonstrating high growth driven by the pricing revision for freee Accounting and cross-selling initiatives in the Mid segment. ARPU for the Self-employed segment grew by 5.6% YoY to 20,652 yen due to increasing adoption of higher-tier plans for freee Accounting and the pricing revision for monthly plans. YoY +13.9% YoY +15.4％ YoY +15.8％ YoY +5.6％ FY2021.6
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8 ● The average monthly churn rate for FY2025.6 was 1.1%, continued to maintain a favorable level. ○ Churn rate for the Corporate segment improved year-on-year and landed at 0.5% despite pricing revision in FY2025.6. Churn Rate #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Overall Corporates Cross-selling Impact on Churn Mitigation Track records show churn rate decreased(2) to c.¼ due to cross-selling. Further improvement of the integrated experience with an increase in the number of products used is also effective in controlling Churn. 1. Average monthly churn rate (ARR of paying customers who left freee in a month / ARR at the end of the previous month) for the past 12 months. All customer segments are included in this calculation. 2. Churn decrease effect for customers in the Corporates segment who have used multiple products and/or higher-tier plans which consists of multiple chargeable modules. Togo Flow stress-free orgnization management with freedom most effective operation LTM Average Churn Rate(1) FY2021.6 FY2022.6FY2019.6 FY2020.6 FY2025.6FY2023.6 FY2024.6
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9 Revenue #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ ● Revenue for FY2025.6 increased by 30.8% YoY to JPY 33,270MM, achieving the earnings guidance of JPY 33,060MM and 30% YoY growth. FY2023.6 FY2024.6 FY2025.6 Revenue(1) (Quarterly) JPY MM FY2023.6 Q1 Q3 Q4Q2 FY2024.6 Q1 Q3 Q4Q2 FY2025.6 Q1 Q3 Q4Q2 YoY +30.8％ YoY +34.4％ Revenue (1) (Yearly) JPY MM 1. Mikatus Inc. is consolidated from FY2023.6, sweeep Inc. is consolidated from Q3 of FY2023.6, Why, Inc. is consolidated from Q1 of FY2024.6, pasture is consolidated from Q2 of FY2024.6, Apollo Inc. is consolidated from Q2 of FY2025.6, and YUI Inc. is consolidated from Q3 of FY2025.6.
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10 Gross Profit #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ ● Gross profit for FY2025.6 was JPY 27,361MM, and gross profit margin was 82.2%. 83.6% 82.5% 82.2% FY2023.6 FY2024.6 FY2025.6 Gross Profit MarginGross Profit(1) (Yearly) JPY MM Gross Profit(1) (Quarterly) JPY MM FY2023.6 Q1 Q3 Q4Q2 FY2024.6 Q1 Q3 Q4Q2 FY2025.6 Q1 Q3 Q4Q2 83.4% 84.5% 83.0% 83.5% 82.5% 82.3% 82.1% 83.3% 82.7% 82.9% 82.7% 80.9% 1. Mikatus Inc. is consolidated from FY2023.6, sweeep Inc. is consolidated from Q3 of FY2023.6, Why, Inc. is consolidated from Q1 of FY2024.6, pasture is consolidated from Q2 of FY2024.6, Apollo Inc. is consolidated from Q2 of FY2025.6, and YUI Inc. is consolidated from Q3 of FY2025.6.
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11 FY2023.6 FY2024.6 FY2025.6 FY2023.6 Q1 Q3 Q4Q2 FY2024.6 Q1 Q3 Q4Q2 FY2025.6 Q1 Q3 Q4Q2 ▲29.7%▲37.4% ▲24.6% ▲28.6% ▲36.9% ▲55.3% ▲40.0% ▲33.5% ▲29.6% 6.5% ▲17.9% 12.4% 7.7% ▲2.5% 5.7% Adjusted Operating Profit #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ ● Adjusted operating profit for FY2025.6 was JPY 1,885MM, within the earnings guidance range of JPY 1,800-2,500MM. ○ Q4 adjusted operating profit was negative JPY 230MM due to the strategic S&M investments for the future growth in FY2026.6 and beyond, and the execution of remaining Q3 budget. 1. Adjusted operating profit (the sum of the operating profit, stock-based compensation expenses, expenses for amortization of acquisition-related intangible assets, and one-time cost). Breakdown of adjustment items is provided later. 2. Mikatus Inc. is consolidated from FY2023.6, sweeep Inc. is consolidated from Q3 of FY2023.6, Why, Inc. is consolidated from Q1 of FY2024.6, pasture is consolidated from Q2 of FY2024.6, Apollo Inc. is consolidated from Q2 of FY2025.6, and YUI Inc. is consolidated from Q3 of FY2025.6. Adjusted Operating Profit(1)(2) (Yearly) JPY MM Adjusted Operating Profit(1)(2) (Quarterly) JPY MM Adjusted Operating Profit Margin
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12 FY2023.6 FY2024.6 FY2025.6 Breakdown of SG&A (% of Revenue) #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ 1. Research and Development. Total of labor costs of engineers involved in research and development and other research and development-related expenses, as well as allocated common expenses, etc. 2. Sales and Marketing. Total of advertising expenses for sales promotions, labor costs of sales personnel and other sales and marketing-related expense, as well as allocated common expenses, etc. 3. General and Administrative. Total of labor costs of corporate departments and other general and administrative expenses, as well as allocated common expenses, etc. 4. Breakdown of adjustment items is provided later. Resume capitalizing software assets Enhancing acquisition productivity ● SG&A % of revenue for FY2025.6 was in line with the planning. The number of the employees was 1,901 at the end of fiscal year. ● S&M ratio improved due to the enhanced sales productivity leveraging AI technologies and training sales reps. ● R&D ratio improved due to the impact of software capitalization resumed in FY2025.6. We will continuously invest in R&D to promote product improvements and new feature development to further enhance the integrated experience. Adjusted G&A(3)(4)R&D(1) S&M(2) FY2023.6 FY2024.6 FY2025.6 FY2023.6 FY2024.6 FY2025.6
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13 FY2025.6 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ 1. Adjusted Free Cash Flow Definition: Starting with common free cash flow (cash flows from operating activities + cash flows from investing activities), we make two adjustments to better reflect our actual business performance: excluding fluctuations of advances paid incurred in the credit card business in operating cash flow and M&A-related payments and proceeds from investing cash flow. FY2024.6 Adjusted Free Cash Flow for FY2025.6 Achieved Profitability Half-Yearly Adjusted Free Cash Flow JPY MM ● For FY2025.6, adjusted free cash flow(1) reached JPY 1,381MM with a margin of 4.2%. ● The achievement of positive FCF enabled us to establish a cycle of reinvesting business-generated cash into investments for mid to long-term growth. Accumulation of Unearned Revenue Factors Affecting Adjusted FCF H1 Adj. FCF decreases due to the cash outflow for IT tool-related prepaid expenses. Adj. FCF increases due to cash inflow from the accumulation of unearned revenue. Seasonal Factors Other Factors Resumption of capitalizing software assets from FY2025.6 increases investment cash outflow. H2 Adjusted Free Cash Flow
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14 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Strategic Targets for Mid to Long-term Growth Strategy 1. Net Revenue Retention Rate is calculated by dividing the revenue in the particular period for customers who were customers in the same period of the previous fiscal year by the revenue in the same period of the previous fiscal year. Incremental revenue from accounting firms includes the revenue from the increased revenue by their end users. 2. Adjusted operating profit (the sum of the operating profit, stock-based compensation expenses, expenses for amortization of acquisition-related intangible assets, and one-time cost). Research & Develop- ment Sales & Marketing Cross-selling/Up-selling Leveraged by Solid Customer Base Net Revenue Retention Rate(1) for Corporates for FY27.6 110%+ Expanding and Solidifying Our Customer Base Strategic Targets Revenue for FY27.6 JPY50Bn+ Adj.Operating Profit Margin(2) for FY25.6 0% Corporates Number of Paying Customers at the end of FY25.6 250K+ M&A Investing in Future Cross-selling/ Up-selling Opportunities FY2018.6 FY2025.6 Financial Outlook Performance againstTargets for FY2025.6 1 Corporates Number of Paying Customers 1 2 2 Adj.Operating Profit Margin In-house Development ● At the end of FY2025.6, the number reached 234,072, falling short of the initial target of 250k. ● Driven by accelerated customer acquisition through accounting firms, we significantly expanded our customer base, increasing by more than 100k in three years from the announcement of the target. ● We achieved profitability with 5.7%.
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15 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ ● For FY2026.6, we expect revenue to grow by 23.0 to 25.0% YoY, driven by consistent growth in both new customer acquisitions and revenue from existing customers. ● We expect the adjusted operating profit(1) margin and adjusted free cash flow(2) margin to remain at the same level as the previous fiscal year or improve to 6% and 3-6% respectively, as we continue to work on productivity improvements while making investments aimed at medium to long-term sustained growth. Earnings Guidance for FY2026.6 1. Adjusted operating profit (the sum of the operating profit, stock-based compensation expenses, expenses for amortization of acquisition-related intangible assets, and one-time cost). 2. Adjusted Free Cash Flow Definition: Starting with common free cash flow (cash flows from operating activities + cash flows from investing activities), we make two adjustments to better reflect our actual business performance: excluding fluctuations of advances paid incurred in the credit card business in operating cash flow and M&A-related payments and proceeds from investing cash flow. JPY MM FY2025.6 FY2026.6 Actual Guidance YoY Change Revenue 33,270 40,930 41,590 7,660 8,320 YoY Growth 30.8% 23.0% 25.0% ▲7.8pts ▲5.8pts Adjusted Operating Profit 1,885 2,460 2,500 575 615 Adjusted Operating Profit Margin 5.7% 6.0% 0.3pts Adjusted Free Cash Flow 1,381 1,230 2,500 ▲151 1,119 Adjusted Free Cash Flow Margin 4.2% 3.0% 6.0% ▲1.2pts 1.8pts ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
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16 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Cross-selling in Mid Segment Drives Revenue Growth Through ARPU Increase Phase of Each Business Segment and ARR Growth Outlook Self-employed Small （1-19EE(1)） Mid （20-1,000EE(1)） ● Established strong market position and brand recognition as cloud accounting software vendor. ● Enhance profitability foundation through increased adoption of higher-tier plans and annual subscriptions. ● Established strong position in customer acquisition through direct channel. ● Strengthen accounting firm partnership to further drive customer growth. ● Strengthening existing customer LTV through cross-selling, user ID growth and transaction volume. ● Drive new customer acquisition by continuing investments in sales organization and marketing. Investing Phase Establishing Position Established Position 1. EE: Employee. 2. Subscription based ARR + Transaction ARR: A metric that converts usage-based and fee-based revenue into an annual recurring revenue equivalent (final month's revenue × 12 • Revenue). ● Investments for growth in Corporate segment will be continued to build strong position and ensure profitability in both Small and Mid Corporate segments, supported by brand recognition established in Self-employed segment. 25%+ 20%+ 10% FY26 ARR(2) Growth Rate Outlook
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17 ● We will make strategic investments focused on key areas of R&D and S&M in FY2026.6 to drive mid to long-term growth, while continuing to improve cost efficiency through AI implementation. ● Expected headcount to be around 2,100 employees. Driving Growth through Core Business Investment and Cost Optimization COGS Mitigate the incremental impact of rising depreciation costs through optimization of customer support expenses via AI-powered chat systems and rationalization of IT infrastructure costs. 17-22% R&D 14-17% Driving product enhancements to meet industry-specific needs, along with introducing new tools for AI-assisted coding. S&M 48-51% Expanding the sales team to strengthen partnerships with accounting firms and others, while leveraging AI to accelerate ramp-up and enhance overall efficiency. Adj. G&A 9-10% Enhancing internal communication efficiency through AI utilization to mitigate cost increases associated with office expansion due to headcount growth. #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ 1. Ranges of each item ratio to revenue are expectations as of the date of disclosure of this material. These figures are dependent on future revenue growth, progress in Investment, and other various risks or uncertainties, and actual results may differ. FY2026.6 Expense-to-Revenue Ratio Outlook(1)
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18 Update on Mid to Long-Term Financial Outlook
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19 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Sustaining High Growth and Improving Margins to Achieve Rule of 40 in FY2028.6 1. Adjusted Free Cash Flow Definition: Starting with common free cash flow (cash flows from operating activities + cash flows from investing activities), we make two adjustments to better reflect our actual business performance: excluding fluctuations of advances paid incurred in the credit card business in operating cash flow and M&A-related payments and proceeds from investing cash flow. 2. Net Revenue Retention Rate is calculated by dividing the revenue in the particular period for customers who were customers in the same period of the previous fiscal year by the revenue in the same period of the previous fiscal year. Incremental revenue from accounting firms includes the revenue from the increased revenue by their end users. Adj. FCF Margin 15%+ (FY28) Revenue Growth Rate 20%+ (FY28) Rule of 40 Achievement Roadmap (Illustrative) Revenue Growth Rate + Adj. FCF Margin 40%+ (FY 2028.6) ● During the three-year period starting FY2026.6, we will continue to drive strong top-line growth through strategic initiatives, while steadily improving our adjusted free cash flow to build capacity for the future investments, targeting to achieve the Rule of 40 by FY2028.6. Adj. FCF MarginRevenue Corporate NRR(2) 110%+ (FY2027.6) JPY33.2Bn Financial Target YoY20~23% JPY50Bn+ YoY23~25% JPY40.9~41.5Bn
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20 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Business Model Enabling 40%+ Adjusted Operating Margin in Long-term 1. Breakdown of adjustment items is provided later. 2. Figures for each fiscal year after FY2022.6 are for Platform business only, excluding Shikaku Square sold on December 1, 2021. 3. Research and Development. Total of labor costs of engineers involved in research and development and other research and development-related expenses, as well as allocated common expenses, etc. 4. Sales and Marketing. Total of advertising expenses for sales promotions, labor costs of sales personnel and other sales and marketing-related expense, as well as allocated common expenses, etc. 5. General and Administrative. Total of labor costs of corporate departments and other general and administrative expenses, as well as allocated common expenses, etc. FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY30 Gross Margin 78.2% 77.4% 79.5% 80.7% 83.6% 82.5% 82.2% 75%-80% adj. R&D(1)(2)(3) % of Revenue 35.9% 28.4% 25.6% 25.8% 35.7% 32.8% 14.2% 8%-13% adj. S&M(1)(2)(4) % of Revenue 78.3% 66.8% 58.8% 53.9% 69.4% 66.7% 53.3% 30%-35% adj. G&A(1)(2)(5) % of Revenue 22.8% 19.7% 17.5% 17.7% 15.9% 12.8% 9.0% 5%-10% adj. OP Margin % of Revenue -58.9% -37.5% -22.4% -16.8% -37.4% -29.7% 5.7% 20-30% adj. OP Margin % of Revenue 40%+ Long Term Mid-to Long-term Financial Model
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21 Mid-to-Long-term Strategy
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Mission With the mission of empowering small businesses to take center stage, we strive to develop and offer innovative solutions with the aim of creating a platform that empowers anyone with ideas, passion and skills to easily grow a robust and streamlined business. We believe that small businesses have the ability to act quickly and boldly to put ideas into action, positioning them to achieve innovation in various areas, push big businesses to evolve and inspire new movements and ideas in society. Empower Small Businesses to Take Center Stage
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23 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Cloud Penetration in Japan’s Small Business Continues to Expand 1. Recruit Works Institutes (2025), “Job Openings-to-Applicants Ratio for University Graduates (Mar 2026 Graduates)”. For company with 300〜999 employees:1.40x,1,000~4,999 employees:1.05x, above 5,000employees:0.34x. EE: Employee. 2. Small and Medium Enterprise Agency (2025). "2025 White Paper on Small and Medium Enterprises in Japan". 3. Compiled from the number of newly assigned corporate numbers each year, based on data from the National Tax Agency Corporate Publication Site. Growing demand due to labor shortage Generational succession accelerating cloud shift Increase in new company incorporations ● Labor shortage in small businesses are about 10x more severe than in large companies. Accounting firms also face growing shortages. ● Raising wages is becoming essential for securing and retaining talent. ● Rising demand for cloud software that supports efficiency gains and wage funding. ● Business succession and generational transition are increasing. ● Share of business owners in their 50s and below, a cloud-ready generation, is increasing. ● Growing need for management visibility during business succession. ● Newly established companies prioritize cloud software as their preferred choice. ● Despite a declining labor force, the number of new company incorporations continues to increase. Job Openings-to-Applicants Ratio (Mar 2026 University Graduates)(1) New Company Incorporation Trends(3) C.9.0X 140,439 Co. (2024) 104,355 Co. (2016) Age Distribution of Business Owner(%)(2) 2024 2015 The largest age group of business owners is in their 50s. c.0.9X 20s 30s 40s 50s 60s 70s 80s+Fewer than 300EE 300EE+
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24 Our Services for 6.6 Million Potential Customers and over 70% of Total Employees Small business accounts for more than 70% out of the 57 million employees in Japanfreee’s target segment Self-employed Small （1-19EE(1)） Mid （20-1,000EE(1)） c. 0.3MM c. 1.8MM c. 4.5MM Large Enterprise （1,000EE+(1)） # of potential customers(2) 1. EE: Employee. 2. Number of potential customers and workers of Self-employed: Company’s estimate based on National Tax Agency “Tax Statistics 2022” ; Number of potential customers and workers of Small and Mid: Company’s estimate based on Ministry of Internal Affairs and Communications “2021 Economic Census for Business Activity”. 3. Ministry of Internal Affairs and Communications “2021 Economic Census for Business Activity”. 4. We define "Small Business" as our target segment, which comprises Self-employed, Mid corporates, and Small corporates segments. Target Segment(4) Corporates with fewer than 300 employees 57% Corporates with and more than 1,000 employees 29% 71% Ratio of total employees by company size(3) Small Business
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25 Delivering integrated experience that drives meaningful business impact Expanding scope of automation and management support value through AI Accelerating network effects through exponential growth in user transactions Unlocking potential in SaaS-adjacent services: Financial and Employee Solutions Building strong ecosystem with accounting firms and partners Our Goal: “De Facto Standard for Small Business”
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26 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Path to Establishing De Facto Standard Position ● Strategic investments will drive freee product penetration rate to 30% in the Corporate segment in mid-term, with a longer-term goal of establishing it as the de facto standard in small business market. ● Leverage network effects from higher penetration to accelerate both new and existing customer acquisition and enhance profitability. # of Potential Customers(1) C.10% (C.230K Co.) FY 2025.6 c.30% (c. 600K Co.) Mid Term 50%+ Long Term freee Product Penetration Rate (Corporates Segment) Strategic Aspiration Target Segment (# of Employee) Among Software Users c. 15%(2) 1. Number of potential customers and workers of Self-employed: Company’s estimate based on National Tax Agency “Tax Statistics 2022” ; Number of potential customers and workers of Small and Mid: Company’s estimate based on Ministry of Internal Affairs and Communications “2021 Economic Census for Business Activity”. 2. Estimates based on our April 2025 survey on financial accounting and HR operations targeting companies with 1,000 or fewer employees. Software usage rate in the survey was approximately 70-80%. When penetration rate is calculated using only software-using companies as the base, it reaches approximately 15%. Self-employed Small （1-19） Mid （20-1,000） c. 0.3MM c. 1.8MM c. 4.5MM
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27 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Key to Develop Small Business Market is Meeting Needs for Cross-functional Streamlining and Maximizing Profitability Enterprise Market Small Business Market ● High unit prices. ● Needs for module-based products are high: business process is subdivided and the importance of sub-optimization of business processes is significant. ● Complicated requirements. ERP Software Market Characteristics ● Increasing numbers of vendors enter into the enterprise market by module-based product in pursuit of short-term profits. ● Ensuring profitability by integrated products is the key in the small business market. Implications for Competitive Landscape ● Low unit prices. ● Needs for integrated products are high: the overall business efficiency is highly significant with limited human resources. ● Limited learning resources.
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28 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Into Phase of Expanding Customer Base and Improving Productivity through Cross-Selling Driven by Integrated Value Togo flow Work flow Data flow Communi -cation flow Accoun- ting HR Con- tract Order Mgmt. Work- load Mgmt. Reser- vation Expense Mgmt. Employee Healthcare Tax Filling Competitive Advantage as an Integrated Management Platform “A flywheel” Driving Customer Base Growth and Productivity Gains Deliver seamless integration across accounting, HR, and other core business functions, driving organizational efficiency and cross-functional optimization Growing Customer Lifetime Value via Cross-Selling Continuing Investment in Customer Acquisition & Product Expansion Expanding Customer Base (Network Effect)
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29 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Drivers for Achieving the Rule of 40 in FY2028.6 1 Driving Customer Base Expansion Through Industry-Focused Solutions in Core Businesses 2 Increasing Revenue Contribution from New Businesses with High Growth Potential 3 Aiming to Become the De Facto Standard Infrastructure for Accounting Firms 4 Advancing AI Integration to Strengthen Product Value and Increase Operational Productivity
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30 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Drivers for Achieving Rule of 40 in FY2028.6： ①Driving Customer Base Expansion Through Industry-Focused Solutions in Core Businesses IT Adverti- sing Media HRConsul- ting Medical Welfare Manuf- acture Logistics Constr- uction Food Beverage Retail Whole- sale Customer Base ● Accelerating industry-specific product adaptations in core business areas such as freee Accounting and freee HR, and expand PMF(1) coverage. Deliver integrated value to small businesses across diverse industries to further grow the customer base. 1. Product-Market Fit (PMF) refers to the state where a product or service precisely meets market needs and gains strong customer acceptance. Expand Customer Base by Delivering Integrated Value to More Small BusinessesAccelerate Industry-Specific Needs Response and Expand PMF(1) Scope Accounting HR ● Launched “Spend Management Petty Cash” last September, using AI to generate cash book entries from smartphone receipt scanning. Transaction data from branch stores synchronizes with the freee Accounting system and linked to the corporate office. ● Plan to enhance fixed asset ledger and comply with new lease accounting standards by March 2026. ● Released “freee HR AI Shift Management” in October last year, enabling AI-powered shift scheduling.● Added automatic night shift scheduling feature for two-shift systems in December last year. Medical Welfare F&B Manuf-acture Retail F&B Logistics Manuf-acture Medical Const-ruction
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31 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ ● Strengthening the revenue foundation for sustainable growth by increasing contributions from rapidly growing new businesses such as freee Order Management and the credit card business. ● Financial service lineup is being expanded through M&A. We will continue to pursue strategic M&A opportunities in various business fields to deliver comprehensive solutions for small businesses. Announced the group joining of GMO creators network, Inc., which provides FREENANCE, financial support services such as same-day payment factoring Drivers for Achieving Rule of 40 in FY2028.6： ②Increasing Revenue Contribution from New Businesses with High Growth Potential 1. Comparing FY2025.6 and FY2024.6, 'freee Card Unlimited' in Transaction ARR, 'freee Order Management,' 'freee Employee Benefits,' 'freee HR Employment Contract,' 'freee Employee Healthcare' in ARR, and Outsource in combined ARR/Transaction ARR achieved over 2x YoY growth. Rapidly Expanding New Businesses with High Growth Rate Strategic M&A to Enhance Financial Service Lineup New Products and Services Growing Rapidly at More Than 2x YoY(1) freee Card Unlimited freee Order Management Outsource (HR・AC) freee Employement Contract freee Employee Benefits freee Employee Healthcare
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32 Overtime Reduction 90% Less Peak-Season Hours with Fast-Track Monthly Closing of Client Accounts #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ ● Leveraging our industry's only(1) cloud platform to provide end-to-end online solutions from bookkeeping, tax filing and business management support, we will promote further expansion of partnerships by providing essential infrastructure for accounting firms and their clients. Example of Ito Tax Account Office 1. As the cloud native software serving accounting firms and tax accounting offices as of August 13, 2025. (freee research) Value Proposition for Accounting Firms Example of Arai Tax Account Office Drivers for Achieving Rule of 40 in FY2028.6： ③Aiming to Become the De Facto Standard Infrastructure for Accounting Firms Providing Essential Infrastructure for Accounting Firms and Their Clients Strategic M&A to Enhance Financial Service Lineup ● Automatic receipt scanning with smartphone ● Customizing automated journal entry rules ● Timely communication through comment function Real-time Visualization and Analysis of Business Management ● Drill-down analysis enabled by linking transactions with receipts ● Customizable tagging function for multi-dimensional data analysis ● AI Quick Analysis that visualizes and analyzes profit and loss trends Accounting Firms Document collection Book- keepng Checking Financial Reporting Tax Filing Management Support Clients Uploading Document・Issuing Invoice・Expense Reimbursement Cloud platform that provides end-to-end online solutions from bookkeeping, tax filing and business management support Automation and Streamlining of Operations Integration between accounting and tax filing Automated Data Transfer and Tax Journal Entries Revenue Growth 1.5x in Three Years along with Expansion of freee Users Expanding Partnership Accounting firms participating in the advisory program C.5,000Co. (at the end of June 2025) Industry’s Only
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33 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ ● We aim to enhance product value by expanding operational automation capabilities and enabling high-precision management insights, ultimately driving customer business growth. ● Improving operational efficiency: Accelerating company-wide AI adoption to drive continuous productivity gains. ● “AI Year-end Tax Adjustment” feature will be available for freee HR users’ starting from this fiscal year. ● Outsourcing service utilizing “AI Year-end Tax Adjustment” has been launched in this August, priced at JPY 500 per employee, aiming for rapid adoption among small businesses. AI Agents 「freee AI (β)」 AI year-end tax adjustment AI Chat Invoicing Expense Management AI Quick Guide AI Time Tracking Checker AI Workload Manager AI Year-end Tax Adjustment Accelerate Practical Implementation of New AI Features and Services to Enhance Product Value Sustain Productivity Improvement through AI Utilization in Internal Operations ● Promote usage and improve accuracy of AI chat support to further optimize customer support costs.COGS ● Utilize AI tool to reduce non-sales work hours and eliminate knowledge silos such as sales expertise. Awarded the “AI Transformation Award” at Forbes JAPAN NEW SALES OF THE YEAR 2025. ● Support early ramp-up of the expanding sales workforce. S&M ● Deploy AI coding across company to enhance development productivity.R&D Expediting the release of AI features to deliver innovative customer experiences ● Automate internal inquiry responses with AI chatbot.G&A Drivers for Achieving Rule of 40 in FY2028.6： ④Advancing AI Integration to Strengthen Product Value and Increase Operational Productivity
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34 Appendix 1 - Financial Data -
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35 ARR/Number of Paying Customers/ARPU #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ 1. ARR: Annual Recurring Revenue. Monthly Recurring Revenue for last month of relevant period, multiplied by 12. Monthly Recurring Revenue is defined as the amount of fees contracted to be paid by customers on a monthly basis as of the end of a particular month (excludes one-time fees). 2. Number of paying customers: Refers to both Self-employed individuals and corporations that use our services. 3. Average Revenue Per User. Annual Recurring Revenue as of the end of the relevant period divided by the number of paying customers as of the end of the same period. FY2023.6 FY2024.6 FY2025.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ARR(1) JPY MM 16,475 17,629 19,983 20,579 21,822 23,253 25,776 26,087 27,962 30,015 33,250 34,393 Self-employed 4,440 4,800 6,082 5,567 5,595 5,728 7,182 6,551 6,560 6,934 8,589 7,692 Corporates 12,034 12,829 13,900 15,011 16,227 17,525 18,594 19,536 21,402 23,081 24,661 26,701 Number of Paying Customers(2) Customers 386,655 399,420 464,157 451,088 458,196 472,375 543,370 532,637 547,145 564,828 624,538 606,533 Self-employed 250,632 257,139 313,978 291,713 291,243 296,083 357,834 334,936 339,307 348,471 400,948 372,461 Corporates 136,023 142,281 150,179 159,375 166,953 176,292 185,536 197,701 207,838 216,357 223,590 234,072 ARPU(3) JPY 42,611 44,138 43,052 45,622 47,626 49,226 47,437 48,977 51,105 53,140 53,239 56,704 Self-employed 17,719 18,668 19,371 19,085 19,211 19,346 20,071 19,559 19,334 19,898 21,422 20,652 Corporates 88,477 90,169 92,563 94,192 97,195 99,409 100,218 98,816 102,974 106,680 110,296 114,072
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36 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Expansion of Mid Segment Customer Base FY2023.6 Oct. 2023 the Invoice System Implemented Mid Segment Growth in the Post-Invoice System Demand ARR Trends in the Mid Segment JPY MM ● ARR in the Mid segment continues to grow steadily even after the post-Invoice System demand normalization. It expanded by +28.1% YoY in Q4, showing accelerated growth rate from the previous quarter through new customer acquisitions cross-sell initiatives. FY2024.6 FY2025.6 YoY +28.1％
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37 Consolidated Income Statement for Platform Business #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ JPY MM Platform Business(1) 1. Figures represent the Group’s overall business, excluding Shikaku Square sold on December 1, 2021. 2. Research and Development. Total of labor costs of engineers involved in research and development and other research and development-related expenses. 3. Sales and Marketing. Total of advertising expenses for sales promotions, labor costs of sales personnel and other sales and marketing-related expenses. 4. General and Administrative. Total of labor costs of corporate departments and other general and administrative expenses. FY2022.6 FY2023.6 FY2024.6 FY2025.6 Revenue 13,987 19,219 25,430 33,270 YoY Growth 36.4% 37.4% 32.3% 30.8% Cost of Revenue 2,701 3,153 4,439 5,909 % of Revenue 19.3% 16.4% 17.5% 17.8% Gross Profit 11,285 16,066 20,991 27,361 Gross Profit Margin 80.7% 83.6% 82.5% 82.2% Adjusted Selling, General and Administrative Expenses 13,629 23,261 28,554 25,475 % of Revenue 97.4% 121.0% 112.3% 76.6% Adjusted R&D(2) 3,606 6,864 8,346 4,739 % of Revenue 25.8% 35.7% 32.8% 14.2% Adjusted S&M(3) 7,541 13,337 16,961 17,733 % of Revenue 53.9% 69.4% 66.7% 53.3% Adjusted G&A(4) 2,481 3,059 3,246 3,002 % of Revenue 17.7% 15.9% 12.8% 9.0% Adjusted Operating Profit -2,343 -7,195 -7,562 1,885 Adjusted Operating Profit Margin -16.8% -37.4% -29.7% 5.7%
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38 FY2023.6 FY2024.6 FY2025.6 FY2023.6 FY2024.6 FY2025.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 S&M 13,337 16,961 17,733 2,160 2,742 3,618 4,816 3,804 4,529 4,544 4,083 3,854 3,802 4,553 5,523 - ) Stock-based compensation expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - ) Expenses for amortization of acquisition-related intangible assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - ) One-time cost 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Adjusted S&M 13,337 16,961 17,733 2,160 2,742 3,618 4,816 3,804 4,529 4,544 4,083 3,854 3,802 4,553 5,523 % of Revenue 69.4% 66.7% 53.3% 51.0% 61.2% 71.0% 89.1% 66.5% 74.8% 68.3% 58.3% 52.3% 48.3% 52.9% 58.6% % of Revenue (Adjusted) 69.4% 66.7% 53.3% 51.0% 61.2% 71.0% 89.1% 66.5% 74.8% 68.3% 58.3% 52.3% 48.3% 52.9% 58.6% FY2023.6 FY2024.6 FY2025.6 FY2023.6 FY2024.6 FY2025.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 R&D 6,864 8,346 4,739 1,599 1,632 1,729 1,903 1,994 2,083 2,050 2,218 1,004 1,067 1,175 1,490 - ) Stock-based compensation expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - ) Expenses for amortization of acquisition-related intangible assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - ) One-time cost 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Adjusted R&D 6,864 8,346 4,739 1,599 1,632 1,729 1,903 1,994 2,083 2,050 2,218 1,004 1,067 1,175 1,490 % of Revenue 35.7% 32.8% 14.2% 37.7% 36.4% 33.9% 35.2% 34.9% 34.4% 30.8% 31.7% 13.6% 13.6% 13.7% 15.8% % of Revenue (Adjusted) 35.7% 32.8% 14.2% 37.7% 36.4% 33.9% 35.2% 34.9% 34.4% 30.8% 31.7% 13.6% 13.6% 13.7% 15.8% Reconciliation Table for Consolidated Income Statement for Platform Business 1. Research and Development. Total of labor costs of engineers involved in research and development and other research and development-related expenses. 2. Sales and Marketing. Total of advertising expenses for sales promotions, labor costs of sales personnel and other sales and marketing-related expenses. R&D(1) JPY MM S&M(2) JPY MM
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39 FY2023.6 FY2024.6 FY2025.6 FY2023.6 FY2024.6 FY2025.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 G&A 3,783 4,070 4,277 947 862 962 1,010 994 1,005 1,108 961 1,023 1,005 1,068 1,179 - ) Stock-based compensation expenses 670 736 972 123 165 194 187 156 181 221 176 237 236 233 264 - ) Expenses for amortization of acquisition-related intangible assets 0 0 88 0 0 0 0 0 0 0 0 0 20 33 33 - ) One-time cost 53 87 213 6 4 3 38 2 37 54 -6 29 64 76 43 Adjusted G&A 3,059 3,246 3,002 817 692 764 784 835 786 833 790 756 684 724 837 % of Revenue 19.7% 16.0% 12.9% 22.3% 19.3% 18.9% 18.7% 17.4% 16.6% 16.7% 13.7% 13.9% 12.8% 12.4% 12.5% % of Revenue (Adjusted) 15.9% 12.8% 9.0% 19.3% 15.5% 15.0% 14.5% 14.6% 13.0% 12.5% 11.3% 10.3% 8.7% 8.4% 8.9% FY2023.6 FY2024.6 FY2025.6 FY2023.6 FY2024.6 FY2025.6 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating Profit -7,919 -8,386 610 -1,171 -1,451 -2,080 -3,215 -2,074 -2,640 -2,245 -1,425 213 654 315 -572 + ) Stock-based compensation expenses 670 736 972 123 165 194 187 156 181 221 176 237 236 233 264 + ) Expenses for amortization of acquisition-related intangible assets 0 0 88 0 0 0 0 0 0 0 0 0 20 33 33 + ) One-time cost 53 87 213 6 4 3 38 2 37 54 -6 29 64 76 43 Adjusted Operating Profit -7,195 -7,562 1,885 -1,041 -1,281 -1,882 -2,989 -1,915 -2,421 -1,969 -1,255 480 976 659 -230 Operating Profit Margin -41.2% -33.0% 1.8% -27.6% -32.4% -40.8% -59.5% -36.3% -43.6% -33.8% -20.3% 2.9% 8.3% 3.7% -6.1% Adjusted Operating Profit Margin -37.4% -29.7% 5.7% -24.6% -28.6% -36.9% -55.3% -33.5% -40.0% -29.6% -17.9% 6.5% 12.4% 7.7% -2.5% Adjusted Operating Profit(2) JPY MM G&A(1) JPY MM 1. General and Administrative. Total of labor costs of corporate departments and other general and administrative expenses, as well as allocated common expenses, etc. 2. Adjusted operating profit (the sum of the operating profit, stock-based compensation expenses, expenses for amortization of acquisition-related intangible assets, and one-time cost). Reconciliation Table for Consolidated Income Statement for Platform Business
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40 #1e46aa #23418c #3264dcff #73a5ffff #ebf3ffff 文字_見出し 文字_本文 グラフ_Primary グラフ グラフ Consolidated Balance Sheet and Consolidated Cash Flow Statement FY2023.6 FY2024.6 FY2025.6 Net Cash Provided by (Used in) Operating Activities -4,753 -6,767 3,661 Net Cash Provided by (Used in) Investing Activities -1,935 -1,088 -4,601 Net Cash Provided by (Used in) Financing Activities 543 3,705 4,977 Net Increase in Cash and Cash Equivalents -6,141 -4,154 4,038 Cash and Cash Equivalents at the Beginning of Period 42,046 35,905 31,750 Cash and Cash Equivalents at the End of Period 35,905 31,750 35,789 FY2023.6 FY2024.6 FY2025.6 Total Current Assets 41,210 38,431 45,874 Cash and Deposit 36,405 31,750 35,789 Total Non-current Assets 1,576 1,521 6,720 Total Current Liabilities 14,053 21,385 31,310 Unearned Revenue 8,940 11,356 14,665 Total Non-Current Liabilities 1,673 1,614 1,621 Total Net Assets 27,059 16,952 19,663 Consolidated Balance Sheet JPY MM Consolidated Cash Flow Statement JPY MM
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41 Shareholder Structure (As of June 30, 2025) 1. Excludes freee’s executives. Based on Total Shares Outstanding Excluding Shares Held by freee Executives and Pre-IPO VC / Strategic Shareholders freee executives Foreign corporations and institutional investors Domestic corporations and institutional investors Individual investors(1) etc. Domestic corporations and institutional investors 22.1% 61.1% 8.3% 8.5% 83.1% Foreign corporations and institutional investors 11.6% Individual investors(1) etc. 5.3%
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42 Appendix 2 - Product Pricing -
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43 Pricing - freee Accounting Features(1)Plan(1) Price(1) Enterprise Advance Startar One-person Corporation Monthly Payment Annual Payment *Quoted price ●Base fee: JPY 51,980 ●ID fee(2): 1,300 ●Pay-as-you-go fee(3) ●Base fee: JPY 7,280 ●ID fee(2):400 ●Pay-as-you-go fee(3) ●Base fee: JPY 65,760 ●ID fee(2): 300 ●Pay-as-you-go fee(3) ●Base fee: JPY 477,360 ●ID fee(2): 1,000 ●Pay-as-you-go fee(3) ●Base fee: JPY 3,980 ●ID fee(2): 1,300 ●Base fee: JPY 35,760 ●ID fee(2): 1,000 *Quoted price Financial Statements Expense Management Budgeting Workflow Internal Controls Support Chat / E-mail / Dedicated Support Team Chat / E-mail / Telephone Chat / E-mail / Telephone Chat / E-mail Standard ●Base fee: JPY 11,980 ●ID fee(2): 400 ●Pay-as-you-go fee(3) ●Base fee: JPY107,760 ●ID fee(2): 300 ●Pay-as-you-go fee(3) Chat / E-mail / Telephone 1. Effective from July 1, 2024. Listed prices are excluding tax. An 1 ID is assigned to all plans for payroll calculations. Further details of fees and features are on our website at https://www.freee.co.jp/accounting/revised_plan_2024/ 2. 1 ID is included in the One-person Corporation, 3 IDs are included in the Starter and the Standard, and 5 IDs are included in the Advance with no extra cost. 3. Pay-as-you-go fee in the Starter and Standard plans includes expense reimbursement at 300 yen per person per month and the sending and receiving of invoices and other documents for 95 yen per item. Pay-as-you-go fee in the Advance and Enterprise plans includes expense reimbursement and various applications at 650 yen per person per month and the sending and receiving of invoices and other documents for 95 yen per item.
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44 Pricing - freee Accounting (for Self-employed) Premium Standard Starter *Annual payment only ● Base fee: JPY 2,980 ● ID fee: JPY 400 (Free ID for up to 3 members) ● Base fee: JPY 23,760 ● ID fee: JPY 3,600 (Free ID for up to 3 members) ● Base fee: JPY 1,780 ● ID fee: - (2) ● Base fee: JPY 11,760 ● ID fee: - (2) ● Base fee: JPY 39,800 ● ID fee: JPY 3,600 (Free ID for up to 3 members) Book- keeping Chat / E-mail (Preferential treatment)/ Telephone Chat / E-mail (Preferential treatment) Chat / E-mail Tax Return Cash Flow Reports Expense Management Support 1. As of the date of disclosure of this material. Listed prices are excluding tax. Further details of fees and features are on our website at https://www.freee.co.jp/accounting/individual/pricing/ 2. Only advisors authorized by freee may be added. Plan(1) Annual Payment Price(1) Monthly Payment Features(1)
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45 Pricing - freee HR Advanced Standard Starter Minimum Plan(1) 1. As of the date of disclosure of this material. Listed prices are excluding tax. Further details of fees and features are on our website at https://www.freee.co.jp/hr/pricing/ 2. Available from the first 5 IDs. For monthly payment, the fee of the first 5 IDs is 1.3 times of the above rate. 3. Includes the workflow function for managers to approve employee requests for address changes, commuting requests, and other employee-related requests. Chat / E-mail / Telephone Chat / E-mail Chat / E-mail Chat / E-mail ● ID fee: JPY 1,100(2) ● ID fee: JPY 600(2) ● ID fee: JPY 400(2) ● ID fee: JPY 800(2) Price(1) Per Month Payroll HR Procedures Attendance Management Advanced Employee Management (3) Support Features(1)
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46 Pricing - freee Sign Enterprise Advance Standard ● Base fee: JPY 357,600 ● ID fee: JPY 1,000 per month (Free ID for up to 10 IDs) *Quoted price *Quoted price JPY 200 per contract JPY 200 per contract JPY 200 per contract Unlimited Starter ● Base fee: JPY 71,760 ● ID fee: 3,000 per month (Free ID for up to 1 ID(2)) JPY 200 per contract Unlimited Unlimited Unlimited Unlimited Unlimited Unlimited 1. As of the date of disclosure of this material. Listed prices are excluding tax. Further details of fees and features as well as plans for self-employed are on freee Sign’s website. Plans for corporates: https://www.freee.co.jp/sign/pricing/ Plans for self-employed: https://www.freee.co.jp/sign/individual/pricing/ 2. Also available with monthly payment. Certified Electronic Signature Price(1) Annual Payment (2) No. of Templates Registered No. of Contracts Transmitted Workflow API Features(1)Plan(1) JPY 100 per contract (Free for up to 1,000 contract per month) Electronic Signature JPY 100 per contract (Free for up to 300 contract per month) JPY 100 per contract (Free for up to 100 contract per month) JPY 100 per contract (Free for up to 50 contract per month) Unlimited
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47 freee A/R & A/P Management (1) Pricing - Other Services Annually Base fee : JPY 357,600 per annum freee Order Management(1)(2) Monthly Annually freee Expense Management Plus(1) Base fee : JPY 10,000 per month (ID fee: 650 per month)Monthly freee Time Tracking Plus (1) ID fee : JPY 300 per monthMonthly ID fee : JPY 600 per month (Free ID for up to 1 member) Base fee : JPY 3,580 per month ID fee : JPY 500 per month (Free ID for up to 1 member) Base fee : JPY 2,980 per month freee Contractor Management(1) Base fee : JPY 32,000 per monthMonthly 1. As of the date of disclosure of this material. Listed prices are excluding tax. Further details of fees and features are on our website. 2. freee Order Management has two plans. This material features the starter plan. The standard plan is available at a quoted price upon inquiry.
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48 Disclaimer This document has been prepared solely for the purpose of disclosing relevant information regarding freee K.K. (referred to herein as the "Company", "we" or "us") and, depending on the context, its consolidated subsidiary. This document does not constitute an offer to sell or the solicitation of an offer to buy any security in the United States, Japan or any other jurisdiction. This presentation material includes forward-looking statements that express expectations of future results. These forward-looking statements include, but are not limited to, expressions such as “believe”, “anticipate”, “plan”, “develop a strategy”, “expect”, “project”, “forecast” or “have the potential” and other similar expressions that explain our future business activities, results, events and circumstances. Forward-looking statements are based on the intentions of our management based on the information that is available to them at the time of such statements. Therefore, these forward-looking statements are dependent on various risks and uncertainties, and actual results may significantly differ from the results expressed or implied in the forward-looking statements. Accordingly, you should not place undue reliance on the forward-looking statements. We are not under any obligation to change or correct the forward-looking statements according to new information, future events or other discoveries. Any information pertaining to companies other than us or that was derived from any third party source identified in this presentation material is cited from publicly-available information. We have not independently verified the accuracy or appropriateness of such information and are not able to guarantee the accuracy of such information.