Third-Quarter Financial Results Briefing Materials for the Fiscal Year Ending December 2026 | rakumo Inc. (4060) timely disclosure

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Direction

Improvement

Direction inferred from the company’s description.

Scale

1695

¥ million (revenue, up 29.5% year on year)

Wording

Conditional

How definitive the wording is.

Contents of this document

Earnings presentation materialsThird quarter of the fiscal year ending December 202611 items taken from the company’s own explanation

Financial Results Figures (The key points of this material are explained below)

Net Sales¥1,695 million+29.5%

Operating profit¥444 million+39.8%

Ordinary income¥436 million+38.8%

Net income¥255 million+31.4%

Selling, general and administrative expenses¥752 million

Gross Profit Margin70.6%, up 0.3 percentage points year on year (cost of sales ratio: 29.4%, down 0.3 percentage points)

Operating profit margin26.2%, up 1.9 percentage points year on year

Results for the three months of the current quarterRevenue: ¥599 million; rakumo service revenue: ¥415 million; operating profit: ¥126 million; adjusted EBITA: ¥183 million (as shown in the graph)

Full-year earnings forecast

Net Sales

¥2,330 million

rakumo services revenue

¥1,657 million

Other services revenue

¥673 million

Cost of sales

¥674 million

Selling, general and administrative expenses

¥1,104 million

Adjusted EBITA

¥770 million

Operating profit

¥550 million

Ordinary income

¥540 million

Net income

¥318 million

Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。

Net Sales72.8%

rakumo services revenue75.6%

Other services revenue65.7%

Cost of sales73.9%

Selling, general and administrative expenses68.1%

Adjusted EBITA79.0%

Operating profit80.9%

Ordinary income80.9%

Net income80.4%

MRR increase from price revisions91.1% of the full-year plan

What the company explained in this material

Self-assessment against the planThe company's self-assessment against its own plan.

Progressing smoothly at a pace above plan

Key points of the Q&AKey questions raised by investors at the briefing and the company's answers

Reasons for the high progress rate for operating profit and fourth-quarter investments: lower personnel expenses, restrained recruitment costs, receivables collection, and the timing shift in promotional expenses contributed, while investments in securing the future pipeline and other areas will also be made in the fourth quarter.
Why net income grew less than operating profit: the tax burden ratio increased due to higher amortization of goodwill and shareholder benefit expenses.
Why adjusted net income and adjusted EPS are disclosed: to adjust for M&A-related expenses and other items and show EPS based on recurring earnings.
Reason for the increase in sales per license: the effect of price revisions. Details from the fourth quarter onward are being withheld.
Reasons for the increase in the number of paid licenses: local government initiatives, a high renewal rate, cross-selling, and upselling.
Reason for changing from the number of UUs to the number of paid licenses: to make it a KPI directly linked to license revenue.

Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.

Production costs
Change in amount65
Server costs for Google
Change in amount47
Personnel expenses (cost of sales)
Change in amount33
Labor costs (cost of sales)
Change in amount32
Software depreciation (cost of sales)
Change in amount22
Amount transferred to other accounts (cost of sales)
Change in amount23
SG&A personnel expenses
Change in amount74
Amortization of goodwill and other items
Change in amount71
Shareholder benefit expenses
Change in amount13
MRR increase from price revisions versus plan
Change in amount4

New initiatives

Launch of rakumo Workflow for Microsoft 365
Launch of the rakumo Basic Pack for Microsoft 365
Launch of rakumo Agent for rakumo Workflow
Enhanced security for the rakumo series
Sales collaboration with AvePoint Japan
Implement price revisions
Development and expansion of agent features using Google's AI technology

Key KPIsA metric the company considers important as a management benchmark.

ARR¥21.7 100 million
Year on year against the same period last year+20.1%
ARPU¥836 thousand
Year on year against the same period last year+17.1%
Paid licenses130 10,000 IDs
Year on year against the same period last year+5.2%
License revenue¥16.7 100 million
Year on year against the same period last year+30.2%
Adjusted EBITA¥6.1 100 million
Year on year against the same period last year+43.0%
Operating income¥4.4 100 million
Year on year against the same period last year+39.8%
Number of clients2,601 companies
Churn rate0.7 %
Cumulative number of licenses for local governments11.8 10,000 IDs

Unit price and quantity metricsThese figures show sales broken down by price and volume.

Paid licenses130 10,000 IDs
Year on year against the same period last year+5.2%
Number of clients2,601 companies
Sales per license (net ARR)¥1,400
Year on year against the same period last year+19.9%
Sales per company (net ARR)¥701,720
Year on year against the same period last year+25.6%
ARPU¥836 thousand
Year on year against the same period last year+17.1%

Segment results

rakumo Services
Net Sales1,253
Other Services
Net Sales442

Medium-term management plan targets

Reference was made to a share price target of ¥2,000. Other medium-term management plan targets and target years: Not disclosed

Market Size / Share

Japan's groupware market: ¥636.5 billion in fiscal 2025 and ¥740.1 billion in fiscal 2028. Google and Microsoft together hold a 93% market share.

Orders received and order backlog

Multiple large projects for local governments were ordered or provisionally awarded. Amount: Not disclosed

Number of employees

Approximately 130 employees (as of the end of December 2025, consolidated)

Contents of this document
Item	Details
Document type	Earnings presentation materials
Fiscal Period Covered	Third quarter of the fiscal year ending December 2026
Net Sales	¥1,695 million (YoY +29.5%)
Operating profit	¥444 million (YoY +39.8%)
Ordinary income	¥436 million (YoY +38.8%)
Net income	¥255 million (YoY +31.4%)
Gross Profit Margin	70.6%, up 0.3 percentage points year on year (cost of sales ratio: 29.4%, down 0.3 percentage points)
Operating profit margin	26.2%, up 1.9 percentage points year on year
Selling, general and administrative expenses	¥752 million
Results for the three months of the current quarter	Revenue: ¥599 million; rakumo service revenue: ¥415 million; operating profit: ¥126 million; adjusted EBITA: ¥183 million (as shown in the graph)
Full-year earnings forecast	Net Sales ¥2,330 million / rakumo services revenue ¥1,657 million / Other services revenue ¥673 million / Cost of sales ¥674 million / Selling, general and administrative expenses ¥1,104 million / Adjusted EBITA ¥770 million / Operating profit ¥550 million / Ordinary income ¥540 million / Net income ¥318 million
Progress against full-year forecast	Net Sales 72.8% / rakumo services revenue 75.6% / Other services revenue 65.7% / Cost of sales 73.9% / Selling, general and administrative expenses 68.1% / Adjusted EBITA 79.0% / Operating profit 80.9% / Ordinary income 80.9% / Net income 80.4% / MRR increase from price revisions 91.1% of the full-year plan
Self-assessment against the plan	Progressing smoothly at a pace above plan
Segment results	Segment rakumo Services / Net Sales ¥1,253 million / yoy_pct ¥19.5 million, Segment Other Services / Net Sales ¥442 million / yoy_pct ¥69.8 million
Breakdown of Factors Affecting the Change	Factors Production costs / Change in amount ¥65 million increase, Factors Server costs for Google / Change in amount ¥47 million increase, Factors Personnel expenses (cost of sales) / Change in amount ¥33 million increase, Factors Labor costs (cost of sales) / Change in amount ¥32 million increase, Factors Software depreciation (cost of sales) / Change in amount ¥22 million increase, Factors Amount transferred to other accounts (cost of sales) / Change in amount ¥23 million increase (factor reducing cost of sales), Factors SG&A personnel expenses / Change in amount ¥74 million increase, Factors Amortization of goodwill and other items / Change in amount ¥71 million increase, Factors Shareholder benefit expenses / Change in amount ¥13 million increase, Factors MRR increase from price revisions versus plan / Change in amount ¥4 million increase (21.6%)
Key KPIs	Indicator name ARR / Value ¥21.7 100 million / Year on year against the same period last year ¥20.1 100 million, Indicator name ARPU / Value ¥836 thousand / Year on year against the same period last year ¥17.1 thousand, Indicator name Paid licenses / Value 130 10,000 IDs / Year on year against the same period last year 5.2 10,000 IDs, Indicator name License revenue / Value ¥16.7 100 million / Year on year against the same period last year ¥30.2 100 million, Indicator name Adjusted EBITA / Value ¥6.1 100 million / Year on year against the same period last year ¥43 100 million, Indicator name Operating income / Value ¥4.4 100 million / Year on year against the same period last year ¥39.8 100 million, Indicator name Number of clients / Value 2,601 companies / Year on year against the same period last year Not disclosed, Indicator name Churn rate / Value 0.7 % / Year on year against the same period last year Not disclosed, Indicator name Cumulative number of licenses for local governments / Value 11.8 10,000 IDs / Year on year against the same period last year Not disclosed
Unit price and quantity metrics	Indicator name Paid licenses / Value 130 10,000 IDs / Year on year against the same period last year 5.2 10,000 IDs, Indicator name Number of clients / Value 2,601 companies / Year on year against the same period last year Not disclosed, Indicator name Sales per license (net ARR) / Value ¥1,400 / Year on year against the same period last year ¥19.9, Indicator name Sales per company (net ARR) / Value ¥701,720 / Year on year against the same period last year ¥25.6, Indicator name ARPU / Value ¥836 thousand / Year on year against the same period last year ¥17.1 thousand
Number of employees	Approximately 130 employees (as of the end of December 2025, consolidated)
Medium-term management plan targets	Reference was made to a share price target of ¥2,000. Other medium-term management plan targets and target years: Not disclosed
Orders received and order backlog	Multiple large projects for local governments were ordered or provisionally awarded. Amount: Not disclosed
Market Size / Share	Japan's groupware market: ¥636.5 billion in fiscal 2025 and ¥740.1 billion in fiscal 2028. Google and Microsoft together hold a 93% market share.
Key points of the Q&A	Reasons for the high progress rate for operating profit and fourth-quarter investments: lower personnel expenses, restrained recruitment costs, receivables collection, and the timing shift in promotional expenses contributed, while investments in securing the future pipeline and other areas will also be made in the fourth quarter., Why net income grew less than operating profit: the tax burden ratio increased due to higher amortization of goodwill and shareholder benefit expenses., Why adjusted net income and adjusted EPS are disclosed: to adjust for M&A-related expenses and other items and show EPS based on recurring earnings., Reason for the increase in sales per license: the effect of price revisions. Details from the fourth quarter onward are being withheld., Reasons for the increase in the number of paid licenses: local government initiatives, a high renewal rate, cross-selling, and upselling., Reason for changing from the number of UUs to the number of paid licenses: to make it a KPI directly linked to license revenue.
New initiatives	Launch of rakumo Workflow for Microsoft 365, Launch of the rakumo Basic Pack for Microsoft 365, Launch of rakumo Agent for rakumo Workflow, Enhanced security for the rakumo series, Sales collaboration with AvePoint Japan, Implement price revisions, Development and expansion of agent features using Google's AI technology

Items this document does not state (8)

Number of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expenditures

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

Steady progress on price revisions, an increase in the number of IDs, the consolidation effect of 2 subsidiaries acquired in the previous fiscal year, growth in the rakumo service, and high gross margin. On the profit side, the company said that lower personnel expenses, restrained recruitment costs, reversal gains on the allowance for doubtful accounts due to progress in collecting receivables, and the timing shift in recording promotional expenses also contributed.

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