As its corporate philosophy, the Group has established its mission of “Turning encounters into innovation” and its vision to “Become business infrastructure.” To realize this mission and vision, the Group is developing cloud-based solutions that promote AI transformation (AX) and reshape how people work, leading to encounters with people and companies that become business opportunities, and it believes that the promotion of these business activities will contribute to solving social issues and eventually maximize shareholder value and corporate value of the Group.
The Group’s medium-term financial policy for the fiscal year ending May 31, 2027 to the fiscal year ending May 31, 2029 sets out the achievement of growth both in net sales and adjusted operating profit*1 . For net sales, which is the most important management indicator, the Group has set the policy of achieving an average annual growth rate (CAGR) of 16% to 20% over the period. For adjusted operating profit, the Group has set the policy of achieving an adjusted operating profit margin of 25% to 30% by the fiscal year ending May 31, 2029 by maintaining high growth while making investments for sales growth across each business.
As for the medium- to long-term outlook for major costs, the cost of sales ratio is expected to decline due to the improved profitability of Bill One. We also forecast to see declines in the ratios of S&M expenses*2 to net sales and G&A expenses*3 to net sales in line with historical trends. Over the long term, we aim to achieve an adjusted operating profit margin of 40% or higher.
*1 Adjusted operating profit: Operating profit + Share-based payment expenses + Expenses arising from business combinations (amortization of goodwill and amortization of intangible assets)
*2 Sales and marketing (S&M) expenses: the sum of advertising expenses, and personnel and corporate common expenses related to sales promotion
*3 General and administrative (G&A) expenses: the sum of personnel expenses for corporate departments and related corporate common expenses
The Group sets appropriate performance indicators for each of its business units to formulate and implement management strategies. In the Sansan/Bill One Business, in light of the vast potential market size of both Sansan and Bill One, we are working to maximize net sales, the most important indicator, while at the same time striving to improve the growth speed of adjusted operating profit. In the Eight Business, we are operating the business with a greater emphasis on profitability considering that it is important to grow adjusted operating profit steadily while increasing net sales efficiently.
We consider that securing outstanding human resources, addressing security risks, and strengthening technical capabilities are measures that need to be taken throughout the Group. Moreover, we are working to achieve discontinuous growth through the creation of new services based on our competitive advantage and the active use of M&A backed by our cash-generating capability.
Amid the continued global expansion of AI-related investments, the global market for business process transformation utilizing AI is expected to grow from approximately USD0.4 trillion in 2025 to approximately USD1.7 trillion by 2030*4 . In Japan as well, corporate demand for improving and enhancing business processes through the use of AI continues to rise, and the AI systems market is forecast to expand from ¥1.3 trillion in 2024 to ¥4.1 trillion by 2029*5 .
The Group also believes that documents such as business cards, invoices, and contracts for which the Group offers services are still used on many occasions on a daily basis in paper form, leaving significant room for operational efficiency and effective utilization. Regarding the potential market for each service, Sansan holds the number one market share of 85.8%*6 of the B2B business card management service market in terms of net sales, but the number of Sansan users accounts for only about 5%*7 of the total working population in Japan as of the end of May 2026, and the Group believes there is vast room for development. Next, Bill One captured the number one market share of 49.0%*8 in the online invoice receiving solution market in terms of net sales, but as of the end of May 2026, the coverage was less than 1%*7 of all companies in Japan, and the Group believes there is vast room for development.
*4 Based on Artificial Intelligence (AI) in Digital Transformation Global Market Report 2026 (The Business Research Company)
*5 Based on Japan AI Systems Forecast (surveyed by IDC Japan)
*6 Based on Latest Trends in Business Card Management Services in Sales Support DX 2026 (January 2026, surveyed by Seed Planning, in Japanese)
*7 The denominator, the total number of companies and employees in Japan, is calculated based on the 2021 Economic Census for Business Activity by the Ministry of Internal Affairs and Communications.
*8 Deloitte Tohmatsu MIC Economic Research Institute, “The Market of Online Invoice Receiving Solution Continues to Grow at a High Rate” (MIC IT Report, December 2025)
For the Group to achieve sustainable growth, it is crucial that it hire talented professionals with diverse career backgrounds, and then improve its sales, development and managerial structures. The Group will strive to ensure diversity of its people while establishing work environments and arrangements that substantially fuel employee motivation for talented professionals who share an understanding of the Group’s corporate philosophy and business activities. Taking into account changes in the business environment driven by the rapid adoption of generative AI, the Group has positioned AI-driven organization development as a key management strategy and has been promoting AI utilization and human resource strategies in tandem.
Given that the Group handles substantial volumes of important information assets such as personal information through services it provides, it is crucial that it continuously strengthen its system for managing information. The Group continues to take the utmost care to safeguard information with measures including strict management of information assets based on its Information Security Policy and Policy on Personal Information Protection. In addition, taking into account the rapid adoption of generative AI, the Group has formulated the Internal Guideline for AI Usage and disseminated it to all officers and employees, thereby strengthening measures against the information leakage risk and the risk of misinformation arising from the use of AI. The Group will persist in its efforts to strengthen and put in place its in-house systems and management approaches going forward.
As technology to accurately convert analog information into data is the wellspring of the Group’s competitive strengths and acts as a common platform underpinning growth of the various services, the Group believes it is important to continuously improve and strengthen this technology. The Group has achieved high-quality data conversion by combining various proprietary technologies developed in-house with human capabilities. More recently, it has been working to further improve efficiency by integrating its own proprietary generative AI into these processes.
The Group has been creating new services that promote corporate DX by applying the strengths and expertise it has earned through existing services to other areas, with the focus on technologies to digitize analog information. We will continue to create new services and expand the provision of them in business areas with room for significant efficiency gains through digitization.
The Group will work to create synergies by promoting measures to increase the corporate value of each Group company while effectively utilizing the Group’s resources and know-how. In addition, it has positioned the use of M&A as one of its important growth strategies and will continue to actively consider this option.
