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Overview

Information & Communication

kubell Co.,Ltd.

kubell Inc. (formerly Chatwork Co., Ltd.) operates Japan's largest business chat platform 'Chatwork,' serving over 430,000 companies as of December 2023, primarily targeting small and medium-sized enterprises (SMEs) which represent 99.7% of Japanese businesses. The company offers a SaaS-based freemium communication tool featuring chat, task management, file sharing, and video/audio calls, monetized through subscription plans with upsell and ID expansion. Building on this platform, kubell is expanding into BPaaS (Business Process as a Service), offering outsourced back-office services such as accounting, HR, and administrative support via its 'Takushita' service, combining human operators with AI and SaaS to deliver cost-efficient digital transformation for SMEs.

Market Cap

¥14.3B

US$90.9M

¥11.2B

US$71.1M

Stock¥336▼-2.61%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

8.0

LTM EV/EBIT

12.5

LTM PER

19.8

LTM PBR

5.6

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-39.9%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Nov 17, 25Activist-related selling pressure

2Aug 17, 26Q2 FY2026/12 earnings announced

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

79%

21%

EquityD/E 0.27xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 69.3%

as of 2026-06-30 · Source: Annual Securities Report

Fun & Creative Co., Ltd.

48.40%

Masaki YAMAMOTO

4.24%

BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)

3.51%

Katsuyuki YAMAGUCHI

2.80%

UBS AG SINGAPORE (Standing Proxy: Citibank, N.A., Tokyo Branch)

2.66%

GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

2.50%

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - SINGAPORE BRANCH PRIVATE BANKING DIVISION A/C CLIENTS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.35%

Naoki INOUE

1.40%

Custody Bank of Japan, Ltd. (Trust Account)

0.75%

SBI SECURITIES Co., Ltd.

0.73%

Management

8 officers

Masaki YAMAMOTO

Representative Director, President and Senior Executive Officer, CEO

Apr 2004 Joined Telewave Inc. (now iFLAG Inc.) Apr 2005 Joined the Company Apr 2005 Director, CTO of the Company Jun 2018 Representative Director, President and Executive Officer, CEO and CTO of the Company Jul 2020 Representative Director, President and Executive Officer, CEO of the Company Oct 2023 Representative Director, President and Senior Executive Officer, CEO of the Company (current)

1980-12-16

Naoki INOUE

Director and Senior Executive Officer, CFO

Apr 1998 Joined Asatsu-DK Inc. Nov 2002 Joined Roland Berger Ltd. Apr 2004 Joined Dell Japan Inc. Dec 2006 Joined Lenovo Japan Ltd. Feb 2008 Joined Recruit Holdings Co., Ltd. Oct 2012 Seconded to Indeed Inc. Aug 2015 Director, Hotspring Ventures Limited Nov 2017 Joined the Company; CFO and Head of Corporate Support Division Mar 2018 Executive Officer, CFO of the Company Mar 2019 Director and Executive Officer, CFO of the Company Oct 2019 Director and Executive Officer, CFO and Head of Corporate Division of the Company Jul 2021 Director, Chatwork Storage Technologies Inc. (now kubell Storage Inc.) (current) Oct 2021 Director and Executive Officer, CFO of the Company Jan 2023 Director, Minazin Inc. (now kubell Partners Inc.) Oct 2023 Director and Senior Executive Officer, CFO of the Company (current) Apr 2024 Director, kubell Partners Inc. (current)

1973-10-28

Shoji FUKUDA

Director and Senior Executive Officer, COO

Apr 2004 Joined Itochu Corporation Jan 2013 Joined SMS Co., Ltd. Jul 2018 Executive Officer of SMS Co., Ltd. Jan 2019 Outside Director of the Company Apr 2020 Joined the Company; Executive Officer and Head of Business Promotion Division Jul 2020 Executive Officer, CSO and Head of Business Division of the Company Sep 2020 Outside Director, Nint Holdings Co., Ltd. Jul 2021 Representative Director, Chatwork Storage Technologies Inc. (now kubell Storage Inc.) Mar 2022 Director, Executive Officer, CSO and Head of Business Division of the Company Apr 2022 Director, Executive Officer, COO and Head of Business Division of the Company Jan 2023 Director, Executive Officer, COO of the Company Jan 2023 Director, Minazin Inc. (now kubell Partners Inc.) Oct 2023 Director and Senior Executive Officer, COO of the Company (current) Apr 2024 Director, kubell Partners Inc. (current) Jan 2026 Director, kubell Storage Inc. (current)

1980-01-29

Tomohiro MIYASAKA

Outside Director

Apr 2006 Joined SBI Holdings, Inc. Aug 2008 Joined GMO VenturePartners Inc. Nov 2013 Partner, GMO VenturePartners Inc. Dec 2013 Director, GMO VenturePartners Inc. Apr 2015 Outside Director of the Company Apr 2019 Representative Member, Capital T LLC (current) May 2019 Retired as Outside Director of the Company Mar 2021 Outside Director of the Company (current)

1982-10-28

Akiko KUMAKURA

Outside Director (Full-time Audit and Supervisory Committee Member)

Oct 2003 Joined Asahi Audit Corporation (now Azsa LLC) Apr 2017 Principal, Kumakura Certified Public Accountant Office (current) May 2017 Outside Audit & Supervisory Board Member, Bank of Innovation, Inc. Dec 2019 Outside Director (Audit and Supervisory Committee Member), Bank of Innovation, Inc. (current) Sep 2020 Outside Audit & Supervisory Board Member, GIX Inc. (current) May 2022 Outside Director, Yaruki Switch Group Holdings Co., Ltd. Mar 2024 Outside Director (Audit and Supervisory Committee Member) of the Company (current)

1978-09-27

Masayuki MURATA

Outside Director (Audit and Supervisory Committee Member)

Apr 1991 Joined Osaka Securities Exchange Jul 2003 Executive Officer, Osaka Securities Exchange Jan 2013 Senior Executive Officer, Osaka Securities Exchange Jun 2013 Executive Officer, Tokyo Stock Exchange, Inc. Apr 2018 Representative Member, Public Gate LLC (current) Jun 2018 Outside Director, Rigua Inc. (current) Jul 2018 Outside Audit & Supervisory Board Member, Smaregi, Inc. (current) Mar 2019 Outside Audit & Supervisory Board Member of the Company Mar 2023 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Dec 2024 Outside Audit & Supervisory Board Member, InSourcing Inc. (current)

1969-02-14

Akinobu HAYAKAWA

Outside Director (Audit and Supervisory Committee Member)

Oct 2005 Registered as attorney-at-law (Daini Tokyo Bar Association); joined Nakajima Management Law Office Apr 2010 Partner, Nakajima Management Law Office Apr 2015 Established Trust Hayakawa Management Law Office (now Trust Hayakawa Murakі Management Law Office); Representative Attorney (current) Feb 2016 Mentor, Accelerator Course, BusiNest, Organization for Small & Medium Enterprises and Regional Innovation, Japan Dec 2018 Outside Audit & Supervisory Board Member, HDE Inc. (now HENNGE K.K.) Mar 2020 Outside Audit & Supervisory Board Member, Monster Lab Inc. (now Monstarlab Holdings Inc.) Mar 2023 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Dec 2024 Outside Director (Audit and Supervisory Committee Member), HENNGE K.K. (current)

1974-01-04

Fumiyuki FUKUSHIMA

Outside Director (Audit and Supervisory Committee Member)

Nov 2005 Joined Koyo Audit Corporation May 2006 Joined Azsa Audit Corporation (now Azsa LLC) Sep 2014 Outside Audit & Supervisory Board Member, Mercari, Inc. Mar 2023 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Mar 2024 Outside Audit & Supervisory Board Member, dely Inc. (now Kurashiru Inc.) (current) Dec 2024 Outside Audit & Supervisory Board Member, Plaid Inc. (current)

1982-01-10

Large Shareholding Reports

Fun&Creative Co., Ltd.

2026-06-02

48.58%→48.14%

Correction filing (name/detail fix only) — ratio carried over from the original filing