PAPANETS Income Statement

Financials in millions JPY. Fiscal year is March - February.

Millions JPY. Fiscal year is Mar - Feb.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Feb '26 Feb 28, 2026	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022
Revenue	5,771	5,367	4,491	4,007	3,629
Revenue Growth (YoY)	7.53%	19.51%	12.08%	10.42%	2.48%
Cost of Revenue	3,823	3,646	3,071	2,765	2,498
Gross Profit	1,948	1,721	1,420	1,242	1,131
Selling, General & Admin	1,483	1,328	1,082	948	888
Operating Expenses	1,483	1,352	1,082	948	888
Operating Income	465	369	338	294	243
Interest Expense	-1	-3	-4	-4	-5
Currency Exchange Gain (Loss)	-	-	3	-	-
Other Non Operating Income (Expenses)	-5	2	4	3	4
EBT Excluding Unusual Items	459	368	341	293	242
Asset Writedown	-	-6	-	-	-
Pretax Income	459	362	341	293	242
Income Tax Expense	154	106	106	91	85
Net Income	305	256	235	202	157
Net Income to Common	305	256	235	202	157
Net Income Growth	19.14%	8.94%	16.34%	28.66%	41.44%
Shares Outstanding (Basic)	2	2	0	0	0
Shares Outstanding (Diluted)	2	2	0	0	0
Shares Change (YoY)	15.29%	830.39%	-0.62%	-	-
EPS (Basic)	165.86	160.50	1370.79	1171.01	910.14
EPS (Diluted)	165.86	160.50	1370.79	1171.01	910.14
EPS Growth	3.34%	-88.29%	17.06%	28.66%	41.44%
Free Cash Flow	101	313	300	242	125
Free Cash Flow Per Share	54.92	196.24	1749.94	1402.90	724.64
Gross Margin	33.76%	32.07%	31.62%	31.00%	31.17%
Operating Margin	8.06%	6.88%	7.53%	7.34%	6.70%
Profit Margin	5.29%	4.77%	5.23%	5.04%	4.33%
Free Cash Flow Margin	1.75%	5.83%	6.68%	6.04%	3.44%
EBITDA	525	420	385	334	287
EBITDA Margin	9.10%	7.83%	8.57%	8.33%	7.91%
D&A For EBITDA	60	51	47	40	44
EBIT	465	369	338	294	243
EBIT Margin	8.06%	6.88%	7.53%	7.34%	6.70%
Effective Tax Rate	33.55%	29.28%	31.09%	31.06%	35.12%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.