Shimano Cash Flow Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	33,991	98,594	83,438	174,112	153,728
Depreciation & Amortization	27,208	25,037	23,937	20,992	18,749
Loss (Gain) From Sale of Assets	237	66	924	829	465
Asset Writedown & Restructuring Costs	179	-	-	-	-
Loss (Gain) From Sale of Investments	-3,222	-541	-	98	-1,282
Provision & Write-off of Bad Debts	107	-	-	-	-
Other Operating Activities	12,209	-19,885	-45,036	-51,150	-25,872
Change in Accounts Receivable	2,551	-6,944	25,141	-1,594	-12,496
Change in Inventory	-6,968	-2,221	20,251	-23,939	-24,651
Change in Accounts Payable	-33	4,253	-10,177	-4,821	4,384
Change in Other Net Operating Assets	-2,479	-11,327	16,089	-3,843	-586
Operating Cash Flow	63,780	87,032	114,567	110,684	112,439
Operating Cash Flow Growth	-26.72%	-24.03%	3.51%	-1.56%	23.49%
Capital Expenditures	-35,519	-36,824	-24,783	-20,247	-16,156
Sale of Property, Plant & Equipment	5,501	108	95	160	90
Divestitures	-	-	-	5,307	-
Sale (Purchase) of Intangibles	-10,247	-8,753	-6,532	-7,265	-3,878
Investment in Securities	-692	9,584	60	-11,027	359
Other Investing Activities	326	200	-402	-78	-516
Investing Cash Flow	-40,675	-35,810	-31,760	-33,378	-20,129
Short-Term Debt Issued	-	-	-	-	2,987
Total Debt Issued	-	-	-	-	2,987
Short-Term Debt Repaid	-	-	-2,280	-1,446	-
Long-Term Debt Repaid	-1,350	-	-	-6	-7
Total Debt Repaid	-1,350	-	-2,280	-1,452	-7
Net Debt Issued (Repaid)	-1,350	-	-2,280	-1,452	2,980
Issuance of Common Stock	65	55	55	1	-
Repurchase of Common Stock	-50,006	-21,488	-14,724	-34,412	-24,235
Common Dividends Paid	-28,609	-26,630	-25,804	-21,497	-36,596
Other Financing Activities	-419	-1,413	-1,208	-1,062	-923
Financing Cash Flow	-80,319	-49,476	-43,961	-58,422	-58,774
Foreign Exchange Rate Adjustments	-294	46,582	25,869	40,608	24,041
Miscellaneous Cash Flow Adjustments	-	-1	-	-	-1
Net Cash Flow	-57,508	48,327	64,715	59,492	57,576
Free Cash Flow	28,261	50,208	89,784	90,437	96,283
Free Cash Flow Growth	-43.71%	-44.08%	-0.72%	-6.07%	42.24%
Free Cash Flow Margin	6.06%	11.13%	18.93%	14.38%	17.62%
Free Cash Flow Per Share	322.74	561.32	993.79	993.58	1040.27
Cash Interest Paid	109	115	277	168	123
Cash Income Tax Paid	20,425	18,475	43,197	49,445	26,197
Levered Free Cash Flow	5,228	-4,782	69,562	62,769	69,521
Unlevered Free Cash Flow	5,296	-4,709	69,694	62,865	69,594
Change in Working Capital	-6,929	-16,239	51,304	-34,197	-33,349

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.