Masaru Income Statement

Financials in millions JPY. Fiscal year is October - September.

Millions JPY. Fiscal year is Oct - Sep.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Sep '25 Sep 30, 2025	Sep '24 Sep 30, 2024	Sep '23 Sep 30, 2023	Sep '22 Sep 30, 2022	Sep '21 Sep 30, 2021
Revenue	10,238	10,647	8,947	8,635	6,959	7,794
Revenue Growth (YoY)	5.88%	19.00%	3.61%	24.08%	-10.71%	-31.69%
Cost of Revenue	7,991	8,418	7,159	6,900	5,734	6,349
Gross Profit	2,247	2,229	1,788	1,735	1,225	1,445
Selling, General & Admin	1,473	1,477	1,335	1,206	996	1,007
Amortization of Goodwill & Intangibles	87	87	21	-	-	-
Operating Expenses	1,587	1,591	1,381	1,231	1,027	1,038
Operating Income	660	638	407	504	198	407
Interest Expense	-11	-11	-14	-1	-2	-3
Interest & Investment Income	3	2	1	1	2	1
Other Non Operating Income (Expenses)	27	28	26	17	35	12
EBT Excluding Unusual Items	679	657	420	521	233	417
Gain (Loss) on Sale of Investments	-	-	-	-	1	-
Gain (Loss) on Sale of Assets	-	-	-	-	79	-
Other Unusual Items	-39	-39	-	-	-1	-
Pretax Income	640	618	420	521	312	417
Income Tax Expense	218	213	143	177	121	96
Net Income	422	405	277	344	191	321
Net Income to Common	422	405	277	344	191	321
Net Income Growth	45.52%	46.21%	-19.48%	80.11%	-40.50%	-23.02%
Shares Outstanding (Basic)	1	1	1	1	1	1
Shares Outstanding (Diluted)	1	1	1	1	1	1
Shares Change (YoY)	0.41%	0.45%	0.54%	0.50%	0.52%	0.43%
EPS (Basic)	474.34	455.68	313.05	390.87	218.12	368.49
EPS (Diluted)	474.34	455.68	313.05	390.87	218.12	368.49
EPS Growth	44.92%	45.56%	-19.91%	79.20%	-40.81%	-23.35%
Free Cash Flow	-	1,217	413	230	-280	21
Free Cash Flow Per Share	-	1369.28	466.76	261.34	-319.75	24.11
Dividend Per Share	-	-	125.000	140.000	80.000	125.000
Dividend Growth	-	-	-10.71%	75.00%	-36.00%	-21.88%
Gross Margin	21.95%	20.94%	19.98%	20.09%	17.60%	18.54%
Operating Margin	6.45%	5.99%	4.55%	5.84%	2.84%	5.22%
Profit Margin	4.12%	3.80%	3.10%	3.98%	2.74%	4.12%
Free Cash Flow Margin	-	11.43%	4.62%	2.66%	-4.02%	0.27%
EBITDA	794.25	755	455	532	231	440
EBITDA Margin	7.76%	7.09%	5.09%	6.16%	3.32%	5.64%
D&A For EBITDA	134.25	117	48	28	33	33
EBIT	660	638	407	504	198	407
EBIT Margin	6.45%	5.99%	4.55%	5.84%	2.84%	5.22%
Effective Tax Rate	34.06%	34.47%	34.05%	33.97%	38.78%	23.02%

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