MUSCAT GROUP Income Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023
Revenue	3,712	2,986	2,374	1,833
Revenue Growth (YoY)	37.43%	25.78%	29.51%	-
Cost of Revenue	1,808	1,376	1,088	821
Gross Profit	1,904	1,610	1,286	1,012
Selling, General & Admin	2,033	1,469	1,160	1,178
Amortization of Goodwill & Intangibles	53	53	38	-
Operating Expenses	2,086	1,522	1,198	1,178
Operating Income	-182	88	88	-166
Interest Expense	-45	-21	-4	-2
Interest & Investment Income	6	3	-	-
Currency Exchange Gain (Loss)	-	-	-	-1
Other Non Operating Income (Expenses)	33	23	5	3
EBT Excluding Unusual Items	-188	93	89	-166
Gain (Loss) on Sale of Investments	64	1	-	-
Asset Writedown	-1	-1	-	-2
Other Unusual Items	-8	21	-	-
Pretax Income	-119	114	89	-168
Income Tax Expense	-8	2	-20	-47
Net Income	-95	112	109	-121
Net Income to Common	-95	112	109	-121
Net Income Growth	-	2.75%	-	-
Shares Outstanding (Basic)	3	3	3	3
Shares Outstanding (Diluted)	3	3	3	3
Shares Change (YoY)	1.66%	10.98%	1.69%	-
EPS (Basic)	-31.77	38.36	39.79	-44.92
EPS (Diluted)	-31.77	37.15	39.79	-44.92
EPS Growth	-	-6.64%	-	-
Free Cash Flow	-	-435	87	-
Free Cash Flow Per Share	-	-143.09	31.76	-
Gross Margin	51.29%	53.92%	54.17%	55.21%
Operating Margin	-4.90%	2.95%	3.71%	-9.06%
Profit Margin	-2.56%	3.75%	4.59%	-6.60%
Free Cash Flow Margin	-	-14.57%	3.67%	-
EBITDA	-78	171	143	-
EBITDA Margin	-2.10%	5.73%	6.02%	-
D&A For EBITDA	104	83	55	-
EBIT	-182	88	88	-166
EBIT Margin	-4.90%	2.95%	3.71%	-9.06%
Effective Tax Rate	-	1.75%	-	-
Advertising Expenses	-	178	124	-

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