MUSCAT GROUP Balance Sheet

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	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023
Cash & Equivalents	705	543	638	196
Cash & Short-Term Investments	705	543	638	196
Cash Growth	10.50%	-14.89%	225.51%	-
Accounts Receivable	371	504	256	192
Other Receivables	-	-	-	3
Receivables	371	879	256	195
Inventory	381	289	183	122
Prepaid Expenses	52	48	16	13
Other Current Assets	121	96	11	10
Total Current Assets	1,630	1,855	1,104	536
Property, Plant & Equipment	287	565	16	16
Long-Term Investments	156	46	54	77
Goodwill	2,110	762	496	535
Other Intangible Assets	96	63	54	42
Long-Term Deferred Tax Assets	238	143	69	48
Long-Term Deferred Charges	14	18	-	-
Other Long-Term Assets	2	2	1	1
Total Assets	4,533	3,554	1,794	1,255
Accounts Payable	73	87	116	107
Accrued Expenses	33	36	81	86
Short-Term Debt	610	220	75	24
Current Portion of Long-Term Debt	447	370	156	68
Current Portion of Leases	1	1	1	5
Current Income Taxes Payable	241	152	141	73
Other Current Liabilities	576	104	20	12
Total Current Liabilities	1,981	970	590	375
Long-Term Debt	1,526	1,392	449	233
Long-Term Leases	1	2	2	-
Long-Term Deferred Tax Liabilities	-	3	-	-
Other Long-Term Liabilities	19	24	2	6
Total Liabilities	3,527	2,391	1,043	614
Common Stock	264	249	100	100
Additional Paid-In Capital	827	812	662	662
Retained Earnings	-85	100	-11	-121
Comprehensive Income & Other	-	2	-	-
Shareholders' Equity	1,006	1,163	751	641
Total Liabilities & Equity	4,533	3,554	1,794	1,255
Total Debt	2,585	1,985	683	330
Net Cash (Debt)	-1,880	-1,442	-45	-134
Net Cash Per Share	-631.51	-474.35	-16.43	-49.75
Filing Date Shares Outstanding	3.01	2.97	2.97	2.74
Total Common Shares Outstanding	3.01	2.97	2.74	2.74
Working Capital	-351	885	514	161
Book Value Per Share	333.79	391.76	274.18	234.02
Tangible Book Value	-1,200	338	201	64
Tangible Book Value Per Share	-398.16	113.85	73.38	23.37

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.