MUSCAT GROUP Cash Flow 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	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023
Net Income	-130	115	89	-
Depreciation & Amortization	121	83	55	-
Loss (Gain) From Sale of Assets	-13	1	-	-
Loss (Gain) From Sale of Investments	-1	-1	-	-
Other Operating Activities	-79	-21	5	-
Change in Accounts Receivable	-7	-156	-64	-
Change in Inventory	-108	-39	-61	-
Change in Accounts Payable	-286	-373	69	-
Change in Other Net Operating Assets	-11	-16	-1	-
Operating Cash Flow	-514	-407	92	-
Capital Expenditures	-33	-28	-5	-
Cash Acquisitions	-1,840	-971	-	-
Sale (Purchase) of Intangibles	-69	-39	-24	-
Investment in Securities	4	30	-	-
Other Investing Activities	619	513	1	-
Investing Cash Flow	-1,081	-966	-28	-
Short-Term Debt Issued	-	-	50	-
Long-Term Debt Issued	-	1,293	410	-
Total Debt Issued	1,801	1,293	460	-
Short-Term Debt Repaid	-	-5	-	-
Long-Term Debt Repaid	-	-268	-106	-
Total Debt Repaid	-315	-273	-106	-
Net Debt Issued (Repaid)	1,486	1,020	354	-
Issuance of Common Stock	28	299	-	-
Other Financing Activities	2	-14	-1	-
Financing Cash Flow	1,516	1,305	353	-
Miscellaneous Cash Flow Adjustments	56	-1	-1	-
Net Cash Flow	-23	-69	416	-
Free Cash Flow	-547	-435	87	-
Free Cash Flow Margin	-16.11%	-14.57%	3.67%	-
Free Cash Flow Per Share	-183.74	-143.09	31.76	-
Cash Interest Paid	38	22	4	-
Cash Income Tax Paid	74	17	-2	-
Levered Free Cash Flow	-	-767.13	32.5	-
Unlevered Free Cash Flow	-	-754	35	-
Change in Working Capital	-412	-584	-57	-

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