First Baking Income 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
Revenue	28,957	27,183	26,442	24,390	23,864
Revenue Growth (YoY)	6.53%	2.80%	8.41%	2.20%	-0.65%
Cost of Revenue	21,463	19,726	19,405	18,656	17,602
Gross Profit	7,494	7,457	7,037	5,734	6,262
Selling, General & Admin	6,960	6,785	6,412	6,356	6,839
Operating Expenses	7,027	6,851	6,439	6,403	6,894
Operating Income	467	606	598	-669	-632
Interest Expense	-16	-26	-31	-27	-31
Interest & Investment Income	14	8	7	8	27
Other Non Operating Income (Expenses)	38	40	52	143	125
EBT Excluding Unusual Items	503	628	626	-545	-511
Gain (Loss) on Sale of Investments	-	-	-1	700	-
Gain (Loss) on Sale of Assets	-57	1,337	-9	-9	-13
Asset Writedown	-	-	-11	-51	-176
Other Unusual Items	-	-141	-90	-1,201	-
Pretax Income	446	1,824	515	-1,106	-700
Income Tax Expense	126	-231	41	39	39
Earnings From Continuing Operations	320	2,055	474	-1,145	-739
Net Income	320	2,055	474	-1,145	-739
Net Income to Common	320	2,055	474	-1,145	-739
Net Income Growth	-84.43%	333.54%	-	-	-
Shares Outstanding (Basic)	7	7	7	7	7
Shares Outstanding (Diluted)	7	7	7	7	7
Shares Change (YoY)	-	-0.00%	-0.00%	-0.00%	-
EPS (Basic)	46.22	296.82	68.46	-165.38	-106.74
EPS (Diluted)	46.22	296.82	68.46	-165.38	-106.74
EPS Growth	-84.43%	333.55%	-	-	-
Free Cash Flow	-1,336	282	183	150	-497
Free Cash Flow Per Share	-192.97	40.73	26.43	21.66	-71.78
Gross Margin	25.88%	27.43%	26.61%	23.51%	26.24%
Operating Margin	1.61%	2.23%	2.26%	-2.74%	-2.65%
Profit Margin	1.10%	7.56%	1.79%	-4.70%	-3.10%
Free Cash Flow Margin	-4.61%	1.04%	0.69%	0.61%	-2.08%
EBITDA	1,015	1,127	1,115	-94	-34
EBITDA Margin	3.50%	4.15%	4.22%	-0.39%	-0.14%
D&A For EBITDA	548	521	517	575	598
EBIT	467	606	598	-669	-632
EBIT Margin	1.61%	2.23%	2.26%	-2.74%	-2.65%
Effective Tax Rate	28.25%	-	7.96%	-	-
Advertising Expenses	115	107	126	133	176

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