Polaris Holdings 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	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	2,280	1,889	3,007	553	-1,812	-2,084
Depreciation & Amortization	2,531	1,470	703	204	189	161
Loss (Gain) From Sale of Assets	3	3	-	537	101	279
Loss (Gain) From Sale of Investments	-	-	-	2	9	-
Other Operating Activities	-241	316	-40	10	-16	-1
Change in Accounts Receivable	-651	-720	-629	-358	-281	-168
Change in Inventory	-20	-13	5,782	-17	-5,964	72
Change in Accounts Payable	207	240	351	170	92	93
Change in Other Net Operating Assets	448	1,100	-1,435	-1,210	-136	139
Operating Cash Flow	4,557	4,285	7,739	-109	-7,818	-1,509
Operating Cash Flow Growth	186.42%	-44.63%	-	-	-	-
Capital Expenditures	-280	-480	-235	-	-2	-482
Cash Acquisitions	-3,423	-3,423	-22	-265	-	-
Investment in Securities	-500	-	-	-	-204	-
Other Investing Activities	253	27	-1,402	-6	-209	-168
Investing Cash Flow	-3,911	-3,876	-1,659	-728	-415	-650
Short-Term Debt Issued	-	-	450	-	709	-
Long-Term Debt Issued	-	14,555	521	600	5,085	2,560
Total Debt Issued	13,055	14,555	971	600	5,794	2,560
Short-Term Debt Repaid	-	-4,808	-54	-212	-304	-53
Long-Term Debt Repaid	-	-5,770	-7,305	-345	-325	-450
Total Debt Repaid	-8,791	-10,578	-7,359	-557	-629	-503
Net Debt Issued (Repaid)	4,264	3,977	-6,388	43	5,165	2,057
Issuance of Common Stock	-	326	612	2,183	2,647	60
Other Financing Activities	-502	-260	-1,167	-41	986	829
Financing Cash Flow	3,063	4,043	-6,943	2,185	8,798	2,946
Foreign Exchange Rate Adjustments	-21	19	14	-	-	-
Miscellaneous Cash Flow Adjustments	2	1	2	-2	-1	-2
Net Cash Flow	3,690	4,472	-847	1,346	564	785
Free Cash Flow	4,277	3,805	7,504	-109	-7,820	-1,991
Free Cash Flow Growth	254.94%	-49.29%	-	-	-	-
Free Cash Flow Margin	10.55%	13.65%	33.28%	-1.55%	-210.67%	-67.01%
Free Cash Flow Per Share	20.52	24.53	60.17	-1.00	-111.03	-35.85
Cash Interest Paid	1,169	831	647	180	134	78
Cash Income Tax Paid	109	-432	124	12	16	4
Levered Free Cash Flow	4,500	3,218	6,961	772.5	-7,102	-1,503
Unlevered Free Cash Flow	5,151	3,667	7,418	896.88	-7,019	-1,436
Change in Working Capital	-16	607	4,069	-1,415	-6,289	136

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