MUGEN ESTATE 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	68,262	62,187	51,640	31,242	33,956
Revenue Growth (YoY)	9.77%	20.42%	65.29%	-7.99%	-2.59%
Cost of Revenue	48,934	45,622	40,233	24,092	28,168
Gross Profit	19,328	16,565	11,407	7,150	5,788
Selling, General & Admin	8,278	6,296	4,828	3,341	2,810
Other Operating Expenses	-31	642	640	830	638
Operating Expenses	8,247	6,941	5,469	4,173	3,445
Operating Income	11,081	9,624	5,938	2,977	2,343
Interest Expense	-945	-751	-724	-655	-519
Interest & Investment Income	28	3	1	1	1
Other Non Operating Income (Expenses)	-233	-19	26	-16	-55
EBT Excluding Unusual Items	9,931	8,857	5,241	2,307	1,770
Gain (Loss) on Sale of Investments	-	-7	-13	-	-
Gain (Loss) on Sale of Assets	-4	2	-	-	6
Asset Writedown	-	-	-	-30	-
Other Unusual Items	19	-	-7	-	-
Pretax Income	9,946	8,852	5,221	2,277	1,776
Income Tax Expense	3,287	2,766	1,568	713	500
Net Income	6,659	6,086	3,653	1,564	1,276
Net Income to Common	6,659	6,086	3,653	1,564	1,276
Net Income Growth	9.41%	66.60%	133.57%	22.57%	113.02%
Shares Outstanding (Basic)	23	23	24	24	24
Shares Outstanding (Diluted)	23	24	24	24	24
Shares Change (YoY)	-0.41%	-0.33%	0.10%	-1.87%	0.01%
EPS (Basic)	285.12	259.49	155.24	66.53	53.25
EPS (Diluted)	283.44	257.96	154.35	66.16	52.95
EPS Growth	9.88%	67.13%	133.30%	24.95%	112.99%
Free Cash Flow	-10,583	2,424	4,864	-11,636	2,145
Free Cash Flow Per Share	-450.41	102.74	205.47	-492.02	89.00
Dividend Per Share	114.000	104.000	63.000	20.000	15.000
Dividend Growth	9.62%	65.08%	215.00%	33.33%	200.00%
Gross Margin	28.31%	26.64%	22.09%	22.89%	17.05%
Operating Margin	16.23%	15.48%	11.50%	9.53%	6.90%
Profit Margin	9.75%	9.79%	7.07%	5.01%	3.76%
Free Cash Flow Margin	-15.50%	3.90%	9.42%	-37.24%	6.32%
EBITDA	12,126	10,456	6,680	3,663	2,998
EBITDA Margin	17.76%	16.81%	12.94%	11.72%	8.83%
D&A For EBITDA	1,045	832	742	686	655
EBIT	11,081	9,624	5,938	2,977	2,343
EBIT Margin	16.23%	15.48%	11.50%	9.53%	6.90%
Effective Tax Rate	33.05%	31.25%	30.03%	31.31%	28.15%

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