GMO Product Platform Cash Flow 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
Net Income	276	248	428	458	385
Depreciation & Amortization	148	104	89	85	68
Loss (Gain) From Sale of Assets	46	-	-	-	-
Other Operating Activities	-43	-78	-140	-169	-86
Change in Accounts Receivable	182	45	196	-170	-141
Change in Inventory	-8	9	3	-22	-6
Change in Accounts Payable	13	-13	-95	83	165
Change in Other Net Operating Assets	376	-78	-6	-134	97
Operating Cash Flow	990	237	475	131	482
Operating Cash Flow Growth	317.72%	-50.10%	262.60%	-72.82%	32.78%
Capital Expenditures	-4	-1	-	-3	-10
Cash Acquisitions	-301	-	-	-	-
Sale (Purchase) of Intangibles	-25	-123	-120	-88	-65
Investment in Securities	-4	-46	-9	-17	25
Other Investing Activities	-45	-51	-2	-3	-
Investing Cash Flow	-379	-221	-131	-111	-50
Short-Term Debt Issued	100	-	-	-	-
Long-Term Debt Issued	547	-	-	-	-
Total Debt Issued	647	-	-	-	-
Net Debt Issued (Repaid)	647	-	-	-	-
Common Dividends Paid	-187	-187	-178	-137	-87
Other Financing Activities	-5	-8	-9	-8	-9
Financing Cash Flow	455	-195	-187	-145	-96
Foreign Exchange Rate Adjustments	16	33	11	27	16
Miscellaneous Cash Flow Adjustments	258	-	-1	1	-1
Net Cash Flow	1,340	-146	167	-97	351
Free Cash Flow	986	236	475	128	472
Free Cash Flow Growth	317.80%	-50.32%	271.09%	-72.88%	30.39%
Free Cash Flow Margin	14.46%	4.70%	9.28%	2.46%	11.55%
Free Cash Flow Per Share	265.04	144.45	290.77	78.39	289.13
Cash Income Tax Paid	44	78	139	168	87
Levered Free Cash Flow	4,971	39.88	306.63	-38.5	397.63
Unlevered Free Cash Flow	4,971	39.88	306.63	-38.5	397.63
Change in Working Capital	563	-37	98	-243	115

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