VALUE GOLF Income Statement

Financials in millions JPY. Fiscal year is February - January.

Millions JPY. Fiscal year is Feb - Jan.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Jan '26 Jan 31, 2026	Jan '25 Jan 31, 2025	Jan '24 Jan 31, 2024	Jan '23 Jan 31, 2023	Jan '22 Jan 31, 2022
Revenue	4,426	4,127	3,656	4,443	4,283
Revenue Growth (YoY)	7.25%	12.88%	-17.71%	3.74%	0.28%
Cost of Revenue	2,875	2,658	2,357	2,960	2,777
Gross Profit	1,551	1,469	1,299	1,483	1,506
Selling, General & Admin	1,498	1,378	1,236	1,246	1,296
Operating Expenses	1,498	1,379	1,237	1,248	1,304
Operating Income	53	90	62	235	202
Interest Expense	-18	-10	-7	-7	-6
Interest & Investment Income	1	-	-	-	-
Currency Exchange Gain (Loss)	2	-6	-3	-20	-5
Other Non Operating Income (Expenses)	1	-2	-4	-	-3
EBT Excluding Unusual Items	39	72	48	208	188
Gain (Loss) on Sale of Investments	-47	-	-	-	-
Asset Writedown	-	-33	-	-	-
Other Unusual Items	-1	-	-	-46	-
Pretax Income	-9	39	48	162	188
Income Tax Expense	10	34	26	48	65
Net Income	-19	5	22	114	123
Net Income to Common	-19	5	22	114	123
Net Income Growth	-	-77.27%	-80.70%	-7.32%	-
Shares Outstanding (Basic)	2	2	2	2	2
Shares Outstanding (Diluted)	2	2	2	2	2
Shares Change (YoY)	-	-	-	0.13%	0.67%
EPS (Basic)	-10.52	2.77	12.18	63.09	68.16
EPS (Diluted)	-10.52	2.77	12.18	63.09	68.16
EPS Growth	-	-77.27%	-80.70%	-7.43%	-
Free Cash Flow	-484	-42	-16	9	53
Free Cash Flow Per Share	-267.88	-23.25	-8.86	4.98	29.37
Dividend Per Share	-	25.000	20.000	20.000	20.000
Dividend Growth	-	25.00%	-	-	100.00%
Gross Margin	35.04%	35.59%	35.53%	33.38%	35.16%
Operating Margin	1.20%	2.18%	1.70%	5.29%	4.72%
Profit Margin	-0.43%	0.12%	0.60%	2.57%	2.87%
Free Cash Flow Margin	-10.94%	-1.02%	-0.44%	0.20%	1.24%
EBITDA	99	133	76	246	230
EBITDA Margin	2.24%	3.22%	2.08%	5.54%	5.37%
D&A For EBITDA	46	43	14	11	28
EBIT	53	90	62	235	202
EBIT Margin	1.20%	2.18%	1.70%	5.29%	4.72%
Effective Tax Rate	-	87.18%	54.17%	29.63%	34.57%

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