TRADE WORKS Income Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2015
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '15 Dec 31, 2015
Revenue	5,403	5,052	4,591	3,753	3,270	908
Revenue Growth (YoY)	22.30%	10.04%	22.33%	14.77%	260.13%	-
Cost of Revenue	3,993	3,807	3,805	3,000	2,439	602
Gross Profit	1,410	1,245	786	753	831	306
Selling, General & Admin	949	910	752	669	482	193
Amortization of Goodwill & Intangibles	68	68	54	41	21	-
Operating Expenses	1,024	985	841	722	513	193
Operating Income	386	260	-55	31	318	113
Interest Expense	-12	-11	-3	-1	-	-3
Interest & Investment Income	1	1	-	1	-	-
Earnings From Equity Investments	-6	-6	-	-	-	-
Other Non Operating Income (Expenses)	15	13	4	8	9	-2
EBT Excluding Unusual Items	384	257	-54	39	327	108
Gain (Loss) on Sale of Investments	-70	-70	-47	3	-	-
Asset Writedown	-13	-13	-	-	-4	-
Legal Settlements	-10	-10	-	-	-25	-
Other Unusual Items	-1	-1	-	-100	-1	-
Pretax Income	290	163	-101	-58	297	108
Income Tax Expense	121	107	50	-5	97	41
Net Income	172	56	-151	-53	200	67
Net Income to Common	172	56	-151	-53	200	67
Net Income Growth	-	-	-	-	198.51%	-
Shares Outstanding (Basic)	39	38	34	33	34	22
Shares Outstanding (Diluted)	39	38	34	33	34	22
Shares Change (YoY)	13.93%	13.54%	2.44%	-3.54%	55.65%	-
EPS (Basic)	4.39	1.46	-4.48	-1.61	5.88	3.06
EPS (Diluted)	4.39	1.46	-4.48	-1.61	5.88	3.06
EPS Growth	-	-	-	-	92.07%	-
Free Cash Flow	-	278	-13	-217	394	-
Free Cash Flow Per Share	-	7.27	-0.39	-6.60	11.56	-
Dividend Per Share	-	-	2.000	2.000	1.500	-
Dividend Growth	-	-	-	33.33%	-	-
Gross Margin	26.10%	24.64%	17.12%	20.06%	25.41%	33.70%
Operating Margin	7.14%	5.15%	-1.20%	0.83%	9.72%	12.45%
Profit Margin	3.18%	1.11%	-3.29%	-1.41%	6.12%	7.38%
Free Cash Flow Margin	-	5.50%	-0.28%	-5.78%	12.05%	-
EBITDA	591	460	125	171	435	-
EBITDA Margin	10.94%	9.11%	2.72%	4.56%	13.30%	-
D&A For EBITDA	205	200	180	140	117	-
EBIT	386	260	-55	31	318	113
EBIT Margin	7.14%	5.15%	-1.20%	0.83%	9.72%	12.45%
Effective Tax Rate	41.72%	65.64%	-	-	32.66%	37.96%

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