Kaizen 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	38	-113	12	-216	-25
Depreciation & Amortization	88	216	253	256	175
Loss (Gain) From Sale of Assets	-	120	-	89	-
Loss (Gain) From Sale of Investments	-	-	-	-	-2
Loss (Gain) on Equity Investments	-	-	-	5	14
Other Operating Activities	-23	-12	-98	-68	-12
Change in Accounts Receivable	163	15	-80	39	-81
Change in Inventory	1	-	-	-4	-1
Change in Accounts Payable	-9	-1	-17	-24	10
Change in Other Net Operating Assets	29	-9	8	50	-62
Operating Cash Flow	287	216	78	127	16
Operating Cash Flow Growth	32.87%	176.92%	-38.58%	693.75%	-86.67%
Capital Expenditures	-14	-16	-9	-9	-1
Sale of Property, Plant & Equipment	-	2	-	-	-
Cash Acquisitions	-	-	-	-243	-294
Divestitures	-	-	23	-	-
Sale (Purchase) of Intangibles	-4	-32	-88	-208	-264
Investment in Securities	-10	-85	-783	15	-21
Other Investing Activities	5	2	38	-1	-
Investing Cash Flow	-23	-129	-819	-446	-580
Short-Term Debt Issued	-	-	-	283	-
Long-Term Debt Issued	-	610	70	200	421
Total Debt Issued	-	610	70	483	421
Short-Term Debt Repaid	-	-	-283	-	-
Long-Term Debt Repaid	-198	-294	-525	-	-
Total Debt Repaid	-198	-294	-808	-	-
Net Debt Issued (Repaid)	-198	316	-738	483	421
Issuance of Common Stock	-	5	9	21	431
Other Financing Activities	-	-211	-179	1	-
Financing Cash Flow	-198	110	-908	505	852
Foreign Exchange Rate Adjustments	-	32	4	145	58
Miscellaneous Cash Flow Adjustments	-1	1	1	-	-1
Net Cash Flow	65	230	-1,644	331	345
Free Cash Flow	273	200	69	118	15
Free Cash Flow Growth	36.50%	189.85%	-41.52%	686.67%	-87.18%
Free Cash Flow Margin	6.27%	4.42%	1.59%	4.42%	0.66%
Free Cash Flow Per Share	16.07	11.82	4.10	7.11	0.95
Cash Interest Paid	12	8	13	10	6
Cash Income Tax Paid	44	20	68	67	10
Levered Free Cash Flow	256.63	157.88	-20.75	-17.63	-195
Unlevered Free Cash Flow	264.13	162.88	-12.63	-11.38	-191.25
Change in Working Capital	184	5	-89	61	-134

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.