Shinagawa Refra Income Statement

Financials in millions JPY. Fiscal year is April - March.

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Revenue	169,025	144,072	144,175	124,963	110,784	99,969
Revenue Growth (YoY)	20.61%	-0.07%	15.37%	12.80%	10.82%	-15.97%
Cost of Revenue	128,695	108,928	111,142	97,550	86,227	80,016
Gross Profit	40,330	35,144	33,033	27,413	24,557	19,953
Selling, General & Admin	28,043	21,865	19,144	16,568	14,449	11,546
Research & Development	-	-	-	-	-	1,120
Operating Expenses	28,063	21,865	19,144	16,568	14,449	12,666
Operating Income	12,267	13,279	13,889	10,845	10,108	7,287
Interest Expense	-1,387	-477	-219	-174	-95	-105
Interest & Investment Income	1,187	713	543	372	285	218
Earnings From Equity Investments	132	123	79	104	38	23
Currency Exchange Gain (Loss)	1,538	-70	366	102	294	36
Other Non Operating Income (Expenses)	-18	87	244	208	84	761
EBT Excluding Unusual Items	13,719	13,655	14,902	11,457	10,714	8,220
Gain (Loss) on Sale of Investments	2	614	2,102	109	15	-4
Gain (Loss) on Sale of Assets	34,569	658	6,465	958	-272	-366
Asset Writedown	-694	-402	-479	-105	-63	-3,384
Other Unusual Items	584	315	-381	58	-982	-54
Pretax Income	48,180	14,840	22,609	12,477	9,412	4,412
Income Tax Expense	16,574	4,725	6,839	3,710	2,600	1,321
Earnings From Continuing Operations	31,606	10,115	15,770	8,767	6,812	3,091
Minority Interest in Earnings	233	-337	-490	-460	-1,504	-977
Net Income	31,839	9,778	15,280	8,307	5,308	2,114
Net Income to Common	31,839	9,778	15,280	8,307	5,308	2,114
Net Income Growth	200.76%	-36.01%	83.94%	56.50%	151.09%	-61.91%
Shares Outstanding (Basic)	46	46	47	47	47	47
Shares Outstanding (Diluted)	46	46	47	47	47	47
Shares Change (YoY)	-0.35%	-2.00%	-0.54%	0.06%	0.06%	0.06%
EPS (Basic)	697.97	214.47	328.44	177.59	113.55	45.25
EPS (Diluted)	697.97	214.47	328.44	177.59	113.55	45.25
EPS Growth	201.81%	-34.70%	84.94%	56.41%	150.94%	-61.93%
Free Cash Flow	-	7,311	6,297	5,500	6,286	5,242
Free Cash Flow Per Share	-	160.36	135.35	117.58	134.47	112.20
Dividend Per Share	90.000	90.000	68.000	40.000	38.000	22.000
Dividend Growth	11.11%	32.35%	70.00%	5.26%	72.73%	-15.38%
Gross Margin	23.86%	24.39%	22.91%	21.94%	22.17%	19.96%
Operating Margin	7.26%	9.22%	9.63%	8.68%	9.12%	7.29%
Profit Margin	18.84%	6.79%	10.60%	6.65%	4.79%	2.11%
Free Cash Flow Margin	-	5.08%	4.37%	4.40%	5.67%	5.24%
EBITDA	-	17,953	17,696	13,776	12,792	9,868
EBITDA Margin	-	12.46%	12.27%	11.02%	11.55%	9.87%
D&A For EBITDA	5,324	4,674	3,807	2,931	2,684	2,581
EBIT	12,267	13,279	13,889	10,845	10,108	7,287
EBIT Margin	7.26%	9.22%	9.63%	8.68%	9.12%	7.29%
Effective Tax Rate	34.40%	31.84%	30.25%	29.73%	27.62%	29.94%

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