NETSTARS 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	485.02	-31	-343	-	-
Depreciation & Amortization	245.4	224	206	-	-
Loss (Gain) on Equity Investments	7.94	-	-	-	-
Other Operating Activities	-300.47	66	-4	-	-
Change in Accounts Receivable	22.95	187	-15	-	-
Change in Inventory	-109.36	-56	27	-	-
Change in Accounts Payable	-12.21	-63	-141	-	-
Change in Other Net Operating Assets	2,038	7,183	6,280	-	-
Operating Cash Flow	2,377	7,510	6,010	-	-
Operating Cash Flow Growth	-68.35%	24.96%	-	-	-
Capital Expenditures	-14.01	-4	-16	-	-
Cash Acquisitions	-	-15	-	-	-
Sale (Purchase) of Intangibles	-101.77	-144	-166	-	-
Investment in Securities	19.13	-34	-	-	-
Other Investing Activities	-14.89	-3	-5	-	-
Investing Cash Flow	-111.55	-200	-187	-	-
Issuance of Common Stock	66	10	933	-	-
Other Financing Activities	-	-1	-	-	-
Financing Cash Flow	66	9	933	-	-
Foreign Exchange Rate Adjustments	2.82	33	18	-	-
Miscellaneous Cash Flow Adjustments	0	1	1	-	-
Net Cash Flow	2,334	7,353	6,775	-	-
Free Cash Flow	2,363	7,506	5,994	-	-
Free Cash Flow Growth	-68.52%	25.22%	-	-	-
Free Cash Flow Margin	49.35%	192.36%	161.13%	-	-
Free Cash Flow Per Share	138.32	449.86	370.81	-	-
Cash Income Tax Paid	3.91	4	3	-	-
Levered Free Cash Flow	2,100	7,330	5,941	-	-
Unlevered Free Cash Flow	2,100	7,330	5,941	-	-
Change in Working Capital	1,939	7,251	6,151	-	-

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