Value HR Income 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
Revenue	10,068	8,376	7,100	6,168	5,526
Revenue Growth (YoY)	20.20%	17.97%	15.11%	11.62%	22.99%
Cost of Revenue	7,154	5,456	4,161	3,591	3,291
Gross Profit	2,914	2,920	2,939	2,577	2,235
Selling, General & Admin	2,031	1,802	1,553	1,383	1,225
Operating Expenses	2,031	1,802	1,553	1,383	1,225
Operating Income	883.33	1,118	1,386	1,194	1,010
Interest Expense	-60.02	-39	-33	-37	-41
Interest & Investment Income	35.74	36	40	105	7
Other Non Operating Income (Expenses)	2.31	-13	-7	2	12
EBT Excluding Unusual Items	861.36	1,102	1,386	1,264	988
Merger & Restructuring Charges	-22.39	-	-	-	-
Gain (Loss) on Sale of Investments	69.14	32	74	48	-
Asset Writedown	-1.15	-	-	-	-38
Other Unusual Items	-	-	-	5	-27
Pretax Income	906.95	1,134	1,460	1,317	923
Income Tax Expense	278.18	343	490	437	261
Earnings From Continuing Operations	628.77	791	970	880	662
Minority Interest in Earnings	0.25	-	-	-	-
Net Income	629.02	791	970	880	662
Net Income to Common	629.02	791	970	880	662
Net Income Growth	-20.48%	-18.45%	10.23%	32.93%	43.91%
Shares Outstanding (Basic)	27	27	26	26	24
Shares Outstanding (Diluted)	27	27	26	26	24
Shares Change (YoY)	-0.02%	2.16%	-0.30%	8.89%	0.69%
EPS (Basic)	23.55	29.60	37.01	33.56	27.62
EPS (Diluted)	23.49	29.53	36.99	33.49	27.43
EPS Growth	-20.45%	-20.17%	10.45%	22.07%	43.04%
Free Cash Flow	1,342	1,868	1,274	1,773	729
Free Cash Flow Per Share	50.10	69.74	48.59	67.42	30.19
Dividend Per Share	26.000	25.000	24.000	18.000	9.750
Dividend Growth	4.00%	4.17%	33.33%	84.61%	11.43%
Gross Margin	28.94%	34.86%	41.39%	41.78%	40.45%
Operating Margin	8.77%	13.35%	19.52%	19.36%	18.28%
Profit Margin	6.25%	9.44%	13.66%	14.27%	11.98%
Free Cash Flow Margin	13.33%	22.30%	17.94%	28.74%	13.19%
EBITDA	1,348	1,501	1,735	1,507	1,300
EBITDA Margin	13.39%	17.92%	24.44%	24.43%	23.52%
D&A For EBITDA	464.92	383	349	313	290
EBIT	883.33	1,118	1,386	1,194	1,010
EBIT Margin	8.77%	13.35%	19.52%	19.36%	18.28%
Effective Tax Rate	30.67%	30.25%	33.56%	33.18%	28.28%

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