MODEC 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	717,100	662,088	507,031	363,593	448,510
Revenue Growth (YoY)	8.31%	30.58%	39.45%	-18.93%	44.72%
Cost of Revenue	629,650	599,965	471,519	354,535	474,448
Gross Profit	87,450	62,123	35,512	9,058	-25,938
Selling, General & Admin	39,775	35,416	26,740	20,318	16,787
Other Operating Expenses	103	-5	-343	-4,423	-2,833
Operating Expenses	39,878	35,411	26,397	15,895	13,954
Operating Income	47,572	26,712	9,115	-6,837	-39,892
Interest Expense	-6,617	-13,153	-9,801	-11,264	-9,452
Interest & Investment Income	17,686	10,793	12,882	8,545	6,375
Earnings From Equity Investments	20,927	24,355	18,250	16,833	3,370
Other Non Operating Income (Expenses)	-3	-3	-1	-2	1
EBT Excluding Unusual Items	79,565	48,704	30,445	7,275	-39,598
Pretax Income	79,565	48,704	30,445	7,275	-39,598
Income Tax Expense	15,283	7,064	12,582	1,816	1,796
Earnings From Continuing Operations	64,282	41,640	17,863	5,459	-41,394
Minority Interest in Earnings	-7,826	-6,784	-4,172	-499	-466
Net Income	56,456	34,856	13,691	4,960	-41,860
Net Income to Common	56,456	34,856	13,691	4,960	-41,860
Net Income Growth	61.97%	154.59%	176.03%	-	-
Shares Outstanding (Basic)	68	68	62	56	56
Shares Outstanding (Diluted)	68	68	62	56	56
Shares Change (YoY)	-0.02%	9.42%	10.76%	0.06%	0.01%
EPS (Basic)	826.24	510.28	219.34	87.99	-742.74
EPS (Diluted)	5.28	510.02	219.21	87.04	-742.74
EPS Growth	-98.97%	132.66%	151.86%	-	-
Free Cash Flow	37,048	86,762	67,854	-28,635	14,133
Free Cash Flow Per Share	542.20	1269.49	1086.38	-507.77	250.77
Dividend Per Share	140.000	80.000	20.000	-	15.000
Dividend Growth	75.00%	300.00%	-	-	-66.67%
Gross Margin	12.20%	9.38%	7.00%	2.49%	-5.78%
Operating Margin	6.63%	4.04%	1.80%	-1.88%	-8.89%
Profit Margin	7.87%	5.27%	2.70%	1.36%	-9.33%
Free Cash Flow Margin	5.17%	13.10%	13.38%	-7.88%	3.15%
EBITDA	53,704	32,847	14,886	-1,581	-35,155
EBITDA Margin	7.49%	4.96%	2.94%	-0.43%	-7.84%
D&A For EBITDA	6,132	6,135	5,771	5,256	4,737
EBIT	47,572	26,712	9,115	-6,837	-39,892
EBIT Margin	6.63%	4.04%	1.80%	-1.88%	-8.89%
Effective Tax Rate	19.21%	14.50%	41.33%	24.96%	-

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