MODEC 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	79,566	48,706	30,446	7,277	-39,597
Depreciation & Amortization	6,132	6,135	5,771	5,256	4,737
Loss (Gain) on Equity Investments	-20,927	-24,355	-18,250	-16,833	-3,370
Other Operating Activities	-5,353	11,576	11,572	8,116	11,901
Change in Accounts Receivable	-31,647	-29,423	-14,884	-12,160	-10,173
Change in Accounts Payable	-34,476	24,520	36,918	-58,091	34,647
Change in Other Net Operating Assets	44,903	51,545	17,340	38,713	19,364
Operating Cash Flow	38,198	88,704	68,913	-27,722	17,509
Operating Cash Flow Growth	-56.94%	28.72%	-	-	-43.53%
Capital Expenditures	-1,150	-1,942	-1,059	-913	-3,376
Cash Acquisitions	-	-21,086	-32,595	-12,790	-8,806
Divestitures	2,209	7	882	2,416	-
Other Investing Activities	-	-	-	-1	-2
Investing Cash Flow	866	-19,386	-29,861	-7,544	-25,364
Long-Term Debt Issued	-	-	27,730	-	44,278
Total Debt Issued	-	-	27,730	-	44,278
Short-Term Debt Repaid	-	-	-	-	-3,335
Long-Term Debt Repaid	-14,968	-9,140	-2,706	-4,196	-6,239
Total Debt Repaid	-14,968	-9,140	-2,706	-4,196	-9,574
Net Debt Issued (Repaid)	-14,968	-9,140	25,024	-4,196	34,704
Issuance of Common Stock	-	-	15,253	-	-
Repurchase of Common Stock	-	-	-	-	30
Common Dividends Paid	-7,940	-3,556	-1	-2	-2,184
Other Financing Activities	-7,496	-16,762	-6,075	-2,306	-1,962
Financing Cash Flow	-30,404	-29,458	34,201	-6,504	30,588
Foreign Exchange Rate Adjustments	2,871	-2,004	680	-364	-538
Miscellaneous Cash Flow Adjustments	1	-1	-	-2	-1
Net Cash Flow	11,532	37,855	73,933	-42,136	22,194
Free Cash Flow	37,048	86,762	67,854	-28,635	14,133
Free Cash Flow Growth	-57.30%	27.87%	-	-	-47.77%
Free Cash Flow Margin	5.17%	13.10%	13.38%	-7.88%	3.15%
Free Cash Flow Per Share	542.20	1269.49	1086.38	-507.77	250.77
Cash Interest Paid	4,967	5,749	3,164	2,242	602
Cash Income Tax Paid	13,578	9,021	2,174	3,755	2,080
Levered Free Cash Flow	-10,614	88,160	59,206	-10,257	18,244
Unlevered Free Cash Flow	-6,479	96,381	65,332	-3,217	24,152
Change in Working Capital	-21,220	46,642	39,374	-31,538	43,838

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