Frontier Management 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	13,490	9,265	10,025	7,915	5,741
Revenue Growth (YoY)	45.60%	-7.58%	26.66%	37.87%	10.57%
Cost of Revenue	8,475	5,006	4,498	3,230	2,248
Gross Profit	5,015	4,259	5,527	4,685	3,493
Selling, General & Admin	2,709	4,862	4,264	3,765	2,984
Other Operating Expenses	2,630	29	11	6	7
Operating Expenses	5,363	4,891	4,275	3,777	2,992
Operating Income	-348.27	-632	1,252	908	501
Interest Expense	-263.39	-18	-11	-7	-1
Interest & Investment Income	14.12	-	-	-	-
Earnings From Equity Investments	-10.3	-48	4	8	6
Currency Exchange Gain (Loss)	13.24	-	1	9	6
Other Non Operating Income (Expenses)	-69.85	-11	-9	1	1
EBT Excluding Unusual Items	-664.44	-709	1,237	919	513
Merger & Restructuring Charges	-107.51	-	-	-	-
Gain (Loss) on Sale of Investments	-	-	1	-53	-
Asset Writedown	-137.5	-	-	-	-
Other Unusual Items	-56.62	-	-	-	-
Pretax Income	-966.07	-709	1,238	866	513
Income Tax Expense	191.53	-4	447	301	175
Earnings From Continuing Operations	-1,158	-705	791	565	338
Minority Interest in Earnings	51.05	11	-11	-9	-
Net Income	-1,107	-694	780	556	338
Net Income to Common	-1,107	-694	780	556	338
Net Income Growth	-	-	40.29%	64.50%	-19.52%
Shares Outstanding (Basic)	12	12	12	11	11
Shares Outstanding (Diluted)	12	12	12	12	12
Shares Change (YoY)	0.21%	-0.06%	1.11%	0.29%	-0.69%
EPS (Basic)	-94.09	-59.13	67.46	48.61	29.64
EPS (Diluted)	-94.09	-59.13	66.47	47.93	29.24
EPS Growth	-	-	38.68%	63.92%	-18.89%
Free Cash Flow	-2,059	-2,519	188	1,163	290
Free Cash Flow Per Share	-175.10	-214.62	16.01	100.13	25.04
Dividend Per Share	-	-	41.000	28.000	10.000
Dividend Growth	-	-	46.43%	180.00%	-16.67%
Gross Margin	37.18%	45.97%	55.13%	59.19%	60.84%
Operating Margin	-2.58%	-6.82%	12.49%	11.47%	8.73%
Profit Margin	-8.20%	-7.49%	7.78%	7.03%	5.89%
Free Cash Flow Margin	-15.27%	-27.19%	1.88%	14.69%	5.05%
EBITDA	104.01	-530	1,356	992	537
EBITDA Margin	0.77%	-5.72%	13.53%	12.53%	9.35%
D&A For EBITDA	452.28	102	104	84	36
EBIT	-348.27	-632	1,252	908	501
EBIT Margin	-2.58%	-6.82%	12.49%	11.47%	8.73%
Effective Tax Rate	-	-	36.11%	34.76%	34.11%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.