SHIKIGAKU. Cash Flow Statement

Financials in millions JPY. Fiscal year is March - February.

Millions JPY. Fiscal year is Mar - Feb.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2020
Period Ending	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '22 Feb 28, 2022	Feb '21 Feb 28, 2021	2020
Net Income	569	-109	-298	550	90	Upgrade
Depreciation & Amortization	64	74	81	67	58	Upgrade
Loss (Gain) From Sale of Assets	-10	34	-	22	109	Upgrade
Loss (Gain) From Sale of Investments	-203	-	194	-217	-71	Upgrade
Loss (Gain) on Equity Investments	3	2	4	21	12	Upgrade
Other Operating Activities	30	14	-262	-65	-78	Upgrade
Change in Accounts Receivable	-388	-177	-576	-18	-173	Upgrade
Change in Accounts Payable	24	39	-40	-	-	Upgrade
Change in Other Net Operating Assets	79	-48	-42	109	234	Upgrade
Operating Cash Flow	168	-171	-939	469	181	Upgrade
Operating Cash Flow Growth	-	-	-	159.12%	5.85%	Upgrade
Capital Expenditures	-45	-5	-66	-38	-24	Upgrade
Cash Acquisitions	-	-	-	-	-69	Upgrade
Sale (Purchase) of Intangibles	-43	-	-24	-95	-19	Upgrade
Investment in Securities	200	-6	-18	112	-171	Upgrade
Other Investing Activities	1	-11	-40	-48	-14	Upgrade
Investing Cash Flow	113	-22	-148	-69	-297	Upgrade
Short-Term Debt Issued	-	-	-	-	200	Upgrade
Long-Term Debt Issued	-	-	950	-	310	Upgrade
Total Debt Issued	-	-	950	-	510	Upgrade
Short-Term Debt Repaid	-	-	-	-100	-150	Upgrade
Long-Term Debt Repaid	-295	-365	-329	-145	-125	Upgrade
Total Debt Repaid	-295	-365	-329	-245	-275	Upgrade
Net Debt Issued (Repaid)	-295	-365	621	-245	235	Upgrade
Issuance of Common Stock	-	-	507	1,194	5	Upgrade
Repurchase of Common Stock	-199	-	-294	-	-75	Upgrade
Other Financing Activities	172	275	266	33	150	Upgrade
Financing Cash Flow	-322	-90	1,100	982	315	Upgrade
Miscellaneous Cash Flow Adjustments	1	-1	-1	-	38	Upgrade
Net Cash Flow	-40	-284	12	1,382	237	Upgrade
Free Cash Flow	123	-176	-1,005	431	157	Upgrade
Free Cash Flow Growth	-	-	-	174.52%	49.52%	Upgrade
Free Cash Flow Margin	2.29%	-3.65%	-22.54%	11.27%	6.26%	Upgrade
Free Cash Flow Per Share	14.35	-20.04	-124.32	53.42	21.15	Upgrade
Cash Interest Paid	4	5	3	4	3	Upgrade
Cash Income Tax Paid	-12	-9	264	73	84	Upgrade
Levered Free Cash Flow	69.38	14.63	-1,031	302.5	143.38	Upgrade
Unlevered Free Cash Flow	71.88	17.75	-1,029	305	145.25	Upgrade
Change in Working Capital	-285	-186	-658	91	61	Upgrade

Updated Nov 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.