INCLUSIVE Holdings Cash Flow Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Net Income	-1,647	-1,390	382	-808	-89	42
Depreciation & Amortization	392	473	257	307	90	26
Loss (Gain) From Sale of Assets	873	873	111	547	39	-
Loss (Gain) From Sale of Investments	73	-91	-597	-98	18	-
Loss (Gain) on Equity Investments	-5	-2	5	8	-	-
Other Operating Activities	-25	-101	-62	-46	3	-87
Change in Accounts Receivable	-14	64	-257	168	-53	21
Change in Inventory	4	4	15	9	-	-
Change in Accounts Payable	-13	60	222	-76	12	-13
Change in Other Net Operating Assets	33	8	12	37	93	-16
Operating Cash Flow	-329	-102	88	48	113	-27
Operating Cash Flow Growth	-	-	83.33%	-57.52%	-	-
Capital Expenditures	-23	-34	-34	-21	-3	-29
Cash Acquisitions	-	-	-21	-771	-540	-196
Divestitures	-	44	573	192	-	-
Sale (Purchase) of Intangibles	-	-	-23	-	-1	-
Investment in Securities	10	39	-1	1	-251	-
Other Investing Activities	17	31	-26	20	-43	-23
Investing Cash Flow	4	80	468	-579	-838	-248
Short-Term Debt Issued	-	337	300	300	-	150
Long-Term Debt Issued	-	-	317	-	-	513
Total Debt Issued	367	337	617	300	-	663
Short-Term Debt Repaid	-	-304	-315	-449	-	-
Long-Term Debt Repaid	-	-101	-460	-229	-172	-122
Total Debt Repaid	-434	-405	-775	-678	-172	-122
Net Debt Issued (Repaid)	-67	-68	-158	-378	-172	541
Issuance of Common Stock	9	12	17	1,436	493	199
Other Financing Activities	-63	40	3	12	-	-
Financing Cash Flow	-121	-16	-138	1,070	321	740
Foreign Exchange Rate Adjustments	-3	-17	7	-3	-1	-
Miscellaneous Cash Flow Adjustments	-	-	-	-1	1	-
Net Cash Flow	-449	-55	425	535	-404	465
Free Cash Flow	-352	-136	54	27	110	-56
Free Cash Flow Growth	-	-	100.00%	-75.46%	-	-
Free Cash Flow Margin	-7.64%	-2.78%	1.01%	0.56%	6.31%	-4.07%
Free Cash Flow Per Share	-35.02	-13.55	5.33	2.76	13.97	-7.53
Cash Interest Paid	7	7	7	7	3	2
Cash Income Tax Paid	32	106	67	65	11	99
Levered Free Cash Flow	-108.13	204.25	149.88	128.75	159.25	-70.25
Unlevered Free Cash Flow	-103.75	208.63	154.25	133.13	161.13	-69
Change in Working Capital	10	136	-8	138	52	-8

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