CURVES HOLDINGS Cash Flow Statement

Financials in millions JPY. Fiscal year is September - August.

Millions JPY. Fiscal year is Sep - Aug.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Feb '26 Feb 28, 2026	Aug '25 Aug 31, 2025	Aug '24 Aug 31, 2024	Aug '23 Aug 31, 2023	Aug '22 Aug 31, 2022	Aug '21 Aug 31, 2021
Net Income	6,886	6,467	5,446	3,822	3,134	1,705
Depreciation & Amortization	2,289	2,242	2,233	2,309	1,994	1,746
Loss (Gain) From Sale of Assets	9	14	26	19	5	10
Other Operating Activities	-2,809	-2,461	-2,072	-1,457	-1,337	-169
Change in Accounts Receivable	-554	-519	-620	-252	-188	-602
Change in Inventory	-341	-315	-395	-87	172	421
Change in Accounts Payable	550	138	652	247	-160	-33
Change in Other Net Operating Assets	328	645	156	319	-347	162
Operating Cash Flow	6,358	6,211	5,426	4,920	3,273	3,240
Operating Cash Flow Growth	-9.94%	14.47%	10.29%	50.32%	1.02%	72.16%
Capital Expenditures	-270	-151	-149	-162	-218	-250
Sale (Purchase) of Intangibles	-447	-543	-805	-687	-717	-407
Investment in Securities	-	-	20	-	-	-
Other Investing Activities	-35	-33	-33	-42	-8	-76
Investing Cash Flow	-752	-727	-967	-891	-943	-733
Long-Term Debt Issued	-	-	-	-	1,000	-
Long-Term Debt Repaid	-	-3,290	-3,290	-3,290	-3,173	-1,840
Net Debt Issued (Repaid)	-2,665	-3,290	-3,290	-3,290	-2,173	-1,840
Repurchase of Common Stock	-	-	-	-	-1,247	-
Common Dividends Paid	-1,595	-1,595	-1,032	-797	-797	-469
Other Financing Activities	-	-7	-5	-4	-1	-
Financing Cash Flow	-4,260	-4,892	-4,327	-4,091	-4,218	-2,309
Foreign Exchange Rate Adjustments	-94	-209	15	-25	73	28
Miscellaneous Cash Flow Adjustments	-3	-2	-	-1	-1	-
Net Cash Flow	1,249	381	147	-88	-1,816	226
Free Cash Flow	6,088	6,060	5,277	4,758	3,055	2,990
Free Cash Flow Growth	-11.91%	14.84%	10.91%	55.74%	2.17%	69.02%
Free Cash Flow Margin	15.47%	16.13%	14.88%	15.85%	11.11%	12.12%
Free Cash Flow Per Share	66.13	65.83	57.32	51.69	32.89	31.86
Cash Interest Paid	60	60	43	50	56	66
Cash Income Tax Paid	2,813	2,463	2,076	1,454	1,338	172
Levered Free Cash Flow	5,762	5,502	4,640	4,540	2,590	3,020
Unlevered Free Cash Flow	5,799	5,540	4,668	4,570	2,625	3,061
Change in Working Capital	-17	-51	-207	227	-523	-52

Updated Feb 28, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.