Zensho Holdings Cash Flow Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Net Income	67,979	63,502	47,526	23,488	26,280
Depreciation & Amortization	54,497	47,960	36,207	32,019	29,883
Loss (Gain) From Sale of Assets	4,019	4,494	3,208	3,794	8,122
Other Operating Activities	-28,990	-23,081	-5,602	-17,530	25,269
Change in Accounts Receivable	-2,340	-6,883	-8,198	-3,472	-706
Change in Inventory	-13,276	-22,468	-1,271	-3,280	-12,723
Change in Accounts Payable	3,877	9,219	9,143	8,044	-5,073
Change in Other Net Operating Assets	15,411	6,210	4,972	10,015	-25,622
Operating Cash Flow	101,177	78,953	85,985	53,078	45,430
Operating Cash Flow Growth	28.15%	-8.18%	62.00%	16.84%	53.03%
Capital Expenditures	-78,007	-61,520	-40,120	-30,983	-27,513
Sale of Property, Plant & Equipment	288	233	45	17	855
Cash Acquisitions	-	-	-58,194	-	-
Sale (Purchase) of Intangibles	-2,416	-2,275	-1,975	-1,517	-1,263
Investment in Securities	4,904	-343	-20,870	-522	-1,092
Other Investing Activities	-2,858	-2,592	-4,273	-2,195	-1,408
Investing Cash Flow	-78,089	-66,497	-125,387	-35,200	-31,550
Short-Term Debt Issued	-	-	-	7,187	-
Long-Term Debt Issued	53,414	73,561	145,925	42,179	58,209
Total Debt Issued	53,414	73,561	145,925	49,366	58,209
Short-Term Debt Repaid	-3,298	-1,494	-1,318	-	-922
Long-Term Debt Repaid	-40,688	-57,924	-133,102	-29,590	-56,850
Total Debt Repaid	-43,986	-59,418	-134,420	-29,590	-57,772
Net Debt Issued (Repaid)	9,428	14,143	11,505	19,776	437
Issuance of Common Stock	48,301	-	70,020	-	2
Repurchase of Common Stock	-1,908	-10	-6,799	-1,077	-13
Common Dividends Paid	-12,566	-11,006	-5,602	-3,483	-3,193
Other Financing Activities	-23,436	-19,352	-14,491	-13,372	-9,219
Financing Cash Flow	19,819	-16,225	54,633	1,844	-11,986
Foreign Exchange Rate Adjustments	5,352	703	1,754	2,191	2,415
Miscellaneous Cash Flow Adjustments	99	589	495	362	460
Net Cash Flow	48,358	-2,477	17,480	22,275	4,769
Free Cash Flow	23,170	17,433	45,865	22,095	17,917
Free Cash Flow Growth	32.91%	-61.99%	107.58%	23.32%	90.61%
Free Cash Flow Margin	1.83%	1.53%	4.75%	2.83%	2.72%
Free Cash Flow Per Share	147.97	111.28	299.93	145.41	117.78
Cash Interest Paid	7,566	5,218	3,999	2,841	2,653
Cash Income Tax Paid	28,494	22,821	5,199	18,498	4,780
Levered Free Cash Flow	14,233	4,008	41,556	14,885	-6,414
Unlevered Free Cash Flow	18,625	7,593	43,925	16,666	-4,740
Change in Working Capital	3,672	-13,922	4,646	11,307	-44,124

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