TOP CULTURE Income Statement

Financials in millions JPY. Fiscal year is November - October.

Millions JPY. Fiscal year is Nov - Oct.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct '25 Oct 31, 2025	Oct '24 Oct 31, 2024	Oct '23 Oct 31, 2023	Oct '22 Oct 31, 2022	Oct '21 Oct 31, 2021
Revenue	17,333	18,414	18,953	20,905	26,407
Revenue Growth (YoY)	-5.87%	-2.84%	-9.34%	-20.84%	-12.35%
Cost of Revenue	11,289	12,092	12,949	14,387	18,408
Gross Profit	6,044	6,322	6,004	6,518	7,999
Selling, General & Admin	6,015	6,430	6,375	6,377	7,040
Amortization of Goodwill & Intangibles	21	-	-	-	-
Other Operating Expenses	7	7	-	-	-
Operating Expenses	6,435	6,823	6,806	6,673	7,643
Operating Income	-391	-501	-802	-155	356
Interest Expense	-127	-112	-110	-96	-100
Interest & Investment Income	7	8	9	11	14
Other Non Operating Income (Expenses)	31	26	9	53	6
EBT Excluding Unusual Items	-480	-579	-894	-187	276
Gain (Loss) on Sale of Investments	-20	-10	-	-	-
Gain (Loss) on Sale of Assets	-5	6	-22	35	-
Asset Writedown	-96	-94	-430	-89	-38
Other Unusual Items	-72	-7	-3	1	-2,145
Pretax Income	-673	-684	-1,349	-240	-1,907
Income Tax Expense	47	39	27	31	31
Earnings From Continuing Operations	-720	-723	-1,376	-271	-1,938
Minority Interest in Earnings	-11	6	-	-1	-1
Net Income	-731	-717	-1,376	-272	-1,939
Net Income to Common	-731	-717	-1,376	-272	-1,939
Shares Outstanding (Basic)	16	16	12	12	12
Shares Outstanding (Diluted)	16	16	12	12	12
Shares Change (YoY)	-	25.86%	2.64%	-	-0.20%
EPS (Basic)	-46.83	-45.93	-110.94	-22.51	-160.45
EPS (Diluted)	-46.83	-45.93	-110.94	-22.51	-160.45
Free Cash Flow	777	731	-238	152	-2,532
Free Cash Flow Per Share	49.77	46.83	-19.19	12.58	-209.52
Dividend Per Share	-	-	6.000	6.000	-
Gross Margin	34.87%	34.33%	31.68%	31.18%	30.29%
Operating Margin	-2.26%	-2.72%	-4.23%	-0.74%	1.35%
Profit Margin	-4.22%	-3.89%	-7.26%	-1.30%	-7.34%
Free Cash Flow Margin	4.48%	3.97%	-1.26%	0.73%	-9.59%
EBITDA	50	-63	-311	188	1,001
EBITDA Margin	0.29%	-0.34%	-1.64%	0.90%	3.79%
D&A For EBITDA	441	438	491	343	645
EBIT	-391	-501	-802	-155	356
EBIT Margin	-2.26%	-2.72%	-4.23%	-0.74%	1.35%

Updated Oct 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.