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	2016 - 2020
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	2016 - 2020
Revenue	17,333	18,414	18,953	20,905	26,407	Upgrade
Revenue Growth (YoY)	-5.87%	-2.84%	-9.34%	-20.84%	-12.35%	Upgrade
Cost of Revenue	11,289	12,092	12,949	14,387	18,408	Upgrade
Gross Profit	6,044	6,322	6,004	6,518	7,999	Upgrade
Selling, General & Admin	6,435	6,430	6,375	6,377	7,040	Upgrade
Other Operating Expenses	-	7	-	-	-	Upgrade
Operating Expenses	6,435	6,823	6,806	6,673	7,643	Upgrade
Operating Income	-391	-501	-802	-155	356	Upgrade
Interest Expense	-127	-112	-110	-96	-100	Upgrade
Interest & Investment Income	7	8	9	11	14	Upgrade
Other Non Operating Income (Expenses)	31	26	9	53	6	Upgrade
EBT Excluding Unusual Items	-480	-579	-894	-187	276	Upgrade
Gain (Loss) on Sale of Investments	-20	-10	-	-	-	Upgrade
Gain (Loss) on Sale of Assets	-5	6	-22	35	-	Upgrade
Asset Writedown	-96	-94	-430	-89	-38	Upgrade
Other Unusual Items	-72	-7	-3	1	-2,145	Upgrade
Pretax Income	-673	-684	-1,349	-240	-1,907	Upgrade
Income Tax Expense	47	39	27	31	31	Upgrade
Earnings From Continuing Operations	-720	-723	-1,376	-271	-1,938	Upgrade
Minority Interest in Earnings	-11	6	-	-1	-1	Upgrade
Net Income	-731	-717	-1,376	-272	-1,939	Upgrade
Net Income to Common	-731	-717	-1,376	-272	-1,939	Upgrade
Shares Outstanding (Basic)	16	16	12	12	12	Upgrade
Shares Outstanding (Diluted)	16	16	12	12	12	Upgrade
Shares Change (YoY)	-	25.86%	2.64%	-	-0.20%	Upgrade
EPS (Basic)	-46.83	-45.93	-110.94	-22.51	-160.45	Upgrade
EPS (Diluted)	-46.83	-45.93	-110.94	-22.51	-160.45	Upgrade
Free Cash Flow	777	731	-238	152	-2,532	Upgrade
Free Cash Flow Per Share	49.77	46.83	-19.19	12.58	-209.52	Upgrade
Dividend Per Share	-	-	6.000	6.000	-	Upgrade
Gross Margin	34.87%	34.33%	31.68%	31.18%	30.29%	Upgrade
Operating Margin	-2.26%	-2.72%	-4.23%	-0.74%	1.35%	Upgrade
Profit Margin	-4.22%	-3.89%	-7.26%	-1.30%	-7.34%	Upgrade
Free Cash Flow Margin	4.48%	3.97%	-1.26%	0.73%	-9.59%	Upgrade
EBITDA	50	-63	-311	188	1,001	Upgrade
EBITDA Margin	0.29%	-0.34%	-1.64%	0.90%	3.79%	Upgrade
D&A For EBITDA	441	438	491	343	645	Upgrade
EBIT	-391	-501	-802	-155	356	Upgrade
EBIT Margin	-2.26%	-2.72%	-4.23%	-0.74%	1.35%	Upgrade

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