Pigeon Cash Flow Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	13,318	12,872	11,154	13,143	13,531
Depreciation & Amortization	4,601	4,876	5,079	4,947	4,161
Loss (Gain) From Sale of Assets	143	1,110	368	322	283
Loss (Gain) From Sale of Investments	-	-	-	-	-50
Other Operating Activities	-3,660	-3,307	-4,468	-4,708	-5,550
Change in Accounts Receivable	411	-2,765	2,453	1,631	469
Change in Inventory	-1,904	467	2,544	-1,816	-466
Change in Accounts Payable	-244	556	-2,079	24	-2,725
Change in Other Net Operating Assets	393	472	-528	-333	1,240
Operating Cash Flow	13,058	14,281	14,523	13,210	10,893
Operating Cash Flow Growth	-8.56%	-1.67%	9.94%	21.27%	-40.80%
Capital Expenditures	-2,797	-2,066	-5,484	-5,315	-5,659
Sale of Property, Plant & Equipment	54	465	61	14	29
Divestitures	-	94	-	-	-
Sale (Purchase) of Intangibles	-345	-184	-166	-249	-234
Investment in Securities	6	-1	-1	-1	324
Other Investing Activities	-62	555	123	-108	-53
Investing Cash Flow	-3,144	-1,137	-5,467	-5,659	-5,593
Short-Term Debt Issued	-	-	76	-	-
Total Debt Issued	-	-	76	-	-
Short-Term Debt Repaid	-	-98	-	-	-
Total Debt Repaid	-	-98	-	-	-
Net Debt Issued (Repaid)	-	-98	76	-	-
Issuance of Common Stock	74	-	47	44	-
Repurchase of Common Stock	-	-	-199	-	-
Common Dividends Paid	-9,105	-9,098	-9,109	-8,974	-8,741
Other Financing Activities	-1,787	-1,443	-1,071	-736	48
Financing Cash Flow	-10,818	-10,639	-10,256	-9,666	-8,693
Foreign Exchange Rate Adjustments	1,312	2,339	1,275	1,180	1,560
Miscellaneous Cash Flow Adjustments	-	-1	-1	1	1
Net Cash Flow	408	4,843	74	-934	-1,832
Free Cash Flow	10,261	12,215	9,039	7,895	5,234
Free Cash Flow Growth	-16.00%	35.14%	14.49%	50.84%	-64.63%
Free Cash Flow Margin	9.40%	11.73%	9.57%	8.32%	5.62%
Free Cash Flow Per Share	85.78	102.14	75.57	65.98	43.75
Cash Interest Paid	84	75	100	93	63
Cash Income Tax Paid	3,983	3,427	4,364	4,662	5,565
Levered Free Cash Flow	7,683	10,275	6,382	5,614	2,994
Unlevered Free Cash Flow	7,736	10,322	6,443	5,673	3,044
Change in Working Capital	-1,344	-1,270	2,390	-494	-1,482

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