Forval Income Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Revenue	72,227	72,629	63,527	59,538	51,535	49,788
Revenue Growth (YoY)	3.92%	14.33%	6.70%	15.53%	3.51%	0.11%
Cost of Revenue	46,157	47,378	41,065	39,183	32,488	31,929
Gross Profit	26,070	25,251	22,462	20,355	19,047	17,859
Selling, General & Admin	22,437	21,377	19,137	17,859	16,286	15,137
Operating Expenses	22,598	21,510	19,138	17,912	16,421	15,460
Operating Income	3,472	3,741	3,324	2,443	2,626	2,399
Interest Expense	-39.45	-57	-17	-18	-22	-29
Interest & Investment Income	35.34	24	23	34	30	24
Earnings From Equity Investments	145.39	119	138	119	130	2
Currency Exchange Gain (Loss)	-1.74	23	32	-	-	-
Other Non Operating Income (Expenses)	207.35	124	47	137	89	86
EBT Excluding Unusual Items	3,819	3,974	3,547	2,715	2,853	2,482
Gain (Loss) on Sale of Investments	-793.75	230	106	246	-	-6
Gain (Loss) on Sale of Assets	-19.13	-21	-58	-21	52	-14
Asset Writedown	-108.3	-94	-73	-10	-	-
Other Unusual Items	4.31	-35	212	9	373	7
Pretax Income	2,902	4,054	3,734	2,939	3,278	2,469
Income Tax Expense	1,407	1,632	1,463	1,101	1,212	966
Earnings From Continuing Operations	1,495	2,422	2,271	1,838	2,066	1,503
Minority Interest in Earnings	-360.57	-254	-260	-159	-230	-146
Net Income	1,134	2,168	2,011	1,679	1,836	1,357
Net Income to Common	1,134	2,168	2,011	1,679	1,836	1,357
Net Income Growth	-47.13%	7.81%	19.77%	-8.55%	35.30%	27.18%
Shares Outstanding (Basic)	26	26	26	26	26	25
Shares Outstanding (Diluted)	26	26	26	26	26	25
Shares Change (YoY)	0.18%	1.52%	0.16%	0.24%	0.62%	1.27%
EPS (Basic)	43.49	83.04	78.20	65.39	71.68	53.31
EPS (Diluted)	43.49	83.04	78.20	65.39	71.68	53.31
EPS Growth	-47.23%	6.19%	19.59%	-8.77%	34.46%	25.58%
Free Cash Flow	-	3,885	2,241	3,049	2,311	2,592
Free Cash Flow Per Share	-	148.81	87.14	118.75	90.22	101.83
Dividend Per Share	30.000	30.000	28.000	27.000	26.000	26.000
Dividend Growth	7.14%	7.14%	3.70%	3.85%	-	-
Gross Margin	36.09%	34.77%	35.36%	34.19%	36.96%	35.87%
Operating Margin	4.81%	5.15%	5.23%	4.10%	5.10%	4.82%
Profit Margin	1.57%	2.99%	3.17%	2.82%	3.56%	2.73%
Free Cash Flow Margin	-	5.35%	3.53%	5.12%	4.48%	5.21%
EBITDA	5,677	5,847	5,007	3,934	3,980	3,092
EBITDA Margin	7.86%	8.05%	7.88%	6.61%	7.72%	6.21%
D&A For EBITDA	2,205	2,106	1,683	1,491	1,354	693
EBIT	3,472	3,741	3,324	2,443	2,626	2,399
EBIT Margin	4.81%	5.15%	5.23%	4.10%	5.10%	4.82%
Effective Tax Rate	48.50%	40.26%	39.18%	37.46%	36.97%	39.13%

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