T&D Holdings Cash Flow Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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
Net Income	168,695	135,080	-103,972	22,928	191,111
Depreciation & Amortization	21,886	21,027	21,184	20,206	19,841
Gain (Loss) on Sale of Assets	-1,757	-7,679	-141	734	2,633
Gain (Loss) on Sale of Investments	-18,180	-59,177	-68,536	1,003	-11,485
Change in Insurance Reserves / Liabilities	-580,104	246,711	-446,270	-258,016	484,912
Change in Other Net Operating Assets	136,052	82,168	132,273	-55,220	-4,441
Other Operating Activities	-87,661	-157,773	-59,552	-111,768	-79,172
Operating Cash Flow	-359,867	262,754	-307,631	-396,882	500,485
Operating Cash Flow Growth	-	-	-	-	-15.33%
Capital Expenditures	-19,598	-15,507	-22,291	-7,989	-11,082
Sale of Property, Plant & Equipment	14,563	17,454	2,215	943	2,732
Investment in Securities	-14,158	333,591	1,103,466	324,634	-304,093
Other Investing Activities	33,782	-560,174	-358,784	-89,602	71,772
Investing Cash Flow	94,269	-180,245	665,960	283,196	-261,463
Short-Term Debt Issued	-	1,995	999	-	-
Long-Term Debt Issued	32,755	-	-	20,236	-
Total Debt Issued	32,755	1,995	999	20,236	-
Total Debt Repaid	-30,005	-3,541	-47,000	-999	-32,036
Net Debt Issued (Repaid)	2,750	-1,546	-46,001	19,237	-32,036
Issuance of Common Stock	220	374	147	32	24
Repurchases of Common Stock	-48,778	-40,049	-25,619	-45,482	-13,013
Common Dividends Paid	-39,420	-35,829	-33,139	-30,655	-26,409
Other Financing Activities	-2,112	-2,177	-1,968	-879	-691
Financing Cash Flow	-87,340	-79,227	-106,580	-57,747	-72,125
Foreign Exchange Rate Adjustments	2,363	3,157	-1,455	1,142	728
Miscellaneous Cash Flow Adjustments	1,666	-1	-2	1	-
Net Cash Flow	-348,909	6,438	250,292	-170,290	167,625
Free Cash Flow	-379,465	247,247	-329,922	-404,871	489,403
Free Cash Flow Growth	-	-	-	-	-13.73%
Free Cash Flow Margin	-15.12%	9.92%	-14.73%	-23.16%	20.64%
Free Cash Flow Per Share	-725.25	458.10	-592.47	-695.57	817.90
Cash Interest Paid	2,023	1,432	1,809	1,654	1,562
Cash Income Tax Paid	13,486	47,062	-5,740	48,637	26,827
Levered Free Cash Flow	282,555	239,336	267,966	-136,541	-43,532
Unlevered Free Cash Flow	284,056	240,233	269,043	-135,484	-42,561
Change in Working Capital	-444,052	328,879	-313,997	-313,236	480,471

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