Novarese Income Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	20,930	19,299	18,265	17,222	11,191	6,505
Revenue Growth (YoY)	12.18%	5.66%	6.06%	53.89%	72.04%	-59.10%
Cost of Revenue	9,265	8,440	8,080	7,080	4,794	3,451
Gross Profit	11,665	10,859	10,185	10,142	6,397	3,054
Selling, General & Admin	9,845	9,546	8,621	7,663	6,321	-
Other Operating Expenses	-32	-34	6	-297	-746	6,271
Operating Expenses	9,813	9,512	8,627	7,366	5,575	6,271
Operating Income	1,852	1,347	1,558	2,776	822	-3,217
Interest Expense	-422	-387	-326	-344	-311	-
Interest & Investment Income	11	11	9	36	27	-
Earnings From Equity Investments	3	1	1	18	-	-
Currency Exchange Gain (Loss)	20	20	13	-	-	-
Other Non Operating Income (Expenses)	-8	-8	-8	-2	1	-1,226
EBT Excluding Unusual Items	1,456	984	1,247	2,484	539	-4,443
Gain (Loss) on Sale of Assets	-10	-10	-17	-	-	-
Pretax Income	1,446	974	1,230	2,484	539	-4,443
Income Tax Expense	449	311	288	828	165	-185
Net Income to Company	-	663	942	1,656	374	-
Net Income	997	663	942	1,656	374	-4,258
Net Income to Common	997	663	942	1,656	374	-4,258
Net Income Growth	28.15%	-29.62%	-43.12%	342.78%	-	-
Shares Outstanding (Basic)	25	25	25	25	0	-
Shares Outstanding (Diluted)	25	25	25	25	0	-
Shares Change (YoY)	0.13%	-	-	19900.00%	-	-
EPS (Basic)	39.83	26.52	37.68	66.24	2992.00	-
EPS (Diluted)	39.83	26.52	37.68	66.24	2992.00	-
EPS Growth	27.99%	-29.62%	-43.12%	-97.79%	-	-
Free Cash Flow	2,634	2,495	1,052	-	-	-
Free Cash Flow Per Share	105.23	99.80	42.08	-	-	-
Gross Margin	55.73%	56.27%	55.76%	58.89%	57.16%	46.95%
Operating Margin	8.85%	6.98%	8.53%	16.12%	7.34%	-49.45%
Profit Margin	4.76%	3.44%	5.16%	9.62%	3.34%	-65.46%
Free Cash Flow Margin	12.58%	12.93%	5.76%	-	-	-
EBITDA	4,327	3,828	3,902	-	-	-
EBITDA Margin	20.67%	19.84%	21.36%	-	-	-
D&A For EBITDA	2,475	2,481	2,344	-	-	-
EBIT	1,852	1,347	1,558	2,776	822	-3,217
EBIT Margin	8.85%	6.98%	8.53%	16.12%	7.34%	-49.45%
Effective Tax Rate	31.05%	31.93%	23.41%	33.33%	30.61%	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.