Novarese Income 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
Revenue	22,039	19,299	18,265	17,222	11,191
Revenue Growth (YoY)	14.20%	5.66%	6.06%	53.89%	72.04%
Cost of Revenue	9,804	8,440	8,080	7,080	4,794
Gross Profit	12,235	10,859	10,185	10,142	6,397
Selling, General & Admin	10,004	9,546	8,621	7,663	6,321
Other Operating Expenses	-16	-34	6	-297	-746
Operating Expenses	9,988	9,512	8,627	7,366	5,575
Operating Income	2,247	1,347	1,558	2,776	822
Interest Expense	-439	-387	-326	-344	-311
Interest & Investment Income	14	11	9	36	27
Earnings From Equity Investments	26	1	1	18	-
Currency Exchange Gain (Loss)	-	20	13	-	-
Other Non Operating Income (Expenses)	-	-8	-8	-2	1
EBT Excluding Unusual Items	1,848	984	1,247	2,484	539
Gain (Loss) on Sale of Assets	-	-10	-17	-	-
Pretax Income	1,848	974	1,230	2,484	539
Income Tax Expense	592	311	288	828	165
Net Income to Company	1,256	663	942	1,656	374
Net Income	1,256	663	942	1,656	374
Net Income to Common	1,256	663	942	1,656	374
Net Income Growth	89.44%	-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)	0.20%	-	-	19900.00%	-
EPS (Basic)	50.14	26.52	37.68	66.24	2992.00
EPS (Diluted)	50.14	26.52	37.68	66.24	2992.00
EPS Growth	89.06%	-29.62%	-43.12%	-97.79%	-
Free Cash Flow	2,272	2,495	1,052	-	-
Free Cash Flow Per Share	90.70	99.80	42.08	-	-
Gross Margin	55.52%	56.27%	55.76%	58.89%	57.16%
Operating Margin	10.20%	6.98%	8.53%	16.12%	7.34%
Profit Margin	5.70%	3.44%	5.16%	9.62%	3.34%
Free Cash Flow Margin	10.31%	12.93%	5.76%	-	-
EBITDA	4,750	3,828	3,902	-	-
EBITDA Margin	21.55%	19.84%	21.36%	-	-
D&A For EBITDA	2,503	2,481	2,344	-	-
EBIT	2,247	1,347	1,558	2,776	822
EBIT Margin	10.20%	6.98%	8.53%	16.12%	7.34%
Effective Tax Rate	32.04%	31.93%	23.41%	33.33%	30.61%

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