Value Creation Income Statement

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

Millions JPY. Fiscal year is Mar - Feb.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '21 Feb 28, 2021
Revenue	3,573	3,432	2,948	2,824	5,410
Revenue Growth (YoY)	5.44%	16.40%	4.41%	-47.81%	-
Cost of Revenue	2,261	2,333	1,949	1,936	4,924
Gross Profit	1,311	1,099	999.13	888.12	486.24
Selling, General & Admin	1,150	977.49	826.36	774.64	-
Other Operating Expenses	-	-	-	-	482.33
Operating Expenses	1,150	977.49	826.36	774.64	492.61
Operating Income	161.25	121.62	172.78	113.47	-6.37
Interest Expense	-11.82	-10.14	-10.74	-9.34	-6.06
Other Non Operating Income (Expenses)	104.74	20.18	4.71	17.14	1.97
Pretax Income	259.52	131.66	166.75	121.27	-10.46
Income Tax Expense	85.19	45.28	52.39	35.24	-0.63
Net Income to Company	-	86.37	114.36	86.03	-
Net Income	174.33	86.37	114.36	86.03	-9.83
Net Income to Common	174.33	86.37	114.36	86.03	-9.83
Net Income Growth	225.01%	-24.47%	32.92%	-	-
Shares Outstanding (Basic)	2	2	2	2	-
Shares Outstanding (Diluted)	3	3	2	2	-
Shares Change (YoY)	0.15%	9.13%	16.84%	-	-
EPS (Basic)	75.83	37.54	55.11	43.02	-
EPS (Diluted)	68.31	33.87	48.94	43.02	-
EPS Growth	224.53%	-30.79%	13.77%	-	-
Free Cash Flow	-	135.94	310.45	144.02	-
Free Cash Flow Per Share	-	53.31	132.86	72.01	-
Dividend Per Share	6.500	6.500	6.000	-	-
Dividend Growth	8.33%	8.33%	-	-	-
Gross Margin	36.70%	32.02%	33.89%	31.45%	8.99%
Operating Margin	4.51%	3.54%	5.86%	4.02%	-0.12%
Profit Margin	4.88%	2.52%	3.88%	3.05%	-0.18%
Free Cash Flow Margin	-	3.96%	10.53%	5.10%	-
EBITDA	185.93	140.42	183.74	117.59	3.91
EBITDA Margin	5.20%	4.09%	6.23%	4.16%	0.07%
D&A For EBITDA	24.68	18.8	10.96	4.12	-
EBIT	161.25	121.62	172.78	113.47	-6.37
EBIT Margin	4.51%	3.54%	5.86%	4.02%	-0.12%
Effective Tax Rate	32.82%	34.39%	31.42%	29.06%	-

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