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	Aug '25 Aug 31, 2025	Feb '25 Feb 28, 2025	Feb '24 Feb 29, 2024	Feb '23 Feb 28, 2023	Feb '21 Feb 28, 2021
Revenue	3,465	3,432	2,948	2,824	5,410
Revenue Growth (YoY)	17.54%	16.40%	4.41%	-47.81%	-
Cost of Revenue	2,250	2,333	1,949	1,936	4,924
Gross Profit	1,215	1,099	999.13	888.12	486.24
Selling, General & Admin	1,065	977.49	826.36	774.64	-
Other Operating Expenses	-	-	-	-	482.33
Operating Expenses	1,065	977.49	826.36	774.64	492.61
Operating Income	150.07	121.62	172.78	113.47	-6.37
Interest Expense	-11.07	-10.14	-10.74	-9.34	-6.06
Other Non Operating Income (Expenses)	104.44	20.18	4.71	17.14	1.97
Pretax Income	243.44	131.66	166.75	121.27	-10.46
Income Tax Expense	76.66	45.28	52.39	35.24	-0.63
Net Income to Company	-	86.37	114.36	86.03	-
Net Income	166.78	86.37	114.36	86.03	-9.83
Net Income to Common	166.78	86.37	114.36	86.03	-9.83
Net Income Growth	45.84%	-24.47%	32.92%	-	-
Shares Outstanding (Basic)	2	2	2	2	-
Shares Outstanding (Diluted)	3	3	2	2	-
Shares Change (YoY)	9.20%	9.13%	16.84%	-	-
EPS (Basic)	72.49	37.54	55.11	43.02	-
EPS (Diluted)	65.36	33.87	48.94	43.02	-
EPS Growth	33.55%	-30.79%	13.77%	-	-
Free Cash Flow	597.86	135.94	310.45	144.02	-
Free Cash Flow Per Share	234.30	53.31	132.86	72.01	-
Dividend Per Share	8.500	6.500	6.000	-	-
Dividend Growth	41.67%	8.33%	-	-	-
Gross Margin	35.06%	32.02%	33.89%	31.45%	8.99%
Operating Margin	4.33%	3.54%	5.86%	4.02%	-0.12%
Profit Margin	4.81%	2.52%	3.88%	3.05%	-0.18%
Free Cash Flow Margin	17.25%	3.96%	10.53%	5.10%	-
EBITDA	174.11	140.42	183.74	117.59	3.91
EBITDA Margin	5.02%	4.09%	6.23%	4.16%	0.07%
D&A For EBITDA	24.03	18.8	10.96	4.12	-
EBIT	150.07	121.62	172.78	113.47	-6.37
EBIT Margin	4.33%	3.54%	5.86%	4.02%	-0.12%
Effective Tax Rate	31.49%	34.39%	31.42%	29.06%	-

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