Boutiques Income Statement

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

Millions JPY. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024
Revenue	5,394	5,171	4,414
Revenue Growth (YoY)	13.73%	17.15%	-
Cost of Revenue	759	720	627
Gross Profit	4,635	4,451	3,787
Selling, General & Admin	3,281	3,012	2,691
Amortization of Goodwill & Intangibles	94	94	94
Operating Expenses	3,491	3,222	2,871
Operating Income	1,144	1,229	916
Interest Expense	-9	-10	-12
Interest & Investment Income	4	1	-
Other Non Operating Income (Expenses)	2	5	6
EBT Excluding Unusual Items	1,141	1,225	910
Asset Writedown	-521	-521	-
Pretax Income	620	704	910
Income Tax Expense	488	454	302
Net Income	132	250	608
Net Income to Common	132	250	608
Net Income Growth	-82.28%	-58.88%	-
Shares Outstanding (Basic)	10	10	10
Shares Outstanding (Diluted)	10	10	11
Shares Change (YoY)	-9.09%	-5.45%	-
EPS (Basic)	13.54	25.65	60.79
EPS (Diluted)	13.24	24.37	55.86
EPS Growth	-80.43%	-56.37%	-
Free Cash Flow	1,198	1,462	769
Free Cash Flow Per Share	119.55	141.98	70.61
Gross Margin	85.93%	86.08%	85.80%
Operating Margin	21.21%	23.77%	20.75%
Profit Margin	2.45%	4.83%	13.77%
Free Cash Flow Margin	22.21%	28.27%	17.42%
EBITDA	1,341	1,440	1,097
EBITDA Margin	24.86%	27.85%	24.85%
D&A For EBITDA	197	211	181
EBIT	1,144	1,229	916
EBIT Margin	21.21%	23.77%	20.75%
Effective Tax Rate	78.71%	64.49%	33.19%
Advertising Expenses	-	121	86

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