Rebase 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	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Revenue	2,114	1,926	1,490	1,160	890	475
Revenue Growth (YoY)	16.09%	29.26%	28.45%	30.34%	87.37%	-
Cost of Revenue	74	62	57	25	18	3
Gross Profit	2,040	1,864	1,433	1,135	872	472
Selling, General & Admin	1,823	1,364	1,086	869	657	364
Other Operating Expenses	1	1	-	-	-	-
Operating Expenses	1,836	1,377	1,097	880	660	364
Operating Income	204	487	336	255	212	108
Other Non Operating Income (Expenses)	3	5	-1	-7	-2	5
EBT Excluding Unusual Items	208	492	335	248	210	113
Gain (Loss) on Sale of Assets	-2	-2	-	-	-	-
Other Unusual Items	-	-	-	-	-4	-
Pretax Income	206	490	335	248	206	113
Income Tax Expense	19	128	107	90	67	23
Net Income	187	362	228	158	139	90
Net Income to Common	187	362	228	158	139	90
Net Income Growth	-39.09%	58.77%	44.30%	13.67%	54.44%	-
Shares Outstanding (Basic)	5	5	5	4	4	4
Shares Outstanding (Diluted)	5	5	5	5	4	4
Shares Change (YoY)	0.37%	0.20%	6.07%	15.67%	-	-
EPS (Basic)	38.44	77.93	49.50	36.63	34.75	22.50
EPS (Diluted)	37.82	73.62	46.46	34.15	34.75	22.50
EPS Growth	-39.31%	58.46%	36.05%	-1.73%	54.44%	-
Free Cash Flow	-	455	356	205	-	-
Free Cash Flow Per Share	-	92.53	72.54	44.31	-	-
Gross Margin	96.50%	96.78%	96.17%	97.84%	97.98%	99.37%
Operating Margin	9.65%	25.29%	22.55%	21.98%	23.82%	22.74%
Profit Margin	8.85%	18.80%	15.30%	13.62%	15.62%	18.95%
Free Cash Flow Margin	-	23.62%	23.89%	17.67%	-	-
EBITDA	244	524	369	280	215	-
EBITDA Margin	11.54%	27.21%	24.77%	24.14%	24.16%	-
D&A For EBITDA	40	37	33	25	3	-
EBIT	204	487	336	255	212	108
EBIT Margin	9.65%	25.29%	22.55%	21.98%	23.82%	22.74%
Effective Tax Rate	9.22%	26.12%	31.94%	36.29%	32.52%	20.35%
Advertising Expenses	-	361	265	182	105	33

Source: S&P Capital IQ. Standard template. Financial Sources.