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Financial Statements

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Last Updated: February 17, 2026

Five-year Financial Summaries

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Consolidated Statements of Income

(Mn JPY)

2021/12 2022/12 2023/12 2024/12 2025/12
Revenue 264,570 303,705 354,831 401,130 457,794
Cost of sales 81,511 96,795 114,946 130,955 152,663
Gross profit 183,059 206,910 239,885 270,175 305,131
% sales 69.2% 68.1% 67.6% 67.4% 66.7%
Other operating income 45,748 12,581 1,898 2,057 2,018
SG&A 203,420 215,567 223,465 245,925 272,144
Other operating expenses 7,174 9,500 6,630 2,122 5,048
Operating profit (loss) 18,213 (5,575) 11,688 24,184 29,957
% sales 6.9% (1.8)% 3.3% 6.0% 6.5%
EBITDA(*1) 65,706 41,974 60,453 72,116 82,265
Adjusted EBITDA(*2) 72,331 49,058 66,474 73,888 86,331
Net income (loss) 8,742 (6,371) 4,781 13,965 16,748

Consolidated Statements of Financial Position 

(Mn JPY)

2021/12 2022/12 2023/12 2024/12 2025/12
Assets
Current assets
Cash and cash equivalents 38,331 15,275 26,790 19,170 34,331
Trade and other receivables 24,247 16,943 17,038 20,808 23,569
Inventories 3,972 7,335 5,927 7,772 7,832
Other current assets 896 2,287 1,330 1,360 1,845
　Total current assets 67,446 41,840 51,085 49,110 67,578
Non-current assets
Property, plant and equipment 199,468 191,072 188,824 210,718 230,208
Goodwill 146,001 144,816 141,790 157,636 162,683
Other financial assets 24,038 23,211 22,183 23,615 24,732
Deferred tax assets 16,314 18,398 16,862 13,955 12,221
Other non-current assets 4,726 5,435 5,348 15,831 21,128
　Total non-current assets 390,547 382,932 375,007 421,756 450,971
Total assets 457,993 424,772 426,093 470,866 518,549
Liabilities and equity
Liabilities
Current liabilities
Short-term borrowings 17,810 86,971 33,874 31,943 14,339
Trade and other payables 28,347 24,896 26,500 32,558 33,935
Other financial liabilities 27,620 27,845 27,370 27,762 29,524
Other current liabilities 16,086 17,599 21,858 25,266 27,575
　Total current liabilities 89,863 157,311 109,602 117,528 105,372
Non-current liabilities
Long-term borrowings 104,634 20,000 65,437 74,388 109,330
Other financial liabilities 81,691 75,045 73,746 86,874 95,457
Other non-current liabilities 15,643 14,707 15,018 18,703 20,823
　Total non-current liabilities 201,968 109,752 154,201 179,965 225,610
Total liabilities 291,831 267,064 263,803 297,493 330,982
Equity
Share capital 25,134 25,134 25,134 25,134 25,134
Capital surplus 77,963 75,233 60,539 57,240 52,918
Other components of equity 301 916 727 1,137 2,905
Retained earnings 62,763 56,425 75,890 89,861 106,611
　Equity attributable to owners of the Company 166,161 157,708 162,290 173,372 187,567
　Total equity 166,161 157,708 162,290 173,372 187,567
Total liabilities and equity 457,993 424,772 426,093 470,866 518,549

Consolidated Statements of Cash Flows

(Mn JPY)

2021/12 2022/12 2023/12 2024/12 2025/12
Net cash from operating activities 50,065 45,716 70,717 67,923 74,495
Net cash used in investing activities (12,987) (15,575) (14,861) (39,228) (34,051)
Free cash flow 37,078 30,141 55,856 28,695 40,444
Net cash used in financing activities (16,011) (53,271) (44,471) (36,429) (25,524)
　Borrowings (23,849) (15,857) (7,883) (17,291) 3,601
　Proceeds from issuance of common stock 42,808
　Dividends paid (17) (2,730) (7) (3,286) (4,320)
　Other (34,953) (34,684) (36,581) (15,852) (24,804)
Cash and cash equivalents at the end of the year 38,331 15,275 26,790 19,170 34,331

 

Per Share Information 

(JPY)

2021/12 2022/12 2023/12 2024/12 2025/12
EPS 40.77 (28.00) 21.01 61.38 73.62
BPS 774.90 693.22 713.36 762.07 824.46
DPS 12.00 0.00 7.00 18.50 22.00

Financial Indicators 

    2021/12 2022/12 2023/12 2024/12 2025/12
    ROE(*3) 6.2% (3.9)% 3.0% 8.3% 9.3%
    Adjusted ROE(*4) 6.4% (3.9)% 3.0% 8.3% 9.3%
    ROA(*5) 2.6% (1.9)% 1.5% 4.1% 4.4%
    Equity ratio(*6) 36.3% 37.1% 38.1% 36.8% 36.2%
    Net D/E ratio(*7) 0.55x 0.64x 0.49x 0.51x 0.48x
  1. （*1）EBITDA＝ Income before income taxes + Interest Expense + Loss on redemption of borrowings before the repayment date and gain and loss from associated hedge transactions + Other financial expenses (excluding loss on redemption of borrowings before the repayment date and gain and loss from associated hedge transactions) - Interest income - Other financial income + Depreciation and amortization + Amortization of long-term prepaid expenses + Amortization of long-term prepaid expenses (deposits)
  2. （*2）Adjusted EBITDA = EBITDA + Loss on disposal of fixed assets + Impairment loss of non-financial assets – Reversal of impairment loss of non-financial assets + public offering-related expenses
  3. （*3）ROE＝Net income (loss) attributable to owners of the Company (LTM) / Total equity (average during the period)
  4. （*4）Adjusted ROE＝ Adjusted net income (loss) (LTM) / Total equity (average during the period)
  5. （*5）ROA＝Net income (loss) attributable to owners of the Company (LTM) / Total equity (year-end)(excluding right-of-use assets)
  6. （*6）Equity ratio＝Equity attributable to owners of the Company (year-end) / Total equity (year-end)
  7. （*7）Net D/E ratio ＝(Borrowings at end of period + other financial liabilities at end of period - cash and cash equivalents at end of period - Lease obligations) / Total equity (year-end)