Consolidated Balance Sheet

FY 2025 – Consolidated Balance Sheet

(Million yen)

	FY2024 (as of December 31, 2024)	FY2025 (as of December 31, 2025)
ASSETS
Current assets
Cash and deposits	17,531	21,089
Notes and accounts receivable-trade	7,657	10,094
Merchandise	58	224
Supplies	16	16
Other	2,230	3,411
Allowance for doubtful accounts	(24)	(28)
Total current assets	27,468	34,806
Non-current assets
Property, plant and equipment
Buildings and structures	1,871	3,093
Accumulated depreciation and impairment	(1,168)	(1,875)
Buildings and structures, net	704	1,218
Machinery, equipment and vehicles	8	94
Accumulated depreciation and impairment	(7)	(63)
Machinery, equipment and vehicles, net	0	31
Tools, furniture and fixtures	1,070	1,296
Accumulated depreciation and impairment	(890)	(973)
Tools, furniture and fixtures, net	180	323
Land	1,145	5,052
Construction in progress	51	22
Total property, plant and equipment	2,080	6,646
Intangible assets
Software	634	677
Goodwill	5,223	8,041
Trademark right	1,558	1,472
Other	22	22
Total intangible assets	7,436	10,212
Investments and other assets
Investment securities	2,740	2,777
Guarantee deposits	1,149	2,850
Deferred tax assets	476	467
Other	127	599
Allowance for doubtful accounts	(8)	(150)
Total investments and other assets	4,484	6,543
Total non-current assets	14,000	23,401

Total assets

41,468

58,207

(Million yen)

	FY2024 (as of December 31, 2024)	FY2025 (as of December 31, 2025)
LIABILITIES
Current liabilities
Notes and accounts payable-trade	582	683
Short-term borrowings	1,000	10,500
Current portion of long-term borrowings	–	363
Accounts payable-other	1,664	2,186
Accrued expenses	1,672	2,875
Income taxes payable	1,915	1,558
Accrued consumption taxes	1,007	1,912
Provision for bonuses	26	51
Other	2,326	1,575
Total current liabilities	10,191	21,703
Non-current liabilities
Long-term borrowings	–	1,357
Retirement benefit liability	924	955
Asset retirement obligations	389	433
Deferred tax liabilities	634	610
Other	462	495
Total non-current liabilities	2,408	3,850
Total liabilities	12,599	25,553
NET ASSETS
Shareholders’ equity
Share capital	2,780	2,780
Capital surplus	1,888	1,888
Retained earnings	28,137	26,102
Treasury shares	(4,638)	(482)
Total shareholders’ equity	28,167	30,287
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	121	1
Foreign currency translation adjustment	329	373
Total accumulated other comprehensive income	450	374
Share acquisition rights	253	196
Non-controlling interests	–	1,795

Total net assets	28,869	32,654
Total liabilities and net assets	41,468	58,207