Consolidated Statement of Cash Flows

(Million yen)

	FY2024 (as of December 31, 2024)	FY2025 (as of December 31, 2025)
Cash flows from operating activities
Profit before income taxes	8,629	7,883
Depreciation	455	542
Impairment losses	2	56
Amortization of goodwill	498	663
Increase (decrease) in allowance for doubtful accounts	(32)	6
Increase (decrease) in provision for bonuses	37	(32)
Interest and dividend income	(9)	(25)
Interest expenses	12	49
Share of loss (profit) of entities accounted for using equity method	(123)	111
Gain on sale of shares of subsidiaries	(1,295)	–
Loss on sale of non-current assets	(31)	(43)
Loss on retirement of non-current assets	38	83
Loss (gain) on sale of investment securities	(31)	(192)
Decrease (increase) in trade receivables	43	(753)
Decrease (increase) in accounts receivable-other	(698)	(591)
Decrease (increase) in guarantee deposits	5	(1,395)
Increase (decrease) in trade payables	48	292
Increase (decrease) in accrued expenses	41	309
Increase (decrease) in accrued consumption taxes	(277)	723
Increase (decrease) in deposits received	517	(880)
Increase (decrease) in accrued enterprise taxes	12	(198)
Increase (decrease) in retirement benefit liability	31	(54)
Other, net	(252)	(682)

Subtotal

7,619

5,872

Interest and dividends received	9	25
Interest paid	(11)	(55)
Income taxes paid	(2,409)	(4,493)
Income taxes refund	550	7

Net cash provided by (used in) operating
activities

5,758

1,356

(Million yen)

	FY2024 (as of December 31, 2024)	FY2025 (as of December 31, 2025)
Cash flows from investing activities
Purchase of property, plant and equipment	(286)	(512)
Proceeds from sale of property, plant and equipment	38	51
Purchase of intangible assets	(394)	(221)
Proceeds from sale of intangible assets	20	–
Purchase of investment securities	(255)	(1,131)
Proceeds from sale of investment securities	31	276
Purchase of shares of subsidiaries resulting in change in scope of consolidation	–	(4,444)
Proceeds from sale of shares of subsidiaries resulting in change in scope of consolidation	999	–
Loan advances	(2)	(104)
Proceeds from collection of loans receivable	41	45
Other, net	(17)	4

Net cash provided by (used in) investing
activities

175

(6,037)

Cash flows from financing activities
Purchase of treasury shares	–	(566)
Net increase (decrease) in short-term borrowings	–	9,000
Purchase of shares of subsidiaries not resulting in change in scope of consolidation	(644)	–
Dividends paid	(2,217)	(2,172)
Other, net	(8)	(103)

Net cash provided by (used in) financing
activities

(2,870)

6,159

Effect of exchange rate change on cash and cash equivalents	(1)	13
Net increase (decrease) in cash and cash equivalents	3,063	1,490
Cash and cash equivalents at beginning of period	14,468	17,531
Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation	–	2,008
Cash and cash equivalents at end of period	17,531	21,029