• Revenue
  (¥ IN MILLIONS)

  
• Adjusted EBITDA
  (¥ IN MILLIONS)

  

  Adjusted figures excluding one-off M&A-related expenses
  Note:4

• EBITDA
  (¥ IN MILLIONS)

  
• Adjusted Net income before amortization of goodwill
  (¥ IN MILLIONS)

  

  Adjusted figures excluding one-off M&A-related expenses
  Note:4, Note:5

• Net income before amortization of goodwill
  (¥ IN MILLIONS)

  

  Note:5

• Adjusted Cash EPS
  (¥)

  

  Adjusted figures excluding one-off M&A-related expenses
  Note:4, Note:5

• Cash EPS
  (¥)

  

  Note:5

• Net Debt / EBITDA
  (x)

  

Note:
1. With M&A at the core of our strategy, in order to provide investors with a clearer picture of our business conditions, until the transition to IFRS in FY2027/1, we use EBITDA, which is a commonly used income indicator before amortization of goodwill, and net income before amortization of goodwill, which is net income under IFRS, as KPI, instead of operating income and net income under JGAAP, which is currently used.
2. The adjusted figure is the figure with M&A-related fees added back.The M&A-related fees include the following.
 (1) M&A execution fees: Brokerage fees, legal fees, DD fees, FA fees, and appraisal fees
 (2) M&A financing fees: M&A financing fees
 (3) Equity offering fees: Follow-on offering fees and IPO fees
3. Adjusted Cash ROE: Cash ROE of any given period (Y) is calculated by dividing adjusted cash EPS of the subsequent period (Y+1) by book value per Share (BPS) of such given period (Y). BPS is calculated by dividing shareholders’ equity by average number of issued shares (as adjusted for the stock splits).
4. The adjusted figures for FY2026/1 reflect the deduction of -¥0.4 billion in expenses for M&A that had already been announced at the time of the FY2025/1 full-year earnings announcement.
5. Starting in FY2025/1, net income will level off due to the commencement of corporate tax payments.