Income Statement

Revenue

+121%

+228%

10Y

Currency: JPY

	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	10	19	26	36	35	37	40	37	33	29	26	26	27	26	24	22	22	35	44	54	0	0	0	127	0	0	0	265	0	0	0	381	0	0	0	1 102	0	0	0	59	0	0	0	84	0	0	0	116	0	0	0	132	0	0	0	167	0	0	0	194	0	0
Revenue	64 717 N/A	73 330 +13%	79 937 +9%	110 504 +38%	118 953 +8%	130 766 +10%	143 683 +10%	151 094 +5%	142 470 -6%	127 670 -10%	110 181 -14%	96 368 -13%	94 676 -2%	94 928 +0%	94 819 0%	94 254 -1%	92 749 -2%	98 002 +6%	103 824 +6%	111 417 +7%	120 668 +8%	122 574 +2%	123 000 +0%	119 352 -3%	114 684 -4%	108 252 -6%	105 995 -2%	106 828 +1%	111 503 +4%	112 625 +1%	116 571 +4%	115 797 -1%	115 234 0%	118 687 +3%	113 924 -4%	110 412 -3%	116 634 +6%	118 896 +2%	131 074 +10%	135 563 +3%	144 511 +7%	153 702 +6%	156 487 +2%	164 776 +5%	175 993 +7%	182 510 +4%	189 229 +4%	192 442 +2%	201 766 +5%	228 233 +13%	253 780 +11%	274 209 +8%	299 221 +9%	311 690 +4%	321 753 +3%	322 253 +0%	348 029 +8%	410 714 +18%	460 090 +12%	506 211 +10%	551 031 +9%	504 093 -9%
Gross Profit
Cost of Revenue	(54 295)	(62 202)	(68 667)	(95 079)	(103 521)	(114 803)	(127 581)	(135 003)	(128 346)	(114 465)	(97 092)	(83 557)	(80 368)	(79 720)	(79 520)	(79 018)	(77 885)	(80 847)	(83 782)	(88 340)	(94 465)	(95 650)	(96 168)	(93 394)	(89 685)	(83 377)	(81 052)	(82 520)	(85 835)	(87 531)	(89 870)	(87 500)	(87 007)	(89 983)	(88 431)	(89 691)	(93 979)	(97 778)	(106 746)	(109 372)	(116 403)	(122 693)	(125 940)	(131 962)	(141 423)	(146 942)	(153 965)	(157 783)	(168 459)	(195 219)	(219 907)	(249 887)	(271 894)	(286 883)	(299 740)	(300 895)	(326 714)	(389 189)	(436 048)	(477 267)	(519 660)	(468 676)
Gross Profit	10 422 N/A	11 128 +7%	11 270 +1%	15 425 +37%	15 432 +0%	15 963 +3%	16 102 +1%	16 091 0%	14 124 -12%	13 205 -7%	13 089 -1%	12 811 -2%	14 308 +12%	15 208 +6%	15 299 +1%	15 236 0%	14 864 -2%	17 155 +15%	20 042 +17%	23 077 +15%	26 203 +14%	26 924 +3%	26 832 0%	25 958 -3%	24 999 -4%	24 875 0%	24 943 +0%	24 308 -3%	25 668 +6%	25 094 -2%	26 701 +6%	28 297 +6%	28 227 0%	28 704 +2%	25 493 -11%	20 721 -19%	22 655 +9%	21 118 -7%	24 328 +15%	26 191 +8%	28 108 +7%	31 009 +10%	30 547 -1%	32 814 +7%	34 570 +5%	35 568 +3%	35 264 -1%	34 659 -2%	33 307 -4%	33 014 -1%	33 873 +3%	24 322 -28%	27 327 +12%	24 807 -9%	22 013 -11%	21 358 -3%	21 315 0%	21 525 +1%	24 042 +12%	28 944 +20%	31 371 +8%	35 417 +13%
Operating Income
Operating Expenses	(3 266)	(3 351)	(3 398)	(4 763)	(4 844)	(4 925)	(4 990)	(4 873)	(4 939)	(5 066)	(5 192)	(5 316)	(5 353)	(5 350)	(5 342)	(5 607)	(5 718)	(8 111)	(10 463)	(12 597)	(15 904)	(16 263)	(16 381)	(15 705)	(19 132)	(18 812)	(18 963)	(14 607)	(22 785)	(22 370)	(22 104)	(14 472)	(14 386)	(14 433)	(12 588)	(7 299)	(9 238)	(7 446)	(8 236)	(7 254)	(8 148)	(8 179)	(7 691)	(7 291)	(8 082)	(8 813)	(8 336)	(7 824)	(8 314)	(8 262)	(8 643)	(6 628)	(10 706)	(10 057)	(10 215)	(8 263)	(8 855)	(8 792)	(8 533)	(9 051)	(10 919)	(10 256)
Selling, General & Administrative	(2 617)	(2 677)	(2 717)	(3 841)	(4 142)	(4 454)	(4 749)	(4 124)	(4 938)	(5 066)	(5 192)	(4 281)	(5 353)	(5 349)	(5 341)	(4 521)	(5 717)	(8 111)	(10 462)	(11 114)	(15 078)	(15 185)	(15 342)	(14 592)	(15 556)	(15 443)	(15 496)	(14 120)	(15 112)	(14 872)	(14 660)	(13 359)	(14 264)	(14 169)	(12 384)	(6 512)	(9 215)	(7 433)	(7 255)	(6 399)	(7 136)	(7 164)	(7 402)	(6 565)	(7 409)	(8 000)	(7 760)	(6 984)	(7 598)	(7 696)	(8 093)	(5 336)	(8 641)	(8 681)	(8 825)	(7 174)	(8 045)	(7 870)	(7 607)	(7 506)	(8 575)	(8 607)
Research & Development	(276)	(292)	(287)	(377)	0	0	0	(157)	0	0	0	(348)	0	0	0	(369)	0	0	0	(435)	0	0	0	(511)	0	0	0	(510)	0	0	0	(505)	0	0	0	(373)	0	0	0	(350)	0	0	0	(320)	0	0	0	(358)	0	0	0	(407)	0	0	0	(428)	0	0	0	(503)	0	0
Depreciation & Amortization	(373)	(382)	(394)	(545)	0	0	0	(592)	0	0	0	(687)	0	0	0	(716)	0	0	0	(1 046)	0	0	0	(596)	0	0	0	(585)	0	0	0	(539)	0	0	0	(352)	0	0	0	(425)	0	0	0	(378)	0	0	0	(359)	0	0	0	(302)	0	0	0	(652)	0	0	0	(704)	0	0
Other Operating Expenses	0	0	0	0	(702)	(471)	(241)	0	(1)	0	0	0	0	(1)	(1)	(1)	(1)	0	(1)	(2)	(826)	(1 078)	(1 039)	(6)	(3 576)	(3 369)	(3 467)	608	(7 673)	(7 498)	(7 444)	(69)	(122)	(264)	(204)	(62)	(23)	(13)	(981)	(80)	(1 012)	(1 015)	(289)	(28)	(673)	(813)	(576)	(123)	(716)	(566)	(550)	(583)	(2 065)	(1 376)	(1 390)	(9)	(810)	(922)	(926)	(338)	(2 344)	(1 649)
Operating Income	7 156 N/A	7 777 +9%	7 872 +1%	10 662 +35%	10 588 -1%	11 038 +4%	11 112 +1%	11 218 +1%	9 185 -18%	8 139 -11%	7 897 -3%	7 495 -5%	8 955 +19%	9 858 +10%	9 957 +1%	9 629 -3%	9 146 -5%	9 044 -1%	9 579 +6%	10 480 +9%	10 299 -2%	10 661 +4%	10 451 -2%	10 253 -2%	5 867 -43%	6 063 +3%	5 980 -1%	9 701 +62%	2 883 -70%	2 724 -6%	4 597 +69%	13 825 +201%	13 841 +0%	14 271 +3%	12 905 -10%	13 422 +4%	13 417 0%	13 672 +2%	16 092 +18%	18 937 +18%	19 960 +5%	22 830 +14%	22 856 +0%	25 523 +12%	26 488 +4%	26 755 +1%	26 928 +1%	26 835 0%	24 993 -7%	24 752 -1%	25 230 +2%	17 694 -30%	16 621 -6%	14 750 -11%	11 798 -20%	13 095 +11%	12 460 -5%	12 733 +2%	15 509 +22%	19 893 +28%	20 452 +3%	25 161 +23%
Pre-Tax Income
Interest Income Expense	94	(114)	(117)	(31)	(132)	13	(336)	(161)	(121)	(167)	181	277	254	352	423	303	194	200	150	32	43	(77)	(102)	(188)	(337)	(301)	(323)	(287)	(247)	(252)	(379)	(381)	(488)	(596)	(780)	(1 091)	(975)	(820)	(496)	(352)	(208)	(56)	59	337	118	(26)	(12)	(64)	127	(697)	(873)	(945)	(237)	60	(22)	59	625	892	2 151	2 429	1 222	797
Non-Reccuring Items	(64)	(52)	(16)	(109)	2	116	(62)	(321)	(544)	(676)	(514)	(397)	(152)	(196)	(178)	(98)	(112)	(45)	(103)	(856)	0	0	0	(4 196)	0	0	0	(7 663)	0	0	0	(34)	0	0	0	20	0	0	0	(872)	0	0	0	(682)	0	0	0	(596)	0	0	0	(796)	0	0	0	(728)	0	0	0	(1 840)	0	0
Gain/Loss on Disposition of Assets	1	1	6	7	6	6	2	2	(56)	(56)	(55)	(48)	11	11	13	8	6	6	6	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(63)	0	0	0	959	0	0	0	196	0	0	0	(1 779)	0	0	0	0	0	0	0	0	0	0
Total Other Income	10	19	23	13	15	15	9	72	82	78	83	22	25	23	20	54	46	72	71	61	64	36	28	(1)	0	0	0	0	0	0	1	0	0	0	(2)	0	0	(63)	(52)	0	(48)	8	(3)	(1)	1 050	1 173	1 158	1	528	(1 086)	(2 877)	(1 525)	(3 304)	(1 807)	0	0	0	0	(1)	1	0	2
Pre-Tax Income	7 197 N/A	7 631 +6%	7 768 +2%	10 542 +36%	10 479 -1%	11 188 +7%	10 725 -4%	10 810 +1%	8 546 -21%	7 318 -14%	7 592 +4%	7 349 -3%	9 093 +24%	10 048 +11%	10 235 +2%	9 896 -3%	9 280 -6%	9 277 0%	9 703 +5%	9 717 +0%	10 406 +7%	10 620 +2%	10 377 -2%	5 868 -43%	5 530 -6%	5 762 +4%	5 657 -2%	1 751 -69%	2 636 +51%	2 472 -6%	4 219 +71%	13 410 +218%	13 353 0%	13 675 +2%	12 123 -11%	12 351 +2%	12 441 +1%	12 788 +3%	15 544 +22%	17 650 +14%	19 704 +12%	22 782 +16%	22 912 +1%	26 136 +14%	27 656 +6%	27 902 +1%	28 074 +1%	26 372 -6%	25 648 -3%	22 969 -10%	21 480 -6%	12 649 -41%	13 080 +3%	13 004 -1%	11 776 -9%	12 426 +6%	13 085 +5%	13 625 +4%	17 659 +30%	20 483 +16%	21 675 +6%	25 960 +20%
Net Income
Tax Provision	(2 955)	(3 190)	(3 238)	(4 395)	(4 423)	(4 756)	(4 667)	(4 884)	(3 953)	(3 324)	(3 251)	(2 831)	(3 410)	(3 808)	(3 894)	(3 927)	(3 696)	(3 643)	(3 810)	(3 875)	(3 984)	(3 932)	(3 696)	(2 883)	(2 617)	(2 529)	(2 430)	(2 837)	(3 233)	(3 270)	(3 627)	(3 956)	(3 907)	(4 001)	(3 872)	(4 078)	(4 371)	(4 732)	(5 745)	(6 230)	(6 684)	(7 315)	(7 073)	(411)	(720)	(756)	(742)	(7 636)	(7 487)	(6 594)	(6 138)	(4 111)	(4 024)	(4 109)	(3 924)	(3 914)	(3 770)	(3 768)	(4 859)	(6 172)	(6 929)	(7 421)
Income from Continuing Operations	4 242	4 441	4 530	6 147	6 056	6 432	6 058	5 926	4 593	3 994	4 341	4 518	5 683	6 240	6 341	5 969	5 584	5 634	5 893	5 842	6 422	6 688	6 681	2 985	2 913	3 233	3 227	(1 086)	(597)	(798)	592	9 454	9 446	9 674	8 251	8 273	8 070	8 056	9 799	11 420	13 020	15 467	15 839	25 725	26 936	27 146	27 332	18 736	18 161	16 375	15 342	8 538	9 056	8 895	7 852	8 512	9 315	9 857	12 800	14 311	14 746	18 539
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(31)	(36)	0	(113)	(103)	(131)	(118)	(85)	(102)	(119)	(127)	(150)	(112)	(62)	(37)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	8	13	25
Net Income (Common)	4 246 N/A	4 441 +5%	4 526 +2%	6 144 +36%	6 052 -1%	6 431 +6%	6 056 -6%	5 926 -2%	4 592 -23%	3 993 -13%	4 342 +9%	4 518 +4%	5 683 +26%	6 239 +10%	6 341 +2%	5 969 -6%	5 585 -6%	5 602 +0%	5 856 +5%	5 774 -1%	6 306 +9%	6 584 +4%	6 547 -1%	2 867 -56%	2 826 -1%	3 128 +11%	3 105 -1%	(1 213) N/A	(750) +38%	(913) -22%	528 N/A	9 416 +1 683%	9 445 +0%	9 674 +2%	8 370 -13%	9 000 +8%	8 662 -4%	8 964 +3%	9 128 +2%	9 846 +8%	11 442 +16%	13 572 +19%	15 404 +13%	25 725 +67%	26 934 +5%	27 145 +1%	27 331 +1%	18 735 -31%	18 161 -3%	16 375 -10%	15 342 -6%	10 929 -29%	9 057 -17%	8 895 -2%	7 851 -12%	24 490 +212%	25 290 +3%	25 834 +2%	28 778 +11%	14 319 -50%	14 761 +3%	18 564 +26%
EPS (Diluted)	132.68 N/A	138.78 +5%	141.43 +2%	192 +36%	189.12 -1%	200.96 +6%	189.25 -6%	185.18 -2%	143.5 -23%	124.78 -13%	135.68 +9%	141.18 +4%	172.21 +22%	189.06 +10%	192.15 +2%	180.87 -6%	169.24 -6%	169.75 +0%	177.45 +5%	176.86 0%	191.09 +8%	199.51 +4%	198.39 -1%	43.74 -78%	85.63 +96%	94.78 +11%	94.09 -1%	-18.6 N/A	-22.72 -22%	-27.66 -22%	15.52 N/A	134.95 +770%	236.12 +75%	241.85 +2%	212.79 -12%	113.59 -47%	219.46 +93%	227.03 +3%	115.59 -49%	124.25 +7%	144.42 +16%	171.29 +19%	194.41 +13%	322.91 +66%	303.28 -6%	307.02 +1%	310.72 +1%	211.65 -32%	205.87 -3%	187.61 -9%	177.95 -5%	125.65 -29%	104.91 -17%	103.03 -2%	90.94 -12%	283.66 +212%	330.87 +17%	338.05 +2%	287.03 -15%	169.96 -41%	192.66 +13%	211.24 +10%

Income Statement Balance Sheet Cash Flow Statement

ARE Holdings Inc
F:A19

Income Statement

Earnings Waterfall
ARE Holdings Inc

Income Statement
ARE Holdings Inc

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ARE Holdings Inc F:A19

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ARE Holdings Inc
F:A19

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ARE Holdings Inc