Financials Invincible Investment Corporation

Equities

Market Closed - Japan Exchange Other stock markets 02:30:00 2025-06-16 am EDT			5-day change	1st Jan Change
64,200.00 ^JPY	-0.62%		+2.07%	-3.02%

Apr. 28	Invincible Investment Corporation Announces Appointment of Hideki Yano as Managing Director, Effective April 28, 2025	CI
Apr. 14	Invincible Investment Corp. Secures 1 Billion Yen Green Loan for Debt Refinancing	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	17,750	12,212	19,610	34,733	46,691	50,637	52,166	53,987
Change	-	-31.2%	60.58%	77.12%	34.43%	8.45%	3.02%	3.49%
EBITDA ¹	10,331	7,691	15,031	30,033	41,719	46,134	47,064	47,678
Change	-	-25.55%	95.43%	99.81%	38.91%	10.58%	2.02%	1.3%
EBIT ¹	3,188	-49	8,371	22,944	32,386	36,092	37,233	38,017
Change	-	-101.54%	17,184.47%	174.08%	41.15%	11.44%	3.16%	2.11%
Interest Paid ¹	-	-1,283	-1,173	-	-2,291	-3,794	-4,075	-4,428
Earnings before Tax (EBT) ¹	-	-2,584	6,092	19,948	28,040	30,607	32,202	33,084
Change	-	-	335.72%	227.45%	40.57%	9.15%	5.21%	2.74%
Net income ¹	1,046	-2,585	6,090	19,945	28,038	30,952	31,733	32,008
Change	-	-347.13%	335.61%	227.48%	40.58%	10.39%	2.52%	0.87%
Announcement Date	2/25/21	2/24/22	3/27/23	2/26/24	2/26/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	8,340	3,806	8,406	7,680	11,930	15,914	18,819	21,136	25,555	24,839	27,683	27,165	29,377
Change	-	-54.36%	120.86%	-8.63%	55.33%	33.4%	18.25%	12.31%	20.91%	-2.8%	11.45%	-1.87%	8.14%
EBITDA ¹	5,257	1,119	-	5,450	9,581	-	16,365	18,976	-	21,970	24,238	25,175	-
Change	-	-78.71%	-	-	75.79%	-	-	15.95%	-	-	10.32%	3.87%	-
EBIT ¹	1,690	-2,341	2,292	2,114	6,257	10,356	12,588	14,635	17,751	16,751	18,869	18,573	20,588
Change	-	-238.52%	197.91%	-7.75%	195.93%	65.51%	21.55%	16.26%	21.29%	-5.63%	12.64%	-1.57%	10.85%
Charge d'intérêts ¹	-682.9	-652.4	-630.6	-590.4	-576.6	-507.6	-603.2	-893.2	-1,398	-2,162	-2,250	-2,333	-2,007
Earnings before Tax (EBT) ¹	624	-3,599	1,015	1,016	5,076	8,914	11,033	12,901	15,139	14,191	16,113	16,016	18,141
Change	-	-676.78%	128.2%	0.09%	399.72%	75.62%	23.77%	16.93%	17.34%	-6.26%	13.54%	-0.61%	13.27%
Net income ¹	623	-3,599	1,014	1,015	5,075	8,913	11,032	12,900	15,138	14,129	16,124	15,727	17,666
Change	-	-677.69%	128.17%	0.11%	399.96%	75.61%	23.77%	16.93%	17.35%	-6.66%	14.12%	-2.46%	12.33%
Announcement Date	2/25/21	8/25/21	2/24/22	8/25/22	3/27/23	8/24/23	2/26/24	8/26/24	2/26/25	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	241,378	232,185	222,244	259,120	280,453	272,548	272,823	273,699
Change	-	-3.81%	-4.28%	16.59%	8.23%	-2.82%	0.1%	0.32%
Announcement Date	2/25/21	2/24/22	3/27/23	2/26/24	2/26/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	17,480	1,097	1,534	57,117	98,153	3,862	9,254	2,598
Change	-	-93.72%	39.79%	3,622.93%	71.85%	-96.07%	139.61%	-71.93%
Free Cash Flow (FCF) ¹	26,172	10,070	10,865	-30,561	108,604	45,618	44,034	44,383
Change	-	-61.52%	7.89%	-381.28%	455.37%	-58%	-3.47%	0.79%
Announcement Date	2/25/21	2/24/22	3/27/23	2/26/24	2/26/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	58.2%	62.98%	76.65%	86.47%	89.35%	91.11%	90.22%	88.31%
EBIT Margin (%)	17.96%	-0.4%	42.69%	66.06%	69.36%	71.28%	71.37%	70.42%
EBT Margin (%)	-	-21.16%	31.06%	57.43%	60.05%	60.44%	61.73%	61.28%
Net margin (%)	5.89%	-21.17%	31.06%	57.42%	60.05%	61.13%	60.83%	59.29%
FCF margin (%)	147.45%	82.46%	55.41%	-87.99%	232.6%	90.09%	84.41%	82.21%
FCF / Net Income (%)	2,502.07%	-389.56%	178.39%	-153.23%	387.35%	147.38%	138.76%	138.66%
Profitability
ROA	-	-0.51%	1.24%	3.79%	4.51%	5.3%	5.5%	5.6%
ROE	0.41%	-1.04%	2.45%	7.43%	8.74%	8.8%	8.94%	8.79%
Financial Health
Leverage (Debt/EBITDA)	23.37x	30.19x	14.79x	8.63x	6.72x	5.91x	5.8x	5.74x
Debt / Free cash flow	9.22x	23.06x	20.46x	-8.48x	2.58x	5.97x	6.2x	6.17x
Capital Intensity
CAPEX / Current Assets (%)	98.48%	8.99%	7.82%	164.45%	210.22%	7.63%	17.74%	4.81%
CAPEX / EBITDA (%)	169.21%	14.27%	10.21%	190.18%	235.27%	8.37%	19.66%	5.45%
CAPEX / FCF (%)	66.79%	10.9%	14.12%	-186.9%	90.38%	8.47%	21.02%	5.85%
Items per share
Cash flow per share ¹	4,065	2,103	2,032	4,158	5,250	5,942	5,736	5,781
Change	-	-48.27%	-3.39%	104.65%	26.25%	13.2%	-3.47%	0.79%
Dividend per Share ¹	236	181	998	3,104	3,899	4,099	4,148	4,184
Change	-	-23.31%	451.38%	211.02%	25.61%	5.12%	1.21%	0.87%
Book Value Per Share ¹	40,946	40,370	41,058	43,090	45,954	45,973	46,096	46,187
Change	-	-1.41%	1.7%	4.95%	6.65%	0.04%	0.27%	0.2%
EPS ¹	172	-424	998	3,101	3,894	4,045	4,147	4,182
Change	-	-346.51%	335.38%	210.72%	25.57%	3.87%	2.52%	0.85%
Nbr of stocks (in thousands)	6,097	6,097	6,097	6,737	7,646	7,646	7,646	7,646
Announcement Date	2/25/21	2/24/22	3/27/23	2/26/24	2/26/25	-	-	-