Financials Japan Exchange Group, Inc.

Equities

Market Closed - Japan Exchange Other stock markets 12:00:00 11/07/2025 pm IST			5-day change	1st Jan Change
1,477.00 ^JPY	+0.07%		-1.47%	-16.55%

07/07	RUBBER-Japan futures track oil prices lower amid demand uncertainty	RE
01/07	The Tokyo Stock Exchange operator still undervalued relative to peers

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,33,343	1,35,432	1,33,991	1,52,871	1,62,230	1,65,521	1,71,849	1,79,358
Change	-	1.57%	-1.06%	14.09%	6.12%	2.03%	3.82%	4.37%
EBITDA ¹	91,348	90,998	87,224	1,05,742	1,08,483	1,06,846	1,10,473	1,17,003
Change	-	-0.38%	-4.15%	21.23%	2.59%	-1.51%	3.39%	5.91%
EBIT ¹	74,565	73,473	68,253	87,444	90,122	86,886	90,020	94,742
Change	-	-1.46%	-7.1%	28.12%	3.06%	-3.59%	3.61%	5.25%
Interest Paid ¹	-99	-103	-96	-108	155	-40	-40	-41
Earnings before Tax (EBT) ¹	74,732	73,429	68,207	87,404	90,277	88,957	92,111	96,654
Change	-	-1.74%	-7.11%	28.15%	3.29%	-1.46%	3.55%	4.93%
Net income ¹	51,389	49,955	46,342	60,822	61,092	60,771	63,710	67,731
Change	-	-2.79%	-7.23%	31.25%	0.44%	-0.53%	4.84%	6.31%
Announcement Date	28/04/21	26/04/22	27/04/23	30/04/24	28/04/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	32,666	31,168	33,463	36,046	32,503	33,003	35,080	34,846	33,576	32,910	34,043	33,462	36,953	36,432	38,254	41,232	40,328	41,482	39,781	40,639	42,830	41,211	41,730	40,929
Change	-	-4.59%	7.36%	7.72%	-9.83%	1.54%	6.29%	-0.67%	-3.64%	-1.98%	3.44%	-1.71%	10.43%	-1.41%	5%	7.78%	-2.19%	2.86%	-4.1%	2.16%	5.39%	-3.78%	1.26%	-1.92%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26,013	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	18,365	-	19,174	-	18,459	17,592	19,916	17,506	17,777	16,350	17,638	16,488	25,038	19,461	21,543	21,402	23,291	24,427	21,723	20,681	22,503	21,883	22,019	19,815
Change	-	-	-	-	-	-4.7%	13.21%	-12.1%	1.55%	-8.03%	7.88%	-6.52%	51.86%	-22.27%	10.7%	-0.65%	8.83%	4.88%	-11.07%	-4.8%	8.81%	-2.75%	0.62%	-10.01%
Charge d'intérêts	-25	-	-25	-	-25	-	-26	-	-23	-	-24	-	-26	-	-26	-	-33	-	-45	-	-	-	-	-
Earnings before Tax (EBT)	18,414	-	19,254	-	18,471	-	19,892	-	17,790	-	17,614	-	25,068	-	21,518	-	23,293	-	21,784	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	12,082	-	13,574	-	12,291	12,273	13,449	-	12,089	-	11,986	-	17,736	-	15,159	-	15,768	16,540	14,659	14,125	14,742	15,016	15,281	15,425
Change	-	-	-	-	-	-0.15%	9.58%	-	-	-	-	-	-	-	-	-	-	4.9%	-11.37%	-3.64%	4.37%	1.85%	1.77%	0.94%
Announcement Date	29/07/20	28/10/20	28/01/21	28/04/21	28/07/21	27/10/21	27/01/22	26/04/22	27/07/22	27/10/22	30/01/23	27/04/23	28/07/23	26/10/23	29/01/24	30/04/24	30/07/24	29/10/24	30/01/25	28/04/25	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2023 S1	2024 S1	2025 S1
Net sales ¹	65,506	66,486	73,385	81,810
Change	-	1.5%	10.38%	11.48%
EBITDA	-	-	-	-
Change	-	-	-	-
EBIT ¹	36,051	34,127	44,499	47,718
Change	-	-5.34%	30.39%	7.23%
Charge d'intérêts ¹	-51	-47	-54	-73
Earnings before Tax (EBT) ¹	36,044	34,122	44,506	47,726
Change	-	-5.33%	30.43%	7.23%
Net income ¹	24,564	23,189	31,432	32,308
Change	-	-5.6%	35.55%	2.79%
Announcement Date	27/10/21	27/10/22	26/10/23	29/10/24

¹JPY in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-1,72,549	-1,58,887	-45,839	-75,539	-45,941	-1,75,558	-1,76,198	-2,03,048
Change	-	7.92%	71.15%	-64.79%	39.18%	-282.14%	-0.36%	-15.24%
Announcement Date	28/04/21	26/04/22	27/04/23	30/04/24	28/04/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	2,880	2,344	11,301	13,100	15,153	16,775	17,388	18,026
Change	-	-18.61%	382.12%	15.92%	15.67%	10.7%	3.65%	3.67%
Free Cash Flow (FCF) ¹	70,237	55,847	-	66,466	-	-	-	-
Change	-	-20.49%	-	-	-	-	-	-
Announcement Date	28/04/21	26/04/22	27/04/23	30/04/24	28/04/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	68.51%	67.19%	65.1%	69.17%	66.87%	64.55%	64.28%	65.23%
EBIT Margin (%)	55.92%	54.25%	50.94%	57.2%	55.55%	52.49%	52.38%	52.82%
EBT Margin (%)	56.04%	54.22%	50.9%	57.18%	55.65%	53.74%	53.6%	53.89%
Net margin (%)	38.54%	36.89%	34.59%	39.79%	37.66%	36.72%	37.07%	37.76%
FCF margin (%)	52.67%	41.24%	-	43.48%	-	-	-	-
FCF / Net Income (%)	136.68%	111.79%	-	109.28%	-	-	-	-
Profitability
ROA	0.12%	0.11%	0.09%	0.11%	0.11%	0.1%	0.1%	0.1%
ROE	16.6%	15.7%	14.7%	19%	18.3%	17.36%	17.27%	17.42%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.16%	1.73%	8.43%	8.57%	9.34%	10.13%	10.12%	10.05%
CAPEX / EBITDA (%)	3.15%	2.58%	12.96%	12.39%	13.97%	15.7%	15.74%	15.41%
CAPEX / FCF (%)	4.1%	4.2%	-	19.71%	-	-	-	-
Items per share
Cash flow per share ¹	63.68	63.72	62.04	76.03	76.37	-	-	-
Change	-	0.07%	-2.64%	22.56%	0.45%	-	-	-
Dividend per Share ¹	34	36	31.5	45.5	45.5	41.44	41.35	41.57
Change	-	5.88%	-12.5%	44.44%	0%	-8.92%	-0.22%	0.53%
Book Value Per Share ¹	300.2	299.2	299.7	315.5	327.6	340.4	362.5	384.6
Change	-	-0.34%	0.19%	5.27%	3.81%	3.92%	6.49%	6.1%
EPS ¹	48	47.18	44.02	58.44	58.72	58.47	61.45	65.44
Change	-	-1.72%	-6.7%	32.78%	0.47%	-0.43%	5.09%	6.51%
Nbr of stocks (in thousands)	10,70,564	10,55,057	10,48,527	10,28,027	10,40,423	10,31,111	10,31,111	10,31,111
Announcement Date	28/04/21	26/04/22	27/04/23	30/04/24	28/04/25	-	-	-