FWRD

Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings -1.05 9.79 14.63 31.29
Price to Sales 0.35 1.19 1.42 1.98
Book Value Per Common Share 6.78 29.77 26.73 22.01 20.04
Price to Book 4.76 2.11 3.92 5.50
Price to Operating Cash Flow -11.78 8.98 10.84 27.34
Price to Free Cash Flow
Enterprise Value to EBITDA 110834.32 88573.22 164225.78
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Price to Earnings -9.86 -11.74 -11.96 -1.22 -0.69 -11.07 27.39 49.58 78.66 16.23 25.33 62.28 34.74 59.05 222.03
Price to Sales 0.41 0.58 0.95 0.54 0.43 1.51 1.44 3.35 6.65 1.62 2.52 5.64 1.88 3.13 6.71
Book Value Per Common Share 4.48 4.96 5.08 6.78 7.88 10.24 35.03 29.77 25.94 26.12 26.32 26.73 25.68 24.72 22.77 22.01 20.61 20.29 19.94 20.04
Price to Book 5.72 4.95 3.95 4.76 4.49 1.86 0.89 2.11 2.65 4.06 4.09 3.92 3.52 3.72 4.29 5.50 4.03 4.42 4.45
Price to Operating Cash Flow 11.83 51.86 21.97 -19.10 -5.01 -15.77 11.21 21.41 43.03 12.32 21.94 42.17 29.79 74.82 242.72
Price to Free Cash Flow
Enterprise Value to EBITDA 55012.56 87032.57 147972.92 126122.53 251326.20 437685.27 100186.14 158838.99 383545.81 165306.32 291510.21 759106.00

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY -10.46 85.27 360.71
Revenue YoY 85.67 -30.54 18.70 30.94
EBITDA YoY -53.53 57.58 79.07
Net Profit YoY -13.38 82.50 346.04
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Earning YoY 17.29 56.20 53.17 131.21 57.24 280.00
Revenue YoY 51.27 101.50 55.33 118.80 49.86 94.17 51.93 110.33 53.60 116.16
EBITDA YoY 68.52 108.99 -96.65 28.47 69.72 53.93 127.25 62.15 161.25
Net Profit YoY 16.49 54.86 53.13 129.86 56.23 274.37

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 3.82 6.24 1.71 1.37 1.46
Quick Ratio 1.11 1.35 1.58 1.54 1.15
Current Ratio 1.23 1.46 1.80 1.72 1.43
Debt to Equity 8.80 10.70 4.12 6.53 4.47
Long-Term Debt to Equity 7.46 10.39 3.88 6.25 4.16
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Cash Per Common Share 4.53 3.13 3.86 3.54 4.94 3.90 6.57 6.29 0.72 0.70 1.22 1.73 1.74 1.76 2.29 1.38 1.91 1.86 0.89 1.47
Quick Ratio 1.05 1.09 1.03 1.11 1.12 1.13 1.18 1.35 1.11 1.15 1.41 1.58 1.64 1.75 1.59 1.54 1.62 1.54 1.25 1.15
Current Ratio 1.20 1.20 1.13 1.23 1.21 1.33 1.28 1.46 1.25 1.28 1.56 1.80 1.74 1.89 1.73 1.72 1.83 1.75 1.47 1.43
Debt to Equity 13.27 11.77 11.35 8.80 26.24 24.27 7.91 10.70 0.79 0.76 0.79 4.12 4.21 4.41 4.72 6.53 6.71 6.86 4.59 4.47
Long-Term Debt to Equity 10.92 9.93 9.42 7.46 24.91 23.11 7.58 10.39 0.50 0.51 0.55 3.88 3.95 4.15 4.41 6.25 6.42 6.56 4.28 4.16

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA -29.15 1.87 5.33 2.37 0.79
ROE -285.79 21.90 27.32 17.83 4.34
Gross Margin 93.23 94.74 96.08 96.44 45.05
Operating Margin -41.67 6.44 13.48 9.58 5.82
EBITDA Margin -36.02 10.62 15.88 11.96 8.75
Net Profit Margin -32.10 12.21 9.79 6.37 1.87
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
ROA -2.84 -2.29 -1.81 -8.51 -7.68 -0.52 5.51 4.75 2.97 4.22 2.73 1.22 1.53 0.97 0.37
ROE -40.58 -29.24 -22.31 -231.94 -194.15 -4.63 9.86 8.36 5.30 22.01 14.77 6.98 11.77 7.61 2.05
Gross Margin 93.89 93.52 93.50 96.69 96.74 96.65 95.35 95.39 95.42 96.10 95.99 96.18 96.44 96.37 96.29
Operating Margin 1.73 0.95 0.62 -61.95 -97.90 -12.25 7.74 9.73 11.83 13.71 13.53 12.28 8.92 8.28 6.27
EBITDA Margin 7.51 6.74 6.50 -56.17 -91.11 -6.39 11.26 13.13 15.02 16.05 15.84 14.67 11.26 10.66 8.82
Net Profit Margin -4.10 -4.94 -7.97 -42.39 -59.65 -11.39 5.28 6.79 8.52 10.07 9.99 9.14 5.44 5.35 3.09

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Dividend Yield
Dividend Payout Ratio
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 2,802,641.00 8,938,599.00 3,624,228.00 4,471,292.00 2,993,981.00
   Current Assets 472,500.00 347,028.00 304,315.00 282,807.00 245,896.00
      Cash and Short-Term Investments 105,266.00 161,573.00 45,822.00 37,316.00 40,254.00
            Cash and Cash Equivalents 105,266.00 161,573.00 45,822.00 37,316.00 40,254.00
            Short-Term Investments 0 0 0 0 0
      Net Receivables 322,496.00 158,675.00 221,028.00 216,182.00 156,490.00
      Inventory 0 0 0 0 0
      Other Current Assets 44,738.00 26,780.00 37,465.00 29,309.00 49,152.00
   Non-Current Assets 2,330,141.00 8,591,571.00 3,319,913.00 4,188,485.00 2,748,085.00
      Property, Plant, Equipment Net 736,272.00 369,647.00 390,945.00 367,293.00 1,264,895.00
      Goodwill 2,317,827.00 278,706.00 306,184.00 266,752.00 244,982.00
      Intangible Assets 999,216.00 134,789.00 154,801.00 154,717.00 145,032.00
      Long-Term Investments 0 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets -1,723,174.00 7,808,429.00 2,467,983.00 3,399,723.00 1,093,176.00
Liabilities 2,516,773.00 8,174,338.00 2,916,984.00 3,877,638.00 2,446,652.00
   Current Liabilities 384,046.00 237,094.00 169,398.00 164,692.00 171,620.00
      Payables and Expenses 225,528.00 108,378.00 108,892.00 106,458.00 89,635.00
            Account Payables 105,692.00 45,430.00 54,601.00 44,837.00 53,096.00
            Current Accrued Liabilities 119,836.00 62,948.00 54,291.00 61,621.00 36,539.00
      Short-Term Debt 113,370.00 56,989.00 56,550.00 53,620.00 43,680.00
      Other Current Liabilities 45,148.00 71,727.00 3,956.00 4,614.00 38,305.00
   Non-Current Liabilities 2,132,727.00 7,937,244.00 2,747,586.00 3,712,946.00 2,275,032.00
      Long-Term Debt 2,032,428.00 98,334.00 221,297.00 266,446.00 192,744.00
      Other Non-Current Liabilities 100,299.00 7,838,910.00 2,526,289.00 3,446,500.00 2,082,288.00
Equity 285,868.00 764,261.00 707,244.00 593,654.00 547,329.00
   Shareholders Equity 201,728.00 764,261.00 707,244.00 593,654.00 547,329.00
      Capital Stock 298.00 257.00 265.00 270.00 273.00
      Share Premium 542,392.00 283,684.00 270,855.00 258,474.00 242,916.00
      Retained Earnings -338,230.00 480,320.00 436,124.00 334,910.00 304,140.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income -2,732.00 0 0 0 0
   Minority Interest 84,140.00 0 0 0 0
Debt 2,145,798.00 155,323.00 277,847.00 320,066.00 236,424.00
Net Debt 2,040,532.00 0 232,025.00 282,750.00 196,170.00
Common Shares Outstanding 29,761.20 25,670.66 26,461.29 26,968.79 27,316.43
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 2,545,000.00 1,370,735.00 1,973,403.00 1,662,484.00 1,269,673.00
Cost Of Revenue 172,284.00 72,137.00 77,342.00 59,213.00 697,742.00
Gross Profit 2,372,716.00 1,298,598.00 1,896,061.00 1,603,271.00 571,931.00
Operating Expenses 5,561,524.00 1,033,968.00 1,098,133.00 1,125,368.00 350,159.00
   Selling, General and Administrative Expenses 182,197.00 87,413.00 97,094.00 79,633.00 0
   Other Operating Expenses 5,379,327.00 946,555.00 1,001,039.00 1,045,735.00 350,159.00
Operating Income -3,188,808.00 264,630.00 797,928.00 477,903.00 221,772.00
Net Non-Operating Income 1,938,976.00 -207,991.00 -537,090.00 -322,940.00 -152,412.00
Interest Expense 189,215.00 31,571.00 5,138.00 4,338.00 4,561.00
Net Interest 0 0 -5,138.00 -4,338.00 0
EBT -1,249,832.00 56,639.00 260,838.00 154,963.00 69,360.00
Income Tax 59,491.00 13,836.00 67,647.00 38,872.00 16,593.00
Net Income Including Non-Controlling Interests -502,710.00 0 0 0 0
Net Income Non-Controlling Interests -314,259.00 0 0 0 0
Net Income -816,969.00 167,351.00 193,191.00 105,859.00 23,733.00
EBIT -1,060,617.00 88,210.00 265,976.00 159,301.00 73,921.00
Deprecation and Amortization 143,978.00 57,405.00 47,386.00 39,552.00 37,125.00
EBITDA -916,639.00 145,615.00 313,362.00 198,853.00 111,046.00
EPS -0.03 0.01 0.01 0.00 0.00
Diluted EPS -0.03 0.01 0.01 0.00 0.00
Average Shares Outstanding Basic 27,540.00 25,913.00 26,783.00 27,155.00 27,631.00
Average Shares Outstanding Diluted 27,540.00 26,003.00 26,926.00 27,292.00 27,697.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow -75,402.00 181,388.00 259,090.00 120,261.00 84,666.00
   Operating Net Income 0 0 0 0 0
   Deprecation and Amortization 143,978.00 57,405.00 47,386.00 39,552.00 37,125.00
   Deferred Income Tax -133,510.00 -8,893.00 7,686.00 1,421.00 772.00
   Share Based Compensation 11,256.00 12,913.00 12,850.00 12,718.00 22,171.00
   Change in Working Capital -10,509.00 11,386.00 9,734.00 31,857.00 58,245.00
   Other Operating Activities -86,617.00 108,577.00 181,434.00 34,713.00 -33,647.00
Investing Cash Flow -1,608,586.00 174,838.00 -104,462.00 -88,312.00 -82,707.00
   Capital Expenditure 0.00 0.00 0.00 0.00 0.00
   Net Purchase/Sale of PPE 42,197.00 34,466.00 124,559.00 119,970.00 22,681.00
   Net Purchase/Sale of Investments Net 444.00 0 0 0 0
   Net Purchase/Sale of Business 1,576,219.00 56,703.00 66,105.00 59,866.00 63,651.00
   Other Investing Activities -3,227,446.00 83,669.00 -295,126.00 -268,148.00 -169,039.00
Financing Cash Flow 0 -240,701.00 0 -3,385.00 12,640.00
   Net Issuance/Repayment of Debt 230,000.00 2,039,000.00 55,054.00 497,423.00 198,946.00
   Net Issuance/Repurchase of Equity 753.00 188,422.00 126,531.00 102,595.00 95,397.00
   Dividends Paid 0 24,995.00 25,865.00 22,976.00 20,869.00
   Other Financing Activities 0 -2,493,118.00 0 -626,379.00 -302,572.00
Net Change in Cash -1,846,807.00 1,906,251.00 8,506.00 -2,938.00 -24,495.00
   Cash at Beginning of Period 1,952,073.00 45,822.00 37,316.00 40,254.00 64,749.00
   Cash at End of Period 105,266.00 1,952,073.00 45,822.00 37,316.00 0
Free Cash Flow 0 0 0 0 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31
Assets 2,794,198.00 2,761,235.00 2,803,842.00 2,802,641.00 9,167,520.00 9,201,948.00 11,877,780.00 8,938,599.00 1,190,581.00 1,184,573.00 1,226,566.00 3,624,228.00 3,558,177.00 3,591,429.00 3,500,418.00 4,471,292.00 4,282,032.00 4,327,364.00 3,047,703.00 2,993,981.00
   Current Assets 552,488.00 474,607.00 493,365.00 472,500.00 545,081.00 558,623.00 569,433.00 347,028.00 237,730.00 215,787.00 257,794.00 304,315.00 312,967.00 315,756.00 325,252.00 282,807.00 289,261.00 297,012.00 247,986.00 245,896.00
      Cash and Short-Term Investments 140,354.00 95,307.00 116,674.00 105,266.00 138,156.00 104,655.00 172,270.00 161,573.00 18,843.00 18,281.00 32,028.00 45,822.00 46,846.00 47,386.00 61,630.00 37,316.00 51,930.00 50,844.00 24,396.00 40,254.00
            Cash and Cash Equivalents 140,354.00 95,307.00 116,674.00 105,266.00 138,156.00 104,655.00 172,270.00 161,573.00 18,843.00 18,281.00 32,028.00 45,822.00 46,846.00 47,386.00 61,630.00 37,316.00 51,930.00 50,844.00 24,396.00 40,254.00
            Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Net Receivables 341,414.00 335,716.00 336,398.00 322,496.00 362,698.00 370,403.00 353,352.00 158,675.00 191,758.00 175,968.00 201,385.00 221,028.00 247,730.00 246,110.00 236,666.00 216,182.00 205,165.00 209,187.00 186,504.00 156,490.00
      Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 70,720.00 43,584.00 40,293.00 44,738.00 44,227.00 83,565.00 43,811.00 26,780.00 27,129.00 21,538.00 24,381.00 37,465.00 18,391.00 22,260.00 26,956.00 29,309.00 32,166.00 36,981.00 37,086.00 49,152.00
   Non-Current Assets 2,241,710.00 2,286,628.00 2,310,477.00 2,330,141.00 8,622,439.00 8,643,325.00 11,308,347.00 8,591,571.00 952,851.00 968,786.00 968,772.00 3,319,913.00 3,245,210.00 3,275,673.00 3,175,166.00 4,188,485.00 3,992,771.00 4,030,352.00 2,799,717.00 2,748,085.00
      Property, Plant, Equipment Net 721,392.00 740,860.00 739,850.00 736,272.00 679,921.00 652,755.00 661,968.00 369,647.00 392,974.00 405,510.00 403,214.00 390,945.00 378,207.00 383,497.00 377,397.00 367,293.00 538,717.00 531,806.00 510,425.00 1,264,895.00
      Goodwill 522,712.00 522,712.00 522,712.00 2,317,827.00 716,071.00 545,380.00 1,379,180.00 278,706.00 356,763.00 356,763.00 356,627.00 306,184.00 288,496.00 287,597.00 265,639.00 266,752.00 254,776.00 254,993.00 250,736.00 244,982.00
      Intangible Assets 929,894.00 952,967.00 976,122.00 999,216.00 1,033,352.00 1,230,699.00 1,264,428.00 134,789.00 146,710.00 151,218.00 155,726.00 154,801.00 155,161.00 160,216.00 150,638.00 154,717.00 142,196.00 145,813.00 147,668.00 145,032.00
      Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Non-Current Assets 67,712.00 70,089.00 71,793.00 -1,723,174.00 6,193,095.00 6,214,491.00 8,002,771.00 7,808,429.00 56,404.00 55,295.00 53,205.00 2,467,983.00 2,423,346.00 2,444,363.00 2,381,492.00 3,399,723.00 3,057,082.00 3,097,740.00 1,890,888.00 1,093,176.00
Liabilities 2,598,356.00 2,544,994.00 2,576,836.00 2,516,773.00 8,830,986.00 8,837,731.00 10,545,342.00 8,174,338.00 524,881.00 510,964.00 540,933.00 2,916,984.00 2,875,479.00 2,927,079.00 2,888,647.00 3,877,638.00 3,726,496.00 3,777,015.00 2,502,972.00 2,446,652.00
   Current Liabilities 460,041.00 396,685.00 438,264.00 384,046.00 448,698.00 420,013.00 444,841.00 237,094.00 190,441.00 169,226.00 165,770.00 169,398.00 179,559.00 167,460.00 187,944.00 164,692.00 158,466.00 169,271.00 169,133.00 171,620.00
      Payables and Expenses 271,620.00 230,728.00 255,043.00 225,528.00 292,820.00 260,886.00 249,601.00 108,378.00 102,254.00 90,350.00 95,801.00 108,892.00 118,646.00 106,413.00 120,897.00 106,458.00 106,462.00 114,549.00 115,301.00 89,635.00
            Account Payables 124,835.00 115,123.00 111,510.00 105,692.00 157,230.00 143,455.00 130,646.00 45,430.00 45,702.00 37,085.00 42,994.00 54,601.00 50,666.00 42,058.00 54,430.00 44,837.00 42,885.00 43,655.00 40,676.00 53,096.00
            Current Accrued Liabilities 146,785.00 115,605.00 143,533.00 119,836.00 135,590.00 117,431.00 118,955.00 62,948.00 56,552.00 53,265.00 52,807.00 54,291.00 67,980.00 64,355.00 66,467.00 61,621.00 63,577.00 70,894.00 74,625.00 36,539.00
      Short-Term Debt 117,929.00 117,885.00 115,024.00 113,370.00 106,307.00 106,063.00 121,779.00 56,989.00 66,568.00 66,764.00 63,762.00 56,550.00 56,502.00 57,003.00 54,568.00 53,620.00 47,849.00 47,909.00 47,015.00 43,680.00
      Other Current Liabilities 70,492.00 48,072.00 68,197.00 45,148.00 49,571.00 53,064.00 73,461.00 71,727.00 21,619.00 12,112.00 6,207.00 3,956.00 4,411.00 4,044.00 12,479.00 4,614.00 4,155.00 6,813.00 6,817.00 38,305.00
   Non-Current Liabilities 2,138,315.00 2,148,309.00 2,138,572.00 2,132,727.00 8,382,288.00 8,417,718.00 10,100,501.00 7,937,244.00 334,440.00 341,738.00 375,163.00 2,747,586.00 2,695,920.00 2,759,619.00 2,700,703.00 3,712,946.00 3,568,030.00 3,607,744.00 2,333,839.00 2,275,032.00
      Long-Term Debt 2,038,344.00 2,044,977.00 2,037,936.00 2,032,428.00 1,981,866.00 1,955,489.00 1,945,369.00 98,334.00 230,182.00 240,026.00 271,706.00 221,297.00 220,957.00 264,590.00 269,665.00 266,446.00 258,493.00 265,009.00 203,368.00 192,744.00
      Other Non-Current Liabilities 99,971.00 103,332.00 100,636.00 100,299.00 6,400,422.00 6,462,229.00 8,155,132.00 7,838,910.00 104,258.00 101,712.00 103,457.00 2,526,289.00 2,474,963.00 2,495,029.00 2,431,038.00 3,446,500.00 3,309,537.00 3,342,735.00 2,130,471.00 2,082,288.00
Equity 195,842.00 216,241.00 227,006.00 285,868.00 336,534.00 364,217.00 1,332,438.00 764,261.00 665,700.00 673,609.00 685,633.00 707,244.00 682,698.00 664,350.00 611,771.00 593,654.00 555,536.00 550,349.00 544,731.00 547,329.00
   Shareholders Equity 139,784.00 151,794.00 154,634.00 201,728.00 226,084.00 283,764.00 926,071.00 764,261.00 665,700.00 673,609.00 685,633.00 707,244.00 682,698.00 664,350.00 611,771.00 593,654.00 555,536.00 550,349.00 544,731.00 547,329.00
      Capital Stock 312.00 306.00 304.00 298.00 287.00 277.00 265.00 257.00 257.00 258.00 261.00 265.00 266.00 269.00 269.00 270.00 270.00 271.00 273.00 273.00
      Share Premium 556,101.00 551,845.00 546,556.00 542,392.00 528,255.00 512,638.00 508,675.00 283,684.00 280,640.00 277,593.00 274,007.00 270,855.00 267,809.00 265,129.00 261,444.00 258,474.00 255,071.00 252,466.00 247,678.00 242,916.00
      Retained Earnings -418,753.00 -402,451.00 -389,759.00 -338,230.00 -301,634.00 -228,151.00 417,282.00 480,320.00 384,803.00 395,758.00 411,365.00 436,124.00 414,623.00 398,952.00 350,058.00 334,910.00 300,195.00 297,612.00 296,780.00 304,140.00
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income 2,124.00 2,094.00 -2,467.00 -2,732.00 -824.00 -1,000.00 -151.00 0 0 0 0 0 0 0 0 0 0 0 0 0
   Minority Interest 56,058.00 64,447.00 72,372.00 84,140.00 110,450.00 80,453.00 406,367.00 0 0 0 0 0 0 0 0 0 0 0 0 0
Debt 2,156,273.00 2,162,862.00 2,152,960.00 2,145,798.00 2,088,173.00 2,061,552.00 2,067,148.00 155,323.00 296,750.00 306,790.00 335,468.00 277,847.00 277,459.00 321,593.00 324,233.00 320,066.00 306,342.00 312,918.00 250,383.00 236,424.00
Net Debt 2,015,919.00 2,067,555.00 2,036,286.00 2,040,532.00 1,950,017.00 1,956,897.00 1,894,878.00 0 277,907.00 288,509.00 303,440.00 232,025.00 230,613.00 274,207.00 262,603.00 282,750.00 254,412.00 262,074.00 225,987.00 196,170.00
Common Shares Outstanding 31,204.90 30,606.90 30,413.07 29,761.20 28,689.17 27,698.89 26,438.42 25,670.66 25,662.06 25,785.59 26,052.88 26,461.29 26,589.70 26,879.52 26,861.67 26,968.79 26,958.24 27,120.39 27,318.50 27,316.43
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31
Revenues 1,936,971.00 1,280,501.00 635,485.00 -1,023,708.00 1,841,416.00 1,185,479.00 541,813.00 -1,128,274.00 1,242,695.00 829,248.00 427,066.00 -967,941.00 1,492,203.00 982,180.00 466,961.00 -685,203.00 1,202,555.00 782,930.00 362,202.00
Cost Of Revenue 118,434.00 82,938.00 41,312.00 54,552.00 60,921.00 38,684.00 18,127.00 -43,372.00 57,743.00 38,200.00 19,566.00 -38,042.00 58,208.00 39,343.00 17,833.00 -25,457.00 42,834.00 28,393.00 13,443.00
Gross Profit 1,818,537.00 1,197,563.00 594,173.00 -1,078,260.00 1,780,495.00 1,146,795.00 523,686.00 -1,084,902.00 1,184,952.00 791,048.00 407,500.00 -929,899.00 1,433,995.00 942,837.00 449,128.00 -659,746.00 1,159,721.00 754,537.00 348,759.00
Operating Expenses 1,779,245.00 1,173,278.00 579,884.00 -4,987,482.00 5,196,868.00 4,631,256.00 720,882.00 -1,122,090.00 1,088,739.00 710,328.00 356,991.00 -543,403.00 820,312.00 544,149.00 277,075.00 -598,409.00 837,749.00 559,993.00 326,035.00
   Selling, General and Administrative Expenses 150,448.00 98,298.00 48,792.00 -75,538.00 133,871.00 85,061.00 38,803.00 -69,361.00 76,094.00 53,432.00 27,248.00 -42,808.00 71,097.00 46,132.00 22,673.00 -39,144.00 60,073.00 39,537.00 19,167.00
   Other Operating Expenses 1,628,797.00 1,074,980.00 531,092.00 -4,911,944.00 5,062,997.00 4,546,195.00 682,079.00 -1,052,729.00 1,012,645.00 656,896.00 329,743.00 -500,595.00 749,215.00 498,017.00 254,402.00 -559,265.00 777,676.00 520,456.00 306,868.00
Operating Income 39,292.00 24,285.00 14,289.00 3,909,222.00 -3,416,373.00 -3,484,461.00 -197,196.00 37,188.00 96,213.00 80,720.00 50,509.00 -386,496.00 613,683.00 398,688.00 172,053.00 -61,337.00 321,972.00 194,544.00 22,724.00
Net Non-Operating Income -141,379.00 -103,000.00 -55,891.00 -2,521,900.00 2,134,920.00 2,235,904.00 90,052.00 -193,101.00 -7,595.00 -4,940.00 -2,355.00 258,808.00 -412,643.00 -267,769.00 -115,486.00 28,518.00 -218,109.00 -132,184.00 -1,165.00
Interest Expense 135,648.00 90,873.00 45,547.00 -80,344.00 140,788.00 88,018.00 40,753.00 16,681.00 7,595.00 4,940.00 2,355.00 -1,144.00 3,521.00 1,977.00 784.00 -2,776.00 3,461.00 2,488.00 1,165.00
Net Interest 0 0 0 0 0 0 0 0 0 0 0 -5,138.00 0 0 0 -4,338.00 0 0 0
EBT -102,087.00 -78,715.00 -41,602.00 1,387,322.00 -1,281,453.00 -1,248,557.00 -107,144.00 -155,913.00 88,618.00 75,780.00 48,154.00 -127,688.00 201,040.00 130,919.00 56,567.00 -32,819.00 103,863.00 62,360.00 21,559.00
Income Tax 3,225.00 2,840.00 19,589.00 -344,141.00 191,990.00 193,292.00 18,350.00 -40,422.00 23,011.00 19,461.00 11,786.00 -29,828.00 50,791.00 32,803.00 13,881.00 -6,911.00 25,969.00 14,969.00 4,845.00
Net Income Including Non-Controlling Interests -53,628.00 -44,885.00 -40,083.00 351,699.00 -465,630.00 -354,149.00 -34,630.00 0 0 0 0 0 0 0 0 0 0 0 0
Net Income Non-Controlling Interests -25,842.00 -18,335.00 -10,554.00 380,742.00 -314,923.00 -352,996.00 -27,082.00 0 0 0 0 0 0 0 0 0 0 0 0
Net Income -79,470.00 -63,220.00 -50,637.00 732,441.00 -780,553.00 -707,145.00 -61,712.00 9,057.00 65,607.00 56,319.00 36,368.00 -97,860.00 150,249.00 98,116.00 42,686.00 -12,574.00 65,394.00 41,858.00 11,181.00
EBIT 33,561.00 12,158.00 3,945.00 1,306,978.00 -1,140,665.00 -1,160,539.00 -66,391.00 -139,232.00 96,213.00 80,720.00 50,509.00 -128,832.00 204,561.00 132,896.00 57,351.00 -35,595.00 107,324.00 64,848.00 22,724.00
Deprecation and Amortization 111,914.00 74,166.00 37,360.00 -74,554.00 106,321.00 80,425.00 31,786.00 -28,032.00 43,654.00 28,148.00 13,635.00 -21,463.00 34,994.00 22,725.00 11,130.00 -16,403.00 28,067.00 18,651.00 9,237.00
EBITDA 145,475.00 86,324.00 41,305.00 1,232,424.00 -1,034,344.00 -1,080,114.00 -34,605.00 -167,264.00 139,867.00 108,868.00 64,144.00 -150,295.00 239,555.00 155,621.00 68,481.00 -51,998.00 135,391.00 83,499.00 31,961.00
EPS -0.00 -0.00 -0.00 0.00 -0.03 -0.03 -0.00 0.00 0.00 0.00 0.00 -0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Diluted EPS -0.00 -0.00 -0.00 0.00 -0.03 -0.03 -0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 30,972.00 30,429.00 30,193.00 29,199.00 27,941.00 26,803.00 26,217.00 25,163.00 25,995.00 26,144.00 26,350.00 26,410.00 26,864.00 26,911.00 26,947.00 26,733.00 27,217.00 27,309.00 27,361.00
Average Shares Outstanding Diluted 30,972.00 30,429.00 30,193.00 29,199.00 27,941.00 26,803.00 26,217.00 25,179.00 26,096.00 26,258.00 26,479.00 26,558.00 26,999.00 27,047.00 27,100.00 26,866.00 27,351.00 27,454.00 27,497.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31
Operating Cash Flow 67,112.00 14,398.00 27,615.00 129,900.00 -51,783.00 -101,800.00 -51,719.00 -173,602.00 159,431.00 129,566.00 65,993.00 -113,030.00 196,814.00 112,820.00 62,486.00 1,641.00 75,850.00 32,759.00 10,011.00
   Operating Net Income 0 0 -122,382.00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
   Deprecation and Amortization 111,914.00 74,166.00 37,360.00 -74,554.00 106,321.00 80,425.00 31,786.00 -28,032.00 43,654.00 28,148.00 13,635.00 -21,463.00 34,994.00 22,725.00 11,130.00 -16,403.00 28,067.00 18,651.00 9,237.00
   Deferred Income Tax -523.00 -4,725.00 -2,792.00 224,305.00 -197,156.00 -163,604.00 2,945.00 -15,131.00 2,199.00 2,182.00 1,857.00 2,119.00 1,962.00 1,962.00 1,643.00 3,882.00 -1,384.00 -572.00 -505.00
   Share Based Compensation 11,049.00 7,669.00 2,958.00 -3,586.00 8,088.00 5,187.00 1,567.00 -5,981.00 9,394.00 6,351.00 3,149.00 -6,903.00 9,825.00 6,828.00 3,100.00 -5,974.00 9,343.00 6,424.00 2,925.00
   Change in Working Capital 44,327.00 -377.00 67,313.00 -179,596.00 70,080.00 79,468.00 19,539.00 68,750.00 2,056.00 -29,034.00 -30,386.00 9,597.00 6,933.00 -5,344.00 -1,452.00 -51,112.00 25,597.00 29,792.00 27,580.00
   Other Operating Activities -99,655.00 -62,335.00 45,158.00 163,331.00 -39,116.00 -103,276.00 -107,556.00 -193,208.00 102,128.00 121,919.00 77,738.00 -96,380.00 143,100.00 86,649.00 48,065.00 71,248.00 14,227.00 -21,536.00 -29,226.00
Investing Cash Flow -18,976.00 -15,124.00 -11,239.00 3,137,150.00 -1,592,878.00 -1,583,406.00 -1,569,452.00 384,332.00 -76,846.00 -71,107.00 -61,541.00 27,685.00 -64,411.00 -58,339.00 -9,397.00 -21,809.00 -35,709.00 -21,784.00 -9,010.00
   Capital Expenditure 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
   Net Purchase/Sale of PPE 22,554.00 18,145.00 12,597.00 -16,727.00 32,303.00 20,802.00 5,819.00 -69,359.00 50,111.00 38,321.00 15,393.00 -40,088.00 77,626.00 56,786.00 30,235.00 15,492.00 71,384.00 27,039.00 6,055.00
   Net Purchase/Sale of Investments Net 0 -31.00 24.00 -138.00 319.00 174.00 89.00 0 0 0 0 0 0 0 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 -3,119,507.00 1,565,242.00 1,565,242.00 1,565,242.00 -113,270.00 56,703.00 56,703.00 56,567.00 -14,761.00 40,433.00 40,433.00 0 -730.00 23,053.00 22,543.00 15,000.00
   Other Investing Activities -41,530.00 -33,238.00 -23,860.00 6,273,522.00 -3,190,742.00 -3,169,624.00 -3,140,602.00 566,961.00 -183,660.00 -166,131.00 -133,501.00 82,534.00 -182,470.00 -155,558.00 -39,632.00 -36,571.00 -130,146.00 -71,366.00 -30,065.00
Financing Cash Flow -13,605.00 -9,943.00 -5,325.00 0 0 0 0 -26,891.00 -109,564.00 -86,000.00 -18,246.00 0 0 0 0 -31.00 -1,118.00 -1,118.00 -1,118.00
   Net Issuance/Repayment of Debt 85,000.00 85,000.00 25,000.00 -39,028.00 95,339.00 89,127.00 84,562.00 1,829,084.00 83,061.00 79,737.00 47,118.00 -10,058.00 52,834.00 10,833.00 1,445.00 404,557.00 46,445.00 45,954.00 467.00
   Net Issuance/Repurchase of Equity 434.00 434.00 0 29.00 355.00 369.00 0 -210,117.00 188,043.00 160,005.00 50,491.00 -41,503.00 96,128.00 36,140.00 35,766.00 -93,418.00 101,929.00 71,942.00 22,142.00
   Dividends Paid 0 0 0 0 0 0 0 -12,748.00 18,798.00 12,600.00 6,345.00 -13,092.00 19,461.00 12,994.00 6,502.00 -11,656.00 17,270.00 11,565.00 5,797.00
   Other Financing Activities -99,039.00 -95,377.00 -30,325.00 0 0 0 0 -1,633,110.00 -399,466.00 -338,342.00 -122,200.00 0 0 0 0 -299,514.00 -166,762.00 -130,579.00 -29,524.00
Net Change in Cash 35,088.00 -9,959.00 11,408.00 3,594,331.00 -1,813,917.00 -1,847,418.00 -1,779,803.00 1,974,565.00 -26,979.00 -27,541.00 -13,794.00 -35,408.00 9,530.00 10,070.00 24,314.00 -9,346.00 11,676.00 10,590.00 -15,858.00
   Cash at Beginning of Period 105,266.00 105,266.00 105,266.00 -3,489,065.00 1,952,073.00 1,952,073.00 1,952,073.00 -22,492.00 45,822.00 45,822.00 45,822.00 81,230.00 37,316.00 37,316.00 37,316.00 46,662.00 40,254.00 40,254.00 40,254.00
   Cash at End of Period 140,354.00 95,307.00 116,674.00 105,266.00 138,156.00 104,655.00 172,270.00 1,952,073.00 18,843.00 18,281.00 32,028.00 45,822.00 46,846.00 47,386.00 61,630.00 37,316.00 51,930.00 50,844.00 24,396.00
Free Cash Flow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0