Financials

Sumitomo Forestry: FYE Dec 2025 and ten years of results (50 metrics)

FYE Dec 2025 · Revenue¥2.27tnYoY +10.4%

FYE Dec 2025 · Operating profit¥169bnYoY −13.3%

FYE Dec 2025 · Net profit¥107bnYoY −8.5%

FYE Dec 2025 · Equity ratio39.0%YoY −1.6pp

FYE Dec 2025 · Group employees27,613YoY +872

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.11tn	n/a	¥54bn	n/a	4.8%	¥35bn	Ichikawa Akira	DRB group of Maryland consolidated
FYE Mar 2018Consolidated	¥1.22tn	+9.8%	¥53bn	−1.8%	4.3%	¥30bn	Ichikawa Akira	Edge Homes of Utah acquired; cross-shareholding with Kumagai Gumi
FYE Mar 2019Consolidated	¥1.31tn	+7.1%	¥49bn	−7.1%	3.8%	¥29bn	Ichikawa Akira	Crescent Communities and Mark III Properties acquired
FYE Mar 2020Consolidated	¥1.10tn	−15.6%	¥51bn	+4.3%	4.7%	¥28bn	Ichikawa Akira	—
FYE Dec 2020Consolidated	¥840bn	−23.9%	¥47bn	−7.6%	5.7%	¥30bn	Ichikawa Akira	<a class="en-history_person" href="/tse/1911/executives/ceo/mitsuyoshi-toshiro/" hreflang="ja">Mitsuyoshi Toshiro</a> becomes president
FYE Dec 2021Consolidated	¥1.39tn	+65.0%	¥114bn	+139.5%	8.2%	¥87bn	Mitsuyoshi Toshiro	—
FYE Dec 2022Consolidated	¥1.67tn	+20.5%	¥158bn	+39.2%	9.5%	¥109bn	Mitsuyoshi Toshiro	Moves to the Prime Market of the Tokyo Stock Exchange
FYE Dec 2023Consolidated	¥1.73tn	+3.8%	¥146bn	−7.6%	8.4%	¥102bn	Mitsuyoshi Toshiro	JPI group in the United States consolidated
FYE Dec 2024Consolidated	¥2.05tn	+18.5%	¥195bn	+33.0%	9.5%	¥117bn	Mitsuyoshi Toshiro	Metricon, one of Australia’s largest builders, consolidated
FYE Dec 2025Consolidated	¥2.27tn	+10.4%	¥169bn	−13.3%	7.4%	¥107bn	Mitsuyoshi Toshiro	Brightland Homes reorganised under the DRB group

How it compares

Daiwa House Industry¥5.58tnFY2025Operating margin 11.0%Sekisui House¥4.20tnFY2025Operating margin 8.1%

Sumitomo Forestry¥2.27tnFY2025Operating margin 7.4%

Tama Home¥198bnFY2026Operating margin 1.9%

Eidai Co., Ltd.¥74bnFY2025Operating margin 1.0%

Rogosuhorudingusu¥36bnFY2025Operating margin 1.3%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥2.27tn

CAGR · 10 yrs +8.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,113	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,222	+9.8%	Cons. · Japanese GAAP
FYE Mar 2019	1,309	+7.1%	Cons. · Japanese GAAP
FYE Mar 2020	1,104	−15.6%	Cons. · Japanese GAAP
FYE Dec 2020	840	−23.9%	Cons. · Japanese GAAP
FYE Dec 2021	1,386	+65.0%	Cons. · Japanese GAAP
FYE Dec 2022	1,670	+20.5%	Cons. · Japanese GAAP
FYE Dec 2023	1,733	+3.8%	Cons. · Japanese GAAP
FYE Dec 2024	2,054	+18.5%	Cons. · Japanese GAAP
FYE Dec 2025	2,268	+10.4%	Cons. · Japanese GAAP

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Dec 2025 ¥1.74tn

CAGR · 10 yrs +7.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	909	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,003	+10.3%	Cons. · Japanese GAAP
FYE Mar 2019	1,077	+7.4%	Cons. · Japanese GAAP
FYE Mar 2020	861	−20.0%	Cons. · Japanese GAAP
FYE Dec 2020	649	−24.7%	Cons. · Japanese GAAP
FYE Dec 2021	1,064	+64.0%	Cons. · Japanese GAAP
FYE Dec 2022	1,277	+20.0%	Cons. · Japanese GAAP
FYE Dec 2023	1,324	+3.7%	Cons. · Japanese GAAP
FYE Dec 2024	1,551	+17.1%	Cons. · Japanese GAAP
FYE Dec 2025	1,743	+12.4%	Cons. · Japanese GAAP

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Dec 2025 ¥525bn

CAGR · 10 yrs +11.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	204	n/a	Cons. · Japanese GAAP
FYE Mar 2018	219	+7.4%	Cons. · Japanese GAAP
FYE Mar 2019	232	+5.9%	Cons. · Japanese GAAP
FYE Mar 2020	243	+4.5%	Cons. · Japanese GAAP
FYE Dec 2020	191	−21.2%	Cons. · Japanese GAAP
FYE Dec 2021	322	+68.3%	Cons. · Japanese GAAP
FYE Dec 2022	393	+22.0%	Cons. · Japanese GAAP
FYE Dec 2023	409	+4.0%	Cons. · Japanese GAAP
FYE Dec 2024	503	+23.0%	Cons. · Japanese GAAP
FYE Dec 2025	525	+4.3%	Cons. · Japanese GAAP

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Dec 2025 ¥356bn

CAGR · 10 yrs +10.1%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	150	n/a	Cons. · Japanese GAAP
FYE Mar 2018	166	+10.8%	Cons. · Japanese GAAP
FYE Mar 2019	183	+10.0%	Cons. · Japanese GAAP
FYE Mar 2020	191	+4.6%	Cons. · Japanese GAAP
FYE Dec 2020	144	−24.8%	Cons. · Japanese GAAP
FYE Dec 2021	208	+44.8%	Cons. · Japanese GAAP
FYE Dec 2022	235	+12.7%	Cons. · Japanese GAAP
FYE Dec 2023	263	+11.9%	Cons. · Japanese GAAP
FYE Dec 2024	308	+17.4%	Cons. · Japanese GAAP
FYE Dec 2025	356	+15.4%	Cons. · Japanese GAAP

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Dec 2025 ¥169bn

CAGR · 10 yrs +13.5%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	54.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	53.0	−1.8%	Cons. · Japanese GAAP
FYE Mar 2019	49.2	−7.1%	Cons. · Japanese GAAP
FYE Mar 2020	51.4	+4.3%	Cons. · Japanese GAAP
FYE Dec 2020	47.5	−7.6%	Cons. · Japanese GAAP
FYE Dec 2021	114	+139.5%	Cons. · Japanese GAAP
FYE Dec 2022	158	+39.2%	Cons. · Japanese GAAP
FYE Dec 2023	146	−7.6%	Cons. · Japanese GAAP
FYE Dec 2024	195	+33.0%	Cons. · Japanese GAAP
FYE Dec 2025	169	−13.3%	Cons. · Japanese GAAP

Definition: What the core business earns
Formula: Gross profit − SG&A
Source: Securities report (XBRL)

Non-operating income

FYE Dec 2025 ¥30bn

CAGR · 10 yrs +16.7%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	7.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.4	+10.4%	Cons. · Japanese GAAP
FYE Mar 2019	6.6	−21.5%	Cons. · Japanese GAAP
FYE Mar 2020	13.5	+105.2%	Cons. · Japanese GAAP
FYE Dec 2020	8.4	−37.5%	Cons. · Japanese GAAP
FYE Dec 2021	28.6	+239.5%	Cons. · Japanese GAAP
FYE Dec 2022	42.8	+49.6%	Cons. · Japanese GAAP
FYE Dec 2023	22.2	−48.0%	Cons. · Japanese GAAP
FYE Dec 2024	19.7	−11.3%	Cons. · Japanese GAAP
FYE Dec 2025	30.4	+54.0%	Cons. · Japanese GAAP

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Dec 2025 ¥24bn

CAGR · 10 yrs +23.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.5	−5.5%	Cons. · Japanese GAAP
FYE Mar 2019	4.4	+24.1%	Cons. · Japanese GAAP
FYE Mar 2020	6.0	+37.7%	Cons. · Japanese GAAP
FYE Dec 2020	4.6	−23.9%	Cons. · Japanese GAAP
FYE Dec 2021	4.5	−1.8%	Cons. · Japanese GAAP
FYE Dec 2022	6.1	+34.2%	Cons. · Japanese GAAP
FYE Dec 2023	9.6	+58.0%	Cons. · Japanese GAAP
FYE Dec 2024	16.3	+70.8%	Cons. · Japanese GAAP
FYE Dec 2025	24.2	+47.9%	Cons. · Japanese GAAP

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Ordinary profit keijo rieki

FYE Dec 2025 ¥175bn

CAGR · 10 yrs +13.1%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	57.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	57.9	−0.0%	Cons. · Japanese GAAP
FYE Mar 2019	51.4	−11.1%	Cons. · Japanese GAAP
FYE Mar 2020	58.8	+14.4%	Cons. · Japanese GAAP
FYE Dec 2020	51.3	−12.8%	Cons. · Japanese GAAP
FYE Dec 2021	138	+168.6%	Cons. · Japanese GAAP
FYE Dec 2022	195	+41.6%	Cons. · Japanese GAAP
FYE Dec 2023	159	−18.5%	Cons. · Japanese GAAP
FYE Dec 2024	198	+24.6%	Cons. · Japanese GAAP
FYE Dec 2025	175	−11.6%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE Dec 2025 ¥5.3bn

CAGR · 6 yrs +42.0%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.7	+622.1%	Cons. · Japanese GAAP
FYE Mar 2019	5.5	−17.8%	Cons. · Japanese GAAP
FYE Mar 2020	0.1	−98.1%	Cons. · Japanese GAAP
FYE Dec 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2023	1.9	n/a	Cons. · Japanese GAAP
FYE Dec 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2025	5.3	n/a	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥107bn

CAGR · 10 yrs +13.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	34.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	30.1	−12.7%	Cons. · Japanese GAAP
FYE Mar 2019	29.2	−3.2%	Cons. · Japanese GAAP
FYE Mar 2020	27.9	−4.5%	Cons. · Japanese GAAP
FYE Dec 2020	30.4	+9.1%	Cons. · Japanese GAAP
FYE Dec 2021	87.2	+186.8%	Cons. · Japanese GAAP
FYE Dec 2022	109	+24.7%	Cons. · Japanese GAAP
FYE Dec 2023	102	−6.0%	Cons. · Japanese GAAP
FYE Dec 2024	117	+14.1%	Cons. · Japanese GAAP
FYE Dec 2025	107	−8.5%	Cons. · Japanese GAAP

Definition: What is left after tax
Formula: Pre-tax profit − income taxes
Source: Securities report (XBRL)

Gross margin

FYE Dec 2025 23.1%

Average · 10 yrs 21.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	18.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.9	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	17.7	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	22.0	+4.2pp	Cons. · Japanese GAAP
FYE Dec 2020	22.8	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2021	23.2	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2022	23.5	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	23.6	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2024	24.5	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2025	23.1	−1.4pp	Cons. · Japanese GAAP

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Dec 2025 7.4%

Average · 10 yrs 6.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	4.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.3	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	3.8	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	4.7	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2020	5.7	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2021	8.2	+2.5pp	Cons. · Japanese GAAP
FYE Dec 2022	9.5	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2023	8.4	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2024	9.5	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	7.4	−2.0pp	Cons. · Japanese GAAP

Definition: The share of revenue the core business keeps
Formula: Operating profit ÷ revenue
Source: Securities report (XBRL)

Ordinary margin

FYE Dec 2025 7.7%

Average · 10 yrs 7.3%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.7	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	3.9	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	5.3	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2020	6.1	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2021	9.9	+3.8pp	Cons. · Japanese GAAP
FYE Dec 2022	11.7	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2023	9.2	−2.5pp	Cons. · Japanese GAAP
FYE Dec 2024	9.6	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2025	7.7	−1.9pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Dec 2025 4.7%

Average · 10 yrs 4.3%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.5	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	2.2	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	2.5	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2020	3.6	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2021	6.3	+2.7pp	Cons. · Japanese GAAP
FYE Dec 2022	6.5	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	5.9	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2024	5.7	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2025	4.7	−1.0pp	Cons. · Japanese GAAP

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Dec 2025 76.9%

Average · 10 yrs 78.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	81.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	82.1	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	82.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	78.0	−4.2pp	Cons. · Japanese GAAP
FYE Dec 2020	77.2	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2021	76.8	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2022	76.5	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	76.4	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2024	75.5	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2025	76.9	+1.4pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Dec 2025 15.7%

Average · 10 yrs 15.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	13.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	14.0	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	17.3	+3.4pp	Cons. · Japanese GAAP
FYE Dec 2020	17.1	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2021	15.0	−2.1pp	Cons. · Japanese GAAP
FYE Dec 2022	14.1	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2023	15.1	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2024	15.0	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	15.7	+0.7pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Dec 2025 ¥2.57tn

CAGR · 10 yrs +13.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	794	n/a	Cons. · Japanese GAAP
FYE Mar 2018	899	+13.2%	Cons. · Japanese GAAP
FYE Mar 2019	971	+8.0%	Cons. · Japanese GAAP
FYE Mar 2020	1,005	+3.5%	Cons. · Japanese GAAP
FYE Dec 2020	1,091	+8.6%	Cons. · Japanese GAAP
FYE Dec 2021	1,314	+20.4%	Cons. · Japanese GAAP
FYE Dec 2022	1,538	+17.0%	Cons. · Japanese GAAP
FYE Dec 2023	1,825	+18.7%	Cons. · Japanese GAAP
FYE Dec 2024	2,267	+24.3%	Cons. · Japanese GAAP
FYE Dec 2025	2,572	+13.4%	Cons. · Japanese GAAP

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Dec 2025 ¥1.00tn

CAGR · 10 yrs +15.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	275	n/a	Cons. · Japanese GAAP
FYE Mar 2018	312	+13.4%	Cons. · Japanese GAAP
FYE Mar 2019	318	+2.1%	Cons. · Japanese GAAP
FYE Mar 2020	323	+1.3%	Cons. · Japanese GAAP
FYE Dec 2020	368	+13.9%	Cons. · Japanese GAAP
FYE Dec 2021	496	+34.9%	Cons. · Japanese GAAP
FYE Dec 2022	628	+26.6%	Cons. · Japanese GAAP
FYE Dec 2023	754	+20.2%	Cons. · Japanese GAAP
FYE Dec 2024	920	+22.0%	Cons. · Japanese GAAP
FYE Dec 2025	1,004	+9.1%	Cons. · Japanese GAAP

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Dec 2025 ¥673bn

CAGR · 10 yrs +21.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	119	n/a	Cons. · Japanese GAAP
FYE Mar 2018	125	+5.0%	Cons. · Japanese GAAP
FYE Mar 2019	164	+31.2%	Cons. · Japanese GAAP
FYE Mar 2020	160	−2.3%	Cons. · Japanese GAAP
FYE Dec 2020	183	+14.6%	Cons. · Japanese GAAP
FYE Dec 2021	193	+5.4%	Cons. · Japanese GAAP
FYE Dec 2022	234	+20.9%	Cons. · Japanese GAAP
FYE Dec 2023	282	+20.7%	Cons. · Japanese GAAP
FYE Dec 2024	508	+79.9%	Cons. · Japanese GAAP
FYE Dec 2025	673	+32.6%	Cons. · Japanese GAAP

Definition: Borrowings the company pays interest on
Formula: Loans + bonds + lease obligations
Source: Securities report (XBRL)

Short-term borrowings

FYE Dec 2025 ¥141bn

CAGR · 10 yrs +16.0%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	37.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.5	+9.1%	Cons. · Japanese GAAP
FYE Mar 2019	61.5	+51.9%	Cons. · Japanese GAAP
FYE Mar 2020	39.4	−35.9%	Cons. · Japanese GAAP
FYE Dec 2020	50.1	+27.2%	Cons. · Japanese GAAP
FYE Dec 2021	25.0	−50.1%	Cons. · Japanese GAAP
FYE Dec 2022	46.0	+83.7%	Cons. · Japanese GAAP
FYE Dec 2023	51.8	+12.6%	Cons. · Japanese GAAP
FYE Dec 2024	93.7	+81.0%	Cons. · Japanese GAAP
FYE Dec 2025	141	+50.3%	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Dec 2025 ¥532bn

CAGR · 10 yrs +23.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	81.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	84.4	+3.1%	Cons. · Japanese GAAP
FYE Mar 2019	102	+21.2%	Cons. · Japanese GAAP
FYE Mar 2020	121	+17.9%	Cons. · Japanese GAAP
FYE Dec 2020	133	+10.6%	Cons. · Japanese GAAP
FYE Dec 2021	168	+26.3%	Cons. · Japanese GAAP
FYE Dec 2022	188	+11.6%	Cons. · Japanese GAAP
FYE Dec 2023	230	+22.6%	Cons. · Japanese GAAP
FYE Dec 2024	414	+79.7%	Cons. · Japanese GAAP
FYE Dec 2025	532	+28.6%	Cons. · Japanese GAAP

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥76bn

CAGR · 10 yrs +14.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	23.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.1	+23.8%	Cons. · Japanese GAAP
FYE Mar 2019	26.6	−8.7%	Cons. · Japanese GAAP
FYE Mar 2020	22.5	−15.4%	Cons. · Japanese GAAP
FYE Dec 2020	21.6	−3.8%	Cons. · Japanese GAAP
FYE Dec 2021	20.7	−4.4%	Cons. · Japanese GAAP
FYE Dec 2022	22.9	+10.7%	Cons. · Japanese GAAP
FYE Dec 2023	76.1	+232.6%	Cons. · Japanese GAAP
FYE Dec 2024	81.4	+6.9%	Cons. · Japanese GAAP
FYE Dec 2025	76.1	−6.4%	Cons. · Japanese GAAP

Definition: Assets with no physical form
Formula: Intangible assets line of the balance sheet
Source: Securities report (XBRL)

Goodwill

FYE Dec 2025 ¥35bn

CAGR · 10 yrs +13.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	11.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.8	+42.4%	Cons. · Japanese GAAP
FYE Mar 2019	12.7	−19.7%	Cons. · Japanese GAAP
FYE Mar 2020	7.6	−40.0%	Cons. · Japanese GAAP
FYE Dec 2020	6.6	−13.6%	Cons. · Japanese GAAP
FYE Dec 2021	4.6	−30.5%	Cons. · Japanese GAAP
FYE Dec 2022	5.9	+29.7%	Cons. · Japanese GAAP
FYE Dec 2023	41.3	+599.3%	Cons. · Japanese GAAP
FYE Dec 2024	38.9	−5.8%	Cons. · Japanese GAAP
FYE Dec 2025	35.5	−8.8%	Cons. · Japanese GAAP

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Dec 2025 39.0%

Average · 10 yrs 36.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	34.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.7	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	32.8	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2020	32.1	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2020	33.7	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2021	37.7	+4.0pp	Cons. · Japanese GAAP
FYE Dec 2022	40.8	+3.1pp	Cons. · Japanese GAAP
FYE Dec 2023	41.3	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2024	40.6	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2025	39.0	−1.6pp	Cons. · Japanese GAAP

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Dec 2025 67.0%

Average · 10 yrs 47.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	43.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.1	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2019	51.4	+11.4pp	Cons. · Japanese GAAP
FYE Mar 2020	49.6	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2020	49.9	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2021	39.0	−10.9pp	Cons. · Japanese GAAP
FYE Dec 2022	37.2	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2023	37.4	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2024	55.1	+17.7pp	Cons. · Japanese GAAP
FYE Dec 2025	67.0	+11.9pp	Cons. · Japanese GAAP

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Dec 2025 10.6%

Average · 10 yrs 12.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	12.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.7	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2019	9.2	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	8.6	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2020	8.3	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	17.6	+9.3pp	Cons. · Japanese GAAP
FYE Dec 2022	17.3	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	13.5	−3.8pp	Cons. · Japanese GAAP
FYE Dec 2024	12.7	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2025	10.6	−2.0pp	Cons. · Japanese GAAP

Definition: What the shareholders' capital earns
Formula: Net profit ÷ equity
Source: Securities report (XBRL)

ROA return on assets

FYE Dec 2025 4.1%

Average · 10 yrs 4.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.4	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	3.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	2.8	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2020	2.8	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2021	6.6	+3.8pp	Cons. · Japanese GAAP
FYE Dec 2022	7.1	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2023	5.6	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2024	5.1	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2025	4.1	−1.0pp	Cons. · Japanese GAAP

Definition: What the whole balance sheet earns
Formula: Net profit ÷ total assets
Source: Securities report (XBRL)

Asset turnover

FYE Dec 2025 0.88×

CAGR · 10 yrs −5.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.40	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.36	−3.0%	Cons. · Japanese GAAP
FYE Mar 2019	1.35	−0.8%	Cons. · Japanese GAAP
FYE Mar 2020	1.10	−18.5%	Cons. · Japanese GAAP
FYE Dec 2020	0.77	−30.0%	Cons. · Japanese GAAP
FYE Dec 2021	1.05	+37.0%	Cons. · Japanese GAAP
FYE Dec 2022	1.09	+3.0%	Cons. · Japanese GAAP
FYE Dec 2023	0.95	−12.5%	Cons. · Japanese GAAP
FYE Dec 2024	0.91	−4.6%	Cons. · Japanese GAAP
FYE Dec 2025	0.88	−2.7%	Cons. · Japanese GAAP

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 ¥95bn

CAGR · 10 yrs +9.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	40.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.7	−66.0%	Cons. · Japanese GAAP
FYE Mar 2019	40.7	+196.3%	Cons. · Japanese GAAP
FYE Mar 2020	45.7	+12.4%	Cons. · Japanese GAAP
FYE Dec 2020	46.8	+2.4%	Cons. · Japanese GAAP
FYE Dec 2021	91.6	+95.5%	Cons. · Japanese GAAP
FYE Dec 2022	55.3	−39.6%	Cons. · Japanese GAAP
FYE Dec 2023	125	+126.7%	Cons. · Japanese GAAP
FYE Dec 2024	27.1	−78.4%	Cons. · Japanese GAAP
FYE Dec 2025	94.7	+249.6%	Cons. · Japanese GAAP

Definition: Cash the business itself generated
Formula: Cash flow from operating activities
Source: Securities report (XBRL)

Investing cash flow

FYE Dec 2025 -¥145bn

Average · 10 yrs -¥75bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-62.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-46.3	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-71.7	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-38.9	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-44.6	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-40.3	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-52.4	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-112	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-135	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-145	n/a	Cons. · Japanese GAAP

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Dec 2025 ¥51bn

CAGR · 10 yrs +15.1%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	14.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.2	+76.3%	Cons. · Japanese GAAP
FYE Mar 2019	11.5	−54.2%	Cons. · Japanese GAAP
FYE Mar 2020	1.1	−90.1%	Cons. · Japanese GAAP
FYE Dec 2020	-6.8	−693.9%	Cons. · Japanese GAAP
FYE Dec 2021	-7.0	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-33.0	n/a	Cons. · Japanese GAAP
FYE Dec 2023	10.2	n/a	Cons. · Japanese GAAP
FYE Dec 2024	133	+1201.5%	Cons. · Japanese GAAP
FYE Dec 2025	50.7	−61.9%	Cons. · Japanese GAAP

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Dec 2025 ¥209bn

CAGR · 10 yrs +5.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	133	n/a	Cons. · Japanese GAAP
FYE Mar 2018	126	−5.4%	Cons. · Japanese GAAP
FYE Mar 2019	105	−16.3%	Cons. · Japanese GAAP
FYE Mar 2020	113	+7.1%	Cons. · Japanese GAAP
FYE Dec 2020	122	+8.6%	Cons. · Japanese GAAP
FYE Dec 2021	170	+39.1%	Cons. · Japanese GAAP
FYE Dec 2022	147	−13.3%	Cons. · Japanese GAAP
FYE Dec 2023	175	+18.6%	Cons. · Japanese GAAP
FYE Dec 2024	206	+18.0%	Cons. · Japanese GAAP
FYE Dec 2025	209	+1.1%	Cons. · Japanese GAAP

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Dec 2025 -¥50bn

Average · 10 yrs -¥17bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-22.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-32.5	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-31.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	6.9	n/a	Cons. · Japanese GAAP
FYE Dec 2020	2.2	−67.8%	Cons. · Japanese GAAP
FYE Dec 2021	51.3	+2227.5%	Cons. · Japanese GAAP
FYE Dec 2022	2.9	−94.4%	Cons. · Japanese GAAP
FYE Dec 2023	12.8	+342.9%	Cons. · Japanese GAAP
FYE Dec 2024	-108	−943.7%	Cons. · Japanese GAAP
FYE Dec 2025	-50.1	n/a	Cons. · Japanese GAAP

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Dec 2025 4.2%

Average · 10 yrs 4.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	3.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.1	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2019	3.1	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2020	4.1	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2020	5.6	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2021	6.6	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2022	3.3	−3.3pp	Cons. · Japanese GAAP
FYE Dec 2023	7.2	+3.9pp	Cons. · Japanese GAAP
FYE Dec 2024	1.3	−5.9pp	Cons. · Japanese GAAP
FYE Dec 2025	4.2	+2.9pp	Cons. · Japanese GAAP

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Dec 2025 -¥464bn

Average · 10 yrs -¥114bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	13.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.7	−95.0%	Cons. · Japanese GAAP
FYE Mar 2019	-58.7	−8591.0%	Cons. · Japanese GAAP
FYE Mar 2020	-47.4	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-61.1	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-23.3	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-86.4	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-107	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-301	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-464	n/a	Cons. · Japanese GAAP

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Dec 2025 ¥991bn

Change · 10 yrs +¥690bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	301	n/a
FYE Mar 2018	311	n/a
FYE Mar 2019	282	n/a
FYE Mar 2020	253	n/a
FYE Dec 2020	395	n/a
FYE Dec 2021	451	n/a
FYE Dec 2022	471	n/a
FYE Dec 2023	862	n/a
FYE Dec 2024	1,091	n/a
FYE Dec 2025	991	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Dec 2025 1,602¥

Change · 10 yrs −94¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,696	n/a
FYE Mar 2018	1,702	n/a
FYE Mar 2019	1,544	n/a
FYE Mar 2020	1,382	n/a
FYE Dec 2020	2,161	n/a
FYE Dec 2021	2,243	n/a
FYE Dec 2022	2,338	n/a
FYE Dec 2023	4,183	n/a
FYE Dec 2024	5,295	n/a
FYE Dec 2025	1,602	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Dec 2025 618,556,000shares

Change · 10 yrs +441,146,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	177,410,000	Parent
FYE Mar 2018	182,608,000	Parent
FYE Mar 2019	182,699,000	Parent
FYE Mar 2020	182,752,000	Parent
FYE Dec 2020	182,778,000	Parent
FYE Dec 2021	201,201,000	Parent
FYE Dec 2022	201,218,000	Parent
FYE Dec 2023	206,058,000	Parent
FYE Dec 2024	206,067,000	Parent
FYE Dec 2025	618,556,000	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Dec 2025 174.13¥

Change · 10 yrs −20.82¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	194.95	Cons.
FYE Mar 2018	168.49	Cons.
FYE Mar 2019	160.80	Cons.
FYE Mar 2020	153.54	Cons.
FYE Dec 2020	167.54	Cons.
FYE Dec 2021	152.56	Cons.
FYE Dec 2022	181.27	Cons.
FYE Dec 2023	168.00	Cons.
FYE Dec 2024	189.80	Cons.
FYE Dec 2025	174.13	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Dec 2025 1,623.17¥

Change · 10 yrs +73.13¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,550.04	Cons. · Japanese GAAP
FYE Mar 2018	1,707.30	Cons. · Japanese GAAP
FYE Mar 2019	1,743.06	Cons. · Japanese GAAP
FYE Mar 2020	1,765.32	Cons. · Japanese GAAP
FYE Dec 2020	2,011.08	Cons. · Japanese GAAP
FYE Dec 2021	2,463.84	Cons. · Japanese GAAP
FYE Dec 2022	3,119.04	Cons. · Japanese GAAP
FYE Dec 2023	3,659.92	Cons. · Japanese GAAP
FYE Dec 2024	4,466.59	Cons. · Japanese GAAP
FYE Dec 2025	1,623.17	Cons. · Japanese GAAP

Definition: Equity behind each share
Formula: Equity ÷ shares outstanding
Source: Securities report (XBRL)

PER price-to-earnings ratio

FYE Dec 2025 9.20×

Average · 10 yrs 8.63×

Fiscal year	PER ×	Basis
FYE Mar 2017	8.70	Cons.
FYE Mar 2018	10.10	Cons.
FYE Mar 2019	9.60	Cons.
FYE Mar 2020	9.00	Cons.
FYE Dec 2020	12.90	Cons.
FYE Dec 2021	4.90	Cons.
FYE Dec 2022	4.30	Cons.
FYE Dec 2023	8.30	Cons.
FYE Dec 2024	9.30	Cons.
FYE Dec 2025	9.20	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Dec 2025 0.98×

Average · 10 yrs 0.98×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.09	Cons.
FYE Mar 2018	0.99	Cons.
FYE Mar 2019	0.88	Cons.
FYE Mar 2020	0.78	Cons.
FYE Dec 2020	1.07	Cons.
FYE Dec 2021	0.90	Cons.
FYE Dec 2022	0.74	Cons.
FYE Dec 2023	1.14	Cons.
FYE Dec 2024	1.18	Cons.
FYE Dec 2025	0.98	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Dec 2025 27,613people

Change · 10 yrs +9,811 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	17,802	n/a	Cons.
FYE Mar 2018	18,195	+2.2%	Cons.
FYE Mar 2019	19,159	+5.3%	Cons.
FYE Mar 2020	19,332	+0.9%	Cons.
FYE Dec 2020	20,562	+6.4%	Cons.
FYE Dec 2021	21,254	+3.4%	Cons.
FYE Dec 2022	21,948	+3.3%	Cons.
FYE Dec 2023	24,815	+13.1%	Cons.
FYE Dec 2024	26,741	+7.8%	Cons.
FYE Dec 2025	27,613	+3.3%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Dec 2025 5,581people

Change · 10 yrs +1,096 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	4,485	n/a	Parent
FYE Mar 2018	4,693	+4.6%	Parent
FYE Mar 2019	4,824	+2.8%	Parent
FYE Mar 2020	4,914	+1.9%	Parent
FYE Dec 2020	5,073	+3.2%	Parent
FYE Dec 2021	5,091	+0.4%	Parent
FYE Dec 2022	5,139	+0.9%	Parent
FYE Dec 2023	5,235	+1.9%	Parent
FYE Dec 2024	5,341	+2.0%	Parent
FYE Dec 2025	5,581	+4.5%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Dec 2025 976万円

Change · 8 yrs +116万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	859	n/a	Parent
FYE Mar 2020	859	−0.1%	Parent
FYE Dec 2020	870	+1.3%	Parent
FYE Dec 2021	872	+0.3%	Parent
FYE Dec 2022	898	+2.9%	Parent
FYE Dec 2023	915	+1.8%	Parent
FYE Dec 2024	932	+1.9%	Parent
FYE Dec 2025	976	+4.7%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Dec 2025 44.1years

Change · 8 yrs +1.9 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	42.2	n/a	Parent
FYE Mar 2020	42.5	+0.7%	Parent
FYE Dec 2020	42.6	+0.2%	Parent
FYE Dec 2021	43.2	+1.4%	Parent
FYE Dec 2022	43.8	+1.4%	Parent
FYE Dec 2023	44.0	+0.5%	Parent
FYE Dec 2024	44.3	+0.7%	Parent
FYE Dec 2025	44.1	−0.5%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Dec 2025 16.0years

Change · 8 yrs +1.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	14.9	n/a	Parent
FYE Mar 2020	15.2	+2.0%	Parent
FYE Dec 2020	15.2	−0.0%	Parent
FYE Dec 2021	15.8	+3.9%	Parent
FYE Dec 2022	16.1	+1.9%	Parent
FYE Dec 2023	16.3	+1.2%	Parent
FYE Dec 2024	16.3	−0.0%	Parent
FYE Dec 2025	16.0	−1.8%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Temporary employees

FYE Dec 2025 3,043people

Change · 10 yrs −853 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	3,896	n/a	n/a
FYE Mar 2018	4,498	+15.5%	n/a
FYE Mar 2019	4,533	+0.8%	n/a
FYE Mar 2020	4,723	+4.2%	n/a
FYE Dec 2020	4,691	−0.7%	n/a
FYE Dec 2021	4,846	+3.3%	n/a
FYE Dec 2022	4,688	−3.3%	n/a
FYE Dec 2023	2,996	−36.1%	n/a
FYE Dec 2024	3,118	+4.1%	n/a
FYE Dec 2025	3,043	−2.4%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Dec 2025 ¥82.1m

Change · 10 yrs +¥19.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	62.5	n/a	Cons.
FYE Mar 2018	67.2	+7.4%	Cons.
FYE Mar 2019	68.3	+1.7%	Cons.
FYE Mar 2020	57.1	−16.4%	Cons.
FYE Dec 2020	40.8	−28.5%	Cons.
FYE Dec 2021	65.2	+59.6%	Cons.
FYE Dec 2022	76.1	+16.7%	Cons.
FYE Dec 2023	69.8	−8.2%	Cons.
FYE Dec 2024	76.8	+10.0%	Cons.
FYE Dec 2025	82.1	+6.9%	Cons.

Definition: What each employee accounts for in revenue
Formula: Revenue ÷ group employees
Source: Securities report (XBRL)

Operating profit per employee

FYE Dec 2025 ¥6.1m

Change · 10 yrs +¥3.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.0	n/a	Cons.
FYE Mar 2018	2.9	−3.9%	Cons.
FYE Mar 2019	2.6	−11.8%	Cons.
FYE Mar 2020	2.7	+3.4%	Cons.
FYE Dec 2020	2.3	−13.1%	Cons.
FYE Dec 2021	5.3	+131.7%	Cons.
FYE Dec 2022	7.2	+34.8%	Cons.
FYE Dec 2023	5.9	−18.3%	Cons.
FYE Dec 2024	7.3	+23.5%	Cons.
FYE Dec 2025	6.1	−16.0%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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