Financials

Cookpad: FYE Dec 2025 and ten years of results (48 metrics)

FYE Dec 2025 · Revenue¥5.3bnYoY −9.2%

FYE Dec 2025 · Operating profit¥0.3bnYoY −60.8%

FYE Dec 2025 · Net profit¥0.7bnYoY −44.4%

FYE Dec 2025 · Equity ratio91.5%YoY +0.8pp

FYE Dec 2025 · Group employees101YoY −16

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥17bn	n/a	¥5.0bn	n/a	29.8%	¥0.9bn	Akita Yoshiteru	Sano ousts Akita as president; Hifumi sells out
FYE Dec 2017Consolidated	¥13bn	−20.4%	¥5.4bn	+7.6%	40.2%	¥3.5bn	Iwata Rinpei	—
FYE Dec 2018Consolidated	¥12bn	−11.4%	¥1.7bn	−69.1%	14.0%	¥0.4bn	Iwata Rinpei	Profit falls ~<span class="en-history_money" data-yen="3000000000" data-year="2018">$27.2M (¥3bn)</span> as video recipes rise
FYE Dec 2019Consolidated	¥12bn	−1.0%	¥0.3bn	−81.6%	2.6%	-¥1.0bn	Iwata Rinpei	First net loss since listing; users down ~10 million from 2016
FYE Dec 2020Consolidated	¥11bn	−5.6%	¥0.2bn	−25.9%	2.0%	¥0.5bn	Iwata Rinpei	—
FYE Dec 2021Consolidated	¥10bn	−9.8%	-¥2.6bn	−1257.6%	-26.3%	-¥2.4bn	Iwata Rinpei	Swings to an operating loss
FYE Dec 2022Consolidated	¥9.1bn	−9.2%	-¥3.5bn	n/a	-38.7%	-¥3.5bn	Iwata Rinpei	Second straight operating loss
FYE Dec 2023Consolidated	¥7.6bn	−16.3%	-¥2.8bn	n/a	-36.8%	-¥2.2bn	Iwata Rinpei	40 voluntary redundancies; third straight loss; headcount 409 → 147; Sano returns as president
FYE Dec 2024Consolidated	¥5.9bn	−22.8%	¥0.7bn	n/a	11.5%	¥1.3bn	Sano Akimitsu	—
FYE Dec 2025Consolidated	¥5.3bn	−9.2%	¥0.3bn	−60.8%	5.0%	¥0.7bn	Sano Akimitsu	Revenue <span class="en-history_money" data-yen="5300000000" data-year="2025">$35.4M (¥5bn)</span>, about half the peak

How it compares

SoftBank Group¥7.80tnFY2025Operating margin 78.7%Rakuten Group¥2.50tnFY2025Operating margin 0.6%LY Corporation¥2.04tnFY2025Operating margin 16.8%CyberAgent¥874bnFY2025Operating margin 8.2%U-NEXT HOLDINGS¥390bnFY2025Operating margin 8.1%M3¥351bnFY2025Operating margin 20.9%MonotaRO¥334bnFY2025Operating margin 13.8%Mercari¥229bnFY2026Operating margin 19.1%ZOZO¥228bnFY2025Operating margin 30.4%

LINE CorporationDelisted 2020

Cookpad¥5bnFY2025Operating margin 5.0%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥5.3bn

CAGR · 10 yrs −12.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	16.8	n/a	Cons. · IFRS
FYE Dec 2017	13.4	−20.4%	Cons. · IFRS
FYE Dec 2018	11.9	−11.4%	Cons. · IFRS
FYE Dec 2019	11.8	−1.0%	Cons. · IFRS
FYE Dec 2020	11.1	−5.6%	Cons. · IFRS
FYE Dec 2021	10.0	−9.8%	Cons. · IFRS
FYE Dec 2022	9.1	−9.2%	Cons. · IFRS
FYE Dec 2023	7.6	−16.3%	Cons. · IFRS
FYE Dec 2024	5.9	−22.8%	Cons. · IFRS
FYE Dec 2025	5.3	−9.2%	Cons. · IFRS

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 ¥73.3m

CAGR · 10 yrs −23.7%

Fiscal year	Cost of sales ¥ m	YoY	Basis
FYE Dec 2016	837	n/a	Cons. · IFRS
FYE Dec 2017	324	−61.3%	Cons. · IFRS
FYE Dec 2018	126	−61.1%	Cons. · IFRS
FYE Dec 2019	216	+71.6%	Cons. · IFRS
FYE Dec 2020	418	+93.5%	Cons. · IFRS
FYE Dec 2021	435	+4.1%	Cons. · IFRS
FYE Dec 2022	425	−2.4%	Cons. · IFRS
FYE Dec 2023	317	−25.4%	Cons. · IFRS
FYE Dec 2024	48.5	−84.7%	Cons. · IFRS
FYE Dec 2025	73.3	+51.2%	Cons. · IFRS

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 ¥5.3bn

CAGR · 10 yrs −11.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	16.0	n/a	Cons. · IFRS
FYE Dec 2017	13.1	−18.3%	Cons. · IFRS
FYE Dec 2018	11.8	−10.2%	Cons. · IFRS
FYE Dec 2019	11.5	−1.8%	Cons. · IFRS
FYE Dec 2020	10.7	−7.4%	Cons. · IFRS
FYE Dec 2021	9.6	−10.4%	Cons. · IFRS
FYE Dec 2022	8.7	−9.5%	Cons. · IFRS
FYE Dec 2023	7.3	−15.8%	Cons. · IFRS
FYE Dec 2024	5.8	−20.1%	Cons. · IFRS
FYE Dec 2025	5.3	−9.7%	Cons. · IFRS

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 ¥5.0bn

CAGR · 10 yrs −4.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	7.5	n/a	Cons. · IFRS
FYE Dec 2017	7.0	−7.1%	Cons. · IFRS
FYE Dec 2018	9.5	+37.3%	Cons. · IFRS
FYE Dec 2019	10.4	+8.6%	Cons. · IFRS
FYE Dec 2020	10.5	+1.6%	Cons. · IFRS
FYE Dec 2021	12.2	+16.3%	Cons. · IFRS
FYE Dec 2022	12.2	−0.1%	Cons. · IFRS
FYE Dec 2023	10.1	−17.4%	Cons. · IFRS
FYE Dec 2024	5.2	−49.0%	Cons. · IFRS
FYE Dec 2025	5.0	−2.6%	Cons. · IFRS

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 ¥0.3bn

CAGR · 10 yrs −27.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	5.0	n/a	Cons. · IFRS
FYE Dec 2017	5.4	+7.6%	Cons. · IFRS
FYE Dec 2018	1.7	−69.1%	Cons. · IFRS
FYE Dec 2019	0.3	−81.6%	Cons. · IFRS
FYE Dec 2020	0.2	−25.9%	Cons. · IFRS
FYE Dec 2021	-2.6	−1257.6%	Cons. · IFRS
FYE Dec 2022	-3.5	n/a	Cons. · IFRS
FYE Dec 2023	-2.8	n/a	Cons. · IFRS
FYE Dec 2024	0.7	n/a	Cons. · IFRS
FYE Dec 2025	0.3	−60.8%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥0.9bn

CAGR · 10 yrs −1.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	1.1	n/a	Cons. · IFRS
FYE Dec 2017	0.5	−50.1%	Cons. · IFRS
FYE Dec 2018	0.0	−97.2%	Cons. · IFRS
FYE Dec 2019	0.0	−29.7%	Cons. · IFRS
FYE Dec 2020	0.0	−26.2%	Cons. · IFRS
FYE Dec 2021	0.0	+435.8%	Cons. · IFRS
FYE Dec 2022	0.2	+283.8%	Cons. · IFRS
FYE Dec 2023	0.4	+156.1%	Cons. · IFRS
FYE Dec 2024	0.4	+4.1%	Cons. · IFRS
FYE Dec 2025	0.9	+114.0%	Cons. · IFRS

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 ¥0.1bn

CAGR · 10 yrs −27.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	2.0	n/a	Cons. · IFRS
FYE Dec 2017	0.3	−84.6%	Cons. · IFRS
FYE Dec 2018	0.2	−23.8%	Cons. · IFRS
FYE Dec 2019	0.0	−78.8%	Cons. · IFRS
FYE Dec 2020	0.0	−48.9%	Cons. · IFRS
FYE Dec 2021	0.0	−76.7%	Cons. · IFRS
FYE Dec 2022	0.2	+2911.9%	Cons. · IFRS
FYE Dec 2023	0.0	−96.8%	Cons. · IFRS
FYE Dec 2024	0.0	+29.5%	Cons. · IFRS
FYE Dec 2025	0.1	+1468.7%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥0.7bn

CAGR · 10 yrs −2.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	0.9	n/a	Cons. · IFRS
FYE Dec 2017	3.5	+274.1%	Cons. · IFRS
FYE Dec 2018	0.4	−88.3%	Cons. · IFRS
FYE Dec 2019	-1.0	−338.0%	Cons. · IFRS
FYE Dec 2020	0.5	n/a	Cons. · IFRS
FYE Dec 2021	-2.4	−596.5%	Cons. · IFRS
FYE Dec 2022	-3.5	n/a	Cons. · IFRS
FYE Dec 2023	-2.2	n/a	Cons. · IFRS
FYE Dec 2024	1.3	n/a	Cons. · IFRS
FYE Dec 2025	0.7	−44.4%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 98.6%

Average · 10 yrs 97.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	95.0	n/a	Cons. · IFRS
FYE Dec 2017	97.6	+2.5pp	Cons. · IFRS
FYE Dec 2018	98.9	+1.4pp	Cons. · IFRS
FYE Dec 2019	98.2	−0.8pp	Cons. · IFRS
FYE Dec 2020	96.2	−1.9pp	Cons. · IFRS
FYE Dec 2021	95.7	−0.6pp	Cons. · IFRS
FYE Dec 2022	95.3	−0.3pp	Cons. · IFRS
FYE Dec 2023	95.8	+0.5pp	Cons. · IFRS
FYE Dec 2024	99.2	+3.3pp	Cons. · IFRS
FYE Dec 2025	98.6	−0.5pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 5.0%

Average · 10 yrs 0.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	29.8	n/a	Cons. · IFRS
FYE Dec 2017	40.2	+10.5pp	Cons. · IFRS
FYE Dec 2018	14.0	−26.2pp	Cons. · IFRS
FYE Dec 2019	2.6	−11.4pp	Cons. · IFRS
FYE Dec 2020	2.0	−0.6pp	Cons. · IFRS
FYE Dec 2021	-26.3	−28.4pp	Cons. · IFRS
FYE Dec 2022	-38.7	−12.4pp	Cons. · IFRS
FYE Dec 2023	-36.8	+1.9pp	Cons. · IFRS
FYE Dec 2024	11.5	+48.3pp	Cons. · IFRS
FYE Dec 2025	5.0	−6.5pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 13.9%

Average · 10 yrs -2.4%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	5.5	n/a	Cons. · IFRS
FYE Dec 2017	26.0	+20.5pp	Cons. · IFRS
FYE Dec 2018	3.4	−22.6pp	Cons. · IFRS
FYE Dec 2019	-8.2	−11.7pp	Cons. · IFRS
FYE Dec 2020	4.3	+12.6pp	Cons. · IFRS
FYE Dec 2021	-23.8	−28.1pp	Cons. · IFRS
FYE Dec 2022	-38.4	−14.6pp	Cons. · IFRS
FYE Dec 2023	-29.3	+9.1pp	Cons. · IFRS
FYE Dec 2024	22.7	+52.0pp	Cons. · IFRS
FYE Dec 2025	13.9	−8.8pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Dec 2025 1.4%

Average · 10 yrs 2.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	5.0	n/a	Cons. · IFRS
FYE Dec 2017	2.4	−2.6pp	Cons. · IFRS
FYE Dec 2018	1.1	−1.4pp	Cons. · IFRS
FYE Dec 2019	1.8	+0.8pp	Cons. · IFRS
FYE Dec 2020	3.8	+1.9pp	Cons. · IFRS
FYE Dec 2021	4.3	+0.6pp	Cons. · IFRS
FYE Dec 2022	4.7	+0.3pp	Cons. · IFRS
FYE Dec 2023	4.2	−0.5pp	Cons. · IFRS
FYE Dec 2024	0.8	−3.3pp	Cons. · IFRS
FYE Dec 2025	1.4	+0.5pp	Cons. · IFRS

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 94.1%

Average · 10 yrs 93.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	44.4	n/a	Cons. · IFRS
FYE Dec 2017	51.8	+7.4pp	Cons. · IFRS
FYE Dec 2018	80.4	+28.5pp	Cons. · IFRS
FYE Dec 2019	88.2	+7.8pp	Cons. · IFRS
FYE Dec 2020	94.9	+6.7pp	Cons. · IFRS
FYE Dec 2021	122.4	+27.5pp	Cons. · IFRS
FYE Dec 2022	134.6	+12.2pp	Cons. · IFRS
FYE Dec 2023	132.9	−1.7pp	Cons. · IFRS
FYE Dec 2024	87.7	−45.1pp	Cons. · IFRS
FYE Dec 2025	94.1	+6.4pp	Cons. · IFRS

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 ¥14bn

CAGR · 10 yrs −5.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	24.4	n/a	Cons. · IFRS
FYE Dec 2017	24.9	+2.0%	Cons. · IFRS
FYE Dec 2018	28.2	+13.3%	Cons. · IFRS
FYE Dec 2019	27.2	−3.6%	Cons. · IFRS
FYE Dec 2020	26.5	−2.5%	Cons. · IFRS
FYE Dec 2021	23.9	−10.0%	Cons. · IFRS
FYE Dec 2022	20.2	−15.5%	Cons. · IFRS
FYE Dec 2023	14.6	−27.6%	Cons. · IFRS
FYE Dec 2024	15.0	+2.9%	Cons. · IFRS
FYE Dec 2025	14.1	−6.1%	Cons. · IFRS

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 ¥13bn

CAGR · 10 yrs −5.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	20.9	n/a	Cons. · IFRS
FYE Dec 2017	23.5	+12.3%	Cons. · IFRS
FYE Dec 2018	22.6	−3.8%	Cons. · IFRS
FYE Dec 2019	21.9	−3.2%	Cons. · IFRS
FYE Dec 2020	22.1	+1.0%	Cons. · IFRS
FYE Dec 2021	20.4	−7.7%	Cons. · IFRS
FYE Dec 2022	17.8	−13.1%	Cons. · IFRS
FYE Dec 2023	13.7	−22.7%	Cons. · IFRS
FYE Dec 2024	13.6	−0.8%	Cons. · IFRS
FYE Dec 2025	12.9	−5.3%	Cons. · IFRS

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 ¥0.0m

Average · 10 yrs ¥8.0m

Fiscal year	Interest-bearing debt ¥ m	YoY	Basis
FYE Dec 2016	0.0	n/a	Cons. · IFRS
FYE Dec 2017	0.0	n/a	Cons. · IFRS
FYE Dec 2018	40.0	n/a	Cons. · IFRS
FYE Dec 2019	40.0	−0.0%	Cons. · IFRS
FYE Dec 2020	0.0	−100.0%	Cons. · IFRS
FYE Dec 2021	0.0	n/a	Cons. · IFRS
FYE Dec 2022	0.0	n/a	Cons. · IFRS
FYE Dec 2023	0.0	n/a	Cons. · IFRS
FYE Dec 2024	0.0	n/a	Cons. · IFRS
FYE Dec 2025	0.0	n/a	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥0.0m

Average · 10 yrs ¥0.0m

Fiscal year	YoY	Basis
FYE Dec 2016	n/a	Cons. · IFRS
FYE Dec 2017	n/a	Cons. · IFRS
FYE Dec 2018	n/a	Cons. · IFRS
FYE Dec 2019	n/a	Cons. · IFRS
FYE Dec 2020	n/a	Cons. · IFRS
FYE Dec 2021	n/a	Cons. · IFRS
FYE Dec 2022	n/a	Cons. · IFRS
FYE Dec 2023	n/a	Cons. · IFRS
FYE Dec 2024	n/a	Cons. · IFRS
FYE Dec 2025	n/a	Cons. · IFRS

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 ¥0.0m

Average · 10 yrs ¥0.0m

Fiscal year	YoY	Basis
FYE Dec 2016	n/a	Cons. · IFRS
FYE Dec 2017	n/a	Cons. · IFRS
FYE Dec 2018	n/a	Cons. · IFRS
FYE Dec 2019	n/a	Cons. · IFRS
FYE Dec 2020	n/a	Cons. · IFRS
FYE Dec 2021	n/a	Cons. · IFRS
FYE Dec 2022	n/a	Cons. · IFRS
FYE Dec 2023	n/a	Cons. · IFRS
FYE Dec 2024	n/a	Cons. · IFRS
FYE Dec 2025	n/a	Cons. · IFRS

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

Bonds

FYE Dec 2025 ¥0.0m

Average · 10 yrs ¥0.0m

Fiscal year	YoY	Basis
FYE Dec 2016	n/a	Cons. · IFRS
FYE Dec 2017	n/a	Cons. · IFRS
FYE Dec 2018	n/a	Cons. · IFRS
FYE Dec 2019	n/a	Cons. · IFRS
FYE Dec 2020	n/a	Cons. · IFRS
FYE Dec 2021	n/a	Cons. · IFRS
FYE Dec 2022	n/a	Cons. · IFRS
FYE Dec 2023	n/a	Cons. · IFRS
FYE Dec 2024	n/a	Cons. · IFRS
FYE Dec 2025	n/a	Cons. · IFRS

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥110m

CAGR · 8 yrs −17.1%

Fiscal year	Intangible assets ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	411	n/a	Cons. · IFRS
FYE Dec 2019	335	−18.5%	Cons. · IFRS
FYE Dec 2020	106	−68.4%	Cons. · IFRS
FYE Dec 2021	107	+0.7%	Cons. · IFRS
FYE Dec 2022	92.0	−13.8%	Cons. · IFRS
FYE Dec 2023	78.4	−14.8%	Cons. · IFRS
FYE Dec 2024	93.7	+19.6%	Cons. · IFRS
FYE Dec 2025	110	+17.8%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥0.0bn

Average · 10 yrs ¥0.4bn

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	1.0	n/a	Cons. · IFRS
FYE Dec 2017	1.2	+16.0%	Cons. · IFRS
FYE Dec 2018	0.9	−23.8%	Cons. · IFRS
FYE Dec 2019	0.1	−84.0%	Cons. · IFRS
FYE Dec 2020	0.1	−0.0%	Cons. · IFRS
FYE Dec 2021	0.1	−0.0%	Cons. · IFRS
FYE Dec 2022	0.1	−0.0%	Cons. · IFRS
FYE Dec 2023	0.0	−100.0%	Cons. · IFRS
FYE Dec 2024	0.0	n/a	Cons. · IFRS
FYE Dec 2025	0.0	n/a	Cons. · IFRS

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 91.5%

Average · 10 yrs 87.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	85.8	n/a	Cons. · IFRS
FYE Dec 2017	94.5	+8.7pp	Cons. · IFRS
FYE Dec 2018	80.2	−14.2pp	Cons. · IFRS
FYE Dec 2019	80.5	+0.3pp	Cons. · IFRS
FYE Dec 2020	83.5	+3.0pp	Cons. · IFRS
FYE Dec 2021	85.6	+2.1pp	Cons. · IFRS
FYE Dec 2022	88.1	+2.5pp	Cons. · IFRS
FYE Dec 2023	94.0	+6.0pp	Cons. · IFRS
FYE Dec 2024	90.7	−3.4pp	Cons. · IFRS
FYE Dec 2025	91.5	+0.8pp	Cons. · IFRS

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 0.0%

Average · 10 yrs 0.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	0.0	n/a	Cons. · IFRS
FYE Dec 2017	0.0	−0.0pp	Cons. · IFRS
FYE Dec 2018	0.2	+0.2pp	Cons. · IFRS
FYE Dec 2019	0.2	−0.0pp	Cons. · IFRS
FYE Dec 2020	0.0	−0.2pp	Cons. · IFRS
FYE Dec 2021	0.0	−0.0pp	Cons. · IFRS
FYE Dec 2022	0.0	−0.0pp	Cons. · IFRS
FYE Dec 2023	0.0	−0.0pp	Cons. · IFRS
FYE Dec 2024	0.0	−0.0pp	Cons. · IFRS
FYE Dec 2025	0.0	−0.0pp	Cons. · IFRS

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 5.7%

Average · 10 yrs -1.3%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	4.5	n/a	Cons. · IFRS
FYE Dec 2017	14.8	+10.4pp	Cons. · IFRS
FYE Dec 2018	1.8	−13.0pp	Cons. · IFRS
FYE Dec 2019	-4.4	−6.2pp	Cons. · IFRS
FYE Dec 2020	2.2	+6.6pp	Cons. · IFRS
FYE Dec 2021	-11.7	−13.8pp	Cons. · IFRS
FYE Dec 2022	-19.6	−8.0pp	Cons. · IFRS
FYE Dec 2023	-16.2	+3.4pp	Cons. · IFRS
FYE Dec 2024	9.8	+26.0pp	Cons. · IFRS
FYE Dec 2025	5.7	−4.0pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 5.3%

Average · 10 yrs -1.1%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	3.8	n/a	Cons. · IFRS
FYE Dec 2017	14.0	+10.2pp	Cons. · IFRS
FYE Dec 2018	1.4	−12.6pp	Cons. · IFRS
FYE Dec 2019	-3.6	−5.0pp	Cons. · IFRS
FYE Dec 2020	1.8	+5.4pp	Cons. · IFRS
FYE Dec 2021	-10.0	−11.8pp	Cons. · IFRS
FYE Dec 2022	-17.3	−7.3pp	Cons. · IFRS
FYE Dec 2023	-15.3	+2.0pp	Cons. · IFRS
FYE Dec 2024	8.9	+24.1pp	Cons. · IFRS
FYE Dec 2025	5.3	−3.6pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.38×

CAGR · 10 yrs −6.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.69	n/a	Cons. · IFRS
FYE Dec 2017	0.54	−21.9%	Cons. · IFRS
FYE Dec 2018	0.42	−21.8%	Cons. · IFRS
FYE Dec 2019	0.43	+2.6%	Cons. · IFRS
FYE Dec 2020	0.42	−3.1%	Cons. · IFRS
FYE Dec 2021	0.42	+0.2%	Cons. · IFRS
FYE Dec 2022	0.45	+7.5%	Cons. · IFRS
FYE Dec 2023	0.52	+15.6%	Cons. · IFRS
FYE Dec 2024	0.39	−24.9%	Cons. · IFRS
FYE Dec 2025	0.38	−3.3%	Cons. · IFRS

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 ¥0.6bn

CAGR · 10 yrs −21.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	5.2	n/a	Cons. · IFRS
FYE Dec 2017	2.5	−52.9%	Cons. · IFRS
FYE Dec 2018	1.1	−54.1%	Cons. · IFRS
FYE Dec 2019	1.0	−9.9%	Cons. · IFRS
FYE Dec 2020	0.6	−40.4%	Cons. · IFRS
FYE Dec 2021	-1.8	−390.4%	Cons. · IFRS
FYE Dec 2022	-2.7	n/a	Cons. · IFRS
FYE Dec 2023	-2.2	n/a	Cons. · IFRS
FYE Dec 2024	1.5	n/a	Cons. · IFRS
FYE Dec 2025	0.6	−62.1%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥4.9bn

Average · 10 yrs -¥0.6bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-0.7	n/a	Cons. · IFRS
FYE Dec 2017	1.7	n/a	Cons. · IFRS
FYE Dec 2018	-0.8	−147.1%	Cons. · IFRS
FYE Dec 2019	-0.2	n/a	Cons. · IFRS
FYE Dec 2020	-0.2	n/a	Cons. · IFRS
FYE Dec 2021	-0.3	n/a	Cons. · IFRS
FYE Dec 2022	-0.3	n/a	Cons. · IFRS
FYE Dec 2023	-0.5	n/a	Cons. · IFRS
FYE Dec 2024	0.2	n/a	Cons. · IFRS
FYE Dec 2025	-4.9	−2657.5%	Cons. · IFRS

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

Financing cash flow

FYE Dec 2025 -¥1.9bn

Average · 10 yrs -¥0.9bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-1.2	n/a	Cons. · IFRS
FYE Dec 2017	-1.1	n/a	Cons. · IFRS
FYE Dec 2018	3.1	n/a	Cons. · IFRS
FYE Dec 2019	-0.4	−113.4%	Cons. · IFRS
FYE Dec 2020	-0.4	n/a	Cons. · IFRS
FYE Dec 2021	-1.1	n/a	Cons. · IFRS
FYE Dec 2022	-1.0	n/a	Cons. · IFRS
FYE Dec 2023	-3.1	n/a	Cons. · IFRS
FYE Dec 2024	-2.3	n/a	Cons. · IFRS
FYE Dec 2025	-1.9	n/a	Cons. · IFRS

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 ¥5.9bn

CAGR · 10 yrs −6.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	10.6	n/a	Cons. · IFRS
FYE Dec 2017	10.6	−0.0%	Cons. · IFRS
FYE Dec 2018	22.8	+114.4%	Cons. · IFRS
FYE Dec 2019	23.1	+1.5%	Cons. · IFRS
FYE Dec 2020	22.7	−1.8%	Cons. · IFRS
FYE Dec 2021	20.4	−10.0%	Cons. · IFRS
FYE Dec 2022	16.8	−17.6%	Cons. · IFRS
FYE Dec 2023	12.0	−28.5%	Cons. · IFRS
FYE Dec 2024	12.1	+0.5%	Cons. · IFRS
FYE Dec 2025	5.9	−51.3%	Cons. · IFRS

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 -¥4.3bn

Average · 10 yrs -¥0.0bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	4.6	n/a	Cons. · IFRS
FYE Dec 2017	4.2	−7.9%	Cons. · IFRS
FYE Dec 2018	0.3	−92.2%	Cons. · IFRS
FYE Dec 2019	0.9	+165.4%	Cons. · IFRS
FYE Dec 2020	0.4	−48.7%	Cons. · IFRS
FYE Dec 2021	-2.1	−574.4%	Cons. · IFRS
FYE Dec 2022	-3.0	n/a	Cons. · IFRS
FYE Dec 2023	-2.7	n/a	Cons. · IFRS
FYE Dec 2024	1.7	n/a	Cons. · IFRS
FYE Dec 2025	-4.3	−353.5%	Cons. · IFRS

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 10.8%

Average · 10 yrs 3.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	31.2	n/a	Cons. · IFRS
FYE Dec 2017	18.5	−12.7pp	Cons. · IFRS
FYE Dec 2018	9.6	−8.9pp	Cons. · IFRS
FYE Dec 2019	8.7	−0.9pp	Cons. · IFRS
FYE Dec 2020	5.5	−3.2pp	Cons. · IFRS
FYE Dec 2021	-17.7	−23.2pp	Cons. · IFRS
FYE Dec 2022	-29.7	−12.0pp	Cons. · IFRS
FYE Dec 2023	-28.4	+1.3pp	Cons. · IFRS
FYE Dec 2024	25.9	+54.3pp	Cons. · IFRS
FYE Dec 2025	10.8	−15.1pp	Cons. · IFRS

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

Net cash

FYE Dec 2025 ¥5.9bn

CAGR · 10 yrs −6.3%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	10.6	n/a	Cons. · IFRS
FYE Dec 2017	10.6	−0.0%	Cons. · IFRS
FYE Dec 2018	22.7	+114.0%	Cons. · IFRS
FYE Dec 2019	23.1	+1.5%	Cons. · IFRS
FYE Dec 2020	22.7	−1.6%	Cons. · IFRS
FYE Dec 2021	20.4	−10.0%	Cons. · IFRS
FYE Dec 2022	16.8	−17.6%	Cons. · IFRS
FYE Dec 2023	12.0	−28.5%	Cons. · IFRS
FYE Dec 2024	12.1	+0.5%	Cons. · IFRS
FYE Dec 2025	5.9	−51.3%	Cons. · IFRS

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 ¥15bn

Change · 6 yrs −¥100bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	115	n/a
FYE Dec 2017	65.1	n/a
FYE Dec 2018	32.0	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	33.4	n/a
FYE Dec 2021	n/a	n/a
FYE Dec 2022	n/a	n/a
FYE Dec 2023	n/a	n/a
FYE Dec 2024	16.4	n/a
FYE Dec 2025	15.5	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 144¥

Change · 6 yrs −931¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,075	n/a
FYE Dec 2017	606	n/a
FYE Dec 2018	298	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	311	n/a
FYE Dec 2021	n/a	n/a
FYE Dec 2022	n/a	n/a
FYE Dec 2023	n/a	n/a
FYE Dec 2024	153	n/a
FYE Dec 2025	144	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 107,429,400shares

Change · 10 yrs +271,800 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	107,157,600	Parent
FYE Dec 2017	107,386,200	Parent
FYE Dec 2018	107,429,400	Parent
FYE Dec 2019	107,429,400	Parent
FYE Dec 2020	107,429,400	Parent
FYE Dec 2021	107,429,400	Parent
FYE Dec 2022	107,429,400	Parent
FYE Dec 2023	107,429,400	Parent
FYE Dec 2024	107,429,400	Parent
FYE Dec 2025	107,429,400	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 9.55¥

Change · 10 yrs +0.84¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	8.71	Cons.
FYE Dec 2017	32.57	Cons.
FYE Dec 2018	3.78	Cons.
FYE Dec 2019	-9.01	Cons.
FYE Dec 2020	4.46	Cons.
FYE Dec 2021	-22.41	Cons.
FYE Dec 2022	-33.47	Cons.
FYE Dec 2023	-23.21	Cons.
FYE Dec 2024	15.58	Cons.
FYE Dec 2025	9.55	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 120.05¥

Change · 10 yrs −75.37¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	195.43	Cons. · IFRS
FYE Dec 2017	219.02	Cons. · IFRS
FYE Dec 2018	210.65	Cons. · IFRS
FYE Dec 2019	203.90	Cons. · IFRS
FYE Dec 2020	206.03	Cons. · IFRS
FYE Dec 2021	190.15	Cons. · IFRS
FYE Dec 2022	165.24	Cons. · IFRS
FYE Dec 2023	127.79	Cons. · IFRS
FYE Dec 2024	126.78	Cons. · IFRS
FYE Dec 2025	120.05	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 15.10×

Average · 6 yrs 52.57×

Fiscal year	PER ×	Basis
FYE Dec 2016	123.42	Cons.
FYE Dec 2017	18.60	Cons.
FYE Dec 2018	78.80	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	69.70	Cons.
FYE Dec 2021	n/a	Cons.
FYE Dec 2022	n/a	Cons.
FYE Dec 2023	n/a	Cons.
FYE Dec 2024	9.80	Cons.
FYE Dec 2025	15.10	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 0.82×

Average · 6 yrs 2.13×

Fiscal year	PBR ×	Basis
FYE Dec 2016	5.51	Cons.
FYE Dec 2017	2.77	Cons.
FYE Dec 2018	1.31	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	1.43	Cons.
FYE Dec 2021	n/a	Cons.
FYE Dec 2022	n/a	Cons.
FYE Dec 2023	n/a	Cons.
FYE Dec 2024	0.93	Cons.
FYE Dec 2025	0.82	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 101people

Change · 10 yrs −418 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	519	n/a	Cons.
FYE Dec 2017	519	−0.0%	Cons.
FYE Dec 2018	476	−8.3%	Cons.
FYE Dec 2019	502	+5.5%	Cons.
FYE Dec 2020	547	+9.0%	Cons.
FYE Dec 2021	487	−11.0%	Cons.
FYE Dec 2022	409	−16.0%	Cons.
FYE Dec 2023	147	−64.1%	Cons.
FYE Dec 2024	117	−20.4%	Cons.
FYE Dec 2025	101	−13.7%	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 87people

Change · 10 yrs −138 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	225	n/a	Parent
FYE Dec 2017	280	+24.4%	Parent
FYE Dec 2018	357	+27.5%	Parent
FYE Dec 2019	368	+3.1%	Parent
FYE Dec 2020	415	+12.8%	Parent
FYE Dec 2021	376	−9.4%	Parent
FYE Dec 2022	324	−13.8%	Parent
FYE Dec 2023	134	−58.6%	Parent
FYE Dec 2024	103	−23.1%	Parent
FYE Dec 2025	87	−15.5%	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 ¥10.1m

Change · 10 yrs +¥3.8m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	6.3	n/a	Parent
FYE Dec 2017	6.5	+3.8%	Parent
FYE Dec 2018	7.7	+18.8%	Parent
FYE Dec 2019	7.6	−1.5%	Parent
FYE Dec 2020	7.7	+1.4%	Parent
FYE Dec 2021	7.9	+2.6%	Parent
FYE Dec 2022	8.2	+4.0%	Parent
FYE Dec 2023	8.9	+8.1%	Parent
FYE Dec 2024	9.5	+6.6%	Parent
FYE Dec 2025	10.1	+6.2%	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 37.5years

Change · 7 yrs +3.9 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	33.6	n/a	Parent
FYE Dec 2020	34.1	+1.5%	Parent
FYE Dec 2021	34.6	+1.5%	Parent
FYE Dec 2022	35.1	+1.4%	Parent
FYE Dec 2023	35.8	+2.0%	Parent
FYE Dec 2024	36.0	+0.6%	Parent
FYE Dec 2025	37.5	+4.2%	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 5.6years

Change · 10 yrs +2.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	2.7	n/a	Parent
FYE Dec 2017	2.8	+3.7%	Parent
FYE Dec 2018	2.1	−25.0%	Parent
FYE Dec 2019	2.5	+19.0%	Parent
FYE Dec 2020	2.8	+12.0%	Parent
FYE Dec 2021	3.3	+17.9%	Parent
FYE Dec 2022	3.8	+15.2%	Parent
FYE Dec 2023	5.4	+42.1%	Parent
FYE Dec 2024	5.6	+3.7%	Parent
FYE Dec 2025	5.6	−0.0%	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 17people

Change · 9 yrs −116 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	133	n/a	n/a
FYE Dec 2017	133	−0.0%	n/a
FYE Dec 2018	n/a	n/a	n/a
FYE Dec 2019	86	n/a	n/a
FYE Dec 2020	105	+22.1%	n/a
FYE Dec 2021	107	+1.9%	n/a
FYE Dec 2022	108	+0.9%	n/a
FYE Dec 2023	59	−45.4%	n/a
FYE Dec 2024	15	−74.6%	n/a
FYE Dec 2025	17	+13.3%	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 ¥52.8m

Change · 10 yrs +¥20.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	32.5	n/a	Cons.
FYE Dec 2017	25.8	−20.4%	Cons.
FYE Dec 2018	24.9	−3.4%	Cons.
FYE Dec 2019	23.4	−6.2%	Cons.
FYE Dec 2020	20.3	−13.4%	Cons.
FYE Dec 2021	20.5	+1.3%	Cons.
FYE Dec 2022	22.2	+8.2%	Cons.
FYE Dec 2023	51.8	+132.9%	Cons.
FYE Dec 2024	50.2	−2.9%	Cons.
FYE Dec 2025	52.8	+5.2%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥2.6m

Change · 10 yrs −¥7.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	9.7	n/a	Cons.
FYE Dec 2017	10.4	+7.6%	Cons.
FYE Dec 2018	3.5	−66.3%	Cons.
FYE Dec 2019	0.6	−82.5%	Cons.
FYE Dec 2020	0.4	−32.0%	Cons.
FYE Dec 2021	-5.4	−1400.3%	Cons.
FYE Dec 2022	-8.6	n/a	Cons.
FYE Dec 2023	-19.0	n/a	Cons.
FYE Dec 2024	5.8	n/a	Cons.
FYE Dec 2025	2.6	−54.5%	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.

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