Financials

Morinaga & Co.: FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥237bnYoY +3.4%

FYE Mar 2026 · Operating profit¥22bnYoY +5.3%

FYE Mar 2026 · Net profit¥18bnYoY +0.3%

FYE Mar 2026 · Equity ratio62.8%YoY +0.5pp

FYE Mar 2026 · Group employees3,222YoY +69

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥199bn	n/a	¥18bn	n/a	8.8%	¥11bn	Arai Toru	—
FYE Mar 2018Consolidated	¥205bn	+2.8%	¥20bn	+12.1%	9.6%	¥10bn	Arai Toru	—
FYE Mar 2019Consolidated	¥205bn	+0.2%	¥20bn	+2.4%	9.8%	¥13bn	Arai Toru	—
FYE Mar 2020Consolidated	¥209bn	+1.7%	¥21bn	+5.0%	10.2%	¥11bn	Arai Toru	Morinaga Asia Pacific established in Singapore
FYE Mar 2021Consolidated	¥168bn	−19.5%	¥19bn	−9.7%	11.4%	¥13bn	Ota Eijiro	—
FYE Mar 2022Consolidated	¥181bn	+7.7%	¥18bn	−7.8%	9.8%	¥28bn	Ota Eijiro	—
FYE Mar 2023Consolidated	¥194bn	+7.2%	¥15bn	−13.9%	7.8%	¥10bn	Ota Eijiro	Morinaga Milk shares sold; move to the TSE Prime market in April
FYE Mar 2024Consolidated	¥213bn	+9.8%	¥20bn	+33.1%	9.5%	¥15bn	Ota Eijiro	—
FYE Mar 2025Consolidated	¥229bn	+7.3%	¥21bn	+4.9%	9.3%	¥18bn	Ota Eijiro	Head-office functions move to the Morinaga Shibaura Building
FYE Mar 2026Consolidated	¥237bn	+3.4%	¥22bn	+5.3%	9.5%	¥18bn	Ota Eijiro	—

How it compares

Meiji Seika Kaisha, Ltd.Delisted 2009

Ezaki Glico¥361bnFY2025Operating margin 2.4%Calbee¥340bnFY2025Operating margin 7.7%

Morinaga & Co.¥237bnFY2025Operating margin 9.5%

KAMEDA SEIKA CO., LTD.¥138bnFY2025Operating margin 5.5%

BOURBON CORPORATION¥120bnFY2025Operating margin 6.2%

FUJIYA CO., LTD.¥120bnFY2025Operating margin 2.4%

Kotobuki Spirits¥79bnFY2025Operating margin 23.6%

Koikeya¥61bnFY2025Operating margin 6.3%

Nakamuraya¥37bnFY2025Operating margin 3.5%

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 Mar 2026 ¥237bn

CAGR · 10 yrs +1.9%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	199	n/a	Cons. · Japanese GAAP
FYE Mar 2018	205	+2.8%	Cons. · Japanese GAAP
FYE Mar 2019	205	+0.2%	Cons. · Japanese GAAP
FYE Mar 2020	209	+1.7%	Cons. · Japanese GAAP
FYE Mar 2021	168	−19.5%	Cons. · Japanese GAAP
FYE Mar 2022	181	+7.7%	Cons. · Japanese GAAP
FYE Mar 2023	194	+7.2%	Cons. · Japanese GAAP
FYE Mar 2024	213	+9.8%	Cons. · Japanese GAAP
FYE Mar 2025	229	+7.3%	Cons. · Japanese GAAP
FYE Mar 2026	237	+3.4%	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 Mar 2026 ¥142bn

CAGR · 10 yrs +4.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	99.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	100	+1.3%	Cons. · Japanese GAAP
FYE Mar 2019	98.9	−1.6%	Cons. · Japanese GAAP
FYE Mar 2020	98.7	−0.1%	Cons. · Japanese GAAP
FYE Mar 2021	95.7	−3.1%	Cons. · Japanese GAAP
FYE Mar 2022	105	+10.2%	Cons. · Japanese GAAP
FYE Mar 2023	118	+11.7%	Cons. · Japanese GAAP
FYE Mar 2024	127	+7.6%	Cons. · Japanese GAAP
FYE Mar 2025	139	+9.7%	Cons. · Japanese GAAP
FYE Mar 2026	142	+2.0%	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 Mar 2026 ¥95bn

CAGR · 10 yrs −0.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	100	n/a	Cons. · Japanese GAAP
FYE Mar 2018	105	+4.2%	Cons. · Japanese GAAP
FYE Mar 2019	107	+1.8%	Cons. · Japanese GAAP
FYE Mar 2020	110	+3.4%	Cons. · Japanese GAAP
FYE Mar 2021	72.6	−34.1%	Cons. · Japanese GAAP
FYE Mar 2022	75.8	+4.5%	Cons. · Japanese GAAP
FYE Mar 2023	76.7	+1.1%	Cons. · Japanese GAAP
FYE Mar 2024	86.7	+13.1%	Cons. · Japanese GAAP
FYE Mar 2025	90.0	+3.9%	Cons. · Japanese GAAP
FYE Mar 2026	95.0	+5.5%	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 Mar 2026 ¥73bn

CAGR · 10 yrs −1.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	82.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	84.8	+2.5%	Cons. · Japanese GAAP
FYE Mar 2019	86.3	+1.7%	Cons. · Japanese GAAP
FYE Mar 2020	88.9	+3.0%	Cons. · Japanese GAAP
FYE Mar 2021	53.4	−39.9%	Cons. · Japanese GAAP
FYE Mar 2022	58.1	+8.9%	Cons. · Japanese GAAP
FYE Mar 2023	61.4	+5.6%	Cons. · Japanese GAAP
FYE Mar 2024	66.4	+8.1%	Cons. · Japanese GAAP
FYE Mar 2025	68.8	+3.6%	Cons. · Japanese GAAP
FYE Mar 2026	72.6	+5.5%	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 Mar 2026 ¥22bn

CAGR · 10 yrs +2.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	17.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.8	+12.1%	Cons. · Japanese GAAP
FYE Mar 2019	20.2	+2.4%	Cons. · Japanese GAAP
FYE Mar 2020	21.2	+5.0%	Cons. · Japanese GAAP
FYE Mar 2021	19.2	−9.7%	Cons. · Japanese GAAP
FYE Mar 2022	17.7	−7.8%	Cons. · Japanese GAAP
FYE Mar 2023	15.2	−13.9%	Cons. · Japanese GAAP
FYE Mar 2024	20.3	+33.1%	Cons. · Japanese GAAP
FYE Mar 2025	21.3	+4.9%	Cons. · Japanese GAAP
FYE Mar 2026	22.4	+5.3%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥0.8bn

CAGR · 10 yrs −3.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.9	−6.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.7	−23.1%	Cons. · Japanese GAAP
FYE Mar 2020	0.9	+29.1%	Cons. · Japanese GAAP
FYE Mar 2021	0.8	−9.1%	Cons. · Japanese GAAP
FYE Mar 2022	0.8	−6.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.9	+8.6%	Cons. · Japanese GAAP
FYE Mar 2024	1.0	+13.9%	Cons. · Japanese GAAP
FYE Mar 2025	1.4	+45.7%	Cons. · Japanese GAAP
FYE Mar 2026	0.8	−46.6%	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 Mar 2026 ¥497m

CAGR · 10 yrs +6.0%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	295	n/a	Cons. · Japanese GAAP
FYE Mar 2018	268	−9.2%	Cons. · Japanese GAAP
FYE Mar 2019	172	−35.8%	Cons. · Japanese GAAP
FYE Mar 2020	213	+23.8%	Cons. · Japanese GAAP
FYE Mar 2021	242	+13.6%	Cons. · Japanese GAAP
FYE Mar 2022	231	−4.5%	Cons. · Japanese GAAP
FYE Mar 2023	339	+46.8%	Cons. · Japanese GAAP
FYE Mar 2024	214	−36.9%	Cons. · Japanese GAAP
FYE Mar 2025	392	+83.2%	Cons. · Japanese GAAP
FYE Mar 2026	497	+26.8%	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 Mar 2026 ¥23bn

CAGR · 10 yrs +2.4%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	18.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.4	+11.4%	Cons. · Japanese GAAP
FYE Mar 2019	20.8	+1.7%	Cons. · Japanese GAAP
FYE Mar 2020	22.0	+5.7%	Cons. · Japanese GAAP
FYE Mar 2021	19.8	−9.9%	Cons. · Japanese GAAP
FYE Mar 2022	18.2	−7.8%	Cons. · Japanese GAAP
FYE Mar 2023	15.8	−13.6%	Cons. · Japanese GAAP
FYE Mar 2024	21.0	+33.5%	Cons. · Japanese GAAP
FYE Mar 2025	22.3	+6.0%	Cons. · Japanese GAAP
FYE Mar 2026	22.7	+1.6%	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 Mar 2026 ¥3.3bn

CAGR · 10 yrs +49.1%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.4	+338.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.7	+87.8%	Cons. · Japanese GAAP
FYE Mar 2020	1.8	+140.7%	Cons. · Japanese GAAP
FYE Mar 2021	0.0	−97.5%	Cons. · Japanese GAAP
FYE Mar 2022	22.0	+48706.7%	Cons. · Japanese GAAP
FYE Mar 2023	0.4	−98.3%	Cons. · Japanese GAAP
FYE Mar 2024	2.0	+411.0%	Cons. · Japanese GAAP
FYE Mar 2025	3.6	+82.0%	Cons. · Japanese GAAP
FYE Mar 2026	3.3	−8.0%	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 Mar 2026 ¥18bn

CAGR · 10 yrs +5.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	11.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.3	−7.4%	Cons. · Japanese GAAP
FYE Mar 2019	12.8	+24.6%	Cons. · Japanese GAAP
FYE Mar 2020	10.8	−15.5%	Cons. · Japanese GAAP
FYE Mar 2021	13.4	+23.9%	Cons. · Japanese GAAP
FYE Mar 2022	27.8	+107.0%	Cons. · Japanese GAAP
FYE Mar 2023	10.1	−63.8%	Cons. · Japanese GAAP
FYE Mar 2024	15.2	+50.7%	Cons. · Japanese GAAP
FYE Mar 2025	17.7	+16.9%	Cons. · Japanese GAAP
FYE Mar 2026	17.8	+0.3%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 40.1%

Average · 10 yrs 45.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	50.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	51.0	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	51.9	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	52.7	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	43.1	−9.6pp	Cons. · Japanese GAAP
FYE Mar 2022	41.8	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2023	39.4	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2024	40.6	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2025	39.3	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2026	40.1	+0.8pp	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 Mar 2026 9.5%

Average · 10 yrs 9.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	8.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.6	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	9.8	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	10.2	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	11.4	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	9.8	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2023	7.8	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2024	9.5	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2025	9.3	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	9.5	+0.2pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 9.6%

Average · 10 yrs 9.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	9.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.0	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	10.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	10.5	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	11.8	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	10.1	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	8.1	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2024	9.9	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2025	9.7	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	9.6	−0.2pp	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 Mar 2026 7.5%

Average · 10 yrs 7.3%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.0	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	6.2	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	5.2	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2021	8.0	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2022	15.3	+7.3pp	Cons. · Japanese GAAP
FYE Mar 2023	5.2	−10.1pp	Cons. · Japanese GAAP
FYE Mar 2024	7.1	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2025	7.7	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	7.5	−0.2pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 59.9%

Average · 10 yrs 55.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	49.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	49.0	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	48.1	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	47.3	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	56.9	+9.6pp	Cons. · Japanese GAAP
FYE Mar 2022	58.2	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2023	60.6	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2024	59.4	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2025	60.7	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2026	59.9	−0.8pp	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 Mar 2026 30.7%

Average · 10 yrs 35.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	41.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	42.0	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	42.6	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	31.7	−10.8pp	Cons. · Japanese GAAP
FYE Mar 2022	32.1	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	31.6	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	31.1	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	30.0	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2026	30.7	+0.6pp	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 Mar 2026 ¥226bn

CAGR · 10 yrs +2.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	183	n/a	Cons. · Japanese GAAP
FYE Mar 2018	178	−2.8%	Cons. · Japanese GAAP
FYE Mar 2019	176	−1.2%	Cons. · Japanese GAAP
FYE Mar 2020	188	+7.0%	Cons. · Japanese GAAP
FYE Mar 2021	203	+7.9%	Cons. · Japanese GAAP
FYE Mar 2022	214	+5.6%	Cons. · Japanese GAAP
FYE Mar 2023	205	−4.2%	Cons. · Japanese GAAP
FYE Mar 2024	224	+9.0%	Cons. · Japanese GAAP
FYE Mar 2025	210	−6.1%	Cons. · Japanese GAAP
FYE Mar 2026	226	+7.6%	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 Mar 2026 ¥142bn

CAGR · 10 yrs +5.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	89.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	97.9	+9.8%	Cons. · Japanese GAAP
FYE Mar 2019	96.4	−1.5%	Cons. · Japanese GAAP
FYE Mar 2020	105	+8.5%	Cons. · Japanese GAAP
FYE Mar 2021	123	+17.3%	Cons. · Japanese GAAP
FYE Mar 2022	130	+5.9%	Cons. · Japanese GAAP
FYE Mar 2023	125	−4.2%	Cons. · Japanese GAAP
FYE Mar 2024	131	+5.3%	Cons. · Japanese GAAP
FYE Mar 2025	131	−0.3%	Cons. · Japanese GAAP
FYE Mar 2026	142	+8.5%	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 Mar 2026 ¥10bn

CAGR · 10 yrs −5.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	16.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.3	−30.8%	Cons. · Japanese GAAP
FYE Mar 2019	10.7	−5.3%	Cons. · Japanese GAAP
FYE Mar 2020	10.0	−6.2%	Cons. · Japanese GAAP
FYE Mar 2021	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2022	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2023	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2024	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2025	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2026	10.0	−0.0%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥3.0bn

CAGR · 5 yrs −33.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	15.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.3	−91.6%	Cons. · Japanese GAAP
FYE Mar 2019	0.7	−47.4%	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	10.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	3.0	n/a	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 Mar 2026 ¥7.0bn

CAGR · 9 yrs +23.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.0	+680.0%	Cons. · Japanese GAAP
FYE Mar 2019	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2021	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	10.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2025	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2026	7.0	−30.0%	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 Mar 2026 ¥3.7bn

CAGR · 10 yrs +16.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.8	−16.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.6	−18.1%	Cons. · Japanese GAAP
FYE Mar 2020	0.5	−14.3%	Cons. · Japanese GAAP
FYE Mar 2021	0.4	−19.7%	Cons. · Japanese GAAP
FYE Mar 2022	0.3	−27.6%	Cons. · Japanese GAAP
FYE Mar 2023	0.8	+171.5%	Cons. · Japanese GAAP
FYE Mar 2024	2.0	+140.2%	Cons. · Japanese GAAP
FYE Mar 2025	4.1	+102.2%	Cons. · Japanese GAAP
FYE Mar 2026	3.7	−9.0%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2026 n/a

CAGR · 6 yrs −30.1%

Fiscal year	Goodwill ¥ m	YoY	Basis
FYE Mar 2017	588	n/a	Cons. · Japanese GAAP
FYE Mar 2018	490	−16.7%	Cons. · Japanese GAAP
FYE Mar 2019	392	−20.0%	Cons. · Japanese GAAP
FYE Mar 2020	294	−25.0%	Cons. · Japanese GAAP
FYE Mar 2021	196	−33.3%	Cons. · Japanese GAAP
FYE Mar 2022	98.0	−50.0%	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	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 Mar 2026 62.8%

Average · 10 yrs 58.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	48.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	55.0	+6.3pp	Cons. · Japanese GAAP
FYE Mar 2019	54.8	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	55.7	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	60.5	+4.9pp	Cons. · Japanese GAAP
FYE Mar 2022	60.7	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	60.7	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	58.7	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2025	62.3	+3.7pp	Cons. · Japanese GAAP
FYE Mar 2026	62.8	+0.5pp	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 Mar 2026 7.0%

Average · 10 yrs 9.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	18.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.5	−6.8pp	Cons. · Japanese GAAP
FYE Mar 2019	11.1	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	9.6	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	8.1	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2022	7.7	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	8.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	7.6	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2025	7.6	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2026	7.0	−0.6pp	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 Mar 2026 12.5%

Average · 10 yrs 12.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	12.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.5	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2019	13.3	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2020	10.3	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2021	10.9	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	21.4	+10.4pp	Cons. · Japanese GAAP
FYE Mar 2023	8.1	−13.3pp	Cons. · Japanese GAAP
FYE Mar 2024	11.6	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2025	13.5	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2026	12.5	−1.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 7.9%

Average · 10 yrs 7.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	6.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.8	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	7.3	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	5.8	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	6.6	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	13.0	+6.3pp	Cons. · Japanese GAAP
FYE Mar 2023	4.9	−8.1pp	Cons. · Japanese GAAP
FYE Mar 2024	6.8	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2025	8.4	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2026	7.9	−0.6pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 1.05×

CAGR · 10 yrs −0.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.09	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.15	+5.8%	Cons. · Japanese GAAP
FYE Mar 2019	1.17	+1.4%	Cons. · Japanese GAAP
FYE Mar 2020	1.11	−4.9%	Cons. · Japanese GAAP
FYE Mar 2021	0.83	−25.4%	Cons. · Japanese GAAP
FYE Mar 2022	0.85	+2.0%	Cons. · Japanese GAAP
FYE Mar 2023	0.95	+12.0%	Cons. · Japanese GAAP
FYE Mar 2024	0.95	+0.7%	Cons. · Japanese GAAP
FYE Mar 2025	1.09	+14.3%	Cons. · Japanese GAAP
FYE Mar 2026	1.05	−3.9%	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 Mar 2026 ¥24bn

CAGR · 10 yrs +2.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	18.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.8	−3.3%	Cons. · Japanese GAAP
FYE Mar 2019	20.9	+17.5%	Cons. · Japanese GAAP
FYE Mar 2020	21.0	+0.5%	Cons. · Japanese GAAP
FYE Mar 2021	12.1	−42.2%	Cons. · Japanese GAAP
FYE Mar 2022	24.8	+104.7%	Cons. · Japanese GAAP
FYE Mar 2023	-3.0	−111.9%	Cons. · Japanese GAAP
FYE Mar 2024	30.2	n/a	Cons. · Japanese GAAP
FYE Mar 2025	10.8	−64.3%	Cons. · Japanese GAAP
FYE Mar 2026	23.6	+119.6%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥14bn

Average · 10 yrs -¥7.9bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-29.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-20.0	−345.6%	Cons. · Japanese GAAP
FYE Mar 2020	17.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-19.9	−216.9%	Cons. · Japanese GAAP
FYE Mar 2022	9.3	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-14.2	−252.6%	Cons. · Japanese GAAP
FYE Mar 2024	-5.3	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-9.8	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-14.3	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 Mar 2026 -¥13bn

Average · 10 yrs -¥9.9bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-2.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-17.9	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-11.9	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-4.1	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-7.3	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-14.1	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-18.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-13.2	n/a	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 Mar 2026 ¥26bn

CAGR · 10 yrs +8.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	12.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.9	+62.3%	Cons. · Japanese GAAP
FYE Mar 2019	9.8	−53.0%	Cons. · Japanese GAAP
FYE Mar 2020	43.4	+341.5%	Cons. · Japanese GAAP
FYE Mar 2021	31.6	−27.3%	Cons. · Japanese GAAP
FYE Mar 2022	60.1	+90.5%	Cons. · Japanese GAAP
FYE Mar 2023	36.1	−40.0%	Cons. · Japanese GAAP
FYE Mar 2024	47.1	+30.6%	Cons. · Japanese GAAP
FYE Mar 2025	30.8	−34.5%	Cons. · Japanese GAAP
FYE Mar 2026	25.7	−16.6%	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 Mar 2026 ¥9.3bn

Average · 10 yrs ¥9.8bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-11.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.9	n/a	Cons. · Japanese GAAP
FYE Mar 2019	0.9	−96.6%	Cons. · Japanese GAAP
FYE Mar 2020	38.0	+4256.3%	Cons. · Japanese GAAP
FYE Mar 2021	-7.7	−120.4%	Cons. · Japanese GAAP
FYE Mar 2022	34.1	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-17.2	−150.3%	Cons. · Japanese GAAP
FYE Mar 2024	24.8	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.9	−96.3%	Cons. · Japanese GAAP
FYE Mar 2026	9.3	+909.5%	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 Mar 2026 10.0%

Average · 10 yrs 8.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	9.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.7	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	10.2	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	10.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	7.2	−2.8pp	Cons. · Japanese GAAP
FYE Mar 2022	13.7	+6.5pp	Cons. · Japanese GAAP
FYE Mar 2023	-1.5	−15.2pp	Cons. · Japanese GAAP
FYE Mar 2024	14.1	+15.7pp	Cons. · Japanese GAAP
FYE Mar 2025	4.7	−9.4pp	Cons. · Japanese GAAP
FYE Mar 2026	10.0	+5.3pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 ¥16bn

Average · 10 yrs ¥21bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-3.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-0.8	−108.6%	Cons. · Japanese GAAP
FYE Mar 2020	33.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	21.6	−35.5%	Cons. · Japanese GAAP
FYE Mar 2022	50.1	+132.5%	Cons. · Japanese GAAP
FYE Mar 2023	26.1	−48.0%	Cons. · Japanese GAAP
FYE Mar 2024	37.1	+42.3%	Cons. · Japanese GAAP
FYE Mar 2025	20.8	−43.8%	Cons. · Japanese GAAP
FYE Mar 2026	15.7	−24.6%	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 Mar 2026 ¥232bn

Change · 10 yrs −¥35bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	268	n/a
FYE Mar 2018	254	n/a
FYE Mar 2019	260	n/a
FYE Mar 2020	240	n/a
FYE Mar 2021	214	n/a
FYE Mar 2022	206	n/a
FYE Mar 2023	181	n/a
FYE Mar 2024	243	n/a
FYE Mar 2025	220	n/a
FYE Mar 2026	232	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 Mar 2026 2,700¥

Change · 10 yrs −2,241¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	4,941	n/a
FYE Mar 2018	4,685	n/a
FYE Mar 2019	4,805	n/a
FYE Mar 2020	4,420	n/a
FYE Mar 2021	3,955	n/a
FYE Mar 2022	3,807	n/a
FYE Mar 2023	3,756	n/a
FYE Mar 2024	2,625	n/a
FYE Mar 2025	2,505	n/a
FYE Mar 2026	2,700	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 Mar 2026 86,111,638shares

Change · 10 yrs +31,921,869 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	54,189,769	Parent
FYE Mar 2018	54,189,769	Parent
FYE Mar 2019	54,189,769	Parent
FYE Mar 2020	54,189,769	Parent
FYE Mar 2021	54,189,769	Parent
FYE Mar 2022	54,189,769	Parent
FYE Mar 2023	48,139,769	Parent
FYE Mar 2024	92,714,538	Parent
FYE Mar 2025	88,011,638	Parent
FYE Mar 2026	86,111,638	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 Mar 2026 211.07¥

Change · 10 yrs −2.53¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	213.60	Cons.
FYE Mar 2018	197.76	Cons.
FYE Mar 2019	247.15	Cons.
FYE Mar 2020	107.59	Cons.
FYE Mar 2021	133.36	Cons.
FYE Mar 2022	276.29	Cons.
FYE Mar 2023	104.38	Cons.
FYE Mar 2024	165.60	Cons.
FYE Mar 2025	200.85	Cons.
FYE Mar 2026	211.07	Cons.

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

BPS book value per share

FYE Mar 2026 1,648.52¥

Change · 10 yrs +3.16¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,645.37	Cons. · Japanese GAAP
FYE Mar 2018	1,806.37	Cons. · Japanese GAAP
FYE Mar 2019	1,779.65	Cons. · Japanese GAAP
FYE Mar 2020	1,931.47	Cons. · Japanese GAAP
FYE Mar 2021	2,265.94	Cons. · Japanese GAAP
FYE Mar 2022	2,399.62	Cons. · Japanese GAAP
FYE Mar 2023	2,587.59	Cons. · Japanese GAAP
FYE Mar 2024	1,415.13	Cons. · Japanese GAAP
FYE Mar 2025	1,486.92	Cons. · Japanese GAAP
FYE Mar 2026	1,648.52	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 12.79×

Average · 10 yrs 16.76×

Fiscal year	PER ×	Basis
FYE Mar 2017	23.13	Cons.
FYE Mar 2018	23.69	Cons.
FYE Mar 2019	19.44	Cons.
FYE Mar 2020	20.54	Cons.
FYE Mar 2021	14.83	Cons.
FYE Mar 2022	6.89	Cons.
FYE Mar 2023	17.99	Cons.
FYE Mar 2024	15.85	Cons.
FYE Mar 2025	12.47	Cons.
FYE Mar 2026	12.79	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 Mar 2026 1.60×

Average · 10 yrs 1.96×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.88	Cons.
FYE Mar 2018	2.49	Cons.
FYE Mar 2019	2.51	Cons.
FYE Mar 2020	2.12	Cons.
FYE Mar 2021	1.62	Cons.
FYE Mar 2022	1.46	Cons.
FYE Mar 2023	1.42	Cons.
FYE Mar 2024	1.81	Cons.
FYE Mar 2025	1.64	Cons.
FYE Mar 2026	1.60	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 Mar 2026 3,222people

Change · 10 yrs −34 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	3,256	n/a	Cons.
FYE Mar 2018	3,169	−2.7%	Cons.
FYE Mar 2019	2,717	−14.3%	Cons.
FYE Mar 2020	2,711	−0.2%	Cons.
FYE Mar 2021	2,825	+4.2%	Cons.
FYE Mar 2022	2,937	+4.0%	Cons.
FYE Mar 2023	3,076	+4.7%	Cons.
FYE Mar 2024	3,093	+0.6%	Cons.
FYE Mar 2025	3,153	+1.9%	Cons.
FYE Mar 2026	3,222	+2.2%	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 Mar 2026 1,587people

Change · 10 yrs +260 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,327	n/a	Parent
FYE Mar 2018	1,303	−1.8%	Parent
FYE Mar 2019	1,334	+2.4%	Parent
FYE Mar 2020	1,414	+6.0%	Parent
FYE Mar 2021	1,439	+1.8%	Parent
FYE Mar 2022	1,453	+1.0%	Parent
FYE Mar 2023	1,472	+1.3%	Parent
FYE Mar 2024	1,504	+2.2%	Parent
FYE Mar 2025	1,538	+2.3%	Parent
FYE Mar 2026	1,587	+3.2%	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 Mar 2026 ¥8.4m

Change · 8 yrs +¥0.5m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	7.8	n/a	Parent
FYE Mar 2020	7.8	−0.1%	Parent
FYE Mar 2021	7.7	−2.0%	Parent
FYE Mar 2022	7.6	−0.7%	Parent
FYE Mar 2023	7.7	+1.0%	Parent
FYE Mar 2024	7.6	−1.3%	Parent
FYE Mar 2025	8.2	+7.3%	Parent
FYE Mar 2026	8.4	+2.5%	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 Mar 2026 43.4years

Change · 8 yrs +1.5 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	41.9	n/a	Parent
FYE Mar 2020	42.4	+1.2%	Parent
FYE Mar 2021	42.5	+0.2%	Parent
FYE Mar 2022	42.7	+0.5%	Parent
FYE Mar 2023	43.2	+1.2%	Parent
FYE Mar 2024	43.5	+0.7%	Parent
FYE Mar 2025	43.4	−0.2%	Parent
FYE Mar 2026	43.4	−0.0%	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 Mar 2026 19.0years

Change · 8 yrs +0.7 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	18.3	n/a	Parent
FYE Mar 2020	18.3	−0.0%	Parent
FYE Mar 2021	18.4	+0.5%	Parent
FYE Mar 2022	18.6	+1.1%	Parent
FYE Mar 2023	18.9	+1.6%	Parent
FYE Mar 2024	19.3	+2.1%	Parent
FYE Mar 2025	19.1	−1.0%	Parent
FYE Mar 2026	19.0	−0.5%	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 Mar 2026 1,985people

Change · 10 yrs −201 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	2,186	n/a	n/a
FYE Mar 2018	1,950	−10.8%	n/a
FYE Mar 2019	1,712	−12.2%	n/a
FYE Mar 2020	1,687	−1.5%	n/a
FYE Mar 2021	1,597	−5.3%	n/a
FYE Mar 2022	1,658	+3.8%	n/a
FYE Mar 2023	1,673	+0.9%	n/a
FYE Mar 2024	1,832	+9.5%	n/a
FYE Mar 2025	1,905	+4.0%	n/a
FYE Mar 2026	1,985	+4.2%	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 Mar 2026 ¥73.5m

Change · 10 yrs +¥12.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	61.3	n/a	Cons.
FYE Mar 2018	64.7	+5.6%	Cons.
FYE Mar 2019	75.6	+16.8%	Cons.
FYE Mar 2020	77.0	+1.9%	Cons.
FYE Mar 2021	59.6	−22.7%	Cons.
FYE Mar 2022	61.7	+3.6%	Cons.
FYE Mar 2023	63.2	+2.4%	Cons.
FYE Mar 2024	69.0	+9.2%	Cons.
FYE Mar 2025	72.6	+5.3%	Cons.
FYE Mar 2026	73.5	+1.2%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥7.0m

Change · 10 yrs +¥1.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons.
FYE Mar 2018	6.2	+15.2%	Cons.
FYE Mar 2019	7.4	+19.4%	Cons.
FYE Mar 2020	7.8	+5.2%	Cons.
FYE Mar 2021	6.8	−13.3%	Cons.
FYE Mar 2022	6.0	−11.3%	Cons.
FYE Mar 2023	5.0	−17.7%	Cons.
FYE Mar 2024	6.6	+32.3%	Cons.
FYE Mar 2025	6.7	+2.9%	Cons.
FYE Mar 2026	7.0	+3.0%	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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