Financials

Ezaki Glico: FYE Dec 2025 and ten years of results (50 metrics)

FYE Dec 2025 · Revenue¥361bnYoY +9.1%

FYE Dec 2025 · Operating profit¥8.7bnYoY −21.0%

FYE Dec 2025 · Net profit¥5.0bnYoY −37.9%

FYE Dec 2025 · Equity ratio70.5%YoY −1.5pp

FYE Dec 2025 · Group employees5,588YoY +25

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥353bn	n/a	¥24bn	n/a	6.9%	¥18bn	Ezaki Katsuhisa	—
FYE Mar 2018Consolidated	¥353bn	+0.1%	¥20bn	−16.0%	5.8%	¥15bn	Ezaki Katsuhisa	—
FYE Mar 2019Consolidated	¥350bn	−0.9%	¥17bn	−17.8%	4.8%	¥12bn	Ezaki Katsuhisa	TCHO acquired for <span class="en-history_money" data-yen="3966000000" data-year="2018">$35.9M (¥4bn)</span> — written off by 2019
FYE Dec 2019Consolidated	¥288bn	−17.7%	¥16bn	−6.8%	5.4%	¥12bn	Ezaki Katsuhisa	Overseas disclosed as its own segment; fiscal year moves to December
FYE Dec 2020Consolidated	¥344bn	+19.4%	¥19bn	+18.7%	5.4%	¥12bn	Ezaki Katsuhisa	—
FYE Dec 2021Consolidated	¥339bn	−1.6%	¥19bn	+4.2%	5.7%	¥14bn	Ezaki Katsuhisa	—
FYE Dec 2022Consolidated	¥304bn	−10.2%	¥13bn	−33.5%	4.2%	¥8.1bn	Ezaki Katsuhisa	Centenary; Prime market listing; <a class="en-history_person" href="/tse/2206/executives/ceo/ezaki-etsuro/" hreflang="ja">Ezaki Etsuro</a> becomes president
FYE Dec 2023Consolidated	¥333bn	+9.4%	¥19bn	+45.0%	5.6%	¥14bn	Ezaki Etsuro	—
FYE Dec 2024Consolidated	¥331bn	−0.4%	¥11bn	−40.6%	3.3%	¥8.1bn	Ezaki Etsuro	Dalton’s dividend-authority proposal draws 42.9%
FYE Dec 2025Consolidated	¥361bn	+9.1%	¥8.7bn	−21.0%	2.4%	¥5.0bn	Ezaki Etsuro	Record sales, falling profit; exit from frozen desserts in Thailand

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 Dec 2025 ¥361bn

CAGR · 10 yrs +0.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	353	n/a	Cons. · Japanese GAAP
FYE Mar 2018	353	+0.1%	Cons. · Japanese GAAP
FYE Mar 2019	350	−0.9%	Cons. · Japanese GAAP
FYE Dec 2019	288	−17.7%	Cons. · Japanese GAAP
FYE Dec 2020	344	+19.4%	Cons. · Japanese GAAP
FYE Dec 2021	339	−1.6%	Cons. · Japanese GAAP
FYE Dec 2022	304	−10.2%	Cons. · Japanese GAAP
FYE Dec 2023	333	+9.4%	Cons. · Japanese GAAP
FYE Dec 2024	331	−0.4%	Cons. · Japanese GAAP
FYE Dec 2025	361	+9.1%	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 ¥226bn

CAGR · 10 yrs +2.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	188	n/a	Cons. · Japanese GAAP
FYE Mar 2018	187	−0.5%	Cons. · Japanese GAAP
FYE Mar 2019	184	−1.6%	Cons. · Japanese GAAP
FYE Dec 2019	150	−18.5%	Cons. · Japanese GAAP
FYE Dec 2020	182	+21.0%	Cons. · Japanese GAAP
FYE Dec 2021	181	−0.6%	Cons. · Japanese GAAP
FYE Dec 2022	193	+7.0%	Cons. · Japanese GAAP
FYE Dec 2023	209	+8.1%	Cons. · Japanese GAAP
FYE Dec 2024	203	−2.5%	Cons. · Japanese GAAP
FYE Dec 2025	226	+11.2%	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 ¥135bn

CAGR · 10 yrs −2.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	165	n/a	Cons. · Japanese GAAP
FYE Mar 2018	166	+0.7%	Cons. · Japanese GAAP
FYE Mar 2019	166	−0.1%	Cons. · Japanese GAAP
FYE Dec 2019	138	−16.9%	Cons. · Japanese GAAP
FYE Dec 2020	162	+17.6%	Cons. · Japanese GAAP
FYE Dec 2021	158	−2.7%	Cons. · Japanese GAAP
FYE Dec 2022	111	−29.9%	Cons. · Japanese GAAP
FYE Dec 2023	124	+11.8%	Cons. · Japanese GAAP
FYE Dec 2024	128	+3.1%	Cons. · Japanese GAAP
FYE Dec 2025	135	+5.8%	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 ¥126bn

CAGR · 10 yrs −1.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	141	n/a	Cons. · Japanese GAAP
FYE Mar 2018	146	+3.5%	Cons. · Japanese GAAP
FYE Mar 2019	149	+2.4%	Cons. · Japanese GAAP
FYE Dec 2019	122	−18.0%	Cons. · Japanese GAAP
FYE Dec 2020	144	+17.5%	Cons. · Japanese GAAP
FYE Dec 2021	139	−3.6%	Cons. · Japanese GAAP
FYE Dec 2022	97.9	−29.4%	Cons. · Japanese GAAP
FYE Dec 2023	105	+7.5%	Cons. · Japanese GAAP
FYE Dec 2024	117	+10.8%	Cons. · Japanese GAAP
FYE Dec 2025	126	+8.4%	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 ¥8.7bn

CAGR · 10 yrs −10.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	24.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.4	−16.0%	Cons. · Japanese GAAP
FYE Mar 2019	16.7	−17.8%	Cons. · Japanese GAAP
FYE Dec 2019	15.6	−6.8%	Cons. · Japanese GAAP
FYE Dec 2020	18.5	+18.7%	Cons. · Japanese GAAP
FYE Dec 2021	19.3	+4.2%	Cons. · Japanese GAAP
FYE Dec 2022	12.8	−33.5%	Cons. · Japanese GAAP
FYE Dec 2023	18.6	+45.0%	Cons. · Japanese GAAP
FYE Dec 2024	11.1	−40.6%	Cons. · Japanese GAAP
FYE Dec 2025	8.7	−21.0%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥5.3bn

CAGR · 10 yrs +4.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	3.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	+7.3%	Cons. · Japanese GAAP
FYE Mar 2019	3.9	+3.5%	Cons. · Japanese GAAP
FYE Dec 2019	3.2	−18.0%	Cons. · Japanese GAAP
FYE Dec 2020	3.5	+8.6%	Cons. · Japanese GAAP
FYE Dec 2021	3.9	+12.3%	Cons. · Japanese GAAP
FYE Dec 2022	3.5	−11.1%	Cons. · Japanese GAAP
FYE Dec 2023	4.4	+25.3%	Cons. · Japanese GAAP
FYE Dec 2024	4.9	+12.1%	Cons. · Japanese GAAP
FYE Dec 2025	5.3	+7.7%	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 ¥2.4bn

CAGR · 10 yrs +5.8%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	1.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.2	+52.7%	Cons. · Japanese GAAP
FYE Mar 2019	1.5	−33.0%	Cons. · Japanese GAAP
FYE Dec 2019	1.8	+24.9%	Cons. · Japanese GAAP
FYE Dec 2020	2.4	+30.3%	Cons. · Japanese GAAP
FYE Dec 2021	1.5	−35.7%	Cons. · Japanese GAAP
FYE Dec 2022	2.7	+75.9%	Cons. · Japanese GAAP
FYE Dec 2023	1.7	−36.3%	Cons. · Japanese GAAP
FYE Dec 2024	2.6	+53.0%	Cons. · Japanese GAAP
FYE Dec 2025	2.4	−9.5%	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 ¥12bn

CAGR · 10 yrs −8.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	26.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.0	−16.6%	Cons. · Japanese GAAP
FYE Mar 2019	19.2	−12.6%	Cons. · Japanese GAAP
FYE Dec 2019	17.0	−11.5%	Cons. · Japanese GAAP
FYE Dec 2020	19.6	+15.5%	Cons. · Japanese GAAP
FYE Dec 2021	21.7	+10.5%	Cons. · Japanese GAAP
FYE Dec 2022	13.6	−37.1%	Cons. · Japanese GAAP
FYE Dec 2023	21.3	+56.0%	Cons. · Japanese GAAP
FYE Dec 2024	13.3	−37.3%	Cons. · Japanese GAAP
FYE Dec 2025	11.6	−12.8%	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 ¥2.1bn

CAGR · 10 yrs +16.1%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.5	+181.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.8	−48.1%	Cons. · Japanese GAAP
FYE Dec 2019	7.3	+827.0%	Cons. · Japanese GAAP
FYE Dec 2020	1.3	−82.0%	Cons. · Japanese GAAP
FYE Dec 2021	0.9	−29.8%	Cons. · Japanese GAAP
FYE Dec 2022	3.5	+283.3%	Cons. · Japanese GAAP
FYE Dec 2023	0.5	−87.2%	Cons. · Japanese GAAP
FYE Dec 2024	5.9	+1204.9%	Cons. · Japanese GAAP
FYE Dec 2025	2.1	−65.0%	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 Dec 2025 ¥5.0bn

CAGR · 10 yrs −13.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	18.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.2	−16.2%	Cons. · Japanese GAAP
FYE Mar 2019	11.8	−22.2%	Cons. · Japanese GAAP
FYE Dec 2019	12.0	+1.7%	Cons. · Japanese GAAP
FYE Dec 2020	11.8	−1.8%	Cons. · Japanese GAAP
FYE Dec 2021	13.5	+14.2%	Cons. · Japanese GAAP
FYE Dec 2022	8.1	−40.1%	Cons. · Japanese GAAP
FYE Dec 2023	14.1	+74.5%	Cons. · Japanese GAAP
FYE Dec 2024	8.1	−42.6%	Cons. · Japanese GAAP
FYE Dec 2025	5.0	−37.9%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 37.4%

Average · 10 yrs 43.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	46.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	47.4	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2019	47.9	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2020	47.2	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	46.7	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2022	36.4	−10.2pp	Cons. · Japanese GAAP
FYE Dec 2023	37.2	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2024	38.6	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2025	37.4	−1.2pp	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 2.4%

Average · 10 yrs 4.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.8	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	4.8	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2019	5.4	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2020	5.4	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2021	5.7	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2022	4.2	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2023	5.6	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2024	3.3	−2.3pp	Cons. · Japanese GAAP
FYE Dec 2025	2.4	−0.9pp	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 3.2%

Average · 10 yrs 5.5%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	7.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.2	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2019	5.5	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2019	5.9	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	5.7	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2021	6.4	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2022	4.5	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2023	6.4	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2024	4.0	−2.4pp	Cons. · Japanese GAAP
FYE Dec 2025	3.2	−0.8pp	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 1.4%

Average · 10 yrs 3.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	5.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.3	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	3.4	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2019	4.2	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2020	3.4	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	4.0	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2022	2.7	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2023	4.2	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2024	2.5	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2025	1.4	−1.1pp	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 62.6%

Average · 10 yrs 56.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	53.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	53.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	52.6	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2019	52.1	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2020	52.8	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	53.3	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2022	63.6	+10.2pp	Cons. · Japanese GAAP
FYE Dec 2023	62.8	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2024	61.4	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2025	62.6	+1.2pp	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 35.0%

Average · 10 yrs 38.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	39.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.3	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	42.6	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2019	42.5	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2020	41.8	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	41.0	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2022	32.2	−8.8pp	Cons. · Japanese GAAP
FYE Dec 2023	31.6	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2024	35.2	+3.6pp	Cons. · Japanese GAAP
FYE Dec 2025	35.0	−0.2pp	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 ¥394bn

CAGR · 10 yrs +2.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	324	n/a	Cons. · Japanese GAAP
FYE Mar 2018	341	+5.2%	Cons. · Japanese GAAP
FYE Mar 2019	348	+2.2%	Cons. · Japanese GAAP
FYE Dec 2019	344	−1.3%	Cons. · Japanese GAAP
FYE Dec 2020	340	−1.1%	Cons. · Japanese GAAP
FYE Dec 2021	357	+4.9%	Cons. · Japanese GAAP
FYE Dec 2022	369	+3.5%	Cons. · Japanese GAAP
FYE Dec 2023	396	+7.2%	Cons. · Japanese GAAP
FYE Dec 2024	378	−4.5%	Cons. · Japanese GAAP
FYE Dec 2025	394	+4.3%	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 ¥278bn

CAGR · 10 yrs +4.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	192	n/a	Cons. · Japanese GAAP
FYE Mar 2018	208	+8.2%	Cons. · Japanese GAAP
FYE Mar 2019	214	+2.7%	Cons. · Japanese GAAP
FYE Dec 2019	213	−0.3%	Cons. · Japanese GAAP
FYE Dec 2020	222	+4.0%	Cons. · Japanese GAAP
FYE Dec 2021	241	+8.6%	Cons. · Japanese GAAP
FYE Dec 2022	244	+1.5%	Cons. · Japanese GAAP
FYE Dec 2023	263	+7.5%	Cons. · Japanese GAAP
FYE Dec 2024	272	+3.6%	Cons. · Japanese GAAP
FYE Dec 2025	278	+2.2%	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 ¥0.2bn

CAGR · 10 yrs −23.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.3	−27.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.6	−50.4%	Cons. · Japanese GAAP
FYE Dec 2019	0.2	−61.7%	Cons. · Japanese GAAP
FYE Dec 2020	0.6	+136.5%	Cons. · Japanese GAAP
FYE Dec 2021	0.3	−46.4%	Cons. · Japanese GAAP
FYE Dec 2022	0.0	−100.0%	Cons. · Japanese GAAP
FYE Dec 2023	0.0	n/a	Cons. · Japanese GAAP
FYE Dec 2024	0.2	n/a	Cons. · Japanese GAAP
FYE Dec 2025	0.2	−6.7%	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 ¥0.0bn

CAGR · 8 yrs −36.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.8	−25.2%	Cons. · Japanese GAAP
FYE Mar 2019	0.4	−50.5%	Cons. · Japanese GAAP
FYE Dec 2019	0.2	−41.5%	Cons. · Japanese GAAP
FYE Dec 2020	0.2	−4.9%	Cons. · Japanese GAAP
FYE Dec 2021	0.2	−0.0%	Cons. · Japanese GAAP
FYE Dec 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2024	0.0	n/a	Cons. · Japanese GAAP
FYE Dec 2025	0.0	+360.0%	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 ¥108m

CAGR · 7 yrs −25.7%

Fiscal year	Long-term borrowings ¥ m	YoY	Basis
FYE Mar 2017	644	n/a	Cons. · Japanese GAAP
FYE Mar 2018	443	−31.2%	Cons. · Japanese GAAP
FYE Mar 2019	220	−50.3%	Cons. · Japanese GAAP
FYE Dec 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2020	345	n/a	Cons. · Japanese GAAP
FYE Dec 2021	77.0	−77.7%	Cons. · Japanese GAAP
FYE Dec 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2024	155	n/a	Cons. · Japanese GAAP
FYE Dec 2025	108	−30.3%	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 ¥25bn

CAGR · 10 yrs +18.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.8	+72.0%	Cons. · Japanese GAAP
FYE Mar 2019	9.5	−3.4%	Cons. · Japanese GAAP
FYE Dec 2019	7.0	−26.3%	Cons. · Japanese GAAP
FYE Dec 2020	10.7	+53.4%	Cons. · Japanese GAAP
FYE Dec 2021	16.0	+49.0%	Cons. · Japanese GAAP
FYE Dec 2022	21.7	+35.8%	Cons. · Japanese GAAP
FYE Dec 2023	26.9	+24.1%	Cons. · Japanese GAAP
FYE Dec 2024	30.6	+13.5%	Cons. · Japanese GAAP
FYE Dec 2025	25.4	−16.9%	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 ¥1.3bn

CAGR · 10 yrs +27.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.2	+2730.7%	Cons. · Japanese GAAP
FYE Mar 2019	3.9	−8.8%	Cons. · Japanese GAAP
FYE Dec 2019	0.5	−87.4%	Cons. · Japanese GAAP
FYE Dec 2020	0.4	−16.0%	Cons. · Japanese GAAP
FYE Dec 2021	0.4	−4.9%	Cons. · Japanese GAAP
FYE Dec 2022	0.4	−10.0%	Cons. · Japanese GAAP
FYE Dec 2023	0.3	−13.1%	Cons. · Japanese GAAP
FYE Dec 2024	1.8	+477.5%	Cons. · Japanese GAAP
FYE Dec 2025	1.3	−24.3%	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 70.5%

Average · 10 yrs 65.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	59.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	61.1	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2019	61.4	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	62.0	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2020	65.2	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2021	67.5	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2022	66.2	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2023	66.3	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2024	72.0	+5.7pp	Cons. · Japanese GAAP
FYE Dec 2025	70.5	−1.5pp	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 Dec 2025 0.1%

Average · 10 yrs 0.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.6	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	0.3	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	0.1	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2020	0.3	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2021	0.1	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2022	0.0	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2023	0.0	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2024	0.1	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	0.1	−0.0pp	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 1.8%

Average · 10 yrs 5.2%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	9.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.3	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	5.5	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2019	5.7	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2020	5.3	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2021	5.6	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2022	3.3	−2.3pp	Cons. · Japanese GAAP
FYE Dec 2023	5.4	+2.1pp	Cons. · Japanese GAAP
FYE Dec 2024	3.0	−2.4pp	Cons. · Japanese GAAP
FYE Dec 2025	1.8	−1.2pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 1.3%

Average · 10 yrs 3.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.5	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	3.4	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2019	3.5	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2020	3.5	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2021	3.8	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2022	2.2	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2023	3.6	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2024	2.1	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2025	1.3	−0.9pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 0.92×

CAGR · 10 yrs −1.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.09	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.04	−4.9%	Cons. · Japanese GAAP
FYE Mar 2019	1.01	−3.0%	Cons. · Japanese GAAP
FYE Dec 2019	0.84	−16.6%	Cons. · Japanese GAAP
FYE Dec 2020	1.01	+20.7%	Cons. · Japanese GAAP
FYE Dec 2021	0.95	−6.2%	Cons. · Japanese GAAP
FYE Dec 2022	0.82	−13.2%	Cons. · Japanese GAAP
FYE Dec 2023	0.84	+2.1%	Cons. · Japanese GAAP
FYE Dec 2024	0.88	+4.3%	Cons. · Japanese GAAP
FYE Dec 2025	0.92	+4.6%	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 ¥27bn

CAGR · 10 yrs −0.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	29.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.5	+6.5%	Cons. · Japanese GAAP
FYE Mar 2019	20.3	−35.5%	Cons. · Japanese GAAP
FYE Dec 2019	17.3	−14.7%	Cons. · Japanese GAAP
FYE Dec 2020	17.2	−0.7%	Cons. · Japanese GAAP
FYE Dec 2021	28.7	+66.4%	Cons. · Japanese GAAP
FYE Dec 2022	16.8	−41.4%	Cons. · Japanese GAAP
FYE Dec 2023	28.1	+67.0%	Cons. · Japanese GAAP
FYE Dec 2024	1.8	−93.5%	Cons. · Japanese GAAP
FYE Dec 2025	27.3	+1405.5%	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 -¥14bn

Average · 10 yrs -¥15bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-14.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-25.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-8.7	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-9.0	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-12.4	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-29.2	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-20.1	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-8.6	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-10.3	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-13.9	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 -¥7.0bn

Average · 10 yrs -¥7.2bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	24.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-4.5	−118.4%	Cons. · Japanese GAAP
FYE Mar 2019	-4.6	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-9.6	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-9.7	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-4.9	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-10.3	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-6.2	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-39.2	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-7.0	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 Dec 2025 ¥65bn

CAGR · 10 yrs −3.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	90.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	93.0	+3.1%	Cons. · Japanese GAAP
FYE Mar 2019	99.2	+6.7%	Cons. · Japanese GAAP
FYE Dec 2019	98.0	−1.2%	Cons. · Japanese GAAP
FYE Dec 2020	92.4	−5.7%	Cons. · Japanese GAAP
FYE Dec 2021	89.5	−3.2%	Cons. · Japanese GAAP
FYE Dec 2022	79.9	−10.7%	Cons. · Japanese GAAP
FYE Dec 2023	94.7	+18.5%	Cons. · Japanese GAAP
FYE Dec 2024	56.6	−40.2%	Cons. · Japanese GAAP
FYE Dec 2025	64.7	+14.4%	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 ¥13bn

CAGR · 10 yrs −1.6%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	15.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.4	−58.4%	Cons. · Japanese GAAP
FYE Mar 2019	11.6	+80.3%	Cons. · Japanese GAAP
FYE Dec 2019	8.3	−28.4%	Cons. · Japanese GAAP
FYE Dec 2020	4.8	−42.6%	Cons. · Japanese GAAP
FYE Dec 2021	-0.5	−111.4%	Cons. · Japanese GAAP
FYE Dec 2022	-3.3	n/a	Cons. · Japanese GAAP
FYE Dec 2023	19.5	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-8.4	−143.4%	Cons. · Japanese GAAP
FYE Dec 2025	13.4	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 7.5%

Average · 10 yrs 6.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	5.8	−3.1pp	Cons. · Japanese GAAP
FYE Dec 2019	6.0	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2020	5.0	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2021	8.5	+3.5pp	Cons. · Japanese GAAP
FYE Dec 2022	5.5	−2.9pp	Cons. · Japanese GAAP
FYE Dec 2023	8.4	+2.9pp	Cons. · Japanese GAAP
FYE Dec 2024	0.5	−7.9pp	Cons. · Japanese GAAP
FYE Dec 2025	7.5	+7.0pp	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 ¥65bn

CAGR · 10 yrs −3.4%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	88.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	91.7	+3.7%	Cons. · Japanese GAAP
FYE Mar 2019	98.6	+7.5%	Cons. · Japanese GAAP
FYE Dec 2019	97.8	−0.9%	Cons. · Japanese GAAP
FYE Dec 2020	91.9	−6.0%	Cons. · Japanese GAAP
FYE Dec 2021	89.2	−3.0%	Cons. · Japanese GAAP
FYE Dec 2022	79.9	−10.4%	Cons. · Japanese GAAP
FYE Dec 2023	94.7	+18.5%	Cons. · Japanese GAAP
FYE Dec 2024	56.4	−40.4%	Cons. · Japanese GAAP
FYE Dec 2025	64.6	+14.4%	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 ¥371bn

Change · 10 yrs −¥4.8bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	376	n/a
FYE Mar 2018	387	n/a
FYE Mar 2019	404	n/a
FYE Dec 2019	334	n/a
FYE Dec 2020	311	n/a
FYE Dec 2021	251	n/a
FYE Dec 2022	248	n/a
FYE Dec 2023	286	n/a
FYE Dec 2024	321	n/a
FYE Dec 2025	371	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 5,420¥

Change · 10 yrs +6¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	5,414	n/a
FYE Mar 2018	5,575	n/a
FYE Mar 2019	5,815	n/a
FYE Dec 2019	4,874	n/a
FYE Dec 2020	4,544	n/a
FYE Dec 2021	3,669	n/a
FYE Dec 2022	3,620	n/a
FYE Dec 2023	4,178	n/a
FYE Dec 2024	4,693	n/a
FYE Dec 2025	5,420	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 68,468,000shares

Change · 10 yrs −962,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	69,430,000	Parent
FYE Mar 2018	69,430,000	Parent
FYE Mar 2019	69,414,000	Parent
FYE Dec 2019	68,468,000	Parent
FYE Dec 2020	68,468,000	Parent
FYE Dec 2021	68,468,000	Parent
FYE Dec 2022	68,468,000	Parent
FYE Dec 2023	68,468,000	Parent
FYE Dec 2024	68,468,000	Parent
FYE Dec 2025	68,468,000	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 79.12¥

Change · 10 yrs −197.08¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	276.20	Cons.
FYE Mar 2018	231.34	Cons.
FYE Mar 2019	180.02	Cons.
FYE Dec 2019	185.31	Cons.
FYE Dec 2020	182.48	Cons.
FYE Dec 2021	208.44	Cons.
FYE Dec 2022	126.59	Cons.
FYE Dec 2023	222.25	Cons.
FYE Dec 2024	127.53	Cons.
FYE Dec 2025	79.12	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 4,058.90¥

Change · 10 yrs +1,287.05¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	2,771.86	Cons. · Japanese GAAP
FYE Mar 2018	3,000.07	Cons. · Japanese GAAP
FYE Mar 2019	3,081.41	Cons. · Japanese GAAP
FYE Dec 2019	3,113.60	Cons. · Japanese GAAP
FYE Dec 2020	3,238.83	Cons. · Japanese GAAP
FYE Dec 2021	3,516.84	Cons. · Japanese GAAP
FYE Dec 2022	3,567.97	Cons. · Japanese GAAP
FYE Dec 2023	3,834.55	Cons. · Japanese GAAP
FYE Dec 2024	3,972.73	Cons. · Japanese GAAP
FYE Dec 2025	4,058.90	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 68.50×

Average · 10 yrs 29.75×

Fiscal year	PER ×	Basis
FYE Mar 2017	19.60	Cons.
FYE Mar 2018	24.10	Cons.
FYE Mar 2019	32.30	Cons.
FYE Dec 2019	26.30	Cons.
FYE Dec 2020	24.90	Cons.
FYE Dec 2021	17.60	Cons.
FYE Dec 2022	28.60	Cons.
FYE Dec 2023	18.80	Cons.
FYE Dec 2024	36.80	Cons.
FYE Dec 2025	68.50	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 1.24×

Average · 10 yrs 1.35×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.85	Cons.
FYE Mar 2018	1.76	Cons.
FYE Mar 2019	1.79	Cons.
FYE Dec 2019	1.48	Cons.
FYE Dec 2020	1.33	Cons.
FYE Dec 2021	0.99	Cons.
FYE Dec 2022	0.94	Cons.
FYE Dec 2023	1.01	Cons.
FYE Dec 2024	1.10	Cons.
FYE Dec 2025	1.24	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 5,588people

Change · 10 yrs +378 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	5,210	n/a	Cons.
FYE Mar 2018	5,488	+5.3%	Cons.
FYE Mar 2019	5,381	−1.9%	Cons.
FYE Dec 2019	5,364	−0.3%	Cons.
FYE Dec 2020	5,360	−0.1%	Cons.
FYE Dec 2021	5,321	−0.7%	Cons.
FYE Dec 2022	5,359	+0.7%	Cons.
FYE Dec 2023	5,439	+1.5%	Cons.
FYE Dec 2024	5,563	+2.3%	Cons.
FYE Dec 2025	5,588	+0.4%	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 1,456people

Change · 10 yrs +1 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,455	n/a	Parent
FYE Mar 2018	1,473	+1.2%	Parent
FYE Mar 2019	1,514	+2.8%	Parent
FYE Dec 2019	1,525	+0.7%	Parent
FYE Dec 2020	1,448	−5.0%	Parent
FYE Dec 2021	1,424	−1.7%	Parent
FYE Dec 2022	1,411	−0.9%	Parent
FYE Dec 2023	1,405	−0.4%	Parent
FYE Dec 2024	1,452	+3.3%	Parent
FYE Dec 2025	1,456	+0.3%	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 860万円

Change · 8 yrs +32万円

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	828	n/a	Parent
FYE Dec 2019	798	−3.6%	Parent
FYE Dec 2020	812	+1.7%	Parent
FYE Dec 2021	818	+0.8%	Parent
FYE Dec 2022	812	−0.7%	Parent
FYE Dec 2023	823	+1.4%	Parent
FYE Dec 2024	845	+2.6%	Parent
FYE Dec 2025	860	+1.8%	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 43.7years

Change · 8 yrs +0.1 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	43.6	n/a	Parent
FYE Dec 2019	43.4	−0.5%	Parent
FYE Dec 2020	43.6	+0.5%	Parent
FYE Dec 2021	43.8	+0.5%	Parent
FYE Dec 2022	44.0	+0.5%	Parent
FYE Dec 2023	44.1	+0.2%	Parent
FYE Dec 2024	43.9	−0.5%	Parent
FYE Dec 2025	43.7	−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 13.4years

Change · 8 yrs −0.3 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	13.7	n/a	Parent
FYE Dec 2019	13.3	−2.9%	Parent
FYE Dec 2020	13.5	+1.5%	Parent
FYE Dec 2021	13.7	+1.5%	Parent
FYE Dec 2022	13.8	+0.7%	Parent
FYE Dec 2023	13.9	+0.7%	Parent
FYE Dec 2024	13.5	−2.9%	Parent
FYE Dec 2025	13.4	−0.7%	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 3,383people

Change · 10 yrs −1,615 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	4,998	n/a	n/a
FYE Mar 2018	4,092	−18.1%	n/a
FYE Mar 2019	3,963	−3.2%	n/a
FYE Dec 2019	3,803	−4.0%	n/a
FYE Dec 2020	3,424	−10.0%	n/a
FYE Dec 2021	3,305	−3.5%	n/a
FYE Dec 2022	3,423	+3.6%	n/a
FYE Dec 2023	3,281	−4.1%	n/a
FYE Dec 2024	3,416	+4.1%	n/a
FYE Dec 2025	3,383	−1.0%	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 ¥64.7m

Change · 10 yrs −¥3.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	67.8	n/a	Cons.
FYE Mar 2018	64.4	−5.0%	Cons.
FYE Mar 2019	65.1	+1.1%	Cons.
FYE Dec 2019	53.7	−17.5%	Cons.
FYE Dec 2020	64.2	+19.5%	Cons.
FYE Dec 2021	63.6	−0.9%	Cons.
FYE Dec 2022	56.7	−10.9%	Cons.
FYE Dec 2023	61.1	+7.8%	Cons.
FYE Dec 2024	59.5	−2.7%	Cons.
FYE Dec 2025	64.7	+8.7%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥1.6m

Change · 10 yrs −¥3.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	4.7	n/a	Cons.
FYE Mar 2018	3.7	−20.2%	Cons.
FYE Mar 2019	3.1	−16.2%	Cons.
FYE Dec 2019	2.9	−6.5%	Cons.
FYE Dec 2020	3.5	+18.8%	Cons.
FYE Dec 2021	3.6	+5.0%	Cons.
FYE Dec 2022	2.4	−33.9%	Cons.
FYE Dec 2023	3.4	+42.8%	Cons.
FYE Dec 2024	2.0	−41.9%	Cons.
FYE Dec 2025	1.6	−21.4%	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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