Financials

Yamazaki Baking: FYE Dec 2025 and ten years of results (50 metrics)

FYE Dec 2025 · Revenue¥1.31tnYoY +5.4%

FYE Dec 2025 · Operating profit¥61bnYoY +17.9%

FYE Dec 2025 · Net profit¥41bnYoY +13.5%

FYE Dec 2025 · Equity ratio49.3%YoY +1.7pp

FYE Dec 2025 · Group employees33,545YoY +152

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥1.04tn	n/a	¥35bn	n/a	3.4%	¥18bn	Iijima Nobuhiro	Comprehensive Creation Center opens in Ichikawa
FYE Dec 2017Consolidated	¥1.05tn	+1.1%	¥30bn	−14.5%	2.9%	¥25bn	Iijima Nobuhiro	—
FYE Dec 2018Consolidated	¥1.06tn	+0.6%	¥24bn	−19.1%	2.3%	¥14bn	Iijima Nobuhiro	—
FYE Dec 2019Consolidated	¥1.06tn	+0.2%	¥25bn	+2.0%	2.3%	¥14bn	Iijima Nobuhiro	—
FYE Dec 2020Consolidated	¥1.01tn	−4.4%	¥17bn	−29.8%	1.7%	¥7.0bn	Iijima Nobuhiro	—
FYE Dec 2021Consolidated	¥1.05tn	+3.8%	¥18bn	+5.3%	1.7%	¥10bn	Iijima Nobuhiro	—
FYE Dec 2022Consolidated	¥1.08tn	+2.3%	¥22bn	+20.0%	2.0%	¥12bn	Iijima Nobuhiro	Moves to the TSE Prime Market
FYE Dec 2023Consolidated	¥1.18tn	+9.2%	¥42bn	+90.5%	3.6%	¥30bn	Iijima Nobuhiro	Acquires YK Baking Company from Kobeya; record share price
FYE Dec 2024Consolidated	¥1.24tn	+5.9%	¥52bn	+23.6%	4.2%	¥36bn	Iijima Nobuhiro	—
FYE Dec 2025Consolidated	¥1.31tn	+5.4%	¥61bn	+17.9%	4.7%	¥41bn	Iijima Nobuhiro	Record operating profit as price revisions take hold

How it compares

Yamazaki Baking¥1.31tnFY2025Operating margin 4.7%

FIRST BAKING CO., LTD.¥29bnFY2025Operating margin 1.6%

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 ¥1.31tn

CAGR · 10 yrs +2.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	1,042	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,053	+1.1%	Cons. · Japanese GAAP
FYE Dec 2018	1,059	+0.6%	Cons. · Japanese GAAP
FYE Dec 2019	1,061	+0.2%	Cons. · Japanese GAAP
FYE Dec 2020	1,015	−4.4%	Cons. · Japanese GAAP
FYE Dec 2021	1,053	+3.8%	Cons. · Japanese GAAP
FYE Dec 2022	1,077	+2.3%	Cons. · Japanese GAAP
FYE Dec 2023	1,176	+9.2%	Cons. · Japanese GAAP
FYE Dec 2024	1,244	+5.9%	Cons. · Japanese GAAP
FYE Dec 2025	1,311	+5.4%	Cons. · Japanese GAAP

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

Cost of sales

FYE Dec 2025 ¥883bn

CAGR · 10 yrs +3.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	662	n/a	Cons. · Japanese GAAP
FYE Dec 2017	673	+1.6%	Cons. · Japanese GAAP
FYE Dec 2018	682	+1.4%	Cons. · Japanese GAAP
FYE Dec 2019	686	+0.7%	Cons. · Japanese GAAP
FYE Dec 2020	661	−3.7%	Cons. · Japanese GAAP
FYE Dec 2021	685	+3.6%	Cons. · Japanese GAAP
FYE Dec 2022	733	+7.0%	Cons. · Japanese GAAP
FYE Dec 2023	797	+8.6%	Cons. · Japanese GAAP
FYE Dec 2024	839	+5.4%	Cons. · Japanese GAAP
FYE Dec 2025	883	+5.2%	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 ¥428bn

CAGR · 10 yrs +1.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	380	n/a	Cons. · Japanese GAAP
FYE Dec 2017	381	+0.1%	Cons. · Japanese GAAP
FYE Dec 2018	378	−0.8%	Cons. · Japanese GAAP
FYE Dec 2019	375	−0.7%	Cons. · Japanese GAAP
FYE Dec 2020	354	−5.7%	Cons. · Japanese GAAP
FYE Dec 2021	368	+4.0%	Cons. · Japanese GAAP
FYE Dec 2022	344	−6.6%	Cons. · Japanese GAAP
FYE Dec 2023	379	+10.3%	Cons. · Japanese GAAP
FYE Dec 2024	405	+6.9%	Cons. · Japanese GAAP
FYE Dec 2025	428	+5.7%	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 ¥367bn

CAGR · 10 yrs +0.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	345	n/a	Cons. · Japanese GAAP
FYE Dec 2017	350	+1.6%	Cons. · Japanese GAAP
FYE Dec 2018	353	+0.8%	Cons. · Japanese GAAP
FYE Dec 2019	350	−0.9%	Cons. · Japanese GAAP
FYE Dec 2020	336	−3.9%	Cons. · Japanese GAAP
FYE Dec 2021	349	+4.0%	Cons. · Japanese GAAP
FYE Dec 2022	322	−8.0%	Cons. · Japanese GAAP
FYE Dec 2023	337	+4.8%	Cons. · Japanese GAAP
FYE Dec 2024	353	+4.8%	Cons. · Japanese GAAP
FYE Dec 2025	367	+3.9%	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 ¥61bn

CAGR · 10 yrs +6.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	35.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	30.1	−14.5%	Cons. · Japanese GAAP
FYE Dec 2018	24.3	−19.1%	Cons. · Japanese GAAP
FYE Dec 2019	24.8	+2.0%	Cons. · Japanese GAAP
FYE Dec 2020	17.4	−29.8%	Cons. · Japanese GAAP
FYE Dec 2021	18.4	+5.3%	Cons. · Japanese GAAP
FYE Dec 2022	22.0	+20.0%	Cons. · Japanese GAAP
FYE Dec 2023	42.0	+90.5%	Cons. · Japanese GAAP
FYE Dec 2024	51.9	+23.6%	Cons. · Japanese GAAP
FYE Dec 2025	61.1	+17.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥5.7bn

CAGR · 10 yrs +6.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	3.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.5	+7.8%	Cons. · Japanese GAAP
FYE Dec 2018	3.8	+9.0%	Cons. · Japanese GAAP
FYE Dec 2019	4.2	+11.5%	Cons. · Japanese GAAP
FYE Dec 2020	3.9	−7.0%	Cons. · Japanese GAAP
FYE Dec 2021	4.6	+17.9%	Cons. · Japanese GAAP
FYE Dec 2022	5.6	+21.4%	Cons. · Japanese GAAP
FYE Dec 2023	5.1	−8.4%	Cons. · Japanese GAAP
FYE Dec 2024	6.1	+18.5%	Cons. · Japanese GAAP
FYE Dec 2025	5.7	−6.7%	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 ¥2.5bn

CAGR · 10 yrs +6.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	1.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.4	−4.7%	Cons. · Japanese GAAP
FYE Dec 2018	1.5	+5.8%	Cons. · Japanese GAAP
FYE Dec 2019	1.4	−5.0%	Cons. · Japanese GAAP
FYE Dec 2020	1.6	+14.7%	Cons. · Japanese GAAP
FYE Dec 2021	1.6	−1.5%	Cons. · Japanese GAAP
FYE Dec 2022	1.5	−5.1%	Cons. · Japanese GAAP
FYE Dec 2023	1.6	+4.1%	Cons. · Japanese GAAP
FYE Dec 2024	1.7	+5.4%	Cons. · Japanese GAAP
FYE Dec 2025	2.5	+51.0%	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 ¥64bn

CAGR · 10 yrs +6.4%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	36.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	32.1	−12.9%	Cons. · Japanese GAAP
FYE Dec 2018	26.6	−17.2%	Cons. · Japanese GAAP
FYE Dec 2019	27.6	+3.7%	Cons. · Japanese GAAP
FYE Dec 2020	19.7	−28.6%	Cons. · Japanese GAAP
FYE Dec 2021	21.4	+8.4%	Cons. · Japanese GAAP
FYE Dec 2022	26.1	+22.2%	Cons. · Japanese GAAP
FYE Dec 2023	45.5	+74.2%	Cons. · Japanese GAAP
FYE Dec 2024	56.3	+23.7%	Cons. · Japanese GAAP
FYE Dec 2025	64.3	+14.2%	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 ¥1.5bn

CAGR · 10 yrs +7.3%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	0.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.7	+1506.6%	Cons. · Japanese GAAP
FYE Dec 2018	0.4	−96.6%	Cons. · Japanese GAAP
FYE Dec 2019	0.1	−67.1%	Cons. · Japanese GAAP
FYE Dec 2020	0.3	+93.6%	Cons. · Japanese GAAP
FYE Dec 2021	2.4	+790.1%	Cons. · Japanese GAAP
FYE Dec 2022	0.9	−63.0%	Cons. · Japanese GAAP
FYE Dec 2023	3.4	+277.3%	Cons. · Japanese GAAP
FYE Dec 2024	2.4	−29.2%	Cons. · Japanese GAAP
FYE Dec 2025	1.5	−37.9%	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 ¥41bn

CAGR · 10 yrs +9.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	18.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	25.1	+38.1%	Cons. · Japanese GAAP
FYE Dec 2018	13.5	−46.1%	Cons. · Japanese GAAP
FYE Dec 2019	13.9	+2.4%	Cons. · Japanese GAAP
FYE Dec 2020	7.0	−49.8%	Cons. · Japanese GAAP
FYE Dec 2021	10.4	+49.2%	Cons. · Japanese GAAP
FYE Dec 2022	12.4	+19.2%	Cons. · Japanese GAAP
FYE Dec 2023	30.2	+143.9%	Cons. · Japanese GAAP
FYE Dec 2024	36.0	+19.4%	Cons. · Japanese GAAP
FYE Dec 2025	40.9	+13.5%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 32.7%

Average · 10 yrs 34.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	36.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	36.1	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2018	35.6	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2019	35.3	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2020	34.8	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2021	34.9	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2022	31.9	−3.0pp	Cons. · Japanese GAAP
FYE Dec 2023	32.2	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2024	32.6	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2025	32.7	+0.1pp	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 4.7%

Average · 10 yrs 2.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	3.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.9	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2018	2.3	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2019	2.3	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2020	1.7	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2021	1.7	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2022	2.0	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	3.6	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2024	4.2	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2025	4.7	+0.5pp	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 4.9%

Average · 10 yrs 3.1%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	3.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.1	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2018	2.5	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2019	2.6	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2020	1.9	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	2.0	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2022	2.4	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2023	3.9	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2024	4.5	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2025	4.9	+0.4pp	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 3.1%

Average · 10 yrs 1.8%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	1.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.4	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2018	1.3	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2019	1.3	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2020	0.7	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2021	1.0	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2022	1.1	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	2.6	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2024	2.9	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2025	3.1	+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 Dec 2025 67.3%

Average · 10 yrs 65.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	63.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	63.9	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2018	64.4	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2019	64.7	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2020	65.2	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2021	65.1	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2022	68.1	+3.0pp	Cons. · Japanese GAAP
FYE Dec 2023	67.8	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2024	67.4	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2025	67.3	−0.1pp	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 28.0%

Average · 10 yrs 31.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	33.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	33.3	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	33.3	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2019	33.0	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	33.1	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2021	33.2	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2022	29.9	−3.3pp	Cons. · Japanese GAAP
FYE Dec 2023	28.7	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2024	28.4	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2025	28.0	−0.4pp	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 ¥932bn

CAGR · 10 yrs +3.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	704	n/a	Cons. · Japanese GAAP
FYE Dec 2017	747	+6.2%	Cons. · Japanese GAAP
FYE Dec 2018	729	−2.5%	Cons. · Japanese GAAP
FYE Dec 2019	728	−0.1%	Cons. · Japanese GAAP
FYE Dec 2020	714	−1.9%	Cons. · Japanese GAAP
FYE Dec 2021	757	+6.0%	Cons. · Japanese GAAP
FYE Dec 2022	758	+0.1%	Cons. · Japanese GAAP
FYE Dec 2023	802	+5.8%	Cons. · Japanese GAAP
FYE Dec 2024	865	+7.9%	Cons. · Japanese GAAP
FYE Dec 2025	932	+7.7%	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 ¥460bn

CAGR · 10 yrs +5.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	279	n/a	Cons. · Japanese GAAP
FYE Dec 2017	316	+13.4%	Cons. · Japanese GAAP
FYE Dec 2018	313	−1.0%	Cons. · Japanese GAAP
FYE Dec 2019	327	+4.6%	Cons. · Japanese GAAP
FYE Dec 2020	330	+1.0%	Cons. · Japanese GAAP
FYE Dec 2021	343	+3.7%	Cons. · Japanese GAAP
FYE Dec 2022	364	+6.2%	Cons. · Japanese GAAP
FYE Dec 2023	400	+10.0%	Cons. · Japanese GAAP
FYE Dec 2024	412	+3.0%	Cons. · Japanese GAAP
FYE Dec 2025	460	+11.6%	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 ¥95bn

CAGR · 10 yrs +1.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	85.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	95.4	+11.6%	Cons. · Japanese GAAP
FYE Dec 2018	83.9	−12.1%	Cons. · Japanese GAAP
FYE Dec 2019	72.2	−14.0%	Cons. · Japanese GAAP
FYE Dec 2020	67.3	−6.8%	Cons. · Japanese GAAP
FYE Dec 2021	90.1	+33.8%	Cons. · Japanese GAAP
FYE Dec 2022	78.6	−12.8%	Cons. · Japanese GAAP
FYE Dec 2023	72.3	−8.0%	Cons. · Japanese GAAP
FYE Dec 2024	92.7	+28.2%	Cons. · Japanese GAAP
FYE Dec 2025	95.4	+3.0%	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 ¥56bn

CAGR · 10 yrs −0.6%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	59.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	54.6	−8.1%	Cons. · Japanese GAAP
FYE Dec 2018	54.2	−0.6%	Cons. · Japanese GAAP
FYE Dec 2019	49.3	−9.1%	Cons. · Japanese GAAP
FYE Dec 2020	50.7	+2.9%	Cons. · Japanese GAAP
FYE Dec 2021	60.9	+20.1%	Cons. · Japanese GAAP
FYE Dec 2022	55.8	−8.4%	Cons. · Japanese GAAP
FYE Dec 2023	55.6	−0.3%	Cons. · Japanese GAAP
FYE Dec 2024	60.3	+8.4%	Cons. · Japanese GAAP
FYE Dec 2025	56.1	−6.9%	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 ¥39bn

CAGR · 10 yrs +4.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	26.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	40.8	+56.3%	Cons. · Japanese GAAP
FYE Dec 2018	29.7	−27.3%	Cons. · Japanese GAAP
FYE Dec 2019	22.9	−22.8%	Cons. · Japanese GAAP
FYE Dec 2020	16.6	−27.5%	Cons. · Japanese GAAP
FYE Dec 2021	29.2	+75.7%	Cons. · Japanese GAAP
FYE Dec 2022	22.8	−21.9%	Cons. · Japanese GAAP
FYE Dec 2023	16.7	−26.7%	Cons. · Japanese GAAP
FYE Dec 2024	32.4	+94.0%	Cons. · Japanese GAAP
FYE Dec 2025	39.3	+21.4%	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 ¥18bn

CAGR · 10 yrs −2.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	21.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	19.6	−9.7%	Cons. · Japanese GAAP
FYE Dec 2018	17.7	−9.6%	Cons. · Japanese GAAP
FYE Dec 2019	22.4	+26.9%	Cons. · Japanese GAAP
FYE Dec 2020	21.5	−4.2%	Cons. · Japanese GAAP
FYE Dec 2021	22.3	+3.6%	Cons. · Japanese GAAP
FYE Dec 2022	23.4	+5.0%	Cons. · Japanese GAAP
FYE Dec 2023	21.4	−8.3%	Cons. · Japanese GAAP
FYE Dec 2024	19.2	−10.4%	Cons. · Japanese GAAP
FYE Dec 2025	18.1	−5.7%	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 ¥5.7bn

CAGR · 10 yrs −8.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	12.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.9	−12.5%	Cons. · Japanese GAAP
FYE Dec 2018	9.7	−11.2%	Cons. · Japanese GAAP
FYE Dec 2019	13.7	+41.2%	Cons. · Japanese GAAP
FYE Dec 2020	12.0	−11.9%	Cons. · Japanese GAAP
FYE Dec 2021	10.8	−10.5%	Cons. · Japanese GAAP
FYE Dec 2022	10.5	−2.3%	Cons. · Japanese GAAP
FYE Dec 2023	9.1	−13.9%	Cons. · Japanese GAAP
FYE Dec 2024	7.2	−20.8%	Cons. · Japanese GAAP
FYE Dec 2025	5.7	−20.2%	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 49.3%

Average · 10 yrs 45.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	39.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	42.3	+2.7pp	Cons. · Japanese GAAP
FYE Dec 2018	42.9	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2019	44.9	+2.0pp	Cons. · Japanese GAAP
FYE Dec 2020	46.3	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2021	45.2	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2022	48.0	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2023	49.9	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2024	47.6	−2.2pp	Cons. · Japanese GAAP
FYE Dec 2025	49.3	+1.7pp	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 20.8%

Average · 10 yrs 23.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	30.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	30.2	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2018	26.8	−3.4pp	Cons. · Japanese GAAP
FYE Dec 2019	22.1	−4.7pp	Cons. · Japanese GAAP
FYE Dec 2020	20.4	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2021	26.3	+5.9pp	Cons. · Japanese GAAP
FYE Dec 2022	21.6	−4.7pp	Cons. · Japanese GAAP
FYE Dec 2023	18.1	−3.5pp	Cons. · Japanese GAAP
FYE Dec 2024	22.5	+4.4pp	Cons. · Japanese GAAP
FYE Dec 2025	20.8	−1.7pp	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 8.9%

Average · 10 yrs 5.7%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	6.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.9	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2018	4.3	−3.6pp	Cons. · Japanese GAAP
FYE Dec 2019	4.2	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2020	2.1	−2.1pp	Cons. · Japanese GAAP
FYE Dec 2021	3.0	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2022	3.4	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2023	7.5	+4.1pp	Cons. · Japanese GAAP
FYE Dec 2024	8.7	+1.2pp	Cons. · Japanese GAAP
FYE Dec 2025	8.9	+0.2pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 4.4%

Average · 10 yrs 2.6%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	2.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.4	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2018	1.9	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2019	1.9	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2020	1.0	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2021	1.4	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2022	1.6	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	3.8	+2.1pp	Cons. · Japanese GAAP
FYE Dec 2024	4.2	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2025	4.4	+0.2pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 1.41×

CAGR · 10 yrs −0.6%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	1.48	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.41	−4.8%	Cons. · Japanese GAAP
FYE Dec 2018	1.45	+3.1%	Cons. · Japanese GAAP
FYE Dec 2019	1.46	+0.3%	Cons. · Japanese GAAP
FYE Dec 2020	1.42	−2.5%	Cons. · Japanese GAAP
FYE Dec 2021	1.39	−2.1%	Cons. · Japanese GAAP
FYE Dec 2022	1.42	+2.2%	Cons. · Japanese GAAP
FYE Dec 2023	1.47	+3.2%	Cons. · Japanese GAAP
FYE Dec 2024	1.44	−1.9%	Cons. · Japanese GAAP
FYE Dec 2025	1.41	−2.2%	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 ¥79bn

CAGR · 10 yrs +2.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	62.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	56.7	−9.7%	Cons. · Japanese GAAP
FYE Dec 2018	49.9	−11.9%	Cons. · Japanese GAAP
FYE Dec 2019	57.9	+15.9%	Cons. · Japanese GAAP
FYE Dec 2020	47.2	−18.5%	Cons. · Japanese GAAP
FYE Dec 2021	57.1	+21.0%	Cons. · Japanese GAAP
FYE Dec 2022	52.8	−7.5%	Cons. · Japanese GAAP
FYE Dec 2023	73.7	+39.6%	Cons. · Japanese GAAP
FYE Dec 2024	74.0	+0.4%	Cons. · Japanese GAAP
FYE Dec 2025	78.9	+6.6%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Dec 2025 -¥56bn

Average · 10 yrs -¥43bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-42.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-34.0	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-49.0	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-42.2	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-38.6	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-37.8	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-42.0	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-45.7	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-43.5	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-55.9	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 -¥14bn

Average · 10 yrs -¥15bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-24.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-23.7	−1206.8%	Cons. · Japanese GAAP
FYE Dec 2019	-18.5	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-11.6	n/a	Cons. · Japanese GAAP
FYE Dec 2021	2.1	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-26.7	−1389.6%	Cons. · Japanese GAAP
FYE Dec 2023	-18.8	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-15.0	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-14.1	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 ¥155bn

CAGR · 10 yrs +4.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	104	n/a	Cons. · Japanese GAAP
FYE Dec 2017	129	+23.9%	Cons. · Japanese GAAP
FYE Dec 2018	106	−17.7%	Cons. · Japanese GAAP
FYE Dec 2019	106	−0.5%	Cons. · Japanese GAAP
FYE Dec 2020	103	−2.9%	Cons. · Japanese GAAP
FYE Dec 2021	133	+29.8%	Cons. · Japanese GAAP
FYE Dec 2022	120	−10.4%	Cons. · Japanese GAAP
FYE Dec 2023	130	+8.4%	Cons. · Japanese GAAP
FYE Dec 2024	146	+12.6%	Cons. · Japanese GAAP
FYE Dec 2025	155	+6.5%	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 ¥23bn

CAGR · 10 yrs +1.6%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	20.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	22.7	+13.6%	Cons. · Japanese GAAP
FYE Dec 2018	0.9	−95.8%	Cons. · Japanese GAAP
FYE Dec 2019	15.7	+1567.4%	Cons. · Japanese GAAP
FYE Dec 2020	8.5	−45.7%	Cons. · Japanese GAAP
FYE Dec 2021	19.3	+125.9%	Cons. · Japanese GAAP
FYE Dec 2022	10.8	−44.0%	Cons. · Japanese GAAP
FYE Dec 2023	28.0	+159.8%	Cons. · Japanese GAAP
FYE Dec 2024	30.5	+8.7%	Cons. · Japanese GAAP
FYE Dec 2025	23.0	−24.5%	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 Dec 2025 6.0%

Average · 10 yrs 5.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	6.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.4	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2018	4.7	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2019	5.5	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2020	4.6	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2021	5.4	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2022	4.9	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2023	6.3	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2024	5.9	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2025	6.0	+0.1pp	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 ¥60bn

CAGR · 10 yrs +13.7%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	18.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	33.9	+79.7%	Cons. · Japanese GAAP
FYE Dec 2018	22.5	−33.5%	Cons. · Japanese GAAP
FYE Dec 2019	33.7	+49.7%	Cons. · Japanese GAAP
FYE Dec 2020	35.5	+5.4%	Cons. · Japanese GAAP
FYE Dec 2021	43.4	+22.2%	Cons. · Japanese GAAP
FYE Dec 2022	41.0	−5.6%	Cons. · Japanese GAAP
FYE Dec 2023	57.3	+39.8%	Cons. · Japanese GAAP
FYE Dec 2024	53.3	−7.0%	Cons. · Japanese GAAP
FYE Dec 2025	60.0	+12.6%	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 Dec 2025 ¥725bn

Change · 10 yrs +¥228bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	497	n/a
FYE Dec 2017	484	n/a
FYE Dec 2018	508	n/a
FYE Dec 2019	429	n/a
FYE Dec 2020	380	n/a
FYE Dec 2021	337	n/a
FYE Dec 2022	347	n/a
FYE Dec 2023	708	n/a
FYE Dec 2024	648	n/a
FYE Dec 2025	725	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 3,292¥

Change · 10 yrs +1,034¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	2,258	n/a
FYE Dec 2017	2,197	n/a
FYE Dec 2018	2,306	n/a
FYE Dec 2019	1,949	n/a
FYE Dec 2020	1,724	n/a
FYE Dec 2021	1,528	n/a
FYE Dec 2022	1,574	n/a
FYE Dec 2023	3,216	n/a
FYE Dec 2024	2,943	n/a
FYE Dec 2025	3,292	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 220,282,860shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	220,282,860	Parent
FYE Dec 2017	220,282,860	Parent
FYE Dec 2018	220,282,860	Parent
FYE Dec 2019	220,282,860	Parent
FYE Dec 2020	220,282,860	Parent
FYE Dec 2021	220,282,860	Parent
FYE Dec 2022	220,282,860	Parent
FYE Dec 2023	220,282,860	Parent
FYE Dec 2024	220,282,860	Parent
FYE Dec 2025	220,282,860	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 206.78¥

Change · 10 yrs +123.96¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	82.82	Cons.
FYE Dec 2017	114.41	Cons.
FYE Dec 2018	62.17	Cons.
FYE Dec 2019	63.75	Cons.
FYE Dec 2020	32.00	Cons.
FYE Dec 2021	48.60	Cons.
FYE Dec 2022	59.10	Cons.
FYE Dec 2023	146.19	Cons.
FYE Dec 2024	178.58	Cons.
FYE Dec 2025	206.78	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 2,087.68¥

Change · 10 yrs +822.14¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,265.54	Cons. · Japanese GAAP
FYE Dec 2017	1,435.25	Cons. · Japanese GAAP
FYE Dec 2018	1,420.82	Cons. · Japanese GAAP
FYE Dec 2019	1,485.61	Cons. · Japanese GAAP
FYE Dec 2020	1,500.28	Cons. · Japanese GAAP
FYE Dec 2021	1,555.16	Cons. · Japanese GAAP
FYE Dec 2022	1,651.24	Cons. · Japanese GAAP
FYE Dec 2023	1,816.47	Cons. · Japanese GAAP
FYE Dec 2024	1,871.00	Cons. · Japanese GAAP
FYE Dec 2025	2,087.68	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 15.92×

Average · 10 yrs 28.05×

Fiscal year	PER ×	Basis
FYE Dec 2016	27.26	Cons.
FYE Dec 2017	19.20	Cons.
FYE Dec 2018	37.09	Cons.
FYE Dec 2019	30.57	Cons.
FYE Dec 2020	53.87	Cons.
FYE Dec 2021	31.44	Cons.
FYE Dec 2022	26.63	Cons.
FYE Dec 2023	22.00	Cons.
FYE Dec 2024	16.48	Cons.
FYE Dec 2025	15.92	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 1.41×

Average · 10 yrs 1.37×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.78	Cons.
FYE Dec 2017	1.52	Cons.
FYE Dec 2018	1.60	Cons.
FYE Dec 2019	1.29	Cons.
FYE Dec 2020	1.13	Cons.
FYE Dec 2021	0.95	Cons.
FYE Dec 2022	0.90	Cons.
FYE Dec 2023	1.66	Cons.
FYE Dec 2024	1.42	Cons.
FYE Dec 2025	1.41	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 33,545people

Change · 10 yrs +6,365 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	27,180	n/a	Cons.
FYE Dec 2017	27,836	+2.4%	Cons.
FYE Dec 2018	28,363	+1.9%	Cons.
FYE Dec 2019	28,724	+1.3%	Cons.
FYE Dec 2020	29,243	+1.8%	Cons.
FYE Dec 2021	32,527	+11.2%	Cons.
FYE Dec 2022	32,210	−1.0%	Cons.
FYE Dec 2023	32,725	+1.6%	Cons.
FYE Dec 2024	33,393	+2.0%	Cons.
FYE Dec 2025	33,545	+0.5%	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 19,175people

Change · 10 yrs +547 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	18,628	n/a	Parent
FYE Dec 2017	19,109	+2.6%	Parent
FYE Dec 2018	19,478	+1.9%	Parent
FYE Dec 2019	19,490	+0.1%	Parent
FYE Dec 2020	19,832	+1.8%	Parent
FYE Dec 2021	19,985	+0.8%	Parent
FYE Dec 2022	19,750	−1.2%	Parent
FYE Dec 2023	19,446	−1.5%	Parent
FYE Dec 2024	19,291	−0.8%	Parent
FYE Dec 2025	19,175	−0.6%	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 627万円

Change · 7 yrs +68万円

Fiscal year	Average annual pay 万円	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	559	n/a	Parent
FYE Dec 2020	558	−0.3%	Parent
FYE Dec 2021	558	+0.1%	Parent
FYE Dec 2022	560	+0.3%	Parent
FYE Dec 2023	578	+3.3%	Parent
FYE Dec 2024	601	+3.9%	Parent
FYE Dec 2025	627	+4.2%	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 39.6years

Change · 7 yrs +1.4 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	38.2	n/a	Parent
FYE Dec 2020	38.2	−0.0%	Parent
FYE Dec 2021	38.3	+0.3%	Parent
FYE Dec 2022	38.6	+0.8%	Parent
FYE Dec 2023	39.0	+1.0%	Parent
FYE Dec 2024	39.3	+0.8%	Parent
FYE Dec 2025	39.6	+0.8%	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 15.3years

Change · 7 yrs −0.1 years

Fiscal year	Average length of service 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	15.4	n/a	Parent
FYE Dec 2020	15.2	−1.3%	Parent
FYE Dec 2021	15.1	−0.7%	Parent
FYE Dec 2022	15.2	+0.7%	Parent
FYE Dec 2023	15.3	+0.7%	Parent
FYE Dec 2024	15.3	−0.0%	Parent
FYE Dec 2025	15.3	−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 21,237people

Change · 10 yrs −1,969 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	23,206	n/a	n/a
FYE Dec 2017	22,234	−4.2%	n/a
FYE Dec 2018	21,275	−4.3%	n/a
FYE Dec 2019	20,086	−5.6%	n/a
FYE Dec 2020	20,302	+1.1%	n/a
FYE Dec 2021	20,011	−1.4%	n/a
FYE Dec 2022	19,262	−3.7%	n/a
FYE Dec 2023	20,186	+4.8%	n/a
FYE Dec 2024	20,992	+4.0%	n/a
FYE Dec 2025	21,237	+1.2%	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 Dec 2025 ¥39.1m

Change · 10 yrs +¥0.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	38.3	n/a	Cons.
FYE Dec 2017	37.8	−1.3%	Cons.
FYE Dec 2018	37.4	−1.3%	Cons.
FYE Dec 2019	36.9	−1.1%	Cons.
FYE Dec 2020	34.7	−6.1%	Cons.
FYE Dec 2021	32.4	−6.7%	Cons.
FYE Dec 2022	33.4	+3.3%	Cons.
FYE Dec 2023	35.9	+7.4%	Cons.
FYE Dec 2024	37.3	+3.7%	Cons.
FYE Dec 2025	39.1	+4.9%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥1.8m

Change · 10 yrs +¥0.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	1.3	n/a	Cons.
FYE Dec 2017	1.1	−16.5%	Cons.
FYE Dec 2018	0.9	−20.6%	Cons.
FYE Dec 2019	0.9	+0.7%	Cons.
FYE Dec 2020	0.6	−31.0%	Cons.
FYE Dec 2021	0.6	−5.3%	Cons.
FYE Dec 2022	0.7	+21.2%	Cons.
FYE Dec 2023	1.3	+87.5%	Cons.
FYE Dec 2024	1.6	+21.1%	Cons.
FYE Dec 2025	1.8	+17.3%	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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