Financials

Yakult Honsha: FYE Mar 2026 and ten years of results (48 metrics)

FYE Mar 2026 · Revenue¥486bnYoY −2.7%

FYE Mar 2026 · Operating profit¥45bnYoY −18.4%

FYE Mar 2026 · Net profit¥44bnYoY −2.9%

FYE Mar 2026 · Equity ratio66.4%YoY +0.0pp

FYE Mar 2026 · Group employees29,618YoY +364

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥378bn	n/a	¥37bn	n/a	9.9%	¥30bn	Negishi Takanari	New central research institute opens
FYE Mar 2018Consolidated	¥402bn	+6.1%	¥43bn	+16.6%	10.8%	¥34bn	Negishi Takanari	—
FYE Mar 2019Consolidated	¥407bn	+1.4%	¥46bn	+5.5%	11.3%	¥35bn	Negishi Takanari	—
FYE Mar 2020Consolidated	¥406bn	−0.2%	¥46bn	−0.4%	11.2%	¥40bn	Negishi Takanari	—
FYE Mar 2021Consolidated	¥386bn	−5.0%	¥44bn	−4.3%	11.3%	¥39bn	Negishi Takanari	—
FYE Mar 2022Consolidated	¥415bn	+7.6%	¥53bn	+21.8%	12.8%	¥45bn	Negishi Takanari	<a class="en-history_person" href="/tse/2267/executives/ceo/narita-yutaka/" hreflang="ja">Narita Yutaka</a> becomes president
FYE Mar 2023Consolidated	¥483bn	+16.4%	¥66bn	+24.2%	13.7%	¥51bn	Narita Yutaka	—
FYE Mar 2024Consolidated	¥503bn	+4.1%	¥63bn	−4.0%	12.6%	¥51bn	Narita Yutaka	Record revenue at the peak of the Yakult 1000 boom
FYE Mar 2025Consolidated	¥500bn	−0.7%	¥55bn	−12.6%	11.1%	¥46bn	Narita Yutaka	—
FYE Mar 2026Consolidated	¥486bn	−2.7%	¥45bn	−18.4%	9.3%	¥44bn	Narita Yutaka	—

How it compares

Suntory Beverage & Food¥1.72tnFY2025Operating margin 8.7%

Coca-Cola Bottlers Japan Holdings Inc.¥894bnFY2025Operating margin −8.1%

ITO EN¥498bnFY2026Operating margin 4.4%

Yakult Honsha¥486bnFY2025Operating margin 9.3%

Daidogurupuhorudingusu¥241bnFY2025Operating margin 1.7%

CALPISDelisted 2007

Puremiamuwotahorudingusu¥77bnFY2024Operating margin 14.9%

Hokkaidoukokakorabotoringu¥59bnFY2025Operating margin 4.4%

Raifudorinkukanpani¥45bnFY2024Operating margin 10.6%

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 Mar 2026 ¥486bn

CAGR · 10 yrs +2.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	378	n/a	Cons. · Japanese GAAP
FYE Mar 2018	402	+6.1%	Cons. · Japanese GAAP
FYE Mar 2019	407	+1.4%	Cons. · Japanese GAAP
FYE Mar 2020	406	−0.2%	Cons. · Japanese GAAP
FYE Mar 2021	386	−5.0%	Cons. · Japanese GAAP
FYE Mar 2022	415	+7.6%	Cons. · Japanese GAAP
FYE Mar 2023	483	+16.4%	Cons. · Japanese GAAP
FYE Mar 2024	503	+4.1%	Cons. · Japanese GAAP
FYE Mar 2025	500	−0.7%	Cons. · Japanese GAAP
FYE Mar 2026	486	−2.7%	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 ¥200bn

CAGR · 10 yrs +2.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	164	n/a	Cons. · Japanese GAAP
FYE Mar 2018	172	+4.7%	Cons. · Japanese GAAP
FYE Mar 2019	171	−0.3%	Cons. · Japanese GAAP
FYE Mar 2020	171	+0.2%	Cons. · Japanese GAAP
FYE Mar 2021	159	−7.3%	Cons. · Japanese GAAP
FYE Mar 2022	167	+4.9%	Cons. · Japanese GAAP
FYE Mar 2023	195	+16.7%	Cons. · Japanese GAAP
FYE Mar 2024	203	+4.4%	Cons. · Japanese GAAP
FYE Mar 2025	204	+0.5%	Cons. · Japanese GAAP
FYE Mar 2026	200	−1.9%	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 ¥286bn

CAGR · 10 yrs +3.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	214	n/a	Cons. · Japanese GAAP
FYE Mar 2018	230	+7.3%	Cons. · Japanese GAAP
FYE Mar 2019	236	+2.6%	Cons. · Japanese GAAP
FYE Mar 2020	235	−0.5%	Cons. · Japanese GAAP
FYE Mar 2021	227	−3.3%	Cons. · Japanese GAAP
FYE Mar 2022	248	+9.5%	Cons. · Japanese GAAP
FYE Mar 2023	288	+16.1%	Cons. · Japanese GAAP
FYE Mar 2024	300	+4.0%	Cons. · Japanese GAAP
FYE Mar 2025	296	−1.5%	Cons. · Japanese GAAP
FYE Mar 2026	286	−3.1%	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 ¥241bn

CAGR · 10 yrs +3.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	177	n/a	Cons. · Japanese GAAP
FYE Mar 2018	186	+5.3%	Cons. · Japanese GAAP
FYE Mar 2019	190	+1.9%	Cons. · Japanese GAAP
FYE Mar 2020	189	−0.6%	Cons. · Japanese GAAP
FYE Mar 2021	183	−3.1%	Cons. · Japanese GAAP
FYE Mar 2022	195	+6.6%	Cons. · Japanese GAAP
FYE Mar 2023	222	+13.9%	Cons. · Japanese GAAP
FYE Mar 2024	237	+6.3%	Cons. · Japanese GAAP
FYE Mar 2025	240	+1.5%	Cons. · Japanese GAAP
FYE Mar 2026	241	+0.4%	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 Mar 2026 ¥45bn

CAGR · 10 yrs +2.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	37.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	43.5	+16.6%	Cons. · Japanese GAAP
FYE Mar 2019	45.8	+5.5%	Cons. · Japanese GAAP
FYE Mar 2020	45.7	−0.4%	Cons. · Japanese GAAP
FYE Mar 2021	43.7	−4.3%	Cons. · Japanese GAAP
FYE Mar 2022	53.2	+21.8%	Cons. · Japanese GAAP
FYE Mar 2023	66.1	+24.2%	Cons. · Japanese GAAP
FYE Mar 2024	63.4	−4.0%	Cons. · Japanese GAAP
FYE Mar 2025	55.4	−12.6%	Cons. · Japanese GAAP
FYE Mar 2026	45.2	−18.4%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥20bn

CAGR · 10 yrs +4.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	13.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.8	−11.2%	Cons. · Japanese GAAP
FYE Mar 2019	12.9	+9.1%	Cons. · Japanese GAAP
FYE Mar 2020	14.8	+14.7%	Cons. · Japanese GAAP
FYE Mar 2021	15.4	+4.1%	Cons. · Japanese GAAP
FYE Mar 2022	16.8	+9.0%	Cons. · Japanese GAAP
FYE Mar 2023	14.3	−15.0%	Cons. · Japanese GAAP
FYE Mar 2024	18.4	+29.5%	Cons. · Japanese GAAP
FYE Mar 2025	23.3	+26.5%	Cons. · Japanese GAAP
FYE Mar 2026	20.5	−12.3%	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 ¥4.6bn

CAGR · 10 yrs +15.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.2	+82.8%	Cons. · Japanese GAAP
FYE Mar 2019	1.6	−27.6%	Cons. · Japanese GAAP
FYE Mar 2020	2.0	+22.9%	Cons. · Japanese GAAP
FYE Mar 2021	1.5	−24.9%	Cons. · Japanese GAAP
FYE Mar 2022	1.4	−4.1%	Cons. · Japanese GAAP
FYE Mar 2023	2.3	+65.3%	Cons. · Japanese GAAP
FYE Mar 2024	2.5	+8.5%	Cons. · Japanese GAAP
FYE Mar 2025	2.9	+12.8%	Cons. · Japanese GAAP
FYE Mar 2026	4.6	+59.4%	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 ¥61bn

CAGR · 10 yrs +2.4%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	49.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	53.1	+7.5%	Cons. · Japanese GAAP
FYE Mar 2019	57.1	+7.7%	Cons. · Japanese GAAP
FYE Mar 2020	58.5	+2.4%	Cons. · Japanese GAAP
FYE Mar 2021	57.6	−1.5%	Cons. · Japanese GAAP
FYE Mar 2022	68.5	+19.0%	Cons. · Japanese GAAP
FYE Mar 2023	78.0	+13.7%	Cons. · Japanese GAAP
FYE Mar 2024	79.3	+1.7%	Cons. · Japanese GAAP
FYE Mar 2025	75.9	−4.3%	Cons. · Japanese GAAP
FYE Mar 2026	61.1	−19.5%	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 ¥10bn

CAGR · 10 yrs +48.5%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.8	+180.6%	Cons. · Japanese GAAP
FYE Mar 2019	3.4	+316.8%	Cons. · Japanese GAAP
FYE Mar 2020	2.7	−21.1%	Cons. · Japanese GAAP
FYE Mar 2021	4.5	+66.5%	Cons. · Japanese GAAP
FYE Mar 2022	4.3	−5.3%	Cons. · Japanese GAAP
FYE Mar 2023	4.2	−0.7%	Cons. · Japanese GAAP
FYE Mar 2024	3.3	−22.1%	Cons. · Japanese GAAP
FYE Mar 2025	6.5	+95.2%	Cons. · Japanese GAAP
FYE Mar 2026	10.3	+60.2%	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 ¥44bn

CAGR · 10 yrs +4.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	30.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.1	+13.0%	Cons. · Japanese GAAP
FYE Mar 2019	34.9	+2.6%	Cons. · Japanese GAAP
FYE Mar 2020	39.7	+13.7%	Cons. · Japanese GAAP
FYE Mar 2021	39.3	−1.2%	Cons. · Japanese GAAP
FYE Mar 2022	44.9	+14.4%	Cons. · Japanese GAAP
FYE Mar 2023	50.6	+12.7%	Cons. · Japanese GAAP
FYE Mar 2024	51.0	+0.7%	Cons. · Japanese GAAP
FYE Mar 2025	45.5	−10.7%	Cons. · Japanese GAAP
FYE Mar 2026	44.2	−2.9%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 58.8%

Average · 10 yrs 58.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	56.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	57.3	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	58.0	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	57.8	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	58.8	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	59.8	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	59.7	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	59.6	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	59.1	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	58.8	−0.3pp	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 9.3%

Average · 10 yrs 11.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	9.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.8	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	11.3	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	11.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	11.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	12.8	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	13.7	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2024	12.6	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2025	11.1	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	9.3	−1.8pp	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 12.6%

Average · 10 yrs 14.6%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	13.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.2	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	14.0	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	14.4	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	14.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	16.5	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2023	16.1	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	15.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2025	15.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	12.6	−2.6pp	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 9.1%

Average · 10 yrs 9.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.5	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	8.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	9.8	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	10.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2022	10.8	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2023	10.5	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	10.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	9.1	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2026	9.1	−0.0pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 41.2%

Average · 10 yrs 41.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	43.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	42.7	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	42.0	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	42.2	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	41.2	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	40.2	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	40.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	40.4	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	40.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	41.2	+0.3pp	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 49.6%

Average · 10 yrs 47.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	46.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	46.4	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	46.7	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	46.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	47.5	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	47.0	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	46.0	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2024	47.0	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2025	48.1	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2026	49.6	+1.5pp	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 ¥913bn

CAGR · 10 yrs +5.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	586	n/a	Cons. · Japanese GAAP
FYE Mar 2018	627	+7.0%	Cons. · Japanese GAAP
FYE Mar 2019	619	−1.4%	Cons. · Japanese GAAP
FYE Mar 2020	628	+1.5%	Cons. · Japanese GAAP
FYE Mar 2021	635	+1.2%	Cons. · Japanese GAAP
FYE Mar 2022	673	+5.9%	Cons. · Japanese GAAP
FYE Mar 2023	749	+11.4%	Cons. · Japanese GAAP
FYE Mar 2024	833	+11.2%	Cons. · Japanese GAAP
FYE Mar 2025	864	+3.7%	Cons. · Japanese GAAP
FYE Mar 2026	913	+5.6%	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 ¥606bn

CAGR · 10 yrs +6.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	344	n/a	Cons. · Japanese GAAP
FYE Mar 2018	352	+2.5%	Cons. · Japanese GAAP
FYE Mar 2019	357	+1.4%	Cons. · Japanese GAAP
FYE Mar 2020	373	+4.5%	Cons. · Japanese GAAP
FYE Mar 2021	405	+8.5%	Cons. · Japanese GAAP
FYE Mar 2022	446	+10.2%	Cons. · Japanese GAAP
FYE Mar 2023	499	+11.8%	Cons. · Japanese GAAP
FYE Mar 2024	549	+10.2%	Cons. · Japanese GAAP
FYE Mar 2025	574	+4.5%	Cons. · Japanese GAAP
FYE Mar 2026	606	+5.6%	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 Mar 2026 ¥100bn

CAGR · 10 yrs +0.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	98.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	83.5	−15.2%	Cons. · Japanese GAAP
FYE Mar 2019	111	+32.8%	Cons. · Japanese GAAP
FYE Mar 2020	98.0	−11.7%	Cons. · Japanese GAAP
FYE Mar 2021	81.1	−17.2%	Cons. · Japanese GAAP
FYE Mar 2022	65.1	−19.7%	Cons. · Japanese GAAP
FYE Mar 2023	17.8	−72.7%	Cons. · Japanese GAAP
FYE Mar 2024	72.2	+306.2%	Cons. · Japanese GAAP
FYE Mar 2025	86.8	+20.2%	Cons. · Japanese GAAP
FYE Mar 2026	100	+15.7%	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 ¥49bn

CAGR · 10 yrs +2.0%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	41.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.6	+1.4%	Cons. · Japanese GAAP
FYE Mar 2019	34.6	−16.9%	Cons. · Japanese GAAP
FYE Mar 2020	27.3	−21.2%	Cons. · Japanese GAAP
FYE Mar 2021	15.4	−43.6%	Cons. · Japanese GAAP
FYE Mar 2022	4.8	−68.6%	Cons. · Japanese GAAP
FYE Mar 2023	3.2	−33.5%	Cons. · Japanese GAAP
FYE Mar 2024	41.8	+1204.1%	Cons. · Japanese GAAP
FYE Mar 2025	62.6	+49.6%	Cons. · Japanese GAAP
FYE Mar 2026	49.2	−21.3%	Cons. · Japanese GAAP

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

Long-term borrowings

FYE Mar 2026 ¥51bn

CAGR · 10 yrs −1.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	57.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.9	−27.1%	Cons. · Japanese GAAP
FYE Mar 2019	76.3	+82.2%	Cons. · Japanese GAAP
FYE Mar 2020	70.7	−7.4%	Cons. · Japanese GAAP
FYE Mar 2021	65.7	−7.0%	Cons. · Japanese GAAP
FYE Mar 2022	60.3	−8.2%	Cons. · Japanese GAAP
FYE Mar 2023	14.6	−75.9%	Cons. · Japanese GAAP
FYE Mar 2024	30.3	+108.4%	Cons. · Japanese GAAP
FYE Mar 2025	24.2	−20.3%	Cons. · Japanese GAAP
FYE Mar 2026	51.1	+111.4%	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 Mar 2026 ¥10bn

CAGR · 10 yrs +7.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	5.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.7	+4.8%	Cons. · Japanese GAAP
FYE Mar 2019	4.8	−16.5%	Cons. · Japanese GAAP
FYE Mar 2020	4.5	−6.9%	Cons. · Japanese GAAP
FYE Mar 2021	5.4	+20.9%	Cons. · Japanese GAAP
FYE Mar 2022	5.4	+0.1%	Cons. · Japanese GAAP
FYE Mar 2023	5.6	+3.4%	Cons. · Japanese GAAP
FYE Mar 2024	6.6	+17.9%	Cons. · Japanese GAAP
FYE Mar 2025	10.3	+56.5%	Cons. · Japanese GAAP
FYE Mar 2026	10.3	+0.2%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 66.4%

Average · 10 yrs 62.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	58.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	56.2	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2019	57.8	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2020	59.5	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2021	63.8	+4.3pp	Cons. · Japanese GAAP
FYE Mar 2022	66.3	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2023	66.5	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	65.9	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	66.4	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	66.4	−0.0pp	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 16.6%

Average · 10 yrs 19.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	28.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.7	−5.0pp	Cons. · Japanese GAAP
FYE Mar 2019	31.1	+7.3pp	Cons. · Japanese GAAP
FYE Mar 2020	26.2	−4.8pp	Cons. · Japanese GAAP
FYE Mar 2021	20.0	−6.2pp	Cons. · Japanese GAAP
FYE Mar 2022	14.6	−5.4pp	Cons. · Japanese GAAP
FYE Mar 2023	3.6	−11.0pp	Cons. · Japanese GAAP
FYE Mar 2024	13.1	+9.6pp	Cons. · Japanese GAAP
FYE Mar 2025	15.1	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2026	16.6	+1.4pp	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 7.3%

Average · 10 yrs 9.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.7	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	9.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	10.6	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	9.7	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	10.1	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	10.2	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	9.3	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2025	7.9	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2026	7.3	−0.6pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 4.8%

Average · 10 yrs 5.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.4	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	5.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	6.3	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	6.2	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	6.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	6.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	6.1	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	5.3	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2026	4.8	−0.4pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.53×

CAGR · 10 yrs −2.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.65	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.64	−0.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.66	+2.7%	Cons. · Japanese GAAP
FYE Mar 2020	0.65	−1.7%	Cons. · Japanese GAAP
FYE Mar 2021	0.61	−6.1%	Cons. · Japanese GAAP
FYE Mar 2022	0.62	+1.6%	Cons. · Japanese GAAP
FYE Mar 2023	0.64	+4.5%	Cons. · Japanese GAAP
FYE Mar 2024	0.60	−6.3%	Cons. · Japanese GAAP
FYE Mar 2025	0.58	−4.2%	Cons. · Japanese GAAP
FYE Mar 2026	0.53	−7.8%	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 ¥52bn

CAGR · 10 yrs −1.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	60.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	62.0	+3.3%	Cons. · Japanese GAAP
FYE Mar 2019	62.1	+0.2%	Cons. · Japanese GAAP
FYE Mar 2020	62.8	+1.1%	Cons. · Japanese GAAP
FYE Mar 2021	55.8	−11.1%	Cons. · Japanese GAAP
FYE Mar 2022	73.4	+31.5%	Cons. · Japanese GAAP
FYE Mar 2023	86.5	+17.9%	Cons. · Japanese GAAP
FYE Mar 2024	70.7	−18.3%	Cons. · Japanese GAAP
FYE Mar 2025	84.7	+19.8%	Cons. · Japanese GAAP
FYE Mar 2026	52.1	−38.5%	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 -¥39bn

Average · 10 yrs -¥32bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-45.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-30.3	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-37.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-16.1	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-19.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-11.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-19.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-43.9	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-61.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-39.0	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 -¥45bn

Average · 10 yrs -¥32bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-13.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-22.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-23.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-25.6	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-31.3	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-45.2	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-44.5	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-39.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-31.5	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-44.7	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 ¥165bn

CAGR · 10 yrs +6.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	95.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	106	+11.4%	Cons. · Japanese GAAP
FYE Mar 2019	103	−2.6%	Cons. · Japanese GAAP
FYE Mar 2020	125	+20.7%	Cons. · Japanese GAAP
FYE Mar 2021	123	−1.4%	Cons. · Japanese GAAP
FYE Mar 2022	151	+22.8%	Cons. · Japanese GAAP
FYE Mar 2023	190	+26.4%	Cons. · Japanese GAAP
FYE Mar 2024	198	+3.8%	Cons. · Japanese GAAP
FYE Mar 2025	193	−2.3%	Cons. · Japanese GAAP
FYE Mar 2026	165	−14.5%	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 Mar 2026 ¥13bn

CAGR · 10 yrs −1.5%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	15.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.7	+111.2%	Cons. · Japanese GAAP
FYE Mar 2019	25.1	−20.8%	Cons. · Japanese GAAP
FYE Mar 2020	46.7	+86.1%	Cons. · Japanese GAAP
FYE Mar 2021	36.2	−22.5%	Cons. · Japanese GAAP
FYE Mar 2022	61.5	+69.9%	Cons. · Japanese GAAP
FYE Mar 2023	67.5	+9.7%	Cons. · Japanese GAAP
FYE Mar 2024	26.8	−60.3%	Cons. · Japanese GAAP
FYE Mar 2025	23.7	−11.7%	Cons. · Japanese GAAP
FYE Mar 2026	13.1	−44.6%	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 10.7%

Average · 10 yrs 15.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	15.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.4	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	15.3	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	15.5	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	14.5	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	17.7	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2023	17.9	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	14.1	−3.9pp	Cons. · Japanese GAAP
FYE Mar 2025	16.9	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2026	10.7	−6.2pp	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 ¥65bn

Average · 10 yrs ¥63bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-3.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.4	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-7.8	−134.7%	Cons. · Japanese GAAP
FYE Mar 2020	26.6	n/a	Cons. · Japanese GAAP
FYE Mar 2021	41.7	+56.6%	Cons. · Japanese GAAP
FYE Mar 2022	85.6	+105.4%	Cons. · Japanese GAAP
FYE Mar 2023	173	+101.8%	Cons. · Japanese GAAP
FYE Mar 2024	125	−27.4%	Cons. · Japanese GAAP
FYE Mar 2025	106	−15.2%	Cons. · Japanese GAAP
FYE Mar 2026	64.7	−39.2%	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 ¥818bn

Change · 10 yrs −¥270bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,088	n/a
FYE Mar 2018	1,346	n/a
FYE Mar 2019	1,323	n/a
FYE Mar 2020	1,095	n/a
FYE Mar 2021	959	n/a
FYE Mar 2022	1,117	n/a
FYE Mar 2023	1,647	n/a
FYE Mar 2024	1,069	n/a
FYE Mar 2025	978	n/a
FYE Mar 2026	818	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 2,653¥

Change · 10 yrs −3,530¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	6,183	n/a
FYE Mar 2018	7,867	n/a
FYE Mar 2019	7,735	n/a
FYE Mar 2020	6,399	n/a
FYE Mar 2021	5,607	n/a
FYE Mar 2022	6,532	n/a
FYE Mar 2023	9,628	n/a
FYE Mar 2024	3,126	n/a
FYE Mar 2025	2,859	n/a
FYE Mar 2026	2,653	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 308,285,236shares

Change · 10 yrs +132,375,018 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	175,910,218	Parent
FYE Mar 2018	171,045,418	Parent
FYE Mar 2019	171,045,418	Parent
FYE Mar 2020	171,045,418	Parent
FYE Mar 2021	171,045,418	Parent
FYE Mar 2022	171,045,418	Parent
FYE Mar 2023	171,045,418	Parent
FYE Mar 2024	342,090,836	Parent
FYE Mar 2025	342,090,836	Parent
FYE Mar 2026	308,285,236	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 150.72¥

Change · 10 yrs −31.67¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	182.39	Cons.
FYE Mar 2018	207.02	Cons.
FYE Mar 2019	217.89	Cons.
FYE Mar 2020	124.02	Cons.
FYE Mar 2021	122.43	Cons.
FYE Mar 2022	140.18	Cons.
FYE Mar 2023	162.09	Cons.
FYE Mar 2024	164.52	Cons.
FYE Mar 2025	150.48	Cons.
FYE Mar 2026	150.72	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 1,966.36¥

Change · 10 yrs +13.65¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,952.71	Cons. · Japanese GAAP
FYE Mar 2018	2,058.98	Cons. · Japanese GAAP
FYE Mar 2019	2,088.76	Cons. · Japanese GAAP
FYE Mar 2020	2,182.93	Cons. · Japanese GAAP
FYE Mar 2021	2,367.51	Cons. · Japanese GAAP
FYE Mar 2022	2,607.89	Cons. · Japanese GAAP
FYE Mar 2023	2,915.36	Cons. · Japanese GAAP
FYE Mar 2024	1,605.67	Cons. · Japanese GAAP
FYE Mar 2025	1,678.30	Cons. · Japanese GAAP
FYE Mar 2026	1,966.36	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 17.60×

Average · 10 yrs 26.47×

Fiscal year	PER ×	Basis
FYE Mar 2017	33.90	Cons.
FYE Mar 2018	38.00	Cons.
FYE Mar 2019	35.50	Cons.
FYE Mar 2020	25.80	Cons.
FYE Mar 2021	22.90	Cons.
FYE Mar 2022	23.30	Cons.
FYE Mar 2023	29.70	Cons.
FYE Mar 2024	19.00	Cons.
FYE Mar 2025	19.00	Cons.
FYE Mar 2026	17.60	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 1.28×

Average · 10 yrs 2.48×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.98	Cons.
FYE Mar 2018	3.59	Cons.
FYE Mar 2019	3.47	Cons.
FYE Mar 2020	2.75	Cons.
FYE Mar 2021	2.22	Cons.
FYE Mar 2022	2.32	Cons.
FYE Mar 2023	3.01	Cons.
FYE Mar 2024	1.73	Cons.
FYE Mar 2025	1.48	Cons.
FYE Mar 2026	1.28	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 29,618people

Change · 10 yrs +4,982 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	24,636	n/a	Cons.
FYE Mar 2018	25,993	+5.5%	Cons.
FYE Mar 2019	27,279	+4.9%	Cons.
FYE Mar 2020	28,395	+4.1%	Cons.
FYE Mar 2021	28,798	+1.4%	Cons.
FYE Mar 2022	29,273	+1.6%	Cons.
FYE Mar 2023	29,880	+2.1%	Cons.
FYE Mar 2024	29,627	−0.8%	Cons.
FYE Mar 2025	29,254	−1.3%	Cons.
FYE Mar 2026	29,618	+1.2%	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 2,912people

Change · 10 yrs +52 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,860	n/a	Parent
FYE Mar 2018	2,848	−0.4%	Parent
FYE Mar 2019	2,876	+1.0%	Parent
FYE Mar 2020	2,882	+0.2%	Parent
FYE Mar 2021	2,874	−0.3%	Parent
FYE Mar 2022	2,836	−1.3%	Parent
FYE Mar 2023	2,765	−2.5%	Parent
FYE Mar 2024	2,810	+1.6%	Parent
FYE Mar 2025	2,859	+1.7%	Parent
FYE Mar 2026	2,912	+1.9%	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 855万円

Change · 8 yrs +72万円

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	783	n/a	Parent
FYE Mar 2020	780	−0.3%	Parent
FYE Mar 2021	774	−0.8%	Parent
FYE Mar 2022	791	+2.2%	Parent
FYE Mar 2023	850	+7.5%	Parent
FYE Mar 2024	907	+6.6%	Parent
FYE Mar 2025	838	−7.5%	Parent
FYE Mar 2026	855	+2.0%	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 41.7years

Change · 8 yrs −0.5 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	42.2	n/a	Parent
FYE Mar 2020	42.1	−0.2%	Parent
FYE Mar 2021	42.3	+0.5%	Parent
FYE Mar 2022	42.5	+0.5%	Parent
FYE Mar 2023	42.5	−0.0%	Parent
FYE Mar 2024	42.4	−0.2%	Parent
FYE Mar 2025	41.8	−1.4%	Parent
FYE Mar 2026	41.7	−0.2%	Parent

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

Average length of service

FYE Mar 2026 17.7years

Change · 8 yrs −0.6 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	18.3	−0.0%	Parent
FYE Mar 2022	18.6	+1.6%	Parent
FYE Mar 2023	18.7	+0.5%	Parent
FYE Mar 2024	18.3	−2.1%	Parent
FYE Mar 2025	17.9	−2.2%	Parent
FYE Mar 2026	17.7	−1.1%	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)

Revenue per employee

FYE Mar 2026 ¥16.4m

Change · 10 yrs +¥1.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	15.4	n/a	Cons.
FYE Mar 2018	15.4	+0.6%	Cons.
FYE Mar 2019	14.9	−3.4%	Cons.
FYE Mar 2020	14.3	−4.2%	Cons.
FYE Mar 2021	13.4	−6.3%	Cons.
FYE Mar 2022	14.2	+5.9%	Cons.
FYE Mar 2023	16.2	+14.0%	Cons.
FYE Mar 2024	17.0	+5.0%	Cons.
FYE Mar 2025	17.1	+0.6%	Cons.
FYE Mar 2026	16.4	−3.8%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.5m

Change · 10 yrs +¥0.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.5	n/a	Cons.
FYE Mar 2018	1.7	+10.5%	Cons.
FYE Mar 2019	1.7	+0.5%	Cons.
FYE Mar 2020	1.6	−4.3%	Cons.
FYE Mar 2021	1.5	−5.7%	Cons.
FYE Mar 2022	1.8	+19.8%	Cons.
FYE Mar 2023	2.2	+21.7%	Cons.
FYE Mar 2024	2.1	−3.2%	Cons.
FYE Mar 2025	1.9	−11.5%	Cons.
FYE Mar 2026	1.5	−19.4%	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.

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