Financials

NS Solutions: FYE Mar 2026 and ten years of results (45 metrics)

FYE Mar 2026 · Revenue¥381bnYoY +12.7%

FYE Mar 2026 · Operating profit¥44bnYoY +14.9%

FYE Mar 2026 · Net profit¥31bnYoY +14.0%

FYE Mar 2026 · Equity ratio64.6%YoY +4.6pp

FYE Mar 2026 · Group employees10,276YoY +1,629

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥232bn	n/a	¥22bn	n/a	9.3%	¥14bn	Shashiki Munetaka	—
FYE Mar 2018Consolidated	¥244bn	+5.1%	¥23bn	+5.3%	9.3%	¥14bn	Shashiki Munetaka	Becomes the sole systems contractor for the merged steel group
FYE Mar 2019Consolidated	¥255bn	+4.5%	¥25bn	+12.0%	10.0%	¥17bn	Shashiki Munetaka	—
FYE Mar 2020Consolidated	¥275bn	+7.7%	¥28bn	+11.8%	10.3%	¥19bn	Shashiki Munetaka	Renamed again as the parent becomes Nippon Steel
FYE Mar 2021Consolidated	¥252bn	−8.3%	¥25bn	−13.5%	9.7%	¥17bn	Morita Hiroyuki	—
FYE Mar 2022Consolidated	¥270bn	+7.3%	¥30bn	+21.7%	11.1%	¥20bn	Morita Hiroyuki	—
FYE Mar 2023Consolidated	¥292bn	+7.9%	¥32bn	+6.2%	10.9%	¥24bn	Morita Hiroyuki	Moves to the TSE Prime Market
FYE Mar 2024Consolidated	¥311bn	+6.5%	¥35bn	+10.3%	11.3%	¥24bn	Morita Hiroyuki	<a class="en-history_person" href="/tse/2327/executives/ceo/tamaoki-kazuhiko/" hreflang="ja">Tamaoki Kazuhiko</a> sets generative AI and in-house development support as the themes
FYE Mar 2025Consolidated	¥338bn	+8.9%	¥38bn	+10.0%	11.4%	¥27bn	Tamaoki Kazuhiko	Two acquisitions to buy in-house-development expertise
FYE Mar 2026Consolidated	¥381bn	+12.7%	¥44bn	+14.9%	11.6%	¥31bn	Tamaoki Kazuhiko	Record year; additional listings in Nagoya and Fukuoka

How it compares

NTT DATA GroupDelisted 2025

Fujitsu¥3.50tnFY2025Operating margin 9.9%

IBM Japan, Ltd.¥832bnFY2025Operating margin 5.5%

Nomura Research Institute¥815bnFY2025Operating margin 7.2%

SCSK CorporationDelisted 2026

TIS¥596bnFY2025Operating margin 12.8%BIPROGY¥434bnFY2025Operating margin 9.8%

NS Solutions¥381bnFY2025Operating margin 11.6%

FujisofutoDelisted 2025

Nihonbijinesushisutemuzu¥173bnFY2025Operating margin 4.4%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥381bn

CAGR · 10 yrs +5.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	232	n/a	Cons. · Japanese GAAP
FYE Mar 2018	244	+5.1%	Cons. · Japanese GAAP
FYE Mar 2019	255	+4.5%	Cons. · Japanese GAAP
FYE Mar 2020	275	+7.7%	Cons. · Japanese GAAP
FYE Mar 2021	252	−8.3%	Cons. · Japanese GAAP
FYE Mar 2022	270	+7.3%	Cons. · Japanese GAAP
FYE Mar 2023	292	moved to IFRS	Cons. · IFRS
FYE Mar 2024	311	+6.5%	Cons. · IFRS
FYE Mar 2025	338	+8.9%	Cons. · IFRS
FYE Mar 2026	381	+12.7%	Cons. · IFRS

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

Cost of sales

FYE Mar 2026 ¥280bn

CAGR · 10 yrs +4.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	186	n/a	Cons. · Japanese GAAP
FYE Mar 2018	195	+4.9%	Cons. · Japanese GAAP
FYE Mar 2019	203	+3.9%	Cons. · Japanese GAAP
FYE Mar 2020	218	+7.6%	Cons. · Japanese GAAP
FYE Mar 2021	200	−8.3%	Cons. · Japanese GAAP
FYE Mar 2022	210	+4.9%	Cons. · Japanese GAAP
FYE Mar 2023	226	moved to IFRS	Cons. · IFRS
FYE Mar 2024	239	+5.8%	Cons. · IFRS
FYE Mar 2025	257	+7.5%	Cons. · IFRS
FYE Mar 2026	280	+8.9%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥102bn

CAGR · 10 yrs +9.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	46.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	49.1	+5.6%	Cons. · Japanese GAAP
FYE Mar 2019	52.3	+6.6%	Cons. · Japanese GAAP
FYE Mar 2020	56.6	+8.2%	Cons. · Japanese GAAP
FYE Mar 2021	52.0	−8.2%	Cons. · Japanese GAAP
FYE Mar 2022	60.4	+16.4%	Cons. · Japanese GAAP
FYE Mar 2023	65.9	moved to IFRS	Cons. · IFRS
FYE Mar 2024	71.8	+9.0%	Cons. · IFRS
FYE Mar 2025	81.7	+13.7%	Cons. · IFRS
FYE Mar 2026	102	+24.6%	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥58bn

CAGR · 10 yrs +9.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	24.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	26.4	+5.9%	Cons. · Japanese GAAP
FYE Mar 2019	26.9	+2.0%	Cons. · Japanese GAAP
FYE Mar 2020	28.2	+4.8%	Cons. · Japanese GAAP
FYE Mar 2021	27.4	−2.9%	Cons. · Japanese GAAP
FYE Mar 2022	30.0	+9.5%	Cons. · Japanese GAAP
FYE Mar 2023	33.0	moved to IFRS	Cons. · IFRS
FYE Mar 2024	36.6	+11.0%	Cons. · IFRS
FYE Mar 2025	41.1	+12.1%	Cons. · IFRS
FYE Mar 2026	58.1	+41.4%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥44bn

CAGR · 10 yrs +8.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	21.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.7	+5.3%	Cons. · Japanese GAAP
FYE Mar 2019	25.4	+12.0%	Cons. · Japanese GAAP
FYE Mar 2020	28.4	+11.8%	Cons. · Japanese GAAP
FYE Mar 2021	24.5	−13.5%	Cons. · Japanese GAAP
FYE Mar 2022	29.9	+21.7%	Cons. · Japanese GAAP
FYE Mar 2023	31.7	moved to IFRS	Cons. · IFRS
FYE Mar 2024	35.0	+10.3%	Cons. · IFRS
FYE Mar 2025	38.5	+10.0%	Cons. · IFRS
FYE Mar 2026	44.2	+14.9%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥1.3bn

CAGR · 10 yrs +5.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.9	+18.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.6	−31.4%	Cons. · Japanese GAAP
FYE Mar 2020	0.8	+17.5%	Cons. · Japanese GAAP
FYE Mar 2021	1.0	+30.1%	Cons. · Japanese GAAP
FYE Mar 2022	1.0	+2.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.6	moved to IFRS	Cons. · IFRS
FYE Mar 2024	0.7	+18.9%	Cons. · IFRS
FYE Mar 2025	1.0	+47.7%	Cons. · IFRS
FYE Mar 2026	1.3	+28.5%	Cons. · IFRS

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

Non-operating expenses

FYE Mar 2026 ¥269m

CAGR · 10 yrs +2.6%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	213	n/a	Cons. · Japanese GAAP
FYE Mar 2018	499	+134.3%	Cons. · Japanese GAAP
FYE Mar 2019	214	−57.1%	Cons. · Japanese GAAP
FYE Mar 2020	865	+304.2%	Cons. · Japanese GAAP
FYE Mar 2021	428	−50.5%	Cons. · Japanese GAAP
FYE Mar 2022	204	−52.3%	Cons. · Japanese GAAP
FYE Mar 2023	219	moved to IFRS	Cons. · IFRS
FYE Mar 2024	256	+16.9%	Cons. · IFRS
FYE Mar 2025	444	+73.4%	Cons. · IFRS
FYE Mar 2026	269	−39.4%	Cons. · IFRS

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 n/a

CAGR · 6 yrs +7.1%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	21.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.3	+2.1%	Cons. · Japanese GAAP
FYE Mar 2019	26.1	+17.2%	Cons. · Japanese GAAP
FYE Mar 2020	28.3	+8.3%	Cons. · Japanese GAAP
FYE Mar 2021	25.1	−11.2%	Cons. · Japanese GAAP
FYE Mar 2022	30.8	+22.7%	Cons. · Japanese GAAP
FYE Mar 2023	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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 n/a

CAGR · 4 yrs −14.5%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.3	n/a	Cons. · Japanese GAAP
FYE Mar 2019	1.0	−68.0%	Cons. · Japanese GAAP
FYE Mar 2020	2.4	+129.2%	Cons. · Japanese GAAP
FYE Mar 2021	2.0	−14.8%	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Extraordinary loss

FYE Mar 2026 n/a

CAGR · 3 yrs +81.5%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	1.8	n/a	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥31bn

CAGR · 10 yrs +9.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	13.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.1	+3.2%	Cons. · Japanese GAAP
FYE Mar 2019	16.7	+18.5%	Cons. · Japanese GAAP
FYE Mar 2020	18.6	+11.0%	Cons. · Japanese GAAP
FYE Mar 2021	17.0	−8.5%	Cons. · Japanese GAAP
FYE Mar 2022	20.0	+17.6%	Cons. · Japanese GAAP
FYE Mar 2023	23.8	moved to IFRS	Cons. · IFRS
FYE Mar 2024	24.2	+1.7%	Cons. · IFRS
FYE Mar 2025	27.0	+11.6%	Cons. · IFRS
FYE Mar 2026	30.8	+14.0%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 26.7%

Average · 10 yrs 22.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	20.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.1	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	20.5	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	20.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	20.6	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	22.4	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	22.6	moved to IFRS	Cons. · IFRS
FYE Mar 2024	23.1	+0.5pp	Cons. · IFRS
FYE Mar 2025	24.2	+1.0pp	Cons. · IFRS
FYE Mar 2026	26.7	+2.5pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 11.6%

Average · 10 yrs 10.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	9.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	10.0	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	10.3	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	9.7	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	11.1	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2023	10.9	moved to IFRS	Cons. · IFRS
FYE Mar 2024	11.3	+0.4pp	Cons. · IFRS
FYE Mar 2025	11.4	+0.1pp	Cons. · IFRS
FYE Mar 2026	11.6	+0.2pp	Cons. · IFRS

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

Ordinary margin

FYE Mar 2026 n/a

Average · 6 yrs 10.1%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	9.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	10.2	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2020	10.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	10.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2022	11.4	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2023	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 8.1%

Average · 10 yrs 7.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.8	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	6.6	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	6.8	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	6.7	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	7.4	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	8.2	moved to IFRS	Cons. · IFRS
FYE Mar 2024	7.8	−0.4pp	Cons. · IFRS
FYE Mar 2025	8.0	+0.2pp	Cons. · IFRS
FYE Mar 2026	8.1	+0.1pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 73.3%

Average · 10 yrs 77.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	80.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	79.9	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	79.5	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	79.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	79.4	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	77.6	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	77.4	moved to IFRS	Cons. · IFRS
FYE Mar 2024	76.9	−0.5pp	Cons. · IFRS
FYE Mar 2025	75.8	−1.0pp	Cons. · IFRS
FYE Mar 2026	73.3	−2.5pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 15.2%

Average · 10 yrs 11.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	10.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	10.5	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	10.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	10.9	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	11.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	11.3	moved to IFRS	Cons. · IFRS
FYE Mar 2024	11.8	+0.5pp	Cons. · IFRS
FYE Mar 2025	12.1	+0.3pp	Cons. · IFRS
FYE Mar 2026	15.2	+3.1pp	Cons. · IFRS

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio

Total assets

FYE Mar 2026 ¥418bn

CAGR · 10 yrs +8.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	200	n/a	Cons. · Japanese GAAP
FYE Mar 2018	219	+9.8%	Cons. · Japanese GAAP
FYE Mar 2019	233	+6.3%	Cons. · Japanese GAAP
FYE Mar 2020	240	+3.3%	Cons. · Japanese GAAP
FYE Mar 2021	272	+13.2%	Cons. · Japanese GAAP
FYE Mar 2022	297	+9.0%	Cons. · Japanese GAAP
FYE Mar 2023	296	moved to IFRS	Cons. · IFRS
FYE Mar 2024	375	+26.7%	Cons. · IFRS
FYE Mar 2025	421	+12.5%	Cons. · IFRS
FYE Mar 2026	418	−0.9%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Mar 2026 ¥270bn

CAGR · 10 yrs +9.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	121	n/a	Cons. · Japanese GAAP
FYE Mar 2018	135	+12.1%	Cons. · Japanese GAAP
FYE Mar 2019	140	+3.8%	Cons. · Japanese GAAP
FYE Mar 2020	149	+6.4%	Cons. · Japanese GAAP
FYE Mar 2021	180	+20.3%	Cons. · Japanese GAAP
FYE Mar 2022	197	+9.4%	Cons. · Japanese GAAP
FYE Mar 2023	199	moved to IFRS	Cons. · IFRS
FYE Mar 2024	229	+14.9%	Cons. · IFRS
FYE Mar 2025	253	+10.3%	Cons. · IFRS
FYE Mar 2026	270	+6.8%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥33bn

CAGR · 10 yrs +18.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	7.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.7	+6.6%	Cons. · Japanese GAAP
FYE Mar 2019	6.3	−17.9%	Cons. · Japanese GAAP
FYE Mar 2020	6.4	+0.6%	Cons. · Japanese GAAP
FYE Mar 2021	5.0	−20.9%	Cons. · Japanese GAAP
FYE Mar 2022	2.8	−45.0%	Cons. · Japanese GAAP
FYE Mar 2023	3.7	moved to IFRS	Cons. · IFRS
FYE Mar 2024	3.8	+3.1%	Cons. · IFRS
FYE Mar 2025	4.0	+5.0%	Cons. · IFRS
FYE Mar 2026	32.6	+706.6%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥32bn

CAGR · 10 yrs +23.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	4.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.3	−10.5%	Cons. · Japanese GAAP
FYE Mar 2019	3.9	−10.8%	Cons. · Japanese GAAP
FYE Mar 2020	3.4	−12.1%	Cons. · Japanese GAAP
FYE Mar 2021	2.9	−13.8%	Cons. · Japanese GAAP
FYE Mar 2022	2.9	−0.0%	Cons. · Japanese GAAP
FYE Mar 2023	2.9	moved to IFRS	Cons. · IFRS
FYE Mar 2024	2.9	−0.0%	Cons. · IFRS
FYE Mar 2025	2.9	−0.0%	Cons. · IFRS
FYE Mar 2026	31.8	+988.7%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2026 64.6%

Average · 10 yrs 63.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	60.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	61.8	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	60.3	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2020	62.2	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	66.1	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2022	66.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	67.4	moved to IFRS	Cons. · IFRS
FYE Mar 2024	61.1	−6.3pp	Cons. · IFRS
FYE Mar 2025	59.9	−1.2pp	Cons. · IFRS
FYE Mar 2026	64.6	+4.6pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 11.4%

Average · 10 yrs 11.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	11.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.4	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	11.9	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	12.4	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	9.4	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2022	10.2	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	12.0	moved to IFRS	Cons. · IFRS
FYE Mar 2024	10.6	−1.4pp	Cons. · IFRS
FYE Mar 2025	10.7	+0.1pp	Cons. · IFRS
FYE Mar 2026	11.4	+0.7pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 7.4%

Average · 10 yrs 6.9%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.4	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	7.2	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	7.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	6.2	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2022	6.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	8.1	moved to IFRS	Cons. · IFRS
FYE Mar 2024	6.5	−1.6pp	Cons. · IFRS
FYE Mar 2025	6.4	−0.1pp	Cons. · IFRS
FYE Mar 2026	7.4	+1.0pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.91×

CAGR · 10 yrs −2.7%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.17	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.11	−4.3%	Cons. · Japanese GAAP
FYE Mar 2019	1.10	−1.7%	Cons. · Japanese GAAP
FYE Mar 2020	1.14	+4.3%	Cons. · Japanese GAAP
FYE Mar 2021	0.93	−19.0%	Cons. · Japanese GAAP
FYE Mar 2022	0.91	−1.6%	Cons. · Japanese GAAP
FYE Mar 2023	0.99	moved to IFRS	Cons. · IFRS
FYE Mar 2024	0.83	−16.0%	Cons. · IFRS
FYE Mar 2025	0.80	−3.2%	Cons. · IFRS
FYE Mar 2026	0.91	+13.7%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents

Operating cash flow

FYE Mar 2026 -¥3.4bn

Average · 10 yrs ¥19bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	12.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.1	+5.5%	Cons. · Japanese GAAP
FYE Mar 2019	19.7	+49.9%	Cons. · Japanese GAAP
FYE Mar 2020	19.4	−1.6%	Cons. · Japanese GAAP
FYE Mar 2021	17.5	−9.4%	Cons. · Japanese GAAP
FYE Mar 2022	32.3	+84.2%	Cons. · Japanese GAAP
FYE Mar 2023	19.9	moved to IFRS	Cons. · IFRS
FYE Mar 2024	26.2	+31.4%	Cons. · IFRS
FYE Mar 2025	37.2	+42.3%	Cons. · IFRS
FYE Mar 2026	-3.4	−109.2%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥59bn

Average · 10 yrs -¥1.8bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-6.1	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-3.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	10.4	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-8.5	−182.0%	Cons. · Japanese GAAP
FYE Mar 2023	-5.6	moved to IFRS	Cons. · IFRS
FYE Mar 2024	-8.6	n/a	Cons. · IFRS
FYE Mar 2025	70.2	n/a	Cons. · IFRS
FYE Mar 2026	-59.4	−184.5%	Cons. · IFRS

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

Financing cash flow

FYE Mar 2026 -¥22bn

Average · 10 yrs -¥11bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-16.3	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-6.8	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-7.4	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-6.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-8.8	moved to IFRS	Cons. · IFRS
FYE Mar 2024	-15.1	n/a	Cons. · IFRS
FYE Mar 2025	-18.8	n/a	Cons. · IFRS
FYE Mar 2026	-21.6	n/a	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥109bn

CAGR · 10 yrs +10.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	45.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	46.7	+2.4%	Cons. · Japanese GAAP
FYE Mar 2019	48.4	+3.8%	Cons. · Japanese GAAP
FYE Mar 2020	58.0	+19.8%	Cons. · Japanese GAAP
FYE Mar 2021	78.6	+35.4%	Cons. · Japanese GAAP
FYE Mar 2022	95.7	+21.8%	Cons. · Japanese GAAP
FYE Mar 2023	101	moved to IFRS	Cons. · IFRS
FYE Mar 2024	104	+2.6%	Cons. · IFRS
FYE Mar 2025	193	+85.6%	Cons. · IFRS
FYE Mar 2026	109	−43.6%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 -¥63bn

Average · 10 yrs ¥18bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	7.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.0	−1.4%	Cons. · Japanese GAAP
FYE Mar 2019	18.1	+158.3%	Cons. · Japanese GAAP
FYE Mar 2020	16.4	−9.3%	Cons. · Japanese GAAP
FYE Mar 2021	28.0	+70.6%	Cons. · Japanese GAAP
FYE Mar 2022	23.8	−15.0%	Cons. · Japanese GAAP
FYE Mar 2023	14.3	moved to IFRS	Cons. · IFRS
FYE Mar 2024	17.6	+23.2%	Cons. · IFRS
FYE Mar 2025	107	+511.1%	Cons. · IFRS
FYE Mar 2026	-62.8	−158.4%	Cons. · IFRS

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 -0.9%

Average · 10 yrs 7.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.4	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	7.7	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2020	7.0	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	7.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	12.0	+5.0pp	Cons. · Japanese GAAP
FYE Mar 2023	6.8	moved to IFRS	Cons. · IFRS
FYE Mar 2024	8.4	+1.6pp	Cons. · IFRS
FYE Mar 2025	11.0	+2.6pp	Cons. · IFRS
FYE Mar 2026	-0.9	−11.9pp	Cons. · IFRS

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

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥669bn

Change · 10 yrs +¥415bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	254	n/a
FYE Mar 2018	288	n/a
FYE Mar 2019	282	n/a
FYE Mar 2020	250	n/a
FYE Mar 2021	321	n/a
FYE Mar 2022	337	n/a
FYE Mar 2023	162	n/a
FYE Mar 2024	451	n/a
FYE Mar 2025	701	n/a
FYE Mar 2026	669	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 3,656¥

Change · 10 yrs +1,256¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,400	n/a
FYE Mar 2018	3,039	n/a
FYE Mar 2019	2,980	n/a
FYE Mar 2020	2,636	n/a
FYE Mar 2021	3,508	n/a
FYE Mar 2022	3,678	n/a
FYE Mar 2023	1,767	n/a
FYE Mar 2024	4,928	n/a
FYE Mar 2025	3,829	n/a
FYE Mar 2026	3,656	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 183,002,000shares

Change · 10 yrs +77,003,760 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	105,998,240	Parent
FYE Mar 2018	94,704,740	Parent
FYE Mar 2019	94,704,740	Parent
FYE Mar 2020	94,704,740	Parent
FYE Mar 2021	91,501,000	Parent
FYE Mar 2022	91,501,000	Parent
FYE Mar 2023	91,501,000	Parent
FYE Mar 2024	91,501,000	Parent
FYE Mar 2025	183,002,000	Parent
FYE Mar 2026	183,002,000	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 Mar 2026 168.50¥

Change · 10 yrs +22.16¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	146.34	Cons.
FYE Mar 2018	148.97	Cons.
FYE Mar 2019	178.44	Cons.
FYE Mar 2020	202.76	Cons.
FYE Mar 2021	92.80	Cons.
FYE Mar 2022	112.14	Cons.
FYE Mar 2023	120.23	Cons.
FYE Mar 2024	132.48	Cons.
FYE Mar 2025	147.84	Cons.
FYE Mar 2026	168.50	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 1,473.20¥

Change · 10 yrs +334.33¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,138.87	Cons. · Japanese GAAP
FYE Mar 2018	1,428.77	Cons. · Japanese GAAP
FYE Mar 2019	1,483.02	Cons. · Japanese GAAP
FYE Mar 2020	1,578.04	Cons. · Japanese GAAP
FYE Mar 2021	1,965.30	Cons. · Japanese GAAP
FYE Mar 2022	2,149.60	Cons. · Japanese GAAP
FYE Mar 2023	2,177.03	Cons. · IFRS
FYE Mar 2024	2,501.34	Cons. · IFRS
FYE Mar 2025	1,379.94	Cons. · IFRS
FYE Mar 2026	1,473.20	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 21.70×

Average · 10 yrs 18.27×

Fiscal year	PER ×	Basis
FYE Mar 2017	16.40	Cons.
FYE Mar 2018	20.40	Cons.
FYE Mar 2019	16.70	Cons.
FYE Mar 2020	13.00	Cons.
FYE Mar 2021	18.90	Cons.
FYE Mar 2022	16.40	Cons.
FYE Mar 2023	14.70	Cons.
FYE Mar 2024	18.60	Cons.
FYE Mar 2025	25.90	Cons.
FYE Mar 2026	21.70	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 2.40×

Average · 10 yrs 1.96×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.88	Cons.
FYE Mar 2018	2.13	Cons.
FYE Mar 2019	1.94	Cons.
FYE Mar 2020	1.61	Cons.
FYE Mar 2021	1.77	Cons.
FYE Mar 2022	1.70	Cons.
FYE Mar 2023	1.61	Cons.
FYE Mar 2024	1.90	Cons.
FYE Mar 2025	2.68	Cons.
FYE Mar 2026	2.40	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 10,276people

Change · 10 yrs +4,345 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	5,931	n/a	Cons.
FYE Mar 2018	6,232	+5.1%	Cons.
FYE Mar 2019	6,434	+3.2%	Cons.
FYE Mar 2020	6,639	+3.2%	Cons.
FYE Mar 2021	6,958	+4.8%	Cons.
FYE Mar 2022	7,143	+2.7%	Cons.
FYE Mar 2023	7,458	+4.4%	Cons.
FYE Mar 2024	7,826	+4.9%	Cons.
FYE Mar 2025	8,647	+10.5%	Cons.
FYE Mar 2026	10,276	+18.8%	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 4,102people

Change · 10 yrs +1,218 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,884	n/a	Parent
FYE Mar 2018	2,899	+0.5%	Parent
FYE Mar 2019	2,998	+3.4%	Parent
FYE Mar 2020	3,110	+3.7%	Parent
FYE Mar 2021	3,259	+4.8%	Parent
FYE Mar 2022	3,350	+2.8%	Parent
FYE Mar 2023	3,563	+6.4%	Parent
FYE Mar 2024	3,758	+5.5%	Parent
FYE Mar 2025	3,938	+4.8%	Parent
FYE Mar 2026	4,102	+4.2%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Mar 2026 936万円

Change · 8 yrs +100万円

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	836	n/a	Parent
FYE Mar 2020	845	+1.1%	Parent
FYE Mar 2021	855	+1.2%	Parent
FYE Mar 2022	845	−1.2%	Parent
FYE Mar 2023	870	+3.0%	Parent
FYE Mar 2024	886	+1.9%	Parent
FYE Mar 2025	906	+2.2%	Parent
FYE Mar 2026	936	+3.3%	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 39.8years

Change · 8 yrs +0.2 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	39.6	n/a	Parent
FYE Mar 2020	39.6	−0.0%	Parent
FYE Mar 2021	39.8	+0.5%	Parent
FYE Mar 2022	40.0	+0.5%	Parent
FYE Mar 2023	40.0	−0.0%	Parent
FYE Mar 2024	39.9	−0.3%	Parent
FYE Mar 2025	39.9	−0.0%	Parent
FYE Mar 2026	39.8	−0.3%	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 12.6years

Change · 8 yrs −0.2 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	12.8	n/a	Parent
FYE Mar 2020	12.8	−0.0%	Parent
FYE Mar 2021	12.7	−0.8%	Parent
FYE Mar 2022	13.0	+2.4%	Parent
FYE Mar 2023	12.8	−1.5%	Parent
FYE Mar 2024	12.6	−1.6%	Parent
FYE Mar 2025	12.6	−0.0%	Parent
FYE Mar 2026	12.6	−0.0%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥37.1m

Change · 10 yrs −¥2.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	39.2	n/a	Cons.
FYE Mar 2018	39.2	−0.0%	Cons.
FYE Mar 2019	39.7	+1.2%	Cons.
FYE Mar 2020	41.4	+4.4%	Cons.
FYE Mar 2021	36.2	−12.5%	Cons.
FYE Mar 2022	37.8	+4.5%	Cons.
FYE Mar 2023	39.1	n/a	Cons.
FYE Mar 2024	39.7	+1.5%	Cons.
FYE Mar 2025	39.1	−1.4%	Cons.
FYE Mar 2026	37.1	−5.1%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.3m

Change · 10 yrs +¥0.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.6	n/a	Cons.
FYE Mar 2018	3.6	+0.2%	Cons.
FYE Mar 2019	3.9	+8.5%	Cons.
FYE Mar 2020	4.3	+8.4%	Cons.
FYE Mar 2021	3.5	−17.5%	Cons.
FYE Mar 2022	4.2	+18.6%	Cons.
FYE Mar 2023	4.3	n/a	Cons.
FYE Mar 2024	4.5	+5.1%	Cons.
FYE Mar 2025	4.5	−0.5%	Cons.
FYE Mar 2026	4.3	−3.3%	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.

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