Financials

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

FYE Mar 2026 · Revenue¥148bnYoY −9.9%

FYE Mar 2026 · Operating profit¥19bnYoY −35.5%

FYE Mar 2026 · Net profit¥19bnYoY −21.3%

FYE Mar 2025 · Equity ratio61.3%YoY −1.0pp

FYE Mar 2026 · Group employees2,483YoY −89

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥144bn	n/a	¥23bn	n/a	16.1%	¥31bn	Moriyasu Isao	<em>WelQ</em> curation scandal; sites taken down
FYE Mar 2018Consolidated	¥139bn	−3.1%	¥28bn	+18.7%	19.7%	¥23bn	Moriyasu Isao	—
FYE Mar 2019Consolidated	¥124bn	−11.0%	¥14bn	−50.9%	10.9%	¥13bn	Moriyasu Isao	New-business investment raised to <span class="en-history_money" data-yen="8000000000" data-year="2018">$72.5M (¥8bn)</span>
FYE Mar 2020Consolidated	¥121bn	−2.2%	-¥46bn	−438.0%	-37.6%	-¥49bn	Moriyasu Isao	—
FYE Mar 2021Consolidated	¥137bn	+12.8%	¥22bn	n/a	16.4%	¥26bn	Moriyasu Isao	Falls to a net loss; game-business impairment
FYE Mar 2022Consolidated	¥131bn	−4.5%	¥11bn	−49.0%	8.8%	¥31bn	Moriyasu Isao	CEO change; <strong>Shingo Okamura</strong> president
FYE Mar 2023Consolidated	¥135bn	+3.1%	¥4.2bn	−63.3%	3.1%	¥8.9bn	Okamura Shingo	Moves to the TSE Prime market
FYE Mar 2024Consolidated	¥137bn	+1.3%	-¥28bn	−772.8%	-20.7%	-¥29bn	Okamura Shingo	—
FYE Mar 2025Consolidated	¥164bn	+19.9%	¥29bn	n/a	17.7%	¥24bn	Okamura Shingo	Net loss; BayStars win the Japan Series
FYE Mar 2026Consolidated	¥148bn	−9.9%	¥19bn	−35.5%	12.7%	¥19bn	Okamura Shingo	—

How it compares

Nexon¥475bnFY2025Operating margin 26.1%Square Enix Holdings¥298bnFY2025Operating margin 18.4%Capcom¥195bnFY2025Operating margin 38.5%MIXI¥171bnFY2025Operating margin 13.0%

DeNA¥148bnFY2025Operating margin 12.7%

GungHo Online Entertainment¥93bnFY2025Operating margin 5.4%Koei Tecmo Holdings¥88bnFY2025Operating margin 42.0%

GREE Holdings, Inc.¥57bnFY2025Operating margin 8.5%

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 Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥148bn

CAGR · 10 yrs +0.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	144	n/a	Cons. · IFRS
FYE Mar 2018	139	−3.1%	Cons. · IFRS
FYE Mar 2019	124	−11.0%	Cons. · IFRS
FYE Mar 2020	121	−2.2%	Cons. · IFRS
FYE Mar 2021	137	+12.8%	Cons. · IFRS
FYE Mar 2022	131	−4.5%	Cons. · IFRS
FYE Mar 2023	135	+3.1%	Cons. · IFRS
FYE Mar 2024	137	+1.3%	Cons. · IFRS
FYE Mar 2025	164	+19.9%	Cons. · IFRS
FYE Mar 2026	148	−9.9%	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 ¥68bn

CAGR · 10 yrs +2.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	56.3	n/a	Cons. · IFRS
FYE Mar 2018	57.6	+2.3%	Cons. · IFRS
FYE Mar 2019	56.2	−2.4%	Cons. · IFRS
FYE Mar 2020	58.6	+4.3%	Cons. · IFRS
FYE Mar 2021	62.0	+5.9%	Cons. · IFRS
FYE Mar 2022	64.9	+4.7%	Cons. · IFRS
FYE Mar 2023	70.8	+9.1%	Cons. · IFRS
FYE Mar 2024	75.7	+6.9%	Cons. · IFRS
FYE Mar 2025	71.4	−5.8%	Cons. · IFRS
FYE Mar 2026	68.3	−4.2%	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 ¥79bn

CAGR · 10 yrs −1.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	87.5	n/a	Cons. · IFRS
FYE Mar 2018	81.8	−6.5%	Cons. · IFRS
FYE Mar 2019	67.9	−17.0%	Cons. · IFRS
FYE Mar 2020	62.8	−7.5%	Cons. · IFRS
FYE Mar 2021	74.9	+19.3%	Cons. · IFRS
FYE Mar 2022	65.9	−12.0%	Cons. · IFRS
FYE Mar 2023	64.1	−2.8%	Cons. · IFRS
FYE Mar 2024	61.0	−4.8%	Cons. · IFRS
FYE Mar 2025	92.6	+51.9%	Cons. · IFRS
FYE Mar 2026	79.4	−14.3%	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 ¥52bn

CAGR · 10 yrs −2.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	61.7	n/a	Cons. · IFRS
FYE Mar 2018	63.7	+3.2%	Cons. · IFRS
FYE Mar 2019	56.9	−10.6%	Cons. · IFRS
FYE Mar 2020	60.8	+6.7%	Cons. · IFRS
FYE Mar 2021	58.1	−4.4%	Cons. · IFRS
FYE Mar 2022	57.2	−1.5%	Cons. · IFRS
FYE Mar 2023	60.0	+4.8%	Cons. · IFRS
FYE Mar 2024	60.6	+1.2%	Cons. · IFRS
FYE Mar 2025	60.2	−0.7%	Cons. · IFRS
FYE Mar 2026	51.7	−14.1%	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 ¥19bn

CAGR · 10 yrs −2.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	23.2	n/a	Cons. · IFRS
FYE Mar 2018	27.5	+18.7%	Cons. · IFRS
FYE Mar 2019	13.5	−50.9%	Cons. · IFRS
FYE Mar 2020	-45.7	−438.0%	Cons. · IFRS
FYE Mar 2021	22.5	n/a	Cons. · IFRS
FYE Mar 2022	11.5	−49.0%	Cons. · IFRS
FYE Mar 2023	4.2	−63.3%	Cons. · IFRS
FYE Mar 2024	-28.3	−772.8%	Cons. · IFRS
FYE Mar 2025	29.0	n/a	Cons. · IFRS
FYE Mar 2026	18.7	−35.5%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥2.0bn

CAGR · 10 yrs +14.4%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · IFRS
FYE Mar 2018	1.1	+89.5%	Cons. · IFRS
FYE Mar 2019	3.3	+194.5%	Cons. · IFRS
FYE Mar 2020	2.7	−20.4%	Cons. · IFRS
FYE Mar 2021	5.6	+110.9%	Cons. · IFRS
FYE Mar 2022	5.2	−7.6%	Cons. · IFRS
FYE Mar 2023	7.8	+50.2%	Cons. · IFRS
FYE Mar 2024	4.0	−49.3%	Cons. · IFRS
FYE Mar 2025	1.7	−56.5%	Cons. · IFRS
FYE Mar 2026	2.0	+16.7%	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 ¥3.8bn

CAGR · 10 yrs +15.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons. · IFRS
FYE Mar 2018	0.8	−22.0%	Cons. · IFRS
FYE Mar 2019	0.7	−18.6%	Cons. · IFRS
FYE Mar 2020	0.6	−15.1%	Cons. · IFRS
FYE Mar 2021	0.1	−75.8%	Cons. · IFRS
FYE Mar 2022	1.5	+967.9%	Cons. · IFRS
FYE Mar 2023	0.2	−87.6%	Cons. · IFRS
FYE Mar 2024	0.8	+352.7%	Cons. · IFRS
FYE Mar 2025	1.2	+43.8%	Cons. · IFRS
FYE Mar 2026	3.8	+216.5%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥19bn

CAGR · 10 yrs −5.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	30.8	n/a	Cons. · IFRS
FYE Mar 2018	23.0	−25.4%	Cons. · IFRS
FYE Mar 2019	12.7	−44.7%	Cons. · IFRS
FYE Mar 2020	-49.2	−486.9%	Cons. · IFRS
FYE Mar 2021	25.6	n/a	Cons. · IFRS
FYE Mar 2022	30.5	+19.1%	Cons. · IFRS
FYE Mar 2023	8.9	−71.0%	Cons. · IFRS
FYE Mar 2024	-28.7	−423.8%	Cons. · IFRS
FYE Mar 2025	24.2	n/a	Cons. · IFRS
FYE Mar 2026	19.0	−21.3%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 53.7%

Average · 10 yrs 53.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	60.8	n/a	Cons. · IFRS
FYE Mar 2018	58.7	−2.2pp	Cons. · IFRS
FYE Mar 2019	54.7	−4.0pp	Cons. · IFRS
FYE Mar 2020	51.7	−3.0pp	Cons. · IFRS
FYE Mar 2021	54.7	+3.0pp	Cons. · IFRS
FYE Mar 2022	50.4	−4.3pp	Cons. · IFRS
FYE Mar 2023	47.5	−2.9pp	Cons. · IFRS
FYE Mar 2024	44.6	−2.9pp	Cons. · IFRS
FYE Mar 2025	56.5	+11.9pp	Cons. · IFRS
FYE Mar 2026	53.7	−2.8pp	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 12.7%

Average · 10 yrs 4.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	16.1	n/a	Cons. · IFRS
FYE Mar 2018	19.7	+3.6pp	Cons. · IFRS
FYE Mar 2019	10.9	−8.8pp	Cons. · IFRS
FYE Mar 2020	-37.6	−48.5pp	Cons. · IFRS
FYE Mar 2021	16.4	+54.1pp	Cons. · IFRS
FYE Mar 2022	8.8	−7.7pp	Cons. · IFRS
FYE Mar 2023	3.1	−5.6pp	Cons. · IFRS
FYE Mar 2024	-20.7	−23.8pp	Cons. · IFRS
FYE Mar 2025	17.7	+38.3pp	Cons. · IFRS
FYE Mar 2026	12.7	−5.0pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 12.9%

Average · 10 yrs 6.3%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	21.4	n/a	Cons. · IFRS
FYE Mar 2018	16.5	−4.9pp	Cons. · IFRS
FYE Mar 2019	10.2	−6.2pp	Cons. · IFRS
FYE Mar 2020	-40.5	−50.7pp	Cons. · IFRS
FYE Mar 2021	18.7	+59.2pp	Cons. · IFRS
FYE Mar 2022	23.3	+4.6pp	Cons. · IFRS
FYE Mar 2023	6.6	−16.8pp	Cons. · IFRS
FYE Mar 2024	-21.0	−27.5pp	Cons. · IFRS
FYE Mar 2025	14.8	+35.7pp	Cons. · IFRS
FYE Mar 2026	12.9	−1.9pp	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 46.3%

Average · 10 yrs 46.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	39.2	n/a	Cons. · IFRS
FYE Mar 2018	41.3	+2.2pp	Cons. · IFRS
FYE Mar 2019	45.3	+4.0pp	Cons. · IFRS
FYE Mar 2020	48.3	+3.0pp	Cons. · IFRS
FYE Mar 2021	45.3	−3.0pp	Cons. · IFRS
FYE Mar 2022	49.6	+4.3pp	Cons. · IFRS
FYE Mar 2023	52.5	+2.9pp	Cons. · IFRS
FYE Mar 2024	55.4	+2.9pp	Cons. · IFRS
FYE Mar 2025	43.5	−11.9pp	Cons. · IFRS
FYE Mar 2026	46.3	+2.8pp	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 35.0%

Average · 10 yrs 43.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	42.9	n/a	Cons. · IFRS
FYE Mar 2018	45.7	+2.8pp	Cons. · IFRS
FYE Mar 2019	45.9	+0.2pp	Cons. · IFRS
FYE Mar 2020	50.1	+4.2pp	Cons. · IFRS
FYE Mar 2021	42.4	−7.7pp	Cons. · IFRS
FYE Mar 2022	43.7	+1.3pp	Cons. · IFRS
FYE Mar 2023	44.4	+0.7pp	Cons. · IFRS
FYE Mar 2024	44.4	−0.1pp	Cons. · IFRS
FYE Mar 2025	36.7	−7.6pp	Cons. · IFRS
FYE Mar 2026	35.0	−1.7pp	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 Debt-to-equity

Total assets

FYE Mar 2026 ¥333bn

CAGR · 10 yrs +1.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	298	n/a	Cons. · IFRS
FYE Mar 2018	345	+15.5%	Cons. · IFRS
FYE Mar 2019	296	−14.0%	Cons. · IFRS
FYE Mar 2020	256	−13.7%	Cons. · IFRS
FYE Mar 2021	327	+27.9%	Cons. · IFRS
FYE Mar 2022	341	+4.1%	Cons. · IFRS
FYE Mar 2023	349	+2.5%	Cons. · IFRS
FYE Mar 2024	336	−3.8%	Cons. · IFRS
FYE Mar 2025	394	+17.4%	Cons. · IFRS
FYE Mar 2026	333	−15.5%	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 n/a

CAGR · 9 yrs +0.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	237	n/a	Cons. · IFRS
FYE Mar 2018	263	+11.2%	Cons. · IFRS
FYE Mar 2019	252	−4.4%	Cons. · IFRS
FYE Mar 2020	180	−28.3%	Cons. · IFRS
FYE Mar 2021	224	+23.9%	Cons. · IFRS
FYE Mar 2022	241	+7.6%	Cons. · IFRS
FYE Mar 2023	222	−7.9%	Cons. · IFRS
FYE Mar 2024	209	−5.6%	Cons. · IFRS
FYE Mar 2025	242	+15.5%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	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)

Interest-bearing debt

FYE Mar 2026 ¥2.5bn

CAGR · 10 yrs −5.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · IFRS
FYE Mar 2018	1.0	−76.3%	Cons. · IFRS
FYE Mar 2019	0.7	−32.4%	Cons. · IFRS
FYE Mar 2020	3.0	+349.1%	Cons. · IFRS
FYE Mar 2021	20.0	+566.7%	Cons. · IFRS
FYE Mar 2022	20.1	+0.7%	Cons. · IFRS
FYE Mar 2023	37.8	+87.4%	Cons. · IFRS
FYE Mar 2024	37.8	−0.0%	Cons. · IFRS
FYE Mar 2025	36.1	−4.3%	Cons. · IFRS
FYE Mar 2026	2.5	−93.1%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥2.4bn

Average · 10 yrs ¥6.8bn

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · IFRS
FYE Mar 2018	0.0	n/a	Cons. · IFRS
FYE Mar 2019	0.0	n/a	Cons. · IFRS
FYE Mar 2020	3.0	n/a	Cons. · IFRS
FYE Mar 2021	0.0	−100.0%	Cons. · IFRS
FYE Mar 2022	20.0	n/a	Cons. · IFRS
FYE Mar 2023	2.7	−86.4%	Cons. · IFRS
FYE Mar 2024	8.6	+217.2%	Cons. · IFRS
FYE Mar 2025	31.0	+260.2%	Cons. · IFRS
FYE Mar 2026	2.4	−92.2%	Cons. · IFRS

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 ¥0.1bn

CAGR · 10 yrs −36.5%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · IFRS
FYE Mar 2018	1.0	−76.3%	Cons. · IFRS
FYE Mar 2019	0.7	−32.4%	Cons. · IFRS
FYE Mar 2020	7.1	+967.2%	Cons. · IFRS
FYE Mar 2021	24.5	+243.5%	Cons. · IFRS
FYE Mar 2022	6.5	−73.4%	Cons. · IFRS
FYE Mar 2023	41.0	+528.3%	Cons. · IFRS
FYE Mar 2024	34.3	−16.3%	Cons. · IFRS
FYE Mar 2025	15.8	−54.0%	Cons. · IFRS
FYE Mar 2026	0.1	−99.6%	Cons. · IFRS

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Bonds

FYE Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Bonds ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · IFRS
FYE Mar 2018	0.0	n/a	Cons. · IFRS
FYE Mar 2019	0.0	n/a	Cons. · IFRS
FYE Mar 2020	0.0	n/a	Cons. · IFRS
FYE Mar 2021	0.0	n/a	Cons. · IFRS
FYE Mar 2022	0.0	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥21bn

CAGR · 10 yrs +1.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	17.5	n/a	Cons. · IFRS
FYE Mar 2018	18.8	+7.5%	Cons. · IFRS
FYE Mar 2019	15.4	−18.5%	Cons. · IFRS
FYE Mar 2020	7.2	−52.8%	Cons. · IFRS
FYE Mar 2021	6.1	−16.4%	Cons. · IFRS
FYE Mar 2022	13.1	+117.1%	Cons. · IFRS
FYE Mar 2023	23.0	+75.2%	Cons. · IFRS
FYE Mar 2024	17.8	−22.7%	Cons. · IFRS
FYE Mar 2025	19.9	+11.9%	Cons. · IFRS
FYE Mar 2026	20.5	+3.0%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥21bn

CAGR · 10 yrs −8.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	46.8	n/a	Cons. · IFRS
FYE Mar 2018	46.3	−0.9%	Cons. · IFRS
FYE Mar 2019	46.0	−0.6%	Cons. · IFRS
FYE Mar 2020	5.9	−87.2%	Cons. · IFRS
FYE Mar 2021	5.9	−0.0%	Cons. · IFRS
FYE Mar 2022	17.5	+196.6%	Cons. · IFRS
FYE Mar 2023	49.1	+181.3%	Cons. · IFRS
FYE Mar 2024	33.6	−31.6%	Cons. · IFRS
FYE Mar 2025	30.4	−9.5%	Cons. · IFRS
FYE Mar 2026	20.7	−31.7%	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 n/a

Average · 9 yrs 70.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	79.4	n/a	Cons. · IFRS
FYE Mar 2018	76.4	−3.0pp	Cons. · IFRS
FYE Mar 2019	84.9	+8.5pp	Cons. · IFRS
FYE Mar 2020	70.6	−14.3pp	Cons. · IFRS
FYE Mar 2021	68.4	−2.2pp	Cons. · IFRS
FYE Mar 2022	70.7	+2.3pp	Cons. · IFRS
FYE Mar 2023	63.5	−7.1pp	Cons. · IFRS
FYE Mar 2024	62.3	−1.2pp	Cons. · IFRS
FYE Mar 2025	61.3	−1.0pp	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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 n/a

Average · 9 yrs 7.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons. · IFRS
FYE Mar 2018	0.4	−1.4pp	Cons. · IFRS
FYE Mar 2019	0.3	−0.1pp	Cons. · IFRS
FYE Mar 2020	1.7	+1.4pp	Cons. · IFRS
FYE Mar 2021	8.9	+7.3pp	Cons. · IFRS
FYE Mar 2022	8.4	−0.6pp	Cons. · IFRS
FYE Mar 2023	17.0	+8.7pp	Cons. · IFRS
FYE Mar 2024	18.1	+1.0pp	Cons. · IFRS
FYE Mar 2025	15.0	−3.1pp	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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 n/a

Average · 9 yrs 2.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	13.0	n/a	Cons. · IFRS
FYE Mar 2018	8.7	−4.3pp	Cons. · IFRS
FYE Mar 2019	5.0	−3.7pp	Cons. · IFRS
FYE Mar 2020	-27.2	−32.3pp	Cons. · IFRS
FYE Mar 2021	11.5	+38.7pp	Cons. · IFRS
FYE Mar 2022	12.7	+1.2pp	Cons. · IFRS
FYE Mar 2023	4.0	−8.7pp	Cons. · IFRS
FYE Mar 2024	-13.7	−17.7pp	Cons. · IFRS
FYE Mar 2025	10.0	+23.7pp	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 5.7%

Average · 10 yrs 2.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	10.3	n/a	Cons. · IFRS
FYE Mar 2018	6.7	−3.7pp	Cons. · IFRS
FYE Mar 2019	4.3	−2.4pp	Cons. · IFRS
FYE Mar 2020	-19.2	−23.5pp	Cons. · IFRS
FYE Mar 2021	7.8	+27.1pp	Cons. · IFRS
FYE Mar 2022	9.0	+1.1pp	Cons. · IFRS
FYE Mar 2023	2.5	−6.4pp	Cons. · IFRS
FYE Mar 2024	-8.5	−11.1pp	Cons. · IFRS
FYE Mar 2025	6.1	+14.7pp	Cons. · IFRS
FYE Mar 2026	5.7	−0.4pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.44×

CAGR · 10 yrs −0.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.48	n/a	Cons. · IFRS
FYE Mar 2018	0.40	−16.1%	Cons. · IFRS
FYE Mar 2019	0.42	+3.5%	Cons. · IFRS
FYE Mar 2020	0.47	+13.4%	Cons. · IFRS
FYE Mar 2021	0.42	−11.8%	Cons. · IFRS
FYE Mar 2022	0.38	−8.2%	Cons. · IFRS
FYE Mar 2023	0.39	+0.6%	Cons. · IFRS
FYE Mar 2024	0.41	+5.3%	Cons. · IFRS
FYE Mar 2025	0.42	+2.1%	Cons. · IFRS
FYE Mar 2026	0.44	+6.5%	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 Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥33bn

CAGR · 10 yrs +4.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	22.7	n/a	Cons. · IFRS
FYE Mar 2018	37.7	+66.1%	Cons. · IFRS
FYE Mar 2019	23.0	−39.0%	Cons. · IFRS
FYE Mar 2020	12.9	−43.7%	Cons. · IFRS
FYE Mar 2021	30.0	+131.5%	Cons. · IFRS
FYE Mar 2022	18.4	−38.7%	Cons. · IFRS
FYE Mar 2023	10.8	−41.2%	Cons. · IFRS
FYE Mar 2024	-10.8	−200.3%	Cons. · IFRS
FYE Mar 2025	39.0	n/a	Cons. · IFRS
FYE Mar 2026	33.4	−14.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 ¥35bn

Average · 10 yrs -¥6.0bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-7.4	n/a	Cons. · IFRS
FYE Mar 2018	-16.5	n/a	Cons. · IFRS
FYE Mar 2019	-21.0	n/a	Cons. · IFRS
FYE Mar 2020	-8.7	n/a	Cons. · IFRS
FYE Mar 2021	-8.6	n/a	Cons. · IFRS
FYE Mar 2022	-19.9	n/a	Cons. · IFRS
FYE Mar 2023	12.5	n/a	Cons. · IFRS
FYE Mar 2024	-12.6	−201.4%	Cons. · IFRS
FYE Mar 2025	-12.3	n/a	Cons. · IFRS
FYE Mar 2026	34.8	n/a	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 -¥58bn

Average · 10 yrs -¥13bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-2.4	n/a	Cons. · IFRS
FYE Mar 2018	-5.4	n/a	Cons. · IFRS
FYE Mar 2019	-4.7	n/a	Cons. · IFRS
FYE Mar 2020	-32.2	n/a	Cons. · IFRS
FYE Mar 2021	6.6	n/a	Cons. · IFRS
FYE Mar 2022	-18.5	−380.5%	Cons. · IFRS
FYE Mar 2023	-4.9	n/a	Cons. · IFRS
FYE Mar 2024	-4.1	n/a	Cons. · IFRS
FYE Mar 2025	-5.4	n/a	Cons. · IFRS
FYE Mar 2026	-58.1	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 ¥103bn

CAGR · 10 yrs +1.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	88.2	n/a	Cons. · IFRS
FYE Mar 2018	104	+17.6%	Cons. · IFRS
FYE Mar 2019	101	−2.2%	Cons. · IFRS
FYE Mar 2020	73.5	−27.5%	Cons. · IFRS
FYE Mar 2021	97.3	+32.3%	Cons. · IFRS
FYE Mar 2022	78.3	−19.5%	Cons. · IFRS
FYE Mar 2023	97.7	+24.8%	Cons. · IFRS
FYE Mar 2024	71.4	−26.9%	Cons. · IFRS
FYE Mar 2025	92.8	+30.0%	Cons. · IFRS
FYE Mar 2026	103	+11.0%	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 ¥68bn

CAGR · 10 yrs +18.1%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	15.3	n/a	Cons. · IFRS
FYE Mar 2018	21.2	+38.4%	Cons. · IFRS
FYE Mar 2019	2.0	−90.7%	Cons. · IFRS
FYE Mar 2020	4.2	+115.1%	Cons. · IFRS
FYE Mar 2021	21.3	+403.0%	Cons. · IFRS
FYE Mar 2022	-1.5	−107.3%	Cons. · IFRS
FYE Mar 2023	23.3	n/a	Cons. · IFRS
FYE Mar 2024	-23.5	−200.9%	Cons. · IFRS
FYE Mar 2025	26.7	n/a	Cons. · IFRS
FYE Mar 2026	68.3	+155.4%	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 22.6%

Average · 10 yrs 15.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	15.8	n/a	Cons. · IFRS
FYE Mar 2018	27.0	+11.3pp	Cons. · IFRS
FYE Mar 2019	18.5	−8.5pp	Cons. · IFRS
FYE Mar 2020	10.7	−7.8pp	Cons. · IFRS
FYE Mar 2021	21.9	+11.2pp	Cons. · IFRS
FYE Mar 2022	14.0	−7.8pp	Cons. · IFRS
FYE Mar 2023	8.0	−6.0pp	Cons. · IFRS
FYE Mar 2024	-7.9	−15.9pp	Cons. · IFRS
FYE Mar 2025	23.8	+31.7pp	Cons. · IFRS
FYE Mar 2026	22.6	−1.1pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 ¥101bn

CAGR · 10 yrs +2.0%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	84.0	n/a	Cons. · IFRS
FYE Mar 2018	103	+22.3%	Cons. · IFRS
FYE Mar 2019	101	−1.9%	Cons. · IFRS
FYE Mar 2020	70.5	−30.0%	Cons. · IFRS
FYE Mar 2021	77.3	+9.6%	Cons. · IFRS
FYE Mar 2022	58.2	−24.8%	Cons. · IFRS
FYE Mar 2023	60.0	+3.1%	Cons. · IFRS
FYE Mar 2024	33.6	−43.9%	Cons. · IFRS
FYE Mar 2025	56.7	+68.5%	Cons. · IFRS
FYE Mar 2026	101	+77.5%	Cons. · IFRS

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 ¥297bn

Change · 8 yrs −¥42bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	340	n/a
FYE Mar 2018	289	n/a
FYE Mar 2019	252	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	281	n/a
FYE Mar 2022	244	n/a
FYE Mar 2023	220	n/a
FYE Mar 2024	n/a	n/a
FYE Mar 2025	430	n/a
FYE Mar 2026	297	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 2,433¥

Change · 8 yrs +181¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,252	n/a
FYE Mar 2018	1,916	n/a
FYE Mar 2019	1,671	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	2,158	n/a
FYE Mar 2022	1,872	n/a
FYE Mar 2023	1,804	n/a
FYE Mar 2024	n/a	n/a
FYE Mar 2025	3,519	n/a
FYE Mar 2026	2,433	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 122,145,545shares

Change · 10 yrs −28,664,488 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	150,810,033	Parent
FYE Mar 2018	150,810,033	Parent
FYE Mar 2019	150,810,033	Parent
FYE Mar 2020	150,810,033	Parent
FYE Mar 2021	130,210,945	Parent
FYE Mar 2022	130,210,945	Parent
FYE Mar 2023	122,145,545	Parent
FYE Mar 2024	122,145,545	Parent
FYE Mar 2025	122,145,545	Parent
FYE Mar 2026	122,145,545	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 171.36¥

Change · 10 yrs −41.13¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	212.49	Cons.
FYE Mar 2018	158.34	Cons.
FYE Mar 2019	87.47	Cons.
FYE Mar 2020	-352.49	Cons.
FYE Mar 2021	207.54	Cons.
FYE Mar 2022	256.45	Cons.
FYE Mar 2023	76.78	Cons.
FYE Mar 2024	-257.60	Cons.
FYE Mar 2025	217.24	Cons.
FYE Mar 2026	171.36	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 n/a

Change · 9 yrs +409.57¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,569.50	Cons. · IFRS
FYE Mar 2018	1,745.81	Cons. · IFRS
FYE Mar 2019	1,669.23	Cons. · IFRS
FYE Mar 2020	1,196.78	Cons. · IFRS
FYE Mar 2021	1,718.07	Cons. · IFRS
FYE Mar 2022	1,847.97	Cons. · IFRS
FYE Mar 2023	1,814.44	Cons. · IFRS
FYE Mar 2024	1,712.74	Cons. · IFRS
FYE Mar 2025	1,979.07	Cons. · IFRS
FYE Mar 2026	n/a	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 14.20×

Average · 8 yrs 14.18×

Fiscal year	PER ×	Basis
FYE Mar 2017	10.60	Cons.
FYE Mar 2018	12.10	Cons.
FYE Mar 2019	19.10	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	10.40	Cons.
FYE Mar 2022	7.30	Cons.
FYE Mar 2023	23.50	Cons.
FYE Mar 2024	n/a	Cons.
FYE Mar 2025	16.20	Cons.
FYE Mar 2026	14.20	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 1.13×

Average · 8 yrs 1.15×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.43	Cons.
FYE Mar 2018	1.06	Cons.
FYE Mar 2019	0.97	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	1.18	Cons.
FYE Mar 2022	0.92	Cons.
FYE Mar 2023	0.91	Cons.
FYE Mar 2024	n/a	Cons.
FYE Mar 2025	1.63	Cons.
FYE Mar 2026	1.13	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 2,483people

Change · 10 yrs +83 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	2,400	n/a	Cons.
FYE Mar 2018	2,475	+3.1%	Cons.
FYE Mar 2019	2,437	−1.5%	Cons.
FYE Mar 2020	2,558	+5.0%	Cons.
FYE Mar 2021	2,100	−17.9%	Cons.
FYE Mar 2022	2,194	+4.5%	Cons.
FYE Mar 2023	2,951	+34.5%	Cons.
FYE Mar 2024	2,897	−1.8%	Cons.
FYE Mar 2025	2,572	−11.2%	Cons.
FYE Mar 2026	2,483	−3.5%	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 Mar 2026 1,400people

Change · 10 yrs +351 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,049	n/a	Parent
FYE Mar 2018	1,341	+27.8%	Parent
FYE Mar 2019	1,557	+16.1%	Parent
FYE Mar 2020	1,622	+4.2%	Parent
FYE Mar 2021	1,251	−22.9%	Parent
FYE Mar 2022	1,264	+1.0%	Parent
FYE Mar 2023	1,326	+4.9%	Parent
FYE Mar 2024	1,397	+5.4%	Parent
FYE Mar 2025	1,448	+3.7%	Parent
FYE Mar 2026	1,400	−3.3%	Parent

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

Average annual pay parent company

FYE Mar 2026 ¥11.2m

Change · 10 yrs +¥3.4m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.8	n/a	Parent
FYE Mar 2018	7.6	−2.5%	Parent
FYE Mar 2019	7.7	+1.3%	Parent
FYE Mar 2020	7.9	+3.0%	Parent
FYE Mar 2021	8.2	+4.0%	Parent
FYE Mar 2022	8.5	+3.4%	Parent
FYE Mar 2023	8.6	+0.8%	Parent
FYE Mar 2024	8.5	−0.3%	Parent
FYE Mar 2025	8.8	+3.4%	Parent
FYE Mar 2026	11.2	+26.6%	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 38.6years

Change · 8 yrs +3.7 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	34.9	n/a	Parent
FYE Mar 2020	35.4	+1.4%	Parent
FYE Mar 2021	36.1	+2.0%	Parent
FYE Mar 2022	36.8	+1.9%	Parent
FYE Mar 2023	37.4	+1.6%	Parent
FYE Mar 2024	37.6	+0.5%	Parent
FYE Mar 2025	37.9	+0.8%	Parent
FYE Mar 2026	38.6	+1.8%	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 Mar 2026 7.0years

Change · 10 yrs +3.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	3.5	n/a	Parent
FYE Mar 2018	3.4	−2.9%	Parent
FYE Mar 2019	3.0	−11.8%	Parent
FYE Mar 2020	3.0	−0.0%	Parent
FYE Mar 2021	5.0	+66.7%	Parent
FYE Mar 2022	5.0	−0.0%	Parent
FYE Mar 2023	5.0	−0.0%	Parent
FYE Mar 2024	5.0	−0.0%	Parent
FYE Mar 2025	6.0	+20.0%	Parent
FYE Mar 2026	7.0	+16.7%	Parent

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

Temporary employees

FYE Mar 2026 481people

Change · 10 yrs −795 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	1,276	n/a	n/a
FYE Mar 2018	1,047	−17.9%	n/a
FYE Mar 2019	897	−14.3%	n/a
FYE Mar 2020	892	−0.6%	n/a
FYE Mar 2021	732	−17.9%	n/a
FYE Mar 2022	710	−3.0%	n/a
FYE Mar 2023	653	−8.0%	n/a
FYE Mar 2024	541	−17.2%	n/a
FYE Mar 2025	531	−1.8%	n/a
FYE Mar 2026	481	−9.4%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥59.5m

Change · 10 yrs −¥0.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	59.9	n/a	Cons.
FYE Mar 2018	56.3	−6.0%	Cons.
FYE Mar 2019	50.9	−9.6%	Cons.
FYE Mar 2020	47.5	−6.8%	Cons.
FYE Mar 2021	65.2	+37.4%	Cons.
FYE Mar 2022	59.6	−8.5%	Cons.
FYE Mar 2023	45.7	−23.4%	Cons.
FYE Mar 2024	47.2	+3.2%	Cons.
FYE Mar 2025	63.8	+35.1%	Cons.
FYE Mar 2026	59.5	−6.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥7.5m

Change · 10 yrs −¥2.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	9.7	n/a	Cons.
FYE Mar 2018	11.1	+15.1%	Cons.
FYE Mar 2019	5.5	−50.1%	Cons.
FYE Mar 2020	-17.9	−422.1%	Cons.
FYE Mar 2021	10.7	n/a	Cons.
FYE Mar 2022	5.2	−51.2%	Cons.
FYE Mar 2023	1.4	−72.7%	Cons.
FYE Mar 2024	-9.8	−785.3%	Cons.
FYE Mar 2025	11.3	n/a	Cons.
FYE Mar 2026	7.5	−33.2%	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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