Financials

Sapporo Holdings: FYE Dec 2025 and ten years of results (47 metrics)

FYE Dec 2025 · Revenue¥507bnYoY −1.1%

FYE Dec 2025 · Operating profit¥24bnYoY +332.9%

FYE Dec 2025 · Net profit¥19bnYoY +152.8%

FYE Dec 2025 · Equity ratio33.3%YoY +4.0pp

FYE Dec 2025 · Group employees6,102YoY −300

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥542bn	n/a	¥20bn	n/a	3.7%	¥9.5bn	Kamijo Tsutomu	—
FYE Dec 2017Consolidated	¥552bn	+1.8%	¥17bn	−16.0%	3.1%	¥11bn	Kamijo Tsutomu	—
FYE Dec 2018Consolidated	¥494bn	−10.5%	¥12bn	−32.0%	2.3%	¥5.3bn	Oga Masaki	—
FYE Dec 2019Consolidated	¥492bn	−0.4%	¥12bn	+5.4%	2.5%	¥4.4bn	Oga Masaki	—
FYE Dec 2020Consolidated	¥435bn	−11.6%	-¥16bn	−230.6%	-3.7%	-¥16bn	Oga Masaki	A net loss, with ¥11bn of impairment on Pokka vending assets
FYE Dec 2021Consolidated	¥437bn	+0.6%	¥22bn	n/a	5.0%	¥12bn	Oga Masaki	Property disposals bring ¥23.2bn of gains
FYE Dec 2022Consolidated	¥478bn	+9.4%	¥10bn	−54.1%	2.1%	¥5.5bn	Oga Masaki	STONE BREWING CO., LLC is acquired for about ¥22.6bn
FYE Dec 2023Consolidated	¥519bn	+8.4%	¥12bn	+17.0%	2.3%	¥8.7bn	Oga Masaki	Anchor Brewing is resolved for dissolution in July
FYE Dec 2024Consolidated	¥512bn	−1.2%	¥5.6bn	−52.2%	1.1%	¥7.7bn	Oga Masaki	An ROE target above 10% and a review of all property holdings are announced
FYE Dec 2025Consolidated	¥507bn	−1.1%	¥24bn	+332.9%	4.8%	¥19bn	Oga Masaki	<a class="en-history_person" href="/tse/2501/executives/ceo/tokimatsu-hiroshi/" hreflang="ja">Tokimatsu Hiroshi</a> becomes president in March on a platform of focusing on beer

How it compares

Suntory Holdings Limited¥3.07tnFY2025Operating margin 7.2%

Asahi Group Holdings¥2.89tnFY2025Operating margin 6.4%Kirin Holdings¥2.43tnFY2025Operating margin 8.6%

Sapporo Holdings¥507bnFY2025Operating margin 4.8%

Takara Holdings¥394bnFY2025Operating margin 4.3%

THE NIKKA WHISKY DISTILLING CO., LTD.Delisted 2001

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 Dec 2025 ¥507bn

CAGR · 10 yrs −0.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	542	n/a	Cons. · Japanese GAAP
FYE Dec 2017	552	+1.8%	Cons. · Japanese GAAP
FYE Dec 2018	494	moved to IFRS	Cons. · IFRS
FYE Dec 2019	492	−0.4%	Cons. · IFRS
FYE Dec 2020	435	−11.6%	Cons. · IFRS
FYE Dec 2021	437	+0.6%	Cons. · IFRS
FYE Dec 2022	478	+9.4%	Cons. · IFRS
FYE Dec 2023	519	+8.4%	Cons. · IFRS
FYE Dec 2024	512	−1.2%	Cons. · IFRS
FYE Dec 2025	507	−1.1%	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 Dec 2025 ¥340bn

CAGR · 10 yrs −0.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	352	n/a	Cons. · Japanese GAAP
FYE Dec 2017	359	+1.7%	Cons. · Japanese GAAP
FYE Dec 2018	336	moved to IFRS	Cons. · IFRS
FYE Dec 2019	337	+0.3%	Cons. · IFRS
FYE Dec 2020	303	−10.1%	Cons. · IFRS
FYE Dec 2021	303	+0.3%	Cons. · IFRS
FYE Dec 2022	339	+11.8%	Cons. · IFRS
FYE Dec 2023	362	+6.7%	Cons. · IFRS
FYE Dec 2024	353	−2.4%	Cons. · IFRS
FYE Dec 2025	340	−3.7%	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 Dec 2025 ¥167bn

CAGR · 10 yrs −1.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	189	n/a	Cons. · Japanese GAAP
FYE Dec 2017	193	+1.9%	Cons. · Japanese GAAP
FYE Dec 2018	158	moved to IFRS	Cons. · IFRS
FYE Dec 2019	155	−1.9%	Cons. · IFRS
FYE Dec 2020	132	−14.9%	Cons. · IFRS
FYE Dec 2021	134	+1.2%	Cons. · IFRS
FYE Dec 2022	139	+4.1%	Cons. · IFRS
FYE Dec 2023	157	+12.6%	Cons. · IFRS
FYE Dec 2024	159	+1.7%	Cons. · IFRS
FYE Dec 2025	167	+4.8%	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 Dec 2025 ¥142bn

CAGR · 10 yrs −1.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	169	n/a	Cons. · Japanese GAAP
FYE Dec 2017	176	+4.0%	Cons. · Japanese GAAP
FYE Dec 2018	143	moved to IFRS	Cons. · IFRS
FYE Dec 2019	143	+0.3%	Cons. · IFRS
FYE Dec 2020	128	−10.9%	Cons. · IFRS
FYE Dec 2021	126	−1.7%	Cons. · IFRS
FYE Dec 2022	130	+3.4%	Cons. · IFRS
FYE Dec 2023	141	+8.7%	Cons. · IFRS
FYE Dec 2024	143	+1.0%	Cons. · IFRS
FYE Dec 2025	142	−0.4%	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 Dec 2025 ¥24bn

CAGR · 10 yrs +2.1%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	20.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	17.0	−16.0%	Cons. · Japanese GAAP
FYE Dec 2018	11.6	moved to IFRS	Cons. · IFRS
FYE Dec 2019	12.2	+5.4%	Cons. · IFRS
FYE Dec 2020	-15.9	−230.6%	Cons. · IFRS
FYE Dec 2021	22.0	n/a	Cons. · IFRS
FYE Dec 2022	10.1	−54.1%	Cons. · IFRS
FYE Dec 2023	11.8	+17.0%	Cons. · IFRS
FYE Dec 2024	5.6	−52.2%	Cons. · IFRS
FYE Dec 2025	24.4	+332.9%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥2.4bn

CAGR · 10 yrs +0.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	2.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.1	−9.7%	Cons. · Japanese GAAP
FYE Dec 2018	1.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	1.2	+7.7%	Cons. · IFRS
FYE Dec 2020	1.0	−20.0%	Cons. · IFRS
FYE Dec 2021	1.6	+63.5%	Cons. · IFRS
FYE Dec 2022	3.0	+89.5%	Cons. · IFRS
FYE Dec 2023	3.4	+10.4%	Cons. · IFRS
FYE Dec 2024	5.0	+50.0%	Cons. · IFRS
FYE Dec 2025	2.4	−52.8%	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 Dec 2025 ¥4.1bn

CAGR · 10 yrs +2.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	3.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.7	−19.7%	Cons. · Japanese GAAP
FYE Dec 2018	2.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	1.9	−12.0%	Cons. · IFRS
FYE Dec 2020	4.4	+137.4%	Cons. · IFRS
FYE Dec 2021	2.5	−43.6%	Cons. · IFRS
FYE Dec 2022	1.9	−24.2%	Cons. · IFRS
FYE Dec 2023	3.1	+64.3%	Cons. · IFRS
FYE Dec 2024	3.5	+12.4%	Cons. · IFRS
FYE Dec 2025	4.1	+18.2%	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 Dec 2025 ¥19bn

CAGR · 10 yrs +8.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	9.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.0	+15.9%	Cons. · Japanese GAAP
FYE Dec 2018	5.3	moved to IFRS	Cons. · IFRS
FYE Dec 2019	4.4	−18.6%	Cons. · IFRS
FYE Dec 2020	-16.1	−468.9%	Cons. · IFRS
FYE Dec 2021	12.3	n/a	Cons. · IFRS
FYE Dec 2022	5.5	−55.8%	Cons. · IFRS
FYE Dec 2023	8.7	+60.1%	Cons. · IFRS
FYE Dec 2024	7.7	−11.6%	Cons. · IFRS
FYE Dec 2025	19.5	+152.8%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 33.0%

Average · 10 yrs 31.8%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	35.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	35.0	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2018	32.0	moved to IFRS	Cons. · IFRS
FYE Dec 2019	31.6	−0.5pp	Cons. · IFRS
FYE Dec 2020	30.4	−1.2pp	Cons. · IFRS
FYE Dec 2021	30.6	+0.2pp	Cons. · IFRS
FYE Dec 2022	29.1	−1.5pp	Cons. · IFRS
FYE Dec 2023	30.2	+1.1pp	Cons. · IFRS
FYE Dec 2024	31.1	+0.9pp	Cons. · IFRS
FYE Dec 2025	33.0	+1.8pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 4.8%

Average · 10 yrs 2.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	3.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.1	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	2.3	moved to IFRS	Cons. · IFRS
FYE Dec 2019	2.5	+0.1pp	Cons. · IFRS
FYE Dec 2020	-3.7	−6.1pp	Cons. · IFRS
FYE Dec 2021	5.0	+8.7pp	Cons. · IFRS
FYE Dec 2022	2.1	−2.9pp	Cons. · IFRS
FYE Dec 2023	2.3	+0.2pp	Cons. · IFRS
FYE Dec 2024	1.1	−1.2pp	Cons. · IFRS
FYE Dec 2025	4.8	+3.7pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 3.8%

Average · 10 yrs 1.3%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	1.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.0	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	1.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	0.9	−0.2pp	Cons. · IFRS
FYE Dec 2020	-3.7	−4.6pp	Cons. · IFRS
FYE Dec 2021	2.8	+6.5pp	Cons. · IFRS
FYE Dec 2022	1.1	−1.7pp	Cons. · IFRS
FYE Dec 2023	1.7	+0.5pp	Cons. · IFRS
FYE Dec 2024	1.5	−0.2pp	Cons. · IFRS
FYE Dec 2025	3.8	+2.3pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Dec 2025 67.0%

Average · 10 yrs 68.2%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	65.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	65.0	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2018	68.0	moved to IFRS	Cons. · IFRS
FYE Dec 2019	68.4	+0.5pp	Cons. · IFRS
FYE Dec 2020	69.6	+1.2pp	Cons. · IFRS
FYE Dec 2021	69.4	−0.2pp	Cons. · IFRS
FYE Dec 2022	70.9	+1.5pp	Cons. · IFRS
FYE Dec 2023	69.8	−1.1pp	Cons. · IFRS
FYE Dec 2024	68.9	−0.9pp	Cons. · IFRS
FYE Dec 2025	67.0	−1.8pp	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 Dec 2025 28.0%

Average · 10 yrs 29.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	31.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	31.9	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	29.0	moved to IFRS	Cons. · IFRS
FYE Dec 2019	29.2	+0.2pp	Cons. · IFRS
FYE Dec 2020	29.4	+0.2pp	Cons. · IFRS
FYE Dec 2021	28.7	−0.7pp	Cons. · IFRS
FYE Dec 2022	27.2	−1.6pp	Cons. · IFRS
FYE Dec 2023	27.2	+0.1pp	Cons. · IFRS
FYE Dec 2024	27.8	+0.6pp	Cons. · IFRS
FYE Dec 2025	28.0	+0.2pp	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 Dec 2025 ¥654bn

CAGR · 10 yrs +0.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	626	n/a	Cons. · Japanese GAAP
FYE Dec 2017	631	+0.7%	Cons. · Japanese GAAP
FYE Dec 2018	595	moved to IFRS	Cons. · IFRS
FYE Dec 2019	639	+7.3%	Cons. · IFRS
FYE Dec 2020	616	−3.5%	Cons. · IFRS
FYE Dec 2021	595	−3.5%	Cons. · IFRS
FYE Dec 2022	639	+7.5%	Cons. · IFRS
FYE Dec 2023	664	+3.8%	Cons. · IFRS
FYE Dec 2024	665	+0.2%	Cons. · IFRS
FYE Dec 2025	654	−1.7%	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 Dec 2025 ¥218bn

CAGR · 10 yrs +3.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	161	n/a	Cons. · Japanese GAAP
FYE Dec 2017	173	+8.0%	Cons. · Japanese GAAP
FYE Dec 2018	166	moved to IFRS	Cons. · IFRS
FYE Dec 2019	174	+4.5%	Cons. · IFRS
FYE Dec 2020	150	−13.6%	Cons. · IFRS
FYE Dec 2021	162	+7.9%	Cons. · IFRS
FYE Dec 2022	165	+2.2%	Cons. · IFRS
FYE Dec 2023	181	+9.7%	Cons. · IFRS
FYE Dec 2024	195	+7.5%	Cons. · IFRS
FYE Dec 2025	218	+11.6%	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 Dec 2025 ¥171bn

CAGR · 10 yrs +1.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	145	n/a	Cons. · Japanese GAAP
FYE Dec 2017	141	−2.4%	Cons. · Japanese GAAP
FYE Dec 2018	228	moved to IFRS	Cons. · IFRS
FYE Dec 2019	227	−0.4%	Cons. · IFRS
FYE Dec 2020	241	+6.1%	Cons. · IFRS
FYE Dec 2021	198	−17.9%	Cons. · IFRS
FYE Dec 2022	242	+22.1%	Cons. · IFRS
FYE Dec 2023	223	−8.0%	Cons. · IFRS
FYE Dec 2024	205	−7.9%	Cons. · IFRS
FYE Dec 2025	171	−16.8%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥51bn

CAGR · 10 yrs −3.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	73.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	80.0	+8.9%	Cons. · Japanese GAAP
FYE Dec 2018	73.9	moved to IFRS	Cons. · IFRS
FYE Dec 2019	72.1	−2.4%	Cons. · IFRS
FYE Dec 2020	83.2	+15.3%	Cons. · IFRS
FYE Dec 2021	61.2	−26.5%	Cons. · IFRS
FYE Dec 2022	86.5	+41.5%	Cons. · IFRS
FYE Dec 2023	39.7	−54.1%	Cons. · IFRS
FYE Dec 2024	57.0	+43.7%	Cons. · IFRS
FYE Dec 2025	51.4	−9.8%	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 Dec 2025 ¥119bn

CAGR · 10 yrs +0.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	115	n/a	Cons. · Japanese GAAP
FYE Dec 2017	104	−9.6%	Cons. · Japanese GAAP
FYE Dec 2018	154	moved to IFRS	Cons. · IFRS
FYE Dec 2019	155	+0.5%	Cons. · IFRS
FYE Dec 2020	158	+1.8%	Cons. · IFRS
FYE Dec 2021	137	−13.4%	Cons. · IFRS
FYE Dec 2022	155	+13.5%	Cons. · IFRS
FYE Dec 2023	183	+17.7%	Cons. · IFRS
FYE Dec 2024	148	−19.0%	Cons. · IFRS
FYE Dec 2025	119	−19.5%	Cons. · IFRS

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

Intangible assets

FYE Dec 2025 ¥5.8bn

CAGR · 10 yrs −18.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	38.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	40.5	+6.8%	Cons. · Japanese GAAP
FYE Dec 2018	12.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	8.8	−26.6%	Cons. · IFRS
FYE Dec 2020	9.0	+2.0%	Cons. · IFRS
FYE Dec 2021	7.9	−12.5%	Cons. · IFRS
FYE Dec 2022	9.3	+18.2%	Cons. · IFRS
FYE Dec 2023	7.0	−25.0%	Cons. · IFRS
FYE Dec 2024	6.3	−10.2%	Cons. · IFRS
FYE Dec 2025	5.8	−7.3%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥23bn

CAGR · 10 yrs −2.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	27.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	26.9	−1.8%	Cons. · Japanese GAAP
FYE Dec 2018	21.2	moved to IFRS	Cons. · IFRS
FYE Dec 2019	18.4	−13.5%	Cons. · IFRS
FYE Dec 2020	17.9	−2.4%	Cons. · IFRS
FYE Dec 2021	19.2	+7.0%	Cons. · IFRS
FYE Dec 2022	33.8	+76.2%	Cons. · IFRS
FYE Dec 2023	35.1	+4.0%	Cons. · IFRS
FYE Dec 2024	22.4	−36.3%	Cons. · IFRS
FYE Dec 2025	22.5	+0.7%	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 Dec 2025 33.3%

Average · 10 yrs 27.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	25.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	27.5	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2018	27.9	moved to IFRS	Cons. · IFRS
FYE Dec 2019	27.2	−0.7pp	Cons. · IFRS
FYE Dec 2020	24.3	−2.8pp	Cons. · IFRS
FYE Dec 2021	27.2	+2.9pp	Cons. · IFRS
FYE Dec 2022	25.9	−1.3pp	Cons. · IFRS
FYE Dec 2023	27.3	+1.5pp	Cons. · IFRS
FYE Dec 2024	29.3	+2.0pp	Cons. · IFRS
FYE Dec 2025	33.3	+4.0pp	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 Dec 2025 78.4%

Average · 10 yrs 117.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	90.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	81.5	−8.6pp	Cons. · Japanese GAAP
FYE Dec 2018	137.5	moved to IFRS	Cons. · IFRS
FYE Dec 2019	130.9	−6.6pp	Cons. · IFRS
FYE Dec 2020	160.8	+29.9pp	Cons. · IFRS
FYE Dec 2021	122.4	−38.4pp	Cons. · IFRS
FYE Dec 2022	146.2	+23.8pp	Cons. · IFRS
FYE Dec 2023	122.7	−23.5pp	Cons. · IFRS
FYE Dec 2024	105.2	−17.5pp	Cons. · IFRS
FYE Dec 2025	78.4	−26.8pp	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 Dec 2025 9.0%

Average · 10 yrs 3.6%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	5.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.3	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2018	3.2	moved to IFRS	Cons. · IFRS
FYE Dec 2019	2.5	−0.7pp	Cons. · IFRS
FYE Dec 2020	-10.7	−13.2pp	Cons. · IFRS
FYE Dec 2021	7.6	+18.3pp	Cons. · IFRS
FYE Dec 2022	3.3	−4.3pp	Cons. · IFRS
FYE Dec 2023	4.8	+1.5pp	Cons. · IFRS
FYE Dec 2024	4.0	−0.9pp	Cons. · IFRS
FYE Dec 2025	9.0	+5.0pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 3.0%

Average · 10 yrs 1.1%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	1.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.7	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	0.9	moved to IFRS	Cons. · IFRS
FYE Dec 2019	0.7	−0.2pp	Cons. · IFRS
FYE Dec 2020	-2.6	−3.3pp	Cons. · IFRS
FYE Dec 2021	2.1	+4.7pp	Cons. · IFRS
FYE Dec 2022	0.9	−1.2pp	Cons. · IFRS
FYE Dec 2023	1.3	+0.5pp	Cons. · IFRS
FYE Dec 2024	1.2	−0.2pp	Cons. · IFRS
FYE Dec 2025	3.0	+1.8pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.78×

CAGR · 10 yrs −1.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.87	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.87	+1.1%	Cons. · Japanese GAAP
FYE Dec 2018	0.83	moved to IFRS	Cons. · IFRS
FYE Dec 2019	0.77	−7.2%	Cons. · IFRS
FYE Dec 2020	0.71	−8.4%	Cons. · IFRS
FYE Dec 2021	0.74	+4.2%	Cons. · IFRS
FYE Dec 2022	0.75	+1.8%	Cons. · IFRS
FYE Dec 2023	0.78	+4.4%	Cons. · IFRS
FYE Dec 2024	0.77	−1.4%	Cons. · IFRS
FYE Dec 2025	0.78	+0.6%	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 Dec 2025 ¥45bn

CAGR · 10 yrs +3.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	32.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	30.0	−7.9%	Cons. · Japanese GAAP
FYE Dec 2018	26.4	moved to IFRS	Cons. · IFRS
FYE Dec 2019	36.1	+36.7%	Cons. · IFRS
FYE Dec 2020	16.5	−54.3%	Cons. · IFRS
FYE Dec 2021	30.3	+84.1%	Cons. · IFRS
FYE Dec 2022	7.8	−74.2%	Cons. · IFRS
FYE Dec 2023	45.4	+481.6%	Cons. · IFRS
FYE Dec 2024	36.1	−20.5%	Cons. · IFRS
FYE Dec 2025	44.6	+23.5%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥3.0bn

Average · 10 yrs -¥16bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-27.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-17.8	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-18.7	moved to IFRS	Cons. · IFRS
FYE Dec 2019	-24.9	n/a	Cons. · IFRS
FYE Dec 2020	-16.0	n/a	Cons. · IFRS
FYE Dec 2021	20.7	n/a	Cons. · IFRS
FYE Dec 2022	-46.1	−322.6%	Cons. · IFRS
FYE Dec 2023	-16.4	n/a	Cons. · IFRS
FYE Dec 2024	-5.8	n/a	Cons. · IFRS
FYE Dec 2025	-3.0	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 Dec 2025 -¥42bn

Average · 10 yrs -¥14bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-4.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-10.2	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-10.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	-6.0	n/a	Cons. · IFRS
FYE Dec 2020	4.1	n/a	Cons. · IFRS
FYE Dec 2021	-53.1	−1382.7%	Cons. · IFRS
FYE Dec 2022	36.5	n/a	Cons. · IFRS
FYE Dec 2023	-27.1	−174.4%	Cons. · IFRS
FYE Dec 2024	-25.4	n/a	Cons. · IFRS
FYE Dec 2025	-42.3	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 Dec 2025 ¥22bn

CAGR · 10 yrs +8.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	10.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.5	+19.7%	Cons. · Japanese GAAP
FYE Dec 2018	10.0	moved to IFRS	Cons. · IFRS
FYE Dec 2019	15.2	+52.3%	Cons. · IFRS
FYE Dec 2020	19.7	+29.7%	Cons. · IFRS
FYE Dec 2021	17.4	−12.0%	Cons. · IFRS
FYE Dec 2022	15.4	−11.4%	Cons. · IFRS
FYE Dec 2023	17.2	+11.9%	Cons. · IFRS
FYE Dec 2024	24.1	+40.3%	Cons. · IFRS
FYE Dec 2025	22.4	−7.4%	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 Dec 2025 ¥42bn

CAGR · 10 yrs +26.6%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	5.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.2	+144.4%	Cons. · Japanese GAAP
FYE Dec 2018	7.7	moved to IFRS	Cons. · IFRS
FYE Dec 2019	11.1	+45.0%	Cons. · IFRS
FYE Dec 2020	0.5	−95.8%	Cons. · IFRS
FYE Dec 2021	51.0	+10852.1%	Cons. · IFRS
FYE Dec 2022	-38.3	−175.1%	Cons. · IFRS
FYE Dec 2023	29.0	n/a	Cons. · IFRS
FYE Dec 2024	30.3	+4.4%	Cons. · IFRS
FYE Dec 2025	41.6	+37.5%	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 Dec 2025 8.8%

Average · 10 yrs 6.1%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	6.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.4	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2018	5.3	moved to IFRS	Cons. · IFRS
FYE Dec 2019	7.3	+2.0pp	Cons. · IFRS
FYE Dec 2020	3.8	−3.5pp	Cons. · IFRS
FYE Dec 2021	6.9	+3.1pp	Cons. · IFRS
FYE Dec 2022	1.6	−5.3pp	Cons. · IFRS
FYE Dec 2023	8.8	+7.1pp	Cons. · IFRS
FYE Dec 2024	7.0	−1.7pp	Cons. · IFRS
FYE Dec 2025	8.8	+1.8pp	Cons. · IFRS

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

Net cash

FYE Dec 2025 -¥148bn

Average · 10 yrs -¥186bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-134	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-129	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-218	moved to IFRS	Cons. · IFRS
FYE Dec 2019	-212	n/a	Cons. · IFRS
FYE Dec 2020	-222	n/a	Cons. · IFRS
FYE Dec 2021	-181	n/a	Cons. · IFRS
FYE Dec 2022	-227	n/a	Cons. · IFRS
FYE Dec 2023	-205	n/a	Cons. · IFRS
FYE Dec 2024	-181	n/a	Cons. · IFRS
FYE Dec 2025	-148	n/a	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 Dec 2025 ¥664bn

Change · 10 yrs +¥427bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	238	n/a
FYE Dec 2017	272	n/a
FYE Dec 2018	181	n/a
FYE Dec 2019	203	n/a
FYE Dec 2020	158	n/a
FYE Dec 2021	172	n/a
FYE Dec 2022	258	n/a
FYE Dec 2023	490	n/a
FYE Dec 2024	655	n/a
FYE Dec 2025	664	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Dec 2025 8,428¥

Change · 10 yrs +5,414¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	3,015	n/a
FYE Dec 2017	3,451	n/a
FYE Dec 2018	2,297	n/a
FYE Dec 2019	2,578	n/a
FYE Dec 2020	2,001	n/a
FYE Dec 2021	2,185	n/a
FYE Dec 2022	3,281	n/a
FYE Dec 2023	6,216	n/a
FYE Dec 2024	8,316	n/a
FYE Dec 2025	8,428	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Dec 2025 78,794,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	78,794,000	Parent
FYE Dec 2017	78,794,000	Parent
FYE Dec 2018	78,794,000	Parent
FYE Dec 2019	78,794,000	Parent
FYE Dec 2020	78,794,000	Parent
FYE Dec 2021	78,794,000	Parent
FYE Dec 2022	78,794,000	Parent
FYE Dec 2023	78,794,000	Parent
FYE Dec 2024	78,794,000	Parent
FYE Dec 2025	78,794,000	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Dec 2025 50.02¥

Change · 10 yrs −71.54¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	121.56	Cons.
FYE Dec 2017	92.27	Cons.
FYE Dec 2018	109.40	Cons.
FYE Dec 2019	55.92	Cons.
FYE Dec 2020	-206.31	Cons.
FYE Dec 2021	31.66	Cons.
FYE Dec 2022	13.99	Cons.
FYE Dec 2023	22.40	Cons.
FYE Dec 2024	19.80	Cons.
FYE Dec 2025	50.02	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Dec 2025 2,761.71¥

Change · 10 yrs +722.38¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	2,039.33	Cons. · Japanese GAAP
FYE Dec 2017	2,201.55	Cons. · Japanese GAAP
FYE Dec 2018	2,107.66	Cons. · IFRS
FYE Dec 2019	2,203.43	Cons. · IFRS
FYE Dec 2020	1,903.85	Cons. · IFRS
FYE Dec 2021	2,053.62	Cons. · IFRS
FYE Dec 2022	2,099.39	Cons. · IFRS
FYE Dec 2023	2,301.98	Cons. · IFRS
FYE Dec 2024	2,473.58	Cons. · IFRS
FYE Dec 2025	2,761.71	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 33.70×

Average · 10 yrs 35.35×

Fiscal year	PER ×	Basis
FYE Dec 2016	24.80	Cons.
FYE Dec 2017	37.40	Cons.
FYE Dec 2018	21.00	Cons.
FYE Dec 2019	46.10	Cons.
FYE Dec 2020	-9.70	Cons.
FYE Dec 2021	13.80	Cons.
FYE Dec 2022	46.90	Cons.
FYE Dec 2023	55.50	Cons.
FYE Dec 2024	84.00	Cons.
FYE Dec 2025	33.70	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 Dec 2025 3.00×

Average · 10 yrs 1.79×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.49	Cons.
FYE Dec 2017	1.56	Cons.
FYE Dec 2018	1.11	Cons.
FYE Dec 2019	1.15	Cons.
FYE Dec 2020	1.04	Cons.
FYE Dec 2021	1.05	Cons.
FYE Dec 2022	1.54	Cons.
FYE Dec 2023	2.66	Cons.
FYE Dec 2024	3.31	Cons.
FYE Dec 2025	3.00	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Dec 2025 6,102people

Change · 10 yrs −1,756 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	7,858	n/a	Cons.
FYE Dec 2017	7,902	+0.6%	Cons.
FYE Dec 2018	7,904	−0.0%	Cons.
FYE Dec 2019	7,736	−2.1%	Cons.
FYE Dec 2020	7,592	−1.9%	Cons.
FYE Dec 2021	6,872	−9.5%	Cons.
FYE Dec 2022	6,676	−2.9%	Cons.
FYE Dec 2023	6,610	−1.0%	Cons.
FYE Dec 2024	6,402	−3.1%	Cons.
FYE Dec 2025	6,102	−4.7%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Dec 2025 144people

Change · 10 yrs −16 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	160	n/a	Parent
FYE Dec 2017	187	+16.9%	Parent
FYE Dec 2018	195	+4.3%	Parent
FYE Dec 2019	305	+56.4%	Parent
FYE Dec 2020	151	−50.5%	Parent
FYE Dec 2021	116	−23.2%	Parent
FYE Dec 2022	118	+1.7%	Parent
FYE Dec 2023	110	−6.8%	Parent
FYE Dec 2024	118	+7.3%	Parent
FYE Dec 2025	144	+22.0%	Parent

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

Average annual pay parent company

FYE Dec 2025 ¥10.1m

Change · 10 yrs +¥1.9m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	8.2	n/a	Parent
FYE Dec 2017	8.6	+4.7%	Parent
FYE Dec 2018	8.6	−0.2%	Parent
FYE Dec 2019	7.6	−11.2%	Parent
FYE Dec 2020	8.1	+6.7%	Parent
FYE Dec 2021	8.4	+3.0%	Parent
FYE Dec 2022	8.7	+3.8%	Parent
FYE Dec 2023	9.0	+3.6%	Parent
FYE Dec 2024	9.5	+5.9%	Parent
FYE Dec 2025	10.1	+6.5%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Dec 2025 44.8years

Change · 7 yrs −1.6 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	46.4	n/a	Parent
FYE Dec 2020	46.7	+0.6%	Parent
FYE Dec 2021	47.4	+1.5%	Parent
FYE Dec 2022	46.8	−1.3%	Parent
FYE Dec 2023	46.8	−0.0%	Parent
FYE Dec 2024	45.7	−2.4%	Parent
FYE Dec 2025	44.8	−2.0%	Parent

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

Average length of service

FYE Dec 2025 18.5years

Change · 10 yrs −2.4 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	20.9	n/a	Parent
FYE Dec 2017	20.6	−1.4%	Parent
FYE Dec 2018	20.0	−2.9%	Parent
FYE Dec 2019	19.3	−3.5%	Parent
FYE Dec 2020	21.9	+13.5%	Parent
FYE Dec 2021	22.6	+3.2%	Parent
FYE Dec 2022	20.6	−8.8%	Parent
FYE Dec 2023	21.4	+3.9%	Parent
FYE Dec 2024	20.3	−5.1%	Parent
FYE Dec 2025	18.5	−8.9%	Parent

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

Temporary employees

FYE Dec 2025 3,827people

Change · 10 yrs −1,415 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	5,242	n/a	n/a
FYE Dec 2017	5,146	−1.8%	n/a
FYE Dec 2018	4,922	−4.4%	n/a
FYE Dec 2019	5,041	+2.4%	n/a
FYE Dec 2020	3,915	−22.3%	n/a
FYE Dec 2021	3,325	−15.1%	n/a
FYE Dec 2022	3,554	+6.9%	n/a
FYE Dec 2023	3,734	+5.1%	n/a
FYE Dec 2024	3,870	+3.6%	n/a
FYE Dec 2025	3,827	−1.1%	n/a

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

Revenue per employee

FYE Dec 2025 ¥83.1m

Change · 10 yrs +¥14.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	69.0	n/a	Cons.
FYE Dec 2017	69.8	+1.2%	Cons.
FYE Dec 2018	62.5	n/a	Cons.
FYE Dec 2019	63.6	+1.8%	Cons.
FYE Dec 2020	57.3	−9.9%	Cons.
FYE Dec 2021	63.6	+11.1%	Cons.
FYE Dec 2022	71.7	+12.7%	Cons.
FYE Dec 2023	78.5	+9.5%	Cons.
FYE Dec 2024	80.0	+2.0%	Cons.
FYE Dec 2025	83.1	+3.8%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥4.0m

Change · 10 yrs +¥1.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	2.6	n/a	Cons.
FYE Dec 2017	2.2	−16.4%	Cons.
FYE Dec 2018	1.5	n/a	Cons.
FYE Dec 2019	1.6	+7.6%	Cons.
FYE Dec 2020	-2.1	−233.0%	Cons.
FYE Dec 2021	3.2	n/a	Cons.
FYE Dec 2022	1.5	−52.8%	Cons.
FYE Dec 2023	1.8	+18.1%	Cons.
FYE Dec 2024	0.9	−50.7%	Cons.
FYE Dec 2025	4.0	+354.2%	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.

Accuracy, liability, reuse and privacy — the full disclaimer →

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