Financials

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

FYE Dec 2025 · Revenue¥2.89tnYoY −1.5%

FYE Dec 2025 · Operating profit¥186bnYoY −30.9%

FYE Dec 2025 · Net profit¥122bnYoY −36.7%

FYE Dec 2025 · Equity ratio49.8%YoY +0.5pp

FYE Dec 2025 · Group employees28,560YoY +387

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥1.71tn	n/a	¥137bn	n/a	8.0%	¥82bn	Izumiya Naoki	Peroni, Grolsch, Meantime and Miller Brands (UK) acquired for about <span class="en-history_money" data-yen="294000000000" data-year="2016">$2.7B (¥294bn)</span>
FYE Dec 2017Consolidated	¥2.08tn	+22.1%	¥183bn	+33.8%	8.8%	¥141bn	Shoji Akiyoshi	The €7.3bn central and eastern European acquisition completes in March
FYE Dec 2018Consolidated	¥2.12tn	+1.7%	¥212bn	+15.6%	10.0%	¥151bn	Shoji Akiyoshi	Tsingtao Brewery stake sold; <a class="en-history_person" href="/tse/2502/executives/ceo/shoji-akiyoshi/" hreflang="ja">Shoji Akiyoshi</a>'s title changed from COO to CEO
FYE Dec 2019Consolidated	¥2.09tn	−1.5%	¥201bn	−4.9%	9.6%	¥142bn	Shoji Akiyoshi	Agreement to buy Carlton & United Breweries for <span class="en-history_money" data-yen="1200000000000" data-year="2019">$11.0B (¥1.2tn)</span>
FYE Dec 2020Consolidated	¥2.03tn	−2.9%	¥135bn	−32.9%	6.7%	¥93bn	Shoji Akiyoshi	CUB acquisition completes in June, putting the three poles in place
FYE Dec 2021Consolidated	¥2.24tn	+10.3%	¥212bn	+56.8%	9.5%	¥154bn	Shoji Akiyoshi	Asahi Group Japan established; <em>Maru-ef</em> launched
FYE Dec 2022Consolidated	¥2.51tn	+12.3%	¥217bn	+2.4%	8.6%	¥152bn	Katsuki Atsushi	Super Dry wholly renewed; the lead in beer-type drinks retaken from Kirin
FYE Dec 2023Consolidated	¥2.77tn	+10.3%	¥245bn	+12.9%	8.8%	¥164bn	Katsuki Atsushi	Matsuyama Kazuo becomes president of Asahi Breweries; two domestic plants closed
FYE Dec 2024Consolidated	¥2.94tn	+6.2%	¥269bn	+9.8%	9.2%	¥192bn	Katsuki Atsushi	—
FYE Dec 2025Consolidated	¥2.89tn	−1.5%	¥186bn	−30.9%	6.4%	¥122bn	Katsuki Atsushi	East African liquor business bought from Diageo for about <span class="en-history_money" data-yen="465400000000" data-year="2025">$3.1B (¥465bn)</span>

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 Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥2.89tn

CAGR · 10 yrs +6.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	1,707	n/a	Cons. · IFRS
FYE Dec 2017	2,085	+22.1%	Cons. · IFRS
FYE Dec 2018	2,120	+1.7%	Cons. · IFRS
FYE Dec 2019	2,089	−1.5%	Cons. · IFRS
FYE Dec 2020	2,028	−2.9%	Cons. · IFRS
FYE Dec 2021	2,236	+10.3%	Cons. · IFRS
FYE Dec 2022	2,511	+12.3%	Cons. · IFRS
FYE Dec 2023	2,769	+10.3%	Cons. · IFRS
FYE Dec 2024	2,939	+6.2%	Cons. · IFRS
FYE Dec 2025	2,895	−1.5%	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 ¥1.80tn

CAGR · 10 yrs +5.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	1,098	n/a	Cons. · IFRS
FYE Dec 2017	1,295	+18.0%	Cons. · IFRS
FYE Dec 2018	1,303	+0.6%	Cons. · IFRS
FYE Dec 2019	1,297	−0.5%	Cons. · IFRS
FYE Dec 2020	1,283	−1.1%	Cons. · IFRS
FYE Dec 2021	1,383	+7.8%	Cons. · IFRS
FYE Dec 2022	1,589	+14.9%	Cons. · IFRS
FYE Dec 2023	1,770	+11.4%	Cons. · IFRS
FYE Dec 2024	1,842	+4.0%	Cons. · IFRS
FYE Dec 2025	1,802	−2.2%	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 Dec 2025 ¥1.09tn

CAGR · 10 yrs +6.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	609	n/a	Cons. · IFRS
FYE Dec 2017	789	+29.7%	Cons. · IFRS
FYE Dec 2018	817	+3.5%	Cons. · IFRS
FYE Dec 2019	792	−3.1%	Cons. · IFRS
FYE Dec 2020	745	−6.0%	Cons. · IFRS
FYE Dec 2021	853	+14.5%	Cons. · IFRS
FYE Dec 2022	922	+8.1%	Cons. · IFRS
FYE Dec 2023	999	+8.4%	Cons. · IFRS
FYE Dec 2024	1,098	+9.9%	Cons. · IFRS
FYE Dec 2025	1,093	−0.4%	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 ¥830bn

CAGR · 10 yrs +6.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	460	n/a	Cons. · IFRS
FYE Dec 2017	593	+28.9%	Cons. · IFRS
FYE Dec 2018	596	+0.4%	Cons. · IFRS
FYE Dec 2019	579	−2.8%	Cons. · IFRS
FYE Dec 2020	577	−0.3%	Cons. · IFRS
FYE Dec 2021	635	+10.1%	Cons. · IFRS
FYE Dec 2022	678	+6.8%	Cons. · IFRS
FYE Dec 2023	735	+8.4%	Cons. · IFRS
FYE Dec 2024	813	+10.5%	Cons. · IFRS
FYE Dec 2025	830	+2.1%	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 Dec 2025 ¥186bn

CAGR · 10 yrs +3.5%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	137	n/a	Cons. · IFRS
FYE Dec 2017	183	+33.8%	Cons. · IFRS
FYE Dec 2018	212	+15.6%	Cons. · IFRS
FYE Dec 2019	201	−4.9%	Cons. · IFRS
FYE Dec 2020	135	−32.9%	Cons. · IFRS
FYE Dec 2021	212	+56.8%	Cons. · IFRS
FYE Dec 2022	217	+2.4%	Cons. · IFRS
FYE Dec 2023	245	+12.9%	Cons. · IFRS
FYE Dec 2024	269	+9.8%	Cons. · IFRS
FYE Dec 2025	186	−30.9%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥22bn

CAGR · 10 yrs +24.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	3.1	n/a	Cons. · IFRS
FYE Dec 2017	5.2	+67.6%	Cons. · IFRS
FYE Dec 2018	8.3	+59.1%	Cons. · IFRS
FYE Dec 2019	8.1	−2.3%	Cons. · IFRS
FYE Dec 2020	7.2	−10.7%	Cons. · IFRS
FYE Dec 2021	5.8	−20.4%	Cons. · IFRS
FYE Dec 2022	5.5	−4.4%	Cons. · IFRS
FYE Dec 2023	14.1	+156.8%	Cons. · IFRS
FYE Dec 2024	18.2	+28.7%	Cons. · IFRS
FYE Dec 2025	21.9	+20.7%	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 Dec 2025 ¥29bn

CAGR · 10 yrs +24.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	4.1	n/a	Cons. · IFRS
FYE Dec 2017	10.4	+155.0%	Cons. · IFRS
FYE Dec 2018	12.7	+22.8%	Cons. · IFRS
FYE Dec 2019	13.0	+2.2%	Cons. · IFRS
FYE Dec 2020	15.0	+15.1%	Cons. · IFRS
FYE Dec 2021	18.5	+23.6%	Cons. · IFRS
FYE Dec 2022	17.2	−7.0%	Cons. · IFRS
FYE Dec 2023	18.1	+5.2%	Cons. · IFRS
FYE Dec 2024	20.8	+14.7%	Cons. · IFRS
FYE Dec 2025	28.5	+37.2%	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 ¥122bn

CAGR · 10 yrs +4.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	81.8	n/a	Cons. · IFRS
FYE Dec 2017	141	+72.4%	Cons. · IFRS
FYE Dec 2018	151	+7.1%	Cons. · IFRS
FYE Dec 2019	142	−5.9%	Cons. · IFRS
FYE Dec 2020	92.8	−34.7%	Cons. · IFRS
FYE Dec 2021	154	+65.4%	Cons. · IFRS
FYE Dec 2022	152	−1.3%	Cons. · IFRS
FYE Dec 2023	164	+8.3%	Cons. · IFRS
FYE Dec 2024	192	+17.1%	Cons. · IFRS
FYE Dec 2025	122	−36.7%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 37.8%

Average · 10 yrs 37.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	35.7	n/a	Cons. · IFRS
FYE Dec 2017	37.9	+2.2pp	Cons. · IFRS
FYE Dec 2018	38.5	+0.7pp	Cons. · IFRS
FYE Dec 2019	37.9	−0.6pp	Cons. · IFRS
FYE Dec 2020	36.7	−1.2pp	Cons. · IFRS
FYE Dec 2021	38.1	+1.4pp	Cons. · IFRS
FYE Dec 2022	36.7	−1.4pp	Cons. · IFRS
FYE Dec 2023	36.1	−0.6pp	Cons. · IFRS
FYE Dec 2024	37.3	+1.3pp	Cons. · IFRS
FYE Dec 2025	37.8	+0.4pp	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 6.4%

Average · 10 yrs 8.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	8.0	n/a	Cons. · IFRS
FYE Dec 2017	8.8	+0.8pp	Cons. · IFRS
FYE Dec 2018	10.0	+1.2pp	Cons. · IFRS
FYE Dec 2019	9.6	−0.3pp	Cons. · IFRS
FYE Dec 2020	6.7	−3.0pp	Cons. · IFRS
FYE Dec 2021	9.5	+2.8pp	Cons. · IFRS
FYE Dec 2022	8.6	−0.8pp	Cons. · IFRS
FYE Dec 2023	8.8	+0.2pp	Cons. · IFRS
FYE Dec 2024	9.2	+0.3pp	Cons. · IFRS
FYE Dec 2025	6.4	−2.7pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 4.2%

Average · 10 yrs 6.0%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	4.8	n/a	Cons. · IFRS
FYE Dec 2017	6.8	+2.0pp	Cons. · IFRS
FYE Dec 2018	7.1	+0.4pp	Cons. · IFRS
FYE Dec 2019	6.8	−0.3pp	Cons. · IFRS
FYE Dec 2020	4.6	−2.2pp	Cons. · IFRS
FYE Dec 2021	6.9	+2.3pp	Cons. · IFRS
FYE Dec 2022	6.0	−0.8pp	Cons. · IFRS
FYE Dec 2023	5.9	−0.1pp	Cons. · IFRS
FYE Dec 2024	6.5	+0.6pp	Cons. · IFRS
FYE Dec 2025	4.2	−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 62.2%

Average · 10 yrs 62.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	64.3	n/a	Cons. · IFRS
FYE Dec 2017	62.1	−2.2pp	Cons. · IFRS
FYE Dec 2018	61.5	−0.7pp	Cons. · IFRS
FYE Dec 2019	62.1	+0.6pp	Cons. · IFRS
FYE Dec 2020	63.3	+1.2pp	Cons. · IFRS
FYE Dec 2021	61.9	−1.4pp	Cons. · IFRS
FYE Dec 2022	63.3	+1.4pp	Cons. · IFRS
FYE Dec 2023	63.9	+0.6pp	Cons. · IFRS
FYE Dec 2024	62.7	−1.3pp	Cons. · IFRS
FYE Dec 2025	62.2	−0.4pp	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 28.7%

Average · 10 yrs 27.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	27.0	n/a	Cons. · IFRS
FYE Dec 2017	28.4	+1.5pp	Cons. · IFRS
FYE Dec 2018	28.1	−0.4pp	Cons. · IFRS
FYE Dec 2019	27.7	−0.4pp	Cons. · IFRS
FYE Dec 2020	28.4	+0.7pp	Cons. · IFRS
FYE Dec 2021	28.4	−0.0pp	Cons. · IFRS
FYE Dec 2022	27.0	−1.4pp	Cons. · IFRS
FYE Dec 2023	26.6	−0.4pp	Cons. · IFRS
FYE Dec 2024	27.6	+1.1pp	Cons. · IFRS
FYE Dec 2025	28.7	+1.0pp	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 ¥6.03tn

CAGR · 10 yrs +12.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	2,133	n/a	Cons. · IFRS
FYE Dec 2017	3,347	+56.9%	Cons. · IFRS
FYE Dec 2018	3,079	−8.0%	Cons. · IFRS
FYE Dec 2019	3,141	+2.0%	Cons. · IFRS
FYE Dec 2020	4,439	+41.3%	Cons. · IFRS
FYE Dec 2021	4,548	+2.4%	Cons. · IFRS
FYE Dec 2022	4,830	+6.2%	Cons. · IFRS
FYE Dec 2023	5,286	+9.4%	Cons. · IFRS
FYE Dec 2024	5,403	+2.2%	Cons. · IFRS
FYE Dec 2025	6,028	+11.6%	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 ¥3.00tn

CAGR · 10 yrs +14.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	902	n/a	Cons. · IFRS
FYE Dec 2017	1,145	+26.9%	Cons. · IFRS
FYE Dec 2018	1,143	−0.2%	Cons. · IFRS
FYE Dec 2019	1,244	+8.8%	Cons. · IFRS
FYE Dec 2020	1,514	+21.7%	Cons. · IFRS
FYE Dec 2021	1,755	+15.9%	Cons. · IFRS
FYE Dec 2022	2,059	+17.3%	Cons. · IFRS
FYE Dec 2023	2,455	+19.3%	Cons. · IFRS
FYE Dec 2024	2,664	+8.5%	Cons. · IFRS
FYE Dec 2025	3,003	+12.7%	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 ¥1.64tn

CAGR · 10 yrs +12.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	570	n/a	Cons. · IFRS
FYE Dec 2017	1,262	+121.3%	Cons. · IFRS
FYE Dec 2018	1,027	−18.6%	Cons. · IFRS
FYE Dec 2019	943	−8.2%	Cons. · IFRS
FYE Dec 2020	1,824	+93.3%	Cons. · IFRS
FYE Dec 2021	1,596	−12.5%	Cons. · IFRS
FYE Dec 2022	1,497	−6.2%	Cons. · IFRS
FYE Dec 2023	1,411	−5.8%	Cons. · IFRS
FYE Dec 2024	1,279	−9.3%	Cons. · IFRS
FYE Dec 2025	1,644	+28.5%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥839bn

CAGR · 10 yrs +12.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	281	n/a	Cons. · IFRS
FYE Dec 2017	282	+0.4%	Cons. · IFRS
FYE Dec 2018	360	+27.6%	Cons. · IFRS
FYE Dec 2019	263	−27.0%	Cons. · IFRS
FYE Dec 2020	408	+55.5%	Cons. · IFRS
FYE Dec 2021	925	+126.5%	Cons. · IFRS
FYE Dec 2022	424	−54.2%	Cons. · IFRS
FYE Dec 2023	367	−13.3%	Cons. · IFRS
FYE Dec 2024	390	+6.1%	Cons. · IFRS
FYE Dec 2025	839	+115.2%	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 Dec 2025 ¥805bn

CAGR · 10 yrs +20.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	153	n/a	Cons. · IFRS
FYE Dec 2017	288	+88.0%	Cons. · IFRS
FYE Dec 2018	902	+212.7%	Cons. · IFRS
FYE Dec 2019	765	−15.2%	Cons. · IFRS
FYE Dec 2020	535	−30.1%	Cons. · IFRS
FYE Dec 2021	899	+68.0%	Cons. · IFRS
FYE Dec 2022	1,173	+30.4%	Cons. · IFRS
FYE Dec 2023	1,130	−3.6%	Cons. · IFRS
FYE Dec 2024	1,021	−9.7%	Cons. · IFRS
FYE Dec 2025	805	−21.1%	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 ¥1.25tn

CAGR · 10 yrs +10.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	499	n/a	Cons. · IFRS
FYE Dec 2017	1,539	+208.1%	Cons. · IFRS
FYE Dec 2018	1,429	−7.2%	Cons. · IFRS
FYE Dec 2019	1,398	−2.1%	Cons. · IFRS
FYE Dec 2020	2,702	+93.2%	Cons. · IFRS
FYE Dec 2021	2,820	+4.4%	Cons. · IFRS
FYE Dec 2022	3,028	+7.4%	Cons. · IFRS
FYE Dec 2023	3,284	+8.5%	Cons. · IFRS
FYE Dec 2024	3,354	+2.1%	Cons. · IFRS
FYE Dec 2025	1,247	−62.8%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥2.41tn

CAGR · 8 yrs +19.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	705	n/a	Cons. · IFRS
FYE Dec 2019	703	−0.3%	Cons. · IFRS
FYE Dec 2020	1,724	+145.3%	Cons. · IFRS
FYE Dec 2021	1,817	+5.4%	Cons. · IFRS
FYE Dec 2022	1,967	+8.3%	Cons. · IFRS
FYE Dec 2023	2,147	+9.2%	Cons. · IFRS
FYE Dec 2024	2,203	+2.6%	Cons. · IFRS
FYE Dec 2025	2,411	+9.4%	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 49.8%

Average · 10 yrs 41.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	42.3	n/a	Cons. · IFRS
FYE Dec 2017	34.2	−8.1pp	Cons. · IFRS
FYE Dec 2018	37.1	+2.9pp	Cons. · IFRS
FYE Dec 2019	39.6	+2.5pp	Cons. · IFRS
FYE Dec 2020	34.1	−5.5pp	Cons. · IFRS
FYE Dec 2021	38.6	+4.5pp	Cons. · IFRS
FYE Dec 2022	42.6	+4.0pp	Cons. · IFRS
FYE Dec 2023	46.5	+3.8pp	Cons. · IFRS
FYE Dec 2024	49.3	+2.8pp	Cons. · IFRS
FYE Dec 2025	49.8	+0.5pp	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 54.8%

Average · 10 yrs 78.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	63.2	n/a	Cons. · IFRS
FYE Dec 2017	110.2	+47.0pp	Cons. · IFRS
FYE Dec 2018	89.9	−20.3pp	Cons. · IFRS
FYE Dec 2019	75.8	−14.1pp	Cons. · IFRS
FYE Dec 2020	120.4	+44.6pp	Cons. · IFRS
FYE Dec 2021	90.9	−29.5pp	Cons. · IFRS
FYE Dec 2022	72.7	−18.2pp	Cons. · IFRS
FYE Dec 2023	57.5	−15.3pp	Cons. · IFRS
FYE Dec 2024	48.0	−9.4pp	Cons. · IFRS
FYE Dec 2025	54.8	+6.7pp	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 4.0%

Average · 10 yrs 8.6%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	9.1	n/a	Cons. · IFRS
FYE Dec 2017	12.3	+3.2pp	Cons. · IFRS
FYE Dec 2018	13.2	+0.9pp	Cons. · IFRS
FYE Dec 2019	11.4	−1.8pp	Cons. · IFRS
FYE Dec 2020	6.1	−5.3pp	Cons. · IFRS
FYE Dec 2021	8.7	+2.6pp	Cons. · IFRS
FYE Dec 2022	7.4	−1.4pp	Cons. · IFRS
FYE Dec 2023	6.7	−0.7pp	Cons. · IFRS
FYE Dec 2024	7.2	+0.5pp	Cons. · IFRS
FYE Dec 2025	4.0	−3.2pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 2.0%

Average · 10 yrs 3.5%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	3.8	n/a	Cons. · IFRS
FYE Dec 2017	4.2	+0.4pp	Cons. · IFRS
FYE Dec 2018	4.9	+0.7pp	Cons. · IFRS
FYE Dec 2019	4.5	−0.4pp	Cons. · IFRS
FYE Dec 2020	2.1	−2.4pp	Cons. · IFRS
FYE Dec 2021	3.4	+1.3pp	Cons. · IFRS
FYE Dec 2022	3.1	−0.2pp	Cons. · IFRS
FYE Dec 2023	3.1	−0.0pp	Cons. · IFRS
FYE Dec 2024	3.6	+0.5pp	Cons. · IFRS
FYE Dec 2025	2.0	−1.5pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.48×

CAGR · 10 yrs −5.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.80	n/a	Cons. · IFRS
FYE Dec 2017	0.62	−22.1%	Cons. · IFRS
FYE Dec 2018	0.69	+10.5%	Cons. · IFRS
FYE Dec 2019	0.67	−3.4%	Cons. · IFRS
FYE Dec 2020	0.46	−31.3%	Cons. · IFRS
FYE Dec 2021	0.49	+7.6%	Cons. · IFRS
FYE Dec 2022	0.52	+5.7%	Cons. · IFRS
FYE Dec 2023	0.52	+0.8%	Cons. · IFRS
FYE Dec 2024	0.54	+3.8%	Cons. · IFRS
FYE Dec 2025	0.48	−11.7%	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 Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 ¥105bn

CAGR · 10 yrs −3.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	150	n/a	Cons. · IFRS
FYE Dec 2017	232	+54.1%	Cons. · IFRS
FYE Dec 2018	252	+8.9%	Cons. · IFRS
FYE Dec 2019	253	+0.4%	Cons. · IFRS
FYE Dec 2020	276	+8.8%	Cons. · IFRS
FYE Dec 2021	338	+22.5%	Cons. · IFRS
FYE Dec 2022	266	−21.3%	Cons. · IFRS
FYE Dec 2023	348	+30.7%	Cons. · IFRS
FYE Dec 2024	404	+16.2%	Cons. · IFRS
FYE Dec 2025	105	−74.0%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥200bn

Average · 10 yrs -¥300bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-267	n/a	Cons. · IFRS
FYE Dec 2017	-886	n/a	Cons. · IFRS
FYE Dec 2018	22.5	n/a	Cons. · IFRS
FYE Dec 2019	-104	−560.6%	Cons. · IFRS
FYE Dec 2020	-1,243	n/a	Cons. · IFRS
FYE Dec 2021	-14.3	n/a	Cons. · IFRS
FYE Dec 2022	-69.2	n/a	Cons. · IFRS
FYE Dec 2023	-118	n/a	Cons. · IFRS
FYE Dec 2024	-119	n/a	Cons. · IFRS
FYE Dec 2025	-200	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 ¥126bn

CAGR · 10 yrs +0.3%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	122	n/a	Cons. · IFRS
FYE Dec 2017	662	+441.2%	Cons. · IFRS
FYE Dec 2018	-271	−140.9%	Cons. · IFRS
FYE Dec 2019	-159	n/a	Cons. · IFRS
FYE Dec 2020	957	n/a	Cons. · IFRS
FYE Dec 2021	-320	−133.5%	Cons. · IFRS
FYE Dec 2022	-220	n/a	Cons. · IFRS
FYE Dec 2023	-227	n/a	Cons. · IFRS
FYE Dec 2024	-273	n/a	Cons. · IFRS
FYE Dec 2025	126	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 ¥156bn

CAGR · 10 yrs +13.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	49.4	n/a	Cons. · IFRS
FYE Dec 2017	58.1	+17.4%	Cons. · IFRS
FYE Dec 2018	57.3	−1.3%	Cons. · IFRS
FYE Dec 2019	48.5	−15.4%	Cons. · IFRS
FYE Dec 2020	48.5	−0.1%	Cons. · IFRS
FYE Dec 2021	52.7	+8.8%	Cons. · IFRS
FYE Dec 2022	37.4	−29.0%	Cons. · IFRS
FYE Dec 2023	59.9	+60.1%	Cons. · IFRS
FYE Dec 2024	84.0	+40.1%	Cons. · IFRS
FYE Dec 2025	156	+86.3%	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 -¥96bn

Average · 10 yrs -¥37bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	-117	n/a	Cons. · IFRS
FYE Dec 2017	-654	n/a	Cons. · IFRS
FYE Dec 2018	275	n/a	Cons. · IFRS
FYE Dec 2019	150	−45.5%	Cons. · IFRS
FYE Dec 2020	-968	−745.9%	Cons. · IFRS
FYE Dec 2021	323	n/a	Cons. · IFRS
FYE Dec 2022	197	−39.2%	Cons. · IFRS
FYE Dec 2023	230	+16.8%	Cons. · IFRS
FYE Dec 2024	285	+24.0%	Cons. · IFRS
FYE Dec 2025	-95.7	−133.6%	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 3.6%

Average · 10 yrs 11.3%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	8.8	n/a	Cons. · IFRS
FYE Dec 2017	11.1	+2.3pp	Cons. · IFRS
FYE Dec 2018	11.9	+0.8pp	Cons. · IFRS
FYE Dec 2019	12.1	+0.2pp	Cons. · IFRS
FYE Dec 2020	13.6	+1.5pp	Cons. · IFRS
FYE Dec 2021	15.1	+1.5pp	Cons. · IFRS
FYE Dec 2022	10.6	−4.5pp	Cons. · IFRS
FYE Dec 2023	12.6	+2.0pp	Cons. · IFRS
FYE Dec 2024	13.7	+1.2pp	Cons. · IFRS
FYE Dec 2025	3.6	−10.1pp	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 -¥1.49tn

Average · 10 yrs -¥1.24tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-521	n/a	Cons. · IFRS
FYE Dec 2017	-1,204	n/a	Cons. · IFRS
FYE Dec 2018	-970	n/a	Cons. · IFRS
FYE Dec 2019	-895	n/a	Cons. · IFRS
FYE Dec 2020	-1,775	n/a	Cons. · IFRS
FYE Dec 2021	-1,543	n/a	Cons. · IFRS
FYE Dec 2022	-1,460	n/a	Cons. · IFRS
FYE Dec 2023	-1,351	n/a	Cons. · IFRS
FYE Dec 2024	-1,195	n/a	Cons. · IFRS
FYE Dec 2025	-1,488	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 ¥2.50tn

Change · 10 yrs +¥718bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	1,780	n/a
FYE Dec 2017	2,709	n/a
FYE Dec 2018	2,057	n/a
FYE Dec 2019	2,417	n/a
FYE Dec 2020	2,152	n/a
FYE Dec 2021	2,273	n/a
FYE Dec 2022	2,093	n/a
FYE Dec 2023	2,660	n/a
FYE Dec 2024	2,524	n/a
FYE Dec 2025	2,498	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 1,642¥

Change · 10 yrs −2,039¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	3,681	n/a
FYE Dec 2017	5,602	n/a
FYE Dec 2018	4,254	n/a
FYE Dec 2019	4,998	n/a
FYE Dec 2020	4,245	n/a
FYE Dec 2021	4,483	n/a
FYE Dec 2022	4,128	n/a
FYE Dec 2023	5,246	n/a
FYE Dec 2024	1,659	n/a
FYE Dec 2025	1,642	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 1,521,010,000shares

Change · 10 yrs +1,037,425,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	483,585,000	Parent
FYE Dec 2017	483,585,000	Parent
FYE Dec 2018	483,585,000	Parent
FYE Dec 2019	483,585,000	Parent
FYE Dec 2020	507,003,000	Parent
FYE Dec 2021	507,003,000	Parent
FYE Dec 2022	507,003,000	Parent
FYE Dec 2023	507,003,000	Parent
FYE Dec 2024	1,521,010,000	Parent
FYE Dec 2025	1,521,010,000	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 81.29¥

Change · 10 yrs −113.46¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	194.75	Cons.
FYE Dec 2017	307.78	Cons.
FYE Dec 2018	329.80	Cons.
FYE Dec 2019	310.44	Cons.
FYE Dec 2020	65.51	Cons.
FYE Dec 2021	100.97	Cons.
FYE Dec 2022	99.70	Cons.
FYE Dec 2023	107.94	Cons.
FYE Dec 2024	126.66	Cons.
FYE Dec 2025	81.29	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 1,974.38¥

Change · 10 yrs +108.74¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,865.64	Cons. · IFRS
FYE Dec 2017	2,368.01	Cons. · IFRS
FYE Dec 2018	2,364.00	Cons. · IFRS
FYE Dec 2019	2,573.18	Cons. · IFRS
FYE Dec 2020	2,987.03	Cons. · IFRS
FYE Dec 2021	3,461.64	Cons. · IFRS
FYE Dec 2022	4,060.18	Cons. · IFRS
FYE Dec 2023	4,842.80	Cons. · IFRS
FYE Dec 2024	1,751.17	Cons. · IFRS
FYE Dec 2025	1,974.38	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 20.20×

Average · 10 yrs 16.58×

Fiscal year	PER ×	Basis
FYE Dec 2016	18.90	Cons.
FYE Dec 2017	18.20	Cons.
FYE Dec 2018	12.90	Cons.
FYE Dec 2019	16.10	Cons.
FYE Dec 2020	21.60	Cons.
FYE Dec 2021	14.80	Cons.
FYE Dec 2022	13.80	Cons.
FYE Dec 2023	16.20	Cons.
FYE Dec 2024	13.10	Cons.
FYE Dec 2025	20.20	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 Dec 2025 0.80×

Average · 10 yrs 1.43×

Fiscal year	PBR ×	Basis
FYE Dec 2016	2.02	Cons.
FYE Dec 2017	2.24	Cons.
FYE Dec 2018	1.70	Cons.
FYE Dec 2019	1.84	Cons.
FYE Dec 2020	1.42	Cons.
FYE Dec 2021	1.29	Cons.
FYE Dec 2022	1.01	Cons.
FYE Dec 2023	1.08	Cons.
FYE Dec 2024	0.93	Cons.
FYE Dec 2025	0.80	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 28,560people

Change · 10 yrs +4,941 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	23,619	n/a	Cons.
FYE Dec 2017	30,864	+30.7%	Cons.
FYE Dec 2018	28,055	−9.1%	Cons.
FYE Dec 2019	29,327	+4.5%	Cons.
FYE Dec 2020	29,850	+1.8%	Cons.
FYE Dec 2021	30,020	+0.6%	Cons.
FYE Dec 2022	29,920	−0.3%	Cons.
FYE Dec 2023	28,639	−4.3%	Cons.
FYE Dec 2024	28,173	−1.6%	Cons.
FYE Dec 2025	28,560	+1.4%	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 328people

Change · 10 yrs +43 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	285	n/a	Parent
FYE Dec 2017	274	−3.9%	Parent
FYE Dec 2018	287	+4.7%	Parent
FYE Dec 2019	155	−46.0%	Parent
FYE Dec 2020	313	+101.9%	Parent
FYE Dec 2021	336	+7.3%	Parent
FYE Dec 2022	164	−51.2%	Parent
FYE Dec 2023	192	+17.1%	Parent
FYE Dec 2024	265	+38.0%	Parent
FYE Dec 2025	328	+23.8%	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 ¥13.4m

Change · 10 yrs +¥3.4m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	10.0	n/a	Parent
FYE Dec 2017	10.0	+0.5%	Parent
FYE Dec 2018	10.9	+9.2%	Parent
FYE Dec 2019	12.5	+14.3%	Parent
FYE Dec 2020	13.3	+6.0%	Parent
FYE Dec 2021	11.1	−15.9%	Parent
FYE Dec 2022	12.3	+10.3%	Parent
FYE Dec 2023	12.3	+0.2%	Parent
FYE Dec 2024	12.2	−1.2%	Parent
FYE Dec 2025	13.4	+9.6%	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 Dec 2025 44.9years

Change · 7 yrs −0.8 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	45.7	n/a	Parent
FYE Dec 2020	46.2	+1.1%	Parent
FYE Dec 2021	46.2	−0.0%	Parent
FYE Dec 2022	41.3	−10.6%	Parent
FYE Dec 2023	42.8	+3.6%	Parent
FYE Dec 2024	44.6	+4.2%	Parent
FYE Dec 2025	44.9	+0.7%	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 13.6years

Change · 10 yrs −0.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	13.7	n/a	Parent
FYE Dec 2017	13.1	−4.4%	Parent
FYE Dec 2018	13.5	+3.1%	Parent
FYE Dec 2019	17.0	+25.9%	Parent
FYE Dec 2020	17.0	−0.0%	Parent
FYE Dec 2021	17.0	−0.0%	Parent
FYE Dec 2022	11.9	−30.0%	Parent
FYE Dec 2023	2.7	−77.3%	Parent
FYE Dec 2024	1.0	−63.0%	Parent
FYE Dec 2025	13.6	+1260.0%	Parent

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

Temporary employees

FYE Dec 2025 4,660people

Change · 10 yrs −2,863 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	7,523	n/a	n/a
FYE Dec 2017	7,455	−0.9%	n/a
FYE Dec 2018	6,608	−11.4%	n/a
FYE Dec 2019	6,669	+0.9%	n/a
FYE Dec 2020	6,849	+2.7%	n/a
FYE Dec 2021	6,665	−2.7%	n/a
FYE Dec 2022	6,645	−0.3%	n/a
FYE Dec 2023	6,089	−8.4%	n/a
FYE Dec 2024	5,784	−5.0%	n/a
FYE Dec 2025	4,660	−19.4%	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 Dec 2025 ¥101m

Change · 10 yrs +¥29.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	72.3	n/a	Cons.
FYE Dec 2017	67.6	−6.5%	Cons.
FYE Dec 2018	75.6	+11.9%	Cons.
FYE Dec 2019	71.2	−5.7%	Cons.
FYE Dec 2020	67.9	−4.6%	Cons.
FYE Dec 2021	74.5	+9.6%	Cons.
FYE Dec 2022	83.9	+12.7%	Cons.
FYE Dec 2023	96.7	+15.2%	Cons.
FYE Dec 2024	104	+7.9%	Cons.
FYE Dec 2025	101	−2.9%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥6.5m

Change · 10 yrs +¥0.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	5.8	n/a	Cons.
FYE Dec 2017	5.9	+2.4%	Cons.
FYE Dec 2018	7.5	+27.2%	Cons.
FYE Dec 2019	6.9	−9.0%	Cons.
FYE Dec 2020	4.5	−34.1%	Cons.
FYE Dec 2021	7.1	+55.9%	Cons.
FYE Dec 2022	7.3	+2.8%	Cons.
FYE Dec 2023	8.6	+17.9%	Cons.
FYE Dec 2024	9.5	+11.6%	Cons.
FYE Dec 2025	6.5	−31.9%	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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