Financials

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

FYE Dec 2025 · Revenue¥2.43tnYoY +4.1%

FYE Dec 2025 · Operating profit¥210bnYoY +67.3%

FYE Dec 2025 · Net profit¥148bnYoY +153.4%

FYE Dec 2025 · Equity ratio28.0%YoY +3.3pp

FYE Dec 2025 · Group employees31,144YoY −790

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥2.08tn	n/a	¥142bn	n/a	6.8%	¥118bn	Isozaki Yoshinori	—
FYE Dec 2017Consolidated	¥1.86tn	−10.2%	¥211bn	+48.8%	11.3%	¥129bn	Isozaki Yoshinori	Sells Brazil Kirin to Heineken for <span class="en-history_money" data-yen="77000000000" data-year="2017">$686.5M (¥77bn)</span>
FYE Dec 2018Consolidated	¥1.93tn	+3.6%	¥198bn	−6.0%	10.3%	¥164bn	Isozaki Yoshinori	—
FYE Dec 2019Consolidated	¥1.94tn	+0.6%	¥88bn	−55.8%	4.5%	¥60bn	Isozaki Yoshinori	Takes a stake in Fancl
FYE Dec 2020Consolidated	¥1.85tn	−4.7%	¥103bn	+17.3%	5.6%	¥72bn	Isozaki Yoshinori	Shareholders reject Independent Franchise Partners’ break-up proposals
FYE Dec 2021Consolidated	¥1.82tn	−1.5%	¥68bn	−33.8%	3.7%	¥60bn	Isozaki Yoshinori	—
FYE Dec 2022Consolidated	¥1.99tn	+9.2%	¥116bn	+70.4%	5.8%	¥111bn	Isozaki Yoshinori	Exits the Myanmar beer business
FYE Dec 2023Consolidated	¥2.13tn	+7.3%	¥150bn	+29.5%	7.0%	¥113bn	Isozaki Yoshinori	Takes Australia’s Blackmores fully private
FYE Dec 2024Consolidated	¥2.34tn	+9.6%	¥125bn	−16.6%	5.4%	¥58bn	Isozaki Yoshinori	Launches the Fancl tender offer; consolidates it in September
FYE Dec 2025Consolidated	¥2.43tn	+4.1%	¥210bn	+67.3%	8.6%	¥148bn	Minakata Takeshi	—

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 ¥2.43tn

CAGR · 10 yrs +1.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	2,075	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,864	moved to IFRS	Cons. · IFRS
FYE Dec 2018	1,931	+3.6%	Cons. · IFRS
FYE Dec 2019	1,941	+0.6%	Cons. · IFRS
FYE Dec 2020	1,850	−4.7%	Cons. · IFRS
FYE Dec 2021	1,822	−1.5%	Cons. · IFRS
FYE Dec 2022	1,989	+9.2%	Cons. · IFRS
FYE Dec 2023	2,134	+7.3%	Cons. · IFRS
FYE Dec 2024	2,338	+9.6%	Cons. · IFRS
FYE Dec 2025	2,433	+4.1%	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 ¥1.28tn

CAGR · 10 yrs +1.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	1,158	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,051	moved to IFRS	Cons. · IFRS
FYE Dec 2018	1,097	+4.4%	Cons. · IFRS
FYE Dec 2019	1,094	−0.3%	Cons. · IFRS
FYE Dec 2020	1,046	−4.4%	Cons. · IFRS
FYE Dec 2021	999	−4.5%	Cons. · IFRS
FYE Dec 2022	1,084	+8.5%	Cons. · IFRS
FYE Dec 2023	1,171	+8.0%	Cons. · IFRS
FYE Dec 2024	1,272	+8.7%	Cons. · IFRS
FYE Dec 2025	1,275	+0.2%	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 ¥1.16tn

CAGR · 10 yrs +2.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	917	n/a	Cons. · Japanese GAAP
FYE Dec 2017	813	moved to IFRS	Cons. · IFRS
FYE Dec 2018	833	+2.6%	Cons. · IFRS
FYE Dec 2019	848	+1.7%	Cons. · IFRS
FYE Dec 2020	804	−5.2%	Cons. · IFRS
FYE Dec 2021	823	+2.4%	Cons. · IFRS
FYE Dec 2022	906	+10.1%	Cons. · IFRS
FYE Dec 2023	963	+6.4%	Cons. · IFRS
FYE Dec 2024	1,066	+10.6%	Cons. · IFRS
FYE Dec 2025	1,158	+8.6%	Cons. · IFRS

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

SG&A selling, general and administrative expenses

FYE Dec 2025 ¥906bn

CAGR · 10 yrs +1.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	775	n/a	Cons. · Japanese GAAP
FYE Dec 2017	618	moved to IFRS	Cons. · IFRS
FYE Dec 2018	634	+2.6%	Cons. · IFRS
FYE Dec 2019	657	+3.6%	Cons. · IFRS
FYE Dec 2020	642	−2.3%	Cons. · IFRS
FYE Dec 2021	657	+2.4%	Cons. · IFRS
FYE Dec 2022	715	+8.7%	Cons. · IFRS
FYE Dec 2023	762	+6.6%	Cons. · IFRS
FYE Dec 2024	855	+12.2%	Cons. · IFRS
FYE Dec 2025	906	+6.0%	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 ¥210bn

CAGR · 10 yrs +4.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	142	n/a	Cons. · Japanese GAAP
FYE Dec 2017	211	moved to IFRS	Cons. · IFRS
FYE Dec 2018	198	−6.0%	Cons. · IFRS
FYE Dec 2019	87.7	−55.8%	Cons. · IFRS
FYE Dec 2020	103	+17.3%	Cons. · IFRS
FYE Dec 2021	68.1	−33.8%	Cons. · IFRS
FYE Dec 2022	116	+70.4%	Cons. · IFRS
FYE Dec 2023	150	+29.5%	Cons. · IFRS
FYE Dec 2024	125	−16.6%	Cons. · IFRS
FYE Dec 2025	210	+67.3%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥11bn

CAGR · 10 yrs −7.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	20.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.8	moved to IFRS	Cons. · IFRS
FYE Dec 2018	9.2	+90.1%	Cons. · IFRS
FYE Dec 2019	4.8	−47.5%	Cons. · IFRS
FYE Dec 2020	5.4	+12.0%	Cons. · IFRS
FYE Dec 2021	4.1	−24.3%	Cons. · IFRS
FYE Dec 2022	11.0	+168.6%	Cons. · IFRS
FYE Dec 2023	9.0	−17.7%	Cons. · IFRS
FYE Dec 2024	14.6	+61.5%	Cons. · IFRS
FYE Dec 2025	10.7	−26.9%	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 ¥18bn

CAGR · 10 yrs −2.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	22.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.1	moved to IFRS	Cons. · IFRS
FYE Dec 2018	8.9	−19.9%	Cons. · IFRS
FYE Dec 2019	9.4	+6.4%	Cons. · IFRS
FYE Dec 2020	8.5	−9.8%	Cons. · IFRS
FYE Dec 2021	7.0	−17.3%	Cons. · IFRS
FYE Dec 2022	6.5	−8.0%	Cons. · IFRS
FYE Dec 2023	10.5	+62.4%	Cons. · IFRS
FYE Dec 2024	18.0	+71.0%	Cons. · IFRS
FYE Dec 2025	18.3	+1.8%	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 ¥148bn

CAGR · 10 yrs +2.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	118	n/a	Cons. · Japanese GAAP
FYE Dec 2017	129	moved to IFRS	Cons. · IFRS
FYE Dec 2018	164	+27.7%	Cons. · IFRS
FYE Dec 2019	59.6	−63.7%	Cons. · IFRS
FYE Dec 2020	71.9	+20.6%	Cons. · IFRS
FYE Dec 2021	59.8	−16.9%	Cons. · IFRS
FYE Dec 2022	111	+85.7%	Cons. · IFRS
FYE Dec 2023	113	+1.5%	Cons. · IFRS
FYE Dec 2024	58.2	−48.3%	Cons. · IFRS
FYE Dec 2025	148	+153.4%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 47.6%

Average · 10 yrs 44.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	44.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	43.6	moved to IFRS	Cons. · IFRS
FYE Dec 2018	43.2	−0.4pp	Cons. · IFRS
FYE Dec 2019	43.7	+0.5pp	Cons. · IFRS
FYE Dec 2020	43.5	−0.2pp	Cons. · IFRS
FYE Dec 2021	45.2	+1.7pp	Cons. · IFRS
FYE Dec 2022	45.5	+0.4pp	Cons. · IFRS
FYE Dec 2023	45.1	−0.4pp	Cons. · IFRS
FYE Dec 2024	45.6	+0.4pp	Cons. · IFRS
FYE Dec 2025	47.6	+2.0pp	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 8.6%

Average · 10 yrs 6.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	6.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.3	moved to IFRS	Cons. · IFRS
FYE Dec 2018	10.3	−1.1pp	Cons. · IFRS
FYE Dec 2019	4.5	−5.8pp	Cons. · IFRS
FYE Dec 2020	5.6	+1.0pp	Cons. · IFRS
FYE Dec 2021	3.7	−1.8pp	Cons. · IFRS
FYE Dec 2022	5.8	+2.1pp	Cons. · IFRS
FYE Dec 2023	7.0	+1.2pp	Cons. · IFRS
FYE Dec 2024	5.4	−1.7pp	Cons. · IFRS
FYE Dec 2025	8.6	+3.3pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 6.1%

Average · 10 yrs 5.1%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	5.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.9	moved to IFRS	Cons. · IFRS
FYE Dec 2018	8.5	+1.6pp	Cons. · IFRS
FYE Dec 2019	3.1	−5.4pp	Cons. · IFRS
FYE Dec 2020	3.9	+0.8pp	Cons. · IFRS
FYE Dec 2021	3.3	−0.6pp	Cons. · IFRS
FYE Dec 2022	5.6	+2.3pp	Cons. · IFRS
FYE Dec 2023	5.3	−0.3pp	Cons. · IFRS
FYE Dec 2024	2.5	−2.8pp	Cons. · IFRS
FYE Dec 2025	6.1	+3.6pp	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 52.4%

Average · 10 yrs 55.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	55.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	56.4	moved to IFRS	Cons. · IFRS
FYE Dec 2018	56.8	+0.4pp	Cons. · IFRS
FYE Dec 2019	56.3	−0.5pp	Cons. · IFRS
FYE Dec 2020	56.5	+0.2pp	Cons. · IFRS
FYE Dec 2021	54.8	−1.7pp	Cons. · IFRS
FYE Dec 2022	54.5	−0.4pp	Cons. · IFRS
FYE Dec 2023	54.9	+0.4pp	Cons. · IFRS
FYE Dec 2024	54.4	−0.4pp	Cons. · IFRS
FYE Dec 2025	52.4	−2.0pp	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 37.2%

Average · 10 yrs 35.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	37.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	33.2	moved to IFRS	Cons. · IFRS
FYE Dec 2018	32.8	−0.3pp	Cons. · IFRS
FYE Dec 2019	33.8	+1.0pp	Cons. · IFRS
FYE Dec 2020	34.7	+0.9pp	Cons. · IFRS
FYE Dec 2021	36.1	+1.4pp	Cons. · IFRS
FYE Dec 2022	35.9	−0.2pp	Cons. · IFRS
FYE Dec 2023	35.7	−0.2pp	Cons. · IFRS
FYE Dec 2024	36.6	+0.9pp	Cons. · IFRS
FYE Dec 2025	37.2	+0.7pp	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 Dec 2025 ¥3.49tn

CAGR · 10 yrs +4.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	2,348	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2,346	moved to IFRS	Cons. · IFRS
FYE Dec 2018	2,304	−1.8%	Cons. · IFRS
FYE Dec 2019	2,413	+4.7%	Cons. · IFRS
FYE Dec 2020	2,459	+1.9%	Cons. · IFRS
FYE Dec 2021	2,472	+0.5%	Cons. · IFRS
FYE Dec 2022	2,542	+2.8%	Cons. · IFRS
FYE Dec 2023	2,870	+12.9%	Cons. · IFRS
FYE Dec 2024	3,354	+16.9%	Cons. · IFRS
FYE Dec 2025	3,494	+4.2%	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 ¥979bn

CAGR · 10 yrs +4.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	681	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,199	moved to IFRS	Cons. · IFRS
FYE Dec 2018	622	−48.1%	Cons. · IFRS
FYE Dec 2019	666	+7.2%	Cons. · IFRS
FYE Dec 2020	581	−12.8%	Cons. · IFRS
FYE Dec 2021	640	+10.2%	Cons. · IFRS
FYE Dec 2022	707	+10.4%	Cons. · IFRS
FYE Dec 2023	839	+18.7%	Cons. · IFRS
FYE Dec 2024	829	−1.2%	Cons. · IFRS
FYE Dec 2025	979	+18.0%	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 ¥923bn

CAGR · 10 yrs +9.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	409	n/a	Cons. · Japanese GAAP
FYE Dec 2017	486	moved to IFRS	Cons. · IFRS
FYE Dec 2018	415	−14.7%	Cons. · IFRS
FYE Dec 2019	531	+27.9%	Cons. · IFRS
FYE Dec 2020	643	+21.1%	Cons. · IFRS
FYE Dec 2021	551	−14.2%	Cons. · IFRS
FYE Dec 2022	523	−5.1%	Cons. · IFRS
FYE Dec 2023	656	+25.5%	Cons. · IFRS
FYE Dec 2024	858	+30.6%	Cons. · IFRS
FYE Dec 2025	923	+7.7%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥81bn

CAGR · 10 yrs −7.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	157	n/a	Cons. · Japanese GAAP
FYE Dec 2017	124	moved to IFRS	Cons. · IFRS
FYE Dec 2018	97.1	−21.6%	Cons. · IFRS
FYE Dec 2019	240	+146.9%	Cons. · IFRS
FYE Dec 2020	249	+3.9%	Cons. · IFRS
FYE Dec 2021	102	−59.2%	Cons. · IFRS
FYE Dec 2022	114	+12.8%	Cons. · IFRS
FYE Dec 2023	101	−12.0%	Cons. · IFRS
FYE Dec 2024	78.0	−22.5%	Cons. · IFRS
FYE Dec 2025	81.0	+3.9%	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 ¥842bn

CAGR · 10 yrs +9.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	363	n/a	Cons. · Japanese GAAP
FYE Dec 2017	363	moved to IFRS	Cons. · IFRS
FYE Dec 2018	318	−12.3%	Cons. · IFRS
FYE Dec 2019	291	−8.4%	Cons. · IFRS
FYE Dec 2020	394	+35.2%	Cons. · IFRS
FYE Dec 2021	450	+14.3%	Cons. · IFRS
FYE Dec 2022	409	−9.2%	Cons. · IFRS
FYE Dec 2023	556	+36.0%	Cons. · IFRS
FYE Dec 2024	780	+40.3%	Cons. · IFRS
FYE Dec 2025	842	+8.1%	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 ¥695bn

CAGR · 9 yrs +7.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	402	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	180	n/a	Cons. · IFRS
FYE Dec 2019	169	−6.1%	Cons. · IFRS
FYE Dec 2020	209	+23.9%	Cons. · IFRS
FYE Dec 2021	196	−6.2%	Cons. · IFRS
FYE Dec 2022	201	+2.3%	Cons. · IFRS
FYE Dec 2023	304	+51.1%	Cons. · IFRS
FYE Dec 2024	660	+117.3%	Cons. · IFRS
FYE Dec 2025	695	+5.3%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥533bn

CAGR · 10 yrs +9.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	229	n/a	Cons. · Japanese GAAP
FYE Dec 2017	262	moved to IFRS	Cons. · IFRS
FYE Dec 2018	244	−6.7%	Cons. · IFRS
FYE Dec 2019	234	−4.2%	Cons. · IFRS
FYE Dec 2020	246	+5.0%	Cons. · IFRS
FYE Dec 2021	264	+7.5%	Cons. · IFRS
FYE Dec 2022	290	+9.6%	Cons. · IFRS
FYE Dec 2023	391	+34.9%	Cons. · IFRS
FYE Dec 2024	501	+28.4%	Cons. · IFRS
FYE Dec 2025	533	+6.3%	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 28.0%

Average · 10 yrs 29.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	29.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	51.1	moved to IFRS	Cons. · IFRS
FYE Dec 2018	27.0	−24.1pp	Cons. · IFRS
FYE Dec 2019	27.6	+0.6pp	Cons. · IFRS
FYE Dec 2020	23.6	−4.0pp	Cons. · IFRS
FYE Dec 2021	25.9	+2.3pp	Cons. · IFRS
FYE Dec 2022	27.8	+1.9pp	Cons. · IFRS
FYE Dec 2023	29.2	+1.4pp	Cons. · IFRS
FYE Dec 2024	24.7	−4.5pp	Cons. · IFRS
FYE Dec 2025	28.0	+3.3pp	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 94.3%

Average · 10 yrs 79.4%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	60.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	40.6	moved to IFRS	Cons. · IFRS
FYE Dec 2018	66.7	+26.2pp	Cons. · IFRS
FYE Dec 2019	79.7	+12.9pp	Cons. · IFRS
FYE Dec 2020	110.6	+30.9pp	Cons. · IFRS
FYE Dec 2021	86.1	−24.4pp	Cons. · IFRS
FYE Dec 2022	74.0	−12.1pp	Cons. · IFRS
FYE Dec 2023	78.2	+4.2pp	Cons. · IFRS
FYE Dec 2024	103.4	+25.2pp	Cons. · IFRS
FYE Dec 2025	94.3	−9.1pp	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 15.1%

Average · 10 yrs 13.6%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	17.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.7	moved to IFRS	Cons. · IFRS
FYE Dec 2018	26.4	+15.7pp	Cons. · IFRS
FYE Dec 2019	9.0	−17.5pp	Cons. · IFRS
FYE Dec 2020	12.4	+3.4pp	Cons. · IFRS
FYE Dec 2021	9.3	−3.0pp	Cons. · IFRS
FYE Dec 2022	15.7	+6.4pp	Cons. · IFRS
FYE Dec 2023	13.4	−2.3pp	Cons. · IFRS
FYE Dec 2024	7.0	−6.4pp	Cons. · IFRS
FYE Dec 2025	15.1	+8.1pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 4.2%

Average · 10 yrs 4.0%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	5.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.5	moved to IFRS	Cons. · IFRS
FYE Dec 2018	7.1	+1.6pp	Cons. · IFRS
FYE Dec 2019	2.5	−4.7pp	Cons. · IFRS
FYE Dec 2020	2.9	+0.5pp	Cons. · IFRS
FYE Dec 2021	2.4	−0.5pp	Cons. · IFRS
FYE Dec 2022	4.4	+1.9pp	Cons. · IFRS
FYE Dec 2023	3.9	−0.4pp	Cons. · IFRS
FYE Dec 2024	1.7	−2.2pp	Cons. · IFRS
FYE Dec 2025	4.2	+2.5pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.70×

CAGR · 10 yrs −2.6%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.88	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.79	moved to IFRS	Cons. · IFRS
FYE Dec 2018	0.84	+5.5%	Cons. · IFRS
FYE Dec 2019	0.80	−4.0%	Cons. · IFRS
FYE Dec 2020	0.75	−6.5%	Cons. · IFRS
FYE Dec 2021	0.74	−2.0%	Cons. · IFRS
FYE Dec 2022	0.78	+6.2%	Cons. · IFRS
FYE Dec 2023	0.74	−5.0%	Cons. · IFRS
FYE Dec 2024	0.70	−6.3%	Cons. · IFRS
FYE Dec 2025	0.70	−0.1%	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 ¥295bn

CAGR · 10 yrs +3.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	226	n/a	Cons. · Japanese GAAP
FYE Dec 2017	201	moved to IFRS	Cons. · IFRS
FYE Dec 2018	198	−1.5%	Cons. · IFRS
FYE Dec 2019	179	−9.7%	Cons. · IFRS
FYE Dec 2020	165	−7.8%	Cons. · IFRS
FYE Dec 2021	219	+33.0%	Cons. · IFRS
FYE Dec 2022	136	−38.2%	Cons. · IFRS
FYE Dec 2023	203	+49.9%	Cons. · IFRS
FYE Dec 2024	243	+19.5%	Cons. · IFRS
FYE Dec 2025	295	+21.7%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥185bn

Average · 10 yrs -¥105bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-77.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	75.9	moved to IFRS	Cons. · IFRS
FYE Dec 2018	47.4	−37.5%	Cons. · IFRS
FYE Dec 2019	-176	−470.6%	Cons. · IFRS
FYE Dec 2020	-116	n/a	Cons. · IFRS
FYE Dec 2021	-56.4	n/a	Cons. · IFRS
FYE Dec 2022	-10.4	n/a	Cons. · IFRS
FYE Dec 2023	-226	n/a	Cons. · IFRS
FYE Dec 2024	-329	n/a	Cons. · IFRS
FYE Dec 2025	-185	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 -¥111bn

Average · 10 yrs -¥97bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-145	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-175	moved to IFRS	Cons. · IFRS
FYE Dec 2018	-227	n/a	Cons. · IFRS
FYE Dec 2019	-10.0	n/a	Cons. · IFRS
FYE Dec 2020	-52.5	n/a	Cons. · IFRS
FYE Dec 2021	-180	n/a	Cons. · IFRS
FYE Dec 2022	-168	n/a	Cons. · IFRS
FYE Dec 2023	35.9	n/a	Cons. · IFRS
FYE Dec 2024	58.1	+61.9%	Cons. · IFRS
FYE Dec 2025	-111	−290.1%	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 ¥125bn

CAGR · 10 yrs +9.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	57.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	155	moved to IFRS	Cons. · IFRS
FYE Dec 2018	173	+11.9%	Cons. · IFRS
FYE Dec 2019	166	−4.3%	Cons. · IFRS
FYE Dec 2020	162	−2.4%	Cons. · IFRS
FYE Dec 2021	149	−7.5%	Cons. · IFRS
FYE Dec 2022	88.1	−41.1%	Cons. · IFRS
FYE Dec 2023	131	+49.2%	Cons. · IFRS
FYE Dec 2024	119	−9.7%	Cons. · IFRS
FYE Dec 2025	125	+5.6%	Cons. · IFRS

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

Free cash flow

FYE Dec 2025 ¥110bn

CAGR · 10 yrs −3.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	149	n/a	Cons. · Japanese GAAP
FYE Dec 2017	277	moved to IFRS	Cons. · IFRS
FYE Dec 2018	245	−11.3%	Cons. · IFRS
FYE Dec 2019	3.2	−98.7%	Cons. · IFRS
FYE Dec 2020	48.9	+1423.5%	Cons. · IFRS
FYE Dec 2021	163	+233.4%	Cons. · IFRS
FYE Dec 2022	125	−23.2%	Cons. · IFRS
FYE Dec 2023	-22.9	−118.3%	Cons. · IFRS
FYE Dec 2024	-86.5	n/a	Cons. · IFRS
FYE Dec 2025	110	n/a	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 12.1%

Average · 10 yrs 10.1%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	10.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.8	moved to IFRS	Cons. · IFRS
FYE Dec 2018	10.3	−0.5pp	Cons. · IFRS
FYE Dec 2019	9.2	−1.0pp	Cons. · IFRS
FYE Dec 2020	8.9	−0.3pp	Cons. · IFRS
FYE Dec 2021	12.0	+3.1pp	Cons. · IFRS
FYE Dec 2022	6.8	−5.2pp	Cons. · IFRS
FYE Dec 2023	9.5	+2.7pp	Cons. · IFRS
FYE Dec 2024	10.4	+0.9pp	Cons. · IFRS
FYE Dec 2025	12.1	+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 -¥798bn

Average · 10 yrs -¥467bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-351	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-332	moved to IFRS	Cons. · IFRS
FYE Dec 2018	-242	n/a	Cons. · IFRS
FYE Dec 2019	-365	n/a	Cons. · IFRS
FYE Dec 2020	-481	n/a	Cons. · IFRS
FYE Dec 2021	-402	n/a	Cons. · IFRS
FYE Dec 2022	-435	n/a	Cons. · IFRS
FYE Dec 2023	-525	n/a	Cons. · IFRS
FYE Dec 2024	-739	n/a	Cons. · IFRS
FYE Dec 2025	-798	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 ¥2.15tn

Change · 10 yrs +¥408bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	1,738	n/a
FYE Dec 2017	2,596	n/a
FYE Dec 2018	2,101	n/a
FYE Dec 2019	2,185	n/a
FYE Dec 2020	2,225	n/a
FYE Dec 2021	1,688	n/a
FYE Dec 2022	1,838	n/a
FYE Dec 2023	1,889	n/a
FYE Dec 2024	1,873	n/a
FYE Dec 2025	2,146	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 2,348¥

Change · 10 yrs +446¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,901	n/a
FYE Dec 2017	2,840	n/a
FYE Dec 2018	2,298	n/a
FYE Dec 2019	2,390	n/a
FYE Dec 2020	2,434	n/a
FYE Dec 2021	1,847	n/a
FYE Dec 2022	2,011	n/a
FYE Dec 2023	2,067	n/a
FYE Dec 2024	2,049	n/a
FYE Dec 2025	2,348	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 914,000,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	914,000,000	Parent
FYE Dec 2017	914,000,000	Parent
FYE Dec 2018	914,000,000	Parent
FYE Dec 2019	914,000,000	Parent
FYE Dec 2020	914,000,000	Parent
FYE Dec 2021	914,000,000	Parent
FYE Dec 2022	914,000,000	Parent
FYE Dec 2023	914,000,000	Parent
FYE Dec 2024	914,000,000	Parent
FYE Dec 2025	914,000,000	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 182.13¥

Change · 10 yrs +18.94¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	163.19	Cons.
FYE Dec 2017	265.17	Cons.
FYE Dec 2018	183.57	Cons.
FYE Dec 2019	68.00	Cons.
FYE Dec 2020	85.57	Cons.
FYE Dec 2021	71.73	Cons.
FYE Dec 2022	135.08	Cons.
FYE Dec 2023	139.16	Cons.
FYE Dec 2024	71.87	Cons.
FYE Dec 2025	182.13	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 1,070.94¥

Change · 10 yrs +325.61¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	745.32	Cons. · Japanese GAAP
FYE Dec 2017	1,311.41	Cons. · IFRS
FYE Dec 2018	680.24	Cons. · IFRS
FYE Dec 2019	729.02	Cons. · IFRS
FYE Dec 2020	635.92	Cons. · IFRS
FYE Dec 2021	700.62	Cons. · IFRS
FYE Dec 2022	773.35	Cons. · IFRS
FYE Dec 2023	918.30	Cons. · IFRS
FYE Dec 2024	907.37	Cons. · IFRS
FYE Dec 2025	1,070.94	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 12.89×

Average · 10 yrs 19.54×

Fiscal year	PER ×	Basis
FYE Dec 2016	11.65	Cons.
FYE Dec 2017	10.71	Cons.
FYE Dec 2018	12.52	Cons.
FYE Dec 2019	35.15	Cons.
FYE Dec 2020	28.45	Cons.
FYE Dec 2021	25.75	Cons.
FYE Dec 2022	14.89	Cons.
FYE Dec 2023	14.85	Cons.
FYE Dec 2024	28.51	Cons.
FYE Dec 2025	12.89	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 1.48×

Average · 10 yrs 1.99×

Fiscal year	PBR ×	Basis
FYE Dec 2016	2.49	Cons.
FYE Dec 2017	2.74	Cons.
FYE Dec 2018	2.23	Cons.
FYE Dec 2019	2.29	Cons.
FYE Dec 2020	2.42	Cons.
FYE Dec 2021	1.72	Cons.
FYE Dec 2022	1.66	Cons.
FYE Dec 2023	1.48	Cons.
FYE Dec 2024	1.40	Cons.
FYE Dec 2025	1.48	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 31,144people

Change · 10 yrs −8,711 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	39,855	n/a	Cons.
FYE Dec 2017	31,093	−22.0%	Cons.
FYE Dec 2018	30,464	−2.0%	Cons.
FYE Dec 2019	31,040	+1.9%	Cons.
FYE Dec 2020	31,151	+0.4%	Cons.
FYE Dec 2021	29,515	−5.3%	Cons.
FYE Dec 2022	30,538	+3.5%	Cons.
FYE Dec 2023	30,183	−1.2%	Cons.
FYE Dec 2024	31,934	+5.8%	Cons.
FYE Dec 2025	31,144	−2.5%	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 Dec 2025 1,124people

Change · 10 yrs +1,084 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	40	n/a	Parent
FYE Dec 2017	18	−55.0%	Parent
FYE Dec 2018	20	+11.1%	Parent
FYE Dec 2019	1,070	+5250.0%	Parent
FYE Dec 2020	1,117	+4.4%	Parent
FYE Dec 2021	1,156	+3.5%	Parent
FYE Dec 2022	914	−20.9%	Parent
FYE Dec 2023	977	+6.9%	Parent
FYE Dec 2024	1,067	+9.2%	Parent
FYE Dec 2025	1,124	+5.3%	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 Dec 2025 ¥10.0m

Change · 10 yrs +¥0.4m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	9.6	n/a	Parent
FYE Dec 2017	11.1	+14.7%	Parent
FYE Dec 2018	11.6	+4.9%	Parent
FYE Dec 2019	9.0	−22.7%	Parent
FYE Dec 2020	8.7	−2.4%	Parent
FYE Dec 2021	8.7	−0.3%	Parent
FYE Dec 2022	9.4	+8.2%	Parent
FYE Dec 2023	9.6	+1.5%	Parent
FYE Dec 2024	10.0	+4.6%	Parent
FYE Dec 2025	10.0	−0.2%	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 41.6years

Change · 7 yrs −1.3 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	42.9	n/a	Parent
FYE Dec 2020	42.6	−0.8%	Parent
FYE Dec 2021	42.7	+0.4%	Parent
FYE Dec 2022	42.5	−0.6%	Parent
FYE Dec 2023	42.3	−0.4%	Parent
FYE Dec 2024	41.8	−1.2%	Parent
FYE Dec 2025	41.6	−0.5%	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 +1.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	11.9	n/a	Parent
FYE Dec 2017	19.1	+60.5%	Parent
FYE Dec 2018	20.1	+5.2%	Parent
FYE Dec 2019	15.6	−22.4%	Parent
FYE Dec 2020	15.0	−3.8%	Parent
FYE Dec 2021	15.7	+4.7%	Parent
FYE Dec 2022	15.0	−4.5%	Parent
FYE Dec 2023	14.8	−1.3%	Parent
FYE Dec 2024	14.2	−4.1%	Parent
FYE Dec 2025	13.6	−4.2%	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 4,087people

Change · 9 yrs −2,735 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	6,822	n/a	n/a
FYE Dec 2017	6,732	−1.3%	n/a
FYE Dec 2018	n/a	n/a	n/a
FYE Dec 2019	4,677	n/a	n/a
FYE Dec 2020	5,063	+8.3%	n/a
FYE Dec 2021	4,077	−19.5%	n/a
FYE Dec 2022	4,012	−1.6%	n/a
FYE Dec 2023	3,556	−11.4%	n/a
FYE Dec 2024	4,298	+20.9%	n/a
FYE Dec 2025	4,087	−4.9%	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 ¥78.1m

Change · 10 yrs +¥26.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	52.1	n/a	Cons.
FYE Dec 2017	59.9	n/a	Cons.
FYE Dec 2018	63.4	+5.7%	Cons.
FYE Dec 2019	62.5	−1.3%	Cons.
FYE Dec 2020	59.4	−5.1%	Cons.
FYE Dec 2021	61.7	+3.9%	Cons.
FYE Dec 2022	65.1	+5.6%	Cons.
FYE Dec 2023	70.7	+8.5%	Cons.
FYE Dec 2024	73.2	+3.6%	Cons.
FYE Dec 2025	78.1	+6.7%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥6.7m

Change · 10 yrs +¥3.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	3.6	n/a	Cons.
FYE Dec 2017	6.8	n/a	Cons.
FYE Dec 2018	6.5	−4.1%	Cons.
FYE Dec 2019	2.8	−56.6%	Cons.
FYE Dec 2020	3.3	+16.9%	Cons.
FYE Dec 2021	2.3	−30.2%	Cons.
FYE Dec 2022	3.8	+64.7%	Cons.
FYE Dec 2023	5.0	+31.1%	Cons.
FYE Dec 2024	3.9	−21.2%	Cons.
FYE Dec 2025	6.7	+71.5%	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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