Financials

Suntory Beverage & Food: FYE Dec 2025 and ten years of results (47 metrics)

FYE Dec 2025 · Revenue¥1.72tnYoY +1.1%

FYE Dec 2025 · Operating profit¥149bnYoY −7.2%

FYE Dec 2025 · Net profit¥89bnYoY −5.1%

FYE Dec 2025 · Equity ratio54.4%YoY +0.8pp

FYE Dec 2025 · Group employees22,700YoY +254

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥1.41tn	n/a	¥93bn	n/a	6.6%	¥46bn	Torii Nobuhiro	—
FYE Dec 2017Consolidated	¥1.23tn	−12.5%	¥118bn	+26.2%	9.6%	¥78bn	Ogo Saburo	—
FYE Dec 2018Consolidated	¥1.29tn	+4.9%	¥114bn	−3.7%	8.8%	¥80bn	Ogo Saburo	—
FYE Dec 2019Consolidated	¥1.30tn	+0.4%	¥114bn	+0.3%	8.8%	¥69bn	Ogo Saburo	—
FYE Dec 2020Consolidated	¥1.18tn	−9.3%	¥96bn	−15.6%	8.2%	¥52bn	Saito Kazuhiro	—
FYE Dec 2021Consolidated	¥1.27tn	+7.7%	¥119bn	+23.3%	9.3%	¥69bn	Saito Kazuhiro	—
FYE Dec 2022Consolidated	¥1.45tn	+14.3%	¥140bn	+17.8%	9.6%	¥82bn	Saito Kazuhiro	Folds its vending arms into Suntory Beverage Solution
FYE Dec 2023Consolidated	¥1.59tn	+9.7%	¥142bn	+1.5%	8.9%	¥83bn	Saito Kazuhiro	—
FYE Dec 2024Consolidated	¥1.70tn	+6.6%	¥160bn	+13.1%	9.4%	¥93bn	Ono Makiko	Completes integration of the vending operator business
FYE Dec 2025Consolidated	¥1.72tn	+1.1%	¥149bn	−7.2%	8.7%	¥89bn	Ono Makiko	—

How it compares

Suntory Beverage & Food¥1.72tnFY2025Operating margin 8.7%

Coca-Cola Bottlers Japan Holdings Inc.¥894bnFY2025Operating margin −8.1%

ITO EN¥498bnFY2026Operating margin 4.4%Yakult Honsha¥486bnFY2025Operating margin 9.3%

CALPISDelisted 2007

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 ¥1.72tn

CAGR · 10 yrs +2.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	1,411	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,234	moved to IFRS	Cons. · IFRS
FYE Dec 2018	1,294	+4.9%	Cons. · IFRS
FYE Dec 2019	1,299	+0.4%	Cons. · IFRS
FYE Dec 2020	1,178	−9.3%	Cons. · IFRS
FYE Dec 2021	1,269	+7.7%	Cons. · IFRS
FYE Dec 2022	1,450	+14.3%	Cons. · IFRS
FYE Dec 2023	1,592	+9.7%	Cons. · IFRS
FYE Dec 2024	1,697	+6.6%	Cons. · IFRS
FYE Dec 2025	1,715	+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 ¥1.07tn

CAGR · 10 yrs +6.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	629	n/a	Cons. · Japanese GAAP
FYE Dec 2017	698	moved to IFRS	Cons. · IFRS
FYE Dec 2018	759	+8.7%	Cons. · IFRS
FYE Dec 2019	763	+0.6%	Cons. · IFRS
FYE Dec 2020	694	−9.0%	Cons. · IFRS
FYE Dec 2021	746	+7.4%	Cons. · IFRS
FYE Dec 2022	898	+20.4%	Cons. · IFRS
FYE Dec 2023	1,002	+11.6%	Cons. · IFRS
FYE Dec 2024	1,050	+4.8%	Cons. · IFRS
FYE Dec 2025	1,073	+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 ¥642bn

CAGR · 10 yrs −2.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	781	n/a	Cons. · Japanese GAAP
FYE Dec 2017	536	moved to IFRS	Cons. · IFRS
FYE Dec 2018	536	−0.1%	Cons. · IFRS
FYE Dec 2019	536	+0.1%	Cons. · IFRS
FYE Dec 2020	484	−9.7%	Cons. · IFRS
FYE Dec 2021	523	+8.1%	Cons. · IFRS
FYE Dec 2022	553	+5.6%	Cons. · IFRS
FYE Dec 2023	590	+6.8%	Cons. · IFRS
FYE Dec 2024	647	+9.6%	Cons. · IFRS
FYE Dec 2025	642	−0.8%	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 ¥485bn

CAGR · 10 yrs −3.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	688	n/a	Cons. · Japanese GAAP
FYE Dec 2017	412	moved to IFRS	Cons. · IFRS
FYE Dec 2018	425	+3.0%	Cons. · IFRS
FYE Dec 2019	415	−2.4%	Cons. · IFRS
FYE Dec 2020	382	−7.8%	Cons. · IFRS
FYE Dec 2021	398	+4.0%	Cons. · IFRS
FYE Dec 2022	420	+5.7%	Cons. · IFRS
FYE Dec 2023	445	+6.0%	Cons. · IFRS
FYE Dec 2024	478	+7.3%	Cons. · IFRS
FYE Dec 2025	485	+1.4%	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 ¥149bn

CAGR · 10 yrs +5.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	93.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	118	moved to IFRS	Cons. · IFRS
FYE Dec 2018	114	−3.7%	Cons. · IFRS
FYE Dec 2019	114	+0.3%	Cons. · IFRS
FYE Dec 2020	96.2	−15.6%	Cons. · IFRS
FYE Dec 2021	119	+23.3%	Cons. · IFRS
FYE Dec 2022	140	+17.8%	Cons. · IFRS
FYE Dec 2023	142	+1.5%	Cons. · IFRS
FYE Dec 2024	160	+13.1%	Cons. · IFRS
FYE Dec 2025	149	−7.2%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥2.8bn

CAGR · 9 yrs −0.7%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	2.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	1.0	n/a	Cons. · IFRS
FYE Dec 2019	1.4	+38.3%	Cons. · IFRS
FYE Dec 2020	0.9	−39.7%	Cons. · IFRS
FYE Dec 2021	0.5	−41.0%	Cons. · IFRS
FYE Dec 2022	1.6	+220.7%	Cons. · IFRS
FYE Dec 2023	4.3	+162.8%	Cons. · IFRS
FYE Dec 2024	5.6	+29.7%	Cons. · IFRS
FYE Dec 2025	2.8	−50.0%	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 ¥4.5bn

CAGR · 9 yrs −1.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	5.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	2.8	n/a	Cons. · IFRS
FYE Dec 2019	3.2	+14.8%	Cons. · IFRS
FYE Dec 2020	2.9	−9.9%	Cons. · IFRS
FYE Dec 2021	2.0	−29.5%	Cons. · IFRS
FYE Dec 2022	2.0	+0.1%	Cons. · IFRS
FYE Dec 2023	4.2	+108.6%	Cons. · IFRS
FYE Dec 2024	4.8	+12.5%	Cons. · IFRS
FYE Dec 2025	4.5	−4.7%	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 ¥89bn

CAGR · 10 yrs +7.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	46.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	78.1	moved to IFRS	Cons. · IFRS
FYE Dec 2018	80.0	+2.4%	Cons. · IFRS
FYE Dec 2019	68.9	−13.9%	Cons. · IFRS
FYE Dec 2020	52.2	−24.2%	Cons. · IFRS
FYE Dec 2021	68.7	+31.5%	Cons. · IFRS
FYE Dec 2022	82.3	+19.9%	Cons. · IFRS
FYE Dec 2023	82.7	+0.5%	Cons. · IFRS
FYE Dec 2024	93.5	+13.0%	Cons. · IFRS
FYE Dec 2025	88.7	−5.1%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 37.4%

Average · 10 yrs 41.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	55.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	43.5	moved to IFRS	Cons. · IFRS
FYE Dec 2018	41.4	−2.1pp	Cons. · IFRS
FYE Dec 2019	41.3	−0.1pp	Cons. · IFRS
FYE Dec 2020	41.1	−0.2pp	Cons. · IFRS
FYE Dec 2021	41.2	+0.2pp	Cons. · IFRS
FYE Dec 2022	38.1	−3.1pp	Cons. · IFRS
FYE Dec 2023	37.1	−1.0pp	Cons. · IFRS
FYE Dec 2024	38.1	+1.1pp	Cons. · IFRS
FYE Dec 2025	37.4	−0.7pp	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 8.7%

Average · 10 yrs 8.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	6.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.6	moved to IFRS	Cons. · IFRS
FYE Dec 2018	8.8	−0.8pp	Cons. · IFRS
FYE Dec 2019	8.8	−0.0pp	Cons. · IFRS
FYE Dec 2020	8.2	−0.6pp	Cons. · IFRS
FYE Dec 2021	9.3	+1.2pp	Cons. · IFRS
FYE Dec 2022	9.6	+0.3pp	Cons. · IFRS
FYE Dec 2023	8.9	−0.7pp	Cons. · IFRS
FYE Dec 2024	9.4	+0.5pp	Cons. · IFRS
FYE Dec 2025	8.7	−0.8pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 5.2%

Average · 10 yrs 5.2%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	3.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.3	moved to IFRS	Cons. · IFRS
FYE Dec 2018	6.2	−0.1pp	Cons. · IFRS
FYE Dec 2019	5.3	−0.9pp	Cons. · IFRS
FYE Dec 2020	4.4	−0.9pp	Cons. · IFRS
FYE Dec 2021	5.4	+1.0pp	Cons. · IFRS
FYE Dec 2022	5.7	+0.3pp	Cons. · IFRS
FYE Dec 2023	5.2	−0.5pp	Cons. · IFRS
FYE Dec 2024	5.5	+0.3pp	Cons. · IFRS
FYE Dec 2025	5.2	−0.3pp	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 62.6%

Average · 10 yrs 58.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	44.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	56.5	moved to IFRS	Cons. · IFRS
FYE Dec 2018	58.6	+2.1pp	Cons. · IFRS
FYE Dec 2019	58.7	+0.1pp	Cons. · IFRS
FYE Dec 2020	58.9	+0.2pp	Cons. · IFRS
FYE Dec 2021	58.8	−0.2pp	Cons. · IFRS
FYE Dec 2022	61.9	+3.1pp	Cons. · IFRS
FYE Dec 2023	62.9	+1.0pp	Cons. · IFRS
FYE Dec 2024	61.9	−1.1pp	Cons. · IFRS
FYE Dec 2025	62.6	+0.7pp	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 28.3%

Average · 10 yrs 32.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	48.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	33.4	moved to IFRS	Cons. · IFRS
FYE Dec 2018	32.8	−0.6pp	Cons. · IFRS
FYE Dec 2019	31.9	−0.9pp	Cons. · IFRS
FYE Dec 2020	32.5	+0.5pp	Cons. · IFRS
FYE Dec 2021	31.3	−1.1pp	Cons. · IFRS
FYE Dec 2022	29.0	−2.4pp	Cons. · IFRS
FYE Dec 2023	28.0	−1.0pp	Cons. · IFRS
FYE Dec 2024	28.2	+0.2pp	Cons. · IFRS
FYE Dec 2025	28.3	+0.1pp	Cons. · IFRS

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

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

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Dec 2025 ¥2.22tn

CAGR · 10 yrs +5.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	1,366	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,416	moved to IFRS	Cons. · IFRS
FYE Dec 2018	1,539	+8.7%	Cons. · IFRS
FYE Dec 2019	1,567	+1.8%	Cons. · IFRS
FYE Dec 2020	1,574	+0.4%	Cons. · IFRS
FYE Dec 2021	1,677	+6.5%	Cons. · IFRS
FYE Dec 2022	1,783	+6.3%	Cons. · IFRS
FYE Dec 2023	1,912	+7.2%	Cons. · IFRS
FYE Dec 2024	2,058	+7.6%	Cons. · IFRS
FYE Dec 2025	2,218	+7.8%	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 ¥1.21tn

CAGR · 10 yrs +9.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	552	n/a	Cons. · Japanese GAAP
FYE Dec 2017	647	moved to IFRS	Cons. · IFRS
FYE Dec 2018	631	−2.5%	Cons. · IFRS
FYE Dec 2019	676	+7.1%	Cons. · IFRS
FYE Dec 2020	704	+4.2%	Cons. · IFRS
FYE Dec 2021	777	+10.4%	Cons. · IFRS
FYE Dec 2022	870	+12.0%	Cons. · IFRS
FYE Dec 2023	990	+13.7%	Cons. · IFRS
FYE Dec 2024	1,104	+11.5%	Cons. · IFRS
FYE Dec 2025	1,207	+9.3%	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 ¥15bn

CAGR · 9 yrs −30.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	272	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	271	n/a	Cons. · IFRS
FYE Dec 2019	207	−23.4%	Cons. · IFRS
FYE Dec 2020	204	−1.8%	Cons. · IFRS
FYE Dec 2021	165	−18.8%	Cons. · IFRS
FYE Dec 2022	123	−25.8%	Cons. · IFRS
FYE Dec 2023	74.4	−39.4%	Cons. · IFRS
FYE Dec 2024	27.2	−63.4%	Cons. · IFRS
FYE Dec 2025	15.5	−43.2%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥15bn

CAGR · 9 yrs −17.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	72.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	75.4	n/a	Cons. · IFRS
FYE Dec 2019	74.7	−1.0%	Cons. · IFRS
FYE Dec 2020	83.4	+11.7%	Cons. · IFRS
FYE Dec 2021	55.8	−33.1%	Cons. · IFRS
FYE Dec 2022	58.0	+4.0%	Cons. · IFRS
FYE Dec 2023	49.4	−14.8%	Cons. · IFRS
FYE Dec 2024	26.7	−46.1%	Cons. · IFRS
FYE Dec 2025	15.0	−43.9%	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 ¥0.5bn

CAGR · 9 yrs −52.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	199	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	195	n/a	Cons. · IFRS
FYE Dec 2019	133	−32.1%	Cons. · IFRS
FYE Dec 2020	120	−9.4%	Cons. · IFRS
FYE Dec 2021	110	−8.9%	Cons. · IFRS
FYE Dec 2022	64.8	−40.9%	Cons. · IFRS
FYE Dec 2023	25.0	−61.4%	Cons. · IFRS
FYE Dec 2024	0.6	−97.8%	Cons. · IFRS
FYE Dec 2025	0.5	−8.0%	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 ¥565bn

CAGR · 9 yrs −1.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	622	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	419	n/a	Cons. · IFRS
FYE Dec 2019	411	−1.7%	Cons. · IFRS
FYE Dec 2020	405	−1.5%	Cons. · IFRS
FYE Dec 2021	430	+6.1%	Cons. · IFRS
FYE Dec 2022	452	+5.2%	Cons. · IFRS
FYE Dec 2023	495	+9.5%	Cons. · IFRS
FYE Dec 2024	531	+7.2%	Cons. · IFRS
FYE Dec 2025	565	+6.5%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥300bn

CAGR · 9 yrs −3.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	407	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	251	n/a	Cons. · IFRS
FYE Dec 2019	248	−1.1%	Cons. · IFRS
FYE Dec 2020	250	+1.0%	Cons. · IFRS
FYE Dec 2021	256	+2.1%	Cons. · IFRS
FYE Dec 2022	265	+3.5%	Cons. · IFRS
FYE Dec 2023	278	+5.2%	Cons. · IFRS
FYE Dec 2024	285	+2.5%	Cons. · IFRS
FYE Dec 2025	300	+5.1%	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 54.4%

Average · 10 yrs 47.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	40.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	45.7	moved to IFRS	Cons. · IFRS
FYE Dec 2018	41.0	−4.7pp	Cons. · IFRS
FYE Dec 2019	43.1	+2.1pp	Cons. · IFRS
FYE Dec 2020	44.7	+1.6pp	Cons. · IFRS
FYE Dec 2021	46.3	+1.6pp	Cons. · IFRS
FYE Dec 2022	48.8	+2.5pp	Cons. · IFRS
FYE Dec 2023	51.8	+2.9pp	Cons. · IFRS
FYE Dec 2024	53.6	+1.9pp	Cons. · IFRS
FYE Dec 2025	54.4	+0.8pp	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 1.3%

Average · 9 yrs 22.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	49.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	42.9	n/a	Cons. · IFRS
FYE Dec 2019	30.7	−12.2pp	Cons. · IFRS
FYE Dec 2020	28.9	−1.8pp	Cons. · IFRS
FYE Dec 2021	21.3	−7.7pp	Cons. · IFRS
FYE Dec 2022	14.1	−7.2pp	Cons. · IFRS
FYE Dec 2023	7.5	−6.6pp	Cons. · IFRS
FYE Dec 2024	2.5	−5.1pp	Cons. · IFRS
FYE Dec 2025	1.3	−1.2pp	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 7.4%

Average · 10 yrs 9.3%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	8.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.1	moved to IFRS	Cons. · IFRS
FYE Dec 2018	12.7	+0.6pp	Cons. · IFRS
FYE Dec 2019	10.2	−2.5pp	Cons. · IFRS
FYE Dec 2020	7.4	−2.8pp	Cons. · IFRS
FYE Dec 2021	8.8	+1.4pp	Cons. · IFRS
FYE Dec 2022	9.5	+0.6pp	Cons. · IFRS
FYE Dec 2023	8.4	−1.1pp	Cons. · IFRS
FYE Dec 2024	8.5	+0.1pp	Cons. · IFRS
FYE Dec 2025	7.4	−1.1pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 4.0%

Average · 10 yrs 4.3%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	3.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.5	moved to IFRS	Cons. · IFRS
FYE Dec 2018	5.2	−0.3pp	Cons. · IFRS
FYE Dec 2019	4.4	−0.8pp	Cons. · IFRS
FYE Dec 2020	3.3	−1.1pp	Cons. · IFRS
FYE Dec 2021	4.1	+0.8pp	Cons. · IFRS
FYE Dec 2022	4.6	+0.5pp	Cons. · IFRS
FYE Dec 2023	4.3	−0.3pp	Cons. · IFRS
FYE Dec 2024	4.5	+0.2pp	Cons. · IFRS
FYE Dec 2025	4.0	−0.5pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.77×

CAGR · 10 yrs −3.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	1.03	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.87	moved to IFRS	Cons. · IFRS
FYE Dec 2018	0.84	−3.5%	Cons. · IFRS
FYE Dec 2019	0.83	−1.4%	Cons. · IFRS
FYE Dec 2020	0.75	−9.7%	Cons. · IFRS
FYE Dec 2021	0.76	+1.1%	Cons. · IFRS
FYE Dec 2022	0.81	+7.5%	Cons. · IFRS
FYE Dec 2023	0.83	+2.3%	Cons. · IFRS
FYE Dec 2024	0.82	−0.9%	Cons. · IFRS
FYE Dec 2025	0.77	−6.2%	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 ¥159bn

CAGR · 10 yrs −0.2%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	162	n/a	Cons. · Japanese GAAP
FYE Dec 2017	149	moved to IFRS	Cons. · IFRS
FYE Dec 2018	146	−1.7%	Cons. · IFRS
FYE Dec 2019	171	+16.6%	Cons. · IFRS
FYE Dec 2020	134	−21.4%	Cons. · IFRS
FYE Dec 2021	158	+18.0%	Cons. · IFRS
FYE Dec 2022	151	−4.8%	Cons. · IFRS
FYE Dec 2023	158	+5.2%	Cons. · IFRS
FYE Dec 2024	194	+22.4%	Cons. · IFRS
FYE Dec 2025	159	−17.8%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥89bn

Average · 10 yrs -¥66bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-57.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-53.0	moved to IFRS	Cons. · IFRS
FYE Dec 2018	-58.5	n/a	Cons. · IFRS
FYE Dec 2019	-59.4	n/a	Cons. · IFRS
FYE Dec 2020	-61.2	n/a	Cons. · IFRS
FYE Dec 2021	-56.9	n/a	Cons. · IFRS
FYE Dec 2022	-42.4	n/a	Cons. · IFRS
FYE Dec 2023	-77.8	n/a	Cons. · IFRS
FYE Dec 2024	-101	n/a	Cons. · IFRS
FYE Dec 2025	-88.8	n/a	Cons. · IFRS

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

Financing cash flow

FYE Dec 2025 -¥84bn

Average · 10 yrs -¥90bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-116	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-62.9	moved to IFRS	Cons. · IFRS
FYE Dec 2018	-56.9	n/a	Cons. · IFRS
FYE Dec 2019	-115	n/a	Cons. · IFRS
FYE Dec 2020	-46.8	n/a	Cons. · IFRS
FYE Dec 2021	-96.1	n/a	Cons. · IFRS
FYE Dec 2022	-92.2	n/a	Cons. · IFRS
FYE Dec 2023	-115	n/a	Cons. · IFRS
FYE Dec 2024	-112	n/a	Cons. · IFRS
FYE Dec 2025	-84.0	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 ¥149bn

CAGR · 10 yrs +6.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	84.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	117	moved to IFRS	Cons. · IFRS
FYE Dec 2018	147	+24.9%	Cons. · IFRS
FYE Dec 2019	144	−2.0%	Cons. · IFRS
FYE Dec 2020	167	+16.7%	Cons. · IFRS
FYE Dec 2021	177	+5.5%	Cons. · IFRS
FYE Dec 2022	201	+13.6%	Cons. · IFRS
FYE Dec 2023	172	−14.4%	Cons. · IFRS
FYE Dec 2024	160	−6.6%	Cons. · IFRS
FYE Dec 2025	149	−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 ¥71bn

CAGR · 10 yrs −4.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	104	n/a	Cons. · Japanese GAAP
FYE Dec 2017	95.9	moved to IFRS	Cons. · IFRS
FYE Dec 2018	87.8	−8.4%	Cons. · IFRS
FYE Dec 2019	111	+26.7%	Cons. · IFRS
FYE Dec 2020	72.8	−34.5%	Cons. · IFRS
FYE Dec 2021	101	+39.2%	Cons. · IFRS
FYE Dec 2022	108	+6.7%	Cons. · IFRS
FYE Dec 2023	80.5	−25.5%	Cons. · IFRS
FYE Dec 2024	92.4	+14.8%	Cons. · IFRS
FYE Dec 2025	70.5	−23.7%	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 9.3%

Average · 10 yrs 11.3%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	11.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.1	moved to IFRS	Cons. · IFRS
FYE Dec 2018	11.3	−0.8pp	Cons. · IFRS
FYE Dec 2019	13.1	+1.8pp	Cons. · IFRS
FYE Dec 2020	11.4	−1.8pp	Cons. · IFRS
FYE Dec 2021	12.5	+1.1pp	Cons. · IFRS
FYE Dec 2022	10.4	−2.1pp	Cons. · IFRS
FYE Dec 2023	9.9	−0.4pp	Cons. · IFRS
FYE Dec 2024	11.4	+1.5pp	Cons. · IFRS
FYE Dec 2025	9.3	−2.1pp	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 ¥133bn

Average · 9 yrs ¥4.6bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-187	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2018	-124	n/a	Cons. · IFRS
FYE Dec 2019	-63.8	n/a	Cons. · IFRS
FYE Dec 2020	-36.2	n/a	Cons. · IFRS
FYE Dec 2021	11.3	n/a	Cons. · IFRS
FYE Dec 2022	77.9	+588.7%	Cons. · IFRS
FYE Dec 2023	97.3	+25.0%	Cons. · IFRS
FYE Dec 2024	133	+36.9%	Cons. · IFRS
FYE Dec 2025	133	−0.1%	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 ¥1.46tn

Change · 10 yrs −¥40bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	1,500	n/a
FYE Dec 2017	1,548	n/a
FYE Dec 2018	1,532	n/a
FYE Dec 2019	1,405	n/a
FYE Dec 2020	1,128	n/a
FYE Dec 2021	1,286	n/a
FYE Dec 2022	1,390	n/a
FYE Dec 2023	1,437	n/a
FYE Dec 2024	1,549	n/a
FYE Dec 2025	1,460	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 4,726¥

Change · 10 yrs −129¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	4,855	n/a
FYE Dec 2017	5,010	n/a
FYE Dec 2018	4,959	n/a
FYE Dec 2019	4,546	n/a
FYE Dec 2020	3,650	n/a
FYE Dec 2021	4,161	n/a
FYE Dec 2022	4,500	n/a
FYE Dec 2023	4,651	n/a
FYE Dec 2024	5,014	n/a
FYE Dec 2025	4,726	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 309,000,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	309,000,000	Parent
FYE Dec 2017	309,000,000	Parent
FYE Dec 2018	309,000,000	Parent
FYE Dec 2019	309,000,000	Parent
FYE Dec 2020	309,000,000	Parent
FYE Dec 2021	309,000,000	Parent
FYE Dec 2022	309,000,000	Parent
FYE Dec 2023	309,000,000	Parent
FYE Dec 2024	309,000,000	Parent
FYE Dec 2025	309,000,000	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 287.13¥

Change · 10 yrs +55.73¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	231.40	Cons.
FYE Dec 2017	252.79	Cons.
FYE Dec 2018	258.98	Cons.
FYE Dec 2019	222.94	Cons.
FYE Dec 2020	168.97	Cons.
FYE Dec 2021	222.25	Cons.
FYE Dec 2022	266.40	Cons.
FYE Dec 2023	267.78	Cons.
FYE Dec 2024	302.57	Cons.
FYE Dec 2025	287.13	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 3,905.17¥

Change · 10 yrs +2,118.03¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,787.15	Cons. · Japanese GAAP
FYE Dec 2017	2,093.49	Cons. · IFRS
FYE Dec 2018	2,041.32	Cons. · IFRS
FYE Dec 2019	2,186.31	Cons. · IFRS
FYE Dec 2020	2,278.17	Cons. · IFRS
FYE Dec 2021	2,515.32	Cons. · IFRS
FYE Dec 2022	2,816.62	Cons. · IFRS
FYE Dec 2023	3,202.96	Cons. · IFRS
FYE Dec 2024	3,572.48	Cons. · IFRS
FYE Dec 2025	3,905.17	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 16.46×

Average · 10 yrs 18.80×

Fiscal year	PER ×	Basis
FYE Dec 2016	20.98	Cons.
FYE Dec 2017	19.82	Cons.
FYE Dec 2018	19.15	Cons.
FYE Dec 2019	20.39	Cons.
FYE Dec 2020	21.60	Cons.
FYE Dec 2021	18.72	Cons.
FYE Dec 2022	16.89	Cons.
FYE Dec 2023	17.37	Cons.
FYE Dec 2024	16.57	Cons.
FYE Dec 2025	16.46	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 1.11×

Average · 10 yrs 1.68×

Fiscal year	PBR ×	Basis
FYE Dec 2016	2.46	Cons.
FYE Dec 2017	2.24	Cons.
FYE Dec 2018	2.14	Cons.
FYE Dec 2019	1.86	Cons.
FYE Dec 2020	1.44	Cons.
FYE Dec 2021	1.49	Cons.
FYE Dec 2022	1.44	Cons.
FYE Dec 2023	1.32	Cons.
FYE Dec 2024	1.28	Cons.
FYE Dec 2025	1.11	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 22,700people

Change · 10 yrs −1,150 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	23,850	n/a	Cons.
FYE Dec 2017	23,219	−2.6%	Cons.
FYE Dec 2018	24,142	+4.0%	Cons.
FYE Dec 2019	24,213	+0.3%	Cons.
FYE Dec 2020	24,102	−0.5%	Cons.
FYE Dec 2021	23,866	−1.0%	Cons.
FYE Dec 2022	23,485	−1.6%	Cons.
FYE Dec 2023	23,532	+0.2%	Cons.
FYE Dec 2024	22,446	−4.6%	Cons.
FYE Dec 2025	22,700	+1.1%	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 534people

Change · 10 yrs +52 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	482	n/a	Parent
FYE Dec 2017	503	+4.4%	Parent
FYE Dec 2018	508	+1.0%	Parent
FYE Dec 2019	522	+2.8%	Parent
FYE Dec 2020	523	+0.2%	Parent
FYE Dec 2021	501	−4.2%	Parent
FYE Dec 2022	532	+6.2%	Parent
FYE Dec 2023	535	+0.6%	Parent
FYE Dec 2024	504	−5.8%	Parent
FYE Dec 2025	534	+6.0%	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 ¥11.7m

Change · 7 yrs +¥1.4m

Fiscal year	Average annual pay ¥ m	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	10.3	n/a	Parent
FYE Dec 2020	11.2	+8.3%	Parent
FYE Dec 2021	10.3	−7.8%	Parent
FYE Dec 2022	11.3	+9.6%	Parent
FYE Dec 2023	11.1	−1.4%	Parent
FYE Dec 2024	11.6	+4.2%	Parent
FYE Dec 2025	11.7	+0.8%	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 40.1years

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	40.9	n/a	Parent
FYE Dec 2020	41.3	+1.0%	Parent
FYE Dec 2021	41.3	−0.0%	Parent
FYE Dec 2022	41.3	−0.0%	Parent
FYE Dec 2023	41.2	−0.2%	Parent
FYE Dec 2024	40.7	−1.2%	Parent
FYE Dec 2025	40.1	−1.5%	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 15.0years

Change · 7 yrs −0.7 years

Fiscal year	Average length of service 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	15.7	n/a	Parent
FYE Dec 2020	16.1	+2.5%	Parent
FYE Dec 2021	16.3	+1.2%	Parent
FYE Dec 2022	16.5	+1.2%	Parent
FYE Dec 2023	16.4	−0.6%	Parent
FYE Dec 2024	15.7	−4.3%	Parent
FYE Dec 2025	15.0	−4.5%	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 970people

Change · 10 yrs −961 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	1,931	n/a	n/a
FYE Dec 2017	2,096	+8.5%	n/a
FYE Dec 2018	2,022	−3.5%	n/a
FYE Dec 2019	1,843	−8.9%	n/a
FYE Dec 2020	1,516	−17.7%	n/a
FYE Dec 2021	1,358	−10.4%	n/a
FYE Dec 2022	1,294	−4.7%	n/a
FYE Dec 2023	1,109	−14.3%	n/a
FYE Dec 2024	983	−11.4%	n/a
FYE Dec 2025	970	−1.3%	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 ¥75.6m

Change · 10 yrs +¥16.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	59.2	n/a	Cons.
FYE Dec 2017	53.1	n/a	Cons.
FYE Dec 2018	53.6	+0.9%	Cons.
FYE Dec 2019	53.7	+0.1%	Cons.
FYE Dec 2020	48.9	−8.9%	Cons.
FYE Dec 2021	53.2	+8.8%	Cons.
FYE Dec 2022	61.8	+16.2%	Cons.
FYE Dec 2023	67.6	+9.5%	Cons.
FYE Dec 2024	75.6	+11.8%	Cons.
FYE Dec 2025	75.6	−0.0%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥6.6m

Change · 10 yrs +¥2.6m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	3.9	n/a	Cons.
FYE Dec 2017	5.1	n/a	Cons.
FYE Dec 2018	4.7	−7.4%	Cons.
FYE Dec 2019	4.7	+0.1%	Cons.
FYE Dec 2020	4.0	−15.2%	Cons.
FYE Dec 2021	5.0	+24.5%	Cons.
FYE Dec 2022	5.9	+19.7%	Cons.
FYE Dec 2023	6.0	+1.3%	Cons.
FYE Dec 2024	7.1	+18.5%	Cons.
FYE Dec 2025	6.6	−8.2%	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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