Financials

Askul: FYE May 2026 and ten years of results (50 metrics)

FYE May 2026 · Revenue¥400bnYoY −16.8%

FYE May 2026 · Operating profit-¥17bnYoY −224.6%

FYE May 2026 · Net profit-¥22bnYoY −344.3%

FYE May 2026 · Equity ratio20.8%YoY −13.4pp

FYE May 2026 · Group employees3,646YoY −51

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE May 2017Consolidated	¥336bn	n/a	¥8.9bn	n/a	2.6%	¥1.0bn	Iwata Shoichiro	Fire destroys the centre and all its stock
FYE May 2018Consolidated	¥360bn	+7.3%	¥4.2bn	−52.7%	1.2%	¥4.7bn	Iwata Shoichiro	—
FYE May 2019Consolidated	¥387bn	+7.5%	¥4.5bn	+7.8%	1.2%	¥0.4bn	Iwata Shoichiro	Shareholders vote out Iwata and three outside directors
FYE May 2020Consolidated	¥400bn	+3.3%	¥8.8bn	+95.2%	2.2%	¥5.7bn	Yoshioka Akira	—
FYE May 2021Consolidated	¥422bn	+5.4%	¥14bn	+57.8%	3.3%	¥7.8bn	Yoshioka Akira	—
FYE May 2022Consolidated	¥429bn	+1.5%	¥14bn	+2.8%	3.3%	¥9.2bn	Yoshioka Akira	Moves to Prime; Alpha Purchase lists separately
FYE May 2023Consolidated	¥447bn	+4.2%	¥15bn	+2.2%	3.3%	¥9.8bn	Yoshioka Akira	—
FYE May 2024Consolidated	¥472bn	+5.6%	¥17bn	+16.0%	3.6%	¥19bn	Yoshioka Akira	Automated ASKUL Kanto DC opens
FYE May 2025Consolidated	¥481bn	+2.0%	¥14bn	−17.4%	2.9%	¥9.1bn	Yoshioka Akira	“Beyond Retail” medium-term plan to FY2029
FYE May 2026Consolidated	¥400bn	−16.8%	-¥17bn	−224.6%	-4.4%	-¥22bn	Yoshioka Akira	—

How it compares

Askul¥400bnFY2026Operating margin −4.4%

Oishikkusuradaichi¥256bnFY2024Operating margin 2.7%

Beruna¥211bnFY2024Operating margin 5.6%

Kitanotatsujin Corporation¥11bnFY2025Operating margin 8.9%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE May 2026 ¥400bn

CAGR · 10 yrs +2.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE May 2017	336	n/a	Cons. · Japanese GAAP
FYE May 2018	360	+7.3%	Cons. · Japanese GAAP
FYE May 2019	387	+7.5%	Cons. · Japanese GAAP
FYE May 2020	400	+3.3%	Cons. · Japanese GAAP
FYE May 2021	422	+5.4%	Cons. · Japanese GAAP
FYE May 2022	429	+1.5%	Cons. · Japanese GAAP
FYE May 2023	447	+4.2%	Cons. · Japanese GAAP
FYE May 2024	472	+5.6%	Cons. · Japanese GAAP
FYE May 2025	481	+2.0%	Cons. · Japanese GAAP
FYE May 2026	400	−16.8%	Cons. · Japanese GAAP

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 May 2026 ¥311bn

CAGR · 10 yrs +2.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE May 2017	259	n/a	Cons. · Japanese GAAP
FYE May 2018	275	+6.1%	Cons. · Japanese GAAP
FYE May 2019	296	+7.6%	Cons. · Japanese GAAP
FYE May 2020	305	+3.0%	Cons. · Japanese GAAP
FYE May 2021	318	+4.3%	Cons. · Japanese GAAP
FYE May 2022	323	+1.8%	Cons. · Japanese GAAP
FYE May 2023	340	+5.0%	Cons. · Japanese GAAP
FYE May 2024	354	+4.3%	Cons. · Japanese GAAP
FYE May 2025	364	+2.6%	Cons. · Japanese GAAP
FYE May 2026	311	−14.5%	Cons. · Japanese GAAP

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE May 2026 ¥89bn

CAGR · 10 yrs +1.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE May 2017	76.8	n/a	Cons. · Japanese GAAP
FYE May 2018	85.5	+11.4%	Cons. · Japanese GAAP
FYE May 2019	91.6	+7.1%	Cons. · Japanese GAAP
FYE May 2020	95.7	+4.5%	Cons. · Japanese GAAP
FYE May 2021	104	+9.1%	Cons. · Japanese GAAP
FYE May 2022	105	+0.7%	Cons. · Japanese GAAP
FYE May 2023	107	+1.9%	Cons. · Japanese GAAP
FYE May 2024	118	+9.8%	Cons. · Japanese GAAP
FYE May 2025	118	−0.0%	Cons. · Japanese GAAP
FYE May 2026	89.3	−24.0%	Cons. · Japanese GAAP

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 May 2026 ¥107bn

CAGR · 10 yrs +5.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE May 2017	67.9	n/a	Cons. · Japanese GAAP
FYE May 2018	81.3	+19.8%	Cons. · Japanese GAAP
FYE May 2019	87.1	+7.1%	Cons. · Japanese GAAP
FYE May 2020	86.9	−0.3%	Cons. · Japanese GAAP
FYE May 2021	90.5	+4.1%	Cons. · Japanese GAAP
FYE May 2022	90.8	+0.3%	Cons. · Japanese GAAP
FYE May 2023	92.4	+1.8%	Cons. · Japanese GAAP
FYE May 2024	101	+8.8%	Cons. · Japanese GAAP
FYE May 2025	104	+3.0%	Cons. · Japanese GAAP
FYE May 2026	107	+3.1%	Cons. · Japanese GAAP

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 May 2026 -¥17bn

Average · 10 yrs ¥8.3bn

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE May 2017	8.9	n/a	Cons. · Japanese GAAP
FYE May 2018	4.2	−52.7%	Cons. · Japanese GAAP
FYE May 2019	4.5	+7.8%	Cons. · Japanese GAAP
FYE May 2020	8.8	+95.2%	Cons. · Japanese GAAP
FYE May 2021	13.9	+57.8%	Cons. · Japanese GAAP
FYE May 2022	14.3	+2.8%	Cons. · Japanese GAAP
FYE May 2023	14.6	+2.2%	Cons. · Japanese GAAP
FYE May 2024	17.0	+16.0%	Cons. · Japanese GAAP
FYE May 2025	14.0	−17.4%	Cons. · Japanese GAAP
FYE May 2026	-17.4	−224.6%	Cons. · Japanese GAAP

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

Non-operating income

FYE May 2026 ¥458m

CAGR · 10 yrs +10.5%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE May 2017	186	n/a	Cons. · Japanese GAAP
FYE May 2018	184	−1.1%	Cons. · Japanese GAAP
FYE May 2019	324	+76.1%	Cons. · Japanese GAAP
FYE May 2020	440	+35.8%	Cons. · Japanese GAAP
FYE May 2021	348	−20.9%	Cons. · Japanese GAAP
FYE May 2022	319	−8.3%	Cons. · Japanese GAAP
FYE May 2023	200	−37.3%	Cons. · Japanese GAAP
FYE May 2024	163	−18.5%	Cons. · Japanese GAAP
FYE May 2025	302	+85.3%	Cons. · Japanese GAAP
FYE May 2026	458	+51.7%	Cons. · Japanese GAAP

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

Non-operating expenses

FYE May 2026 ¥2.1bn

CAGR · 10 yrs +30.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE May 2017	0.2	n/a	Cons. · Japanese GAAP
FYE May 2018	0.4	+137.0%	Cons. · Japanese GAAP
FYE May 2019	0.4	−2.3%	Cons. · Japanese GAAP
FYE May 2020	0.6	+42.3%	Cons. · Japanese GAAP
FYE May 2021	0.4	−30.5%	Cons. · Japanese GAAP
FYE May 2022	0.4	−14.7%	Cons. · Japanese GAAP
FYE May 2023	0.4	+3.3%	Cons. · Japanese GAAP
FYE May 2024	0.4	+18.1%	Cons. · Japanese GAAP
FYE May 2025	0.5	+11.9%	Cons. · Japanese GAAP
FYE May 2026	2.1	+323.5%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE May 2026 -¥19bn

Average · 10 yrs ¥8.0bn

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE May 2017	8.9	n/a	Cons. · Japanese GAAP
FYE May 2018	3.9	−55.6%	Cons. · Japanese GAAP
FYE May 2019	4.4	+12.1%	Cons. · Japanese GAAP
FYE May 2020	8.7	+95.9%	Cons. · Japanese GAAP
FYE May 2021	13.9	+60.0%	Cons. · Japanese GAAP
FYE May 2022	14.3	+3.0%	Cons. · Japanese GAAP
FYE May 2023	14.4	+1.2%	Cons. · Japanese GAAP
FYE May 2024	16.7	+15.4%	Cons. · Japanese GAAP
FYE May 2025	13.8	−17.2%	Cons. · Japanese GAAP
FYE May 2026	-19.1	−238.0%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE May 2026 ¥0.1bn

CAGR · 10 yrs −37.3%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE May 2017	4.9	n/a	Cons. · Japanese GAAP
FYE May 2018	11.5	+132.5%	Cons. · Japanese GAAP
FYE May 2019	0.0	−99.7%	Cons. · Japanese GAAP
FYE May 2020	0.0	−94.4%	Cons. · Japanese GAAP
FYE May 2021	0.0	+300.0%	Cons. · Japanese GAAP
FYE May 2022	0.2	+2775.0%	Cons. · Japanese GAAP
FYE May 2023	0.2	−13.0%	Cons. · Japanese GAAP
FYE May 2024	11.9	+5836.0%	Cons. · Japanese GAAP
FYE May 2025	0.0	−99.9%	Cons. · Japanese GAAP
FYE May 2026	0.1	+362.5%	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE May 2026 -¥22bn

Average · 10 yrs ¥4.5bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE May 2017	1.0	n/a	Cons. · Japanese GAAP
FYE May 2018	4.7	+362.8%	Cons. · Japanese GAAP
FYE May 2019	0.4	−90.8%	Cons. · Japanese GAAP
FYE May 2020	5.7	+1202.3%	Cons. · Japanese GAAP
FYE May 2021	7.8	+37.3%	Cons. · Japanese GAAP
FYE May 2022	9.2	+18.7%	Cons. · Japanese GAAP
FYE May 2023	9.8	+6.3%	Cons. · Japanese GAAP
FYE May 2024	19.1	+95.6%	Cons. · Japanese GAAP
FYE May 2025	9.1	−52.6%	Cons. · Japanese GAAP
FYE May 2026	-22.2	−344.3%	Cons. · Japanese GAAP

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

Gross margin

FYE May 2026 22.3%

Average · 10 yrs 23.9%

Fiscal year	Gross margin %	YoY	Basis
FYE May 2017	22.8	n/a	Cons. · Japanese GAAP
FYE May 2018	23.7	+0.9pp	Cons. · Japanese GAAP
FYE May 2019	23.6	−0.1pp	Cons. · Japanese GAAP
FYE May 2020	23.9	+0.3pp	Cons. · Japanese GAAP
FYE May 2021	24.7	+0.8pp	Cons. · Japanese GAAP
FYE May 2022	24.5	−0.2pp	Cons. · Japanese GAAP
FYE May 2023	24.0	−0.6pp	Cons. · Japanese GAAP
FYE May 2024	24.9	+0.9pp	Cons. · Japanese GAAP
FYE May 2025	24.4	−0.5pp	Cons. · Japanese GAAP
FYE May 2026	22.3	−2.1pp	Cons. · Japanese GAAP

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

Operating margin

FYE May 2026 -4.4%

Average · 10 yrs 1.9%

Fiscal year	Operating margin %	YoY	Basis
FYE May 2017	2.6	n/a	Cons. · Japanese GAAP
FYE May 2018	1.2	−1.5pp	Cons. · Japanese GAAP
FYE May 2019	1.2	−0.0pp	Cons. · Japanese GAAP
FYE May 2020	2.2	+1.0pp	Cons. · Japanese GAAP
FYE May 2021	3.3	+1.1pp	Cons. · Japanese GAAP
FYE May 2022	3.3	−0.0pp	Cons. · Japanese GAAP
FYE May 2023	3.3	−0.1pp	Cons. · Japanese GAAP
FYE May 2024	3.6	+0.3pp	Cons. · Japanese GAAP
FYE May 2025	2.9	−0.7pp	Cons. · Japanese GAAP
FYE May 2026	-4.4	−7.3pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE May 2026 -4.8%

Average · 10 yrs 1.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE May 2017	2.6	n/a	Cons. · Japanese GAAP
FYE May 2018	1.1	−1.5pp	Cons. · Japanese GAAP
FYE May 2019	1.1	−0.0pp	Cons. · Japanese GAAP
FYE May 2020	2.2	+1.0pp	Cons. · Japanese GAAP
FYE May 2021	3.3	+1.1pp	Cons. · Japanese GAAP
FYE May 2022	3.3	−0.0pp	Cons. · Japanese GAAP
FYE May 2023	3.2	−0.1pp	Cons. · Japanese GAAP
FYE May 2024	3.5	+0.3pp	Cons. · Japanese GAAP
FYE May 2025	2.9	−0.7pp	Cons. · Japanese GAAP
FYE May 2026	-4.8	−7.6pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE May 2026 -5.5%

Average · 10 yrs 1.0%

Fiscal year	Net margin %	YoY	Basis
FYE May 2017	0.3	n/a	Cons. · Japanese GAAP
FYE May 2018	1.3	+1.0pp	Cons. · Japanese GAAP
FYE May 2019	0.1	−1.2pp	Cons. · Japanese GAAP
FYE May 2020	1.4	+1.3pp	Cons. · Japanese GAAP
FYE May 2021	1.8	+0.4pp	Cons. · Japanese GAAP
FYE May 2022	2.1	+0.3pp	Cons. · Japanese GAAP
FYE May 2023	2.2	−0.0pp	Cons. · Japanese GAAP
FYE May 2024	4.1	+1.9pp	Cons. · Japanese GAAP
FYE May 2025	1.9	−2.2pp	Cons. · Japanese GAAP
FYE May 2026	-5.5	−7.4pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE May 2026 77.7%

Average · 10 yrs 76.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE May 2017	77.2	n/a	Cons. · Japanese GAAP
FYE May 2018	76.3	−0.9pp	Cons. · Japanese GAAP
FYE May 2019	76.4	+0.1pp	Cons. · Japanese GAAP
FYE May 2020	76.1	−0.3pp	Cons. · Japanese GAAP
FYE May 2021	75.3	−0.8pp	Cons. · Japanese GAAP
FYE May 2022	75.5	+0.2pp	Cons. · Japanese GAAP
FYE May 2023	76.0	+0.6pp	Cons. · Japanese GAAP
FYE May 2024	75.1	−0.9pp	Cons. · Japanese GAAP
FYE May 2025	75.6	+0.5pp	Cons. · Japanese GAAP
FYE May 2026	77.7	+2.1pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE May 2026 26.7%

Average · 10 yrs 22.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE May 2017	20.2	n/a	Cons. · Japanese GAAP
FYE May 2018	22.6	+2.4pp	Cons. · Japanese GAAP
FYE May 2019	22.5	−0.1pp	Cons. · Japanese GAAP
FYE May 2020	21.7	−0.8pp	Cons. · Japanese GAAP
FYE May 2021	21.4	−0.3pp	Cons. · Japanese GAAP
FYE May 2022	21.2	−0.2pp	Cons. · Japanese GAAP
FYE May 2023	20.7	−0.5pp	Cons. · Japanese GAAP
FYE May 2024	21.3	+0.6pp	Cons. · Japanese GAAP
FYE May 2025	21.5	+0.2pp	Cons. · Japanese GAAP
FYE May 2026	26.7	+5.2pp	Cons. · Japanese GAAP

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 May 2026 ¥230bn

CAGR · 10 yrs +4.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE May 2017	156	n/a	Cons. · Japanese GAAP
FYE May 2018	174	+11.6%	Cons. · Japanese GAAP
FYE May 2019	169	−2.6%	Cons. · Japanese GAAP
FYE May 2020	174	+3.0%	Cons. · Japanese GAAP
FYE May 2021	190	+9.2%	Cons. · Japanese GAAP
FYE May 2022	188	−1.1%	Cons. · Japanese GAAP
FYE May 2023	228	+21.0%	Cons. · Japanese GAAP
FYE May 2024	243	+6.8%	Cons. · Japanese GAAP
FYE May 2025	228	−6.3%	Cons. · Japanese GAAP
FYE May 2026	230	+0.9%	Cons. · Japanese GAAP

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE May 2026 ¥48bn

CAGR · 10 yrs +0.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE May 2017	46.1	n/a	Cons. · Japanese GAAP
FYE May 2018	49.2	+6.7%	Cons. · Japanese GAAP
FYE May 2019	48.4	−1.6%	Cons. · Japanese GAAP
FYE May 2020	52.4	+8.3%	Cons. · Japanese GAAP
FYE May 2021	58.8	+12.1%	Cons. · Japanese GAAP
FYE May 2022	56.8	−3.4%	Cons. · Japanese GAAP
FYE May 2023	64.1	+13.0%	Cons. · Japanese GAAP
FYE May 2024	78.3	+22.0%	Cons. · Japanese GAAP
FYE May 2025	77.8	−0.6%	Cons. · Japanese GAAP
FYE May 2026	47.8	−38.5%	Cons. · Japanese GAAP

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 May 2026 ¥41bn

CAGR · 10 yrs +10.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE May 2017	16.4	n/a	Cons. · Japanese GAAP
FYE May 2018	17.4	+6.2%	Cons. · Japanese GAAP
FYE May 2019	15.0	−13.7%	Cons. · Japanese GAAP
FYE May 2020	14.1	−6.1%	Cons. · Japanese GAAP
FYE May 2021	2.5	−82.3%	Cons. · Japanese GAAP
FYE May 2022	10.5	+321.3%	Cons. · Japanese GAAP
FYE May 2023	10.7	+2.0%	Cons. · Japanese GAAP
FYE May 2024	13.6	+27.1%	Cons. · Japanese GAAP
FYE May 2025	14.1	+3.7%	Cons. · Japanese GAAP
FYE May 2026	40.6	+187.9%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE May 2026 ¥27bn

CAGR · 10 yrs +72.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE May 2017	0.2	n/a	Cons. · Japanese GAAP
FYE May 2018	1.1	+440.0%	Cons. · Japanese GAAP
FYE May 2019	0.4	−64.8%	Cons. · Japanese GAAP
FYE May 2020	0.4	+13.2%	Cons. · Japanese GAAP
FYE May 2021	0.4	−11.6%	Cons. · Japanese GAAP
FYE May 2022	0.4	−0.0%	Cons. · Japanese GAAP
FYE May 2023	0.4	−0.0%	Cons. · Japanese GAAP
FYE May 2024	0.4	−0.0%	Cons. · Japanese GAAP
FYE May 2025	0.4	−0.0%	Cons. · Japanese GAAP
FYE May 2026	27.3	+7078.9%	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE May 2026 ¥13bn

CAGR · 10 yrs −2.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE May 2017	16.2	n/a	Cons. · Japanese GAAP
FYE May 2018	16.3	+0.9%	Cons. · Japanese GAAP
FYE May 2019	14.6	−10.4%	Cons. · Japanese GAAP
FYE May 2020	13.7	−6.6%	Cons. · Japanese GAAP
FYE May 2021	2.1	−84.5%	Cons. · Japanese GAAP
FYE May 2022	10.1	+379.0%	Cons. · Japanese GAAP
FYE May 2023	10.3	+2.0%	Cons. · Japanese GAAP
FYE May 2024	13.2	+28.1%	Cons. · Japanese GAAP
FYE May 2025	13.7	+3.8%	Cons. · Japanese GAAP
FYE May 2026	13.4	−2.7%	Cons. · Japanese GAAP

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

Intangible assets

FYE May 2026 ¥24bn

CAGR · 10 yrs +12.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE May 2017	8.2	n/a	Cons. · Japanese GAAP
FYE May 2018	9.6	+18.1%	Cons. · Japanese GAAP
FYE May 2019	9.8	+2.2%	Cons. · Japanese GAAP
FYE May 2020	10.6	+7.7%	Cons. · Japanese GAAP
FYE May 2021	11.0	+4.1%	Cons. · Japanese GAAP
FYE May 2022	15.5	+40.0%	Cons. · Japanese GAAP
FYE May 2023	32.6	+110.9%	Cons. · Japanese GAAP
FYE May 2024	31.4	−3.8%	Cons. · Japanese GAAP
FYE May 2025	31.9	+1.7%	Cons. · Japanese GAAP
FYE May 2026	24.2	−24.3%	Cons. · Japanese GAAP

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

Goodwill

FYE May 2026 ¥0.7bn

CAGR · 10 yrs −14.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE May 2017	2.8	n/a	Cons. · Japanese GAAP
FYE May 2018	2.7	−4.0%	Cons. · Japanese GAAP
FYE May 2019	1.9	−30.0%	Cons. · Japanese GAAP
FYE May 2020	2.1	+11.3%	Cons. · Japanese GAAP
FYE May 2021	1.6	−23.3%	Cons. · Japanese GAAP
FYE May 2022	1.4	−15.1%	Cons. · Japanese GAAP
FYE May 2023	5.5	+303.9%	Cons. · Japanese GAAP
FYE May 2024	5.0	−9.7%	Cons. · Japanese GAAP
FYE May 2025	4.8	−4.3%	Cons. · Japanese GAAP
FYE May 2026	0.7	−84.9%	Cons. · Japanese GAAP

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 May 2026 20.8%

Average · 10 yrs 29.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE May 2017	29.6	n/a	Cons. · Japanese GAAP
FYE May 2018	28.3	−1.3pp	Cons. · Japanese GAAP
FYE May 2019	28.6	+0.3pp	Cons. · Japanese GAAP
FYE May 2020	30.1	+1.5pp	Cons. · Japanese GAAP
FYE May 2021	30.9	+0.8pp	Cons. · Japanese GAAP
FYE May 2022	30.2	−0.7pp	Cons. · Japanese GAAP
FYE May 2023	28.2	−2.0pp	Cons. · Japanese GAAP
FYE May 2024	32.2	+4.0pp	Cons. · Japanese GAAP
FYE May 2025	34.2	+2.0pp	Cons. · Japanese GAAP
FYE May 2026	20.8	−13.4pp	Cons. · Japanese GAAP

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 May 2026 85.0%

Average · 10 yrs 28.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE May 2017	35.6	n/a	Cons. · Japanese GAAP
FYE May 2018	35.4	−0.2pp	Cons. · Japanese GAAP
FYE May 2019	31.0	−4.4pp	Cons. · Japanese GAAP
FYE May 2020	26.9	−4.1pp	Cons. · Japanese GAAP
FYE May 2021	4.2	−22.7pp	Cons. · Japanese GAAP
FYE May 2022	18.5	+14.3pp	Cons. · Japanese GAAP
FYE May 2023	16.7	−1.8pp	Cons. · Japanese GAAP
FYE May 2024	17.4	+0.7pp	Cons. · Japanese GAAP
FYE May 2025	18.1	+0.7pp	Cons. · Japanese GAAP
FYE May 2026	85.0	+66.9pp	Cons. · Japanese GAAP

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE May 2026 -46.3%

Average · 10 yrs 5.8%

Fiscal year	ROE %	YoY	Basis
FYE May 2017	2.2	n/a	Cons. · Japanese GAAP
FYE May 2018	9.5	+7.3pp	Cons. · Japanese GAAP
FYE May 2019	0.9	−8.6pp	Cons. · Japanese GAAP
FYE May 2020	10.8	+9.9pp	Cons. · Japanese GAAP
FYE May 2021	13.2	+2.4pp	Cons. · Japanese GAAP
FYE May 2022	16.2	+3.0pp	Cons. · Japanese GAAP
FYE May 2023	15.3	−1.0pp	Cons. · Japanese GAAP
FYE May 2024	24.5	+9.2pp	Cons. · Japanese GAAP
FYE May 2025	11.7	−12.8pp	Cons. · Japanese GAAP
FYE May 2026	-46.3	−58.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE May 2026 -9.6%

Average · 10 yrs 2.2%

Fiscal year	ROA %	YoY	Basis
FYE May 2017	0.7	n/a	Cons. · Japanese GAAP
FYE May 2018	2.7	+2.1pp	Cons. · Japanese GAAP
FYE May 2019	0.3	−2.4pp	Cons. · Japanese GAAP
FYE May 2020	3.2	+3.0pp	Cons. · Japanese GAAP
FYE May 2021	4.1	+0.8pp	Cons. · Japanese GAAP
FYE May 2022	4.9	+0.8pp	Cons. · Japanese GAAP
FYE May 2023	4.3	−0.6pp	Cons. · Japanese GAAP
FYE May 2024	7.9	+3.6pp	Cons. · Japanese GAAP
FYE May 2025	4.0	−3.9pp	Cons. · Japanese GAAP
FYE May 2026	-9.6	−13.6pp	Cons. · Japanese GAAP

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

Asset turnover

FYE May 2026 1.74×

CAGR · 10 yrs −2.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE May 2017	2.16	n/a	Cons. · Japanese GAAP
FYE May 2018	2.07	−3.8%	Cons. · Japanese GAAP
FYE May 2019	2.29	+10.4%	Cons. · Japanese GAAP
FYE May 2020	2.30	+0.3%	Cons. · Japanese GAAP
FYE May 2021	2.22	−3.4%	Cons. · Japanese GAAP
FYE May 2022	2.28	+2.6%	Cons. · Japanese GAAP
FYE May 2023	1.96	−13.8%	Cons. · Japanese GAAP
FYE May 2024	1.94	−1.2%	Cons. · Japanese GAAP
FYE May 2025	2.11	+8.8%	Cons. · Japanese GAAP
FYE May 2026	1.74	−17.6%	Cons. · Japanese GAAP

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 May 2026 -¥11bn

Average · 10 yrs ¥12bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE May 2017	16.2	n/a	Cons. · Japanese GAAP
FYE May 2018	10.2	−37.4%	Cons. · Japanese GAAP
FYE May 2019	6.2	−38.8%	Cons. · Japanese GAAP
FYE May 2020	16.6	+167.2%	Cons. · Japanese GAAP
FYE May 2021	16.0	−3.7%	Cons. · Japanese GAAP
FYE May 2022	18.0	+12.2%	Cons. · Japanese GAAP
FYE May 2023	20.1	+12.1%	Cons. · Japanese GAAP
FYE May 2024	16.9	−16.1%	Cons. · Japanese GAAP
FYE May 2025	12.9	−23.6%	Cons. · Japanese GAAP
FYE May 2026	-10.8	−183.7%	Cons. · Japanese GAAP

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

Investing cash flow

FYE May 2026 -¥14bn

Average · 10 yrs -¥10bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE May 2017	-5.2	n/a	Cons. · Japanese GAAP
FYE May 2018	-1.6	n/a	Cons. · Japanese GAAP
FYE May 2019	-6.0	n/a	Cons. · Japanese GAAP
FYE May 2020	-6.1	n/a	Cons. · Japanese GAAP
FYE May 2021	-9.1	n/a	Cons. · Japanese GAAP
FYE May 2022	-10.7	n/a	Cons. · Japanese GAAP
FYE May 2023	-22.9	n/a	Cons. · Japanese GAAP
FYE May 2024	-11.5	n/a	Cons. · Japanese GAAP
FYE May 2025	-16.6	n/a	Cons. · Japanese GAAP
FYE May 2026	-14.2	n/a	Cons. · Japanese GAAP

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

Financing cash flow

FYE May 2026 ¥25bn

CAGR · 10 yrs +14.9%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE May 2017	7.2	n/a	Cons. · Japanese GAAP
FYE May 2018	6.6	−9.5%	Cons. · Japanese GAAP
FYE May 2019	-5.0	−175.5%	Cons. · Japanese GAAP
FYE May 2020	-4.8	n/a	Cons. · Japanese GAAP
FYE May 2021	-3.9	n/a	Cons. · Japanese GAAP
FYE May 2022	-14.7	n/a	Cons. · Japanese GAAP
FYE May 2023	10.2	n/a	Cons. · Japanese GAAP
FYE May 2024	-9.8	−196.1%	Cons. · Japanese GAAP
FYE May 2025	-9.6	n/a	Cons. · Japanese GAAP
FYE May 2026	25.2	n/a	Cons. · Japanese GAAP

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE May 2026 ¥49bn

CAGR · 10 yrs +0.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE May 2017	47.1	n/a	Cons. · Japanese GAAP
FYE May 2018	62.2	+32.1%	Cons. · Japanese GAAP
FYE May 2019	57.5	−7.6%	Cons. · Japanese GAAP
FYE May 2020	63.3	+10.1%	Cons. · Japanese GAAP
FYE May 2021	66.3	+4.7%	Cons. · Japanese GAAP
FYE May 2022	58.8	−11.3%	Cons. · Japanese GAAP
FYE May 2023	66.2	+12.6%	Cons. · Japanese GAAP
FYE May 2024	61.7	−6.8%	Cons. · Japanese GAAP
FYE May 2025	48.4	−21.6%	Cons. · Japanese GAAP
FYE May 2026	48.6	+0.4%	Cons. · Japanese GAAP

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

Free cash flow

FYE May 2026 -¥25bn

Average · 10 yrs ¥1.8bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE May 2017	11.0	n/a	Cons. · Japanese GAAP
FYE May 2018	8.6	−22.2%	Cons. · Japanese GAAP
FYE May 2019	0.3	−97.0%	Cons. · Japanese GAAP
FYE May 2020	10.6	+4071.5%	Cons. · Japanese GAAP
FYE May 2021	6.9	−34.4%	Cons. · Japanese GAAP
FYE May 2022	7.2	+4.1%	Cons. · Japanese GAAP
FYE May 2023	-2.8	−138.8%	Cons. · Japanese GAAP
FYE May 2024	5.4	n/a	Cons. · Japanese GAAP
FYE May 2025	-3.7	−168.6%	Cons. · Japanese GAAP
FYE May 2026	-25.0	n/a	Cons. · Japanese GAAP

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 May 2026 -2.7%

Average · 10 yrs 2.9%

Fiscal year	OCF margin %	YoY	Basis
FYE May 2017	4.8	n/a	Cons. · Japanese GAAP
FYE May 2018	2.8	−2.0pp	Cons. · Japanese GAAP
FYE May 2019	1.6	−1.2pp	Cons. · Japanese GAAP
FYE May 2020	4.1	+2.5pp	Cons. · Japanese GAAP
FYE May 2021	3.8	−0.4pp	Cons. · Japanese GAAP
FYE May 2022	4.2	+0.4pp	Cons. · Japanese GAAP
FYE May 2023	4.5	+0.3pp	Cons. · Japanese GAAP
FYE May 2024	3.6	−0.9pp	Cons. · Japanese GAAP
FYE May 2025	2.7	−0.9pp	Cons. · Japanese GAAP
FYE May 2026	-2.7	−5.4pp	Cons. · Japanese GAAP

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

Net cash

FYE May 2026 ¥8.0bn

CAGR · 10 yrs −13.9%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE May 2017	30.7	n/a	Cons. · Japanese GAAP
FYE May 2018	44.8	+46.0%	Cons. · Japanese GAAP
FYE May 2019	42.4	−5.2%	Cons. · Japanese GAAP
FYE May 2020	49.2	+15.8%	Cons. · Japanese GAAP
FYE May 2021	63.8	+29.7%	Cons. · Japanese GAAP
FYE May 2022	48.3	−24.3%	Cons. · Japanese GAAP
FYE May 2023	55.5	+15.0%	Cons. · Japanese GAAP
FYE May 2024	48.1	−13.3%	Cons. · Japanese GAAP
FYE May 2025	34.3	−28.7%	Cons. · Japanese GAAP
FYE May 2026	8.0	−76.7%	Cons. · Japanese GAAP

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 May 2026 n/a

Change · 9 yrs −¥48bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE May 2017	186	n/a
FYE May 2018	175	n/a
FYE May 2019	163	n/a
FYE May 2020	183	n/a
FYE May 2021	183	n/a
FYE May 2022	141	n/a
FYE May 2023	185	n/a
FYE May 2024	221	n/a
FYE May 2025	139	n/a
FYE May 2026	n/a	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 May 2026 n/a

Change · 9 yrs −1,908¥

Fiscal year	Share price ¥	Basis
FYE May 2017	3,371	n/a
FYE May 2018	3,170	n/a
FYE May 2019	2,955	n/a
FYE May 2020	3,310	n/a
FYE May 2021	3,566	n/a
FYE May 2022	1,450	n/a
FYE May 2023	1,897	n/a
FYE May 2024	2,263	n/a
FYE May 2025	1,463	n/a
FYE May 2026	n/a	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 May 2026 89,771,000shares

Change · 10 yrs +34,512,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE May 2017	55,259,000	Parent
FYE May 2018	55,259,000	Parent
FYE May 2019	55,259,000	Parent
FYE May 2020	55,259,000	Parent
FYE May 2021	51,259,000	Parent
FYE May 2022	97,518,000	Parent
FYE May 2023	97,518,000	Parent
FYE May 2024	97,564,000	Parent
FYE May 2025	94,771,000	Parent
FYE May 2026	89,771,000	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 May 2026 -245.41¥

Change · 10 yrs −255.29¥

Fiscal year	EPS ¥	Basis
FYE May 2017	9.88	Cons.
FYE May 2018	46.08	Cons.
FYE May 2019	4.26	Cons.
FYE May 2020	55.39	Cons.
FYE May 2021	75.83	Cons.
FYE May 2022	90.83	Cons.
FYE May 2023	100.43	Cons.
FYE May 2024	196.47	Cons.
FYE May 2025	95.45	Cons.
FYE May 2026	-245.41	Cons.

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

BPS book value per share

FYE May 2026 532.52¥

Change · 10 yrs −301.32¥

Fiscal year	BPS ¥	Basis
FYE May 2017	833.84	Cons. · Japanese GAAP
FYE May 2018	890.01	Cons. · Japanese GAAP
FYE May 2019	876.07	Cons. · Japanese GAAP
FYE May 2020	949.04	Cons. · Japanese GAAP
FYE May 2021	1,146.57	Cons. · Japanese GAAP
FYE May 2022	582.02	Cons. · Japanese GAAP
FYE May 2023	657.80	Cons. · Japanese GAAP
FYE May 2024	802.17	Cons. · Japanese GAAP
FYE May 2025	820.80	Cons. · Japanese GAAP
FYE May 2026	532.52	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE May 2026 n/a

Average · 9 yrs 74.10×

Fiscal year	PER ×	Basis
FYE May 2017	170.61	Cons.
FYE May 2018	34.40	Cons.
FYE May 2019	346.84	Cons.
FYE May 2020	29.88	Cons.
FYE May 2021	23.51	Cons.
FYE May 2022	15.96	Cons.
FYE May 2023	18.89	Cons.
FYE May 2024	11.52	Cons.
FYE May 2025	15.33	Cons.
FYE May 2026	n/a	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 May 2026 n/a

Average · 9 yrs 2.93×

Fiscal year	PBR ×	Basis
FYE May 2017	3.73	Cons.
FYE May 2018	3.29	Cons.
FYE May 2019	3.12	Cons.
FYE May 2020	3.22	Cons.
FYE May 2021	3.11	Cons.
FYE May 2022	2.49	Cons.
FYE May 2023	2.88	Cons.
FYE May 2024	2.80	Cons.
FYE May 2025	1.76	Cons.
FYE May 2026	n/a	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 May 2026 3,646people

Change · 10 yrs +678 people

Fiscal year	Group employees people	YoY	Basis
FYE May 2017	2,968	n/a	Cons.
FYE May 2018	3,235	+9.0%	Cons.
FYE May 2019	3,477	+7.5%	Cons.
FYE May 2020	3,550	+2.1%	Cons.
FYE May 2021	3,297	−7.1%	Cons.
FYE May 2022	3,380	+2.5%	Cons.
FYE May 2023	3,574	+5.7%	Cons.
FYE May 2024	3,687	+3.2%	Cons.
FYE May 2025	3,697	+0.3%	Cons.
FYE May 2026	3,646	−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 May 2026 976people

Change · 10 yrs +244 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE May 2017	732	n/a	Parent
FYE May 2018	742	+1.4%	Parent
FYE May 2019	798	+7.5%	Parent
FYE May 2020	812	+1.8%	Parent
FYE May 2021	771	−5.0%	Parent
FYE May 2022	847	+9.9%	Parent
FYE May 2023	897	+5.9%	Parent
FYE May 2024	917	+2.2%	Parent
FYE May 2025	959	+4.6%	Parent
FYE May 2026	976	+1.8%	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 May 2026 716万円

Change · 8 yrs +43万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE May 2017	n/a	n/a	Parent
FYE May 2018	n/a	n/a	Parent
FYE May 2019	673	n/a	Parent
FYE May 2020	669	−0.5%	Parent
FYE May 2021	785	+17.3%	Parent
FYE May 2022	776	−1.2%	Parent
FYE May 2023	769	−1.0%	Parent
FYE May 2024	789	+2.7%	Parent
FYE May 2025	712	−9.8%	Parent
FYE May 2026	716	+0.5%	Parent

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

Average age

FYE May 2026 41.6years

Change · 8 yrs +1.2 years

Fiscal year	Average age years	YoY	Basis
FYE May 2017	n/a	n/a	Parent
FYE May 2018	n/a	n/a	Parent
FYE May 2019	40.4	n/a	Parent
FYE May 2020	40.5	+0.2%	Parent
FYE May 2021	41.5	+2.5%	Parent
FYE May 2022	41.1	−1.0%	Parent
FYE May 2023	41.0	−0.2%	Parent
FYE May 2024	41.3	+0.7%	Parent
FYE May 2025	41.3	−0.0%	Parent
FYE May 2026	41.6	+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 May 2026 10.1years

Change · 8 yrs +2.8 years

Fiscal year	Average length of service years	YoY	Basis
FYE May 2017	n/a	n/a	Parent
FYE May 2018	n/a	n/a	Parent
FYE May 2019	7.3	n/a	Parent
FYE May 2020	7.7	+5.5%	Parent
FYE May 2021	9.1	+18.2%	Parent
FYE May 2022	9.2	+1.1%	Parent
FYE May 2023	9.1	−1.1%	Parent
FYE May 2024	9.6	+5.5%	Parent
FYE May 2025	9.6	−0.0%	Parent
FYE May 2026	10.1	+5.2%	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 May 2026 1,852people

Change · 10 yrs +830 people

Fiscal year	Temporary employees people	YoY	Basis
FYE May 2017	1,022	n/a	n/a
FYE May 2018	1,367	+33.8%	n/a
FYE May 2019	1,558	+14.0%	n/a
FYE May 2020	1,654	+6.2%	n/a
FYE May 2021	1,915	+15.8%	n/a
FYE May 2022	1,923	+0.4%	n/a
FYE May 2023	2,057	+7.0%	n/a
FYE May 2024	2,071	+0.7%	n/a
FYE May 2025	1,934	−6.6%	n/a
FYE May 2026	1,852	−4.2%	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 May 2026 ¥110m

Change · 10 yrs −¥3.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE May 2017	113	n/a	Cons.
FYE May 2018	111	−1.6%	Cons.
FYE May 2019	111	−0.0%	Cons.
FYE May 2020	113	+1.2%	Cons.
FYE May 2021	128	+13.5%	Cons.
FYE May 2022	127	−1.0%	Cons.
FYE May 2023	125	−1.4%	Cons.
FYE May 2024	128	+2.4%	Cons.
FYE May 2025	130	+1.7%	Cons.
FYE May 2026	110	−15.7%	Cons.

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

Operating profit per employee

FYE May 2026 -¥4.8m

Change · 10 yrs −¥7.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE May 2017	3.0	n/a	Cons.
FYE May 2018	1.3	−56.6%	Cons.
FYE May 2019	1.3	+0.3%	Cons.
FYE May 2020	2.5	+91.1%	Cons.
FYE May 2021	4.2	+70.0%	Cons.
FYE May 2022	4.2	+0.2%	Cons.
FYE May 2023	4.1	−3.4%	Cons.
FYE May 2024	4.6	+12.4%	Cons.
FYE May 2025	3.8	−17.6%	Cons.
FYE May 2026	-4.8	−226.3%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

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