Financials

Sojitz: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥2.76tnYoY +9.9%

FYE Mar 2026 · Operating profit¥116bnYoY −14.5%

FYE Mar 2026 · Net profit¥104bnYoY −6.3%

FYE Mar 2026 · Equity ratio28.2%YoY −2.0pp

FYE Mar 2026 · Group employees26,789YoY +1,671

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.56tn	n/a	¥58bn	n/a	3.7%	¥41bn	Sato Yoji	—
FYE Mar 2018Consolidated	¥1.82tn	+16.8%	¥80bn	+38.6%	4.4%	¥57bn	Sato Yoji	<a class="en-history_person" href="/tse/2768/executives/ceo/fujimoto-masayoshi/" hreflang="ja">Fujimoto Masayoshi</a> becomes president; the “Sojitz-ness” strategy
FYE Mar 2019Consolidated	¥1.86tn	+2.2%	¥95bn	+18.1%	5.1%	¥70bn	Fujimoto Masayoshi	—
FYE Mar 2020Consolidated	¥1.75tn	−5.5%	¥76bn	−20.4%	4.3%	¥61bn	Fujimoto Masayoshi	—
FYE Mar 2021Consolidated	¥1.60tn	−8.7%	¥37bn	−50.5%	2.3%	¥27bn	Fujimoto Masayoshi	—
FYE Mar 2022Consolidated	¥2.10tn	+31.1%	¥117bn	+213.5%	5.6%	¥82bn	Fujimoto Masayoshi	—
FYE Mar 2023Consolidated	¥2.48tn	+18.0%	¥155bn	+32.2%	6.3%	¥111bn	Fujimoto Masayoshi	Moves to the TSE Prime market
FYE Mar 2024Consolidated	¥2.41tn	−2.6%	¥125bn	−19.1%	5.2%	¥101bn	Fujimoto Masayoshi	Record net profit of ¥111.2 billion; DaiTanViet acquired in Vietnam
FYE Mar 2025Consolidated	¥2.51tn	+3.9%	¥135bn	+7.8%	5.4%	¥111bn	Fujimoto Masayoshi	<a class="en-history_person" href="/tse/2768/executives/ceo/uemura-kosuke/" hreflang="ja">Uemura Kosuke</a> becomes president; Mid-Term Plan 2026
FYE Mar 2026Consolidated	¥2.76tn	+9.9%	¥116bn	−14.5%	4.2%	¥104bn	Uemura Kosuke	15 million shares cancelled; non-resource earnings above ¥80 billion

How it compares

Toyota Tsusho¥11.6tnFY2025Operating margin 4.7%

Nissho Iwai CorporationDelisted 2003

Nichimen CorporationDelisted 2003

Sojitz¥2.76tnFY2025Operating margin 4.2%

TOMEN CorporationDelisted 2006

Ataka & Co.Delisted 1977

Kanematsu¥1.07tnFY2025Operating margin 4.6%

Itoman & Co., Ltd.Delisted 1993

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 Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥2.76tn

CAGR · 10 yrs +6.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,555	n/a	Cons. · IFRS
FYE Mar 2018	1,816	+16.8%	Cons. · IFRS
FYE Mar 2019	1,856	+2.2%	Cons. · IFRS
FYE Mar 2020	1,755	−5.5%	Cons. · IFRS
FYE Mar 2021	1,602	−8.7%	Cons. · IFRS
FYE Mar 2022	2,101	+31.1%	Cons. · IFRS
FYE Mar 2023	2,480	+18.0%	Cons. · IFRS
FYE Mar 2024	2,415	−2.6%	Cons. · IFRS
FYE Mar 2025	2,510	+3.9%	Cons. · IFRS
FYE Mar 2026	2,757	+9.9%	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 Mar 2026 ¥2.39tn

CAGR · 10 yrs +6.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	1,355	n/a	Cons. · IFRS
FYE Mar 2018	1,584	+16.9%	Cons. · IFRS
FYE Mar 2019	1,615	+2.0%	Cons. · IFRS
FYE Mar 2020	1,534	−5.0%	Cons. · IFRS
FYE Mar 2021	1,414	−7.8%	Cons. · IFRS
FYE Mar 2022	1,829	+29.3%	Cons. · IFRS
FYE Mar 2023	2,142	+17.1%	Cons. · IFRS
FYE Mar 2024	2,089	−2.5%	Cons. · IFRS
FYE Mar 2025	2,163	+3.6%	Cons. · IFRS
FYE Mar 2026	2,390	+10.5%	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 Mar 2026 ¥367bn

CAGR · 10 yrs +7.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	201	n/a	Cons. · IFRS
FYE Mar 2018	232	+15.8%	Cons. · IFRS
FYE Mar 2019	241	+3.7%	Cons. · IFRS
FYE Mar 2020	220	−8.5%	Cons. · IFRS
FYE Mar 2021	188	−14.7%	Cons. · IFRS
FYE Mar 2022	271	+44.2%	Cons. · IFRS
FYE Mar 2023	338	+24.4%	Cons. · IFRS
FYE Mar 2024	326	−3.4%	Cons. · IFRS
FYE Mar 2025	347	+6.4%	Cons. · IFRS
FYE Mar 2026	367	+6.0%	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 Mar 2026 ¥305bn

CAGR · 10 yrs +8.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	153	n/a	Cons. · IFRS
FYE Mar 2018	163	+6.3%	Cons. · IFRS
FYE Mar 2019	173	+6.6%	Cons. · IFRS
FYE Mar 2020	173	−0.1%	Cons. · IFRS
FYE Mar 2021	161	−7.0%	Cons. · IFRS
FYE Mar 2022	180	+11.9%	Cons. · IFRS
FYE Mar 2023	223	+23.5%	Cons. · IFRS
FYE Mar 2024	241	+8.4%	Cons. · IFRS
FYE Mar 2025	270	+11.8%	Cons. · IFRS
FYE Mar 2026	305	+13.0%	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 Mar 2026 ¥116bn

CAGR · 10 yrs +8.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	58.0	n/a	Cons. · IFRS
FYE Mar 2018	80.3	+38.6%	Cons. · IFRS
FYE Mar 2019	94.9	+18.1%	Cons. · IFRS
FYE Mar 2020	75.5	−20.4%	Cons. · IFRS
FYE Mar 2021	37.4	−50.5%	Cons. · IFRS
FYE Mar 2022	117	+213.5%	Cons. · IFRS
FYE Mar 2023	155	+32.2%	Cons. · IFRS
FYE Mar 2024	125	−19.1%	Cons. · IFRS
FYE Mar 2025	135	+7.8%	Cons. · IFRS
FYE Mar 2026	116	−14.5%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥30bn

CAGR · 10 yrs +25.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · IFRS
FYE Mar 2018	10.3	+164.4%	Cons. · IFRS
FYE Mar 2019	12.4	+20.1%	Cons. · IFRS
FYE Mar 2020	10.8	−12.9%	Cons. · IFRS
FYE Mar 2021	8.5	−21.2%	Cons. · IFRS
FYE Mar 2022	13.3	+56.6%	Cons. · IFRS
FYE Mar 2023	19.5	+46.7%	Cons. · IFRS
FYE Mar 2024	18.2	−7.0%	Cons. · IFRS
FYE Mar 2025	23.0	+26.6%	Cons. · IFRS
FYE Mar 2026	29.6	+28.9%	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 Mar 2026 ¥31bn

CAGR · 10 yrs +8.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	14.4	n/a	Cons. · IFRS
FYE Mar 2018	14.9	+3.4%	Cons. · IFRS
FYE Mar 2019	15.3	+2.8%	Cons. · IFRS
FYE Mar 2020	15.0	−2.2%	Cons. · IFRS
FYE Mar 2021	11.8	−21.3%	Cons. · IFRS
FYE Mar 2022	11.2	−4.8%	Cons. · IFRS
FYE Mar 2023	19.3	+72.6%	Cons. · IFRS
FYE Mar 2024	24.0	+24.1%	Cons. · IFRS
FYE Mar 2025	26.5	+10.4%	Cons. · IFRS
FYE Mar 2026	30.5	+15.1%	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 Mar 2026 ¥104bn

CAGR · 10 yrs +10.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	40.8	n/a	Cons. · IFRS
FYE Mar 2018	56.8	+39.5%	Cons. · IFRS
FYE Mar 2019	70.4	+23.9%	Cons. · IFRS
FYE Mar 2020	60.8	−13.6%	Cons. · IFRS
FYE Mar 2021	27.0	−55.6%	Cons. · IFRS
FYE Mar 2022	82.3	+204.9%	Cons. · IFRS
FYE Mar 2023	111	+35.1%	Cons. · IFRS
FYE Mar 2024	101	−9.4%	Cons. · IFRS
FYE Mar 2025	111	+9.8%	Cons. · IFRS
FYE Mar 2026	104	−6.3%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 13.3%

Average · 10 yrs 13.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	12.9	n/a	Cons. · IFRS
FYE Mar 2018	12.8	−0.1pp	Cons. · IFRS
FYE Mar 2019	13.0	+0.2pp	Cons. · IFRS
FYE Mar 2020	12.6	−0.4pp	Cons. · IFRS
FYE Mar 2021	11.7	−0.8pp	Cons. · IFRS
FYE Mar 2022	12.9	+1.2pp	Cons. · IFRS
FYE Mar 2023	13.6	+0.7pp	Cons. · IFRS
FYE Mar 2024	13.5	−0.1pp	Cons. · IFRS
FYE Mar 2025	13.8	+0.3pp	Cons. · IFRS
FYE Mar 2026	13.3	−0.5pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 4.2%

Average · 10 yrs 4.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · IFRS
FYE Mar 2018	4.4	+0.7pp	Cons. · IFRS
FYE Mar 2019	5.1	+0.7pp	Cons. · IFRS
FYE Mar 2020	4.3	−0.8pp	Cons. · IFRS
FYE Mar 2021	2.3	−2.0pp	Cons. · IFRS
FYE Mar 2022	5.6	+3.2pp	Cons. · IFRS
FYE Mar 2023	6.3	+0.7pp	Cons. · IFRS
FYE Mar 2024	5.2	−1.1pp	Cons. · IFRS
FYE Mar 2025	5.4	+0.2pp	Cons. · IFRS
FYE Mar 2026	4.2	−1.2pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 3.8%

Average · 10 yrs 3.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons. · IFRS
FYE Mar 2018	3.1	+0.5pp	Cons. · IFRS
FYE Mar 2019	3.8	+0.7pp	Cons. · IFRS
FYE Mar 2020	3.5	−0.3pp	Cons. · IFRS
FYE Mar 2021	1.7	−1.8pp	Cons. · IFRS
FYE Mar 2022	3.9	+2.2pp	Cons. · IFRS
FYE Mar 2023	4.5	+0.6pp	Cons. · IFRS
FYE Mar 2024	4.2	−0.3pp	Cons. · IFRS
FYE Mar 2025	4.4	+0.2pp	Cons. · IFRS
FYE Mar 2026	3.8	−0.7pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 86.7%

Average · 10 yrs 87.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	87.1	n/a	Cons. · IFRS
FYE Mar 2018	87.2	+0.1pp	Cons. · IFRS
FYE Mar 2019	87.0	−0.2pp	Cons. · IFRS
FYE Mar 2020	87.4	+0.4pp	Cons. · IFRS
FYE Mar 2021	88.3	+0.8pp	Cons. · IFRS
FYE Mar 2022	87.1	−1.2pp	Cons. · IFRS
FYE Mar 2023	86.4	−0.7pp	Cons. · IFRS
FYE Mar 2024	86.5	+0.1pp	Cons. · IFRS
FYE Mar 2025	86.2	−0.3pp	Cons. · IFRS
FYE Mar 2026	86.7	+0.5pp	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 Mar 2026 11.1%

Average · 10 yrs 9.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	9.8	n/a	Cons. · IFRS
FYE Mar 2018	9.0	−0.9pp	Cons. · IFRS
FYE Mar 2019	9.3	+0.4pp	Cons. · IFRS
FYE Mar 2020	9.9	+0.5pp	Cons. · IFRS
FYE Mar 2021	10.1	+0.2pp	Cons. · IFRS
FYE Mar 2022	8.6	−1.5pp	Cons. · IFRS
FYE Mar 2023	9.0	+0.4pp	Cons. · IFRS
FYE Mar 2024	10.0	+1.0pp	Cons. · IFRS
FYE Mar 2025	10.8	+0.8pp	Cons. · IFRS
FYE Mar 2026	11.1	+0.3pp	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 Mar 2026 ¥3.65tn

CAGR · 10 yrs +6.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	2,138	n/a	Cons. · IFRS
FYE Mar 2018	2,350	+9.9%	Cons. · IFRS
FYE Mar 2019	2,297	−2.3%	Cons. · IFRS
FYE Mar 2020	2,230	−2.9%	Cons. · IFRS
FYE Mar 2021	2,300	+3.1%	Cons. · IFRS
FYE Mar 2022	2,662	+15.7%	Cons. · IFRS
FYE Mar 2023	2,661	−0.0%	Cons. · IFRS
FYE Mar 2024	2,887	+8.5%	Cons. · IFRS
FYE Mar 2025	3,087	+6.9%	Cons. · IFRS
FYE Mar 2026	3,648	+18.2%	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 Mar 2026 ¥1.03tn

CAGR · 10 yrs +7.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	551	n/a	Cons. · IFRS
FYE Mar 2018	548	−0.5%	Cons. · IFRS
FYE Mar 2019	575	+5.0%	Cons. · IFRS
FYE Mar 2020	536	−6.7%	Cons. · IFRS
FYE Mar 2021	584	+8.8%	Cons. · IFRS
FYE Mar 2022	692	+18.6%	Cons. · IFRS
FYE Mar 2023	799	+15.4%	Cons. · IFRS
FYE Mar 2024	893	+11.7%	Cons. · IFRS
FYE Mar 2025	930	+4.2%	Cons. · IFRS
FYE Mar 2026	1,027	+10.4%	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 Mar 2026 ¥1.30tn

CAGR · 10 yrs +3.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	925	n/a	Cons. · IFRS
FYE Mar 2018	911	−1.5%	Cons. · IFRS
FYE Mar 2019	873	−4.2%	Cons. · IFRS
FYE Mar 2020	893	+2.3%	Cons. · IFRS
FYE Mar 2021	908	+1.7%	Cons. · IFRS
FYE Mar 2022	1,053	+15.9%	Cons. · IFRS
FYE Mar 2023	884	−16.1%	Cons. · IFRS
FYE Mar 2024	907	+2.6%	Cons. · IFRS
FYE Mar 2025	1,086	+19.8%	Cons. · IFRS
FYE Mar 2026	1,296	+19.2%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥299bn

CAGR · 10 yrs +7.3%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	159	n/a	Cons. · IFRS
FYE Mar 2018	113	−28.5%	Cons. · IFRS
FYE Mar 2019	150	+31.9%	Cons. · IFRS
FYE Mar 2020	187	+24.8%	Cons. · IFRS
FYE Mar 2021	159	−15.1%	Cons. · IFRS
FYE Mar 2022	231	+45.8%	Cons. · IFRS
FYE Mar 2023	168	−27.4%	Cons. · IFRS
FYE Mar 2024	164	−2.2%	Cons. · IFRS
FYE Mar 2025	200	+21.7%	Cons. · IFRS
FYE Mar 2026	299	+49.9%	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 Mar 2026 ¥996bn

CAGR · 10 yrs +3.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	767	n/a	Cons. · IFRS
FYE Mar 2018	798	+4.1%	Cons. · IFRS
FYE Mar 2019	724	−9.3%	Cons. · IFRS
FYE Mar 2020	706	−2.4%	Cons. · IFRS
FYE Mar 2021	750	+6.1%	Cons. · IFRS
FYE Mar 2022	822	+9.6%	Cons. · IFRS
FYE Mar 2023	716	−12.9%	Cons. · IFRS
FYE Mar 2024	743	+3.7%	Cons. · IFRS
FYE Mar 2025	887	+19.4%	Cons. · IFRS
FYE Mar 2026	996	+12.3%	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 Mar 2026 ¥145bn

CAGR · 9 yrs +16.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	44.1	n/a	Cons. · IFRS
FYE Mar 2019	49.1	+11.5%	Cons. · IFRS
FYE Mar 2020	43.4	−11.8%	Cons. · IFRS
FYE Mar 2021	61.5	+41.8%	Cons. · IFRS
FYE Mar 2022	85.0	+38.3%	Cons. · IFRS
FYE Mar 2023	70.8	−16.7%	Cons. · IFRS
FYE Mar 2024	92.2	+30.1%	Cons. · IFRS
FYE Mar 2025	114	+23.6%	Cons. · IFRS
FYE Mar 2026	145	+27.7%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥180bn

CAGR · 10 yrs +13.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	57.6	n/a	Cons. · IFRS
FYE Mar 2018	65.8	+14.3%	Cons. · IFRS
FYE Mar 2019	66.2	+0.5%	Cons. · IFRS
FYE Mar 2020	66.5	+0.5%	Cons. · IFRS
FYE Mar 2021	67.2	+1.1%	Cons. · IFRS
FYE Mar 2022	82.5	+22.8%	Cons. · IFRS
FYE Mar 2023	85.7	+3.9%	Cons. · IFRS
FYE Mar 2024	133	+54.7%	Cons. · IFRS
FYE Mar 2025	151	+14.1%	Cons. · IFRS
FYE Mar 2026	180	+18.7%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2026 28.2%

Average · 10 yrs 26.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	25.7	n/a	Cons. · IFRS
FYE Mar 2018	23.3	−2.4pp	Cons. · IFRS
FYE Mar 2019	25.0	+1.7pp	Cons. · IFRS
FYE Mar 2020	24.0	−1.0pp	Cons. · IFRS
FYE Mar 2021	25.4	+1.3pp	Cons. · IFRS
FYE Mar 2022	26.0	+0.6pp	Cons. · IFRS
FYE Mar 2023	30.0	+4.0pp	Cons. · IFRS
FYE Mar 2024	30.9	+0.9pp	Cons. · IFRS
FYE Mar 2025	30.1	−0.8pp	Cons. · IFRS
FYE Mar 2026	28.2	−2.0pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2026 126.2%

Average · 10 yrs 141.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	168.1	n/a	Cons. · IFRS
FYE Mar 2018	166.4	−1.7pp	Cons. · IFRS
FYE Mar 2019	151.9	−14.5pp	Cons. · IFRS
FYE Mar 2020	166.5	+14.7pp	Cons. · IFRS
FYE Mar 2021	155.6	−10.9pp	Cons. · IFRS
FYE Mar 2022	152.1	−3.6pp	Cons. · IFRS
FYE Mar 2023	110.6	−41.5pp	Cons. · IFRS
FYE Mar 2024	101.6	−9.0pp	Cons. · IFRS
FYE Mar 2025	116.8	+15.2pp	Cons. · IFRS
FYE Mar 2026	126.2	+9.4pp	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 Mar 2026 10.1%

Average · 10 yrs 10.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.4	n/a	Cons. · IFRS
FYE Mar 2018	10.4	+3.0pp	Cons. · IFRS
FYE Mar 2019	12.2	+1.9pp	Cons. · IFRS
FYE Mar 2020	11.3	−0.9pp	Cons. · IFRS
FYE Mar 2021	4.6	−6.7pp	Cons. · IFRS
FYE Mar 2022	11.9	+7.3pp	Cons. · IFRS
FYE Mar 2023	13.9	+2.0pp	Cons. · IFRS
FYE Mar 2024	11.3	−2.6pp	Cons. · IFRS
FYE Mar 2025	11.9	+0.6pp	Cons. · IFRS
FYE Mar 2026	10.1	−1.8pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 2.8%

Average · 10 yrs 2.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons. · IFRS
FYE Mar 2018	2.4	+0.5pp	Cons. · IFRS
FYE Mar 2019	3.1	+0.6pp	Cons. · IFRS
FYE Mar 2020	2.7	−0.3pp	Cons. · IFRS
FYE Mar 2021	1.2	−1.6pp	Cons. · IFRS
FYE Mar 2022	3.1	+1.9pp	Cons. · IFRS
FYE Mar 2023	4.2	+1.1pp	Cons. · IFRS
FYE Mar 2024	3.5	−0.7pp	Cons. · IFRS
FYE Mar 2025	3.6	+0.1pp	Cons. · IFRS
FYE Mar 2026	2.8	−0.7pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.76×

CAGR · 10 yrs +0.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.73	n/a	Cons. · IFRS
FYE Mar 2018	0.77	+6.3%	Cons. · IFRS
FYE Mar 2019	0.81	+4.6%	Cons. · IFRS
FYE Mar 2020	0.79	−2.6%	Cons. · IFRS
FYE Mar 2021	0.70	−11.5%	Cons. · IFRS
FYE Mar 2022	0.79	+13.3%	Cons. · IFRS
FYE Mar 2023	0.93	+18.1%	Cons. · IFRS
FYE Mar 2024	0.84	−10.3%	Cons. · IFRS
FYE Mar 2025	0.81	−2.8%	Cons. · IFRS
FYE Mar 2026	0.76	−7.0%	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 Mar 2026 ¥17bn

CAGR · 10 yrs +39.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons. · IFRS
FYE Mar 2018	98.8	+11430.0%	Cons. · IFRS
FYE Mar 2019	96.5	−2.4%	Cons. · IFRS
FYE Mar 2020	40.5	−58.0%	Cons. · IFRS
FYE Mar 2021	85.0	+109.8%	Cons. · IFRS
FYE Mar 2022	65.1	−23.4%	Cons. · IFRS
FYE Mar 2023	172	+163.7%	Cons. · IFRS
FYE Mar 2024	112	−34.6%	Cons. · IFRS
FYE Mar 2025	-16.7	−114.9%	Cons. · IFRS
FYE Mar 2026	16.8	n/a	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥87bn

Average · 10 yrs -¥51bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-32.2	n/a	Cons. · IFRS
FYE Mar 2018	-86.4	n/a	Cons. · IFRS
FYE Mar 2019	-42.2	n/a	Cons. · IFRS
FYE Mar 2020	-35.7	n/a	Cons. · IFRS
FYE Mar 2021	-35.7	n/a	Cons. · IFRS
FYE Mar 2022	-139	n/a	Cons. · IFRS
FYE Mar 2023	29.2	n/a	Cons. · IFRS
FYE Mar 2024	12.4	−57.4%	Cons. · IFRS
FYE Mar 2025	-94.1	−857.1%	Cons. · IFRS
FYE Mar 2026	-86.6	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 Mar 2026 ¥110bn

Average · 10 yrs -¥30bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-4.0	n/a	Cons. · IFRS
FYE Mar 2018	-13.1	n/a	Cons. · IFRS
FYE Mar 2019	-74.9	n/a	Cons. · IFRS
FYE Mar 2020	-12.2	n/a	Cons. · IFRS
FYE Mar 2021	-40.6	n/a	Cons. · IFRS
FYE Mar 2022	46.9	n/a	Cons. · IFRS
FYE Mar 2023	-230	−591.2%	Cons. · IFRS
FYE Mar 2024	-187	n/a	Cons. · IFRS
FYE Mar 2025	106	n/a	Cons. · IFRS
FYE Mar 2026	110	+3.6%	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 Mar 2026 ¥245bn

CAGR · 10 yrs −2.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	309	n/a	Cons. · IFRS
FYE Mar 2018	305	−1.1%	Cons. · IFRS
FYE Mar 2019	286	−6.4%	Cons. · IFRS
FYE Mar 2020	273	−4.6%	Cons. · IFRS
FYE Mar 2021	288	+5.5%	Cons. · IFRS
FYE Mar 2022	272	−5.5%	Cons. · IFRS
FYE Mar 2023	247	−9.0%	Cons. · IFRS
FYE Mar 2024	196	−20.6%	Cons. · IFRS
FYE Mar 2025	192	−2.0%	Cons. · IFRS
FYE Mar 2026	245	+27.5%	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 Mar 2026 -¥70bn

Average · 10 yrs ¥16bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-31.3	n/a	Cons. · IFRS
FYE Mar 2018	12.4	n/a	Cons. · IFRS
FYE Mar 2019	54.3	+337.5%	Cons. · IFRS
FYE Mar 2020	4.8	−91.1%	Cons. · IFRS
FYE Mar 2021	49.3	+918.3%	Cons. · IFRS
FYE Mar 2022	-73.7	−249.6%	Cons. · IFRS
FYE Mar 2023	201	n/a	Cons. · IFRS
FYE Mar 2024	125	−37.9%	Cons. · IFRS
FYE Mar 2025	-111	−188.9%	Cons. · IFRS
FYE Mar 2026	-69.8	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 Mar 2026 0.6%

Average · 10 yrs 3.3%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	0.1	n/a	Cons. · IFRS
FYE Mar 2018	5.4	+5.4pp	Cons. · IFRS
FYE Mar 2019	5.2	−0.2pp	Cons. · IFRS
FYE Mar 2020	2.3	−2.9pp	Cons. · IFRS
FYE Mar 2021	5.3	+3.0pp	Cons. · IFRS
FYE Mar 2022	3.1	−2.2pp	Cons. · IFRS
FYE Mar 2023	6.9	+3.8pp	Cons. · IFRS
FYE Mar 2024	4.6	−2.3pp	Cons. · IFRS
FYE Mar 2025	-0.7	−5.3pp	Cons. · IFRS
FYE Mar 2026	0.6	+1.3pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 -¥1.05tn

Average · 10 yrs -¥712bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-617	n/a	Cons. · IFRS
FYE Mar 2018	-606	n/a	Cons. · IFRS
FYE Mar 2019	-588	n/a	Cons. · IFRS
FYE Mar 2020	-621	n/a	Cons. · IFRS
FYE Mar 2021	-621	n/a	Cons. · IFRS
FYE Mar 2022	-781	n/a	Cons. · IFRS
FYE Mar 2023	-636	n/a	Cons. · IFRS
FYE Mar 2024	-710	n/a	Cons. · IFRS
FYE Mar 2025	-894	n/a	Cons. · IFRS
FYE Mar 2026	-1,050	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 Mar 2026 ¥1.29tn

Change · 10 yrs +¥938bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	351	n/a
FYE Mar 2018	427	n/a
FYE Mar 2019	487	n/a
FYE Mar 2020	318	n/a
FYE Mar 2021	392	n/a
FYE Mar 2022	503	n/a
FYE Mar 2023	688	n/a
FYE Mar 2024	893	n/a
FYE Mar 2025	740	n/a
FYE Mar 2026	1,289	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 Mar 2026 6,137¥

Change · 10 yrs +5,857¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	280	n/a
FYE Mar 2018	341	n/a
FYE Mar 2019	389	n/a
FYE Mar 2020	254	n/a
FYE Mar 2021	313	n/a
FYE Mar 2022	2,010	n/a
FYE Mar 2023	2,747	n/a
FYE Mar 2024	3,969	n/a
FYE Mar 2025	3,288	n/a
FYE Mar 2026	6,137	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 Mar 2026 210,000,000shares

Change · 10 yrs −1,041,499,501 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,251,499,501	Parent
FYE Mar 2018	1,251,499,501	Parent
FYE Mar 2019	1,251,499,501	Parent
FYE Mar 2020	1,251,499,501	Parent
FYE Mar 2021	1,251,499,501	Parent
FYE Mar 2022	250,299,900	Parent
FYE Mar 2023	250,299,900	Parent
FYE Mar 2024	225,000,000	Parent
FYE Mar 2025	225,000,000	Parent
FYE Mar 2026	210,000,000	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 Mar 2026 494.95¥

Change · 10 yrs +462.37¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	32.58	Cons.
FYE Mar 2018	45.44	Cons.
FYE Mar 2019	56.34	Cons.
FYE Mar 2020	48.91	Cons.
FYE Mar 2021	112.53	Cons.
FYE Mar 2022	352.65	Cons.
FYE Mar 2023	481.94	Cons.
FYE Mar 2024	450.97	Cons.
FYE Mar 2025	513.74	Cons.
FYE Mar 2026	494.95	Cons.

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

BPS book value per share

FYE Mar 2026 4,890.19¥

Change · 10 yrs +4,450.30¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	439.88	Cons. · IFRS
FYE Mar 2018	437.72	Cons. · IFRS
FYE Mar 2019	459.44	Cons. · IFRS
FYE Mar 2020	428.57	Cons. · IFRS
FYE Mar 2021	466.31	Cons. · IFRS
FYE Mar 2022	2,765.27	Cons. · IFRS
FYE Mar 2023	3,191.57	Cons. · IFRS
FYE Mar 2024	3,966.78	Cons. · IFRS
FYE Mar 2025	4,134.65	Cons. · IFRS
FYE Mar 2026	4,890.19	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 12.40×

Average · 10 yrs 8.11×

Fiscal year	PER ×	Basis
FYE Mar 2017	8.60	Cons.
FYE Mar 2018	7.50	Cons.
FYE Mar 2019	6.90	Cons.
FYE Mar 2020	5.20	Cons.
FYE Mar 2021	13.90	Cons.
FYE Mar 2022	5.70	Cons.
FYE Mar 2023	5.70	Cons.
FYE Mar 2024	8.80	Cons.
FYE Mar 2025	6.40	Cons.
FYE Mar 2026	12.40	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 Mar 2026 1.17×

Average · 10 yrs 0.75×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.64	Cons.
FYE Mar 2018	0.73	Cons.
FYE Mar 2019	0.79	Cons.
FYE Mar 2020	0.54	Cons.
FYE Mar 2021	0.61	Cons.
FYE Mar 2022	0.64	Cons.
FYE Mar 2023	0.76	Cons.
FYE Mar 2024	0.94	Cons.
FYE Mar 2025	0.72	Cons.
FYE Mar 2026	1.17	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 Mar 2026 26,789people

Change · 10 yrs +12,548 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	14,241	n/a	Cons.
FYE Mar 2018	17,917	+25.8%	Cons.
FYE Mar 2019	18,634	+4.0%	Cons.
FYE Mar 2020	18,839	+1.1%	Cons.
FYE Mar 2021	19,463	+3.3%	Cons.
FYE Mar 2022	20,673	+6.2%	Cons.
FYE Mar 2023	20,669	−0.0%	Cons.
FYE Mar 2024	22,819	+10.4%	Cons.
FYE Mar 2025	25,118	+10.1%	Cons.
FYE Mar 2026	26,789	+6.7%	Cons.

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

Parent-company employees

FYE Mar 2026 2,094people

Change · 10 yrs +219 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,875	n/a	Parent
FYE Mar 2018	1,880	+0.3%	Parent
FYE Mar 2019	1,919	+2.1%	Parent
FYE Mar 2020	1,918	−0.1%	Parent
FYE Mar 2021	2,099	+9.4%	Parent
FYE Mar 2022	2,073	−1.2%	Parent
FYE Mar 2023	2,027	−2.2%	Parent
FYE Mar 2024	2,035	+0.4%	Parent
FYE Mar 2025	2,049	+0.7%	Parent
FYE Mar 2026	2,094	+2.2%	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 Mar 2026 ¥12.6m

Change · 10 yrs +¥1.7m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	10.9	n/a	Parent
FYE Mar 2018	11.0	+1.2%	Parent
FYE Mar 2019	11.4	+3.3%	Parent
FYE Mar 2020	11.5	+1.4%	Parent
FYE Mar 2021	11.0	−5.1%	Parent
FYE Mar 2022	10.4	−5.3%	Parent
FYE Mar 2023	12.1	+16.4%	Parent
FYE Mar 2024	12.5	+3.2%	Parent
FYE Mar 2025	12.7	+2.2%	Parent
FYE Mar 2026	12.6	−1.3%	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 Mar 2026 40.5years

Change · 8 yrs −1.4 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	41.9	n/a	Parent
FYE Mar 2020	41.7	−0.5%	Parent
FYE Mar 2021	41.5	−0.5%	Parent
FYE Mar 2022	41.8	+0.7%	Parent
FYE Mar 2023	41.7	−0.2%	Parent
FYE Mar 2024	41.4	−0.7%	Parent
FYE Mar 2025	41.0	−1.0%	Parent
FYE Mar 2026	40.5	−1.2%	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 Mar 2026 14.7years

Change · 10 yrs −0.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	15.4	n/a	Parent
FYE Mar 2018	16.0	+3.9%	Parent
FYE Mar 2019	15.8	−1.2%	Parent
FYE Mar 2020	15.8	−0.0%	Parent
FYE Mar 2021	15.4	−2.5%	Parent
FYE Mar 2022	15.4	−0.0%	Parent
FYE Mar 2023	15.4	−0.0%	Parent
FYE Mar 2024	15.0	−2.6%	Parent
FYE Mar 2025	15.0	−0.0%	Parent
FYE Mar 2026	14.7	−2.0%	Parent

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

Temporary employees

FYE Mar 2026 6,040people

Change · 10 yrs +2,970 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	3,070	n/a	n/a
FYE Mar 2018	4,861	+58.3%	n/a
FYE Mar 2019	3,275	−32.6%	n/a
FYE Mar 2020	3,491	+6.6%	n/a
FYE Mar 2021	4,678	+34.0%	n/a
FYE Mar 2022	4,940	+5.6%	n/a
FYE Mar 2023	5,754	+16.5%	n/a
FYE Mar 2024	4,996	−13.2%	n/a
FYE Mar 2025	5,547	+11.0%	n/a
FYE Mar 2026	6,040	+8.9%	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 Mar 2026 ¥103m

Change · 10 yrs −¥6.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	109	n/a	Cons.
FYE Mar 2018	101	−7.2%	Cons.
FYE Mar 2019	99.6	−1.7%	Cons.
FYE Mar 2020	93.1	−6.5%	Cons.
FYE Mar 2021	82.3	−11.6%	Cons.
FYE Mar 2022	102	+23.4%	Cons.
FYE Mar 2023	120	+18.1%	Cons.
FYE Mar 2024	106	−11.8%	Cons.
FYE Mar 2025	99.9	−5.6%	Cons.
FYE Mar 2026	103	+3.0%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.3m

Change · 10 yrs +¥0.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	4.1	n/a	Cons.
FYE Mar 2018	4.5	+10.2%	Cons.
FYE Mar 2019	5.1	+13.6%	Cons.
FYE Mar 2020	4.0	−21.3%	Cons.
FYE Mar 2021	1.9	−52.0%	Cons.
FYE Mar 2022	5.7	+195.1%	Cons.
FYE Mar 2023	7.5	+32.2%	Cons.
FYE Mar 2024	5.5	−26.7%	Cons.
FYE Mar 2025	5.4	−2.1%	Cons.
FYE Mar 2026	4.3	−19.9%	Cons.

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

Disclaimer

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

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