Financials

Kagome: FYE Dec 2025 and ten years of results (50 metrics)

FYE Dec 2025 · Revenue¥294bnYoY −4.1%

FYE Dec 2025 · Operating profit¥23bnYoY −37.5%

FYE Dec 2025 · Net profit¥15bnYoY −40.8%

FYE Dec 2025 · Equity ratio44.2%YoY +0.1pp

FYE Dec 2025 · Group employees3,253YoY +69

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥203bn	n/a	¥11bn	n/a	5.4%	¥6.8bn	Terada Naoyuki	A functional claim on Kagome Tomato Juice lifts shipments 73%
FYE Dec 2017Consolidated	¥214bn	+5.8%	¥12bn	+9.3%	5.6%	¥10bn	Terada Naoyuki	Kagome Senegal Sarl established in December
FYE Dec 2018Consolidated	¥185bn	−13.8%	¥12bn	+2.2%	6.6%	¥12bn	Terada Naoyuki	—
FYE Dec 2019Consolidated	¥181bn	−2.0%	¥14bn	+15.1%	7.8%	¥10bn	Terada Naoyuki	F-LINE founded with five domestic food manufacturers
FYE Dec 2020Consolidated	¥183bn	+1.2%	¥11bn	−24.1%	5.8%	¥7.4bn	Terada Naoyuki	<a class="en-history_person" href="/tse/2811/executives/ceo/yamaguchi-satoshi/" hreflang="ja">Yamaguchi Satoshi</a>, the first technically trained president, takes office
FYE Dec 2021Consolidated	¥190bn	+3.6%	¥14bn	+31.2%	7.4%	¥9.8bn	Yamaguchi Satoshi	—
FYE Dec 2022Consolidated	¥206bn	+8.4%	¥13bn	−8.9%	6.2%	¥9.1bn	Yamaguchi Satoshi	Shares move to the TSE Prime Market; DXAS Agricultural Technology Lda set up
FYE Dec 2023Consolidated	¥225bn	+9.3%	¥17bn	+37.0%	7.8%	¥10bn	Yamaguchi Satoshi	—
FYE Dec 2024Consolidated	¥307bn	+36.6%	¥36bn	+107.3%	11.8%	¥25bn	Yamaguchi Satoshi	Ingomar Packing Company becomes a consolidated subsidiary in January
FYE Dec 2025Consolidated	¥294bn	−4.1%	¥23bn	−37.5%	7.7%	¥15bn	Yamaguchi Satoshi	<a class="en-history_person" href="/tse/2811/executives/ceo/okutani-harunobu/" hreflang="ja">Okutani Harunobu</a> named president from January 2026 to accelerate overseas growth

How it compares

Ajinomoto¥1.58tnFY2025Operating margin 12.6%Kikkoman¥746bnFY2025Operating margin 10.2%Kewpie¥513bnFY2025Operating margin 6.7%House Foods Group¥317bnFY2025Operating margin 5.8%

Kagome¥294bnFY2025Operating margin 7.7%

S&B FOODS INC.¥129bnFY2025Operating margin 8.0%

Rikenbitamin¥96bnFY2024Operating margin 9.1%

Kenko Mayonnaise¥92bnFY2025Operating margin 4.5%

Ariake Japan¥67bnFY2025Operating margin 17.6%Ebara Foods Industry¥50bnFY2025Operating margin 4.8%

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 ¥294bn

CAGR · 10 yrs +4.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	203	n/a	Cons. · Japanese GAAP
FYE Dec 2017	214	+5.8%	Cons. · Japanese GAAP
FYE Dec 2018	185	−13.8%	Cons. · Japanese GAAP
FYE Dec 2019	181	moved to IFRS	Cons. · IFRS
FYE Dec 2020	183	+1.2%	Cons. · IFRS
FYE Dec 2021	190	+3.6%	Cons. · IFRS
FYE Dec 2022	206	+8.4%	Cons. · IFRS
FYE Dec 2023	225	+9.3%	Cons. · IFRS
FYE Dec 2024	307	+36.6%	Cons. · IFRS
FYE Dec 2025	294	−4.1%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Dec 2025 ¥199bn

CAGR · 10 yrs +6.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	112	n/a	Cons. · Japanese GAAP
FYE Dec 2017	118	+5.5%	Cons. · Japanese GAAP
FYE Dec 2018	118	+0.5%	Cons. · Japanese GAAP
FYE Dec 2019	116	moved to IFRS	Cons. · IFRS
FYE Dec 2020	115	−0.2%	Cons. · IFRS
FYE Dec 2021	120	+4.0%	Cons. · IFRS
FYE Dec 2022	134	+12.0%	Cons. · IFRS
FYE Dec 2023	145	+7.8%	Cons. · IFRS
FYE Dec 2024	207	+42.9%	Cons. · IFRS
FYE Dec 2025	199	−4.0%	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 ¥95bn

CAGR · 10 yrs +0.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	90.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	96.5	+6.1%	Cons. · Japanese GAAP
FYE Dec 2018	66.3	−31.3%	Cons. · Japanese GAAP
FYE Dec 2019	65.2	moved to IFRS	Cons. · IFRS
FYE Dec 2020	67.6	+3.7%	Cons. · IFRS
FYE Dec 2021	69.5	+2.9%	Cons. · IFRS
FYE Dec 2022	71.1	+2.3%	Cons. · IFRS
FYE Dec 2023	79.8	+12.2%	Cons. · IFRS
FYE Dec 2024	99.7	+25.0%	Cons. · IFRS
FYE Dec 2025	95.4	−4.3%	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 ¥73bn

CAGR · 10 yrs −1.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	80.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	84.5	+5.7%	Cons. · Japanese GAAP
FYE Dec 2018	53.9	−36.2%	Cons. · Japanese GAAP
FYE Dec 2019	53.0	moved to IFRS	Cons. · IFRS
FYE Dec 2020	53.1	+0.1%	Cons. · IFRS
FYE Dec 2021	55.8	+5.2%	Cons. · IFRS
FYE Dec 2022	59.2	+6.1%	Cons. · IFRS
FYE Dec 2023	62.5	+5.6%	Cons. · IFRS
FYE Dec 2024	72.9	+16.6%	Cons. · IFRS
FYE Dec 2025	73.0	+0.2%	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 ¥23bn

CAGR · 10 yrs +8.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	10.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.0	+9.3%	Cons. · Japanese GAAP
FYE Dec 2018	12.2	+2.2%	Cons. · Japanese GAAP
FYE Dec 2019	14.1	moved to IFRS	Cons. · IFRS
FYE Dec 2020	10.7	−24.1%	Cons. · IFRS
FYE Dec 2021	14.0	+31.2%	Cons. · IFRS
FYE Dec 2022	12.8	−8.9%	Cons. · IFRS
FYE Dec 2023	17.5	+37.0%	Cons. · IFRS
FYE Dec 2024	36.2	+107.3%	Cons. · IFRS
FYE Dec 2025	22.6	−37.5%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥1.1bn

CAGR · 10 yrs −1.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	1.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.6	+27.4%	Cons. · Japanese GAAP
FYE Dec 2018	0.6	−59.6%	Cons. · Japanese GAAP
FYE Dec 2019	0.5	moved to IFRS	Cons. · IFRS
FYE Dec 2020	0.5	+16.0%	Cons. · IFRS
FYE Dec 2021	0.6	+13.2%	Cons. · IFRS
FYE Dec 2022	0.9	+52.5%	Cons. · IFRS
FYE Dec 2023	1.0	+6.2%	Cons. · IFRS
FYE Dec 2024	1.1	+14.2%	Cons. · IFRS
FYE Dec 2025	1.1	−0.3%	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 ¥2.6bn

CAGR · 10 yrs +13.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	0.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.9	+6.6%	Cons. · Japanese GAAP
FYE Dec 2018	0.6	−29.0%	Cons. · Japanese GAAP
FYE Dec 2019	0.6	moved to IFRS	Cons. · IFRS
FYE Dec 2020	0.6	−9.5%	Cons. · IFRS
FYE Dec 2021	0.7	+24.3%	Cons. · IFRS
FYE Dec 2022	1.1	+52.8%	Cons. · IFRS
FYE Dec 2023	1.9	+76.1%	Cons. · IFRS
FYE Dec 2024	3.7	+88.1%	Cons. · IFRS
FYE Dec 2025	2.6	−28.5%	Cons. · IFRS

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 Dec 2025 n/a

CAGR · 3 yrs +3.2%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	11.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.6	+11.5%	Cons. · Japanese GAAP
FYE Dec 2018	12.1	−4.5%	Cons. · Japanese GAAP
FYE Dec 2019	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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 Dec 2025 n/a

CAGR · 3 yrs +64.7%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	2.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.6	+105.6%	Cons. · Japanese GAAP
FYE Dec 2018	6.1	+31.9%	Cons. · Japanese GAAP
FYE Dec 2019	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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 Dec 2025 ¥15bn

CAGR · 10 yrs +9.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	6.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.1	+49.3%	Cons. · Japanese GAAP
FYE Dec 2018	11.5	+14.1%	Cons. · Japanese GAAP
FYE Dec 2019	10.1	moved to IFRS	Cons. · IFRS
FYE Dec 2020	7.4	−26.4%	Cons. · IFRS
FYE Dec 2021	9.8	+31.5%	Cons. · IFRS
FYE Dec 2022	9.1	−6.6%	Cons. · IFRS
FYE Dec 2023	10.4	+14.4%	Cons. · IFRS
FYE Dec 2024	25.0	+139.8%	Cons. · IFRS
FYE Dec 2025	14.8	−40.8%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 32.4%

Average · 10 yrs 37.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	44.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	45.0	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2018	35.9	−9.1pp	Cons. · Japanese GAAP
FYE Dec 2019	36.0	moved to IFRS	Cons. · IFRS
FYE Dec 2020	36.9	+0.9pp	Cons. · IFRS
FYE Dec 2021	36.7	−0.3pp	Cons. · IFRS
FYE Dec 2022	34.6	−2.1pp	Cons. · IFRS
FYE Dec 2023	35.5	+0.9pp	Cons. · IFRS
FYE Dec 2024	32.5	−3.0pp	Cons. · IFRS
FYE Dec 2025	32.4	−0.1pp	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 7.7%

Average · 10 yrs 7.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	5.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.6	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	6.6	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2019	7.8	moved to IFRS	Cons. · IFRS
FYE Dec 2020	5.8	−1.9pp	Cons. · IFRS
FYE Dec 2021	7.4	+1.6pp	Cons. · IFRS
FYE Dec 2022	6.2	−1.2pp	Cons. · IFRS
FYE Dec 2023	7.8	+1.6pp	Cons. · IFRS
FYE Dec 2024	11.8	+4.0pp	Cons. · IFRS
FYE Dec 2025	7.7	−4.1pp	Cons. · IFRS

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

Ordinary margin

FYE Dec 2025 n/a

Average · 3 yrs 6.0%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	5.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.9	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2018	6.5	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2019	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

Net margin

FYE Dec 2025 5.0%

Average · 10 yrs 5.1%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	3.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.7	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2018	6.2	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2019	5.6	moved to IFRS	Cons. · IFRS
FYE Dec 2020	4.1	−1.5pp	Cons. · IFRS
FYE Dec 2021	5.1	+1.1pp	Cons. · IFRS
FYE Dec 2022	4.4	−0.7pp	Cons. · IFRS
FYE Dec 2023	4.6	+0.2pp	Cons. · IFRS
FYE Dec 2024	8.2	+3.5pp	Cons. · IFRS
FYE Dec 2025	5.0	−3.1pp	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 67.6%

Average · 10 yrs 63.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	55.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	55.0	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2018	64.1	+9.1pp	Cons. · Japanese GAAP
FYE Dec 2019	64.0	moved to IFRS	Cons. · IFRS
FYE Dec 2020	63.1	−0.9pp	Cons. · IFRS
FYE Dec 2021	63.3	+0.3pp	Cons. · IFRS
FYE Dec 2022	65.4	+2.1pp	Cons. · IFRS
FYE Dec 2023	64.5	−0.9pp	Cons. · IFRS
FYE Dec 2024	67.5	+3.0pp	Cons. · IFRS
FYE Dec 2025	67.6	+0.1pp	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 24.8%

Average · 10 yrs 30.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	39.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	39.4	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2018	29.2	−10.2pp	Cons. · Japanese GAAP
FYE Dec 2019	29.3	moved to IFRS	Cons. · IFRS
FYE Dec 2020	29.0	−0.3pp	Cons. · IFRS
FYE Dec 2021	29.4	+0.4pp	Cons. · IFRS
FYE Dec 2022	28.8	−0.6pp	Cons. · IFRS
FYE Dec 2023	27.8	−1.0pp	Cons. · IFRS
FYE Dec 2024	23.8	−4.1pp	Cons. · IFRS
FYE Dec 2025	24.8	+1.1pp	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 ¥376bn

CAGR · 10 yrs +6.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	220	n/a	Cons. · Japanese GAAP
FYE Dec 2017	196	−10.9%	Cons. · Japanese GAAP
FYE Dec 2018	194	−1.1%	Cons. · Japanese GAAP
FYE Dec 2019	195	moved to IFRS	Cons. · IFRS
FYE Dec 2020	225	+15.3%	Cons. · IFRS
FYE Dec 2021	215	−4.3%	Cons. · IFRS
FYE Dec 2022	225	+4.7%	Cons. · IFRS
FYE Dec 2023	266	+17.9%	Cons. · IFRS
FYE Dec 2024	362	+36.4%	Cons. · IFRS
FYE Dec 2025	376	+3.7%	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 ¥166bn

CAGR · 10 yrs +6.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	92.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	102	+10.4%	Cons. · Japanese GAAP
FYE Dec 2018	102	−0.3%	Cons. · Japanese GAAP
FYE Dec 2019	108	moved to IFRS	Cons. · IFRS
FYE Dec 2020	109	+1.1%	Cons. · IFRS
FYE Dec 2021	116	+5.8%	Cons. · IFRS
FYE Dec 2022	116	+0.7%	Cons. · IFRS
FYE Dec 2023	128	+10.1%	Cons. · IFRS
FYE Dec 2024	160	+24.8%	Cons. · IFRS
FYE Dec 2025	166	+4.0%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Dec 2025 ¥82bn

CAGR · 10 yrs +2.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	66.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	35.4	−46.6%	Cons. · Japanese GAAP
FYE Dec 2018	36.9	+4.4%	Cons. · Japanese GAAP
FYE Dec 2019	35.4	moved to IFRS	Cons. · IFRS
FYE Dec 2020	52.9	+49.7%	Cons. · IFRS
FYE Dec 2021	34.3	−35.3%	Cons. · IFRS
FYE Dec 2022	43.0	+25.4%	Cons. · IFRS
FYE Dec 2023	63.8	+48.5%	Cons. · IFRS
FYE Dec 2024	72.7	+14.0%	Cons. · IFRS
FYE Dec 2025	82.5	+13.4%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥59bn

CAGR · 10 yrs +4.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	38.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	21.2	−44.5%	Cons. · Japanese GAAP
FYE Dec 2018	22.3	+5.1%	Cons. · Japanese GAAP
FYE Dec 2019	29.2	moved to IFRS	Cons. · IFRS
FYE Dec 2020	47.5	+62.8%	Cons. · IFRS
FYE Dec 2021	26.4	−44.3%	Cons. · IFRS
FYE Dec 2022	34.6	+30.9%	Cons. · IFRS
FYE Dec 2023	49.9	+44.1%	Cons. · IFRS
FYE Dec 2024	51.2	+2.6%	Cons. · IFRS
FYE Dec 2025	58.9	+15.1%	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 ¥24bn

CAGR · 10 yrs −1.9%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	28.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	14.2	−49.4%	Cons. · Japanese GAAP
FYE Dec 2018	12.9	−8.8%	Cons. · Japanese GAAP
FYE Dec 2019	6.2	moved to IFRS	Cons. · IFRS
FYE Dec 2020	5.5	−11.9%	Cons. · IFRS
FYE Dec 2021	7.8	+43.3%	Cons. · IFRS
FYE Dec 2022	8.3	+6.7%	Cons. · IFRS
FYE Dec 2023	13.9	+66.7%	Cons. · IFRS
FYE Dec 2024	21.5	+54.9%	Cons. · IFRS
FYE Dec 2025	23.6	+9.4%	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 ¥36bn

CAGR · 10 yrs +12.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	13.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.2	−83.1%	Cons. · Japanese GAAP
FYE Dec 2018	2.6	+18.3%	Cons. · Japanese GAAP
FYE Dec 2019	3.4	moved to IFRS	Cons. · IFRS
FYE Dec 2020	3.5	+4.9%	Cons. · IFRS
FYE Dec 2021	3.4	−5.5%	Cons. · IFRS
FYE Dec 2022	3.2	−3.9%	Cons. · IFRS
FYE Dec 2023	3.0	−6.1%	Cons. · IFRS
FYE Dec 2024	37.8	+1151.0%	Cons. · IFRS
FYE Dec 2025	36.5	−3.5%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥11bn

CAGR · 10 yrs +6.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	6.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.5	−92.3%	Cons. · Japanese GAAP
FYE Dec 2018	0.5	−7.8%	Cons. · Japanese GAAP
FYE Dec 2019	0.5	moved to IFRS	Cons. · IFRS
FYE Dec 2020	0.6	+35.0%	Cons. · IFRS
FYE Dec 2021	0.7	+8.7%	Cons. · IFRS
FYE Dec 2022	0.8	+10.2%	Cons. · IFRS
FYE Dec 2023	0.8	+5.5%	Cons. · IFRS
FYE Dec 2024	11.5	+1337.3%	Cons. · IFRS
FYE Dec 2025	11.4	−0.9%	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 44.2%

Average · 10 yrs 49.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	42.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	52.1	+10.1pp	Cons. · Japanese GAAP
FYE Dec 2018	52.5	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2019	55.4	moved to IFRS	Cons. · IFRS
FYE Dec 2020	48.6	−6.8pp	Cons. · IFRS
FYE Dec 2021	53.7	+5.1pp	Cons. · IFRS
FYE Dec 2022	51.6	−2.1pp	Cons. · IFRS
FYE Dec 2023	48.2	−3.4pp	Cons. · IFRS
FYE Dec 2024	44.1	−4.1pp	Cons. · IFRS
FYE Dec 2025	44.2	+0.1pp	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 49.6%

Average · 10 yrs 43.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	71.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	34.7	−36.9pp	Cons. · Japanese GAAP
FYE Dec 2018	36.3	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2019	32.7	moved to IFRS	Cons. · IFRS
FYE Dec 2020	48.4	+15.7pp	Cons. · IFRS
FYE Dec 2021	29.6	−18.8pp	Cons. · IFRS
FYE Dec 2022	36.9	+7.3pp	Cons. · IFRS
FYE Dec 2023	49.8	+12.9pp	Cons. · IFRS
FYE Dec 2024	45.5	−4.3pp	Cons. · IFRS
FYE Dec 2025	49.6	+4.1pp	Cons. · IFRS

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

ROE return on equity

FYE Dec 2025 8.9%

Average · 10 yrs 9.4%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	7.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.9	+2.6pp	Cons. · Japanese GAAP
FYE Dec 2018	11.3	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2019	9.3	moved to IFRS	Cons. · IFRS
FYE Dec 2020	6.8	−2.5pp	Cons. · IFRS
FYE Dec 2021	8.4	+1.7pp	Cons. · IFRS
FYE Dec 2022	7.8	−0.6pp	Cons. · IFRS
FYE Dec 2023	8.1	+0.3pp	Cons. · IFRS
FYE Dec 2024	15.7	+7.5pp	Cons. · IFRS
FYE Dec 2025	8.9	−6.7pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 3.9%

Average · 10 yrs 4.6%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	3.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.2	+2.1pp	Cons. · Japanese GAAP
FYE Dec 2018	6.0	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2019	5.2	moved to IFRS	Cons. · IFRS
FYE Dec 2020	3.3	−1.9pp	Cons. · IFRS
FYE Dec 2021	4.5	+1.2pp	Cons. · IFRS
FYE Dec 2022	4.0	−0.5pp	Cons. · IFRS
FYE Dec 2023	3.9	−0.1pp	Cons. · IFRS
FYE Dec 2024	6.9	+3.0pp	Cons. · IFRS
FYE Dec 2025	3.9	−3.0pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.78×

CAGR · 10 yrs −1.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.92	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.09	+18.8%	Cons. · Japanese GAAP
FYE Dec 2018	0.95	−12.9%	Cons. · Japanese GAAP
FYE Dec 2019	0.93	moved to IFRS	Cons. · IFRS
FYE Dec 2020	0.81	−12.2%	Cons. · IFRS
FYE Dec 2021	0.88	+8.3%	Cons. · IFRS
FYE Dec 2022	0.91	+3.5%	Cons. · IFRS
FYE Dec 2023	0.85	−7.3%	Cons. · IFRS
FYE Dec 2024	0.85	+0.1%	Cons. · IFRS
FYE Dec 2025	0.78	−7.5%	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 ¥27bn

CAGR · 10 yrs +4.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	18.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.6	−11.8%	Cons. · Japanese GAAP
FYE Dec 2018	10.1	−39.0%	Cons. · Japanese GAAP
FYE Dec 2019	12.4	moved to IFRS	Cons. · IFRS
FYE Dec 2020	20.4	+65.5%	Cons. · IFRS
FYE Dec 2021	14.8	−27.6%	Cons. · IFRS
FYE Dec 2022	4.6	−68.7%	Cons. · IFRS
FYE Dec 2023	4.6	−0.4%	Cons. · IFRS
FYE Dec 2024	31.7	+586.4%	Cons. · IFRS
FYE Dec 2025	26.9	−15.0%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥11bn

Average · 10 yrs -¥10bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-18.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	17.3	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-0.3	−101.7%	Cons. · Japanese GAAP
FYE Dec 2019	-9.3	moved to IFRS	Cons. · IFRS
FYE Dec 2020	-3.4	n/a	Cons. · IFRS
FYE Dec 2021	-14.2	n/a	Cons. · IFRS
FYE Dec 2022	-9.5	n/a	Cons. · IFRS
FYE Dec 2023	-6.1	n/a	Cons. · IFRS
FYE Dec 2024	-46.3	n/a	Cons. · IFRS
FYE Dec 2025	-11.5	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 -¥10bn

Average · 10 yrs -¥5.6bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	6.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-40.8	−690.4%	Cons. · Japanese GAAP
FYE Dec 2018	-1.1	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-4.9	moved to IFRS	Cons. · IFRS
FYE Dec 2020	12.1	n/a	Cons. · IFRS
FYE Dec 2021	-27.7	−328.5%	Cons. · IFRS
FYE Dec 2022	-5.5	n/a	Cons. · IFRS
FYE Dec 2023	15.6	n/a	Cons. · IFRS
FYE Dec 2024	-0.6	−103.7%	Cons. · IFRS
FYE Dec 2025	-10.4	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 ¥27bn

CAGR · 10 yrs −0.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	28.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	21.6	−23.9%	Cons. · Japanese GAAP
FYE Dec 2018	30.1	+39.7%	Cons. · Japanese GAAP
FYE Dec 2019	27.3	moved to IFRS	Cons. · IFRS
FYE Dec 2020	56.8	+108.2%	Cons. · IFRS
FYE Dec 2021	31.2	−45.0%	Cons. · IFRS
FYE Dec 2022	21.4	−31.5%	Cons. · IFRS
FYE Dec 2023	36.0	+68.3%	Cons. · IFRS
FYE Dec 2024	21.3	−40.9%	Cons. · IFRS
FYE Dec 2025	26.8	+26.2%	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 ¥15bn

CAGR · 10 yrs +58.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	0.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	33.9	+13556.9%	Cons. · Japanese GAAP
FYE Dec 2018	9.8	−71.0%	Cons. · Japanese GAAP
FYE Dec 2019	3.1	moved to IFRS	Cons. · IFRS
FYE Dec 2020	17.0	+452.7%	Cons. · IFRS
FYE Dec 2021	0.6	−96.3%	Cons. · IFRS
FYE Dec 2022	-4.8	−860.6%	Cons. · IFRS
FYE Dec 2023	-1.4	n/a	Cons. · IFRS
FYE Dec 2024	-14.6	n/a	Cons. · IFRS
FYE Dec 2025	15.4	n/a	Cons. · IFRS

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Dec 2025 9.2%

Average · 10 yrs 7.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	9.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.7	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2018	5.5	−2.3pp	Cons. · Japanese GAAP
FYE Dec 2019	6.8	moved to IFRS	Cons. · IFRS
FYE Dec 2020	11.2	+4.3pp	Cons. · IFRS
FYE Dec 2021	7.8	−3.4pp	Cons. · IFRS
FYE Dec 2022	2.3	−5.5pp	Cons. · IFRS
FYE Dec 2023	2.1	−0.2pp	Cons. · IFRS
FYE Dec 2024	10.3	+8.3pp	Cons. · IFRS
FYE Dec 2025	9.2	−1.2pp	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 -¥56bn

Average · 10 yrs -¥22bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-37.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-13.8	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-6.8	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-8.1	moved to IFRS	Cons. · IFRS
FYE Dec 2020	3.8	n/a	Cons. · IFRS
FYE Dec 2021	-3.0	−178.8%	Cons. · IFRS
FYE Dec 2022	-21.6	n/a	Cons. · IFRS
FYE Dec 2023	-27.8	n/a	Cons. · IFRS
FYE Dec 2024	-51.4	n/a	Cons. · IFRS
FYE Dec 2025	-55.7	n/a	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Dec 2025 ¥246bn

Change · 10 yrs −¥46bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	291	n/a
FYE Dec 2017	417	n/a
FYE Dec 2018	287	n/a
FYE Dec 2019	247	n/a
FYE Dec 2020	344	n/a
FYE Dec 2021	283	n/a
FYE Dec 2022	289	n/a
FYE Dec 2023	296	n/a
FYE Dec 2024	280	n/a
FYE Dec 2025	246	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Dec 2025 2,696¥

Change · 10 yrs −228¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	2,923	n/a
FYE Dec 2017	4,185	n/a
FYE Dec 2018	2,883	n/a
FYE Dec 2019	2,619	n/a
FYE Dec 2020	3,642	n/a
FYE Dec 2021	2,997	n/a
FYE Dec 2022	3,059	n/a
FYE Dec 2023	3,138	n/a
FYE Dec 2024	2,980	n/a
FYE Dec 2025	2,696	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 91,132,000shares

Change · 10 yrs −8,484,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	99,616,000	Parent
FYE Dec 2017	99,616,000	Parent
FYE Dec 2018	99,616,000	Parent
FYE Dec 2019	94,366,000	Parent
FYE Dec 2020	94,366,000	Parent
FYE Dec 2021	94,366,000	Parent
FYE Dec 2022	94,366,000	Parent
FYE Dec 2023	94,366,000	Parent
FYE Dec 2024	93,886,000	Parent
FYE Dec 2025	91,132,000	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 161.42¥

Change · 10 yrs +93.12¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	68.30	Cons.
FYE Dec 2017	114.03	Cons.
FYE Dec 2018	101.50	Cons.
FYE Dec 2019	114.89	Cons.
FYE Dec 2020	83.73	Cons.
FYE Dec 2021	109.37	Cons.
FYE Dec 2022	105.11	Cons.
FYE Dec 2023	121.17	Cons.
FYE Dec 2024	278.52	Cons.
FYE Dec 2025	161.42	Cons.

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

BPS book value per share

FYE Dec 2025 1,824.04¥

Change · 10 yrs +895.70¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	928.33	Cons. · Japanese GAAP
FYE Dec 2017	1,024.48	Cons. · Japanese GAAP
FYE Dec 2018	1,021.33	Cons. · Japanese GAAP
FYE Dec 2019	1,145.13	Cons. · IFRS
FYE Dec 2020	1,158.28	Cons. · IFRS
FYE Dec 2021	1,224.89	Cons. · IFRS
FYE Dec 2022	1,232.98	Cons. · IFRS
FYE Dec 2023	1,357.43	Cons. · IFRS
FYE Dec 2024	1,702.49	Cons. · IFRS
FYE Dec 2025	1,824.04	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 16.70×

Average · 10 yrs 28.40×

Fiscal year	PER ×	Basis
FYE Dec 2016	42.80	Cons.
FYE Dec 2017	36.70	Cons.
FYE Dec 2018	28.40	Cons.
FYE Dec 2019	22.80	Cons.
FYE Dec 2020	43.50	Cons.
FYE Dec 2021	27.40	Cons.
FYE Dec 2022	29.10	Cons.
FYE Dec 2023	25.90	Cons.
FYE Dec 2024	10.70	Cons.
FYE Dec 2025	16.70	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 1.29×

Average · 10 yrs 2.34×

Fiscal year	PBR ×	Basis
FYE Dec 2016	2.80	Cons.
FYE Dec 2017	3.71	Cons.
FYE Dec 2018	2.55	Cons.
FYE Dec 2019	2.15	Cons.
FYE Dec 2020	2.93	Cons.
FYE Dec 2021	2.26	Cons.
FYE Dec 2022	2.21	Cons.
FYE Dec 2023	2.04	Cons.
FYE Dec 2024	1.50	Cons.
FYE Dec 2025	1.29	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 3,253people

Change · 10 yrs +632 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	2,621	n/a	Cons.
FYE Dec 2017	2,456	−6.3%	Cons.
FYE Dec 2018	2,504	+2.0%	Cons.
FYE Dec 2019	2,599	+3.8%	Cons.
FYE Dec 2020	2,684	+3.3%	Cons.
FYE Dec 2021	2,822	+5.1%	Cons.
FYE Dec 2022	2,818	−0.1%	Cons.
FYE Dec 2023	2,921	+3.7%	Cons.
FYE Dec 2024	3,184	+9.0%	Cons.
FYE Dec 2025	3,253	+2.2%	Cons.

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

Parent-company employees

FYE Dec 2025 1,737people

Change · 10 yrs +167 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	1,570	n/a	Parent
FYE Dec 2017	1,564	−0.4%	Parent
FYE Dec 2018	1,592	+1.8%	Parent
FYE Dec 2019	1,611	+1.2%	Parent
FYE Dec 2020	1,641	+1.9%	Parent
FYE Dec 2021	1,628	−0.8%	Parent
FYE Dec 2022	1,647	+1.2%	Parent
FYE Dec 2023	1,654	+0.4%	Parent
FYE Dec 2024	1,635	−1.1%	Parent
FYE Dec 2025	1,737	+6.2%	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 Dec 2025 904万円

Change · 7 yrs +136万円

Fiscal year	Average annual pay 万円	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	767	n/a	Parent
FYE Dec 2020	774	+0.8%	Parent
FYE Dec 2021	766	−1.0%	Parent
FYE Dec 2022	755	−1.5%	Parent
FYE Dec 2023	800	+6.0%	Parent
FYE Dec 2024	892	+11.5%	Parent
FYE Dec 2025	904	+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 Dec 2025 42.4years

Change · 7 yrs +1.2 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	41.2	n/a	Parent
FYE Dec 2020	41.2	−0.0%	Parent
FYE Dec 2021	41.2	−0.0%	Parent
FYE Dec 2022	40.4	−1.9%	Parent
FYE Dec 2023	41.8	+3.5%	Parent
FYE Dec 2024	42.1	+0.7%	Parent
FYE Dec 2025	42.4	+0.7%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Dec 2025 18.0years

Change · 7 yrs +1.1 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	16.9	n/a	Parent
FYE Dec 2020	16.8	−0.6%	Parent
FYE Dec 2021	17.1	+1.8%	Parent
FYE Dec 2022	17.1	−0.0%	Parent
FYE Dec 2023	17.4	+1.8%	Parent
FYE Dec 2024	17.7	+1.7%	Parent
FYE Dec 2025	18.0	+1.7%	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 n/a

Change · 6 yrs −65 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	2,129	n/a	n/a
FYE Dec 2017	2,119	−0.5%	n/a
FYE Dec 2018	1,749	−17.5%	n/a
FYE Dec 2019	2,147	+22.8%	n/a
FYE Dec 2020	1,610	−25.0%	n/a
FYE Dec 2021	2,064	+28.2%	n/a
FYE Dec 2022	n/a	n/a	n/a
FYE Dec 2023	n/a	n/a	n/a
FYE Dec 2024	n/a	n/a	n/a
FYE Dec 2025	n/a	n/a	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 ¥90.5m

Change · 10 yrs +¥13.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	77.3	n/a	Cons.
FYE Dec 2017	87.2	+12.9%	Cons.
FYE Dec 2018	73.7	−15.5%	Cons.
FYE Dec 2019	69.6	n/a	Cons.
FYE Dec 2020	68.2	−2.0%	Cons.
FYE Dec 2021	67.2	−1.5%	Cons.
FYE Dec 2022	73.0	+8.6%	Cons.
FYE Dec 2023	76.9	+5.4%	Cons.
FYE Dec 2024	96.4	+25.3%	Cons.
FYE Dec 2025	90.5	−6.1%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥7.0m

Change · 10 yrs +¥2.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	4.2	n/a	Cons.
FYE Dec 2017	4.9	+16.7%	Cons.
FYE Dec 2018	4.9	+0.2%	Cons.
FYE Dec 2019	5.4	n/a	Cons.
FYE Dec 2020	4.0	−26.5%	Cons.
FYE Dec 2021	5.0	+24.7%	Cons.
FYE Dec 2022	4.5	−8.8%	Cons.
FYE Dec 2023	6.0	+32.1%	Cons.
FYE Dec 2024	11.4	+90.2%	Cons.
FYE Dec 2025	7.0	−38.8%	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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