Financials

Hulic: FYE Dec 2025 and ten years of results (51 metrics)

FYE Dec 2025 · Revenue¥727bnYoY +23.0%

FYE Dec 2025 · Operating profit¥187bnYoY +14.4%

FYE Dec 2025 · Net profit¥114bnYoY +11.7%

FYE Dec 2025 · Equity ratio26.1%YoY −1.3pp

FYE Dec 2025 · Group employees3,495YoY +667

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥216bn	n/a	¥53bn	n/a	24.7%	¥35bn	Nishiura Saburo	<a class="en-history_person" href="/tse/3003/executives/ceo/yoshidome-manabu/" hreflang="ja">Yoshidome Manabu</a> becomes president
FYE Dec 2017Consolidated	¥290bn	+34.2%	¥64bn	+20.4%	22.2%	¥42bn	Yoshidome Manabu	—
FYE Dec 2018Consolidated	¥288bn	−0.7%	¥76bn	+17.6%	26.3%	¥50bn	Yoshidome Manabu	37 Ginza buildings; ¥287.5bn revenue
FYE Dec 2019Consolidated	¥357bn	+24.3%	¥88bn	+16.9%	24.7%	¥59bn	Yoshidome Manabu	Japan View Hotel acquired
FYE Dec 2020Consolidated	¥340bn	−4.9%	¥101bn	+13.9%	29.6%	¥64bn	Yoshidome Manabu	—
FYE Dec 2021Consolidated	¥447bn	+31.6%	¥115bn	+13.8%	25.6%	¥70bn	Yoshidome Manabu	—
FYE Dec 2022Consolidated	¥523bn	+17.1%	¥126bn	+10.2%	24.1%	¥79bn	Yoshidome Manabu	<a class="en-history_person" href="/tse/3003/executives/ceo/maeda-takaya/" hreflang="ja">Maeda Takaya</a> — first president from outside the bank
FYE Dec 2023Consolidated	¥446bn	−14.7%	¥146bn	+15.9%	32.7%	¥95bn	Maeda Takaya	—
FYE Dec 2024Consolidated	¥592bn	+32.5%	¥163bn	+11.8%	27.6%	¥102bn	Maeda Takaya	Riso Kyoiku and Recerm acquired
FYE Dec 2025Consolidated	¥727bn	+23.0%	¥187bn	+14.4%	25.7%	¥114bn	Maeda Takaya	17th straight year of higher profit and dividend

How it compares

Mitsui Fudosan¥2.71tnFY2025Operating margin 14.7%Mitsubishi Estate¥1.75tnFY2025Operating margin 18.9%Tokyu Fudosan Holdings¥1.25tnFY2025Operating margin 13.4%Sumitomo Realty & Development¥1.06tnFY2025Operating margin 28.3%Nomura Real Estate Holdings¥943bnFY2025Operating margin 14.7%

Hulic¥727bnFY2025Operating margin 25.7%

Tokyo Tatemono¥475bnFY2025Operating margin 20.2%Mori Building Co., Ltd.¥411bnFY2025Operating margin 23.8%

DAIKYO INCORPORATEDDelisted 2019

Nihonkuukoubirudengu¥290bnFY2025Operating margin 15.5%

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 Dec 2025 ¥727bn

CAGR · 10 yrs +14.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	216	n/a	Cons. · Japanese GAAP
FYE Dec 2017	290	+34.2%	Cons. · Japanese GAAP
FYE Dec 2018	288	−0.7%	Cons. · Japanese GAAP
FYE Dec 2019	357	+24.3%	Cons. · Japanese GAAP
FYE Dec 2020	340	−4.9%	Cons. · Japanese GAAP
FYE Dec 2021	447	+31.6%	Cons. · Japanese GAAP
FYE Dec 2022	523	+17.1%	Cons. · Japanese GAAP
FYE Dec 2023	446	−14.7%	Cons. · Japanese GAAP
FYE Dec 2024	592	+32.5%	Cons. · Japanese GAAP
FYE Dec 2025	727	+23.0%	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 Dec 2025 ¥451bn

CAGR · 10 yrs +13.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	146	n/a	Cons. · Japanese GAAP
FYE Dec 2017	205	+40.9%	Cons. · Japanese GAAP
FYE Dec 2018	189	−7.7%	Cons. · Japanese GAAP
FYE Dec 2019	238	+25.8%	Cons. · Japanese GAAP
FYE Dec 2020	200	−16.0%	Cons. · Japanese GAAP
FYE Dec 2021	292	+46.0%	Cons. · Japanese GAAP
FYE Dec 2022	351	+20.3%	Cons. · Japanese GAAP
FYE Dec 2023	250	−28.8%	Cons. · Japanese GAAP
FYE Dec 2024	361	+44.3%	Cons. · Japanese GAAP
FYE Dec 2025	451	+24.9%	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 Dec 2025 ¥277bn

CAGR · 10 yrs +16.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	70.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	84.6	+20.5%	Cons. · Japanese GAAP
FYE Dec 2018	98.4	+16.2%	Cons. · Japanese GAAP
FYE Dec 2019	119	+21.3%	Cons. · Japanese GAAP
FYE Dec 2020	140	+17.2%	Cons. · Japanese GAAP
FYE Dec 2021	155	+11.1%	Cons. · Japanese GAAP
FYE Dec 2022	173	+11.0%	Cons. · Japanese GAAP
FYE Dec 2023	197	+13.9%	Cons. · Japanese GAAP
FYE Dec 2024	231	+17.5%	Cons. · Japanese GAAP
FYE Dec 2025	277	+19.9%	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 Dec 2025 ¥90bn

CAGR · 10 yrs +20.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	16.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	20.4	+20.7%	Cons. · Japanese GAAP
FYE Dec 2018	22.8	+11.9%	Cons. · Japanese GAAP
FYE Dec 2019	31.0	+35.9%	Cons. · Japanese GAAP
FYE Dec 2020	39.3	+26.6%	Cons. · Japanese GAAP
FYE Dec 2021	40.9	+4.1%	Cons. · Japanese GAAP
FYE Dec 2022	46.4	+13.5%	Cons. · Japanese GAAP
FYE Dec 2023	50.3	+8.4%	Cons. · Japanese GAAP
FYE Dec 2024	67.6	+34.3%	Cons. · Japanese GAAP
FYE Dec 2025	90.0	+33.2%	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 Dec 2025 ¥187bn

CAGR · 10 yrs +14.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	53.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	64.2	+20.4%	Cons. · Japanese GAAP
FYE Dec 2018	75.6	+17.6%	Cons. · Japanese GAAP
FYE Dec 2019	88.4	+16.9%	Cons. · Japanese GAAP
FYE Dec 2020	101	+13.9%	Cons. · Japanese GAAP
FYE Dec 2021	115	+13.8%	Cons. · Japanese GAAP
FYE Dec 2022	126	+10.2%	Cons. · Japanese GAAP
FYE Dec 2023	146	+15.9%	Cons. · Japanese GAAP
FYE Dec 2024	163	+11.8%	Cons. · Japanese GAAP
FYE Dec 2025	187	+14.4%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥14bn

CAGR · 10 yrs +18.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	2.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.4	−17.8%	Cons. · Japanese GAAP
FYE Dec 2018	3.3	+35.1%	Cons. · Japanese GAAP
FYE Dec 2019	3.5	+8.5%	Cons. · Japanese GAAP
FYE Dec 2020	4.9	+39.5%	Cons. · Japanese GAAP
FYE Dec 2021	6.5	+32.6%	Cons. · Japanese GAAP
FYE Dec 2022	9.3	+42.2%	Cons. · Japanese GAAP
FYE Dec 2023	4.9	−47.8%	Cons. · Japanese GAAP
FYE Dec 2024	6.8	+39.8%	Cons. · Japanese GAAP
FYE Dec 2025	13.6	+100.8%	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 Dec 2025 ¥28bn

CAGR · 10 yrs +21.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	4.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.8	−1.8%	Cons. · Japanese GAAP
FYE Dec 2018	6.3	+31.4%	Cons. · Japanese GAAP
FYE Dec 2019	7.2	+15.1%	Cons. · Japanese GAAP
FYE Dec 2020	9.9	+36.7%	Cons. · Japanese GAAP
FYE Dec 2021	11.5	+15.8%	Cons. · Japanese GAAP
FYE Dec 2022	12.2	+6.6%	Cons. · Japanese GAAP
FYE Dec 2023	13.6	+11.2%	Cons. · Japanese GAAP
FYE Dec 2024	15.8	+16.3%	Cons. · Japanese GAAP
FYE Dec 2025	27.5	+74.0%	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 Dec 2025 ¥173bn

CAGR · 10 yrs +14.4%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	51.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	61.9	+20.3%	Cons. · Japanese GAAP
FYE Dec 2018	72.5	+17.2%	Cons. · Japanese GAAP
FYE Dec 2019	84.6	+16.7%	Cons. · Japanese GAAP
FYE Dec 2020	95.6	+13.0%	Cons. · Japanese GAAP
FYE Dec 2021	110	+14.6%	Cons. · Japanese GAAP
FYE Dec 2022	123	+12.4%	Cons. · Japanese GAAP
FYE Dec 2023	137	+11.5%	Cons. · Japanese GAAP
FYE Dec 2024	154	+12.3%	Cons. · Japanese GAAP
FYE Dec 2025	173	+12.1%	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 Dec 2025 ¥4.5bn

CAGR · 10 yrs +15.6%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	1.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.2	−80.2%	Cons. · Japanese GAAP
FYE Dec 2018	0.4	+46.1%	Cons. · Japanese GAAP
FYE Dec 2019	3.9	+1006.3%	Cons. · Japanese GAAP
FYE Dec 2020	2.0	−48.5%	Cons. · Japanese GAAP
FYE Dec 2021	0.8	−62.4%	Cons. · Japanese GAAP
FYE Dec 2022	2.6	+238.0%	Cons. · Japanese GAAP
FYE Dec 2023	3.7	+46.0%	Cons. · Japanese GAAP
FYE Dec 2024	6.3	+69.9%	Cons. · Japanese GAAP
FYE Dec 2025	4.5	−29.5%	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Dec 2025 n/a

CAGR · 4 yrs +75.5%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2018	0.9	n/a	Cons. · Japanese GAAP
FYE Dec 2019	4.2	+390.3%	Cons. · Japanese GAAP
FYE Dec 2020	6.4	+49.8%	Cons. · Japanese GAAP
FYE Dec 2021	4.7	−26.4%	Cons. · Japanese GAAP
FYE Dec 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2025	n/a	n/a	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥114bn

CAGR · 10 yrs +14.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	34.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	42.4	+21.5%	Cons. · Japanese GAAP
FYE Dec 2018	49.5	+16.8%	Cons. · Japanese GAAP
FYE Dec 2019	58.8	+18.8%	Cons. · Japanese GAAP
FYE Dec 2020	63.6	+8.2%	Cons. · Japanese GAAP
FYE Dec 2021	69.6	+9.3%	Cons. · Japanese GAAP
FYE Dec 2022	79.2	+13.8%	Cons. · Japanese GAAP
FYE Dec 2023	94.6	+19.6%	Cons. · Japanese GAAP
FYE Dec 2024	102	+8.2%	Cons. · Japanese GAAP
FYE Dec 2025	114	+11.7%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 38.1%

Average · 10 yrs 35.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	32.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	29.2	−3.3pp	Cons. · Japanese GAAP
FYE Dec 2018	34.2	+5.0pp	Cons. · Japanese GAAP
FYE Dec 2019	33.4	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2020	41.2	+7.8pp	Cons. · Japanese GAAP
FYE Dec 2021	34.8	−6.4pp	Cons. · Japanese GAAP
FYE Dec 2022	33.0	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2023	44.0	+11.1pp	Cons. · Japanese GAAP
FYE Dec 2024	39.0	−5.0pp	Cons. · Japanese GAAP
FYE Dec 2025	38.1	−1.0pp	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 Dec 2025 25.7%

Average · 10 yrs 26.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	24.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	22.2	−2.6pp	Cons. · Japanese GAAP
FYE Dec 2018	26.3	+4.1pp	Cons. · Japanese GAAP
FYE Dec 2019	24.7	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2020	29.6	+4.9pp	Cons. · Japanese GAAP
FYE Dec 2021	25.6	−4.0pp	Cons. · Japanese GAAP
FYE Dec 2022	24.1	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2023	32.7	+8.6pp	Cons. · Japanese GAAP
FYE Dec 2024	27.6	−5.1pp	Cons. · Japanese GAAP
FYE Dec 2025	25.7	−1.9pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Dec 2025 23.8%

Average · 10 yrs 25.1%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	23.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	21.4	−2.5pp	Cons. · Japanese GAAP
FYE Dec 2018	25.2	+3.9pp	Cons. · Japanese GAAP
FYE Dec 2019	23.7	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2020	28.2	+4.5pp	Cons. · Japanese GAAP
FYE Dec 2021	24.5	−3.6pp	Cons. · Japanese GAAP
FYE Dec 2022	23.5	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2023	30.8	+7.2pp	Cons. · Japanese GAAP
FYE Dec 2024	26.1	−4.7pp	Cons. · Japanese GAAP
FYE Dec 2025	23.8	−2.3pp	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 Dec 2025 15.7%

Average · 10 yrs 16.8%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	16.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	14.6	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2018	17.2	+2.6pp	Cons. · Japanese GAAP
FYE Dec 2019	16.5	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2020	18.7	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2021	15.6	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2022	15.1	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2023	21.2	+6.1pp	Cons. · Japanese GAAP
FYE Dec 2024	17.3	−3.9pp	Cons. · Japanese GAAP
FYE Dec 2025	15.7	−1.6pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Dec 2025 61.9%

Average · 10 yrs 64.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	67.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	70.8	+3.3pp	Cons. · Japanese GAAP
FYE Dec 2018	65.8	−5.0pp	Cons. · Japanese GAAP
FYE Dec 2019	66.6	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2020	58.8	−7.8pp	Cons. · Japanese GAAP
FYE Dec 2021	65.2	+6.4pp	Cons. · Japanese GAAP
FYE Dec 2022	67.0	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2023	56.0	−11.1pp	Cons. · Japanese GAAP
FYE Dec 2024	61.0	+5.0pp	Cons. · Japanese GAAP
FYE Dec 2025	61.9	+1.0pp	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 Dec 2025 12.4%

Average · 10 yrs 9.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	7.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.0	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2018	7.9	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2019	8.7	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2020	11.6	+2.9pp	Cons. · Japanese GAAP
FYE Dec 2021	9.1	−2.4pp	Cons. · Japanese GAAP
FYE Dec 2022	8.9	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	11.3	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2024	11.4	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	12.4	+0.9pp	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 Dec 2025 ¥3.51tn

CAGR · 10 yrs +13.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	1,134	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,352	+19.2%	Cons. · Japanese GAAP
FYE Dec 2018	1,526	+12.9%	Cons. · Japanese GAAP
FYE Dec 2019	1,776	+16.4%	Cons. · Japanese GAAP
FYE Dec 2020	2,019	+13.7%	Cons. · Japanese GAAP
FYE Dec 2021	2,207	+9.3%	Cons. · Japanese GAAP
FYE Dec 2022	2,320	+5.1%	Cons. · Japanese GAAP
FYE Dec 2023	2,480	+6.9%	Cons. · Japanese GAAP
FYE Dec 2024	3,049	+22.9%	Cons. · Japanese GAAP
FYE Dec 2025	3,506	+15.0%	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 Dec 2025 ¥913bn

CAGR · 10 yrs +11.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	337	n/a	Cons. · Japanese GAAP
FYE Dec 2017	375	+11.4%	Cons. · Japanese GAAP
FYE Dec 2018	401	+6.7%	Cons. · Japanese GAAP
FYE Dec 2019	459	+14.6%	Cons. · Japanese GAAP
FYE Dec 2020	486	+6.0%	Cons. · Japanese GAAP
FYE Dec 2021	638	+31.1%	Cons. · Japanese GAAP
FYE Dec 2022	687	+7.7%	Cons. · Japanese GAAP
FYE Dec 2023	766	+11.5%	Cons. · Japanese GAAP
FYE Dec 2024	833	+8.8%	Cons. · Japanese GAAP
FYE Dec 2025	913	+9.6%	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 Dec 2025 ¥1.40tn

CAGR · 10 yrs +11.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	542	n/a	Cons. · Japanese GAAP
FYE Dec 2017	707	+30.4%	Cons. · Japanese GAAP
FYE Dec 2018	837	+18.5%	Cons. · Japanese GAAP
FYE Dec 2019	955	+14.1%	Cons. · Japanese GAAP
FYE Dec 2020	971	+1.7%	Cons. · Japanese GAAP
FYE Dec 2021	978	+0.7%	Cons. · Japanese GAAP
FYE Dec 2022	858	−12.2%	Cons. · Japanese GAAP
FYE Dec 2023	931	+8.4%	Cons. · Japanese GAAP
FYE Dec 2024	1,204	+29.4%	Cons. · Japanese GAAP
FYE Dec 2025	1,401	+16.4%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Dec 2025 ¥3.3bn

CAGR · 10 yrs −21.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	28.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	30.1	+7.4%	Cons. · Japanese GAAP
FYE Dec 2018	0.3	−99.1%	Cons. · Japanese GAAP
FYE Dec 2019	0.4	+58.8%	Cons. · Japanese GAAP
FYE Dec 2020	1.0	+136.4%	Cons. · Japanese GAAP
FYE Dec 2021	0.7	−36.5%	Cons. · Japanese GAAP
FYE Dec 2022	0.7	−0.0%	Cons. · Japanese GAAP
FYE Dec 2023	1.8	+168.8%	Cons. · Japanese GAAP
FYE Dec 2024	167	+9311.3%	Cons. · Japanese GAAP
FYE Dec 2025	3.3	−98.0%	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 Dec 2025 ¥1.40tn

CAGR · 10 yrs +11.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	514	n/a	Cons. · Japanese GAAP
FYE Dec 2017	677	+31.7%	Cons. · Japanese GAAP
FYE Dec 2018	837	+23.7%	Cons. · Japanese GAAP
FYE Dec 2019	955	+14.1%	Cons. · Japanese GAAP
FYE Dec 2020	970	+1.6%	Cons. · Japanese GAAP
FYE Dec 2021	977	+0.7%	Cons. · Japanese GAAP
FYE Dec 2022	858	−12.2%	Cons. · Japanese GAAP
FYE Dec 2023	929	+8.3%	Cons. · Japanese GAAP
FYE Dec 2024	1,037	+11.6%	Cons. · Japanese GAAP
FYE Dec 2025	1,398	+34.8%	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 Dec 2025 ¥259bn

CAGR · 10 yrs +29.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	26.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	26.6	+2.1%	Cons. · Japanese GAAP
FYE Dec 2018	26.0	−2.5%	Cons. · Japanese GAAP
FYE Dec 2019	88.5	+240.9%	Cons. · Japanese GAAP
FYE Dec 2020	82.8	−6.4%	Cons. · Japanese GAAP
FYE Dec 2021	84.7	+2.3%	Cons. · Japanese GAAP
FYE Dec 2022	88.2	+4.2%	Cons. · Japanese GAAP
FYE Dec 2023	77.9	−11.7%	Cons. · Japanese GAAP
FYE Dec 2024	217	+178.3%	Cons. · Japanese GAAP
FYE Dec 2025	259	+19.3%	Cons. · Japanese GAAP

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

Goodwill

FYE Dec 2025 ¥126bn

CAGR · 10 yrs +46.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	4.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.1	−0.8%	Cons. · Japanese GAAP
FYE Dec 2018	4.0	−0.7%	Cons. · Japanese GAAP
FYE Dec 2019	3.3	−17.1%	Cons. · Japanese GAAP
FYE Dec 2020	3.4	+2.8%	Cons. · Japanese GAAP
FYE Dec 2021	3.7	+8.2%	Cons. · Japanese GAAP
FYE Dec 2022	4.8	+29.2%	Cons. · Japanese GAAP
FYE Dec 2023	4.2	−13.2%	Cons. · Japanese GAAP
FYE Dec 2024	117	+2713.6%	Cons. · Japanese GAAP
FYE Dec 2025	126	+7.7%	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 Dec 2025 26.1%

Average · 10 yrs 27.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	29.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	27.8	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2018	26.3	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2019	25.8	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	24.1	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2021	28.9	+4.8pp	Cons. · Japanese GAAP
FYE Dec 2022	29.6	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2023	30.9	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2024	27.3	−3.5pp	Cons. · Japanese GAAP
FYE Dec 2025	26.1	−1.3pp	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 Dec 2025 153.4%

Average · 10 yrs 166.4%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	160.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	188.3	+27.4pp	Cons. · Japanese GAAP
FYE Dec 2018	209.0	+20.7pp	Cons. · Japanese GAAP
FYE Dec 2019	208.1	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2020	199.7	−8.4pp	Cons. · Japanese GAAP
FYE Dec 2021	153.3	−46.3pp	Cons. · Japanese GAAP
FYE Dec 2022	125.0	−28.3pp	Cons. · Japanese GAAP
FYE Dec 2023	121.6	−3.4pp	Cons. · Japanese GAAP
FYE Dec 2024	144.6	+23.0pp	Cons. · Japanese GAAP
FYE Dec 2025	153.4	+8.9pp	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 Dec 2025 12.5%

Average · 10 yrs 11.9%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	10.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.3	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2018	12.4	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2019	12.8	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2020	13.1	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2021	10.9	−2.2pp	Cons. · Japanese GAAP
FYE Dec 2022	11.5	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2023	12.4	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2024	12.3	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	12.5	+0.2pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 3.3%

Average · 10 yrs 3.3%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	3.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.1	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2018	3.2	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2019	3.3	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2020	3.2	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2021	3.2	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2022	3.4	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	3.8	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2024	3.4	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2025	3.3	−0.1pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 0.21×

CAGR · 10 yrs +1.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.19	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.21	+12.6%	Cons. · Japanese GAAP
FYE Dec 2018	0.19	−12.0%	Cons. · Japanese GAAP
FYE Dec 2019	0.20	+6.8%	Cons. · Japanese GAAP
FYE Dec 2020	0.17	−16.4%	Cons. · Japanese GAAP
FYE Dec 2021	0.20	+20.4%	Cons. · Japanese GAAP
FYE Dec 2022	0.23	+11.4%	Cons. · Japanese GAAP
FYE Dec 2023	0.18	−20.2%	Cons. · Japanese GAAP
FYE Dec 2024	0.19	+7.8%	Cons. · Japanese GAAP
FYE Dec 2025	0.21	+6.9%	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 Dec 2025 ¥269bn

CAGR · 10 yrs +10.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	108	n/a	Cons. · Japanese GAAP
FYE Dec 2017	45.7	−57.8%	Cons. · Japanese GAAP
FYE Dec 2018	131	+186.4%	Cons. · Japanese GAAP
FYE Dec 2019	231	+76.5%	Cons. · Japanese GAAP
FYE Dec 2020	202	−12.5%	Cons. · Japanese GAAP
FYE Dec 2021	292	+44.2%	Cons. · Japanese GAAP
FYE Dec 2022	266	−8.8%	Cons. · Japanese GAAP
FYE Dec 2023	271	+1.8%	Cons. · Japanese GAAP
FYE Dec 2024	353	+30.5%	Cons. · Japanese GAAP
FYE Dec 2025	269	−23.8%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Dec 2025 -¥545bn

Average · 10 yrs -¥334bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-111	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-189	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-258	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-358	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-343	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-287	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-345	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-298	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-602	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-545	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 Dec 2025 ¥272bn

Average · 10 yrs ¥127bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-5.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	148	n/a	Cons. · Japanese GAAP
FYE Dec 2018	131	−11.8%	Cons. · Japanese GAAP
FYE Dec 2019	142	+8.0%	Cons. · Japanese GAAP
FYE Dec 2020	187	+32.4%	Cons. · Japanese GAAP
FYE Dec 2021	107	−43.1%	Cons. · Japanese GAAP
FYE Dec 2022	11.4	−89.3%	Cons. · Japanese GAAP
FYE Dec 2023	-28.0	−344.9%	Cons. · Japanese GAAP
FYE Dec 2024	301	n/a	Cons. · Japanese GAAP
FYE Dec 2025	272	−9.4%	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 Dec 2025 ¥131bn

CAGR · 10 yrs +21.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	22.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	28.0	+23.5%	Cons. · Japanese GAAP
FYE Dec 2018	31.8	+13.8%	Cons. · Japanese GAAP
FYE Dec 2019	48.4	+51.9%	Cons. · Japanese GAAP
FYE Dec 2020	94.7	+95.8%	Cons. · Japanese GAAP
FYE Dec 2021	206	+117.6%	Cons. · Japanese GAAP
FYE Dec 2022	138	−32.9%	Cons. · Japanese GAAP
FYE Dec 2023	82.8	−40.2%	Cons. · Japanese GAAP
FYE Dec 2024	134	+62.3%	Cons. · Japanese GAAP
FYE Dec 2025	131	−2.7%	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 Dec 2025 -¥275bn

Average · 10 yrs -¥117bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	-2.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-143	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-127	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-127	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-141	n/a	Cons. · Japanese GAAP
FYE Dec 2021	4.8	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-79.2	−1753.0%	Cons. · Japanese GAAP
FYE Dec 2023	-27.5	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-249	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-275	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 Dec 2025 37.0%

Average · 10 yrs 50.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	50.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	15.8	−34.5pp	Cons. · Japanese GAAP
FYE Dec 2018	45.6	+29.8pp	Cons. · Japanese GAAP
FYE Dec 2019	64.7	+19.2pp	Cons. · Japanese GAAP
FYE Dec 2020	59.6	−5.1pp	Cons. · Japanese GAAP
FYE Dec 2021	65.3	+5.7pp	Cons. · Japanese GAAP
FYE Dec 2022	50.8	−14.4pp	Cons. · Japanese GAAP
FYE Dec 2023	60.7	+9.8pp	Cons. · Japanese GAAP
FYE Dec 2024	59.7	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2025	37.0	−22.7pp	Cons. · Japanese GAAP

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

Net cash

FYE Dec 2025 -¥1.27tn

Average · 10 yrs -¥847bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-519	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-679	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-806	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-907	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-877	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-772	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-720	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-848	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-1,070	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-1,271	n/a	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 Dec 2025 ¥1.31tn

Change · 10 yrs +¥617bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	689	n/a
FYE Dec 2017	837	n/a
FYE Dec 2018	653	n/a
FYE Dec 2019	881	n/a
FYE Dec 2020	757	n/a
FYE Dec 2021	838	n/a
FYE Dec 2022	791	n/a
FYE Dec 2023	1,127	n/a
FYE Dec 2024	1,043	n/a
FYE Dec 2025	1,306	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 1,701¥

Change · 10 yrs +662¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,039	n/a
FYE Dec 2017	1,262	n/a
FYE Dec 2018	985	n/a
FYE Dec 2019	1,307	n/a
FYE Dec 2020	1,124	n/a
FYE Dec 2021	1,092	n/a
FYE Dec 2022	1,030	n/a
FYE Dec 2023	1,467	n/a
FYE Dec 2024	1,358	n/a
FYE Dec 2025	1,701	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 767,907,735shares

Change · 10 yrs +104,993,664 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	662,914,071	Parent
FYE Dec 2017	663,062,271	Parent
FYE Dec 2018	663,062,271	Parent
FYE Dec 2019	673,907,735	Parent
FYE Dec 2020	673,907,735	Parent
FYE Dec 2021	767,907,735	Parent
FYE Dec 2022	767,907,735	Parent
FYE Dec 2023	767,907,735	Parent
FYE Dec 2024	767,907,735	Parent
FYE Dec 2025	767,907,735	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 150.50¥

Change · 10 yrs +97.50¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	53.00	Cons.
FYE Dec 2017	64.38	Cons.
FYE Dec 2018	75.18	Cons.
FYE Dec 2019	88.93	Cons.
FYE Dec 2020	95.23	Cons.
FYE Dec 2021	101.09	Cons.
FYE Dec 2022	104.00	Cons.
FYE Dec 2023	124.36	Cons.
FYE Dec 2024	134.42	Cons.
FYE Dec 2025	150.50	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 1,189.41¥

Change · 10 yrs +681.19¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	508.22	Cons. · Japanese GAAP
FYE Dec 2017	566.17	Cons. · Japanese GAAP
FYE Dec 2018	604.37	Cons. · Japanese GAAP
FYE Dec 2019	681.24	Cons. · Japanese GAAP
FYE Dec 2020	721.89	Cons. · Japanese GAAP
FYE Dec 2021	830.57	Cons. · Japanese GAAP
FYE Dec 2022	894.29	Cons. · Japanese GAAP
FYE Dec 2023	997.07	Cons. · Japanese GAAP
FYE Dec 2024	1,084.85	Cons. · Japanese GAAP
FYE Dec 2025	1,189.41	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 11.30×

Average · 10 yrs 13.27×

Fiscal year	PER ×	Basis
FYE Dec 2016	19.60	Cons.
FYE Dec 2017	19.60	Cons.
FYE Dec 2018	13.10	Cons.
FYE Dec 2019	14.70	Cons.
FYE Dec 2020	11.80	Cons.
FYE Dec 2021	10.80	Cons.
FYE Dec 2022	9.90	Cons.
FYE Dec 2023	11.80	Cons.
FYE Dec 2024	10.10	Cons.
FYE Dec 2025	11.30	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 1.41×

Average · 10 yrs 1.59×

Fiscal year	PBR ×	Basis
FYE Dec 2016	2.03	Cons.
FYE Dec 2017	2.21	Cons.
FYE Dec 2018	1.62	Cons.
FYE Dec 2019	1.90	Cons.
FYE Dec 2020	1.54	Cons.
FYE Dec 2021	1.30	Cons.
FYE Dec 2022	1.14	Cons.
FYE Dec 2023	1.46	Cons.
FYE Dec 2024	1.24	Cons.
FYE Dec 2025	1.41	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 3,495people

Change · 10 yrs +2,659 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	836	n/a	Cons.
FYE Dec 2017	862	+3.1%	Cons.
FYE Dec 2018	936	+8.6%	Cons.
FYE Dec 2019	1,878	+100.6%	Cons.
FYE Dec 2020	1,934	+3.0%	Cons.
FYE Dec 2021	1,496	−22.6%	Cons.
FYE Dec 2022	1,347	−10.0%	Cons.
FYE Dec 2023	1,357	+0.7%	Cons.
FYE Dec 2024	2,828	+108.4%	Cons.
FYE Dec 2025	3,495	+23.6%	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 234people

Change · 10 yrs +85 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	149	n/a	Parent
FYE Dec 2017	156	+4.7%	Parent
FYE Dec 2018	166	+6.4%	Parent
FYE Dec 2019	181	+9.0%	Parent
FYE Dec 2020	184	+1.7%	Parent
FYE Dec 2021	189	+2.7%	Parent
FYE Dec 2022	202	+6.9%	Parent
FYE Dec 2023	222	+9.9%	Parent
FYE Dec 2024	233	+5.0%	Parent
FYE Dec 2025	234	+0.4%	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 2,295万円

Change · 7 yrs +535万円

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	1,761	n/a	Parent
FYE Dec 2020	1,708	−3.0%	Parent
FYE Dec 2021	1,803	+5.6%	Parent
FYE Dec 2022	1,904	+5.6%	Parent
FYE Dec 2023	1,908	+0.2%	Parent
FYE Dec 2024	2,036	+6.7%	Parent
FYE Dec 2025	2,295	+12.8%	Parent

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

Average age

FYE Dec 2025 39.0years

Change · 7 yrs −0.0 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	39.0	n/a	Parent
FYE Dec 2020	39.0	−0.0%	Parent
FYE Dec 2021	39.0	−0.0%	Parent
FYE Dec 2022	39.0	−0.0%	Parent
FYE Dec 2023	38.0	−2.6%	Parent
FYE Dec 2024	38.0	−0.0%	Parent
FYE Dec 2025	39.0	+2.6%	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 7.0years

Change · 7 yrs +1.0 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	6.0	n/a	Parent
FYE Dec 2020	6.0	−0.0%	Parent
FYE Dec 2021	6.0	−0.0%	Parent
FYE Dec 2022	6.0	−0.0%	Parent
FYE Dec 2023	6.0	−0.0%	Parent
FYE Dec 2024	6.0	−0.0%	Parent
FYE Dec 2025	7.0	+16.7%	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 9,669people

Change · 10 yrs +9,486 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	183	n/a	n/a
FYE Dec 2017	172	−6.0%	n/a
FYE Dec 2018	177	+2.9%	n/a
FYE Dec 2019	845	+377.4%	n/a
FYE Dec 2020	393	−53.5%	n/a
FYE Dec 2021	286	−27.2%	n/a
FYE Dec 2022	372	+30.1%	n/a
FYE Dec 2023	377	+1.3%	n/a
FYE Dec 2024	9,639	+2456.8%	n/a
FYE Dec 2025	9,669	+0.3%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Dec 2025 ¥208m

Change · 10 yrs −¥50.0m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	258	n/a	Cons.
FYE Dec 2017	336	+30.2%	Cons.
FYE Dec 2018	307	−8.6%	Cons.
FYE Dec 2019	190	−38.1%	Cons.
FYE Dec 2020	176	−7.7%	Cons.
FYE Dec 2021	299	+70.2%	Cons.
FYE Dec 2022	389	+30.0%	Cons.
FYE Dec 2023	329	−15.3%	Cons.
FYE Dec 2024	209	−36.4%	Cons.
FYE Dec 2025	208	−0.5%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥53.5m

Change · 10 yrs −¥10.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	63.8	n/a	Cons.
FYE Dec 2017	74.5	+16.7%	Cons.
FYE Dec 2018	80.7	+8.3%	Cons.
FYE Dec 2019	47.0	−41.7%	Cons.
FYE Dec 2020	52.0	+10.6%	Cons.
FYE Dec 2021	76.5	+47.2%	Cons.
FYE Dec 2022	93.7	+22.4%	Cons.
FYE Dec 2023	108	+15.0%	Cons.
FYE Dec 2024	57.8	−46.4%	Cons.
FYE Dec 2025	53.5	−7.5%	Cons.

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

Disclaimer

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

Accuracy, liability, reuse and privacy — the full disclaimer →

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