Financials

Skylark Holdings: FYE Dec 2025 and ten years of results (45 metrics)

FYE Dec 2025 · Revenue¥458bnYoY +14.1%

FYE Dec 2025 · Operating profit¥30bnYoY +23.9%

FYE Dec 2025 · Net profit¥17bnYoY +19.9%

FYE Dec 2025 · Equity ratio36.2%YoY −0.6pp

FYE Dec 2025 · Group employees6,744YoY +594

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥355bn	n/a	n/a	n/a	n/a	¥18bn	Tani Makoto	Holding company structure adopted
FYE Dec 2017Consolidated	¥359bn	+1.4%	n/a	n/a	n/a	¥16bn	Tani Makoto	—
FYE Dec 2018Consolidated	¥366bn	+1.9%	¥23bn	n/a	6.2%	¥11bn	Tani Makoto	Renamed Skylark Holdings
FYE Dec 2019Consolidated	¥375bn	+2.5%	¥21bn	−10.0%	5.5%	¥9.5bn	Tani Makoto	—
FYE Dec 2020Consolidated	¥288bn	−23.2%	-¥23bn	−212.0%	-8.0%	-¥17bn	Tani Makoto	Pandemic: revenue falls to ¥288.4 billion, net loss of <span class="en-history_money" data-yen="17200000000" data-year="2020">$161.1M (¥17bn)</span>
FYE Dec 2021Consolidated	¥265bn	−8.3%	¥18bn	n/a	6.9%	¥8.7bn	Tani Makoto	—
FYE Dec 2022Consolidated	¥304bn	+14.8%	-¥5.6bn	−130.6%	-1.8%	-¥6.4bn	Tani Makoto	—
FYE Dec 2023Consolidated	¥355bn	+16.8%	¥12bn	n/a	3.3%	¥4.8bn	Tani Makoto	—
FYE Dec 2024Consolidated	¥401bn	+13.0%	¥24bn	+106.9%	6.0%	¥14bn	Kanaya Minoru	Sukesan acquired; revenue passes ¥400 billion
FYE Dec 2025Consolidated	¥458bn	+14.1%	¥30bn	+23.9%	6.5%	¥17bn	Kanaya Minoru	Record revenue of ¥457.8 billion

How it compares

Zensho Holdings¥1.26tnFY2025Operating margin 6.4%

Skylark Holdings¥458bnFY2025Operating margin 6.5%

Food & Life Companies (Sushiro)¥430bnFY2025Operating margin 8.4%McDonald's Japan¥417bnFY2025Operating margin 12.8%Colowide¥300bnFY2025Operating margin 3.1%トリドールホールディングス¥279bnFY2025Operating margin 3.8%Saizeriya¥257bnFY2025Operating margin 6.0%

Kurasushi¥245bnFY2025Operating margin 2.2%

吉野家ホールディングス¥226bnFY2025Operating margin 3.6%ROYAL HOLDINGS¥165bnFY2025Operating margin 4.6%

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 Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥458bn

CAGR · 10 yrs +2.9%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	355	n/a	Cons. · IFRS
FYE Dec 2017	359	+1.4%	Cons. · IFRS
FYE Dec 2018	366	+1.9%	Cons. · IFRS
FYE Dec 2019	375	+2.5%	Cons. · IFRS
FYE Dec 2020	288	−23.2%	Cons. · IFRS
FYE Dec 2021	265	−8.3%	Cons. · IFRS
FYE Dec 2022	304	+14.8%	Cons. · IFRS
FYE Dec 2023	355	+16.8%	Cons. · IFRS
FYE Dec 2024	401	+13.0%	Cons. · IFRS
FYE Dec 2025	458	+14.1%	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 ¥153bn

CAGR · 8 yrs +4.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	111	n/a	Cons. · IFRS
FYE Dec 2019	114	+2.4%	Cons. · IFRS
FYE Dec 2020	91.3	−20.0%	Cons. · IFRS
FYE Dec 2021	81.5	−10.7%	Cons. · IFRS
FYE Dec 2022	96.8	+18.8%	Cons. · IFRS
FYE Dec 2023	115	+18.8%	Cons. · IFRS
FYE Dec 2024	131	+13.9%	Cons. · IFRS
FYE Dec 2025	153	+16.6%	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 ¥305bn

CAGR · 8 yrs +2.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	255	n/a	Cons. · IFRS
FYE Dec 2019	261	+2.5%	Cons. · IFRS
FYE Dec 2020	197	−24.6%	Cons. · IFRS
FYE Dec 2021	183	−7.1%	Cons. · IFRS
FYE Dec 2022	207	+13.0%	Cons. · IFRS
FYE Dec 2023	240	+15.9%	Cons. · IFRS
FYE Dec 2024	270	+12.6%	Cons. · IFRS
FYE Dec 2025	305	+12.9%	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 ¥272bn

CAGR · 8 yrs +2.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	231	n/a	Cons. · IFRS
FYE Dec 2019	237	+2.8%	Cons. · IFRS
FYE Dec 2020	213	−10.3%	Cons. · IFRS
FYE Dec 2021	203	−4.3%	Cons. · IFRS
FYE Dec 2022	216	+6.0%	Cons. · IFRS
FYE Dec 2023	223	+3.7%	Cons. · IFRS
FYE Dec 2024	246	+10.1%	Cons. · IFRS
FYE Dec 2025	272	+10.7%	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 ¥30bn

CAGR · 8 yrs +3.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	22.9	n/a	Cons. · IFRS
FYE Dec 2019	20.6	−10.0%	Cons. · IFRS
FYE Dec 2020	-23.0	−212.0%	Cons. · IFRS
FYE Dec 2021	18.2	n/a	Cons. · IFRS
FYE Dec 2022	-5.6	−130.6%	Cons. · IFRS
FYE Dec 2023	11.7	n/a	Cons. · IFRS
FYE Dec 2024	24.2	+106.9%	Cons. · IFRS
FYE Dec 2025	30.0	+23.9%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥2.0bn

CAGR · 8 yrs +12.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	0.9	n/a	Cons. · IFRS
FYE Dec 2019	0.9	+2.0%	Cons. · IFRS
FYE Dec 2020	2.4	+166.3%	Cons. · IFRS
FYE Dec 2021	45.7	+1810.9%	Cons. · IFRS
FYE Dec 2022	12.6	−72.5%	Cons. · IFRS
FYE Dec 2023	1.9	−84.9%	Cons. · IFRS
FYE Dec 2024	2.1	+8.4%	Cons. · IFRS
FYE Dec 2025	2.0	−1.9%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥17bn

CAGR · 10 yrs −0.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	18.2	n/a	Cons. · IFRS
FYE Dec 2017	15.5	−14.6%	Cons. · IFRS
FYE Dec 2018	11.4	−26.4%	Cons. · IFRS
FYE Dec 2019	9.5	−17.1%	Cons. · IFRS
FYE Dec 2020	-17.2	−281.4%	Cons. · IFRS
FYE Dec 2021	8.7	n/a	Cons. · IFRS
FYE Dec 2022	-6.4	−172.9%	Cons. · IFRS
FYE Dec 2023	4.8	n/a	Cons. · IFRS
FYE Dec 2024	14.0	+192.1%	Cons. · IFRS
FYE Dec 2025	16.7	+19.9%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 66.7%

Average · 8 yrs 68.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	69.6	n/a	Cons. · IFRS
FYE Dec 2019	69.6	−0.0pp	Cons. · IFRS
FYE Dec 2020	68.4	−1.3pp	Cons. · IFRS
FYE Dec 2021	69.2	+0.8pp	Cons. · IFRS
FYE Dec 2022	68.1	−1.1pp	Cons. · IFRS
FYE Dec 2023	67.6	−0.5pp	Cons. · IFRS
FYE Dec 2024	67.4	−0.3pp	Cons. · IFRS
FYE Dec 2025	66.7	−0.7pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 6.5%

Average · 8 yrs 3.1%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	6.2	n/a	Cons. · IFRS
FYE Dec 2019	5.5	−0.8pp	Cons. · IFRS
FYE Dec 2020	-8.0	−13.5pp	Cons. · IFRS
FYE Dec 2021	6.9	+14.9pp	Cons. · IFRS
FYE Dec 2022	-1.8	−8.7pp	Cons. · IFRS
FYE Dec 2023	3.3	+5.1pp	Cons. · IFRS
FYE Dec 2024	6.0	+2.7pp	Cons. · IFRS
FYE Dec 2025	6.5	+0.5pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 3.7%

Average · 10 yrs 1.9%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	5.1	n/a	Cons. · IFRS
FYE Dec 2017	4.3	−0.8pp	Cons. · IFRS
FYE Dec 2018	3.1	−1.2pp	Cons. · IFRS
FYE Dec 2019	2.5	−0.6pp	Cons. · IFRS
FYE Dec 2020	-6.0	−8.5pp	Cons. · IFRS
FYE Dec 2021	3.3	+9.3pp	Cons. · IFRS
FYE Dec 2022	-2.1	−5.4pp	Cons. · IFRS
FYE Dec 2023	1.3	+3.4pp	Cons. · IFRS
FYE Dec 2024	3.5	+2.1pp	Cons. · IFRS
FYE Dec 2025	3.7	+0.2pp	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 33.3%

Average · 8 yrs 31.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	30.4	n/a	Cons. · IFRS
FYE Dec 2019	30.4	−0.0pp	Cons. · IFRS
FYE Dec 2020	31.6	+1.3pp	Cons. · IFRS
FYE Dec 2021	30.8	−0.8pp	Cons. · IFRS
FYE Dec 2022	31.9	+1.1pp	Cons. · IFRS
FYE Dec 2023	32.4	+0.5pp	Cons. · IFRS
FYE Dec 2024	32.6	+0.3pp	Cons. · IFRS
FYE Dec 2025	33.3	+0.7pp	Cons. · IFRS

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

SG&A ratio

FYE Dec 2025 59.4%

Average · 8 yrs 66.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	62.9	n/a	Cons. · IFRS
FYE Dec 2019	63.1	+0.2pp	Cons. · IFRS
FYE Dec 2020	73.7	+10.6pp	Cons. · IFRS
FYE Dec 2021	76.9	+3.2pp	Cons. · IFRS
FYE Dec 2022	71.0	−5.9pp	Cons. · IFRS
FYE Dec 2023	63.0	−8.0pp	Cons. · IFRS
FYE Dec 2024	61.3	−1.7pp	Cons. · IFRS
FYE Dec 2025	59.4	−1.9pp	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 ¥519bn

CAGR · 10 yrs +5.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	318	n/a	Cons. · IFRS
FYE Dec 2017	318	−0.0%	Cons. · IFRS
FYE Dec 2018	331	+3.9%	Cons. · IFRS
FYE Dec 2019	454	+37.3%	Cons. · IFRS
FYE Dec 2020	442	−2.7%	Cons. · IFRS
FYE Dec 2021	458	+3.7%	Cons. · IFRS
FYE Dec 2022	425	−7.3%	Cons. · IFRS
FYE Dec 2023	426	+0.3%	Cons. · IFRS
FYE Dec 2024	471	+10.5%	Cons. · IFRS
FYE Dec 2025	519	+10.1%	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 ¥188bn

CAGR · 10 yrs +5.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	114	n/a	Cons. · IFRS
FYE Dec 2017	127	+11.5%	Cons. · IFRS
FYE Dec 2018	130	+2.5%	Cons. · IFRS
FYE Dec 2019	133	+1.8%	Cons. · IFRS
FYE Dec 2020	114	−14.3%	Cons. · IFRS
FYE Dec 2021	166	+46.1%	Cons. · IFRS
FYE Dec 2022	158	−5.1%	Cons. · IFRS
FYE Dec 2023	162	+2.9%	Cons. · IFRS
FYE Dec 2024	173	+6.8%	Cons. · IFRS
FYE Dec 2025	188	+8.2%	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 ¥124bn

CAGR · 8 yrs −1.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	133	n/a	Cons. · IFRS
FYE Dec 2019	129	−2.8%	Cons. · IFRS
FYE Dec 2020	146	+12.8%	Cons. · IFRS
FYE Dec 2021	122	−16.0%	Cons. · IFRS
FYE Dec 2022	107	−12.6%	Cons. · IFRS
FYE Dec 2023	99.3	−7.2%	Cons. · IFRS
FYE Dec 2024	106	+7.1%	Cons. · IFRS
FYE Dec 2025	124	+16.3%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥14bn

CAGR · 8 yrs −25.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	111	n/a	Cons. · IFRS
FYE Dec 2019	18.5	−83.4%	Cons. · IFRS
FYE Dec 2020	126	+581.8%	Cons. · IFRS
FYE Dec 2021	17.8	−85.8%	Cons. · IFRS
FYE Dec 2022	87.0	+388.3%	Cons. · IFRS
FYE Dec 2023	33.9	−61.1%	Cons. · IFRS
FYE Dec 2024	31.9	−5.7%	Cons. · IFRS
FYE Dec 2025	14.3	−55.1%	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 ¥109bn

CAGR · 8 yrs +26.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	21.7	n/a	Cons. · IFRS
FYE Dec 2019	111	+411.5%	Cons. · IFRS
FYE Dec 2020	20.0	−82.0%	Cons. · IFRS
FYE Dec 2021	105	+423.2%	Cons. · IFRS
FYE Dec 2022	20.0	−80.9%	Cons. · IFRS
FYE Dec 2023	65.4	+227.2%	Cons. · IFRS
FYE Dec 2024	74.4	+13.7%	Cons. · IFRS
FYE Dec 2025	109	+47.0%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥163bn

CAGR · 8 yrs +1.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	146	n/a	Cons. · IFRS
FYE Dec 2019	146	−0.0%	Cons. · IFRS
FYE Dec 2020	146	−0.0%	Cons. · IFRS
FYE Dec 2021	146	−0.0%	Cons. · IFRS
FYE Dec 2022	145	−0.8%	Cons. · IFRS
FYE Dec 2023	142	−2.1%	Cons. · IFRS
FYE Dec 2024	158	+11.2%	Cons. · IFRS
FYE Dec 2025	163	+3.2%	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 36.2%

Average · 10 yrs 35.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	35.9	n/a	Cons. · IFRS
FYE Dec 2017	40.0	+4.1pp	Cons. · IFRS
FYE Dec 2018	39.5	−0.6pp	Cons. · IFRS
FYE Dec 2019	29.3	−10.2pp	Cons. · IFRS
FYE Dec 2020	25.8	−3.5pp	Cons. · IFRS
FYE Dec 2021	36.3	+10.5pp	Cons. · IFRS
FYE Dec 2022	37.1	+0.8pp	Cons. · IFRS
FYE Dec 2023	38.1	+1.0pp	Cons. · IFRS
FYE Dec 2024	36.8	−1.3pp	Cons. · IFRS
FYE Dec 2025	36.2	−0.6pp	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 65.9%

Average · 8 yrs 82.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	102.0	n/a	Cons. · IFRS
FYE Dec 2019	97.4	−4.6pp	Cons. · IFRS
FYE Dec 2020	128.2	+30.8pp	Cons. · IFRS
FYE Dec 2021	73.7	−54.5pp	Cons. · IFRS
FYE Dec 2022	67.8	−5.9pp	Cons. · IFRS
FYE Dec 2023	61.2	−6.6pp	Cons. · IFRS
FYE Dec 2024	61.3	+0.1pp	Cons. · IFRS
FYE Dec 2025	65.9	+4.6pp	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 5.0%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	15.9	n/a	Cons. · IFRS
FYE Dec 2017	12.2	−3.7pp	Cons. · IFRS
FYE Dec 2018	8.8	−3.4pp	Cons. · IFRS
FYE Dec 2019	7.1	−1.6pp	Cons. · IFRS
FYE Dec 2020	-15.1	−22.3pp	Cons. · IFRS
FYE Dec 2021	5.3	+20.4pp	Cons. · IFRS
FYE Dec 2022	-4.0	−9.3pp	Cons. · IFRS
FYE Dec 2023	2.9	+7.0pp	Cons. · IFRS
FYE Dec 2024	8.1	+5.1pp	Cons. · IFRS
FYE Dec 2025	8.9	+0.9pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 3.2%

Average · 10 yrs 2.0%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	5.7	n/a	Cons. · IFRS
FYE Dec 2017	4.9	−0.8pp	Cons. · IFRS
FYE Dec 2018	3.5	−1.4pp	Cons. · IFRS
FYE Dec 2019	2.1	−1.4pp	Cons. · IFRS
FYE Dec 2020	-3.9	−6.0pp	Cons. · IFRS
FYE Dec 2021	1.9	+5.8pp	Cons. · IFRS
FYE Dec 2022	-1.5	−3.4pp	Cons. · IFRS
FYE Dec 2023	1.1	+2.6pp	Cons. · IFRS
FYE Dec 2024	3.0	+1.8pp	Cons. · IFRS
FYE Dec 2025	3.2	+0.3pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.88×

CAGR · 10 yrs −2.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	1.11	n/a	Cons. · IFRS
FYE Dec 2017	1.13	+1.4%	Cons. · IFRS
FYE Dec 2018	1.11	−1.9%	Cons. · IFRS
FYE Dec 2019	0.83	−25.4%	Cons. · IFRS
FYE Dec 2020	0.65	−21.0%	Cons. · IFRS
FYE Dec 2021	0.58	−11.5%	Cons. · IFRS
FYE Dec 2022	0.71	+23.8%	Cons. · IFRS
FYE Dec 2023	0.83	+16.5%	Cons. · IFRS
FYE Dec 2024	0.85	+2.3%	Cons. · IFRS
FYE Dec 2025	0.88	+3.6%	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 ¥74bn

CAGR · 10 yrs +8.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	36.0	n/a	Cons. · IFRS
FYE Dec 2017	31.5	−12.5%	Cons. · IFRS
FYE Dec 2018	31.6	+0.2%	Cons. · IFRS
FYE Dec 2019	67.8	+114.8%	Cons. · IFRS
FYE Dec 2020	36.7	−45.9%	Cons. · IFRS
FYE Dec 2021	50.1	+36.3%	Cons. · IFRS
FYE Dec 2022	45.7	−8.7%	Cons. · IFRS
FYE Dec 2023	70.7	+54.7%	Cons. · IFRS
FYE Dec 2024	67.9	−4.0%	Cons. · IFRS
FYE Dec 2025	74.5	+9.7%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥34bn

Average · 10 yrs -¥21bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-16.7	n/a	Cons. · IFRS
FYE Dec 2017	-19.6	n/a	Cons. · IFRS
FYE Dec 2018	-19.7	n/a	Cons. · IFRS
FYE Dec 2019	-20.4	n/a	Cons. · IFRS
FYE Dec 2020	-15.7	n/a	Cons. · IFRS
FYE Dec 2021	-13.0	n/a	Cons. · IFRS
FYE Dec 2022	-15.6	n/a	Cons. · IFRS
FYE Dec 2023	-14.9	n/a	Cons. · IFRS
FYE Dec 2024	-39.2	n/a	Cons. · IFRS
FYE Dec 2025	-34.1	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 -¥26bn

Average · 10 yrs -¥29bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-21.3	n/a	Cons. · IFRS
FYE Dec 2017	-13.1	n/a	Cons. · IFRS
FYE Dec 2018	-8.0	n/a	Cons. · IFRS
FYE Dec 2019	-47.4	n/a	Cons. · IFRS
FYE Dec 2020	-22.9	n/a	Cons. · IFRS
FYE Dec 2021	-16.0	n/a	Cons. · IFRS
FYE Dec 2022	-53.3	n/a	Cons. · IFRS
FYE Dec 2023	-44.5	n/a	Cons. · IFRS
FYE Dec 2024	-36.4	n/a	Cons. · IFRS
FYE Dec 2025	-25.5	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 ¥34bn

CAGR · 10 yrs +8.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	16.2	n/a	Cons. · IFRS
FYE Dec 2017	15.1	−7.0%	Cons. · IFRS
FYE Dec 2018	18.9	+25.3%	Cons. · IFRS
FYE Dec 2019	18.9	+0.2%	Cons. · IFRS
FYE Dec 2020	17.0	−10.1%	Cons. · IFRS
FYE Dec 2021	38.3	+125.1%	Cons. · IFRS
FYE Dec 2022	15.3	−60.1%	Cons. · IFRS
FYE Dec 2023	26.8	+75.4%	Cons. · IFRS
FYE Dec 2024	19.2	−28.4%	Cons. · IFRS
FYE Dec 2025	34.3	+79.1%	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 ¥40bn

CAGR · 10 yrs +8.5%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	19.4	n/a	Cons. · IFRS
FYE Dec 2017	11.9	−38.5%	Cons. · IFRS
FYE Dec 2018	11.9	−0.0%	Cons. · IFRS
FYE Dec 2019	47.4	+298.0%	Cons. · IFRS
FYE Dec 2020	21.0	−55.7%	Cons. · IFRS
FYE Dec 2021	37.1	+76.7%	Cons. · IFRS
FYE Dec 2022	30.1	−18.7%	Cons. · IFRS
FYE Dec 2023	55.9	+85.3%	Cons. · IFRS
FYE Dec 2024	28.7	−48.6%	Cons. · IFRS
FYE Dec 2025	40.4	+40.9%	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 16.3%

Average · 10 yrs 14.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	10.2	n/a	Cons. · IFRS
FYE Dec 2017	8.8	−1.4pp	Cons. · IFRS
FYE Dec 2018	8.6	−0.1pp	Cons. · IFRS
FYE Dec 2019	18.1	+9.5pp	Cons. · IFRS
FYE Dec 2020	12.7	−5.3pp	Cons. · IFRS
FYE Dec 2021	18.9	+6.2pp	Cons. · IFRS
FYE Dec 2022	15.1	−3.9pp	Cons. · IFRS
FYE Dec 2023	19.9	+4.9pp	Cons. · IFRS
FYE Dec 2024	16.9	−3.0pp	Cons. · IFRS
FYE Dec 2025	16.3	−0.7pp	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 -¥89bn

Average · 8 yrs -¥97bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	-114	n/a	Cons. · IFRS
FYE Dec 2019	-110	n/a	Cons. · IFRS
FYE Dec 2020	-129	n/a	Cons. · IFRS
FYE Dec 2021	-84.1	n/a	Cons. · IFRS
FYE Dec 2022	-91.7	n/a	Cons. · IFRS
FYE Dec 2023	-72.5	n/a	Cons. · IFRS
FYE Dec 2024	-87.2	n/a	Cons. · IFRS
FYE Dec 2025	-89.3	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 ¥765bn

Change · 8 yrs +¥465bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	301	n/a
FYE Dec 2017	316	n/a
FYE Dec 2018	342	n/a
FYE Dec 2019	422	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	344	n/a
FYE Dec 2022	n/a	n/a
FYE Dec 2023	470	n/a
FYE Dec 2024	557	n/a
FYE Dec 2025	765	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 3,364¥

Change · 8 yrs +1,821¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,544	n/a
FYE Dec 2017	1,603	n/a
FYE Dec 2018	1,735	n/a
FYE Dec 2019	2,134	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	1,513	n/a
FYE Dec 2022	n/a	n/a
FYE Dec 2023	2,065	n/a
FYE Dec 2024	2,449	n/a
FYE Dec 2025	3,364	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 227,502,200shares

Change · 10 yrs +32,668,200 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	194,834,000	Parent
FYE Dec 2017	196,922,200	Parent
FYE Dec 2018	197,083,700	Parent
FYE Dec 2019	197,502,200	Parent
FYE Dec 2020	197,502,200	Parent
FYE Dec 2021	227,502,200	Parent
FYE Dec 2022	227,502,200	Parent
FYE Dec 2023	227,502,200	Parent
FYE Dec 2024	227,502,200	Parent
FYE Dec 2025	227,502,200	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 73.62¥

Change · 10 yrs −19.95¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	93.57	Cons.
FYE Dec 2017	79.36	Cons.
FYE Dec 2018	58.04	Cons.
FYE Dec 2019	48.07	Cons.
FYE Dec 2020	-87.16	Cons.
FYE Dec 2021	40.77	Cons.
FYE Dec 2022	-28.00	Cons.
FYE Dec 2023	21.01	Cons.
FYE Dec 2024	61.38	Cons.
FYE Dec 2025	73.62	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 824.46¥

Change · 10 yrs +238.33¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	586.13	Cons. · IFRS
FYE Dec 2017	646.57	Cons. · IFRS
FYE Dec 2018	661.92	Cons. · IFRS
FYE Dec 2019	672.48	Cons. · IFRS
FYE Dec 2020	576.00	Cons. · IFRS
FYE Dec 2021	730.37	Cons. · IFRS
FYE Dec 2022	693.22	Cons. · IFRS
FYE Dec 2023	713.36	Cons. · IFRS
FYE Dec 2024	762.07	Cons. · IFRS
FYE Dec 2025	824.46	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 45.70×

Average · 8 yrs 41.50×

Fiscal year	PER ×	Basis
FYE Dec 2016	16.50	Cons.
FYE Dec 2017	20.20	Cons.
FYE Dec 2018	29.90	Cons.
FYE Dec 2019	44.40	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	37.10	Cons.
FYE Dec 2022	n/a	Cons.
FYE Dec 2023	98.30	Cons.
FYE Dec 2024	39.90	Cons.
FYE Dec 2025	45.70	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 4.08×

Average · 8 yrs 2.89×

Fiscal year	PBR ×	Basis
FYE Dec 2016	2.63	Cons.
FYE Dec 2017	2.48	Cons.
FYE Dec 2018	2.62	Cons.
FYE Dec 2019	3.17	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	2.07	Cons.
FYE Dec 2022	n/a	Cons.
FYE Dec 2023	2.90	Cons.
FYE Dec 2024	3.21	Cons.
FYE Dec 2025	4.08	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 6,744people

Change · 10 yrs +742 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	6,002	n/a	Cons.
FYE Dec 2017	6,187	+3.1%	Cons.
FYE Dec 2018	6,269	+1.3%	Cons.
FYE Dec 2019	6,276	+0.1%	Cons.
FYE Dec 2020	6,161	−1.8%	Cons.
FYE Dec 2021	5,952	−3.4%	Cons.
FYE Dec 2022	5,804	−2.5%	Cons.
FYE Dec 2023	5,700	−1.8%	Cons.
FYE Dec 2024	6,150	+7.9%	Cons.
FYE Dec 2025	6,744	+9.7%	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 Dec 2025 572people

Change · 10 yrs −91 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	663	n/a	Parent
FYE Dec 2017	681	+2.7%	Parent
FYE Dec 2018	622	−8.7%	Parent
FYE Dec 2019	633	+1.8%	Parent
FYE Dec 2020	551	−13.0%	Parent
FYE Dec 2021	541	−1.8%	Parent
FYE Dec 2022	538	−0.6%	Parent
FYE Dec 2023	534	−0.7%	Parent
FYE Dec 2024	566	+6.0%	Parent
FYE Dec 2025	572	+1.1%	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 756万円

Change · 7 yrs +137万円

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	619	n/a	Parent
FYE Dec 2020	638	+3.1%	Parent
FYE Dec 2021	663	+3.8%	Parent
FYE Dec 2022	656	−1.1%	Parent
FYE Dec 2023	695	+5.9%	Parent
FYE Dec 2024	734	+5.7%	Parent
FYE Dec 2025	756	+3.0%	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 47.5years

Change · 7 yrs +3.2 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	44.3	n/a	Parent
FYE Dec 2020	48.8	+10.2%	Parent
FYE Dec 2021	48.0	−1.6%	Parent
FYE Dec 2022	47.7	−0.6%	Parent
FYE Dec 2023	48.0	+0.6%	Parent
FYE Dec 2024	47.7	−0.6%	Parent
FYE Dec 2025	47.5	−0.4%	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 19.6years

Change · 7 yrs +1.8 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	17.8	n/a	Parent
FYE Dec 2020	21.6	+21.3%	Parent
FYE Dec 2021	21.0	−2.8%	Parent
FYE Dec 2022	21.0	−0.0%	Parent
FYE Dec 2023	21.0	−0.0%	Parent
FYE Dec 2024	20.3	−3.3%	Parent
FYE Dec 2025	19.6	−3.4%	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 40,615people

Change · 10 yrs −469 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	41,084	n/a	n/a
FYE Dec 2017	40,903	−0.4%	n/a
FYE Dec 2018	42,958	+5.0%	n/a
FYE Dec 2019	42,204	−1.8%	n/a
FYE Dec 2020	34,456	−18.4%	n/a
FYE Dec 2021	36,911	+7.1%	n/a
FYE Dec 2022	34,096	−7.6%	n/a
FYE Dec 2023	36,181	+6.1%	n/a
FYE Dec 2024	40,630	+12.3%	n/a
FYE Dec 2025	40,615	−0.0%	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 ¥67.9m

Change · 10 yrs +¥8.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	59.1	n/a	Cons.
FYE Dec 2017	58.1	−1.6%	Cons.
FYE Dec 2018	58.4	+0.6%	Cons.
FYE Dec 2019	59.8	+2.4%	Cons.
FYE Dec 2020	46.8	−21.7%	Cons.
FYE Dec 2021	44.5	−5.1%	Cons.
FYE Dec 2022	52.3	+17.7%	Cons.
FYE Dec 2023	62.3	+19.0%	Cons.
FYE Dec 2024	65.2	+4.8%	Cons.
FYE Dec 2025	67.9	+4.1%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥4.4m

Change · 8 yrs +¥0.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons.
FYE Dec 2017	n/a	n/a	Cons.
FYE Dec 2018	3.6	n/a	Cons.
FYE Dec 2019	3.3	−10.1%	Cons.
FYE Dec 2020	-3.7	−214.1%	Cons.
FYE Dec 2021	3.1	n/a	Cons.
FYE Dec 2022	-1.0	−131.4%	Cons.
FYE Dec 2023	2.1	n/a	Cons.
FYE Dec 2024	3.9	+91.8%	Cons.
FYE Dec 2025	4.4	+13.0%	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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