Financials

World: FYE Feb 2026 and ten years of results (47 metrics)

FYE Feb 2026 · Revenue¥284bnYoY +25.9%

FYE Feb 2026 · Operating profit¥16bnYoY −4.6%

FYE Feb 2026 · Net profit¥12bnYoY +8.2%

FYE Feb 2026 · Equity ratio33.2%YoY +5.5pp

FYE Feb 2026 · Group employees7,094YoY −131

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥250bn	n/a	¥12bn	n/a	4.8%	¥8.2bn	Kamiyama Kenji	~500 stores closed, 10+ brands withdrawn, ~500 jobs cut
FYE Mar 2018Consolidated	¥246bn	−1.7%	¥13bn	+9.6%	5.4%	¥6.7bn	Kamiyama Kenji	Operating holding company; fashion fund with the DBJ
FYE Mar 2019Consolidated	¥250bn	+1.6%	¥15bn	+12.1%	5.9%	¥9.2bn	Kamiyama Kenji	Relisted on the Tokyo First Section; four business segments
FYE Mar 2020Consolidated	¥236bn	−5.4%	¥12bn	−16.7%	5.2%	¥8.1bn	Kamiyama Kenji	—
FYE Mar 2021Consolidated	¥180bn	−23.7%	-¥22bn	−275.2%	-12.0%	-¥17bn	Kamiyama Kenji	<a class="en-history_person" href="/tse/3612/executives/ceo/suzuki-nobuteru/" hreflang="ja">Suzuki Nobuteru</a> becomes president
FYE Mar 2022Consolidated	¥171bn	−5.0%	¥2.2bn	n/a	1.3%	¥0.2bn	Suzuki Nobuteru	Pandemic year: sales −24%, net loss <span class="en-history_money" data-yen="17100000000" data-year="2021">$155.8M (¥17bn)</span>
FYE Mar 2023Consolidated	¥214bn	+25.0%	¥12bn	+432.1%	5.5%	¥5.7bn	Suzuki Nobuteru	Narumiya International acquired; Prime Market listing
FYE Feb 2024Consolidated	¥202bn	−5.6%	¥12bn	+2.7%	5.9%	¥6.8bn	Suzuki Nobuteru	—
FYE Feb 2025Consolidated	¥226bn	+11.5%	¥17bn	+39.9%	7.4%	¥11bn	Suzuki Nobuteru	PLAN-W — the fashion-ecosystem model
FYE Feb 2026Consolidated	¥284bn	+25.9%	¥16bn	−4.6%	5.6%	¥12bn	Suzuki Nobuteru	Record post-relisting profit; OpenFashion and MC Fashion acquired

How it compares

and ST Holdings¥304bnFY2025Operating margin 5.4%

World¥284bnFY2025Operating margin 5.6%

Pal Group Holdings¥235bnFY2025Operating margin 11.6%

Onwadohorudingusu¥208bnFY2024Operating margin 4.9%

Nishimatsuyachen¥193bnFY2025Operating margin 5.1%

Wacoal Holdings¥172bnFY2025Operating margin 11.6%

United Arrows¥165bnFY2025Operating margin 5.5%

Tiesuaihorudingusu¥157bnFY2024Operating margin 1.0%

Sanyo Shokai¥58bnFY2025Operating margin 2.2%Renown IncorporatedDelisted 2020

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 Feb 2026 ¥284bn

CAGR · 10 yrs +1.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	250	n/a	Cons. · IFRS
FYE Mar 2018	246	−1.7%	Cons. · IFRS
FYE Mar 2019	250	+1.6%	Cons. · IFRS
FYE Mar 2020	236	−5.4%	Cons. · IFRS
FYE Mar 2021	180	−23.7%	Cons. · IFRS
FYE Mar 2022	171	−5.0%	Cons. · IFRS
FYE Mar 2023	214	+25.0%	Cons. · IFRS
FYE Feb 2024	202	−5.6%	Cons. · IFRS
FYE Feb 2025	226	+11.5%	Cons. · IFRS
FYE Feb 2026	284	+25.9%	Cons. · IFRS

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

Cost of sales

FYE Feb 2026 ¥144bn

CAGR · 9 yrs +4.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	101	n/a	Cons. · IFRS
FYE Mar 2019	105	+4.2%	Cons. · IFRS
FYE Mar 2020	98.1	−6.7%	Cons. · IFRS
FYE Mar 2021	83.3	−15.1%	Cons. · IFRS
FYE Mar 2022	72.7	−12.7%	Cons. · IFRS
FYE Mar 2023	90.3	+24.2%	Cons. · IFRS
FYE Feb 2024	84.0	−7.0%	Cons. · IFRS
FYE Feb 2025	92.4	+10.0%	Cons. · IFRS
FYE Feb 2026	144	+56.3%	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 Feb 2026 ¥140bn

CAGR · 9 yrs −0.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	145	n/a	Cons. · IFRS
FYE Mar 2019	145	−0.1%	Cons. · IFRS
FYE Mar 2020	138	−4.5%	Cons. · IFRS
FYE Mar 2021	97.1	−29.7%	Cons. · IFRS
FYE Mar 2022	98.6	+1.6%	Cons. · IFRS
FYE Mar 2023	124	+25.6%	Cons. · IFRS
FYE Feb 2024	118	−4.5%	Cons. · IFRS
FYE Feb 2025	133	+12.6%	Cons. · IFRS
FYE Feb 2026	140	+4.8%	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 Feb 2026 ¥123bn

CAGR · 9 yrs −0.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	129	n/a	Cons. · IFRS
FYE Mar 2019	128	−0.5%	Cons. · IFRS
FYE Mar 2020	125	−2.5%	Cons. · IFRS
FYE Mar 2021	104	−17.2%	Cons. · IFRS
FYE Mar 2022	93.3	−10.0%	Cons. · IFRS
FYE Mar 2023	110	+18.4%	Cons. · IFRS
FYE Feb 2024	105	−5.1%	Cons. · IFRS
FYE Feb 2025	116	+10.9%	Cons. · IFRS
FYE Feb 2026	123	+6.0%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Feb 2026 ¥16bn

CAGR · 10 yrs +3.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	12.1	n/a	Cons. · IFRS
FYE Mar 2018	13.2	+9.6%	Cons. · IFRS
FYE Mar 2019	14.8	+12.1%	Cons. · IFRS
FYE Mar 2020	12.4	−16.7%	Cons. · IFRS
FYE Mar 2021	-21.6	−275.2%	Cons. · IFRS
FYE Mar 2022	2.2	n/a	Cons. · IFRS
FYE Mar 2023	11.7	+432.1%	Cons. · IFRS
FYE Feb 2024	12.0	+2.7%	Cons. · IFRS
FYE Feb 2025	16.8	+39.9%	Cons. · IFRS
FYE Feb 2026	16.0	−4.6%	Cons. · IFRS

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

Non-operating income

FYE Feb 2026 ¥90.0m

CAGR · 9 yrs −14.9%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	328	n/a	Cons. · IFRS
FYE Mar 2019	44.0	−86.6%	Cons. · IFRS
FYE Mar 2020	84.0	+90.9%	Cons. · IFRS
FYE Mar 2021	35.0	−58.3%	Cons. · IFRS
FYE Mar 2022	27.0	−22.9%	Cons. · IFRS
FYE Mar 2023	32.0	+18.5%	Cons. · IFRS
FYE Feb 2024	24.0	−25.0%	Cons. · IFRS
FYE Feb 2025	99.0	+312.5%	Cons. · IFRS
FYE Feb 2026	90.0	−9.1%	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 Feb 2026 ¥1.9bn

CAGR · 9 yrs −2.8%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	2.4	n/a	Cons. · IFRS
FYE Mar 2019	1.3	−47.1%	Cons. · IFRS
FYE Mar 2020	1.0	−21.7%	Cons. · IFRS
FYE Mar 2021	1.0	−4.4%	Cons. · IFRS
FYE Mar 2022	0.8	−14.8%	Cons. · IFRS
FYE Mar 2023	1.4	+72.8%	Cons. · IFRS
FYE Feb 2024	0.8	−40.1%	Cons. · IFRS
FYE Feb 2025	1.4	+65.2%	Cons. · IFRS
FYE Feb 2026	1.9	+37.9%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Feb 2026 ¥12bn

CAGR · 10 yrs +4.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	8.2	n/a	Cons. · IFRS
FYE Mar 2018	6.7	−17.3%	Cons. · IFRS
FYE Mar 2019	9.2	+36.4%	Cons. · IFRS
FYE Mar 2020	8.1	−12.2%	Cons. · IFRS
FYE Mar 2021	-17.1	−312.2%	Cons. · IFRS
FYE Mar 2022	0.2	n/a	Cons. · IFRS
FYE Mar 2023	5.7	+2279.1%	Cons. · IFRS
FYE Feb 2024	6.8	+19.0%	Cons. · IFRS
FYE Feb 2025	11.1	+64.2%	Cons. · IFRS
FYE Feb 2026	12.0	+8.2%	Cons. · IFRS

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

Gross margin

FYE Feb 2026 49.2%

Average · 9 yrs 56.8%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	58.9	n/a	Cons. · IFRS
FYE Mar 2019	57.9	−1.0pp	Cons. · IFRS
FYE Mar 2020	58.5	+0.6pp	Cons. · IFRS
FYE Mar 2021	53.8	−4.6pp	Cons. · IFRS
FYE Mar 2022	57.6	+3.7pp	Cons. · IFRS
FYE Mar 2023	57.8	+0.3pp	Cons. · IFRS
FYE Feb 2024	58.5	+0.7pp	Cons. · IFRS
FYE Feb 2025	59.1	+0.6pp	Cons. · IFRS
FYE Feb 2026	49.2	−9.9pp	Cons. · IFRS

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

Operating margin

FYE Feb 2026 5.6%

Average · 10 yrs 3.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	4.8	n/a	Cons. · IFRS
FYE Mar 2018	5.4	+0.6pp	Cons. · IFRS
FYE Mar 2019	5.9	+0.6pp	Cons. · IFRS
FYE Mar 2020	5.2	−0.7pp	Cons. · IFRS
FYE Mar 2021	-12.0	−17.2pp	Cons. · IFRS
FYE Mar 2022	1.3	+13.3pp	Cons. · IFRS
FYE Mar 2023	5.5	+4.2pp	Cons. · IFRS
FYE Feb 2024	5.9	+0.5pp	Cons. · IFRS
FYE Feb 2025	7.4	+1.5pp	Cons. · IFRS
FYE Feb 2026	5.6	−1.8pp	Cons. · IFRS

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

Net margin

FYE Feb 2026 4.2%

Average · 10 yrs 1.9%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · IFRS
FYE Mar 2018	2.7	−0.5pp	Cons. · IFRS
FYE Mar 2019	3.7	+0.9pp	Cons. · IFRS
FYE Mar 2020	3.4	−0.3pp	Cons. · IFRS
FYE Mar 2021	-9.5	−12.9pp	Cons. · IFRS
FYE Mar 2022	0.1	+9.6pp	Cons. · IFRS
FYE Mar 2023	2.7	+2.5pp	Cons. · IFRS
FYE Feb 2024	3.3	+0.7pp	Cons. · IFRS
FYE Feb 2025	4.9	+1.6pp	Cons. · IFRS
FYE Feb 2026	4.2	−0.7pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Feb 2026 50.8%

Average · 9 yrs 43.2%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	41.1	n/a	Cons. · IFRS
FYE Mar 2019	42.1	+1.0pp	Cons. · IFRS
FYE Mar 2020	41.5	−0.6pp	Cons. · IFRS
FYE Mar 2021	46.2	+4.6pp	Cons. · IFRS
FYE Mar 2022	42.4	−3.7pp	Cons. · IFRS
FYE Mar 2023	42.2	−0.3pp	Cons. · IFRS
FYE Feb 2024	41.5	−0.7pp	Cons. · IFRS
FYE Feb 2025	40.9	−0.6pp	Cons. · IFRS
FYE Feb 2026	50.8	+9.9pp	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 Feb 2026 43.4%

Average · 9 yrs 51.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	52.5	n/a	Cons. · IFRS
FYE Mar 2019	51.4	−1.1pp	Cons. · IFRS
FYE Mar 2020	53.0	+1.6pp	Cons. · IFRS
FYE Mar 2021	57.4	+4.5pp	Cons. · IFRS
FYE Mar 2022	54.4	−3.0pp	Cons. · IFRS
FYE Mar 2023	51.5	−2.9pp	Cons. · IFRS
FYE Feb 2024	51.8	+0.3pp	Cons. · IFRS
FYE Feb 2025	51.5	−0.3pp	Cons. · IFRS
FYE Feb 2026	43.4	−8.1pp	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 Feb 2026 ¥280bn

CAGR · 10 yrs +4.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	194	n/a	Cons. · IFRS
FYE Mar 2018	203	+4.7%	Cons. · IFRS
FYE Mar 2019	214	+5.2%	Cons. · IFRS
FYE Mar 2020	262	+22.7%	Cons. · IFRS
FYE Mar 2021	245	−6.3%	Cons. · IFRS
FYE Mar 2022	252	+2.6%	Cons. · IFRS
FYE Mar 2023	251	−0.1%	Cons. · IFRS
FYE Feb 2024	240	−4.7%	Cons. · IFRS
FYE Feb 2025	274	+14.3%	Cons. · IFRS
FYE Feb 2026	280	+2.3%	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 Feb 2026 ¥93bn

CAGR · 10 yrs +18.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	20.3	n/a	Cons. · IFRS
FYE Mar 2018	26.9	+32.2%	Cons. · IFRS
FYE Mar 2019	75.9	+182.4%	Cons. · IFRS
FYE Mar 2020	79.7	+5.0%	Cons. · IFRS
FYE Mar 2021	76.8	−3.6%	Cons. · IFRS
FYE Mar 2022	72.9	−5.2%	Cons. · IFRS
FYE Mar 2023	75.6	+3.7%	Cons. · IFRS
FYE Feb 2024	75.6	−0.0%	Cons. · IFRS
FYE Feb 2025	76.0	+0.5%	Cons. · IFRS
FYE Feb 2026	93.0	+22.4%	Cons. · IFRS

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

Interest-bearing debt

FYE Feb 2026 ¥82bn

CAGR · 9 yrs −0.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	86.3	n/a	Cons. · IFRS
FYE Mar 2019	74.7	−13.4%	Cons. · IFRS
FYE Mar 2020	78.1	+4.5%	Cons. · IFRS
FYE Mar 2021	80.0	+2.4%	Cons. · IFRS
FYE Mar 2022	83.4	+4.3%	Cons. · IFRS
FYE Mar 2023	78.6	−5.8%	Cons. · IFRS
FYE Feb 2024	74.3	−5.5%	Cons. · IFRS
FYE Feb 2025	86.8	+16.9%	Cons. · IFRS
FYE Feb 2026	81.8	−5.8%	Cons. · IFRS

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

Short-term borrowings

FYE Feb 2026 ¥38bn

CAGR · 9 yrs +0.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	37.4	n/a	Cons. · IFRS
FYE Mar 2019	27.7	−25.9%	Cons. · IFRS
FYE Mar 2020	39.3	+41.7%	Cons. · IFRS
FYE Mar 2021	78.3	+99.4%	Cons. · IFRS
FYE Mar 2022	45.2	−42.2%	Cons. · IFRS
FYE Mar 2023	42.5	−6.0%	Cons. · IFRS
FYE Feb 2024	36.7	−13.8%	Cons. · IFRS
FYE Feb 2025	44.4	+21.1%	Cons. · IFRS
FYE Feb 2026	37.8	−14.8%	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 Feb 2026 ¥44bn

CAGR · 9 yrs −1.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	48.9	n/a	Cons. · IFRS
FYE Mar 2019	47.0	−3.9%	Cons. · IFRS
FYE Mar 2020	38.9	−17.4%	Cons. · IFRS
FYE Mar 2021	1.7	−95.6%	Cons. · IFRS
FYE Mar 2022	38.2	+2150.4%	Cons. · IFRS
FYE Mar 2023	36.0	−5.7%	Cons. · IFRS
FYE Feb 2024	37.6	+4.3%	Cons. · IFRS
FYE Feb 2025	42.4	+12.8%	Cons. · IFRS
FYE Feb 2026	44.0	+3.7%	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 Feb 2026 ¥83bn

CAGR · 9 yrs +3.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	63.8	n/a	Cons. · IFRS
FYE Mar 2019	71.6	+12.2%	Cons. · IFRS
FYE Mar 2020	80.0	+11.8%	Cons. · IFRS
FYE Mar 2021	74.3	−7.1%	Cons. · IFRS
FYE Mar 2022	83.8	+12.8%	Cons. · IFRS
FYE Mar 2023	84.4	+0.7%	Cons. · IFRS
FYE Feb 2024	84.0	−0.4%	Cons. · IFRS
FYE Feb 2025	79.0	−6.0%	Cons. · IFRS
FYE Feb 2026	82.7	+4.6%	Cons. · IFRS

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

Goodwill

FYE Feb 2026 ¥61bn

CAGR · 9 yrs +0.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	59.8	n/a	Cons. · IFRS
FYE Mar 2019	62.5	+4.7%	Cons. · IFRS
FYE Mar 2020	66.8	+6.8%	Cons. · IFRS
FYE Mar 2021	60.4	−9.6%	Cons. · IFRS
FYE Mar 2022	60.9	+0.9%	Cons. · IFRS
FYE Mar 2023	60.7	−0.3%	Cons. · IFRS
FYE Feb 2024	60.3	−0.7%	Cons. · IFRS
FYE Feb 2025	57.2	−5.2%	Cons. · IFRS
FYE Feb 2026	61.2	+7.0%	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 Feb 2026 33.2%

Average · 10 yrs 27.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	10.5	n/a	Cons. · IFRS
FYE Mar 2018	13.2	+2.7pp	Cons. · IFRS
FYE Mar 2019	35.5	+22.3pp	Cons. · IFRS
FYE Mar 2020	30.4	−5.1pp	Cons. · IFRS
FYE Mar 2021	31.3	+0.9pp	Cons. · IFRS
FYE Mar 2022	29.0	−2.4pp	Cons. · IFRS
FYE Mar 2023	30.1	+1.1pp	Cons. · IFRS
FYE Feb 2024	31.5	+1.5pp	Cons. · IFRS
FYE Feb 2025	27.8	−3.8pp	Cons. · IFRS
FYE Feb 2026	33.2	+5.5pp	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 Feb 2026 87.9%

Average · 9 yrs 126.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	321.0	n/a	Cons. · IFRS
FYE Mar 2019	98.4	−222.5pp	Cons. · IFRS
FYE Mar 2020	98.0	−0.4pp	Cons. · IFRS
FYE Mar 2021	104.1	+6.1pp	Cons. · IFRS
FYE Mar 2022	114.5	+10.4pp	Cons. · IFRS
FYE Mar 2023	103.9	−10.6pp	Cons. · IFRS
FYE Feb 2024	98.2	−5.7pp	Cons. · IFRS
FYE Feb 2025	114.2	+16.0pp	Cons. · IFRS
FYE Feb 2026	87.9	−26.3pp	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 Feb 2026 12.9%

Average · 10 yrs 10.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	40.1	n/a	Cons. · IFRS
FYE Mar 2018	25.1	−15.0pp	Cons. · IFRS
FYE Mar 2019	12.1	−13.0pp	Cons. · IFRS
FYE Mar 2020	10.1	−2.0pp	Cons. · IFRS
FYE Mar 2021	-22.3	−32.5pp	Cons. · IFRS
FYE Mar 2022	0.3	+22.6pp	Cons. · IFRS
FYE Mar 2023	7.5	+7.2pp	Cons. · IFRS
FYE Feb 2024	8.9	+1.4pp	Cons. · IFRS
FYE Feb 2025	14.6	+5.7pp	Cons. · IFRS
FYE Feb 2026	12.9	−1.7pp	Cons. · IFRS

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

ROA return on assets

FYE Feb 2026 4.3%

Average · 10 yrs 2.1%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · IFRS
FYE Mar 2018	3.3	−0.9pp	Cons. · IFRS
FYE Mar 2019	4.3	+1.0pp	Cons. · IFRS
FYE Mar 2020	3.1	−1.2pp	Cons. · IFRS
FYE Mar 2021	-7.0	−10.1pp	Cons. · IFRS
FYE Mar 2022	0.1	+7.1pp	Cons. · IFRS
FYE Mar 2023	2.3	+2.2pp	Cons. · IFRS
FYE Feb 2024	2.8	+0.6pp	Cons. · IFRS
FYE Feb 2025	4.1	+1.2pp	Cons. · IFRS
FYE Feb 2026	4.3	+0.2pp	Cons. · IFRS

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

Asset turnover

FYE Feb 2026 1.01×

CAGR · 10 yrs −2.6%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.29	n/a	Cons. · IFRS
FYE Mar 2018	1.21	−6.1%	Cons. · IFRS
FYE Mar 2019	1.17	−3.4%	Cons. · IFRS
FYE Mar 2020	0.90	−22.9%	Cons. · IFRS
FYE Mar 2021	0.73	−18.5%	Cons. · IFRS
FYE Mar 2022	0.68	−7.4%	Cons. · IFRS
FYE Mar 2023	0.85	+25.2%	Cons. · IFRS
FYE Feb 2024	0.84	−0.9%	Cons. · IFRS
FYE Feb 2025	0.82	−2.4%	Cons. · IFRS
FYE Feb 2026	1.01	+23.1%	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 Feb 2026 ¥31bn

CAGR · 10 yrs +7.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	16.7	n/a	Cons. · IFRS
FYE Mar 2018	20.5	+22.8%	Cons. · IFRS
FYE Mar 2019	12.5	−39.1%	Cons. · IFRS
FYE Mar 2020	26.9	+115.2%	Cons. · IFRS
FYE Mar 2021	4.2	−84.5%	Cons. · IFRS
FYE Mar 2022	17.3	+316.9%	Cons. · IFRS
FYE Mar 2023	25.4	+46.6%	Cons. · IFRS
FYE Feb 2024	27.5	+8.2%	Cons. · IFRS
FYE Feb 2025	32.0	+16.5%	Cons. · IFRS
FYE Feb 2026	31.0	−3.2%	Cons. · IFRS

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

Investing cash flow

FYE Feb 2026 -¥4.1bn

Average · 10 yrs -¥7.7bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-20.4	n/a	Cons. · IFRS
FYE Mar 2018	-5.9	n/a	Cons. · IFRS
FYE Mar 2019	-17.2	n/a	Cons. · IFRS
FYE Mar 2020	-7.9	n/a	Cons. · IFRS
FYE Mar 2021	-2.7	n/a	Cons. · IFRS
FYE Mar 2022	-2.0	n/a	Cons. · IFRS
FYE Mar 2023	-4.4	n/a	Cons. · IFRS
FYE Feb 2024	-2.0	n/a	Cons. · IFRS
FYE Feb 2025	-10.3	n/a	Cons. · IFRS
FYE Feb 2026	-4.1	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 Feb 2026 -¥31bn

Average · 10 yrs -¥15bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-3.3	n/a	Cons. · IFRS
FYE Mar 2018	-14.8	n/a	Cons. · IFRS
FYE Mar 2019	3.5	n/a	Cons. · IFRS
FYE Mar 2020	-18.2	−628.1%	Cons. · IFRS
FYE Mar 2021	-1.1	n/a	Cons. · IFRS
FYE Mar 2022	-14.8	n/a	Cons. · IFRS
FYE Mar 2023	-21.8	n/a	Cons. · IFRS
FYE Feb 2024	-25.5	n/a	Cons. · IFRS
FYE Feb 2025	-20.8	n/a	Cons. · IFRS
FYE Feb 2026	-30.9	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 Feb 2026 ¥18bn

CAGR · 10 yrs −1.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	21.1	n/a	Cons. · IFRS
FYE Mar 2018	21.0	−0.8%	Cons. · IFRS
FYE Mar 2019	19.6	−6.6%	Cons. · IFRS
FYE Mar 2020	20.2	+3.3%	Cons. · IFRS
FYE Mar 2021	20.7	+2.2%	Cons. · IFRS
FYE Mar 2022	21.4	+3.5%	Cons. · IFRS
FYE Mar 2023	20.7	−3.4%	Cons. · IFRS
FYE Feb 2024	20.8	+0.8%	Cons. · IFRS
FYE Feb 2025	21.7	+4.3%	Cons. · IFRS
FYE Feb 2026	18.1	−16.7%	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 Feb 2026 ¥27bn

Average · 10 yrs ¥14bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-3.7	n/a	Cons. · IFRS
FYE Mar 2018	14.6	n/a	Cons. · IFRS
FYE Mar 2019	-4.7	−132.3%	Cons. · IFRS
FYE Mar 2020	18.9	n/a	Cons. · IFRS
FYE Mar 2021	1.5	−92.2%	Cons. · IFRS
FYE Mar 2022	15.3	+935.6%	Cons. · IFRS
FYE Mar 2023	21.0	+37.4%	Cons. · IFRS
FYE Feb 2024	25.5	+21.4%	Cons. · IFRS
FYE Feb 2025	21.7	−14.8%	Cons. · IFRS
FYE Feb 2026	26.9	+23.6%	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 Feb 2026 10.9%

Average · 10 yrs 9.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	6.7	n/a	Cons. · IFRS
FYE Mar 2018	8.4	+1.7pp	Cons. · IFRS
FYE Mar 2019	5.0	−3.3pp	Cons. · IFRS
FYE Mar 2020	11.4	+6.4pp	Cons. · IFRS
FYE Mar 2021	2.3	−9.1pp	Cons. · IFRS
FYE Mar 2022	10.1	+7.8pp	Cons. · IFRS
FYE Mar 2023	11.9	+1.7pp	Cons. · IFRS
FYE Feb 2024	13.6	+1.7pp	Cons. · IFRS
FYE Feb 2025	14.2	+0.6pp	Cons. · IFRS
FYE Feb 2026	10.9	−3.3pp	Cons. · IFRS

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

Net cash

FYE Feb 2026 -¥64bn

Average · 9 yrs -¥60bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-65.3	n/a	Cons. · IFRS
FYE Mar 2019	-55.1	n/a	Cons. · IFRS
FYE Mar 2020	-57.9	n/a	Cons. · IFRS
FYE Mar 2021	-59.3	n/a	Cons. · IFRS
FYE Mar 2022	-62.0	n/a	Cons. · IFRS
FYE Mar 2023	-57.9	n/a	Cons. · IFRS
FYE Feb 2024	-53.4	n/a	Cons. · IFRS
FYE Feb 2025	-65.0	n/a	Cons. · IFRS
FYE Feb 2026	-63.7	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 Feb 2026 ¥122bn

Change · 6 yrs +¥45bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	n/a	n/a
FYE Mar 2019	76.5	n/a
FYE Mar 2020	51.8	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	25.5	n/a
FYE Feb 2024	33.2	n/a
FYE Feb 2025	80.4	n/a
FYE Feb 2026	122	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 Feb 2026 3,300¥

Change · 6 yrs +1,076¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	n/a	n/a
FYE Mar 2019	2,224	n/a
FYE Mar 2020	1,506	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	n/a	n/a
FYE Mar 2023	741	n/a
FYE Feb 2024	966	n/a
FYE Feb 2025	2,338	n/a
FYE Feb 2026	3,300	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 Feb 2026 36,859,000shares

Change · 10 yrs −203,143,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	240,002,000	Parent
FYE Mar 2018	240,002,000	Parent
FYE Mar 2019	34,391,000	Parent
FYE Mar 2020	34,391,000	Parent
FYE Mar 2021	34,391,000	Parent
FYE Mar 2022	34,391,000	Parent
FYE Mar 2023	34,391,000	Parent
FYE Feb 2024	34,391,000	Parent
FYE Feb 2025	34,391,000	Parent
FYE Feb 2026	36,859,000	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 Feb 2026 171.36¥

Change · 10 yrs −280.44¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	451.80	Cons.
FYE Mar 2018	373.76	Cons.
FYE Mar 2019	354.70	Cons.
FYE Mar 2020	242.53	Cons.
FYE Mar 2021	-255.54	Cons.
FYE Mar 2022	-3.90	Cons.
FYE Mar 2023	76.37	Cons.
FYE Feb 2024	93.68	Cons.
FYE Feb 2025	158.61	Cons.
FYE Feb 2026	171.36	Cons.

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

BPS book value per share

FYE Feb 2026 2,524.11¥

Change · 10 yrs +2,439.36¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	84.74	Cons. · IFRS
FYE Mar 2018	111.99	Cons. · IFRS
FYE Mar 2019	2,207.21	Cons. · IFRS
FYE Mar 2020	2,317.52	Cons. · IFRS
FYE Mar 2021	2,234.33	Cons. · IFRS
FYE Mar 2022	2,119.22	Cons. · IFRS
FYE Mar 2023	2,198.54	Cons. · IFRS
FYE Feb 2024	2,198.34	Cons. · IFRS
FYE Feb 2025	2,209.97	Cons. · IFRS
FYE Feb 2026	2,524.11	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Feb 2026 9.63×

Average · 6 yrs 8.25×

Fiscal year	PER ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	n/a	Cons.
FYE Mar 2019	6.27	Cons.
FYE Mar 2020	6.21	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	9.70	Cons.
FYE Feb 2024	10.31	Cons.
FYE Feb 2025	7.37	Cons.
FYE Feb 2026	9.63	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 Feb 2026 1.27×

Average · 6 yrs 0.87×

Fiscal year	PBR ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	n/a	Cons.
FYE Mar 2019	0.96	Cons.
FYE Mar 2020	0.62	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	n/a	Cons.
FYE Mar 2023	0.61	Cons.
FYE Feb 2024	0.80	Cons.
FYE Feb 2025	0.98	Cons.
FYE Feb 2026	1.27	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 Feb 2026 7,094people

Change · 10 yrs −4,177 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	11,271	n/a	Cons.
FYE Mar 2018	11,020	−2.2%	Cons.
FYE Mar 2019	10,088	−8.5%	Cons.
FYE Mar 2020	9,683	−4.0%	Cons.
FYE Mar 2021	9,099	−6.0%	Cons.
FYE Mar 2022	8,388	−7.8%	Cons.
FYE Mar 2023	7,648	−8.8%	Cons.
FYE Feb 2024	7,183	−6.1%	Cons.
FYE Feb 2025	7,225	+0.6%	Cons.
FYE Feb 2026	7,094	−1.8%	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 Feb 2026 263people

Change · 10 yrs −878 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,141	n/a	Parent
FYE Mar 2018	192	−83.2%	Parent
FYE Mar 2019	184	−4.2%	Parent
FYE Mar 2020	239	+29.9%	Parent
FYE Mar 2021	213	−10.9%	Parent
FYE Mar 2022	280	+31.5%	Parent
FYE Mar 2023	251	−10.4%	Parent
FYE Feb 2024	260	+3.6%	Parent
FYE Feb 2025	276	+6.2%	Parent
FYE Feb 2026	263	−4.7%	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 Feb 2026 558万円

Change · 8 yrs −76万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	634	n/a	Parent
FYE Mar 2020	635	+0.2%	Parent
FYE Mar 2021	534	−16.0%	Parent
FYE Mar 2022	466	−12.7%	Parent
FYE Mar 2023	501	+7.5%	Parent
FYE Feb 2024	485	−3.3%	Parent
FYE Feb 2025	519	+7.0%	Parent
FYE Feb 2026	558	+7.5%	Parent

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

Average age

FYE Feb 2026 43.1years

Change · 8 yrs −4.6 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	47.7	n/a	Parent
FYE Mar 2020	46.9	−1.7%	Parent
FYE Mar 2021	45.7	−2.6%	Parent
FYE Mar 2022	43.9	−3.9%	Parent
FYE Mar 2023	43.9	−0.0%	Parent
FYE Feb 2024	43.1	−1.8%	Parent
FYE Feb 2025	43.7	+1.4%	Parent
FYE Feb 2026	43.1	−1.4%	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 Feb 2026 15.2years

Change · 8 yrs −5.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	21.1	n/a	Parent
FYE Mar 2020	20.2	−4.3%	Parent
FYE Mar 2021	19.7	−2.5%	Parent
FYE Mar 2022	18.7	−5.1%	Parent
FYE Mar 2023	17.7	−5.3%	Parent
FYE Feb 2024	16.8	−5.1%	Parent
FYE Feb 2025	16.3	−3.0%	Parent
FYE Feb 2026	15.2	−6.7%	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 Feb 2026 4,987people

Change · 10 yrs +2,863 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	2,124	n/a	n/a
FYE Mar 2018	2,620	+23.4%	n/a
FYE Mar 2019	2,924	+11.6%	n/a
FYE Mar 2020	4,077	+39.4%	n/a
FYE Mar 2021	3,454	−15.3%	n/a
FYE Mar 2022	3,140	−9.1%	n/a
FYE Mar 2023	3,313	+5.5%	n/a
FYE Feb 2024	3,488	+5.3%	n/a
FYE Feb 2025	3,854	+10.5%	n/a
FYE Feb 2026	4,987	+29.4%	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 Feb 2026 ¥40.0m

Change · 10 yrs +¥17.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	22.2	n/a	Cons.
FYE Mar 2018	22.3	+0.6%	Cons.
FYE Mar 2019	24.8	+11.0%	Cons.
FYE Mar 2020	24.4	−1.5%	Cons.
FYE Mar 2021	19.8	−18.8%	Cons.
FYE Mar 2022	20.4	+3.1%	Cons.
FYE Mar 2023	28.0	+37.1%	Cons.
FYE Feb 2024	28.2	+0.6%	Cons.
FYE Feb 2025	31.2	+10.9%	Cons.
FYE Feb 2026	40.0	+28.2%	Cons.

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

Operating profit per employee

FYE Feb 2026 ¥2.3m

Change · 10 yrs +¥1.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons.
FYE Mar 2018	1.2	+12.1%	Cons.
FYE Mar 2019	1.5	+22.5%	Cons.
FYE Mar 2020	1.3	−13.2%	Cons.
FYE Mar 2021	-2.4	−286.4%	Cons.
FYE Mar 2022	0.3	n/a	Cons.
FYE Mar 2023	1.5	+483.6%	Cons.
FYE Feb 2024	1.7	+9.4%	Cons.
FYE Feb 2025	2.3	+39.1%	Cons.
FYE Feb 2026	2.3	−2.8%	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.

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