Financials

Nexon: FYE Dec 2025 and ten years of results (46 metrics)

FYE Dec 2025 · Revenue¥475bnYoY +6.5%

FYE Dec 2025 · Operating profit¥124bnYoY −0.1%

FYE Dec 2025 · Net profit¥92bnYoY −31.7%

FYE Dec 2025 · Equity ratio74.4%YoY −5.8pp

FYE Dec 2025 · Group employees9,834YoY +505

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥183bn	n/a	¥41bn	n/a	22.2%	¥20bn	Owen Mahoney	Operating profit falls ~35% in a single year
FYE Dec 2017Consolidated	¥235bn	+28.3%	¥91bn	+122.6%	38.5%	¥57bn	Owen Mahoney	—
FYE Dec 2018Consolidated	¥254bn	+8.0%	¥98bn	+8.7%	38.8%	¥108bn	Owen Mahoney	New record, led by Dungeon & Fighter in China
FYE Dec 2019Consolidated	¥249bn	−2.0%	¥95bn	−3.9%	38.0%	¥116bn	Owen Mahoney	<strong>Embark Studios</strong> (Sweden) acquired
FYE Dec 2020Consolidated	¥293bn	+17.9%	¥111bn	+17.9%	38.0%	¥56bn	Owen Mahoney	Record revenue in the pandemic year
FYE Dec 2021Consolidated	¥274bn	−6.3%	¥92bn	−17.9%	33.4%	¥115bn	Owen Mahoney	—
FYE Dec 2022Consolidated	¥354bn	+28.9%	¥104bn	+13.3%	29.3%	¥100bn	Owen Mahoney	First large buyback; moves to the Prime market
FYE Dec 2023Consolidated	¥423bn	+19.7%	¥135bn	+29.9%	31.8%	¥71bn	Owen Mahoney	—
FYE Dec 2024Consolidated	¥446bn	+5.4%	¥124bn	−7.8%	27.8%	¥135bn	Owen Mahoney	<strong>Jung-hun Lee</strong> becomes president
FYE Dec 2025Consolidated	¥475bn	+6.5%	¥124bn	−0.1%	26.1%	¥92bn	Lee Junghun	Renews its share buyback

How it compares

Nexon¥475bnFY2025Operating margin 26.1%

Square Enix Holdings¥298bnFY2025Operating margin 18.4%Capcom¥195bnFY2025Operating margin 38.5%MIXI¥171bnFY2025Operating margin 13.0%DeNA¥148bnFY2025Operating margin 12.7%GungHo Online Entertainment¥93bnFY2025Operating margin 5.4%Koei Tecmo Holdings¥88bnFY2025Operating margin 42.0%

GREE Holdings, Inc.¥57bnFY2025Operating margin 8.5%

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 ¥475bn

CAGR · 10 yrs +11.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	183	n/a	Cons. · IFRS
FYE Dec 2017	235	+28.3%	Cons. · IFRS
FYE Dec 2018	254	+8.0%	Cons. · IFRS
FYE Dec 2019	249	−2.0%	Cons. · IFRS
FYE Dec 2020	293	+17.9%	Cons. · IFRS
FYE Dec 2021	274	−6.3%	Cons. · IFRS
FYE Dec 2022	354	+28.9%	Cons. · IFRS
FYE Dec 2023	423	+19.7%	Cons. · IFRS
FYE Dec 2024	446	+5.4%	Cons. · IFRS
FYE Dec 2025	475	+6.5%	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 ¥193bn

CAGR · 10 yrs +16.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	48.1	n/a	Cons. · IFRS
FYE Dec 2017	56.7	+17.7%	Cons. · IFRS
FYE Dec 2018	57.6	+1.6%	Cons. · IFRS
FYE Dec 2019	59.6	+3.5%	Cons. · IFRS
FYE Dec 2020	69.0	+15.8%	Cons. · IFRS
FYE Dec 2021	72.1	+4.5%	Cons. · IFRS
FYE Dec 2022	106	+46.7%	Cons. · IFRS
FYE Dec 2023	138	+30.4%	Cons. · IFRS
FYE Dec 2024	165	+19.5%	Cons. · IFRS
FYE Dec 2025	193	+17.1%	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 ¥282bn

CAGR · 10 yrs +8.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	135	n/a	Cons. · IFRS
FYE Dec 2017	178	+32.1%	Cons. · IFRS
FYE Dec 2018	196	+10.0%	Cons. · IFRS
FYE Dec 2019	189	−3.7%	Cons. · IFRS
FYE Dec 2020	224	+18.6%	Cons. · IFRS
FYE Dec 2021	202	−9.7%	Cons. · IFRS
FYE Dec 2022	248	+22.5%	Cons. · IFRS
FYE Dec 2023	285	+15.1%	Cons. · IFRS
FYE Dec 2024	281	−1.4%	Cons. · IFRS
FYE Dec 2025	282	+0.2%	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 ¥162bn

CAGR · 10 yrs +10.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	66.2	n/a	Cons. · IFRS
FYE Dec 2017	75.1	+13.4%	Cons. · IFRS
FYE Dec 2018	89.8	+19.6%	Cons. · IFRS
FYE Dec 2019	85.1	−5.2%	Cons. · IFRS
FYE Dec 2020	104	+21.8%	Cons. · IFRS
FYE Dec 2021	108	+4.6%	Cons. · IFRS
FYE Dec 2022	139	+28.4%	Cons. · IFRS
FYE Dec 2023	148	+6.1%	Cons. · IFRS
FYE Dec 2024	142	−3.8%	Cons. · IFRS
FYE Dec 2025	162	+13.9%	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 ¥124bn

CAGR · 10 yrs +13.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	40.7	n/a	Cons. · IFRS
FYE Dec 2017	90.5	+122.6%	Cons. · IFRS
FYE Dec 2018	98.4	+8.7%	Cons. · IFRS
FYE Dec 2019	94.5	−3.9%	Cons. · IFRS
FYE Dec 2020	111	+17.9%	Cons. · IFRS
FYE Dec 2021	91.5	−17.9%	Cons. · IFRS
FYE Dec 2022	104	+13.3%	Cons. · IFRS
FYE Dec 2023	135	+29.9%	Cons. · IFRS
FYE Dec 2024	124	−7.8%	Cons. · IFRS
FYE Dec 2025	124	−0.1%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥37bn

CAGR · 10 yrs +21.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	6.6	n/a	Cons. · IFRS
FYE Dec 2017	6.3	−4.2%	Cons. · IFRS
FYE Dec 2018	21.6	+243.1%	Cons. · IFRS
FYE Dec 2019	30.0	+38.8%	Cons. · IFRS
FYE Dec 2020	15.0	−50.0%	Cons. · IFRS
FYE Dec 2021	47.9	+219.1%	Cons. · IFRS
FYE Dec 2022	65.3	+36.4%	Cons. · IFRS
FYE Dec 2023	40.1	−38.5%	Cons. · IFRS
FYE Dec 2024	79.7	+98.5%	Cons. · IFRS
FYE Dec 2025	37.3	−53.3%	Cons. · IFRS

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

Non-operating expenses

FYE Dec 2025 ¥11bn

CAGR · 10 yrs +53.5%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	0.2	n/a	Cons. · IFRS
FYE Dec 2017	26.2	+11707.2%	Cons. · IFRS
FYE Dec 2018	1.7	−93.4%	Cons. · IFRS
FYE Dec 2019	2.3	+31.8%	Cons. · IFRS
FYE Dec 2020	19.0	+738.4%	Cons. · IFRS
FYE Dec 2021	1.4	−92.9%	Cons. · IFRS
FYE Dec 2022	12.9	+851.4%	Cons. · IFRS
FYE Dec 2023	7.3	−43.5%	Cons. · IFRS
FYE Dec 2024	3.4	−53.3%	Cons. · IFRS
FYE Dec 2025	10.5	+209.2%	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 Dec 2025 ¥92bn

CAGR · 10 yrs +18.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	20.1	n/a	Cons. · IFRS
FYE Dec 2017	56.8	+181.9%	Cons. · IFRS
FYE Dec 2018	108	+89.7%	Cons. · IFRS
FYE Dec 2019	116	+7.4%	Cons. · IFRS
FYE Dec 2020	56.2	−51.4%	Cons. · IFRS
FYE Dec 2021	115	+104.4%	Cons. · IFRS
FYE Dec 2022	100	−12.7%	Cons. · IFRS
FYE Dec 2023	70.6	−29.6%	Cons. · IFRS
FYE Dec 2024	135	+91.0%	Cons. · IFRS
FYE Dec 2025	92.1	−31.7%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 59.4%

Average · 10 yrs 71.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	73.7	n/a	Cons. · IFRS
FYE Dec 2017	75.9	+2.2pp	Cons. · IFRS
FYE Dec 2018	77.3	+1.4pp	Cons. · IFRS
FYE Dec 2019	76.0	−1.3pp	Cons. · IFRS
FYE Dec 2020	76.4	+0.4pp	Cons. · IFRS
FYE Dec 2021	73.7	−2.7pp	Cons. · IFRS
FYE Dec 2022	70.1	−3.6pp	Cons. · IFRS
FYE Dec 2023	67.4	−2.7pp	Cons. · IFRS
FYE Dec 2024	63.1	−4.4pp	Cons. · IFRS
FYE Dec 2025	59.4	−3.7pp	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 26.1%

Average · 10 yrs 32.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	22.2	n/a	Cons. · IFRS
FYE Dec 2017	38.5	+16.3pp	Cons. · IFRS
FYE Dec 2018	38.8	+0.2pp	Cons. · IFRS
FYE Dec 2019	38.0	−0.7pp	Cons. · IFRS
FYE Dec 2020	38.0	−0.0pp	Cons. · IFRS
FYE Dec 2021	33.4	−4.7pp	Cons. · IFRS
FYE Dec 2022	29.3	−4.0pp	Cons. · IFRS
FYE Dec 2023	31.8	+2.5pp	Cons. · IFRS
FYE Dec 2024	27.8	−4.0pp	Cons. · IFRS
FYE Dec 2025	26.1	−1.7pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 19.4%

Average · 10 yrs 28.0%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	11.0	n/a	Cons. · IFRS
FYE Dec 2017	24.2	+13.2pp	Cons. · IFRS
FYE Dec 2018	42.4	+18.3pp	Cons. · IFRS
FYE Dec 2019	46.5	+4.1pp	Cons. · IFRS
FYE Dec 2020	19.2	−27.4pp	Cons. · IFRS
FYE Dec 2021	41.9	+22.7pp	Cons. · IFRS
FYE Dec 2022	28.4	−13.5pp	Cons. · IFRS
FYE Dec 2023	16.7	−11.7pp	Cons. · IFRS
FYE Dec 2024	30.2	+13.5pp	Cons. · IFRS
FYE Dec 2025	19.4	−10.8pp	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 40.6%

Average · 10 yrs 28.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	26.3	n/a	Cons. · IFRS
FYE Dec 2017	24.1	−2.2pp	Cons. · IFRS
FYE Dec 2018	22.7	−1.4pp	Cons. · IFRS
FYE Dec 2019	24.0	+1.3pp	Cons. · IFRS
FYE Dec 2020	23.6	−0.4pp	Cons. · IFRS
FYE Dec 2021	26.3	+2.7pp	Cons. · IFRS
FYE Dec 2022	29.9	+3.6pp	Cons. · IFRS
FYE Dec 2023	32.6	+2.7pp	Cons. · IFRS
FYE Dec 2024	36.9	+4.4pp	Cons. · IFRS
FYE Dec 2025	40.6	+3.7pp	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 34.1%

Average · 10 yrs 35.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	36.2	n/a	Cons. · IFRS
FYE Dec 2017	32.0	−4.2pp	Cons. · IFRS
FYE Dec 2018	35.4	+3.4pp	Cons. · IFRS
FYE Dec 2019	34.2	−1.1pp	Cons. · IFRS
FYE Dec 2020	35.4	+1.1pp	Cons. · IFRS
FYE Dec 2021	39.5	+4.1pp	Cons. · IFRS
FYE Dec 2022	39.4	−0.1pp	Cons. · IFRS
FYE Dec 2023	34.9	−4.5pp	Cons. · IFRS
FYE Dec 2024	31.9	−3.0pp	Cons. · IFRS
FYE Dec 2025	34.1	+2.2pp	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 ¥1.41tn

CAGR · 10 yrs +13.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	442	n/a	Cons. · IFRS
FYE Dec 2017	543	+22.9%	Cons. · IFRS
FYE Dec 2018	650	+19.7%	Cons. · IFRS
FYE Dec 2019	719	+10.6%	Cons. · IFRS
FYE Dec 2020	862	+19.9%	Cons. · IFRS
FYE Dec 2021	987	+14.4%	Cons. · IFRS
FYE Dec 2022	1,043	+5.7%	Cons. · IFRS
FYE Dec 2023	1,098	+5.3%	Cons. · IFRS
FYE Dec 2024	1,257	+14.4%	Cons. · IFRS
FYE Dec 2025	1,410	+12.2%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Dec 2025 ¥1.05tn

CAGR · 10 yrs +12.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	373	n/a	Cons. · IFRS
FYE Dec 2017	465	+24.7%	Cons. · IFRS
FYE Dec 2018	545	+17.2%	Cons. · IFRS
FYE Dec 2019	609	+11.7%	Cons. · IFRS
FYE Dec 2020	699	+14.9%	Cons. · IFRS
FYE Dec 2021	827	+18.3%	Cons. · IFRS
FYE Dec 2022	849	+2.6%	Cons. · IFRS
FYE Dec 2023	886	+4.4%	Cons. · IFRS
FYE Dec 2024	1,008	+13.7%	Cons. · IFRS
FYE Dec 2025	1,049	+4.1%	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 n/a

Average · 4 yrs ¥2.2bn

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	4.3	n/a	Cons. · IFRS
FYE Dec 2019	2.2	−48.6%	Cons. · IFRS
FYE Dec 2020	2.1	−5.8%	Cons. · IFRS
FYE Dec 2021	0.0	−100.0%	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 n/a

CAGR · 3 yrs −30.4%

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	4.3	n/a	Cons. · IFRS
FYE Dec 2019	2.2	−48.6%	Cons. · IFRS
FYE Dec 2020	2.1	−5.8%	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥37bn

CAGR · 8 yrs +5.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	26.0	n/a	Cons. · IFRS
FYE Dec 2019	21.5	−17.3%	Cons. · IFRS
FYE Dec 2020	14.9	−30.6%	Cons. · IFRS
FYE Dec 2021	17.7	+18.5%	Cons. · IFRS
FYE Dec 2022	9.7	−45.5%	Cons. · IFRS
FYE Dec 2023	17.8	+84.8%	Cons. · IFRS
FYE Dec 2024	34.8	+95.1%	Cons. · IFRS
FYE Dec 2025	36.7	+5.4%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥50bn

CAGR · 10 yrs +12.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	17.5	n/a	Cons. · IFRS
FYE Dec 2017	21.7	+23.7%	Cons. · IFRS
FYE Dec 2018	26.5	+22.4%	Cons. · IFRS
FYE Dec 2019	42.5	+60.1%	Cons. · IFRS
FYE Dec 2020	38.4	−9.5%	Cons. · IFRS
FYE Dec 2021	38.9	+1.3%	Cons. · IFRS
FYE Dec 2022	40.1	+3.1%	Cons. · IFRS
FYE Dec 2023	43.9	+9.4%	Cons. · IFRS
FYE Dec 2024	44.6	+1.5%	Cons. · IFRS
FYE Dec 2025	49.9	+12.1%	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 74.4%

Average · 10 yrs 82.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	84.4	n/a	Cons. · IFRS
FYE Dec 2017	85.6	+1.2pp	Cons. · IFRS
FYE Dec 2018	83.9	−1.8pp	Cons. · IFRS
FYE Dec 2019	84.7	+0.8pp	Cons. · IFRS
FYE Dec 2020	81.1	−3.6pp	Cons. · IFRS
FYE Dec 2021	83.9	+2.8pp	Cons. · IFRS
FYE Dec 2022	81.4	−2.5pp	Cons. · IFRS
FYE Dec 2023	80.7	−0.7pp	Cons. · IFRS
FYE Dec 2024	80.2	−0.5pp	Cons. · IFRS
FYE Dec 2025	74.4	−5.8pp	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 n/a

Average · 4 yrs 0.4%

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	0.8	n/a	Cons. · IFRS
FYE Dec 2019	0.4	−0.4pp	Cons. · IFRS
FYE Dec 2020	0.3	−0.1pp	Cons. · IFRS
FYE Dec 2021	0.0	−0.3pp	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

ROE return on equity

FYE Dec 2025 8.8%

Average · 10 yrs 12.0%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	5.4	n/a	Cons. · IFRS
FYE Dec 2017	12.2	+6.8pp	Cons. · IFRS
FYE Dec 2018	19.8	+7.6pp	Cons. · IFRS
FYE Dec 2019	19.0	−0.8pp	Cons. · IFRS
FYE Dec 2020	8.0	−11.0pp	Cons. · IFRS
FYE Dec 2021	13.9	+5.8pp	Cons. · IFRS
FYE Dec 2022	11.8	−2.1pp	Cons. · IFRS
FYE Dec 2023	8.0	−3.9pp	Cons. · IFRS
FYE Dec 2024	13.4	+5.4pp	Cons. · IFRS
FYE Dec 2025	8.8	−4.6pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 6.5%

Average · 10 yrs 9.9%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	4.6	n/a	Cons. · IFRS
FYE Dec 2017	10.4	+5.9pp	Cons. · IFRS
FYE Dec 2018	16.6	+6.1pp	Cons. · IFRS
FYE Dec 2019	16.1	−0.5pp	Cons. · IFRS
FYE Dec 2020	6.5	−9.6pp	Cons. · IFRS
FYE Dec 2021	11.6	+5.1pp	Cons. · IFRS
FYE Dec 2022	9.6	−2.0pp	Cons. · IFRS
FYE Dec 2023	6.4	−3.2pp	Cons. · IFRS
FYE Dec 2024	10.7	+4.3pp	Cons. · IFRS
FYE Dec 2025	6.5	−4.2pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.34×

CAGR · 10 yrs −2.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.41	n/a	Cons. · IFRS
FYE Dec 2017	0.43	+4.3%	Cons. · IFRS
FYE Dec 2018	0.39	−9.7%	Cons. · IFRS
FYE Dec 2019	0.35	−11.5%	Cons. · IFRS
FYE Dec 2020	0.34	−1.7%	Cons. · IFRS
FYE Dec 2021	0.28	−18.2%	Cons. · IFRS
FYE Dec 2022	0.34	+21.9%	Cons. · IFRS
FYE Dec 2023	0.39	+13.7%	Cons. · IFRS
FYE Dec 2024	0.36	−7.9%	Cons. · IFRS
FYE Dec 2025	0.34	−5.1%	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 Dec 2025 ¥172bn

CAGR · 10 yrs +9.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	73.3	n/a	Cons. · IFRS
FYE Dec 2017	80.7	+10.1%	Cons. · IFRS
FYE Dec 2018	118	+46.2%	Cons. · IFRS
FYE Dec 2019	105	−11.0%	Cons. · IFRS
FYE Dec 2020	138	+31.0%	Cons. · IFRS
FYE Dec 2021	106	−23.0%	Cons. · IFRS
FYE Dec 2022	130	+22.9%	Cons. · IFRS
FYE Dec 2023	129	−1.1%	Cons. · IFRS
FYE Dec 2024	101	−21.6%	Cons. · IFRS
FYE Dec 2025	172	+70.2%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 ¥102bn

Average · 10 yrs -¥49bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-97.1	n/a	Cons. · IFRS
FYE Dec 2017	-81.9	n/a	Cons. · IFRS
FYE Dec 2018	-68.2	n/a	Cons. · IFRS
FYE Dec 2019	-28.6	n/a	Cons. · IFRS
FYE Dec 2020	-140	n/a	Cons. · IFRS
FYE Dec 2021	18.1	n/a	Cons. · IFRS
FYE Dec 2022	-10.9	−160.4%	Cons. · IFRS
FYE Dec 2023	-188	n/a	Cons. · IFRS
FYE Dec 2024	7.4	n/a	Cons. · IFRS
FYE Dec 2025	102	+1273.4%	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 -¥119bn

Average · 10 yrs -¥42bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-9.3	n/a	Cons. · IFRS
FYE Dec 2017	-3.0	n/a	Cons. · IFRS
FYE Dec 2018	8.3	n/a	Cons. · IFRS
FYE Dec 2019	-27.7	−435.9%	Cons. · IFRS
FYE Dec 2020	-2.6	n/a	Cons. · IFRS
FYE Dec 2021	-21.1	n/a	Cons. · IFRS
FYE Dec 2022	-106	n/a	Cons. · IFRS
FYE Dec 2023	-78.6	n/a	Cons. · IFRS
FYE Dec 2024	-64.8	n/a	Cons. · IFRS
FYE Dec 2025	-119	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 ¥499bn

CAGR · 10 yrs +14.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	153	n/a	Cons. · IFRS
FYE Dec 2017	153	+0.4%	Cons. · IFRS
FYE Dec 2018	205	+34.0%	Cons. · IFRS
FYE Dec 2019	254	+23.5%	Cons. · IFRS
FYE Dec 2020	253	−0.4%	Cons. · IFRS
FYE Dec 2021	365	+44.6%	Cons. · IFRS
FYE Dec 2022	409	+12.1%	Cons. · IFRS
FYE Dec 2023	281	−31.5%	Cons. · IFRS
FYE Dec 2024	332	+18.3%	Cons. · IFRS
FYE Dec 2025	499	+50.3%	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 ¥274bn

Average · 10 yrs ¥66bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	-23.8	n/a	Cons. · IFRS
FYE Dec 2017	-1.2	n/a	Cons. · IFRS
FYE Dec 2018	49.8	n/a	Cons. · IFRS
FYE Dec 2019	76.4	+53.4%	Cons. · IFRS
FYE Dec 2020	-2.6	−103.4%	Cons. · IFRS
FYE Dec 2021	124	n/a	Cons. · IFRS
FYE Dec 2022	119	−3.8%	Cons. · IFRS
FYE Dec 2023	-59.7	−150.0%	Cons. · IFRS
FYE Dec 2024	108	n/a	Cons. · IFRS
FYE Dec 2025	274	+152.8%	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 36.2%

Average · 10 yrs 37.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	40.0	n/a	Cons. · IFRS
FYE Dec 2017	34.4	−5.7pp	Cons. · IFRS
FYE Dec 2018	46.5	+12.2pp	Cons. · IFRS
FYE Dec 2019	42.3	−4.2pp	Cons. · IFRS
FYE Dec 2020	47.0	+4.7pp	Cons. · IFRS
FYE Dec 2021	38.6	−8.4pp	Cons. · IFRS
FYE Dec 2022	36.8	−1.8pp	Cons. · IFRS
FYE Dec 2023	30.4	−6.4pp	Cons. · IFRS
FYE Dec 2024	22.6	−7.8pp	Cons. · IFRS
FYE Dec 2025	36.2	+13.5pp	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 n/a

CAGR · 4 yrs +22.0%

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	201	n/a	Cons. · IFRS
FYE Dec 2019	251	+25.1%	Cons. · IFRS
FYE Dec 2020	250	−0.4%	Cons. · IFRS
FYE Dec 2021	365	+45.8%	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

Definition: 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 ¥3.16tn

Change · 10 yrs +¥2.43tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	736	n/a
FYE Dec 2017	1,446	n/a
FYE Dec 2018	1,266	n/a
FYE Dec 2019	1,306	n/a
FYE Dec 2020	2,819	n/a
FYE Dec 2021	2,004	n/a
FYE Dec 2022	2,566	n/a
FYE Dec 2023	2,203	n/a
FYE Dec 2024	2,004	n/a
FYE Dec 2025	3,163	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 3,824¥

Change · 10 yrs +2,131¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,693	n/a
FYE Dec 2017	3,285	n/a
FYE Dec 2018	1,416	n/a
FYE Dec 2019	1,449	n/a
FYE Dec 2020	3,179	n/a
FYE Dec 2021	2,230	n/a
FYE Dec 2022	2,960	n/a
FYE Dec 2023	2,570	n/a
FYE Dec 2024	2,378	n/a
FYE Dec 2025	3,824	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 827,160,000shares

Change · 10 yrs +392,289,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	434,871,000	Parent
FYE Dec 2017	440,184,000	Parent
FYE Dec 2018	894,278,000	Parent
FYE Dec 2019	901,530,000	Parent
FYE Dec 2020	886,961,000	Parent
FYE Dec 2021	898,746,000	Parent
FYE Dec 2022	866,773,000	Parent
FYE Dec 2023	857,453,000	Parent
FYE Dec 2024	842,443,000	Parent
FYE Dec 2025	827,160,000	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Dec 2025 114.48¥

Change · 10 yrs +91.35¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	23.13	Cons.
FYE Dec 2017	64.67	Cons.
FYE Dec 2018	121.03	Cons.
FYE Dec 2019	129.34	Cons.
FYE Dec 2020	63.57	Cons.
FYE Dec 2021	128.91	Cons.
FYE Dec 2022	114.74	Cons.
FYE Dec 2023	82.89	Cons.
FYE Dec 2024	161.79	Cons.
FYE Dec 2025	114.48	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 1,268.40¥

Change · 10 yrs +410.85¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	857.55	Cons. · IFRS
FYE Dec 2017	1,056.85	Cons. · IFRS
FYE Dec 2018	609.50	Cons. · IFRS
FYE Dec 2019	675.34	Cons. · IFRS
FYE Dec 2020	788.44	Cons. · IFRS
FYE Dec 2021	920.66	Cons. · IFRS
FYE Dec 2022	979.31	Cons. · IFRS
FYE Dec 2023	1,033.24	Cons. · IFRS
FYE Dec 2024	1,195.93	Cons. · IFRS
FYE Dec 2025	1,268.40	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 33.40×

Average · 10 yrs 25.71×

Fiscal year	PER ×	Basis
FYE Dec 2016	36.60	Cons.
FYE Dec 2017	25.40	Cons.
FYE Dec 2018	11.70	Cons.
FYE Dec 2019	11.20	Cons.
FYE Dec 2020	50.00	Cons.
FYE Dec 2021	17.30	Cons.
FYE Dec 2022	25.80	Cons.
FYE Dec 2023	31.00	Cons.
FYE Dec 2024	14.70	Cons.
FYE Dec 2025	33.40	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Dec 2025 2.86×

Average · 10 yrs 2.59×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.97	Cons.
FYE Dec 2017	3.11	Cons.
FYE Dec 2018	2.28	Cons.
FYE Dec 2019	2.06	Cons.
FYE Dec 2020	3.97	Cons.
FYE Dec 2021	2.37	Cons.
FYE Dec 2022	2.97	Cons.
FYE Dec 2023	2.41	Cons.
FYE Dec 2024	1.92	Cons.
FYE Dec 2025	2.86	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 9,834people

Change · 10 yrs +4,309 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	5,525	n/a	Cons.
FYE Dec 2017	5,768	+4.4%	Cons.
FYE Dec 2018	6,441	+11.7%	Cons.
FYE Dec 2019	6,428	−0.2%	Cons.
FYE Dec 2020	6,288	−2.2%	Cons.
FYE Dec 2021	6,683	+6.3%	Cons.
FYE Dec 2022	7,467	+11.7%	Cons.
FYE Dec 2023	8,231	+10.2%	Cons.
FYE Dec 2024	9,329	+13.3%	Cons.
FYE Dec 2025	9,834	+5.4%	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 233people

Change · 10 yrs −20 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	253	n/a	Parent
FYE Dec 2017	285	+12.6%	Parent
FYE Dec 2018	322	+13.0%	Parent
FYE Dec 2019	311	−3.4%	Parent
FYE Dec 2020	268	−13.8%	Parent
FYE Dec 2021	270	+0.7%	Parent
FYE Dec 2022	266	−1.5%	Parent
FYE Dec 2023	266	−0.0%	Parent
FYE Dec 2024	238	−10.5%	Parent
FYE Dec 2025	233	−2.1%	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 ¥9.1m

Change · 10 yrs +¥3.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	5.9	n/a	Parent
FYE Dec 2017	5.6	−5.2%	Parent
FYE Dec 2018	5.5	−1.7%	Parent
FYE Dec 2019	5.7	+4.9%	Parent
FYE Dec 2020	6.0	+4.3%	Parent
FYE Dec 2021	6.5	+8.8%	Parent
FYE Dec 2022	6.6	+2.1%	Parent
FYE Dec 2023	6.8	+3.0%	Parent
FYE Dec 2024	7.3	+6.0%	Parent
FYE Dec 2025	9.1	+25.5%	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 Dec 2025 40.1years

Change · 7 yrs +3.9 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	36.2	n/a	Parent
FYE Dec 2020	37.0	+2.2%	Parent
FYE Dec 2021	37.7	+1.9%	Parent
FYE Dec 2022	37.5	−0.5%	Parent
FYE Dec 2023	38.1	+1.6%	Parent
FYE Dec 2024	39.5	+3.7%	Parent
FYE Dec 2025	40.1	+1.5%	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 8.1years

Change · 10 yrs +3.4 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	4.7	n/a	Parent
FYE Dec 2017	4.5	−4.3%	Parent
FYE Dec 2018	4.6	+2.2%	Parent
FYE Dec 2019	5.5	+19.6%	Parent
FYE Dec 2020	6.2	+12.7%	Parent
FYE Dec 2021	6.6	+6.5%	Parent
FYE Dec 2022	6.4	−3.0%	Parent
FYE Dec 2023	6.7	+4.7%	Parent
FYE Dec 2024	7.7	+14.9%	Parent
FYE Dec 2025	8.1	+5.2%	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 243people

Change · 10 yrs +86 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	157	n/a	n/a
FYE Dec 2017	130	−17.2%	n/a
FYE Dec 2018	143	+10.0%	n/a
FYE Dec 2019	143	−0.0%	n/a
FYE Dec 2020	77	−46.2%	n/a
FYE Dec 2021	138	+79.2%	n/a
FYE Dec 2022	357	+158.7%	n/a
FYE Dec 2023	543	+52.1%	n/a
FYE Dec 2024	185	−65.9%	n/a
FYE Dec 2025	243	+31.4%	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 Dec 2025 ¥48.3m

Change · 10 yrs +¥15.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	33.1	n/a	Cons.
FYE Dec 2017	40.7	+22.9%	Cons.
FYE Dec 2018	39.4	−3.3%	Cons.
FYE Dec 2019	38.7	−1.8%	Cons.
FYE Dec 2020	46.6	+20.5%	Cons.
FYE Dec 2021	41.1	−11.9%	Cons.
FYE Dec 2022	47.4	+15.3%	Cons.
FYE Dec 2023	51.4	+8.6%	Cons.
FYE Dec 2024	47.8	−7.0%	Cons.
FYE Dec 2025	48.3	+1.0%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥12.6m

Change · 10 yrs +¥5.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	7.4	n/a	Cons.
FYE Dec 2017	15.7	+113.2%	Cons.
FYE Dec 2018	15.3	−2.7%	Cons.
FYE Dec 2019	14.7	−3.7%	Cons.
FYE Dec 2020	17.7	+20.5%	Cons.
FYE Dec 2021	13.7	−22.7%	Cons.
FYE Dec 2022	13.9	+1.4%	Cons.
FYE Dec 2023	16.4	+17.9%	Cons.
FYE Dec 2024	13.3	−18.7%	Cons.
FYE Dec 2025	12.6	−5.3%	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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