Financials

Oji Holdings: FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥1.86tnYoY +0.7%

FYE Mar 2026 · Operating profit¥35bnYoY −48.9%

FYE Mar 2026 · Net profit¥56bnYoY +20.4%

FYE Mar 2026 · Equity ratio41.0%YoY −0.8pp

FYE Mar 2026 · Group employees38,757YoY −379

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.44tn	n/a	¥70bn	n/a	4.9%	¥40bn	Yajima Susumu	¥55.1bn impairment on the Chinese mill
FYE Mar 2018Consolidated	¥1.49tn	+3.2%	¥71bn	+0.8%	4.8%	¥36bn	Yajima Susumu	—
FYE Mar 2019Consolidated	¥1.55tn	+4.4%	¥110bn	+55.7%	7.1%	¥52bn	Yajima Susumu	—
FYE Mar 2020Consolidated	¥1.51tn	−2.8%	¥106bn	−3.7%	7.0%	¥58bn	Yajima Susumu	—
FYE Mar 2021Consolidated	¥1.36tn	−9.9%	¥85bn	−20.1%	6.2%	¥50bn	Kaku Masatoshi	—
FYE Mar 2022Consolidated	¥1.47tn	+8.2%	¥120bn	+41.7%	8.2%	¥88bn	Kaku Masatoshi	—
FYE Mar 2023Consolidated	¥1.71tn	+16.1%	¥85bn	−29.4%	5.0%	¥56bn	Kaku Masatoshi	<a class="en-history_person" href="/tse/3861/executives/ceo/isono-hiroyuki/" hreflang="ja">Isono Hiroyuki</a> becomes president; Adampak acquired
FYE Mar 2024Consolidated	¥1.70tn	−0.6%	¥73bn	−14.4%	4.3%	¥51bn	Isono Hiroyuki	—
FYE Mar 2025Consolidated	¥1.85tn	+9.0%	¥68bn	−6.8%	3.7%	¥46bn	Isono Hiroyuki	Walki acquired; domestic profit overtakes overseas
FYE Mar 2026Consolidated	¥1.86tn	+0.7%	¥35bn	−48.9%	1.9%	¥56bn	Isono Hiroyuki	Consolidated sales reach ¥1,849.3bn; overseas 40.8% of sales

How it compares

Oji Holdings¥1.86tnFY2025Operating margin 1.9%

Nippon Paper Industries¥1.19tnFY2025Operating margin 2.1%

Rengo¥1.01tnFY2025Operating margin 3.7%

Daio Paper Corporation¥667bnFY2025Operating margin 3.6%

Honshu Paper Mfg. Co., Ltd.Delisted 1996

Hokuetsu Corporation¥288bnFY2025Operating margin 2.6%

Mitsubishi Paper Mills Limited¥157bnFY2025Operating margin 0.2%

Kanzaki Paper Mfg. Co., Ltd.Delisted 1993

Settsu Board Mfg. Co., Ltd.Delisted 1999

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 Mar 2026 ¥1.86tn

CAGR · 10 yrs +2.9%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,440	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,486	+3.2%	Cons. · Japanese GAAP
FYE Mar 2019	1,551	+4.4%	Cons. · Japanese GAAP
FYE Mar 2020	1,508	−2.8%	Cons. · Japanese GAAP
FYE Mar 2021	1,359	−9.9%	Cons. · Japanese GAAP
FYE Mar 2022	1,470	+8.2%	Cons. · Japanese GAAP
FYE Mar 2023	1,707	+16.1%	Cons. · Japanese GAAP
FYE Mar 2024	1,696	−0.6%	Cons. · Japanese GAAP
FYE Mar 2025	1,849	+9.0%	Cons. · Japanese GAAP
FYE Mar 2026	1,862	+0.7%	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 Mar 2026 ¥1.54tn

CAGR · 10 yrs +3.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	1,105	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,144	+3.5%	Cons. · Japanese GAAP
FYE Mar 2019	1,175	+2.7%	Cons. · Japanese GAAP
FYE Mar 2020	1,144	−2.7%	Cons. · Japanese GAAP
FYE Mar 2021	1,032	−9.8%	Cons. · Japanese GAAP
FYE Mar 2022	1,126	+9.2%	Cons. · Japanese GAAP
FYE Mar 2023	1,367	+21.3%	Cons. · Japanese GAAP
FYE Mar 2024	1,372	+0.4%	Cons. · Japanese GAAP
FYE Mar 2025	1,500	+9.3%	Cons. · Japanese GAAP
FYE Mar 2026	1,538	+2.6%	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 Mar 2026 ¥323bn

CAGR · 10 yrs −0.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	334	n/a	Cons. · Japanese GAAP
FYE Mar 2018	342	+2.2%	Cons. · Japanese GAAP
FYE Mar 2019	376	+10.0%	Cons. · Japanese GAAP
FYE Mar 2020	364	−3.2%	Cons. · Japanese GAAP
FYE Mar 2021	327	−10.0%	Cons. · Japanese GAAP
FYE Mar 2022	344	+5.0%	Cons. · Japanese GAAP
FYE Mar 2023	340	−1.1%	Cons. · Japanese GAAP
FYE Mar 2024	324	−4.7%	Cons. · Japanese GAAP
FYE Mar 2025	349	+7.8%	Cons. · Japanese GAAP
FYE Mar 2026	323	−7.4%	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 Mar 2026 ¥289bn

CAGR · 10 yrs +1.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	264	n/a	Cons. · Japanese GAAP
FYE Mar 2018	271	+2.5%	Cons. · Japanese GAAP
FYE Mar 2019	266	−1.9%	Cons. · Japanese GAAP
FYE Mar 2020	258	−3.0%	Cons. · Japanese GAAP
FYE Mar 2021	243	−5.9%	Cons. · Japanese GAAP
FYE Mar 2022	224	−7.7%	Cons. · Japanese GAAP
FYE Mar 2023	255	+14.0%	Cons. · Japanese GAAP
FYE Mar 2024	251	−1.5%	Cons. · Japanese GAAP
FYE Mar 2025	282	+12.0%	Cons. · Japanese GAAP
FYE Mar 2026	289	+2.5%	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 Mar 2026 ¥35bn

CAGR · 10 yrs −7.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	70.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.8	+0.8%	Cons. · Japanese GAAP
FYE Mar 2019	110	+55.7%	Cons. · Japanese GAAP
FYE Mar 2020	106	−3.7%	Cons. · Japanese GAAP
FYE Mar 2021	84.8	−20.1%	Cons. · Japanese GAAP
FYE Mar 2022	120	+41.7%	Cons. · Japanese GAAP
FYE Mar 2023	84.8	−29.4%	Cons. · Japanese GAAP
FYE Mar 2024	72.6	−14.4%	Cons. · Japanese GAAP
FYE Mar 2025	67.7	−6.8%	Cons. · Japanese GAAP
FYE Mar 2026	34.6	−48.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥32bn

CAGR · 10 yrs +12.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	11.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.9	−4.1%	Cons. · Japanese GAAP
FYE Mar 2019	27.6	+153.3%	Cons. · Japanese GAAP
FYE Mar 2020	14.3	−48.2%	Cons. · Japanese GAAP
FYE Mar 2021	14.6	+1.9%	Cons. · Japanese GAAP
FYE Mar 2022	30.4	+108.4%	Cons. · Japanese GAAP
FYE Mar 2023	25.4	−16.3%	Cons. · Japanese GAAP
FYE Mar 2024	33.6	+32.0%	Cons. · Japanese GAAP
FYE Mar 2025	23.1	−31.2%	Cons. · Japanese GAAP
FYE Mar 2026	31.8	+37.7%	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 Mar 2026 ¥26bn

CAGR · 10 yrs −1.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	28.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.7	−45.1%	Cons. · Japanese GAAP
FYE Mar 2019	19.4	+23.7%	Cons. · Japanese GAAP
FYE Mar 2020	19.1	−1.5%	Cons. · Japanese GAAP
FYE Mar 2021	16.3	−14.8%	Cons. · Japanese GAAP
FYE Mar 2022	15.4	−5.6%	Cons. · Japanese GAAP
FYE Mar 2023	15.2	−1.1%	Cons. · Japanese GAAP
FYE Mar 2024	20.2	+32.4%	Cons. · Japanese GAAP
FYE Mar 2025	22.2	+10.1%	Cons. · Japanese GAAP
FYE Mar 2026	25.8	+16.4%	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 Mar 2026 ¥41bn

CAGR · 10 yrs −2.9%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	52.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	66.0	+24.6%	Cons. · Japanese GAAP
FYE Mar 2019	118	+79.5%	Cons. · Japanese GAAP
FYE Mar 2020	101	−14.4%	Cons. · Japanese GAAP
FYE Mar 2021	83.1	−18.0%	Cons. · Japanese GAAP
FYE Mar 2022	135	+62.7%	Cons. · Japanese GAAP
FYE Mar 2023	95.0	−29.7%	Cons. · Japanese GAAP
FYE Mar 2024	86.0	−9.5%	Cons. · Japanese GAAP
FYE Mar 2025	68.6	−20.3%	Cons. · Japanese GAAP
FYE Mar 2026	40.5	−40.9%	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 Mar 2026 ¥93bn

CAGR · 10 yrs +13.8%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	29.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.7	−73.6%	Cons. · Japanese GAAP
FYE Mar 2019	15.5	+102.3%	Cons. · Japanese GAAP
FYE Mar 2020	7.1	−54.2%	Cons. · Japanese GAAP
FYE Mar 2021	5.7	−19.0%	Cons. · Japanese GAAP
FYE Mar 2022	4.9	−14.6%	Cons. · Japanese GAAP
FYE Mar 2023	6.3	+29.0%	Cons. · Japanese GAAP
FYE Mar 2024	10.0	+58.0%	Cons. · Japanese GAAP
FYE Mar 2025	36.9	+268.8%	Cons. · Japanese GAAP
FYE Mar 2026	92.8	+151.8%	Cons. · Japanese GAAP

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥56bn

CAGR · 10 yrs +3.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	40.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	36.2	−10.1%	Cons. · Japanese GAAP
FYE Mar 2019	52.0	+43.5%	Cons. · Japanese GAAP
FYE Mar 2020	58.2	+11.9%	Cons. · Japanese GAAP
FYE Mar 2021	49.6	−14.7%	Cons. · Japanese GAAP
FYE Mar 2022	87.5	+76.3%	Cons. · Japanese GAAP
FYE Mar 2023	56.5	−35.5%	Cons. · Japanese GAAP
FYE Mar 2024	50.8	−10.0%	Cons. · Japanese GAAP
FYE Mar 2025	46.2	−9.1%	Cons. · Japanese GAAP
FYE Mar 2026	55.6	+20.4%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 17.4%

Average · 10 yrs 21.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	23.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.0	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	24.2	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	24.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	24.1	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	23.4	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	19.9	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2024	19.1	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2025	18.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	17.4	−1.5pp	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 Mar 2026 1.9%

Average · 10 yrs 5.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.8	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	7.1	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2020	7.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	6.2	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2022	8.2	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2023	5.0	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2024	4.3	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2025	3.7	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	1.9	−1.8pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 2.2%

Average · 10 yrs 5.4%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	7.6	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2020	6.7	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	6.1	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	9.2	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2023	5.6	−3.6pp	Cons. · Japanese GAAP
FYE Mar 2024	5.1	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	3.7	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2026	2.2	−1.5pp	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 Mar 2026 3.0%

Average · 10 yrs 3.4%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.4	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	3.4	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	3.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	3.7	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	6.0	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2023	3.3	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2024	3.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	2.5	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	3.0	+0.5pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 82.6%

Average · 10 yrs 78.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	76.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	77.0	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	75.8	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	75.9	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	75.9	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	76.6	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	80.1	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2024	80.9	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2025	81.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	82.6	+1.5pp	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 Mar 2026 15.5%

Average · 10 yrs 16.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	18.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.2	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	17.1	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2020	17.1	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	17.9	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2022	15.2	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2023	15.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	14.8	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	15.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	15.5	+0.3pp	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 Mar 2026 ¥2.69tn

CAGR · 10 yrs +3.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,901	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,961	+3.1%	Cons. · Japanese GAAP
FYE Mar 2019	1,951	−0.5%	Cons. · Japanese GAAP
FYE Mar 2020	1,885	−3.4%	Cons. · Japanese GAAP
FYE Mar 2021	1,981	+5.1%	Cons. · Japanese GAAP
FYE Mar 2022	2,054	+3.6%	Cons. · Japanese GAAP
FYE Mar 2023	2,296	+11.8%	Cons. · Japanese GAAP
FYE Mar 2024	2,442	+6.4%	Cons. · Japanese GAAP
FYE Mar 2025	2,635	+7.9%	Cons. · Japanese GAAP
FYE Mar 2026	2,687	+2.0%	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 Mar 2026 ¥1.10tn

CAGR · 10 yrs +6.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	629	n/a	Cons. · Japanese GAAP
FYE Mar 2018	674	+7.1%	Cons. · Japanese GAAP
FYE Mar 2019	678	+0.6%	Cons. · Japanese GAAP
FYE Mar 2020	692	+2.2%	Cons. · Japanese GAAP
FYE Mar 2021	751	+8.5%	Cons. · Japanese GAAP
FYE Mar 2022	851	+13.3%	Cons. · Japanese GAAP
FYE Mar 2023	937	+10.1%	Cons. · Japanese GAAP
FYE Mar 2024	1,067	+13.8%	Cons. · Japanese GAAP
FYE Mar 2025	1,102	+3.3%	Cons. · Japanese GAAP
FYE Mar 2026	1,102	−0.0%	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 Mar 2026 ¥774bn

CAGR · 10 yrs +3.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	555	n/a	Cons. · Japanese GAAP
FYE Mar 2018	546	−1.6%	Cons. · Japanese GAAP
FYE Mar 2019	528	−3.4%	Cons. · Japanese GAAP
FYE Mar 2020	468	−11.4%	Cons. · Japanese GAAP
FYE Mar 2021	493	+5.3%	Cons. · Japanese GAAP
FYE Mar 2022	496	+0.6%	Cons. · Japanese GAAP
FYE Mar 2023	547	+10.5%	Cons. · Japanese GAAP
FYE Mar 2024	552	+0.8%	Cons. · Japanese GAAP
FYE Mar 2025	681	+23.5%	Cons. · Japanese GAAP
FYE Mar 2026	774	+13.6%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥281bn

CAGR · 10 yrs +5.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	178	n/a	Cons. · Japanese GAAP
FYE Mar 2018	155	−13.2%	Cons. · Japanese GAAP
FYE Mar 2019	193	+24.7%	Cons. · Japanese GAAP
FYE Mar 2020	186	−3.7%	Cons. · Japanese GAAP
FYE Mar 2021	130	−30.1%	Cons. · Japanese GAAP
FYE Mar 2022	166	+28.1%	Cons. · Japanese GAAP
FYE Mar 2023	227	+36.2%	Cons. · Japanese GAAP
FYE Mar 2024	246	+8.7%	Cons. · Japanese GAAP
FYE Mar 2025	313	+27.1%	Cons. · Japanese GAAP
FYE Mar 2026	281	−10.1%	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 Mar 2026 ¥492bn

CAGR · 10 yrs +3.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	377	n/a	Cons. · Japanese GAAP
FYE Mar 2018	393	+4.2%	Cons. · Japanese GAAP
FYE Mar 2019	334	−14.8%	Cons. · Japanese GAAP
FYE Mar 2020	296	−11.6%	Cons. · Japanese GAAP
FYE Mar 2021	363	+22.7%	Cons. · Japanese GAAP
FYE Mar 2022	329	−9.3%	Cons. · Japanese GAAP
FYE Mar 2023	321	−2.6%	Cons. · Japanese GAAP
FYE Mar 2024	335	+4.6%	Cons. · Japanese GAAP
FYE Mar 2025	445	+32.8%	Cons. · Japanese GAAP
FYE Mar 2026	492	+10.6%	Cons. · Japanese GAAP

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

Bonds

FYE Mar 2026 n/a

CAGR · 9 yrs +2.4%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	120	n/a	Cons. · Japanese GAAP
FYE Mar 2018	100	−16.7%	Cons. · Japanese GAAP
FYE Mar 2019	90.0	−10.0%	Cons. · Japanese GAAP
FYE Mar 2020	100	+11.1%	Cons. · Japanese GAAP
FYE Mar 2021	155	+55.0%	Cons. · Japanese GAAP
FYE Mar 2022	155	−0.0%	Cons. · Japanese GAAP
FYE Mar 2023	165	+6.5%	Cons. · Japanese GAAP
FYE Mar 2024	155	−6.1%	Cons. · Japanese GAAP
FYE Mar 2025	145	−6.5%	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥150bn

CAGR · 10 yrs +23.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	21.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.3	−1.8%	Cons. · Japanese GAAP
FYE Mar 2019	16.6	−22.1%	Cons. · Japanese GAAP
FYE Mar 2020	13.1	−21.3%	Cons. · Japanese GAAP
FYE Mar 2021	12.2	−6.8%	Cons. · Japanese GAAP
FYE Mar 2022	11.6	−5.1%	Cons. · Japanese GAAP
FYE Mar 2023	26.0	+125.0%	Cons. · Japanese GAAP
FYE Mar 2024	34.5	+32.6%	Cons. · Japanese GAAP
FYE Mar 2025	111	+220.7%	Cons. · Japanese GAAP
FYE Mar 2026	150	+35.4%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2026 ¥97bn

CAGR · 10 yrs +29.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	9.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.7	+1.7%	Cons. · Japanese GAAP
FYE Mar 2019	6.7	−30.9%	Cons. · Japanese GAAP
FYE Mar 2020	4.7	−30.1%	Cons. · Japanese GAAP
FYE Mar 2021	3.1	−33.2%	Cons. · Japanese GAAP
FYE Mar 2022	3.5	+11.2%	Cons. · Japanese GAAP
FYE Mar 2023	11.9	+241.8%	Cons. · Japanese GAAP
FYE Mar 2024	18.1	+52.4%	Cons. · Japanese GAAP
FYE Mar 2025	58.3	+222.5%	Cons. · Japanese GAAP
FYE Mar 2026	97.1	+66.5%	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 Mar 2026 41.0%

Average · 10 yrs 38.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	33.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.4	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	34.7	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	36.7	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2021	37.9	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	41.5	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2023	40.8	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	43.7	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2025	41.8	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2026	41.0	−0.8pp	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 Mar 2026 70.2%

Average · 10 yrs 68.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	88.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	81.1	−7.2pp	Cons. · Japanese GAAP
FYE Mar 2019	77.9	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2020	67.5	−10.3pp	Cons. · Japanese GAAP
FYE Mar 2021	65.6	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2022	58.2	−7.4pp	Cons. · Japanese GAAP
FYE Mar 2023	58.4	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	51.7	−6.7pp	Cons. · Japanese GAAP
FYE Mar 2025	61.8	+10.1pp	Cons. · Japanese GAAP
FYE Mar 2026	70.2	+8.4pp	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 Mar 2026 5.0%

Average · 10 yrs 6.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.4	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	7.7	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2020	8.4	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	6.6	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2022	10.3	+3.7pp	Cons. · Japanese GAAP
FYE Mar 2023	6.0	−4.3pp	Cons. · Japanese GAAP
FYE Mar 2024	4.8	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2025	4.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	5.0	+0.9pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 2.1%

Average · 10 yrs 2.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.8	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	2.7	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	3.1	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	2.5	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	4.3	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2023	2.5	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2024	2.1	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2025	1.8	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	2.1	+0.3pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.69×

CAGR · 10 yrs −1.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.76	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.76	+0.1%	Cons. · Japanese GAAP
FYE Mar 2019	0.79	+4.9%	Cons. · Japanese GAAP
FYE Mar 2020	0.80	+0.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.69	−14.2%	Cons. · Japanese GAAP
FYE Mar 2022	0.72	+4.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.74	+3.8%	Cons. · Japanese GAAP
FYE Mar 2024	0.69	−6.6%	Cons. · Japanese GAAP
FYE Mar 2025	0.70	+1.1%	Cons. · Japanese GAAP
FYE Mar 2026	0.69	−1.3%	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 Mar 2026 ¥113bn

CAGR · 10 yrs −3.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	157	n/a	Cons. · Japanese GAAP
FYE Mar 2018	123	−21.7%	Cons. · Japanese GAAP
FYE Mar 2019	141	+14.1%	Cons. · Japanese GAAP
FYE Mar 2020	124	−11.4%	Cons. · Japanese GAAP
FYE Mar 2021	127	+2.1%	Cons. · Japanese GAAP
FYE Mar 2022	144	+13.0%	Cons. · Japanese GAAP
FYE Mar 2023	18.3	−87.3%	Cons. · Japanese GAAP
FYE Mar 2024	203	+1011.0%	Cons. · Japanese GAAP
FYE Mar 2025	94.4	−53.5%	Cons. · Japanese GAAP
FYE Mar 2026	113	+20.1%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥12bn

Average · 10 yrs -¥84bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-40.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-74.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-66.6	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-64.8	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-91.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-92.6	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-123	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-118	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-155	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-12.5	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 Mar 2026 -¥94bn

Average · 10 yrs -¥39bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-114	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-41.8	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-45.5	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-58.1	n/a	Cons. · Japanese GAAP
FYE Mar 2021	19.9	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-136	−782.3%	Cons. · Japanese GAAP
FYE Mar 2023	102	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-84.9	−183.4%	Cons. · Japanese GAAP
FYE Mar 2025	61.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-93.6	−253.6%	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 Mar 2026 ¥74bn

CAGR · 10 yrs +4.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	51.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	58.3	+13.6%	Cons. · Japanese GAAP
FYE Mar 2019	82.8	+41.9%	Cons. · Japanese GAAP
FYE Mar 2020	82.4	−0.5%	Cons. · Japanese GAAP
FYE Mar 2021	136	+64.7%	Cons. · Japanese GAAP
FYE Mar 2022	55.5	−59.1%	Cons. · Japanese GAAP
FYE Mar 2023	56.8	+2.5%	Cons. · Japanese GAAP
FYE Mar 2024	62.5	+9.9%	Cons. · Japanese GAAP
FYE Mar 2025	65.5	+4.9%	Cons. · Japanese GAAP
FYE Mar 2026	74.2	+13.3%	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 Mar 2026 ¥101bn

CAGR · 10 yrs −1.6%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	117	n/a	Cons. · Japanese GAAP
FYE Mar 2018	49.2	−58.0%	Cons. · Japanese GAAP
FYE Mar 2019	73.9	+50.4%	Cons. · Japanese GAAP
FYE Mar 2020	59.7	−19.3%	Cons. · Japanese GAAP
FYE Mar 2021	35.5	−40.4%	Cons. · Japanese GAAP
FYE Mar 2022	51.0	+43.5%	Cons. · Japanese GAAP
FYE Mar 2023	-105	−305.8%	Cons. · Japanese GAAP
FYE Mar 2024	84.9	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-60.5	−171.3%	Cons. · Japanese GAAP
FYE Mar 2026	101	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 Mar 2026 6.1%

Average · 10 yrs 8.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	10.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.3	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2019	9.1	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	8.3	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	9.4	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	9.8	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	1.1	−8.7pp	Cons. · Japanese GAAP
FYE Mar 2024	12.0	+10.9pp	Cons. · Japanese GAAP
FYE Mar 2025	5.1	−6.9pp	Cons. · Japanese GAAP
FYE Mar 2026	6.1	+1.0pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 -¥700bn

Average · 10 yrs -¥491bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-504	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-488	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-445	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-385	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-357	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-440	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-491	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-489	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-616	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-700	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 Mar 2026 ¥860bn

Change · 10 yrs +¥331bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	529	n/a
FYE Mar 2018	694	n/a
FYE Mar 2019	697	n/a
FYE Mar 2020	587	n/a
FYE Mar 2021	726	n/a
FYE Mar 2022	616	n/a
FYE Mar 2023	531	n/a
FYE Mar 2024	647	n/a
FYE Mar 2025	636	n/a
FYE Mar 2026	860	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 Mar 2026 847¥

Change · 10 yrs +326¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	521	n/a
FYE Mar 2018	684	n/a
FYE Mar 2019	687	n/a
FYE Mar 2020	579	n/a
FYE Mar 2021	716	n/a
FYE Mar 2022	607	n/a
FYE Mar 2023	524	n/a
FYE Mar 2024	638	n/a
FYE Mar 2025	627	n/a
FYE Mar 2026	847	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 Mar 2026 1,014,381,817shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,014,381,817	Parent
FYE Mar 2018	1,014,381,817	Parent
FYE Mar 2019	1,014,381,817	Parent
FYE Mar 2020	1,014,381,817	Parent
FYE Mar 2021	1,014,381,817	Parent
FYE Mar 2022	1,014,381,817	Parent
FYE Mar 2023	1,014,381,817	Parent
FYE Mar 2024	1,014,381,817	Parent
FYE Mar 2025	1,014,381,817	Parent
FYE Mar 2026	1,014,381,817	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 Mar 2026 61.10¥

Change · 10 yrs +20.36¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	40.74	Cons.
FYE Mar 2018	36.64	Cons.
FYE Mar 2019	52.52	Cons.
FYE Mar 2020	58.78	Cons.
FYE Mar 2021	50.13	Cons.
FYE Mar 2022	88.35	Cons.
FYE Mar 2023	57.00	Cons.
FYE Mar 2024	51.31	Cons.
FYE Mar 2025	47.34	Cons.
FYE Mar 2026	61.10	Cons.

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

BPS book value per share

FYE Mar 2026 1,086.74¥

Change · 10 yrs +466.73¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	620.01	Cons. · Japanese GAAP
FYE Mar 2018	664.33	Cons. · Japanese GAAP
FYE Mar 2019	668.01	Cons. · Japanese GAAP
FYE Mar 2020	682.54	Cons. · Japanese GAAP
FYE Mar 2021	740.53	Cons. · Japanese GAAP
FYE Mar 2022	839.32	Cons. · Japanese GAAP
FYE Mar 2023	923.80	Cons. · Japanese GAAP
FYE Mar 2024	1,051.43	Cons. · Japanese GAAP
FYE Mar 2025	1,086.20	Cons. · Japanese GAAP
FYE Mar 2026	1,086.74	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 13.87×

Average · 10 yrs 12.43×

Fiscal year	PER ×	Basis
FYE Mar 2017	12.79	Cons.
FYE Mar 2018	18.67	Cons.
FYE Mar 2019	13.08	Cons.
FYE Mar 2020	9.85	Cons.
FYE Mar 2021	14.28	Cons.
FYE Mar 2022	6.87	Cons.
FYE Mar 2023	9.19	Cons.
FYE Mar 2024	12.43	Cons.
FYE Mar 2025	13.25	Cons.
FYE Mar 2026	13.87	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 Mar 2026 0.67×

Average · 10 yrs 0.76×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.82	Cons.
FYE Mar 2018	1.00	Cons.
FYE Mar 2019	1.00	Cons.
FYE Mar 2020	0.83	Cons.
FYE Mar 2021	0.94	Cons.
FYE Mar 2022	0.71	Cons.
FYE Mar 2023	0.55	Cons.
FYE Mar 2024	0.59	Cons.
FYE Mar 2025	0.53	Cons.
FYE Mar 2026	0.67	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 Mar 2026 38,757people

Change · 10 yrs +3,365 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	35,392	n/a	Cons.
FYE Mar 2018	36,144	+2.1%	Cons.
FYE Mar 2019	36,309	+0.5%	Cons.
FYE Mar 2020	36,810	+1.4%	Cons.
FYE Mar 2021	36,034	−2.1%	Cons.
FYE Mar 2022	35,608	−1.2%	Cons.
FYE Mar 2023	37,845	+6.3%	Cons.
FYE Mar 2024	38,322	+1.3%	Cons.
FYE Mar 2025	39,136	+2.1%	Cons.
FYE Mar 2026	38,757	−1.0%	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 Mar 2026 464people

Change · 10 yrs +88 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	376	n/a	Parent
FYE Mar 2018	356	−5.3%	Parent
FYE Mar 2019	345	−3.1%	Parent
FYE Mar 2020	369	+7.0%	Parent
FYE Mar 2021	356	−3.5%	Parent
FYE Mar 2022	354	−0.6%	Parent
FYE Mar 2023	352	−0.6%	Parent
FYE Mar 2024	381	+8.2%	Parent
FYE Mar 2025	423	+11.0%	Parent
FYE Mar 2026	464	+9.7%	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 Mar 2026 ¥8.5m

Change · 10 yrs −¥0.3m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	8.8	n/a	Parent
FYE Mar 2018	8.8	−0.5%	Parent
FYE Mar 2019	8.4	−4.3%	Parent
FYE Mar 2020	8.3	−0.4%	Parent
FYE Mar 2021	8.4	+0.9%	Parent
FYE Mar 2022	8.6	+2.1%	Parent
FYE Mar 2023	8.3	−3.7%	Parent
FYE Mar 2024	8.4	+1.6%	Parent
FYE Mar 2025	8.4	+0.6%	Parent
FYE Mar 2026	8.5	+0.6%	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 Mar 2026 44.5years

Change · 8 yrs +0.6 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	43.9	n/a	Parent
FYE Mar 2020	44.5	+1.4%	Parent
FYE Mar 2021	44.7	+0.4%	Parent
FYE Mar 2022	47.5	+6.3%	Parent
FYE Mar 2023	45.2	−4.8%	Parent
FYE Mar 2024	48.3	+6.9%	Parent
FYE Mar 2025	45.1	−6.6%	Parent
FYE Mar 2026	44.5	−1.3%	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 Mar 2026 15.6years

Change · 10 yrs −0.8 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	16.4	n/a	Parent
FYE Mar 2018	16.0	−2.4%	Parent
FYE Mar 2019	15.7	−1.9%	Parent
FYE Mar 2020	16.0	+1.9%	Parent
FYE Mar 2021	16.6	+3.8%	Parent
FYE Mar 2022	18.1	+9.0%	Parent
FYE Mar 2023	18.6	+2.8%	Parent
FYE Mar 2024	19.7	+5.9%	Parent
FYE Mar 2025	17.2	−12.7%	Parent
FYE Mar 2026	15.6	−9.3%	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)

Revenue per employee

FYE Mar 2026 ¥48.0m

Change · 10 yrs +¥7.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	40.7	n/a	Cons.
FYE Mar 2018	41.1	+1.1%	Cons.
FYE Mar 2019	42.7	+3.9%	Cons.
FYE Mar 2020	41.0	−4.1%	Cons.
FYE Mar 2021	37.7	−7.9%	Cons.
FYE Mar 2022	41.3	+9.5%	Cons.
FYE Mar 2023	45.1	+9.2%	Cons.
FYE Mar 2024	44.3	−1.8%	Cons.
FYE Mar 2025	47.3	+6.8%	Cons.
FYE Mar 2026	48.0	+1.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥0.9m

Change · 10 yrs −¥1.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.0	n/a	Cons.
FYE Mar 2018	2.0	−1.3%	Cons.
FYE Mar 2019	3.0	+55.0%	Cons.
FYE Mar 2020	2.9	−5.0%	Cons.
FYE Mar 2021	2.4	−18.4%	Cons.
FYE Mar 2022	3.4	+43.4%	Cons.
FYE Mar 2023	2.2	−33.6%	Cons.
FYE Mar 2024	1.9	−15.5%	Cons.
FYE Mar 2025	1.7	−8.7%	Cons.
FYE Mar 2026	0.9	−48.4%	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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