Financials

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

FYE Mar 2026 · Revenue¥1.01tnYoY +1.5%

FYE Mar 2026 · Operating profit¥37bnYoY −0.9%

FYE Mar 2026 · Net profit¥21bnYoY −27.5%

FYE Mar 2026 · Equity ratio37.3%YoY −0.1pp

FYE Mar 2026 · Group employees25,573YoY +562

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥545bn	n/a	¥24bn	n/a	4.3%	¥14bn	Otsubo Kiyoshi	Tri-Wall acquired; heavy packaging taken global
FYE Mar 2018Consolidated	¥606bn	+11.0%	¥17bn	−27.7%	2.8%	¥17bn	Otsubo Kiyoshi	Containerboard production ends at the Yodogawa works
FYE Mar 2019Consolidated	¥653bn	+7.8%	¥25bn	+48.1%	3.9%	¥17bn	Otsubo Kiyoshi	—
FYE Mar 2020Consolidated	¥684bn	+4.7%	¥41bn	+63.0%	6.0%	¥28bn	Otsubo Kiyoshi	Tricor and Gutmann of Germany acquired through Tri-Wall
FYE Mar 2021Consolidated	¥681bn	−0.4%	¥40bn	−3.1%	5.9%	¥29bn	Otsubo Kiyoshi	—
FYE Mar 2022Consolidated	¥747bn	+9.7%	¥33bn	−16.7%	4.5%	¥28bn	Kawamoto Yosuke	—
FYE Mar 2023Consolidated	¥846bn	+13.3%	¥26bn	−22.0%	3.1%	¥20bn	Kawamoto Yosuke	—
FYE Mar 2024Consolidated	¥901bn	+6.5%	¥49bn	+88.2%	5.4%	¥33bn	Kawamoto Yosuke	—
FYE Mar 2025Consolidated	¥993bn	+10.3%	¥37bn	−23.4%	3.8%	¥29bn	Kawamoto Yosuke	Ehime Toon plant built, at a cost of ¥14bn
FYE Mar 2026Consolidated	¥1.01tn	+1.5%	¥37bn	−0.9%	3.7%	¥21bn	Kawamoto Yosuke	—

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

Zapakku¥103bnFY2025Operating margin 7.0%

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 ¥1.01tn

CAGR · 10 yrs +7.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	545	n/a	Cons. · Japanese GAAP
FYE Mar 2018	606	+11.0%	Cons. · Japanese GAAP
FYE Mar 2019	653	+7.8%	Cons. · Japanese GAAP
FYE Mar 2020	684	+4.7%	Cons. · Japanese GAAP
FYE Mar 2021	681	−0.4%	Cons. · Japanese GAAP
FYE Mar 2022	747	+9.7%	Cons. · Japanese GAAP
FYE Mar 2023	846	+13.3%	Cons. · Japanese GAAP
FYE Mar 2024	901	+6.5%	Cons. · Japanese GAAP
FYE Mar 2025	993	+10.3%	Cons. · Japanese GAAP
FYE Mar 2026	1,008	+1.5%	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 ¥820bn

CAGR · 10 yrs +7.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	447	n/a	Cons. · Japanese GAAP
FYE Mar 2018	506	+13.2%	Cons. · Japanese GAAP
FYE Mar 2019	542	+7.1%	Cons. · Japanese GAAP
FYE Mar 2020	551	+1.7%	Cons. · Japanese GAAP
FYE Mar 2021	547	−0.7%	Cons. · Japanese GAAP
FYE Mar 2022	611	+11.7%	Cons. · Japanese GAAP
FYE Mar 2023	704	+15.2%	Cons. · Japanese GAAP
FYE Mar 2024	725	+3.0%	Cons. · Japanese GAAP
FYE Mar 2025	811	+11.9%	Cons. · Japanese GAAP
FYE Mar 2026	820	+1.1%	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 ¥188bn

CAGR · 10 yrs +7.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	98.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	99.7	+1.1%	Cons. · Japanese GAAP
FYE Mar 2019	111	+11.5%	Cons. · Japanese GAAP
FYE Mar 2020	132	+19.1%	Cons. · Japanese GAAP
FYE Mar 2021	133	+0.6%	Cons. · Japanese GAAP
FYE Mar 2022	136	+1.8%	Cons. · Japanese GAAP
FYE Mar 2023	142	+4.6%	Cons. · Japanese GAAP
FYE Mar 2024	175	+23.6%	Cons. · Japanese GAAP
FYE Mar 2025	182	+3.7%	Cons. · Japanese GAAP
FYE Mar 2026	188	+3.4%	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 ¥151bn

CAGR · 10 yrs +8.1%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	74.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	82.6	+10.3%	Cons. · Japanese GAAP
FYE Mar 2019	85.9	+4.0%	Cons. · Japanese GAAP
FYE Mar 2020	91.2	+6.2%	Cons. · Japanese GAAP
FYE Mar 2021	93.3	+2.3%	Cons. · Japanese GAAP
FYE Mar 2022	102	+9.7%	Cons. · Japanese GAAP
FYE Mar 2023	116	+13.2%	Cons. · Japanese GAAP
FYE Mar 2024	127	+9.1%	Cons. · Japanese GAAP
FYE Mar 2025	144	+14.1%	Cons. · Japanese GAAP
FYE Mar 2026	151	+4.5%	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 ¥37bn

CAGR · 10 yrs +5.1%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	23.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.1	−27.7%	Cons. · Japanese GAAP
FYE Mar 2019	25.3	+48.1%	Cons. · Japanese GAAP
FYE Mar 2020	41.2	+63.0%	Cons. · Japanese GAAP
FYE Mar 2021	39.9	−3.1%	Cons. · Japanese GAAP
FYE Mar 2022	33.3	−16.7%	Cons. · Japanese GAAP
FYE Mar 2023	26.0	−22.0%	Cons. · Japanese GAAP
FYE Mar 2024	48.9	+88.2%	Cons. · Japanese GAAP
FYE Mar 2025	37.4	−23.4%	Cons. · Japanese GAAP
FYE Mar 2026	37.1	−0.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥10bn

CAGR · 10 yrs +7.0%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.4	+86.5%	Cons. · Japanese GAAP
FYE Mar 2019	6.2	−39.9%	Cons. · Japanese GAAP
FYE Mar 2020	6.3	+1.3%	Cons. · Japanese GAAP
FYE Mar 2021	7.2	+13.3%	Cons. · Japanese GAAP
FYE Mar 2022	7.1	−0.3%	Cons. · Japanese GAAP
FYE Mar 2023	7.1	−0.8%	Cons. · Japanese GAAP
FYE Mar 2024	6.9	−2.0%	Cons. · Japanese GAAP
FYE Mar 2025	10.0	+44.1%	Cons. · Japanese GAAP
FYE Mar 2026	10.2	+2.0%	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 ¥9.9bn

CAGR · 10 yrs +10.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	4.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.3	+7.5%	Cons. · Japanese GAAP
FYE Mar 2019	4.1	−5.2%	Cons. · Japanese GAAP
FYE Mar 2020	4.3	+6.8%	Cons. · Japanese GAAP
FYE Mar 2021	3.9	−10.3%	Cons. · Japanese GAAP
FYE Mar 2022	3.8	−3.1%	Cons. · Japanese GAAP
FYE Mar 2023	4.4	+15.3%	Cons. · Japanese GAAP
FYE Mar 2024	7.8	+79.1%	Cons. · Japanese GAAP
FYE Mar 2025	8.2	+5.4%	Cons. · Japanese GAAP
FYE Mar 2026	9.9	+20.0%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Mar 2026 ¥37bn

CAGR · 10 yrs +4.5%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	25.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.2	−8.1%	Cons. · Japanese GAAP
FYE Mar 2019	27.5	+18.5%	Cons. · Japanese GAAP
FYE Mar 2020	43.2	+57.4%	Cons. · Japanese GAAP
FYE Mar 2021	43.2	−0.0%	Cons. · Japanese GAAP
FYE Mar 2022	36.6	−15.2%	Cons. · Japanese GAAP
FYE Mar 2023	28.7	−21.7%	Cons. · Japanese GAAP
FYE Mar 2024	48.0	+67.3%	Cons. · Japanese GAAP
FYE Mar 2025	39.2	−18.4%	Cons. · Japanese GAAP
FYE Mar 2026	37.4	−4.5%	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 ¥34bn

CAGR · 10 yrs +44.9%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.3	+170.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.3	−89.9%	Cons. · Japanese GAAP
FYE Mar 2020	2.2	+565.4%	Cons. · Japanese GAAP
FYE Mar 2021	1.2	−46.7%	Cons. · Japanese GAAP
FYE Mar 2022	9.0	+654.8%	Cons. · Japanese GAAP
FYE Mar 2023	7.8	−12.7%	Cons. · Japanese GAAP
FYE Mar 2024	5.7	−27.5%	Cons. · Japanese GAAP
FYE Mar 2025	11.5	+101.7%	Cons. · Japanese GAAP
FYE Mar 2026	34.4	+199.9%	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 ¥21bn

CAGR · 10 yrs +4.7%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	13.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.6	+19.8%	Cons. · Japanese GAAP
FYE Mar 2019	17.2	+3.3%	Cons. · Japanese GAAP
FYE Mar 2020	27.8	+61.9%	Cons. · Japanese GAAP
FYE Mar 2021	28.6	+2.9%	Cons. · Japanese GAAP
FYE Mar 2022	28.2	−1.4%	Cons. · Japanese GAAP
FYE Mar 2023	20.4	−27.5%	Cons. · Japanese GAAP
FYE Mar 2024	33.0	+61.7%	Cons. · Japanese GAAP
FYE Mar 2025	29.0	−12.3%	Cons. · Japanese GAAP
FYE Mar 2026	21.0	−27.5%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 18.6%

Average · 10 yrs 18.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	18.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.5	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2019	17.0	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	19.4	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2021	19.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	18.2	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2023	16.8	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	19.5	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2025	18.3	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2026	18.6	+0.3pp	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 3.7%

Average · 10 yrs 4.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.8	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	3.9	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2020	6.0	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2021	5.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	4.5	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2023	3.1	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	5.4	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2025	3.8	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2026	3.7	−0.1pp	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 3.7%

Average · 10 yrs 4.7%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	4.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	6.3	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2021	6.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	4.9	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2023	3.4	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2024	5.3	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2025	3.9	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2026	3.7	−0.2pp	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 2.1%

Average · 10 yrs 3.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.7	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	2.6	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	4.1	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2021	4.2	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	3.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	2.4	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	3.7	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2025	2.9	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	2.1	−0.8pp	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 81.4%

Average · 10 yrs 81.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	81.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	83.5	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2019	83.0	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	80.6	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2021	80.4	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	81.8	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2023	83.2	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	80.5	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2025	81.7	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2026	81.4	−0.3pp	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 15.0%

Average · 10 yrs 13.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	13.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.6	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	13.2	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	13.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	13.7	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2022	13.7	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2023	13.7	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	14.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	14.5	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	15.0	+0.4pp	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 ¥1.31tn

CAGR · 10 yrs +7.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	705	n/a	Cons. · Japanese GAAP
FYE Mar 2018	748	+6.1%	Cons. · Japanese GAAP
FYE Mar 2019	769	+2.9%	Cons. · Japanese GAAP
FYE Mar 2020	820	+6.6%	Cons. · Japanese GAAP
FYE Mar 2021	870	+6.1%	Cons. · Japanese GAAP
FYE Mar 2022	934	+7.4%	Cons. · Japanese GAAP
FYE Mar 2023	1,053	+12.7%	Cons. · Japanese GAAP
FYE Mar 2024	1,173	+11.3%	Cons. · Japanese GAAP
FYE Mar 2025	1,243	+6.0%	Cons. · Japanese GAAP
FYE Mar 2026	1,313	+5.6%	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 ¥489bn

CAGR · 10 yrs +8.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	234	n/a	Cons. · Japanese GAAP
FYE Mar 2018	255	+8.9%	Cons. · Japanese GAAP
FYE Mar 2019	264	+3.5%	Cons. · Japanese GAAP
FYE Mar 2020	278	+5.4%	Cons. · Japanese GAAP
FYE Mar 2021	313	+12.6%	Cons. · Japanese GAAP
FYE Mar 2022	342	+9.1%	Cons. · Japanese GAAP
FYE Mar 2023	373	+9.0%	Cons. · Japanese GAAP
FYE Mar 2024	425	+14.1%	Cons. · Japanese GAAP
FYE Mar 2025	464	+9.1%	Cons. · Japanese GAAP
FYE Mar 2026	489	+5.5%	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 ¥333bn

CAGR · 10 yrs +4.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	221	n/a	Cons. · Japanese GAAP
FYE Mar 2018	216	−2.4%	Cons. · Japanese GAAP
FYE Mar 2019	208	−3.9%	Cons. · Japanese GAAP
FYE Mar 2020	234	+12.6%	Cons. · Japanese GAAP
FYE Mar 2021	246	+5.2%	Cons. · Japanese GAAP
FYE Mar 2022	258	+4.8%	Cons. · Japanese GAAP
FYE Mar 2023	297	+15.4%	Cons. · Japanese GAAP
FYE Mar 2024	320	+7.6%	Cons. · Japanese GAAP
FYE Mar 2025	332	+3.9%	Cons. · Japanese GAAP
FYE Mar 2026	333	+0.2%	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 ¥153bn

CAGR · 10 yrs +3.0%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	117	n/a	Cons. · Japanese GAAP
FYE Mar 2018	117	−0.4%	Cons. · Japanese GAAP
FYE Mar 2019	99.7	−14.8%	Cons. · Japanese GAAP
FYE Mar 2020	111	+11.4%	Cons. · Japanese GAAP
FYE Mar 2021	105	−5.8%	Cons. · Japanese GAAP
FYE Mar 2022	114	+9.1%	Cons. · Japanese GAAP
FYE Mar 2023	135	+17.9%	Cons. · Japanese GAAP
FYE Mar 2024	132	−2.0%	Cons. · Japanese GAAP
FYE Mar 2025	158	+19.6%	Cons. · Japanese GAAP
FYE Mar 2026	153	−3.2%	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 ¥180bn

CAGR · 10 yrs +6.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	104	n/a	Cons. · Japanese GAAP
FYE Mar 2018	99.1	−4.7%	Cons. · Japanese GAAP
FYE Mar 2019	108	+8.9%	Cons. · Japanese GAAP
FYE Mar 2020	123	+13.6%	Cons. · Japanese GAAP
FYE Mar 2021	141	+15.2%	Cons. · Japanese GAAP
FYE Mar 2022	144	+1.7%	Cons. · Japanese GAAP
FYE Mar 2023	163	+13.3%	Cons. · Japanese GAAP
FYE Mar 2024	188	+15.5%	Cons. · Japanese GAAP
FYE Mar 2025	175	−7.1%	Cons. · Japanese GAAP
FYE Mar 2026	180	+3.2%	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 +7.1%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	55.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	65.0	+18.1%	Cons. · Japanese GAAP
FYE Mar 2019	70.0	+7.6%	Cons. · Japanese GAAP
FYE Mar 2020	80.1	+14.5%	Cons. · Japanese GAAP
FYE Mar 2021	75.1	−6.3%	Cons. · Japanese GAAP
FYE Mar 2022	85.1	+13.3%	Cons. · Japanese GAAP
FYE Mar 2023	90.2	+6.0%	Cons. · Japanese GAAP
FYE Mar 2024	100	+11.0%	Cons. · Japanese GAAP
FYE Mar 2025	95.1	−5.0%	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 ¥38bn

CAGR · 10 yrs +4.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	25.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.8	−7.7%	Cons. · Japanese GAAP
FYE Mar 2019	22.4	−5.8%	Cons. · Japanese GAAP
FYE Mar 2020	38.4	+71.3%	Cons. · Japanese GAAP
FYE Mar 2021	35.3	−8.2%	Cons. · Japanese GAAP
FYE Mar 2022	34.9	−1.0%	Cons. · Japanese GAAP
FYE Mar 2023	48.5	+38.9%	Cons. · Japanese GAAP
FYE Mar 2024	48.4	−0.1%	Cons. · Japanese GAAP
FYE Mar 2025	47.7	−1.5%	Cons. · Japanese GAAP
FYE Mar 2026	37.6	−21.3%	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 ¥18bn

CAGR · 10 yrs +5.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	11.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.7	−15.7%	Cons. · Japanese GAAP
FYE Mar 2019	9.1	−6.6%	Cons. · Japanese GAAP
FYE Mar 2020	21.3	+134.3%	Cons. · Japanese GAAP
FYE Mar 2021	19.2	−9.9%	Cons. · Japanese GAAP
FYE Mar 2022	18.8	−1.8%	Cons. · Japanese GAAP
FYE Mar 2023	27.2	+44.7%	Cons. · Japanese GAAP
FYE Mar 2024	27.1	−0.5%	Cons. · Japanese GAAP
FYE Mar 2025	26.8	−1.2%	Cons. · Japanese GAAP
FYE Mar 2026	17.8	−33.4%	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 37.3%

Average · 10 yrs 35.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	33.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.1	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	34.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	33.9	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	36.0	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2022	36.6	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2023	35.4	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2024	36.3	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2025	37.3	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2026	37.3	−0.1pp	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 68.1%

Average · 10 yrs 79.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	94.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	84.7	−9.8pp	Cons. · Japanese GAAP
FYE Mar 2019	78.6	−6.1pp	Cons. · Japanese GAAP
FYE Mar 2020	84.0	+5.3pp	Cons. · Japanese GAAP
FYE Mar 2021	78.5	−5.5pp	Cons. · Japanese GAAP
FYE Mar 2022	75.4	−3.1pp	Cons. · Japanese GAAP
FYE Mar 2023	79.8	+4.4pp	Cons. · Japanese GAAP
FYE Mar 2024	75.2	−4.5pp	Cons. · Japanese GAAP
FYE Mar 2025	71.7	−3.6pp	Cons. · Japanese GAAP
FYE Mar 2026	68.1	−3.6pp	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 4.3%

Average · 10 yrs 7.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.5	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	6.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	10.0	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2021	9.1	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	8.2	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	5.5	−2.8pp	Cons. · Japanese GAAP
FYE Mar 2024	7.8	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2025	6.2	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	4.3	−2.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 1.6%

Average · 10 yrs 2.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.2	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	2.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	3.4	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	3.3	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	3.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	1.9	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2024	2.8	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2025	2.3	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	1.6	−0.7pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.77×

CAGR · 10 yrs −0.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.77	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.81	+4.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.85	+4.8%	Cons. · Japanese GAAP
FYE Mar 2020	0.83	−1.8%	Cons. · Japanese GAAP
FYE Mar 2021	0.78	−6.2%	Cons. · Japanese GAAP
FYE Mar 2022	0.80	+2.2%	Cons. · Japanese GAAP
FYE Mar 2023	0.80	+0.5%	Cons. · Japanese GAAP
FYE Mar 2024	0.77	−4.4%	Cons. · Japanese GAAP
FYE Mar 2025	0.80	+4.0%	Cons. · Japanese GAAP
FYE Mar 2026	0.77	−3.9%	Cons. · Japanese GAAP

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥78bn

CAGR · 10 yrs +7.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	42.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.2	−25.6%	Cons. · Japanese GAAP
FYE Mar 2019	50.9	+62.7%	Cons. · Japanese GAAP
FYE Mar 2020	61.1	+20.1%	Cons. · Japanese GAAP
FYE Mar 2021	66.0	+8.1%	Cons. · Japanese GAAP
FYE Mar 2022	57.9	−12.3%	Cons. · Japanese GAAP
FYE Mar 2023	46.1	−20.4%	Cons. · Japanese GAAP
FYE Mar 2024	89.6	+94.6%	Cons. · Japanese GAAP
FYE Mar 2025	77.0	−14.1%	Cons. · Japanese GAAP
FYE Mar 2026	78.2	+1.5%	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 -¥71bn

Average · 10 yrs -¥59bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-36.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-28.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-38.7	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-78.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-46.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-54.7	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-60.6	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-76.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-97.3	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-70.7	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 ¥8.8bn

CAGR · 10 yrs +17.4%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-3.2	−254.2%	Cons. · Japanese GAAP
FYE Mar 2019	-9.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	24.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-7.3	−130.0%	Cons. · Japanese GAAP
FYE Mar 2022	1.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	20.0	+976.5%	Cons. · Japanese GAAP
FYE Mar 2024	17.3	−13.8%	Cons. · Japanese GAAP
FYE Mar 2025	-14.5	−183.9%	Cons. · Japanese GAAP
FYE Mar 2026	8.8	n/a	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 ¥89bn

CAGR · 10 yrs +14.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	26.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	26.9	+1.1%	Cons. · Japanese GAAP
FYE Mar 2019	29.6	+9.9%	Cons. · Japanese GAAP
FYE Mar 2020	37.5	+26.8%	Cons. · Japanese GAAP
FYE Mar 2021	50.1	+33.5%	Cons. · Japanese GAAP
FYE Mar 2022	57.8	+15.4%	Cons. · Japanese GAAP
FYE Mar 2023	70.9	+22.6%	Cons. · Japanese GAAP
FYE Mar 2024	104	+46.4%	Cons. · Japanese GAAP
FYE Mar 2025	70.6	−32.0%	Cons. · Japanese GAAP
FYE Mar 2026	89.4	+26.7%	Cons. · Japanese GAAP

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 ¥7.4bn

CAGR · 10 yrs +4.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	5.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.6	−49.4%	Cons. · Japanese GAAP
FYE Mar 2019	12.2	+369.8%	Cons. · Japanese GAAP
FYE Mar 2020	-17.2	−241.2%	Cons. · Japanese GAAP
FYE Mar 2021	20.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	3.2	−83.9%	Cons. · Japanese GAAP
FYE Mar 2023	-14.6	−553.8%	Cons. · Japanese GAAP
FYE Mar 2024	13.6	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-20.3	−249.1%	Cons. · Japanese GAAP
FYE Mar 2026	7.4	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 7.8%

Average · 10 yrs 7.8%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	7.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.2	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2019	7.8	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2020	8.9	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2021	9.7	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2022	7.8	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2023	5.4	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2024	9.9	+4.5pp	Cons. · Japanese GAAP
FYE Mar 2025	7.8	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2026	7.8	−0.0pp	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 -¥244bn

Average · 10 yrs -¥210bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-195	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-189	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-178	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-196	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-196	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-200	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-226	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-216	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-262	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-244	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 ¥340bn

Change · 10 yrs +¥165bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	175	n/a
FYE Mar 2018	249	n/a
FYE Mar 2019	282	n/a
FYE Mar 2020	228	n/a
FYE Mar 2021	260	n/a
FYE Mar 2022	213	n/a
FYE Mar 2023	232	n/a
FYE Mar 2024	318	n/a
FYE Mar 2025	216	n/a
FYE Mar 2026	340	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 1,254¥

Change · 10 yrs +609¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	644	n/a
FYE Mar 2018	920	n/a
FYE Mar 2019	1,040	n/a
FYE Mar 2020	842	n/a
FYE Mar 2021	959	n/a
FYE Mar 2022	786	n/a
FYE Mar 2023	858	n/a
FYE Mar 2024	1,173	n/a
FYE Mar 2025	795	n/a
FYE Mar 2026	1,254	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 271,056,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	271,056,000	Parent
FYE Mar 2018	271,056,000	Parent
FYE Mar 2019	271,056,000	Parent
FYE Mar 2020	271,056,000	Parent
FYE Mar 2021	271,056,000	Parent
FYE Mar 2022	271,056,000	Parent
FYE Mar 2023	271,056,000	Parent
FYE Mar 2024	271,056,000	Parent
FYE Mar 2025	271,056,000	Parent
FYE Mar 2026	271,056,000	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 Mar 2026 84.70¥

Change · 10 yrs +28.66¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	56.04	Cons.
FYE Mar 2018	67.14	Cons.
FYE Mar 2019	69.32	Cons.
FYE Mar 2020	112.24	Cons.
FYE Mar 2021	115.51	Cons.
FYE Mar 2022	113.84	Cons.
FYE Mar 2023	82.47	Cons.
FYE Mar 2024	133.33	Cons.
FYE Mar 2025	116.94	Cons.
FYE Mar 2026	84.70	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 1,805.16¥

Change · 10 yrs +940.98¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	864.18	Cons. · Japanese GAAP
FYE Mar 2018	940.82	Cons. · Japanese GAAP
FYE Mar 2019	973.78	Cons. · Japanese GAAP
FYE Mar 2020	1,026.56	Cons. · Japanese GAAP
FYE Mar 2021	1,155.95	Cons. · Japanese GAAP
FYE Mar 2022	1,261.40	Cons. · Japanese GAAP
FYE Mar 2023	1,375.34	Cons. · Japanese GAAP
FYE Mar 2024	1,569.03	Cons. · Japanese GAAP
FYE Mar 2025	1,711.71	Cons. · Japanese GAAP
FYE Mar 2026	1,805.16	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 14.80×

Average · 10 yrs 10.37×

Fiscal year	PER ×	Basis
FYE Mar 2017	11.50	Cons.
FYE Mar 2018	13.70	Cons.
FYE Mar 2019	15.00	Cons.
FYE Mar 2020	7.50	Cons.
FYE Mar 2021	8.30	Cons.
FYE Mar 2022	6.90	Cons.
FYE Mar 2023	10.40	Cons.
FYE Mar 2024	8.80	Cons.
FYE Mar 2025	6.80	Cons.
FYE Mar 2026	14.80	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 0.64×

Average · 10 yrs 0.69×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.68	Cons.
FYE Mar 2018	0.89	Cons.
FYE Mar 2019	0.98	Cons.
FYE Mar 2020	0.75	Cons.
FYE Mar 2021	0.76	Cons.
FYE Mar 2022	0.57	Cons.
FYE Mar 2023	0.57	Cons.
FYE Mar 2024	0.68	Cons.
FYE Mar 2025	0.42	Cons.
FYE Mar 2026	0.64	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 25,573people

Change · 10 yrs +9,535 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	16,038	n/a	Cons.
FYE Mar 2018	16,532	+3.1%	Cons.
FYE Mar 2019	16,968	+2.6%	Cons.
FYE Mar 2020	18,902	+11.4%	Cons.
FYE Mar 2021	19,451	+2.9%	Cons.
FYE Mar 2022	20,141	+3.5%	Cons.
FYE Mar 2023	22,548	+12.0%	Cons.
FYE Mar 2024	23,389	+3.7%	Cons.
FYE Mar 2025	25,011	+6.9%	Cons.
FYE Mar 2026	25,573	+2.2%	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 4,426people

Change · 10 yrs +726 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	3,700	n/a	Parent
FYE Mar 2018	3,730	+0.8%	Parent
FYE Mar 2019	3,817	+2.3%	Parent
FYE Mar 2020	4,042	+5.9%	Parent
FYE Mar 2021	4,132	+2.2%	Parent
FYE Mar 2022	4,181	+1.2%	Parent
FYE Mar 2023	4,252	+1.7%	Parent
FYE Mar 2024	4,345	+2.2%	Parent
FYE Mar 2025	4,372	+0.6%	Parent
FYE Mar 2026	4,426	+1.2%	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 818万円

Change · 10 yrs +123万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	695	n/a	Parent
FYE Mar 2018	709	+2.0%	Parent
FYE Mar 2019	717	+1.1%	Parent
FYE Mar 2020	718	+0.1%	Parent
FYE Mar 2021	720	+0.3%	Parent
FYE Mar 2022	726	+0.9%	Parent
FYE Mar 2023	728	+0.2%	Parent
FYE Mar 2024	751	+3.2%	Parent
FYE Mar 2025	779	+3.8%	Parent
FYE Mar 2026	818	+5.0%	Parent

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

Average age

FYE Mar 2026 42.1years

Change · 8 yrs +2.3 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	39.8	n/a	Parent
FYE Mar 2020	40.3	+1.3%	Parent
FYE Mar 2021	40.5	+0.5%	Parent
FYE Mar 2022	40.9	+1.0%	Parent
FYE Mar 2023	41.3	+1.0%	Parent
FYE Mar 2024	41.7	+1.0%	Parent
FYE Mar 2025	41.9	+0.5%	Parent
FYE Mar 2026	42.1	+0.5%	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 Mar 2026 16.8years

Change · 10 yrs +1.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	14.9	n/a	Parent
FYE Mar 2018	15.0	+0.7%	Parent
FYE Mar 2019	14.8	−1.3%	Parent
FYE Mar 2020	14.9	+0.7%	Parent
FYE Mar 2021	15.3	+2.7%	Parent
FYE Mar 2022	15.7	+2.6%	Parent
FYE Mar 2023	16.1	+2.5%	Parent
FYE Mar 2024	16.4	+1.9%	Parent
FYE Mar 2025	16.6	+1.2%	Parent
FYE Mar 2026	16.8	+1.2%	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)

Revenue per employee

FYE Mar 2026 ¥39.4m

Change · 10 yrs +¥5.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	34.0	n/a	Cons.
FYE Mar 2018	36.6	+7.7%	Cons.
FYE Mar 2019	38.5	+5.1%	Cons.
FYE Mar 2020	36.2	−6.0%	Cons.
FYE Mar 2021	35.0	−3.3%	Cons.
FYE Mar 2022	37.1	+6.0%	Cons.
FYE Mar 2023	37.5	+1.2%	Cons.
FYE Mar 2024	38.5	+2.6%	Cons.
FYE Mar 2025	39.7	+3.1%	Cons.
FYE Mar 2026	39.4	−0.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.5m

Change · 10 yrs −¥0.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.5	n/a	Cons.
FYE Mar 2018	1.0	−29.9%	Cons.
FYE Mar 2019	1.5	+44.3%	Cons.
FYE Mar 2020	2.2	+46.3%	Cons.
FYE Mar 2021	2.1	−5.9%	Cons.
FYE Mar 2022	1.7	−19.5%	Cons.
FYE Mar 2023	1.2	−30.3%	Cons.
FYE Mar 2024	2.1	+81.4%	Cons.
FYE Mar 2025	1.5	−28.4%	Cons.
FYE Mar 2026	1.5	−3.0%	Cons.

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

Disclaimer

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

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

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