Financials

Money Forward: FYE Nov 2025 and ten years of results (47 metrics)

FYE Nov 2025 · Revenue¥50bnYoY +24.7%

FYE Nov 2025 · Operating profit-¥2.7bn

FYE Nov 2025 · Net profit¥1.6bn

FYE Nov 2025 · Equity ratio34.4%YoY −0.9pp

FYE Nov 2025 · Group employees2,839YoY +242

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	That year
FYE Nov 2016Parent only	¥1.5bn	n/a	-¥0.9bn	n/a	-56.8%	n/a	First bank API link in Japan, with SBI Sumishin Net Bank
FYE Nov 2017Consolidated	¥2.9bn	+88.0%	-¥0.8bn	n/a	-27.5%	-¥0.8bn	5 million users of the personal finance app
FYE Nov 2018Consolidated	¥4.6bn	+58.5%	-¥0.8bn	n/a	-17.3%	-¥0.8bn	<span class="en-history_money" data-yen="6600000000" data-year="2018">$59.8M (¥7bn)</span> overseas offering; Vietnam development base
FYE Nov 2019Consolidated	¥7.2bn	+55.8%	-¥2.4bn	n/a	-34.2%	-¥2.6bn	Four-domain reorganization; SmartCamp acquired; crypto exchange abandoned
FYE Nov 2020Consolidated	¥11bn	+58.1%	-¥2.8bn	n/a	-24.8%	-¥2.4bn	—
FYE Nov 2021Consolidated	¥16bn	+38.1%	-¥1.1bn	n/a	-6.8%	-¥1.5bn	¥31.5bn public offering; moves to the TSE First Section
FYE Nov 2022Consolidated	¥21bn	+37.4%	-¥8.5bn	n/a	-39.4%	-¥9.4bn	Moves to the TSE Prime market
FYE Nov 2023Consolidated	¥30bn	+41.5%	-¥6.3bn	n/a	-20.8%	-¥6.3bn	SaaS ARR +42%; business churn down to 0.7%
FYE Nov 2024Consolidated	¥40bn	+32.9%	-¥4.7bn	n/a	-11.7%	-¥6.3bn	FY28 targets: over <span class="en-history_money" data-yen="100000000000" data-year="2024">$660.1M (¥100bn)</span> revenue, ¥30bn EBITDA
FYE Nov 2025Consolidated	¥50bn	+24.7%	-¥2.7bn	n/a	-5.3%	¥1.6bn	SmartCamp sold in full; first net profit in company history

How it compares

Oracle Japan¥285bnFY2026Operating margin 31.5%Trend Micro¥276bnFY2025Operating margin 20.9%Rakus¥60bnFY2025Operating margin 28.8%Sansan, Inc.¥54bnFY2026Operating margin 15.2%JustSystems¥52bnFY2025Operating margin 43.7%

OBIC BUSINESS CONSULTANTS CO.,LTD.¥51bnFY2025Operating margin 45.9%

Money Forward¥50bnFY2025Operating margin −5.3%

freee K.K.¥33bnFY2025Operating margin 1.8%

Works Applications Co., Ltd.Delisted 2011

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 Nov 2025 ¥50bn

CAGR · 10 yrs +47.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Nov 2016	1.5	n/a	Parent · Japanese GAAP
FYE Nov 2017	2.9	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	4.6	+58.5%	Cons. · Japanese GAAP
FYE Nov 2019	7.2	+55.8%	Cons. · Japanese GAAP
FYE Nov 2020	11.3	+58.1%	Cons. · Japanese GAAP
FYE Nov 2021	15.6	+38.1%	Cons. · Japanese GAAP
FYE Nov 2022	21.5	+37.4%	Cons. · Japanese GAAP
FYE Nov 2023	30.4	+41.5%	Cons. · Japanese GAAP
FYE Nov 2024	40.4	+32.9%	Cons. · Japanese GAAP
FYE Nov 2025	50.3	+24.7%	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 Nov 2025 ¥16bn

CAGR · 10 yrs +41.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Nov 2016	0.7	n/a	Parent · Japanese GAAP
FYE Nov 2017	1.0	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	1.8	+88.9%	Cons. · Japanese GAAP
FYE Nov 2019	2.8	+56.3%	Cons. · Japanese GAAP
FYE Nov 2020	3.7	+30.6%	Cons. · Japanese GAAP
FYE Nov 2021	4.8	+30.1%	Cons. · Japanese GAAP
FYE Nov 2022	8.1	+67.8%	Cons. · Japanese GAAP
FYE Nov 2023	11.3	+39.8%	Cons. · Japanese GAAP
FYE Nov 2024	13.3	+17.7%	Cons. · Japanese GAAP
FYE Nov 2025	16.1	+21.2%	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 Nov 2025 ¥34bn

CAGR · 10 yrs +51.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Nov 2016	0.8	n/a	Parent · Japanese GAAP
FYE Nov 2017	1.9	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	2.8	+43.4%	Cons. · Japanese GAAP
FYE Nov 2019	4.3	+55.4%	Cons. · Japanese GAAP
FYE Nov 2020	7.6	+76.2%	Cons. · Japanese GAAP
FYE Nov 2021	10.8	+42.0%	Cons. · Japanese GAAP
FYE Nov 2022	13.4	+23.8%	Cons. · Japanese GAAP
FYE Nov 2023	19.1	+42.4%	Cons. · Japanese GAAP
FYE Nov 2024	27.1	+41.8%	Cons. · Japanese GAAP
FYE Nov 2025	34.2	+26.5%	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 Nov 2025 ¥37bn

CAGR · 10 yrs +40.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Nov 2016	1.7	n/a	Parent · Japanese GAAP
FYE Nov 2017	2.7	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	3.6	+30.7%	Cons. · Japanese GAAP
FYE Nov 2019	6.8	+89.2%	Cons. · Japanese GAAP
FYE Nov 2020	10.4	+53.9%	Cons. · Japanese GAAP
FYE Nov 2021	11.9	+14.0%	Cons. · Japanese GAAP
FYE Nov 2022	21.9	+84.1%	Cons. · Japanese GAAP
FYE Nov 2023	25.4	+16.2%	Cons. · Japanese GAAP
FYE Nov 2024	31.8	+25.1%	Cons. · Japanese GAAP
FYE Nov 2025	36.9	+16.0%	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 Nov 2025 -¥2.7bn

Average · 10 yrs -¥3.1bn

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Nov 2016	-0.9	n/a	Parent · Japanese GAAP
FYE Nov 2017	-0.8	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-0.8	n/a	Cons. · Japanese GAAP
FYE Nov 2019	-2.4	n/a	Cons. · Japanese GAAP
FYE Nov 2020	-2.8	n/a	Cons. · Japanese GAAP
FYE Nov 2021	-1.1	n/a	Cons. · Japanese GAAP
FYE Nov 2022	-8.5	n/a	Cons. · Japanese GAAP
FYE Nov 2023	-6.3	n/a	Cons. · Japanese GAAP
FYE Nov 2024	-4.7	n/a	Cons. · Japanese GAAP
FYE Nov 2025	-2.7	n/a	Cons. · Japanese GAAP

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

Non-operating income

FYE Nov 2025 ¥126m

CAGR · 10 yrs +80.2%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Nov 2016	0.6	n/a	Parent · Japanese GAAP
FYE Nov 2017	0.3	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	0.1	−81.8%	Cons. · Japanese GAAP
FYE Nov 2019	2.6	+4233.3%	Cons. · Japanese GAAP
FYE Nov 2020	338	+12904.2%	Cons. · Japanese GAAP
FYE Nov 2021	26.5	−92.2%	Cons. · Japanese GAAP
FYE Nov 2022	10.6	−59.9%	Cons. · Japanese GAAP
FYE Nov 2023	14.9	+40.2%	Cons. · Japanese GAAP
FYE Nov 2024	27.3	+83.5%	Cons. · Japanese GAAP
FYE Nov 2025	126	+361.8%	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 Nov 2025 ¥1.4bn

CAGR · 10 yrs +80.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Nov 2016	0.0	n/a	Parent · Japanese GAAP
FYE Nov 2017	0.0	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	0.0	−24.4%	Cons. · Japanese GAAP
FYE Nov 2019	0.1	+338.6%	Cons. · Japanese GAAP
FYE Nov 2020	0.1	−41.8%	Cons. · Japanese GAAP
FYE Nov 2021	0.4	+450.4%	Cons. · Japanese GAAP
FYE Nov 2022	1.1	+183.0%	Cons. · Japanese GAAP
FYE Nov 2023	0.4	−62.2%	Cons. · Japanese GAAP
FYE Nov 2024	0.6	+52.2%	Cons. · Japanese GAAP
FYE Nov 2025	1.4	+109.2%	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 Nov 2025 -¥3.9bn

Average · 10 yrs -¥3.5bn

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Nov 2016	-0.9	n/a	Parent · Japanese GAAP
FYE Nov 2017	-0.8	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-0.8	n/a	Cons. · Japanese GAAP
FYE Nov 2019	-2.6	n/a	Cons. · Japanese GAAP
FYE Nov 2020	-2.5	n/a	Cons. · Japanese GAAP
FYE Nov 2021	-1.4	n/a	Cons. · Japanese GAAP
FYE Nov 2022	-9.6	n/a	Cons. · Japanese GAAP
FYE Nov 2023	-6.7	n/a	Cons. · Japanese GAAP
FYE Nov 2024	-5.4	n/a	Cons. · Japanese GAAP
FYE Nov 2025	-3.9	n/a	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 Nov 2025 ¥8.5bn

CAGR · 10 yrs +191.4%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Nov 2016	0.0	n/a	Parent · Japanese GAAP
FYE Nov 2017	0.0	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	0.0	+530.0%	Cons. · Japanese GAAP
FYE Nov 2019	0.0	−49.7%	Cons. · Japanese GAAP
FYE Nov 2020	0.1	+5257.4%	Cons. · Japanese GAAP
FYE Nov 2021	0.0	−97.6%	Cons. · Japanese GAAP
FYE Nov 2022	0.0	−56.5%	Cons. · Japanese GAAP
FYE Nov 2023	0.0	+43.0%	Cons. · Japanese GAAP
FYE Nov 2024	0.0	−40.5%	Cons. · Japanese GAAP
FYE Nov 2025	8.5	+932209.9%	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Nov 2025 n/a

CAGR · 4 yrs +473.5%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Nov 2016	0.4	n/a	Parent · Japanese GAAP
FYE Nov 2017	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2020	17.7	n/a	Cons. · Japanese GAAP
FYE Nov 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2022	35.2	n/a	Cons. · Japanese GAAP
FYE Nov 2023	67.9	+93.1%	Cons. · Japanese GAAP
FYE Nov 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2025	n/a	n/a	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Nov 2025 ¥1.6bn

Average · 9 yrs -¥3.2bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent · Japanese GAAP
FYE Nov 2017	-0.8	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-0.8	n/a	Cons. · Japanese GAAP
FYE Nov 2019	-2.6	n/a	Cons. · Japanese GAAP
FYE Nov 2020	-2.4	n/a	Cons. · Japanese GAAP
FYE Nov 2021	-1.5	n/a	Cons. · Japanese GAAP
FYE Nov 2022	-9.4	n/a	Cons. · Japanese GAAP
FYE Nov 2023	-6.3	n/a	Cons. · Japanese GAAP
FYE Nov 2024	-6.3	n/a	Cons. · Japanese GAAP
FYE Nov 2025	1.6	n/a	Cons. · Japanese GAAP

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

Gross margin

FYE Nov 2025 68.0%

Average · 10 yrs 63.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Nov 2016	52.4	n/a	Parent · Japanese GAAP
FYE Nov 2017	66.9	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	60.6	−6.4pp	Cons. · Japanese GAAP
FYE Nov 2019	60.4	−0.1pp	Cons. · Japanese GAAP
FYE Nov 2020	67.3	+6.9pp	Cons. · Japanese GAAP
FYE Nov 2021	69.2	+1.9pp	Cons. · Japanese GAAP
FYE Nov 2022	62.4	−6.8pp	Cons. · Japanese GAAP
FYE Nov 2023	62.8	+0.4pp	Cons. · Japanese GAAP
FYE Nov 2024	67.0	+4.2pp	Cons. · Japanese GAAP
FYE Nov 2025	68.0	+0.9pp	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 Nov 2025 -5.3%

Average · 10 yrs -24.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Nov 2016	-56.8	n/a	Parent · Japanese GAAP
FYE Nov 2017	-27.5	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-17.3	+10.2pp	Cons. · Japanese GAAP
FYE Nov 2019	-34.2	−16.9pp	Cons. · Japanese GAAP
FYE Nov 2020	-24.8	+9.4pp	Cons. · Japanese GAAP
FYE Nov 2021	-6.8	+18.0pp	Cons. · Japanese GAAP
FYE Nov 2022	-39.4	−32.6pp	Cons. · Japanese GAAP
FYE Nov 2023	-20.8	+18.6pp	Cons. · Japanese GAAP
FYE Nov 2024	-11.7	+9.1pp	Cons. · Japanese GAAP
FYE Nov 2025	-5.3	+6.5pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Nov 2025 -7.7%

Average · 10 yrs -25.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Nov 2016	-57.2	n/a	Parent · Japanese GAAP
FYE Nov 2017	-28.8	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-17.9	+10.8pp	Cons. · Japanese GAAP
FYE Nov 2019	-35.9	−17.9pp	Cons. · Japanese GAAP
FYE Nov 2020	-22.4	+13.4pp	Cons. · Japanese GAAP
FYE Nov 2021	-9.2	+13.3pp	Cons. · Japanese GAAP
FYE Nov 2022	-44.6	−35.4pp	Cons. · Japanese GAAP
FYE Nov 2023	-22.2	+22.4pp	Cons. · Japanese GAAP
FYE Nov 2024	-13.3	+8.9pp	Cons. · Japanese GAAP
FYE Nov 2025	-7.7	+5.6pp	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 Nov 2025 3.2%

Average · 9 yrs -21.2%

Fiscal year	Net margin %	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent · Japanese GAAP
FYE Nov 2017	-29.1	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-17.7	+11.3pp	Cons. · Japanese GAAP
FYE Nov 2019	-35.9	−18.2pp	Cons. · Japanese GAAP
FYE Nov 2020	-21.4	+14.5pp	Cons. · Japanese GAAP
FYE Nov 2021	-9.5	+11.9pp	Cons. · Japanese GAAP
FYE Nov 2022	-44.0	−34.5pp	Cons. · Japanese GAAP
FYE Nov 2023	-20.8	+23.2pp	Cons. · Japanese GAAP
FYE Nov 2024	-15.7	+5.1pp	Cons. · Japanese GAAP
FYE Nov 2025	3.2	+18.8pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Nov 2025 32.0%

Average · 10 yrs 36.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Nov 2016	47.6	n/a	Parent · Japanese GAAP
FYE Nov 2017	33.1	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	39.4	+6.4pp	Cons. · Japanese GAAP
FYE Nov 2019	39.6	+0.1pp	Cons. · Japanese GAAP
FYE Nov 2020	32.7	−6.9pp	Cons. · Japanese GAAP
FYE Nov 2021	30.8	−1.9pp	Cons. · Japanese GAAP
FYE Nov 2022	37.6	+6.8pp	Cons. · Japanese GAAP
FYE Nov 2023	37.2	−0.4pp	Cons. · Japanese GAAP
FYE Nov 2024	33.0	−4.2pp	Cons. · Japanese GAAP
FYE Nov 2025	32.0	−0.9pp	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 Nov 2025 73.3%

Average · 10 yrs 88.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Nov 2016	109.3	n/a	Parent · Japanese GAAP
FYE Nov 2017	94.4	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	77.9	−16.5pp	Cons. · Japanese GAAP
FYE Nov 2019	94.6	+16.7pp	Cons. · Japanese GAAP
FYE Nov 2020	92.1	−2.5pp	Cons. · Japanese GAAP
FYE Nov 2021	76.0	−16.1pp	Cons. · Japanese GAAP
FYE Nov 2022	101.8	+25.8pp	Cons. · Japanese GAAP
FYE Nov 2023	83.6	−18.2pp	Cons. · Japanese GAAP
FYE Nov 2024	78.8	−4.9pp	Cons. · Japanese GAAP
FYE Nov 2025	73.3	−5.5pp	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 Nov 2025 ¥128bn

CAGR · 9 yrs +42.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2017	7.4	n/a	Cons. · Japanese GAAP
FYE Nov 2018	8.7	+17.1%	Cons. · Japanese GAAP
FYE Nov 2019	16.3	+88.4%	Cons. · Japanese GAAP
FYE Nov 2020	21.7	+33.1%	Cons. · Japanese GAAP
FYE Nov 2021	56.9	+162.3%	Cons. · Japanese GAAP
FYE Nov 2022	66.0	+15.9%	Cons. · Japanese GAAP
FYE Nov 2023	88.3	+33.8%	Cons. · Japanese GAAP
FYE Nov 2024	106	+20.3%	Cons. · Japanese GAAP
FYE Nov 2025	128	+20.1%	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 Nov 2025 ¥44bn

CAGR · 10 yrs +41.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Nov 2016	1.9	n/a	Cons. · Japanese GAAP
FYE Nov 2017	4.0	+112.5%	Cons. · Japanese GAAP
FYE Nov 2018	3.3	−18.0%	Cons. · Japanese GAAP
FYE Nov 2019	7.9	+141.0%	Cons. · Japanese GAAP
FYE Nov 2020	9.7	+21.9%	Cons. · Japanese GAAP
FYE Nov 2021	40.5	+319.4%	Cons. · Japanese GAAP
FYE Nov 2022	32.6	−19.5%	Cons. · Japanese GAAP
FYE Nov 2023	28.3	−13.2%	Cons. · Japanese GAAP
FYE Nov 2024	37.4	+32.2%	Cons. · Japanese GAAP
FYE Nov 2025	43.8	+17.1%	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 Nov 2025 ¥16bn

CAGR · 9 yrs +27.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2017	2.3	n/a	Cons. · Japanese GAAP
FYE Nov 2018	3.0	+31.6%	Cons. · Japanese GAAP
FYE Nov 2019	4.8	+61.4%	Cons. · Japanese GAAP
FYE Nov 2020	5.6	+16.0%	Cons. · Japanese GAAP
FYE Nov 2021	6.8	+22.7%	Cons. · Japanese GAAP
FYE Nov 2022	14.6	+113.5%	Cons. · Japanese GAAP
FYE Nov 2023	13.9	−4.9%	Cons. · Japanese GAAP
FYE Nov 2024	18.0	+29.3%	Cons. · Japanese GAAP
FYE Nov 2025	16.2	−9.5%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Nov 2025 ¥5.3bn

CAGR · 9 yrs +42.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Nov 2018	0.6	+79.0%	Cons. · Japanese GAAP
FYE Nov 2019	2.0	+260.4%	Cons. · Japanese GAAP
FYE Nov 2020	2.5	+25.5%	Cons. · Japanese GAAP
FYE Nov 2021	4.7	+87.3%	Cons. · Japanese GAAP
FYE Nov 2022	8.2	+75.3%	Cons. · Japanese GAAP
FYE Nov 2023	4.9	−40.1%	Cons. · Japanese GAAP
FYE Nov 2024	10.1	+103.8%	Cons. · Japanese GAAP
FYE Nov 2025	5.3	−47.8%	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 Nov 2025 ¥11bn

CAGR · 9 yrs +24.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2017	2.0	n/a	Cons. · Japanese GAAP
FYE Nov 2018	2.4	+24.0%	Cons. · Japanese GAAP
FYE Nov 2019	2.8	+15.9%	Cons. · Japanese GAAP
FYE Nov 2020	3.1	+9.2%	Cons. · Japanese GAAP
FYE Nov 2021	2.1	−30.2%	Cons. · Japanese GAAP
FYE Nov 2022	6.4	+197.4%	Cons. · Japanese GAAP
FYE Nov 2023	8.9	+40.5%	Cons. · Japanese GAAP
FYE Nov 2024	7.9	−11.7%	Cons. · Japanese GAAP
FYE Nov 2025	11.0	+39.2%	Cons. · Japanese GAAP

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

Intangible assets

FYE Nov 2025 ¥27bn

CAGR · 9 yrs +55.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2017	0.8	n/a	Cons. · Japanese GAAP
FYE Nov 2018	0.9	+13.0%	Cons. · Japanese GAAP
FYE Nov 2019	2.6	+192.0%	Cons. · Japanese GAAP
FYE Nov 2020	4.6	+72.9%	Cons. · Japanese GAAP
FYE Nov 2021	6.1	+33.8%	Cons. · Japanese GAAP
FYE Nov 2022	11.0	+79.8%	Cons. · Japanese GAAP
FYE Nov 2023	13.5	+22.7%	Cons. · Japanese GAAP
FYE Nov 2024	17.0	+26.6%	Cons. · Japanese GAAP
FYE Nov 2025	26.8	+57.4%	Cons. · Japanese GAAP

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

Goodwill

FYE Nov 2025 ¥6.7bn

CAGR · 9 yrs +30.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2017	0.8	n/a	Cons. · Japanese GAAP
FYE Nov 2018	0.9	+12.2%	Cons. · Japanese GAAP
FYE Nov 2019	2.6	+193.4%	Cons. · Japanese GAAP
FYE Nov 2020	3.5	+35.4%	Cons. · Japanese GAAP
FYE Nov 2021	3.1	−13.5%	Cons. · Japanese GAAP
FYE Nov 2022	4.5	+46.8%	Cons. · Japanese GAAP
FYE Nov 2023	3.8	−14.7%	Cons. · Japanese GAAP
FYE Nov 2024	3.4	−12.0%	Cons. · Japanese GAAP
FYE Nov 2025	6.7	+99.1%	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 Nov 2025 34.4%

Average · 9 yrs 45.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2017	54.2	n/a	Cons. · Japanese GAAP
FYE Nov 2018	38.0	−16.2pp	Cons. · Japanese GAAP
FYE Nov 2019	48.6	+10.6pp	Cons. · Japanese GAAP
FYE Nov 2020	44.5	−4.1pp	Cons. · Japanese GAAP
FYE Nov 2021	71.2	+26.7pp	Cons. · Japanese GAAP
FYE Nov 2022	49.5	−21.7pp	Cons. · Japanese GAAP
FYE Nov 2023	32.1	−17.4pp	Cons. · Japanese GAAP
FYE Nov 2024	35.3	+3.2pp	Cons. · Japanese GAAP
FYE Nov 2025	34.4	−0.9pp	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 Nov 2025 37.1%

Average · 9 yrs 51.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2017	56.5	n/a	Cons. · Japanese GAAP
FYE Nov 2018	90.6	+34.1pp	Cons. · Japanese GAAP
FYE Nov 2019	60.7	−29.9pp	Cons. · Japanese GAAP
FYE Nov 2020	57.7	−3.0pp	Cons. · Japanese GAAP
FYE Nov 2021	16.9	−40.8pp	Cons. · Japanese GAAP
FYE Nov 2022	44.8	+27.9pp	Cons. · Japanese GAAP
FYE Nov 2023	49.0	+4.3pp	Cons. · Japanese GAAP
FYE Nov 2024	48.0	−1.0pp	Cons. · Japanese GAAP
FYE Nov 2025	37.1	−10.9pp	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 Nov 2025 3.6%

Average · 9 yrs -19.1%

Fiscal year	ROE %	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent · Japanese GAAP
FYE Nov 2017	-21.0	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-24.8	−3.8pp	Cons. · Japanese GAAP
FYE Nov 2019	-32.5	−7.7pp	Cons. · Japanese GAAP
FYE Nov 2020	-25.1	+7.4pp	Cons. · Japanese GAAP
FYE Nov 2021	-3.7	+21.4pp	Cons. · Japanese GAAP
FYE Nov 2022	-29.0	−25.3pp	Cons. · Japanese GAAP
FYE Nov 2023	-22.3	+6.7pp	Cons. · Japanese GAAP
FYE Nov 2024	-16.9	+5.4pp	Cons. · Japanese GAAP
FYE Nov 2025	3.6	+20.5pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Nov 2025 1.2%

Average · 9 yrs -8.5%

Fiscal year	ROA %	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent · Japanese GAAP
FYE Nov 2017	-11.4	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-9.4	+2.0pp	Cons. · Japanese GAAP
FYE Nov 2019	-15.8	−6.4pp	Cons. · Japanese GAAP
FYE Nov 2020	-11.2	+4.6pp	Cons. · Japanese GAAP
FYE Nov 2021	-2.6	+8.6pp	Cons. · Japanese GAAP
FYE Nov 2022	-14.3	−11.7pp	Cons. · Japanese GAAP
FYE Nov 2023	-7.2	+7.2pp	Cons. · Japanese GAAP
FYE Nov 2024	-6.0	+1.2pp	Cons. · Japanese GAAP
FYE Nov 2025	1.2	+7.2pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Nov 2025 0.39×

CAGR · 9 yrs +0.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent · Japanese GAAP
FYE Nov 2017	0.39	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	0.53	+35.4%	Cons. · Japanese GAAP
FYE Nov 2019	0.44	−17.3%	Cons. · Japanese GAAP
FYE Nov 2020	0.52	+18.8%	Cons. · Japanese GAAP
FYE Nov 2021	0.27	−47.3%	Cons. · Japanese GAAP
FYE Nov 2022	0.33	+18.6%	Cons. · Japanese GAAP
FYE Nov 2023	0.34	+5.7%	Cons. · Japanese GAAP
FYE Nov 2024	0.38	+10.5%	Cons. · Japanese GAAP
FYE Nov 2025	0.39	+3.8%	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 Nov 2025 ¥1.5bn

Average · 10 yrs -¥1.4bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Nov 2016	-0.7	n/a	Parent · Japanese GAAP
FYE Nov 2017	-0.5	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-0.8	n/a	Cons. · Japanese GAAP
FYE Nov 2019	-3.6	n/a	Cons. · Japanese GAAP
FYE Nov 2020	-1.1	n/a	Cons. · Japanese GAAP
FYE Nov 2021	-2.3	n/a	Cons. · Japanese GAAP
FYE Nov 2022	-4.1	n/a	Cons. · Japanese GAAP
FYE Nov 2023	2.5	n/a	Cons. · Japanese GAAP
FYE Nov 2024	-4.8	−293.5%	Cons. · Japanese GAAP
FYE Nov 2025	1.5	n/a	Cons. · Japanese GAAP

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

Investing cash flow

FYE Nov 2025 -¥10bn

Average · 10 yrs -¥5.5bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Nov 2016	-0.1	n/a	Parent · Japanese GAAP
FYE Nov 2017	-1.1	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-1.3	n/a	Cons. · Japanese GAAP
FYE Nov 2019	-2.8	n/a	Cons. · Japanese GAAP
FYE Nov 2020	-2.6	n/a	Cons. · Japanese GAAP
FYE Nov 2021	-5.2	n/a	Cons. · Japanese GAAP
FYE Nov 2022	-14.8	n/a	Cons. · Japanese GAAP
FYE Nov 2023	-7.4	n/a	Cons. · Japanese GAAP
FYE Nov 2024	-9.5	n/a	Cons. · Japanese GAAP
FYE Nov 2025	-10.3	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 Nov 2025 ¥4.6bn

CAGR · 10 yrs +16.3%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Nov 2016	1.2	n/a	Parent · Japanese GAAP
FYE Nov 2017	4.6	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	1.3	−71.7%	Cons. · Japanese GAAP
FYE Nov 2019	8.6	+561.5%	Cons. · Japanese GAAP
FYE Nov 2020	5.3	−39.1%	Cons. · Japanese GAAP
FYE Nov 2021	34.8	+562.0%	Cons. · Japanese GAAP
FYE Nov 2022	9.1	−73.9%	Cons. · Japanese GAAP
FYE Nov 2023	17.5	+92.4%	Cons. · Japanese GAAP
FYE Nov 2024	20.3	+16.5%	Cons. · Japanese GAAP
FYE Nov 2025	4.6	−77.5%	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 Nov 2025 ¥41bn

CAGR · 10 yrs +35.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Nov 2016	2.7	n/a	Parent · Japanese GAAP
FYE Nov 2017	5.7	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	5.0	−13.5%	Cons. · Japanese GAAP
FYE Nov 2019	7.2	+45.3%	Cons. · Japanese GAAP
FYE Nov 2020	8.7	+21.2%	Cons. · Japanese GAAP
FYE Nov 2021	36.0	+313.1%	Cons. · Japanese GAAP
FYE Nov 2022	26.3	−27.0%	Cons. · Japanese GAAP
FYE Nov 2023	38.8	+47.5%	Cons. · Japanese GAAP
FYE Nov 2024	45.2	+16.5%	Cons. · Japanese GAAP
FYE Nov 2025	40.9	−9.5%	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 Nov 2025 -¥8.8bn

Average · 10 yrs -¥6.9bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Nov 2016	-0.8	n/a	Parent · Japanese GAAP
FYE Nov 2017	-1.6	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-2.1	n/a	Cons. · Japanese GAAP
FYE Nov 2019	-6.4	n/a	Cons. · Japanese GAAP
FYE Nov 2020	-3.7	n/a	Cons. · Japanese GAAP
FYE Nov 2021	-7.5	n/a	Cons. · Japanese GAAP
FYE Nov 2022	-18.9	n/a	Cons. · Japanese GAAP
FYE Nov 2023	-5.0	n/a	Cons. · Japanese GAAP
FYE Nov 2024	-14.3	n/a	Cons. · Japanese GAAP
FYE Nov 2025	-8.8	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 Nov 2025 3.0%

Average · 10 yrs -17.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Nov 2016	-46.5	n/a	Parent · Japanese GAAP
FYE Nov 2017	-17.2	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	-17.3	−0.1pp	Cons. · Japanese GAAP
FYE Nov 2019	-50.4	−33.1pp	Cons. · Japanese GAAP
FYE Nov 2020	-9.9	+40.5pp	Cons. · Japanese GAAP
FYE Nov 2021	-14.9	−5.0pp	Cons. · Japanese GAAP
FYE Nov 2022	-19.2	−4.3pp	Cons. · Japanese GAAP
FYE Nov 2023	8.1	+27.3pp	Cons. · Japanese GAAP
FYE Nov 2024	-11.8	−19.9pp	Cons. · Japanese GAAP
FYE Nov 2025	3.0	+14.8pp	Cons. · Japanese GAAP

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

Net cash

FYE Nov 2025 ¥25bn

CAGR · 9 yrs +27.8%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent · Japanese GAAP
FYE Nov 2017	3.5	moved to consolidated	Cons. · Japanese GAAP
FYE Nov 2018	2.0	−43.1%	Cons. · Japanese GAAP
FYE Nov 2019	2.4	+20.9%	Cons. · Japanese GAAP
FYE Nov 2020	3.1	+31.9%	Cons. · Japanese GAAP
FYE Nov 2021	29.2	+828.7%	Cons. · Japanese GAAP
FYE Nov 2022	11.7	−59.9%	Cons. · Japanese GAAP
FYE Nov 2023	24.9	+113.1%	Cons. · Japanese GAAP
FYE Nov 2024	27.3	+9.3%	Cons. · Japanese GAAP
FYE Nov 2025	24.7	−9.4%	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

Shares outstanding

FYE Nov 2025 55,524,779shares

Change · 10 yrs +55,096,679 shares

Fiscal year	Shares outstanding shares	Basis
FYE Nov 2016	428,100	Parent
FYE Nov 2017	19,173,520	Parent
FYE Nov 2018	19,329,640	Parent
FYE Nov 2019	22,165,360	Parent
FYE Nov 2020	23,851,218	Parent
FYE Nov 2021	53,382,460	Parent
FYE Nov 2022	53,828,535	Parent
FYE Nov 2023	54,235,305	Parent
FYE Nov 2024	54,788,890	Parent
FYE Nov 2025	55,524,779	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 Nov 2025 28.78¥

Change · 9 yrs +53.60¥

Fiscal year	EPS ¥	Basis
FYE Nov 2016	n/a	Cons.
FYE Nov 2017	-24.82	Cons.
FYE Nov 2018	-21.17	Cons.
FYE Nov 2019	-58.95	Cons.
FYE Nov 2020	-52.08	Cons.
FYE Nov 2021	-29.97	Cons.
FYE Nov 2022	-176.44	Cons.
FYE Nov 2023	-116.98	Cons.
FYE Nov 2024	-116.32	Cons.
FYE Nov 2025	28.78	Cons.

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

BPS book value per share

FYE Nov 2025 789.64¥

Change · 10 yrs −3,617.84¥

Fiscal year	BPS ¥	Basis
FYE Nov 2016	4,407.47	Cons. · Japanese GAAP
FYE Nov 2017	209.16	Cons. · Japanese GAAP
FYE Nov 2018	170.11	Cons. · Japanese GAAP
FYE Nov 2019	357.56	Cons. · Japanese GAAP
FYE Nov 2020	405.21	Cons. · Japanese GAAP
FYE Nov 2021	759.24	Cons. · Japanese GAAP
FYE Nov 2022	606.26	Cons. · Japanese GAAP
FYE Nov 2023	522.30	Cons. · Japanese GAAP
FYE Nov 2024	683.28	Cons. · Japanese GAAP
FYE Nov 2025	789.64	Cons. · Japanese GAAP

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

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Nov 2025 2,839people

Change · 9 yrs +2,598 people

Fiscal year	Group employees people	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons.
FYE Nov 2017	241	n/a	Cons.
FYE Nov 2018	394	+63.5%	Cons.
FYE Nov 2019	691	+75.4%	Cons.
FYE Nov 2020	865	+25.2%	Cons.
FYE Nov 2021	1,248	+44.3%	Cons.
FYE Nov 2022	1,894	+51.8%	Cons.
FYE Nov 2023	2,130	+12.5%	Cons.
FYE Nov 2024	2,597	+21.9%	Cons.
FYE Nov 2025	2,839	+9.3%	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 Nov 2025 1,707people

Change · 10 yrs +1,545 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Nov 2016	162	n/a	Parent
FYE Nov 2017	218	+34.6%	Parent
FYE Nov 2018	302	+38.5%	Parent
FYE Nov 2019	504	+66.9%	Parent
FYE Nov 2020	579	+14.9%	Parent
FYE Nov 2021	815	+40.8%	Parent
FYE Nov 2022	1,266	+55.3%	Parent
FYE Nov 2023	1,473	+16.4%	Parent
FYE Nov 2024	1,680	+14.1%	Parent
FYE Nov 2025	1,707	+1.6%	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 Nov 2025 ¥7.2m

Change · 7 yrs +¥1.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	6.1	n/a	Parent
FYE Nov 2020	6.1	+1.1%	Parent
FYE Nov 2021	6.5	+5.7%	Parent
FYE Nov 2022	6.5	−0.2%	Parent
FYE Nov 2023	6.7	+2.9%	Parent
FYE Nov 2024	7.1	+6.9%	Parent
FYE Nov 2025	7.2	+1.7%	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 Nov 2025 34.3years

Change · 7 yrs +1.3 years

Fiscal year	Average age years	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	33.0	n/a	Parent
FYE Nov 2020	33.3	+0.9%	Parent
FYE Nov 2021	33.4	+0.3%	Parent
FYE Nov 2022	33.3	−0.3%	Parent
FYE Nov 2023	33.6	+0.9%	Parent
FYE Nov 2024	34.0	+1.2%	Parent
FYE Nov 2025	34.3	+0.9%	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 Nov 2025 2.9years

Change · 7 yrs +1.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	1.8	n/a	Parent
FYE Nov 2020	2.3	+27.8%	Parent
FYE Nov 2021	2.2	−4.3%	Parent
FYE Nov 2022	1.9	−13.6%	Parent
FYE Nov 2023	2.4	+26.3%	Parent
FYE Nov 2024	2.5	+4.2%	Parent
FYE Nov 2025	2.9	+16.0%	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 Nov 2025 424people

Change · 9 yrs +379 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Nov 2016	n/a	n/a	n/a
FYE Nov 2017	45	n/a	n/a
FYE Nov 2018	58	+28.9%	n/a
FYE Nov 2019	85	+46.6%	n/a
FYE Nov 2020	199	+134.1%	n/a
FYE Nov 2021	267	+34.2%	n/a
FYE Nov 2022	332	+24.3%	n/a
FYE Nov 2023	354	+6.6%	n/a
FYE Nov 2024	426	+20.3%	n/a
FYE Nov 2025	424	−0.5%	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 Nov 2025 ¥17.7m

Change · 9 yrs +¥5.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	12.0	moved to consolidated	Cons.
FYE Nov 2018	11.7	−3.1%	Cons.
FYE Nov 2019	10.4	−11.2%	Cons.
FYE Nov 2020	13.1	+26.3%	Cons.
FYE Nov 2021	12.5	−4.3%	Cons.
FYE Nov 2022	11.3	−9.5%	Cons.
FYE Nov 2023	14.3	+25.8%	Cons.
FYE Nov 2024	15.5	+9.0%	Cons.
FYE Nov 2025	17.7	+14.1%	Cons.

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

Operating profit per employee

FYE Nov 2025 -¥0.9m

Change · 9 yrs +¥2.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	-3.3	moved to consolidated	Cons.
FYE Nov 2018	-2.0	n/a	Cons.
FYE Nov 2019	-3.5	n/a	Cons.
FYE Nov 2020	-3.2	n/a	Cons.
FYE Nov 2021	-0.9	n/a	Cons.
FYE Nov 2022	-4.5	n/a	Cons.
FYE Nov 2023	-3.0	n/a	Cons.
FYE Nov 2024	-1.8	n/a	Cons.
FYE Nov 2025	-0.9	n/a	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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