Financials

Resonac Holdings: FYE Dec 2025 and ten years of results (50 metrics)

FYE Dec 2025 · Revenue¥1.35tnYoY −3.2%

FYE Dec 2025 · Operating profit¥47bnYoY −47.6%

FYE Dec 2025 · Net profit¥29bnYoY −47.6%

FYE Dec 2025 · Equity ratio31.8%YoY +2.1pp

FYE Dec 2025 · Group employees21,525YoY −2,411

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥671bn	n/a	¥42bn	n/a	6.3%	¥12bn	Ichikawa Hideo	Sun Allomer made a subsidiary
FYE Dec 2017Consolidated	¥780bn	+16.3%	¥78bn	+84.8%	10.0%	¥37bn	Ichikawa Hideo	<a class="en-history_person" href="/tse/4004/executives/ceo/morikawa-kohei/" hreflang="ja">Morikawa Kohei</a> becomes president
FYE Dec 2018Consolidated	¥992bn	+27.1%	¥180bn	+131.6%	18.1%	¥112bn	Morikawa Kohei	Record results: operating profit ¥180bn, net profit ¥111.5bn
FYE Dec 2019Consolidated	¥906bn	−8.6%	¥121bn	−32.9%	13.3%	¥73bn	Morikawa Kohei	—
FYE Dec 2020Consolidated	¥974bn	+7.4%	-¥19bn	−116.1%	-2.0%	-¥76bn	Morikawa Kohei	Hitachi Chemical acquired for roughly ¥960bn
FYE Dec 2021Consolidated	¥1.42tn	+45.8%	¥87bn	n/a	6.1%	-¥12bn	Morikawa Kohei	—
FYE Dec 2022Consolidated	¥1.39tn	−1.9%	¥62bn	−29.2%	4.4%	¥32bn	Morikawa Kohei	<a class="en-history_person" href="/tse/4004/executives/ceo/takahashi-hidehito/" hreflang="ja">Takahashi Hidehito</a> becomes president
FYE Dec 2023Consolidated	¥1.30tn	−7.0%	-¥9.4bn	−115.2%	-0.7%	-¥19bn	Takahashi Hidehito	—
FYE Dec 2024Consolidated	¥1.39tn	+7.4%	¥89bn	n/a	6.4%	¥55bn	Takahashi Hidehito	—
FYE Dec 2025Consolidated	¥1.35tn	−3.2%	¥47bn	−47.6%	3.5%	¥29bn	Takahashi Hidehito	—

How it compares

Mitsubishi Chemical Group¥3.70tnFY2025Operating margin 0.8%Shin-Etsu Chemical¥2.57tnFY2025Operating margin 24.7%Sumitomo Chemical¥2.33tnFY2025Operating margin 6.5%

Mitsubishi Chemical CorporationDelisted 2005

Mitsui Chemicals¥1.67tnFY2025Operating margin 4.4%

Resonac Holdings¥1.35tnFY2025Operating margin 3.5%

Sekisui Chemical¥1.31tnFY2025Operating margin 8.1%Tosoh¥1.02tnFY2025Operating margin 9.4%KANEKA CORPORATION¥812bnFY2025Operating margin 4.1%Daicel¥580bnFY2025Operating margin 7.3%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥1.35tn

CAGR · 10 yrs +8.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	671	n/a	Cons. · Japanese GAAP
FYE Dec 2017	780	+16.3%	Cons. · Japanese GAAP
FYE Dec 2018	992	+27.1%	Cons. · Japanese GAAP
FYE Dec 2019	906	−8.6%	Cons. · Japanese GAAP
FYE Dec 2020	974	+7.4%	Cons. · Japanese GAAP
FYE Dec 2021	1,420	+45.8%	Cons. · Japanese GAAP
FYE Dec 2022	1,393	−1.9%	Cons. · Japanese GAAP
FYE Dec 2023	1,295	−7.0%	Cons. · Japanese GAAP
FYE Dec 2024	1,391	moved to IFRS	Cons. · IFRS
FYE Dec 2025	1,347	−3.2%	Cons. · IFRS

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

Cost of sales

FYE Dec 2025 ¥1.02tn

CAGR · 10 yrs +7.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	545	n/a	Cons. · Japanese GAAP
FYE Dec 2017	603	+10.6%	Cons. · Japanese GAAP
FYE Dec 2018	705	+16.9%	Cons. · Japanese GAAP
FYE Dec 2019	671	−4.8%	Cons. · Japanese GAAP
FYE Dec 2020	814	+21.3%	Cons. · Japanese GAAP
FYE Dec 2021	1,082	+32.8%	Cons. · Japanese GAAP
FYE Dec 2022	1,088	+0.6%	Cons. · Japanese GAAP
FYE Dec 2023	1,067	−1.9%	Cons. · Japanese GAAP
FYE Dec 2024	1,080	moved to IFRS	Cons. · IFRS
FYE Dec 2025	1,023	−5.3%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Dec 2025 ¥324bn

CAGR · 10 yrs +11.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	126	n/a	Cons. · Japanese GAAP
FYE Dec 2017	177	+40.7%	Cons. · Japanese GAAP
FYE Dec 2018	287	+61.8%	Cons. · Japanese GAAP
FYE Dec 2019	235	−18.1%	Cons. · Japanese GAAP
FYE Dec 2020	159	−32.3%	Cons. · Japanese GAAP
FYE Dec 2021	338	+112.1%	Cons. · Japanese GAAP
FYE Dec 2022	305	−9.8%	Cons. · Japanese GAAP
FYE Dec 2023	229	−25.0%	Cons. · Japanese GAAP
FYE Dec 2024	311	moved to IFRS	Cons. · IFRS
FYE Dec 2025	324	+4.1%	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Dec 2025 ¥266bn

CAGR · 10 yrs +13.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	84.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	99.8	+18.6%	Cons. · Japanese GAAP
FYE Dec 2018	107	+7.4%	Cons. · Japanese GAAP
FYE Dec 2019	114	+6.9%	Cons. · Japanese GAAP
FYE Dec 2020	179	+56.1%	Cons. · Japanese GAAP
FYE Dec 2021	251	+40.3%	Cons. · Japanese GAAP
FYE Dec 2022	243	−3.1%	Cons. · Japanese GAAP
FYE Dec 2023	246	+1.4%	Cons. · Japanese GAAP
FYE Dec 2024	243	moved to IFRS	Cons. · IFRS
FYE Dec 2025	266	+9.4%	Cons. · IFRS

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

Operating profit

FYE Dec 2025 ¥47bn

CAGR · 10 yrs +1.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	42.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	77.7	+84.8%	Cons. · Japanese GAAP
FYE Dec 2018	180	+131.6%	Cons. · Japanese GAAP
FYE Dec 2019	121	−32.9%	Cons. · Japanese GAAP
FYE Dec 2020	-19.4	−116.1%	Cons. · Japanese GAAP
FYE Dec 2021	87.2	n/a	Cons. · Japanese GAAP
FYE Dec 2022	61.7	−29.2%	Cons. · Japanese GAAP
FYE Dec 2023	-9.4	−115.2%	Cons. · Japanese GAAP
FYE Dec 2024	89.0	moved to IFRS	Cons. · IFRS
FYE Dec 2025	46.7	−47.6%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥6.1bn

CAGR · 10 yrs −4.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	9.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.4	−50.7%	Cons. · Japanese GAAP
FYE Dec 2018	6.2	+40.1%	Cons. · Japanese GAAP
FYE Dec 2019	6.2	−0.4%	Cons. · Japanese GAAP
FYE Dec 2020	8.6	+39.5%	Cons. · Japanese GAAP
FYE Dec 2021	18.6	+115.7%	Cons. · Japanese GAAP
FYE Dec 2022	22.6	+21.0%	Cons. · Japanese GAAP
FYE Dec 2023	4.2	−81.6%	Cons. · Japanese GAAP
FYE Dec 2024	4.8	moved to IFRS	Cons. · IFRS
FYE Dec 2025	6.1	+27.8%	Cons. · IFRS

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

Non-operating expenses

FYE Dec 2025 ¥17bn

CAGR · 10 yrs +3.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	12.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	18.3	+47.9%	Cons. · Japanese GAAP
FYE Dec 2018	7.4	−59.4%	Cons. · Japanese GAAP
FYE Dec 2019	7.7	+3.8%	Cons. · Japanese GAAP
FYE Dec 2020	33.2	+330.6%	Cons. · Japanese GAAP
FYE Dec 2021	19.0	−42.8%	Cons. · Japanese GAAP
FYE Dec 2022	22.6	+19.0%	Cons. · Japanese GAAP
FYE Dec 2023	14.9	−34.1%	Cons. · Japanese GAAP
FYE Dec 2024	15.9	moved to IFRS	Cons. · IFRS
FYE Dec 2025	17.0	+6.6%	Cons. · IFRS

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 Dec 2025 n/a

Average · 8 yrs ¥61bn

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	38.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	63.9	+65.0%	Cons. · Japanese GAAP
FYE Dec 2018	179	+180.0%	Cons. · Japanese GAAP
FYE Dec 2019	119	−33.3%	Cons. · Japanese GAAP
FYE Dec 2020	-44.0	−136.9%	Cons. · Japanese GAAP
FYE Dec 2021	86.9	n/a	Cons. · Japanese GAAP
FYE Dec 2022	59.4	−31.7%	Cons. · Japanese GAAP
FYE Dec 2023	-14.8	−124.9%	Cons. · Japanese GAAP
FYE Dec 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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 Dec 2025 n/a

CAGR · 8 yrs +54.2%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	1.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.6	+420.3%	Cons. · Japanese GAAP
FYE Dec 2018	2.1	−75.7%	Cons. · Japanese GAAP
FYE Dec 2019	2.9	+39.5%	Cons. · Japanese GAAP
FYE Dec 2020	8.4	+187.7%	Cons. · Japanese GAAP
FYE Dec 2021	23.0	+173.2%	Cons. · Japanese GAAP
FYE Dec 2022	23.3	+1.1%	Cons. · Japanese GAAP
FYE Dec 2023	34.3	+47.5%	Cons. · Japanese GAAP
FYE Dec 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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 Dec 2025 ¥29bn

CAGR · 10 yrs +10.0%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	12.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	37.4	+204.0%	Cons. · Japanese GAAP
FYE Dec 2018	112	+198.1%	Cons. · Japanese GAAP
FYE Dec 2019	73.1	−34.5%	Cons. · Japanese GAAP
FYE Dec 2020	-76.3	−204.4%	Cons. · Japanese GAAP
FYE Dec 2021	-12.1	n/a	Cons. · Japanese GAAP
FYE Dec 2022	32.4	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-19.0	−158.5%	Cons. · Japanese GAAP
FYE Dec 2024	55.4	moved to IFRS	Cons. · IFRS
FYE Dec 2025	29.0	−47.6%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 24.0%

Average · 10 yrs 22.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	18.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	22.7	+3.9pp	Cons. · Japanese GAAP
FYE Dec 2018	28.9	+6.2pp	Cons. · Japanese GAAP
FYE Dec 2019	26.0	−3.0pp	Cons. · Japanese GAAP
FYE Dec 2020	16.4	−9.6pp	Cons. · Japanese GAAP
FYE Dec 2021	23.8	+7.4pp	Cons. · Japanese GAAP
FYE Dec 2022	21.9	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2023	17.6	−4.2pp	Cons. · Japanese GAAP
FYE Dec 2024	22.4	moved to IFRS	Cons. · IFRS
FYE Dec 2025	24.0	+1.7pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 3.5%

Average · 10 yrs 6.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	6.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.0	+3.7pp	Cons. · Japanese GAAP
FYE Dec 2018	18.1	+8.2pp	Cons. · Japanese GAAP
FYE Dec 2019	13.3	−4.8pp	Cons. · Japanese GAAP
FYE Dec 2020	-2.0	−15.3pp	Cons. · Japanese GAAP
FYE Dec 2021	6.1	+8.1pp	Cons. · Japanese GAAP
FYE Dec 2022	4.4	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2023	-0.7	−5.2pp	Cons. · Japanese GAAP
FYE Dec 2024	6.4	moved to IFRS	Cons. · IFRS
FYE Dec 2025	3.5	−2.9pp	Cons. · IFRS

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

Ordinary margin

FYE Dec 2025 n/a

Average · 8 yrs 6.2%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	5.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.2	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2018	18.0	+9.8pp	Cons. · Japanese GAAP
FYE Dec 2019	13.2	−4.9pp	Cons. · Japanese GAAP
FYE Dec 2020	-4.5	−17.7pp	Cons. · Japanese GAAP
FYE Dec 2021	6.1	+10.6pp	Cons. · Japanese GAAP
FYE Dec 2022	4.3	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2023	-1.1	−5.4pp	Cons. · Japanese GAAP
FYE Dec 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Dec 2025 2.2%

Average · 10 yrs 2.4%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	1.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.8	+3.0pp	Cons. · Japanese GAAP
FYE Dec 2018	11.2	+6.4pp	Cons. · Japanese GAAP
FYE Dec 2019	8.1	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2020	-7.8	−15.9pp	Cons. · Japanese GAAP
FYE Dec 2021	-0.9	+7.0pp	Cons. · Japanese GAAP
FYE Dec 2022	2.3	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2023	-1.5	−3.8pp	Cons. · Japanese GAAP
FYE Dec 2024	4.0	moved to IFRS	Cons. · IFRS
FYE Dec 2025	2.2	−1.8pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Dec 2025 76.0%

Average · 10 yrs 77.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	81.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	77.3	−3.9pp	Cons. · Japanese GAAP
FYE Dec 2018	71.1	−6.2pp	Cons. · Japanese GAAP
FYE Dec 2019	74.0	+3.0pp	Cons. · Japanese GAAP
FYE Dec 2020	83.6	+9.6pp	Cons. · Japanese GAAP
FYE Dec 2021	76.2	−7.4pp	Cons. · Japanese GAAP
FYE Dec 2022	78.1	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2023	82.4	+4.2pp	Cons. · Japanese GAAP
FYE Dec 2024	77.6	moved to IFRS	Cons. · IFRS
FYE Dec 2025	76.0	−1.7pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Dec 2025 19.7%

Average · 10 yrs 15.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	12.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.8	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2018	10.8	−2.0pp	Cons. · Japanese GAAP
FYE Dec 2019	12.6	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2020	18.4	+5.7pp	Cons. · Japanese GAAP
FYE Dec 2021	17.7	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2022	17.5	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	19.0	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2024	17.5	moved to IFRS	Cons. · IFRS
FYE Dec 2025	19.7	+2.3pp	Cons. · IFRS

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Dec 2025 ¥2.11tn

CAGR · 10 yrs +9.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	933	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,027	+10.1%	Cons. · Japanese GAAP
FYE Dec 2018	1,075	+4.7%	Cons. · Japanese GAAP
FYE Dec 2019	1,076	+0.1%	Cons. · Japanese GAAP
FYE Dec 2020	2,204	+104.7%	Cons. · Japanese GAAP
FYE Dec 2021	2,142	−2.8%	Cons. · Japanese GAAP
FYE Dec 2022	2,094	−2.3%	Cons. · Japanese GAAP
FYE Dec 2023	2,032	−3.0%	Cons. · Japanese GAAP
FYE Dec 2024	2,125	moved to IFRS	Cons. · IFRS
FYE Dec 2025	2,107	−0.9%	Cons. · IFRS

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

Equity net assets, shareholders' equity

FYE Dec 2025 ¥670bn

CAGR · 10 yrs +9.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	297	n/a	Cons. · Japanese GAAP
FYE Dec 2017	352	+18.9%	Cons. · Japanese GAAP
FYE Dec 2018	446	+26.5%	Cons. · Japanese GAAP
FYE Dec 2019	499	+12.0%	Cons. · Japanese GAAP
FYE Dec 2020	406	−18.7%	Cons. · Japanese GAAP
FYE Dec 2021	514	+26.6%	Cons. · Japanese GAAP
FYE Dec 2022	550	+7.1%	Cons. · Japanese GAAP
FYE Dec 2023	552	+0.4%	Cons. · Japanese GAAP
FYE Dec 2024	631	moved to IFRS	Cons. · IFRS
FYE Dec 2025	670	+6.2%	Cons. · IFRS

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

Interest-bearing debt

FYE Dec 2025 ¥947bn

CAGR · 10 yrs +15.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	255	n/a	Cons. · Japanese GAAP
FYE Dec 2017	242	−4.9%	Cons. · Japanese GAAP
FYE Dec 2018	185	−23.8%	Cons. · Japanese GAAP
FYE Dec 2019	205	+10.8%	Cons. · Japanese GAAP
FYE Dec 2020	902	+340.9%	Cons. · Japanese GAAP
FYE Dec 2021	596	−33.9%	Cons. · Japanese GAAP
FYE Dec 2022	745	+25.0%	Cons. · Japanese GAAP
FYE Dec 2023	999	+34.1%	Cons. · Japanese GAAP
FYE Dec 2024	996	moved to IFRS	Cons. · IFRS
FYE Dec 2025	947	−5.0%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥170bn

CAGR · 10 yrs +10.0%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	71.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	91.7	+27.5%	Cons. · Japanese GAAP
FYE Dec 2018	81.7	−10.9%	Cons. · Japanese GAAP
FYE Dec 2019	52.7	−35.5%	Cons. · Japanese GAAP
FYE Dec 2020	72.6	+37.8%	Cons. · Japanese GAAP
FYE Dec 2021	74.5	+2.5%	Cons. · Japanese GAAP
FYE Dec 2022	72.4	−2.7%	Cons. · Japanese GAAP
FYE Dec 2023	62.5	−13.7%	Cons. · Japanese GAAP
FYE Dec 2024	123	moved to IFRS	Cons. · IFRS
FYE Dec 2025	170	+37.5%	Cons. · IFRS

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

Long-term borrowings

FYE Dec 2025 ¥777bn

CAGR · 10 yrs +14.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	236	n/a	Cons. · Japanese GAAP
FYE Dec 2017	213	−9.7%	Cons. · Japanese GAAP
FYE Dec 2018	164	−22.9%	Cons. · Japanese GAAP
FYE Dec 2019	184	+11.9%	Cons. · Japanese GAAP
FYE Dec 2020	871	+373.8%	Cons. · Japanese GAAP
FYE Dec 2021	589	−32.3%	Cons. · Japanese GAAP
FYE Dec 2022	715	+21.3%	Cons. · Japanese GAAP
FYE Dec 2023	649	−9.2%	Cons. · Japanese GAAP
FYE Dec 2024	875	moved to IFRS	Cons. · IFRS
FYE Dec 2025	777	−11.2%	Cons. · IFRS

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

Bonds

FYE Dec 2025 n/a

CAGR · 8 yrs +27.8%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Dec 2016	52.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	42.0	−19.2%	Cons. · Japanese GAAP
FYE Dec 2018	42.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2019	62.0	+47.6%	Cons. · Japanese GAAP
FYE Dec 2020	91.9	+48.3%	Cons. · Japanese GAAP
FYE Dec 2021	167	+81.6%	Cons. · Japanese GAAP
FYE Dec 2022	260	+55.7%	Cons. · Japanese GAAP
FYE Dec 2023	290	+11.6%	Cons. · Japanese GAAP
FYE Dec 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Dec 2025 ¥411bn

CAGR · 10 yrs +48.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	11.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.8	+9.4%	Cons. · Japanese GAAP
FYE Dec 2018	15.0	+16.6%	Cons. · Japanese GAAP
FYE Dec 2019	22.7	+51.5%	Cons. · Japanese GAAP
FYE Dec 2020	598	+2542.1%	Cons. · Japanese GAAP
FYE Dec 2021	522	−12.7%	Cons. · Japanese GAAP
FYE Dec 2022	494	−5.5%	Cons. · Japanese GAAP
FYE Dec 2023	461	−6.5%	Cons. · Japanese GAAP
FYE Dec 2024	442	moved to IFRS	Cons. · IFRS
FYE Dec 2025	411	−7.2%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥276bn

CAGR · 7 yrs +108.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2019	3.3	n/a	Cons. · Japanese GAAP
FYE Dec 2020	359	+10635.2%	Cons. · Japanese GAAP
FYE Dec 2021	312	−13.2%	Cons. · Japanese GAAP
FYE Dec 2022	295	−5.3%	Cons. · Japanese GAAP
FYE Dec 2023	287	−2.9%	Cons. · Japanese GAAP
FYE Dec 2024	287	moved to IFRS	Cons. · IFRS
FYE Dec 2025	276	−4.0%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Dec 2025 31.8%

Average · 10 yrs 31.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	31.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	34.3	+2.5pp	Cons. · Japanese GAAP
FYE Dec 2018	41.5	+7.2pp	Cons. · Japanese GAAP
FYE Dec 2019	46.4	+4.9pp	Cons. · Japanese GAAP
FYE Dec 2020	18.4	−28.0pp	Cons. · Japanese GAAP
FYE Dec 2021	24.0	+5.6pp	Cons. · Japanese GAAP
FYE Dec 2022	26.3	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2023	27.2	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2024	29.7	moved to IFRS	Cons. · IFRS
FYE Dec 2025	31.8	+2.1pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Dec 2025 141.3%

Average · 10 yrs 119.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	85.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	68.7	−17.1pp	Cons. · Japanese GAAP
FYE Dec 2018	41.4	−27.4pp	Cons. · Japanese GAAP
FYE Dec 2019	41.0	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	222.2	+181.2pp	Cons. · Japanese GAAP
FYE Dec 2021	115.9	−106.3pp	Cons. · Japanese GAAP
FYE Dec 2022	135.4	+19.4pp	Cons. · Japanese GAAP
FYE Dec 2023	180.8	+45.5pp	Cons. · Japanese GAAP
FYE Dec 2024	157.9	moved to IFRS	Cons. · IFRS
FYE Dec 2025	141.3	−16.6pp	Cons. · IFRS

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

ROE return on equity

FYE Dec 2025 4.3%

Average · 10 yrs 4.9%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	4.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.6	+6.5pp	Cons. · Japanese GAAP
FYE Dec 2018	25.0	+14.4pp	Cons. · Japanese GAAP
FYE Dec 2019	14.6	−10.4pp	Cons. · Japanese GAAP
FYE Dec 2020	-18.8	−33.4pp	Cons. · Japanese GAAP
FYE Dec 2021	-2.4	+16.4pp	Cons. · Japanese GAAP
FYE Dec 2022	5.9	+8.2pp	Cons. · Japanese GAAP
FYE Dec 2023	-3.4	−9.3pp	Cons. · Japanese GAAP
FYE Dec 2024	8.8	moved to IFRS	Cons. · IFRS
FYE Dec 2025	4.3	−4.5pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 1.4%

Average · 10 yrs 2.3%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	1.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.6	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2018	10.4	+6.7pp	Cons. · Japanese GAAP
FYE Dec 2019	6.8	−3.6pp	Cons. · Japanese GAAP
FYE Dec 2020	-3.5	−10.3pp	Cons. · Japanese GAAP
FYE Dec 2021	-0.6	+2.9pp	Cons. · Japanese GAAP
FYE Dec 2022	1.5	+2.1pp	Cons. · Japanese GAAP
FYE Dec 2023	-0.9	−2.5pp	Cons. · Japanese GAAP
FYE Dec 2024	2.6	moved to IFRS	Cons. · IFRS
FYE Dec 2025	1.4	−1.2pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.64×

CAGR · 10 yrs −1.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.72	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.76	+5.6%	Cons. · Japanese GAAP
FYE Dec 2018	0.92	+21.5%	Cons. · Japanese GAAP
FYE Dec 2019	0.84	−8.8%	Cons. · Japanese GAAP
FYE Dec 2020	0.44	−47.5%	Cons. · Japanese GAAP
FYE Dec 2021	0.66	+50.0%	Cons. · Japanese GAAP
FYE Dec 2022	0.67	+0.4%	Cons. · Japanese GAAP
FYE Dec 2023	0.64	−4.2%	Cons. · Japanese GAAP
FYE Dec 2024	0.65	moved to IFRS	Cons. · IFRS
FYE Dec 2025	0.64	−2.3%	Cons. · IFRS

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 ¥130bn

CAGR · 10 yrs +7.3%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	68.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	67.2	−2.5%	Cons. · Japanese GAAP
FYE Dec 2018	150	+122.8%	Cons. · Japanese GAAP
FYE Dec 2019	78.6	−47.6%	Cons. · Japanese GAAP
FYE Dec 2020	109	+39.1%	Cons. · Japanese GAAP
FYE Dec 2021	115	+5.5%	Cons. · Japanese GAAP
FYE Dec 2022	99.4	−13.8%	Cons. · Japanese GAAP
FYE Dec 2023	119	+19.4%	Cons. · Japanese GAAP
FYE Dec 2024	165	moved to IFRS	Cons. · IFRS
FYE Dec 2025	130	−21.2%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥87bn

Average · 10 yrs -¥134bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-53.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-29.9	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-49.3	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-48.2	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-930	n/a	Cons. · Japanese GAAP
FYE Dec 2021	28.6	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-54.7	−291.1%	Cons. · Japanese GAAP
FYE Dec 2023	-61.9	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-51.6	moved to IFRS	Cons. · IFRS
FYE Dec 2025	-87.1	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Dec 2025 -¥70bn

Average · 10 yrs ¥41bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-13.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-18.4	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-61.1	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-18.5	n/a	Cons. · Japanese GAAP
FYE Dec 2020	897	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-122	−113.6%	Cons. · Japanese GAAP
FYE Dec 2022	-103	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-62.9	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-20.0	moved to IFRS	Cons. · IFRS
FYE Dec 2025	-69.9	n/a	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Dec 2025 ¥295bn

CAGR · 10 yrs +20.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	56.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	76.8	+36.7%	Cons. · Japanese GAAP
FYE Dec 2018	113	+46.9%	Cons. · Japanese GAAP
FYE Dec 2019	122	+7.9%	Cons. · Japanese GAAP
FYE Dec 2020	198	+62.6%	Cons. · Japanese GAAP
FYE Dec 2021	235	+18.7%	Cons. · Japanese GAAP
FYE Dec 2022	186	−20.8%	Cons. · Japanese GAAP
FYE Dec 2023	190	+2.1%	Cons. · Japanese GAAP
FYE Dec 2024	295	moved to IFRS	Cons. · IFRS
FYE Dec 2025	295	−0.3%	Cons. · IFRS

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

Free cash flow

FYE Dec 2025 ¥43bn

CAGR · 10 yrs +12.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	15.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	37.4	+145.9%	Cons. · Japanese GAAP
FYE Dec 2018	100	+168.8%	Cons. · Japanese GAAP
FYE Dec 2019	30.4	−69.7%	Cons. · Japanese GAAP
FYE Dec 2020	-821	−2800.0%	Cons. · Japanese GAAP
FYE Dec 2021	144	n/a	Cons. · Japanese GAAP
FYE Dec 2022	44.7	−68.9%	Cons. · Japanese GAAP
FYE Dec 2023	56.8	+27.1%	Cons. · Japanese GAAP
FYE Dec 2024	114	moved to IFRS	Cons. · IFRS
FYE Dec 2025	43.2	−62.0%	Cons. · IFRS

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Dec 2025 9.7%

Average · 10 yrs 10.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	10.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.6	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2018	15.1	+6.5pp	Cons. · Japanese GAAP
FYE Dec 2019	8.7	−6.4pp	Cons. · Japanese GAAP
FYE Dec 2020	11.2	+2.6pp	Cons. · Japanese GAAP
FYE Dec 2021	8.1	−3.1pp	Cons. · Japanese GAAP
FYE Dec 2022	7.1	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2023	9.2	+2.0pp	Cons. · Japanese GAAP
FYE Dec 2024	11.9	moved to IFRS	Cons. · IFRS
FYE Dec 2025	9.7	−2.2pp	Cons. · IFRS

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

Net cash

FYE Dec 2025 -¥652bn

Average · 10 yrs -¥430bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-199	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-165	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-71.7	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-82.8	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-704	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-361	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-559	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-809	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-701	moved to IFRS	Cons. · IFRS
FYE Dec 2025	-652	n/a	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Dec 2025 ¥1.21tn

Change · 7 yrs +¥957bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	251	n/a
FYE Dec 2017	805	n/a
FYE Dec 2018	488	n/a
FYE Dec 2019	435	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	n/a	n/a
FYE Dec 2022	374	n/a
FYE Dec 2023	n/a	n/a
FYE Dec 2024	744	n/a
FYE Dec 2025	1,208	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Dec 2025 6,532¥

Change · 7 yrs +4,858¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,674	n/a
FYE Dec 2017	5,380	n/a
FYE Dec 2018	3,260	n/a
FYE Dec 2019	2,906	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	n/a	n/a
FYE Dec 2022	2,023	n/a
FYE Dec 2023	n/a	n/a
FYE Dec 2024	4,025	n/a
FYE Dec 2025	6,532	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Dec 2025 184,901,000shares

Change · 10 yrs +35,190,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	149,711,000	Parent
FYE Dec 2017	149,711,000	Parent
FYE Dec 2018	149,711,000	Parent
FYE Dec 2019	149,711,000	Parent
FYE Dec 2020	149,711,000	Parent
FYE Dec 2021	184,901,000	Parent
FYE Dec 2022	184,901,000	Parent
FYE Dec 2023	184,901,000	Parent
FYE Dec 2024	184,901,000	Parent
FYE Dec 2025	184,901,000	Parent

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

EPS earnings per share

FYE Dec 2025 160.49¥

Change · 10 yrs +74.22¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	86.27	Cons.
FYE Dec 2017	262.44	Cons.
FYE Dec 2018	758.15	Cons.
FYE Dec 2019	501.03	Cons.
FYE Dec 2020	-523.06	Cons.
FYE Dec 2021	-77.40	Cons.
FYE Dec 2022	179.02	Cons.
FYE Dec 2023	-35.91	Cons.
FYE Dec 2024	406.61	Cons.
FYE Dec 2025	160.49	Cons.

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

BPS book value per share

FYE Dec 2025 3,624.05¥

Change · 10 yrs +1,643.17¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,980.88	Cons. · Japanese GAAP
FYE Dec 2017	2,354.34	Cons. · Japanese GAAP
FYE Dec 2018	2,978.83	Cons. · Japanese GAAP
FYE Dec 2019	3,335.53	Cons. · Japanese GAAP
FYE Dec 2020	2,711.63	Cons. · Japanese GAAP
FYE Dec 2021	2,779.81	Cons. · Japanese GAAP
FYE Dec 2022	2,976.16	Cons. · Japanese GAAP
FYE Dec 2023	2,986.93	Cons. · Japanese GAAP
FYE Dec 2024	3,412.66	Cons. · IFRS
FYE Dec 2025	3,624.05	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 40.70×

Average · 7 yrs 15.99×

Fiscal year	PER ×	Basis
FYE Dec 2016	19.40	Cons.
FYE Dec 2017	20.50	Cons.
FYE Dec 2018	4.30	Cons.
FYE Dec 2019	5.80	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	n/a	Cons.
FYE Dec 2022	11.30	Cons.
FYE Dec 2023	n/a	Cons.
FYE Dec 2024	9.90	Cons.
FYE Dec 2025	40.70	Cons.

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

PBR price-to-book ratio

FYE Dec 2025 1.69×

Average · 7 yrs 1.19×

Fiscal year	PBR ×	Basis
FYE Dec 2016	0.80	Cons.
FYE Dec 2017	2.18	Cons.
FYE Dec 2018	1.07	Cons.
FYE Dec 2019	0.85	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	n/a	Cons.
FYE Dec 2022	0.68	Cons.
FYE Dec 2023	n/a	Cons.
FYE Dec 2024	1.09	Cons.
FYE Dec 2025	1.69	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

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

Group employees

FYE Dec 2025 21,525people

Change · 10 yrs +11,379 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	10,146	n/a	Cons.
FYE Dec 2017	10,864	+7.1%	Cons.
FYE Dec 2018	10,476	−3.6%	Cons.
FYE Dec 2019	10,813	+3.2%	Cons.
FYE Dec 2020	33,684	+211.5%	Cons.
FYE Dec 2021	26,054	−22.7%	Cons.
FYE Dec 2022	25,803	−1.0%	Cons.
FYE Dec 2023	23,840	−7.6%	Cons.
FYE Dec 2024	23,936	+0.4%	Cons.
FYE Dec 2025	21,525	−10.1%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Dec 2025 346people

Change · 10 yrs −3,301 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	3,647	n/a	Parent
FYE Dec 2017	3,616	−0.9%	Parent
FYE Dec 2018	3,347	−7.4%	Parent
FYE Dec 2019	3,437	+2.7%	Parent
FYE Dec 2020	3,515	+2.3%	Parent
FYE Dec 2021	3,298	−6.2%	Parent
FYE Dec 2022	3,322	+0.7%	Parent
FYE Dec 2023	348	−89.5%	Parent
FYE Dec 2024	338	−2.9%	Parent
FYE Dec 2025	346	+2.4%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Dec 2025 ¥11.3m

Change · 10 yrs +¥4.3m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	7.0	n/a	Parent
FYE Dec 2017	7.2	+2.1%	Parent
FYE Dec 2018	7.6	+5.8%	Parent
FYE Dec 2019	8.2	+7.2%	Parent
FYE Dec 2020	7.9	−2.5%	Parent
FYE Dec 2021	7.2	−9.2%	Parent
FYE Dec 2022	7.9	+9.4%	Parent
FYE Dec 2023	10.3	+30.1%	Parent
FYE Dec 2024	10.3	−0.0%	Parent
FYE Dec 2025	11.3	+10.3%	Parent

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

Average age

FYE Dec 2025 46.3years

Change · 7 yrs +6.2 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	40.1	n/a	Parent
FYE Dec 2020	40.2	+0.2%	Parent
FYE Dec 2021	41.1	+2.2%	Parent
FYE Dec 2022	41.2	+0.2%	Parent
FYE Dec 2023	46.1	+11.9%	Parent
FYE Dec 2024	46.1	−0.0%	Parent
FYE Dec 2025	46.3	+0.4%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Dec 2025 16.2years

Change · 10 yrs −0.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	16.9	n/a	Parent
FYE Dec 2017	16.6	−1.8%	Parent
FYE Dec 2018	16.3	−1.8%	Parent
FYE Dec 2019	16.3	−0.0%	Parent
FYE Dec 2020	16.3	−0.0%	Parent
FYE Dec 2021	17.1	+4.9%	Parent
FYE Dec 2022	17.1	−0.0%	Parent
FYE Dec 2023	16.5	−3.5%	Parent
FYE Dec 2024	16.4	−0.6%	Parent
FYE Dec 2025	16.2	−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 Dec 2025 ¥62.6m

Change · 10 yrs −¥3.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	66.2	n/a	Cons.
FYE Dec 2017	71.8	+8.6%	Cons.
FYE Dec 2018	94.7	+31.8%	Cons.
FYE Dec 2019	83.8	−11.5%	Cons.
FYE Dec 2020	28.9	−65.5%	Cons.
FYE Dec 2021	54.5	+88.5%	Cons.
FYE Dec 2022	54.0	−0.9%	Cons.
FYE Dec 2023	54.3	+0.7%	Cons.
FYE Dec 2024	58.1	n/a	Cons.
FYE Dec 2025	62.6	+7.7%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥2.2m

Change · 10 yrs −¥2.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	4.1	n/a	Cons.
FYE Dec 2017	7.2	+72.6%	Cons.
FYE Dec 2018	17.2	+140.2%	Cons.
FYE Dec 2019	11.2	−35.0%	Cons.
FYE Dec 2020	-0.6	−105.2%	Cons.
FYE Dec 2021	3.3	n/a	Cons.
FYE Dec 2022	2.4	−28.5%	Cons.
FYE Dec 2023	-0.4	−116.5%	Cons.
FYE Dec 2024	3.7	n/a	Cons.
FYE Dec 2025	2.2	−41.7%	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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