Financials

Denka: FYE Mar 2026 and ten years of results (52 metrics)

FYE Mar 2026 · Revenue¥384bnYoY −4.0%

FYE Mar 2026 · Operating profit¥26bnYoY +82.0%

FYE Mar 2026 · Net profit¥16bn

FYE Mar 2026 · Equity ratio45.6%YoY +0.4pp

FYE Mar 2026 · Group employees6,454YoY −88

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥363bn	n/a	¥26bn	n/a	7.1%	¥18bn	Yoshitaka Shinsuke	—
FYE Mar 2018Consolidated	¥396bn	+9.1%	¥34bn	+30.2%	8.5%	¥23bn	Yoshitaka Shinsuke	Presidency passes from <a class="en-history_person" href="/tse/4061/executives/ceo/yoshitaka-shinsuke/" hreflang="ja">Yoshitaka Shinsuke</a> to <a class="en-history_person" href="/tse/4061/executives/ceo/yamamoto-manabu/" hreflang="ja">Yamamoto Manabu</a>
FYE Mar 2019Consolidated	¥413bn	+4.4%	¥34bn	+1.7%	8.3%	¥25bn	Yamamoto Manabu	—
FYE Mar 2020Consolidated	¥381bn	−7.8%	¥32bn	−7.7%	8.3%	¥23bn	Yamamoto Manabu	—
FYE Mar 2021Consolidated	¥354bn	−6.9%	¥35bn	+9.9%	9.8%	¥23bn	Yamamoto Manabu	Denka Seiken merged into the parent company
FYE Mar 2022Consolidated	¥385bn	+8.6%	¥40bn	+15.5%	10.4%	¥26bn	Yamamoto Manabu	—
FYE Mar 2023Consolidated	¥408bn	+5.9%	¥32bn	−19.4%	7.9%	¥13bn	Imai Toshio	Mission 2030 announced; three-star businesses only
FYE Mar 2024Consolidated	¥389bn	−4.5%	¥13bn	−58.6%	3.4%	¥12bn	Imai Toshio	—
FYE Mar 2025Consolidated	¥400bn	+2.8%	¥14bn	+7.8%	3.6%	-¥12bn	Imai Toshio	Noto Peninsula earthquake halts the Omi chloroprene plant
FYE Mar 2026Consolidated	¥384bn	−4.0%	¥26bn	+82.0%	6.8%	¥16bn	Imai Toshio	—

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%

Denka¥384bnFY2025Operating margin 6.8%

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 ¥384bn

CAGR · 10 yrs +0.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	363	n/a	Cons. · Japanese GAAP
FYE Mar 2018	396	+9.1%	Cons. · Japanese GAAP
FYE Mar 2019	413	+4.4%	Cons. · Japanese GAAP
FYE Mar 2020	381	−7.8%	Cons. · Japanese GAAP
FYE Mar 2021	354	−6.9%	Cons. · Japanese GAAP
FYE Mar 2022	385	+8.6%	Cons. · Japanese GAAP
FYE Mar 2023	408	+5.9%	Cons. · Japanese GAAP
FYE Mar 2024	389	−4.5%	Cons. · Japanese GAAP
FYE Mar 2025	400	+2.8%	Cons. · Japanese GAAP
FYE Mar 2026	384	−4.0%	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 ¥290bn

CAGR · 10 yrs +0.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	273	n/a	Cons. · Japanese GAAP
FYE Mar 2018	296	+8.2%	Cons. · Japanese GAAP
FYE Mar 2019	311	+5.2%	Cons. · Japanese GAAP
FYE Mar 2020	281	−9.4%	Cons. · Japanese GAAP
FYE Mar 2021	254	−9.7%	Cons. · Japanese GAAP
FYE Mar 2022	278	+9.2%	Cons. · Japanese GAAP
FYE Mar 2023	305	+9.9%	Cons. · Japanese GAAP
FYE Mar 2024	307	+0.5%	Cons. · Japanese GAAP
FYE Mar 2025	316	+2.9%	Cons. · Japanese GAAP
FYE Mar 2026	290	−8.1%	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 ¥94bn

CAGR · 10 yrs +0.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	89.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	100	+11.9%	Cons. · Japanese GAAP
FYE Mar 2019	102	+2.2%	Cons. · Japanese GAAP
FYE Mar 2020	99.3	−2.9%	Cons. · Japanese GAAP
FYE Mar 2021	100	+0.9%	Cons. · Japanese GAAP
FYE Mar 2022	107	+7.0%	Cons. · Japanese GAAP
FYE Mar 2023	102	−4.5%	Cons. · Japanese GAAP
FYE Mar 2024	82.5	−19.4%	Cons. · Japanese GAAP
FYE Mar 2025	84.6	+2.5%	Cons. · Japanese GAAP
FYE Mar 2026	94.3	+11.4%	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 ¥68bn

CAGR · 10 yrs +0.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	63.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	66.4	+4.5%	Cons. · Japanese GAAP
FYE Mar 2019	68.1	+2.5%	Cons. · Japanese GAAP
FYE Mar 2020	67.8	−0.5%	Cons. · Japanese GAAP
FYE Mar 2021	65.5	−3.4%	Cons. · Japanese GAAP
FYE Mar 2022	67.1	+2.4%	Cons. · Japanese GAAP
FYE Mar 2023	70.0	+4.4%	Cons. · Japanese GAAP
FYE Mar 2024	69.1	−1.3%	Cons. · Japanese GAAP
FYE Mar 2025	70.2	+1.5%	Cons. · Japanese GAAP
FYE Mar 2026	68.0	−3.1%	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 ¥26bn

CAGR · 10 yrs +0.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	25.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	33.7	+30.2%	Cons. · Japanese GAAP
FYE Mar 2019	34.2	+1.7%	Cons. · Japanese GAAP
FYE Mar 2020	31.6	−7.7%	Cons. · Japanese GAAP
FYE Mar 2021	34.7	+9.9%	Cons. · Japanese GAAP
FYE Mar 2022	40.1	+15.5%	Cons. · Japanese GAAP
FYE Mar 2023	32.3	−19.4%	Cons. · Japanese GAAP
FYE Mar 2024	13.4	−58.6%	Cons. · Japanese GAAP
FYE Mar 2025	14.4	+7.8%	Cons. · Japanese GAAP
FYE Mar 2026	26.2	+82.0%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥4.6bn

CAGR · 10 yrs +6.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.5	+32.3%	Cons. · Japanese GAAP
FYE Mar 2019	4.2	+20.2%	Cons. · Japanese GAAP
FYE Mar 2020	3.5	−15.5%	Cons. · Japanese GAAP
FYE Mar 2021	3.7	+3.0%	Cons. · Japanese GAAP
FYE Mar 2022	3.1	−13.9%	Cons. · Japanese GAAP
FYE Mar 2023	5.3	+67.6%	Cons. · Japanese GAAP
FYE Mar 2024	5.2	−2.0%	Cons. · Japanese GAAP
FYE Mar 2025	4.2	−18.2%	Cons. · Japanese GAAP
FYE Mar 2026	4.6	+7.8%	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 Mar 2026 ¥11bn

CAGR · 10 yrs +8.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	5.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.6	+6.0%	Cons. · Japanese GAAP
FYE Mar 2019	5.6	−0.5%	Cons. · Japanese GAAP
FYE Mar 2020	5.1	−9.1%	Cons. · Japanese GAAP
FYE Mar 2021	6.2	+22.4%	Cons. · Japanese GAAP
FYE Mar 2022	6.8	+8.9%	Cons. · Japanese GAAP
FYE Mar 2023	9.6	+40.8%	Cons. · Japanese GAAP
FYE Mar 2024	13.1	+36.6%	Cons. · Japanese GAAP
FYE Mar 2025	11.0	−15.7%	Cons. · Japanese GAAP
FYE Mar 2026	11.5	+4.3%	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 ¥19bn

CAGR · 10 yrs −2.0%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	23.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.5	+36.0%	Cons. · Japanese GAAP
FYE Mar 2019	32.8	+4.2%	Cons. · Japanese GAAP
FYE Mar 2020	30.0	−8.5%	Cons. · Japanese GAAP
FYE Mar 2021	32.1	+7.0%	Cons. · Japanese GAAP
FYE Mar 2022	36.5	+13.5%	Cons. · Japanese GAAP
FYE Mar 2023	28.0	−23.2%	Cons. · Japanese GAAP
FYE Mar 2024	5.5	−80.5%	Cons. · Japanese GAAP
FYE Mar 2025	7.6	+39.3%	Cons. · Japanese GAAP
FYE Mar 2026	19.3	+153.1%	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 ¥28bn

CAGR · 9 yrs +59.1%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	0.7	n/a	Cons. · Japanese GAAP
FYE Mar 2020	0.3	−59.4%	Cons. · Japanese GAAP
FYE Mar 2021	0.2	−43.6%	Cons. · Japanese GAAP
FYE Mar 2022	0.1	−36.7%	Cons. · Japanese GAAP
FYE Mar 2023	5.4	+5296.0%	Cons. · Japanese GAAP
FYE Mar 2024	17.4	+223.2%	Cons. · Japanese GAAP
FYE Mar 2025	0.4	−97.9%	Cons. · Japanese GAAP
FYE Mar 2026	28.1	+7543.1%	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 Mar 2026 ¥26bn

CAGR · 4 yrs +167.6%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	1.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	18.8	n/a	Cons. · Japanese GAAP
FYE Mar 2024	8.4	−55.2%	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	26.0	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 Mar 2026 ¥16bn

CAGR · 10 yrs −1.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	18.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.0	+26.9%	Cons. · Japanese GAAP
FYE Mar 2019	25.0	+8.7%	Cons. · Japanese GAAP
FYE Mar 2020	22.7	−9.4%	Cons. · Japanese GAAP
FYE Mar 2021	22.8	+0.4%	Cons. · Japanese GAAP
FYE Mar 2022	26.0	+14.2%	Cons. · Japanese GAAP
FYE Mar 2023	12.8	−50.9%	Cons. · Japanese GAAP
FYE Mar 2024	11.9	−6.4%	Cons. · Japanese GAAP
FYE Mar 2025	-12.3	−203.0%	Cons. · Japanese GAAP
FYE Mar 2026	15.7	n/a	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 24.5%

Average · 10 yrs 24.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	24.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.3	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	24.8	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	26.1	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2021	28.3	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2022	27.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	25.1	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2024	21.2	−3.9pp	Cons. · Japanese GAAP
FYE Mar 2025	21.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	24.5	+3.4pp	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 6.8%

Average · 10 yrs 7.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	7.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.5	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	8.3	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	8.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	9.8	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2022	10.4	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2023	7.9	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2024	3.4	−4.5pp	Cons. · Japanese GAAP
FYE Mar 2025	3.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	6.8	+3.2pp	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 5.0%

Average · 10 yrs 6.4%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.0	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2019	7.9	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	7.9	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	9.1	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	9.5	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	6.9	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2024	1.4	−5.5pp	Cons. · Japanese GAAP
FYE Mar 2025	1.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	5.0	+3.1pp	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 4.1%

Average · 10 yrs 4.3%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.8	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	6.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	6.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	6.4	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	6.8	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	3.1	−3.6pp	Cons. · Japanese GAAP
FYE Mar 2024	3.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	-3.1	−6.1pp	Cons. · Japanese GAAP
FYE Mar 2026	4.1	+7.2pp	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 75.5%

Average · 10 yrs 75.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	75.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	74.7	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	75.2	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	73.9	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2021	71.7	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2022	72.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	74.9	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2024	78.8	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2025	78.9	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	75.5	−3.4pp	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 17.7%

Average · 10 yrs 17.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	17.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.8	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	16.5	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	17.8	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2021	18.5	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	17.4	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	17.2	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	17.8	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	17.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	17.7	+0.2pp	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 ¥681bn

CAGR · 10 yrs +4.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	455	n/a	Cons. · Japanese GAAP
FYE Mar 2018	474	+4.1%	Cons. · Japanese GAAP
FYE Mar 2019	484	+2.1%	Cons. · Japanese GAAP
FYE Mar 2020	501	+3.6%	Cons. · Japanese GAAP
FYE Mar 2021	526	+4.9%	Cons. · Japanese GAAP
FYE Mar 2022	558	+6.0%	Cons. · Japanese GAAP
FYE Mar 2023	592	+6.2%	Cons. · Japanese GAAP
FYE Mar 2024	616	+4.1%	Cons. · Japanese GAAP
FYE Mar 2025	656	+6.4%	Cons. · Japanese GAAP
FYE Mar 2026	681	+3.9%	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 ¥311bn

CAGR · 10 yrs +3.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	224	n/a	Cons. · Japanese GAAP
FYE Mar 2018	239	+6.9%	Cons. · Japanese GAAP
FYE Mar 2019	247	+3.3%	Cons. · Japanese GAAP
FYE Mar 2020	251	+1.6%	Cons. · Japanese GAAP
FYE Mar 2021	267	+6.7%	Cons. · Japanese GAAP
FYE Mar 2022	288	+7.9%	Cons. · Japanese GAAP
FYE Mar 2023	296	+2.8%	Cons. · Japanese GAAP
FYE Mar 2024	308	+3.7%	Cons. · Japanese GAAP
FYE Mar 2025	296	−3.7%	Cons. · Japanese GAAP
FYE Mar 2026	311	+4.9%	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 ¥177bn

CAGR · 10 yrs +8.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	83.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	80.6	−3.6%	Cons. · Japanese GAAP
FYE Mar 2019	78.1	−3.2%	Cons. · Japanese GAAP
FYE Mar 2020	78.3	+0.3%	Cons. · Japanese GAAP
FYE Mar 2021	83.2	+6.2%	Cons. · Japanese GAAP
FYE Mar 2022	79.6	−4.4%	Cons. · Japanese GAAP
FYE Mar 2023	115	+44.2%	Cons. · Japanese GAAP
FYE Mar 2024	126	+10.1%	Cons. · Japanese GAAP
FYE Mar 2025	155	+22.4%	Cons. · Japanese GAAP
FYE Mar 2026	177	+14.1%	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 ¥52bn

CAGR · 10 yrs +2.0%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	43.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.1	−5.5%	Cons. · Japanese GAAP
FYE Mar 2019	43.1	+4.9%	Cons. · Japanese GAAP
FYE Mar 2020	51.9	+20.5%	Cons. · Japanese GAAP
FYE Mar 2021	41.9	−19.4%	Cons. · Japanese GAAP
FYE Mar 2022	40.5	−3.2%	Cons. · Japanese GAAP
FYE Mar 2023	44.8	+10.4%	Cons. · Japanese GAAP
FYE Mar 2024	46.4	+3.6%	Cons. · Japanese GAAP
FYE Mar 2025	108	+132.2%	Cons. · Japanese GAAP
FYE Mar 2026	51.8	−51.9%	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 ¥125bn

CAGR · 10 yrs +13.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	40.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.2	−0.2%	Cons. · Japanese GAAP
FYE Mar 2019	40.0	−0.3%	Cons. · Japanese GAAP
FYE Mar 2020	36.4	−9.0%	Cons. · Japanese GAAP
FYE Mar 2021	51.3	+41.0%	Cons. · Japanese GAAP
FYE Mar 2022	51.5	+0.3%	Cons. · Japanese GAAP
FYE Mar 2023	82.0	+59.2%	Cons. · Japanese GAAP
FYE Mar 2024	85.0	+3.7%	Cons. · Japanese GAAP
FYE Mar 2025	80.0	−5.9%	Cons. · Japanese GAAP
FYE Mar 2026	125	+56.0%	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 −0.0%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	30.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	27.0	−10.0%	Cons. · Japanese GAAP
FYE Mar 2019	27.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	37.0	+37.0%	Cons. · Japanese GAAP
FYE Mar 2021	37.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2022	37.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2023	37.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2024	37.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2025	30.0	−18.9%	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 ¥5.1bn

CAGR · 10 yrs −7.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	10.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.9	+34.2%	Cons. · Japanese GAAP
FYE Mar 2019	12.4	−10.6%	Cons. · Japanese GAAP
FYE Mar 2020	11.8	−4.9%	Cons. · Japanese GAAP
FYE Mar 2021	11.4	−3.5%	Cons. · Japanese GAAP
FYE Mar 2022	10.4	−8.8%	Cons. · Japanese GAAP
FYE Mar 2023	11.0	+5.9%	Cons. · Japanese GAAP
FYE Mar 2024	5.0	−54.5%	Cons. · Japanese GAAP
FYE Mar 2025	3.1	−38.1%	Cons. · Japanese GAAP
FYE Mar 2026	5.1	+63.2%	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 ¥2.2bn

CAGR · 10 yrs −9.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.3	+63.6%	Cons. · Japanese GAAP
FYE Mar 2019	8.3	−10.8%	Cons. · Japanese GAAP
FYE Mar 2020	7.5	−9.2%	Cons. · Japanese GAAP
FYE Mar 2021	7.2	−4.5%	Cons. · Japanese GAAP
FYE Mar 2022	6.0	−16.9%	Cons. · Japanese GAAP
FYE Mar 2023	6.0	+0.1%	Cons. · Japanese GAAP
FYE Mar 2024	0.0	−99.3%	Cons. · Japanese GAAP
FYE Mar 2025	0.0	−77.3%	Cons. · Japanese GAAP
FYE Mar 2026	2.2	+22360.0%	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 45.6%

Average · 10 yrs 49.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	49.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50.5	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	51.0	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	50.0	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2021	50.8	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2022	51.7	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	50.1	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2024	49.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	45.2	−4.7pp	Cons. · Japanese GAAP
FYE Mar 2026	45.6	+0.4pp	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 56.8%

Average · 10 yrs 38.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	37.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	33.7	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2019	31.6	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2020	31.2	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	31.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	27.6	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2023	38.7	+11.1pp	Cons. · Japanese GAAP
FYE Mar 2024	41.1	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2025	52.2	+11.1pp	Cons. · Japanese GAAP
FYE Mar 2026	56.8	+4.6pp	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 5.1%

Average · 10 yrs 6.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.6	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	10.1	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	9.1	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2021	8.5	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	9.0	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	4.3	−4.7pp	Cons. · Japanese GAAP
FYE Mar 2024	3.9	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2025	-4.2	−8.0pp	Cons. · Japanese GAAP
FYE Mar 2026	5.1	+9.2pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 2.3%

Average · 10 yrs 3.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	4.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.9	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	5.2	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	4.5	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2021	4.3	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	4.7	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	2.2	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2024	1.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	-1.9	−3.8pp	Cons. · Japanese GAAP
FYE Mar 2026	2.3	+4.2pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.56×

CAGR · 10 yrs −3.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.80	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.84	+4.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.85	+2.3%	Cons. · Japanese GAAP
FYE Mar 2020	0.76	−11.1%	Cons. · Japanese GAAP
FYE Mar 2021	0.67	−11.3%	Cons. · Japanese GAAP
FYE Mar 2022	0.69	+2.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.69	−0.3%	Cons. · Japanese GAAP
FYE Mar 2024	0.63	−8.2%	Cons. · Japanese GAAP
FYE Mar 2025	0.61	−3.3%	Cons. · Japanese GAAP
FYE Mar 2026	0.56	−7.6%	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 ¥36bn

CAGR · 10 yrs −1.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	39.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.8	+23.3%	Cons. · Japanese GAAP
FYE Mar 2019	32.7	−33.0%	Cons. · Japanese GAAP
FYE Mar 2020	42.0	+28.5%	Cons. · Japanese GAAP
FYE Mar 2021	40.6	−3.2%	Cons. · Japanese GAAP
FYE Mar 2022	42.6	+5.0%	Cons. · Japanese GAAP
FYE Mar 2023	8.9	−79.0%	Cons. · Japanese GAAP
FYE Mar 2024	36.3	+305.3%	Cons. · Japanese GAAP
FYE Mar 2025	18.6	−48.6%	Cons. · Japanese GAAP
FYE Mar 2026	36.2	+94.2%	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 -¥45bn

Average · 10 yrs -¥34bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-22.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-29.3	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-26.2	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-36.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-37.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-36.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-28.3	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-22.6	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-59.6	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-45.0	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 ¥7.6bn

Average · 10 yrs ¥1.4bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-19.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-15.9	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	9.5	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-6.7	−170.3%	Cons. · Japanese GAAP
FYE Mar 2022	-12.3	n/a	Cons. · Japanese GAAP
FYE Mar 2023	18.4	n/a	Cons. · Japanese GAAP
FYE Mar 2024	0.7	−96.1%	Cons. · Japanese GAAP
FYE Mar 2025	40.1	+5534.6%	Cons. · Japanese GAAP
FYE Mar 2026	7.6	−81.0%	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 ¥35bn

CAGR · 10 yrs +14.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	10.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.1	+38.6%	Cons. · Japanese GAAP
FYE Mar 2019	13.9	−1.5%	Cons. · Japanese GAAP
FYE Mar 2020	29.2	+110.0%	Cons. · Japanese GAAP
FYE Mar 2021	25.9	−11.2%	Cons. · Japanese GAAP
FYE Mar 2022	20.2	−22.0%	Cons. · Japanese GAAP
FYE Mar 2023	20.2	−0.0%	Cons. · Japanese GAAP
FYE Mar 2024	35.4	+75.2%	Cons. · Japanese GAAP
FYE Mar 2025	37.0	+4.6%	Cons. · Japanese GAAP
FYE Mar 2026	35.3	−4.7%	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 -¥8.9bn

Average · 10 yrs ¥0.3bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	17.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.5	+12.6%	Cons. · Japanese GAAP
FYE Mar 2019	6.5	−66.7%	Cons. · Japanese GAAP
FYE Mar 2020	5.7	−12.8%	Cons. · Japanese GAAP
FYE Mar 2021	3.6	−35.7%	Cons. · Japanese GAAP
FYE Mar 2022	5.8	+59.4%	Cons. · Japanese GAAP
FYE Mar 2023	-19.3	−433.7%	Cons. · Japanese GAAP
FYE Mar 2024	13.7	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-41.0	−399.3%	Cons. · Japanese GAAP
FYE Mar 2026	-8.9	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 9.4%

Average · 10 yrs 9.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	10.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.3	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	7.9	−4.4pp	Cons. · Japanese GAAP
FYE Mar 2020	11.0	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2021	11.5	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2022	11.1	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	2.2	−8.9pp	Cons. · Japanese GAAP
FYE Mar 2024	9.3	+7.1pp	Cons. · Japanese GAAP
FYE Mar 2025	4.7	−4.7pp	Cons. · Japanese GAAP
FYE Mar 2026	9.4	+4.8pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 -¥141bn

Average · 10 yrs -¥81bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-73.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-66.5	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-64.2	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-49.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-57.3	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-59.4	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-94.6	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-91.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-118	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-141	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 ¥313bn

Change · 9 yrs +¥43bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	269	n/a
FYE Mar 2018	315	n/a
FYE Mar 2019	281	n/a
FYE Mar 2020	202	n/a
FYE Mar 2021	391	n/a
FYE Mar 2022	302	n/a
FYE Mar 2023	243	n/a
FYE Mar 2024	207	n/a
FYE Mar 2025	n/a	n/a
FYE Mar 2026	313	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 3,533¥

Change · 9 yrs +2,955¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	578	n/a
FYE Mar 2018	3,560	n/a
FYE Mar 2019	3,177	n/a
FYE Mar 2020	2,285	n/a
FYE Mar 2021	4,413	n/a
FYE Mar 2022	3,409	n/a
FYE Mar 2023	2,739	n/a
FYE Mar 2024	2,343	n/a
FYE Mar 2025	n/a	n/a
FYE Mar 2026	3,533	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 88,555,840shares

Change · 10 yrs −377,398,281 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	465,954,121	Parent
FYE Mar 2018	88,555,840	Parent
FYE Mar 2019	88,555,840	Parent
FYE Mar 2020	88,555,840	Parent
FYE Mar 2021	88,555,840	Parent
FYE Mar 2022	88,555,840	Parent
FYE Mar 2023	88,555,840	Parent
FYE Mar 2024	88,555,840	Parent
FYE Mar 2025	88,555,840	Parent
FYE Mar 2026	88,555,840	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 182.10¥

Change · 10 yrs −22.95¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	205.05	Cons.
FYE Mar 2018	261.80	Cons.
FYE Mar 2019	286.18	Cons.
FYE Mar 2020	262.62	Cons.
FYE Mar 2021	264.24	Cons.
FYE Mar 2022	301.67	Cons.
FYE Mar 2023	148.08	Cons.
FYE Mar 2024	138.61	Cons.
FYE Mar 2025	-142.73	Cons.
FYE Mar 2026	182.10	Cons.

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

BPS book value per share

FYE Mar 2026 3,508.62¥

Change · 10 yrs +3,028.82¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	479.80	Cons. · Japanese GAAP
FYE Mar 2018	2,699.57	Cons. · Japanese GAAP
FYE Mar 2019	2,787.63	Cons. · Japanese GAAP
FYE Mar 2020	2,831.21	Cons. · Japanese GAAP
FYE Mar 2021	3,020.11	Cons. · Japanese GAAP
FYE Mar 2022	3,257.53	Cons. · Japanese GAAP
FYE Mar 2023	3,347.94	Cons. · Japanese GAAP
FYE Mar 2024	3,472.81	Cons. · Japanese GAAP
FYE Mar 2025	3,344.58	Cons. · Japanese GAAP
FYE Mar 2026	3,508.62	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 19.40×

Average · 9 yrs 14.48×

Fiscal year	PER ×	Basis
FYE Mar 2017	14.10	Cons.
FYE Mar 2018	13.60	Cons.
FYE Mar 2019	11.10	Cons.
FYE Mar 2020	8.70	Cons.
FYE Mar 2021	16.70	Cons.
FYE Mar 2022	11.30	Cons.
FYE Mar 2023	18.50	Cons.
FYE Mar 2024	16.90	Cons.
FYE Mar 2025	n/a	Cons.
FYE Mar 2026	19.40	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 0.98×

Average · 9 yrs 1.03×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.14	Cons.
FYE Mar 2018	1.31	Cons.
FYE Mar 2019	1.12	Cons.
FYE Mar 2020	0.79	Cons.
FYE Mar 2021	1.42	Cons.
FYE Mar 2022	1.02	Cons.
FYE Mar 2023	0.80	Cons.
FYE Mar 2024	0.66	Cons.
FYE Mar 2025	n/a	Cons.
FYE Mar 2026	0.98	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 6,454people

Change · 10 yrs +638 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	5,816	n/a	Cons.
FYE Mar 2018	5,944	+2.2%	Cons.
FYE Mar 2019	6,133	+3.2%	Cons.
FYE Mar 2020	6,316	+3.0%	Cons.
FYE Mar 2021	6,351	+0.6%	Cons.
FYE Mar 2022	6,358	+0.1%	Cons.
FYE Mar 2023	6,406	+0.8%	Cons.
FYE Mar 2024	6,514	+1.7%	Cons.
FYE Mar 2025	6,542	+0.4%	Cons.
FYE Mar 2026	6,454	−1.3%	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 Mar 2026 4,234people

Change · 10 yrs +1,274 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,960	n/a	Parent
FYE Mar 2018	3,011	+1.7%	Parent
FYE Mar 2019	3,250	+7.9%	Parent
FYE Mar 2020	3,349	+3.0%	Parent
FYE Mar 2021	4,166	+24.4%	Parent
FYE Mar 2022	4,081	−2.0%	Parent
FYE Mar 2023	4,198	+2.9%	Parent
FYE Mar 2024	4,330	+3.1%	Parent
FYE Mar 2025	4,369	+0.9%	Parent
FYE Mar 2026	4,234	−3.1%	Parent

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

Average annual pay parent company

FYE Mar 2026 756万円

Change · 10 yrs +110万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	646	n/a	Parent
FYE Mar 2018	667	+3.3%	Parent
FYE Mar 2019	707	+5.9%	Parent
FYE Mar 2020	724	+2.4%	Parent
FYE Mar 2021	704	−2.7%	Parent
FYE Mar 2022	732	+4.0%	Parent
FYE Mar 2023	768	+4.9%	Parent
FYE Mar 2024	767	−0.1%	Parent
FYE Mar 2025	752	−2.0%	Parent
FYE Mar 2026	756	+0.5%	Parent

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

Average age

FYE Mar 2026 40.8years

Change · 8 yrs +0.2 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	40.6	n/a	Parent
FYE Mar 2020	40.7	+0.2%	Parent
FYE Mar 2021	40.5	−0.5%	Parent
FYE Mar 2022	40.8	+0.7%	Parent
FYE Mar 2023	40.7	−0.2%	Parent
FYE Mar 2024	40.7	−0.0%	Parent
FYE Mar 2025	40.6	−0.2%	Parent
FYE Mar 2026	40.8	+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 16.4years

Change · 10 yrs −1.3 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	17.7	n/a	Parent
FYE Mar 2018	18.1	+2.3%	Parent
FYE Mar 2019	17.1	−5.5%	Parent
FYE Mar 2020	17.1	−0.0%	Parent
FYE Mar 2021	16.5	−3.5%	Parent
FYE Mar 2022	16.8	+1.8%	Parent
FYE Mar 2023	16.4	−2.4%	Parent
FYE Mar 2024	16.1	−1.8%	Parent
FYE Mar 2025	16.0	−0.6%	Parent
FYE Mar 2026	16.4	+2.5%	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 Mar 2026 1,071people

Change · 10 yrs −71 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	1,142	n/a	n/a
FYE Mar 2018	1,179	+3.2%	n/a
FYE Mar 2019	1,026	−13.0%	n/a
FYE Mar 2020	1,020	−0.6%	n/a
FYE Mar 2021	1,062	+4.1%	n/a
FYE Mar 2022	1,101	+3.7%	n/a
FYE Mar 2023	1,136	+3.2%	n/a
FYE Mar 2024	1,060	−6.7%	n/a
FYE Mar 2025	1,071	+1.0%	n/a
FYE Mar 2026	1,071	−0.0%	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 Mar 2026 ¥59.5m

Change · 10 yrs −¥2.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	62.4	n/a	Cons.
FYE Mar 2018	66.6	+6.7%	Cons.
FYE Mar 2019	67.4	+1.2%	Cons.
FYE Mar 2020	60.3	−10.5%	Cons.
FYE Mar 2021	55.8	−7.4%	Cons.
FYE Mar 2022	60.5	+8.5%	Cons.
FYE Mar 2023	63.6	+5.1%	Cons.
FYE Mar 2024	59.8	−6.1%	Cons.
FYE Mar 2025	61.2	+2.4%	Cons.
FYE Mar 2026	59.5	−2.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.1m

Change · 10 yrs −¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	4.4	n/a	Cons.
FYE Mar 2018	5.7	+27.4%	Cons.
FYE Mar 2019	5.6	−1.4%	Cons.
FYE Mar 2020	5.0	−10.4%	Cons.
FYE Mar 2021	5.5	+9.3%	Cons.
FYE Mar 2022	6.3	+15.4%	Cons.
FYE Mar 2023	5.0	−20.0%	Cons.
FYE Mar 2024	2.1	−59.3%	Cons.
FYE Mar 2025	2.2	+7.3%	Cons.
FYE Mar 2026	4.1	+84.4%	Cons.

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

Disclaimer

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

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