Financials

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

FYE Mar 2026 · Revenue¥1.07tnYoY −0.8%

FYE Mar 2026 · Operating profit-¥37bnYoY −149.4%

FYE Mar 2026 · Net profit-¥64bnYoY −230.3%

FYE Mar 2026 · Equity ratio30.4%YoY −9.4pp

FYE Mar 2026 · Group employees21,824YoY +988

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥671bn	n/a	¥41bn	n/a	6.2%	¥22bn	Imai Yasuo	—
FYE Mar 2018Consolidated	¥754bn	+12.4%	¥42bn	+2.6%	5.6%	¥25bn	Imai Yasuo	—
FYE Mar 2019Consolidated	¥742bn	−1.5%	¥43bn	+0.9%	5.8%	¥26bn	Shirai Seiji	US medical gas operation acquired
FYE Mar 2020Consolidated	¥809bn	+9.0%	¥51bn	+18.3%	6.3%	¥17bn	Shirai Seiji	—
FYE Mar 2021Consolidated	¥807bn	−0.3%	¥51bn	+1.2%	6.4%	¥27bn	Shirai Seiji	—
FYE Mar 2022Consolidated	¥889bn	+10.2%	¥65bn	+27.2%	7.3%	¥43bn	Shirai Seiji	—
FYE Mar 2023Consolidated	¥1.00tn	+13.1%	¥62bn	−4.6%	6.2%	¥40bn	Shirai Seiji	Reorganized into four business groups and twelve business units
FYE Mar 2024Consolidated	¥1.02tn	+2.0%	¥68bn	+9.8%	6.7%	¥44bn	Shirai Seiji	—
FYE Mar 2025Consolidated	¥1.08tn	+5.0%	¥75bn	+10.2%	7.0%	¥49bn	Matsubayashi Ryosuke	Industrial gas carved out as Air Water Gas Solutions
FYE Mar 2026Consolidated	¥1.07tn	−0.8%	-¥37bn	−149.4%	-3.5%	-¥64bn	Matsubayashi Ryosuke	—

How it compares

Nippon Sanso Holdings¥1.36tnFY2025Operating margin 14.6%

Air Water¥1.07tnFY2025Operating margin −3.5%

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 Mar 2026 ¥1.07tn

CAGR · 10 yrs +5.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	671	n/a	Cons. · Japanese GAAP
FYE Mar 2018	754	+12.4%	Cons. · Japanese GAAP
FYE Mar 2019	742	−1.5%	Cons. · Japanese GAAP
FYE Mar 2020	809	moved to IFRS	Cons. · IFRS
FYE Mar 2021	807	−0.3%	Cons. · IFRS
FYE Mar 2022	889	+10.2%	Cons. · IFRS
FYE Mar 2023	1,005	+13.1%	Cons. · IFRS
FYE Mar 2024	1,025	+2.0%	Cons. · IFRS
FYE Mar 2025	1,076	+5.0%	Cons. · IFRS
FYE Mar 2026	1,067	−0.8%	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 Mar 2026 ¥826bn

CAGR · 10 yrs +5.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	521	n/a	Cons. · Japanese GAAP
FYE Mar 2018	593	+13.8%	Cons. · Japanese GAAP
FYE Mar 2019	577	−2.6%	Cons. · Japanese GAAP
FYE Mar 2020	628	moved to IFRS	Cons. · IFRS
FYE Mar 2021	626	−0.4%	Cons. · IFRS
FYE Mar 2022	690	+10.2%	Cons. · IFRS
FYE Mar 2023	805	+16.7%	Cons. · IFRS
FYE Mar 2024	804	−0.1%	Cons. · IFRS
FYE Mar 2025	844	+5.0%	Cons. · IFRS
FYE Mar 2026	826	−2.1%	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 Mar 2026 ¥240bn

CAGR · 10 yrs +5.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	150	n/a	Cons. · Japanese GAAP
FYE Mar 2018	161	+7.5%	Cons. · Japanese GAAP
FYE Mar 2019	165	+2.4%	Cons. · Japanese GAAP
FYE Mar 2020	181	moved to IFRS	Cons. · IFRS
FYE Mar 2021	181	+0.2%	Cons. · IFRS
FYE Mar 2022	199	+10.1%	Cons. · IFRS
FYE Mar 2023	200	+0.5%	Cons. · IFRS
FYE Mar 2024	220	+10.1%	Cons. · IFRS
FYE Mar 2025	232	+5.1%	Cons. · IFRS
FYE Mar 2026	240	+3.8%	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 Mar 2026 ¥202bn

CAGR · 10 yrs +7.1%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	108	n/a	Cons. · Japanese GAAP
FYE Mar 2018	119	+9.4%	Cons. · Japanese GAAP
FYE Mar 2019	121	+2.3%	Cons. · Japanese GAAP
FYE Mar 2020	135	moved to IFRS	Cons. · IFRS
FYE Mar 2021	135	−0.0%	Cons. · IFRS
FYE Mar 2022	140	+3.2%	Cons. · IFRS
FYE Mar 2023	150	+7.6%	Cons. · IFRS
FYE Mar 2024	158	+5.3%	Cons. · IFRS
FYE Mar 2025	167	+5.3%	Cons. · IFRS
FYE Mar 2026	202	+20.8%	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 Mar 2026 -¥37bn

Average · 10 yrs ¥46bn

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	41.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	42.4	+2.6%	Cons. · Japanese GAAP
FYE Mar 2019	42.8	+0.9%	Cons. · Japanese GAAP
FYE Mar 2020	50.6	moved to IFRS	Cons. · IFRS
FYE Mar 2021	51.2	+1.2%	Cons. · IFRS
FYE Mar 2022	65.2	+27.2%	Cons. · IFRS
FYE Mar 2023	62.2	−4.6%	Cons. · IFRS
FYE Mar 2024	68.3	+9.8%	Cons. · IFRS
FYE Mar 2025	75.2	+10.2%	Cons. · IFRS
FYE Mar 2026	-37.2	−149.4%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥4.2bn

CAGR · 10 yrs −0.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.3	+22.0%	Cons. · Japanese GAAP
FYE Mar 2019	1.1	−78.6%	Cons. · Japanese GAAP
FYE Mar 2020	1.4	moved to IFRS	Cons. · IFRS
FYE Mar 2021	1.1	−19.1%	Cons. · IFRS
FYE Mar 2022	1.4	+21.4%	Cons. · IFRS
FYE Mar 2023	2.1	+49.8%	Cons. · IFRS
FYE Mar 2024	2.9	+40.3%	Cons. · IFRS
FYE Mar 2025	4.1	+41.9%	Cons. · IFRS
FYE Mar 2026	4.2	+2.8%	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 Mar 2026 ¥18bn

CAGR · 10 yrs +17.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.0	−32.3%	Cons. · Japanese GAAP
FYE Mar 2019	1.8	−39.3%	Cons. · Japanese GAAP
FYE Mar 2020	2.2	moved to IFRS	Cons. · IFRS
FYE Mar 2021	2.7	+24.1%	Cons. · IFRS
FYE Mar 2022	2.3	−14.5%	Cons. · IFRS
FYE Mar 2023	3.3	+40.6%	Cons. · IFRS
FYE Mar 2024	4.4	+36.4%	Cons. · IFRS
FYE Mar 2025	5.4	+20.6%	Cons. · IFRS
FYE Mar 2026	18.5	+245.3%	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 Mar 2026 n/a

CAGR · 3 yrs +6.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	41.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	44.7	+8.3%	Cons. · Japanese GAAP
FYE Mar 2019	47.0	+5.1%	Cons. · Japanese GAAP
FYE Mar 2020	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	n/a	n/a	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	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 Mar 2026 n/a

CAGR · 3 yrs −42.9%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.6	+0.2%	Cons. · Japanese GAAP
FYE Mar 2019	0.8	−67.4%	Cons. · Japanese GAAP
FYE Mar 2020	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	n/a	n/a	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	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 Mar 2026 -¥64bn

Average · 10 yrs ¥23bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	22.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.2	+12.7%	Cons. · Japanese GAAP
FYE Mar 2019	26.5	+5.1%	Cons. · Japanese GAAP
FYE Mar 2020	16.7	moved to IFRS	Cons. · IFRS
FYE Mar 2021	27.4	+63.6%	Cons. · IFRS
FYE Mar 2022	43.2	+57.9%	Cons. · IFRS
FYE Mar 2023	40.1	−7.1%	Cons. · IFRS
FYE Mar 2024	44.4	+10.5%	Cons. · IFRS
FYE Mar 2025	49.1	+10.6%	Cons. · IFRS
FYE Mar 2026	-63.9	−230.3%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 22.5%

Average · 10 yrs 21.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	22.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.4	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	22.2	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	22.3	moved to IFRS	Cons. · IFRS
FYE Mar 2021	22.4	+0.1pp	Cons. · IFRS
FYE Mar 2022	22.4	−0.0pp	Cons. · IFRS
FYE Mar 2023	19.9	−2.5pp	Cons. · IFRS
FYE Mar 2024	21.5	+1.6pp	Cons. · IFRS
FYE Mar 2025	21.5	−0.0pp	Cons. · IFRS
FYE Mar 2026	22.5	+1.0pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 -3.5%

Average · 10 yrs 5.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	6.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.6	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	5.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	6.3	moved to IFRS	Cons. · IFRS
FYE Mar 2021	6.4	+0.1pp	Cons. · IFRS
FYE Mar 2022	7.3	+1.0pp	Cons. · IFRS
FYE Mar 2023	6.2	−1.1pp	Cons. · IFRS
FYE Mar 2024	6.7	+0.5pp	Cons. · IFRS
FYE Mar 2025	7.0	+0.3pp	Cons. · IFRS
FYE Mar 2026	-3.5	−10.5pp	Cons. · IFRS

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

Ordinary margin

FYE Mar 2026 n/a

Average · 3 yrs 6.1%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	6.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	6.3	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	n/a	n/a	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	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 Mar 2026 -6.0%

Average · 10 yrs 2.7%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	3.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	2.1	moved to IFRS	Cons. · IFRS
FYE Mar 2021	3.4	+1.3pp	Cons. · IFRS
FYE Mar 2022	4.9	+1.5pp	Cons. · IFRS
FYE Mar 2023	4.0	−0.9pp	Cons. · IFRS
FYE Mar 2024	4.3	+0.3pp	Cons. · IFRS
FYE Mar 2025	4.6	+0.2pp	Cons. · IFRS
FYE Mar 2026	-6.0	−10.6pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 77.5%

Average · 10 yrs 78.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	77.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	78.6	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	77.8	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	77.7	moved to IFRS	Cons. · IFRS
FYE Mar 2021	77.6	−0.1pp	Cons. · IFRS
FYE Mar 2022	77.6	−0.0pp	Cons. · IFRS
FYE Mar 2023	80.1	+2.5pp	Cons. · IFRS
FYE Mar 2024	78.5	−1.6pp	Cons. · IFRS
FYE Mar 2025	78.5	−0.0pp	Cons. · IFRS
FYE Mar 2026	77.5	−1.0pp	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 Mar 2026 18.9%

Average · 10 yrs 16.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	16.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.7	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	16.3	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	16.7	moved to IFRS	Cons. · IFRS
FYE Mar 2021	16.8	+0.1pp	Cons. · IFRS
FYE Mar 2022	15.7	−1.1pp	Cons. · IFRS
FYE Mar 2023	15.0	−0.8pp	Cons. · IFRS
FYE Mar 2024	15.5	+0.5pp	Cons. · IFRS
FYE Mar 2025	15.5	−0.0pp	Cons. · IFRS
FYE Mar 2026	18.9	+3.4pp	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 Mar 2026 ¥1.22tn

CAGR · 10 yrs +7.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	629	n/a	Cons. · Japanese GAAP
FYE Mar 2018	693	+10.2%	Cons. · Japanese GAAP
FYE Mar 2019	783	+13.0%	Cons. · Japanese GAAP
FYE Mar 2020	889	moved to IFRS	Cons. · IFRS
FYE Mar 2021	927	+4.2%	Cons. · IFRS
FYE Mar 2022	1,022	+10.3%	Cons. · IFRS
FYE Mar 2023	1,092	+6.8%	Cons. · IFRS
FYE Mar 2024	1,223	+12.0%	Cons. · IFRS
FYE Mar 2025	1,250	+2.2%	Cons. · IFRS
FYE Mar 2026	1,216	−2.7%	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 Mar 2026 ¥369bn

CAGR · 10 yrs +4.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	256	n/a	Cons. · Japanese GAAP
FYE Mar 2018	278	+8.6%	Cons. · Japanese GAAP
FYE Mar 2019	292	+4.8%	Cons. · Japanese GAAP
FYE Mar 2020	344	moved to IFRS	Cons. · IFRS
FYE Mar 2021	343	−0.2%	Cons. · IFRS
FYE Mar 2022	370	+7.9%	Cons. · IFRS
FYE Mar 2023	414	+11.8%	Cons. · IFRS
FYE Mar 2024	469	+13.2%	Cons. · IFRS
FYE Mar 2025	497	+6.1%	Cons. · IFRS
FYE Mar 2026	369	−25.7%	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 Mar 2026 ¥468bn

CAGR · 10 yrs +16.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	117	n/a	Cons. · Japanese GAAP
FYE Mar 2018	141	+20.4%	Cons. · Japanese GAAP
FYE Mar 2019	244	+73.2%	Cons. · Japanese GAAP
FYE Mar 2020	301	moved to IFRS	Cons. · IFRS
FYE Mar 2021	308	+2.2%	Cons. · IFRS
FYE Mar 2022	347	+12.7%	Cons. · IFRS
FYE Mar 2023	367	+5.8%	Cons. · IFRS
FYE Mar 2024	419	+14.2%	Cons. · IFRS
FYE Mar 2025	418	−0.1%	Cons. · IFRS
FYE Mar 2026	468	+12.0%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥177bn

CAGR · 10 yrs +22.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	28.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.8	+16.7%	Cons. · Japanese GAAP
FYE Mar 2019	54.9	+67.2%	Cons. · Japanese GAAP
FYE Mar 2020	105	moved to IFRS	Cons. · IFRS
FYE Mar 2021	56.6	−46.3%	Cons. · IFRS
FYE Mar 2022	72.6	+28.3%	Cons. · IFRS
FYE Mar 2023	83.3	+14.7%	Cons. · IFRS
FYE Mar 2024	85.9	+3.1%	Cons. · IFRS
FYE Mar 2025	95.4	+11.0%	Cons. · IFRS
FYE Mar 2026	177	+85.5%	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 Mar 2026 ¥291bn

CAGR · 10 yrs +14.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	88.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	108	+21.6%	Cons. · Japanese GAAP
FYE Mar 2019	136	+25.9%	Cons. · Japanese GAAP
FYE Mar 2020	196	moved to IFRS	Cons. · IFRS
FYE Mar 2021	251	+28.2%	Cons. · IFRS
FYE Mar 2022	274	+9.2%	Cons. · IFRS
FYE Mar 2023	283	+3.5%	Cons. · IFRS
FYE Mar 2024	333	+17.4%	Cons. · IFRS
FYE Mar 2025	323	−3.0%	Cons. · IFRS
FYE Mar 2026	291	−9.7%	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥32bn

CAGR · 10 yrs +0.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	29.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.6	+6.4%	Cons. · Japanese GAAP
FYE Mar 2019	14.6	−53.7%	Cons. · Japanese GAAP
FYE Mar 2020	19.4	moved to IFRS	Cons. · IFRS
FYE Mar 2021	28.4	+46.7%	Cons. · IFRS
FYE Mar 2022	28.1	−1.1%	Cons. · IFRS
FYE Mar 2023	32.6	+15.9%	Cons. · IFRS
FYE Mar 2024	46.2	+42.0%	Cons. · IFRS
FYE Mar 2025	42.9	−7.3%	Cons. · IFRS
FYE Mar 2026	32.0	−25.4%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥52bn

CAGR · 10 yrs +12.9%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	17.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.4	+0.5%	Cons. · Japanese GAAP
FYE Mar 2019	22.8	+30.8%	Cons. · Japanese GAAP
FYE Mar 2020	64.0	moved to IFRS	Cons. · IFRS
FYE Mar 2021	53.0	−17.2%	Cons. · IFRS
FYE Mar 2022	60.1	+13.5%	Cons. · IFRS
FYE Mar 2023	65.1	+8.3%	Cons. · IFRS
FYE Mar 2024	81.9	+25.7%	Cons. · IFRS
FYE Mar 2025	80.3	−1.9%	Cons. · IFRS
FYE Mar 2026	51.6	−35.7%	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 Mar 2026 30.4%

Average · 10 yrs 37.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	40.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	37.3	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2020	38.7	moved to IFRS	Cons. · IFRS
FYE Mar 2021	37.0	−1.7pp	Cons. · IFRS
FYE Mar 2022	36.2	−0.8pp	Cons. · IFRS
FYE Mar 2023	37.9	+1.7pp	Cons. · IFRS
FYE Mar 2024	38.3	+0.4pp	Cons. · IFRS
FYE Mar 2025	39.8	+1.5pp	Cons. · IFRS
FYE Mar 2026	30.4	−9.4pp	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 Mar 2026 126.8%

Average · 10 yrs 83.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	45.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50.6	+5.0pp	Cons. · Japanese GAAP
FYE Mar 2019	83.6	+33.0pp	Cons. · Japanese GAAP
FYE Mar 2020	87.5	moved to IFRS	Cons. · IFRS
FYE Mar 2021	89.6	+2.1pp	Cons. · IFRS
FYE Mar 2022	93.5	+3.9pp	Cons. · IFRS
FYE Mar 2023	88.6	−5.0pp	Cons. · IFRS
FYE Mar 2024	89.3	+0.8pp	Cons. · IFRS
FYE Mar 2025	84.1	−5.3pp	Cons. · IFRS
FYE Mar 2026	126.8	+42.7pp	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 Mar 2026 -17.3%

Average · 10 yrs 6.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	9.1	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	4.9	moved to IFRS	Cons. · IFRS
FYE Mar 2021	8.0	+3.1pp	Cons. · IFRS
FYE Mar 2022	11.7	+3.7pp	Cons. · IFRS
FYE Mar 2023	9.7	−2.0pp	Cons. · IFRS
FYE Mar 2024	9.5	−0.2pp	Cons. · IFRS
FYE Mar 2025	9.9	+0.4pp	Cons. · IFRS
FYE Mar 2026	-17.3	−27.2pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 -5.3%

Average · 10 yrs 2.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	3.4	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	1.9	moved to IFRS	Cons. · IFRS
FYE Mar 2021	3.0	+1.1pp	Cons. · IFRS
FYE Mar 2022	4.2	+1.3pp	Cons. · IFRS
FYE Mar 2023	3.7	−0.6pp	Cons. · IFRS
FYE Mar 2024	3.6	−0.0pp	Cons. · IFRS
FYE Mar 2025	3.9	+0.3pp	Cons. · IFRS
FYE Mar 2026	-5.3	−9.2pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.88×

CAGR · 10 yrs −2.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.07	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.09	+2.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.95	−12.8%	Cons. · Japanese GAAP
FYE Mar 2020	0.91	moved to IFRS	Cons. · IFRS
FYE Mar 2021	0.87	−4.3%	Cons. · IFRS
FYE Mar 2022	0.87	−0.1%	Cons. · IFRS
FYE Mar 2023	0.92	+5.9%	Cons. · IFRS
FYE Mar 2024	0.84	−9.0%	Cons. · IFRS
FYE Mar 2025	0.86	+2.7%	Cons. · IFRS
FYE Mar 2026	0.88	+1.9%	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 Mar 2026 ¥108bn

CAGR · 10 yrs +6.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	58.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.8	−18.9%	Cons. · Japanese GAAP
FYE Mar 2019	56.7	+18.7%	Cons. · Japanese GAAP
FYE Mar 2020	40.0	moved to IFRS	Cons. · IFRS
FYE Mar 2021	76.6	+91.4%	Cons. · IFRS
FYE Mar 2022	71.6	−6.6%	Cons. · IFRS
FYE Mar 2023	57.0	−20.4%	Cons. · IFRS
FYE Mar 2024	79.6	+39.8%	Cons. · IFRS
FYE Mar 2025	93.2	+17.1%	Cons. · IFRS
FYE Mar 2026	108	+15.4%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥89bn

Average · 10 yrs -¥73bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-44.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-61.6	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-88.8	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-113	moved to IFRS	Cons. · IFRS
FYE Mar 2021	-52.7	n/a	Cons. · IFRS
FYE Mar 2022	-53.2	n/a	Cons. · IFRS
FYE Mar 2023	-71.1	n/a	Cons. · IFRS
FYE Mar 2024	-98.0	n/a	Cons. · IFRS
FYE Mar 2025	-62.2	n/a	Cons. · IFRS
FYE Mar 2026	-88.6	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 Mar 2026 -¥5.7bn

Average · 10 yrs ¥9.3bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-8.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.5	n/a	Cons. · Japanese GAAP
FYE Mar 2019	40.9	+811.2%	Cons. · Japanese GAAP
FYE Mar 2020	82.3	moved to IFRS	Cons. · IFRS
FYE Mar 2021	-20.9	−125.4%	Cons. · IFRS
FYE Mar 2022	-6.6	n/a	Cons. · IFRS
FYE Mar 2023	19.3	n/a	Cons. · IFRS
FYE Mar 2024	14.7	−23.5%	Cons. · IFRS
FYE Mar 2025	-27.3	−285.7%	Cons. · IFRS
FYE Mar 2026	-5.7	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 Mar 2026 ¥87bn

CAGR · 10 yrs +12.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	30.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.4	−26.2%	Cons. · Japanese GAAP
FYE Mar 2019	31.5	+40.3%	Cons. · Japanese GAAP
FYE Mar 2020	41.4	moved to IFRS	Cons. · IFRS
FYE Mar 2021	46.0	+10.9%	Cons. · IFRS
FYE Mar 2022	59.6	+29.5%	Cons. · IFRS
FYE Mar 2023	65.9	+10.7%	Cons. · IFRS
FYE Mar 2024	65.0	−1.5%	Cons. · IFRS
FYE Mar 2025	70.6	+8.7%	Cons. · IFRS
FYE Mar 2026	87.1	+23.4%	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 Mar 2026 ¥19bn

CAGR · 10 yrs +3.0%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	14.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-13.9	−195.6%	Cons. · Japanese GAAP
FYE Mar 2019	-32.1	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-73.2	moved to IFRS	Cons. · IFRS
FYE Mar 2021	23.9	n/a	Cons. · IFRS
FYE Mar 2022	18.4	−22.9%	Cons. · IFRS
FYE Mar 2023	-14.2	−177.0%	Cons. · IFRS
FYE Mar 2024	-18.3	n/a	Cons. · IFRS
FYE Mar 2025	31.1	n/a	Cons. · IFRS
FYE Mar 2026	19.0	−38.9%	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 Mar 2026 10.1%

Average · 10 yrs 7.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	8.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.3	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2019	7.6	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2020	4.9	moved to IFRS	Cons. · IFRS
FYE Mar 2021	9.5	+4.6pp	Cons. · IFRS
FYE Mar 2022	8.1	−1.4pp	Cons. · IFRS
FYE Mar 2023	5.7	−2.4pp	Cons. · IFRS
FYE Mar 2024	7.8	+2.1pp	Cons. · IFRS
FYE Mar 2025	8.7	+0.9pp	Cons. · IFRS
FYE Mar 2026	10.1	+1.4pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 -¥381bn

Average · 10 yrs -¥261bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-86.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-118	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-212	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-260	moved to IFRS	Cons. · IFRS
FYE Mar 2021	-262	n/a	Cons. · IFRS
FYE Mar 2022	-287	n/a	Cons. · IFRS
FYE Mar 2023	-301	n/a	Cons. · IFRS
FYE Mar 2024	-354	n/a	Cons. · IFRS
FYE Mar 2025	-348	n/a	Cons. · IFRS
FYE Mar 2026	-381	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 Mar 2026 n/a

Change · 9 yrs +¥26bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	407	n/a
FYE Mar 2018	413	n/a
FYE Mar 2019	319	n/a
FYE Mar 2020	171	n/a
FYE Mar 2021	445	n/a
FYE Mar 2022	394	n/a
FYE Mar 2023	382	n/a
FYE Mar 2024	550	n/a
FYE Mar 2025	433	n/a
FYE Mar 2026	n/a	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 n/a

Change · 9 yrs −165¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,050	n/a
FYE Mar 2018	2,076	n/a
FYE Mar 2019	1,606	n/a
FYE Mar 2020	745	n/a
FYE Mar 2021	1,936	n/a
FYE Mar 2022	1,713	n/a
FYE Mar 2023	1,662	n/a
FYE Mar 2024	2,396	n/a
FYE Mar 2025	1,885	n/a
FYE Mar 2026	n/a	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 229,755,000shares

Change · 10 yrs +31,050,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	198,705,000	Parent
FYE Mar 2018	198,705,000	Parent
FYE Mar 2019	198,705,000	Parent
FYE Mar 2020	229,755,000	Parent
FYE Mar 2021	229,755,000	Parent
FYE Mar 2022	229,755,000	Parent
FYE Mar 2023	229,755,000	Parent
FYE Mar 2024	229,755,000	Parent
FYE Mar 2025	229,755,000	Parent
FYE Mar 2026	229,755,000	Parent

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

EPS earnings per share

FYE Mar 2026 -279.01¥

Change · 10 yrs −393.54¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	114.53	Cons.
FYE Mar 2018	128.95	Cons.
FYE Mar 2019	147.33	Cons.
FYE Mar 2020	147.43	Cons.
FYE Mar 2021	120.98	Cons.
FYE Mar 2022	184.22	Cons.
FYE Mar 2023	40.83	Cons.
FYE Mar 2024	160.79	Cons.
FYE Mar 2025	174.58	Cons.
FYE Mar 2026	-279.01	Cons.

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

BPS book value per share

FYE Mar 2026 1,608.19¥

Change · 10 yrs +318.01¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,290.18	Cons. · Japanese GAAP
FYE Mar 2018	1,400.73	Cons. · Japanese GAAP
FYE Mar 2019	1,468.22	Cons. · Japanese GAAP
FYE Mar 2020	1,497.20	Cons. · IFRS
FYE Mar 2021	1,493.79	Cons. · IFRS
FYE Mar 2022	1,612.18	Cons. · IFRS
FYE Mar 2023	1,801.85	Cons. · IFRS
FYE Mar 2024	2,039.69	Cons. · IFRS
FYE Mar 2025	2,165.00	Cons. · IFRS
FYE Mar 2026	1,608.19	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 n/a

Average · 9 yrs 16.30×

Fiscal year	PER ×	Basis
FYE Mar 2017	17.90	Cons.
FYE Mar 2018	16.10	Cons.
FYE Mar 2019	10.90	Cons.
FYE Mar 2020	10.10	Cons.
FYE Mar 2021	16.00	Cons.
FYE Mar 2022	9.30	Cons.
FYE Mar 2023	40.70	Cons.
FYE Mar 2024	14.90	Cons.
FYE Mar 2025	10.80	Cons.
FYE Mar 2026	n/a	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 n/a

Average · 9 yrs 1.20×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.56	Cons.
FYE Mar 2018	1.54	Cons.
FYE Mar 2019	1.13	Cons.
FYE Mar 2020	1.02	Cons.
FYE Mar 2021	1.22	Cons.
FYE Mar 2022	1.06	Cons.
FYE Mar 2023	1.03	Cons.
FYE Mar 2024	1.30	Cons.
FYE Mar 2025	0.98	Cons.
FYE Mar 2026	n/a	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 21,824people

Change · 10 yrs +9,244 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	12,580	n/a	Cons.
FYE Mar 2018	14,265	+13.4%	Cons.
FYE Mar 2019	15,757	+10.5%	Cons.
FYE Mar 2020	18,211	+15.6%	Cons.
FYE Mar 2021	18,843	+3.5%	Cons.
FYE Mar 2022	19,299	+2.4%	Cons.
FYE Mar 2023	20,109	+4.2%	Cons.
FYE Mar 2024	20,348	+1.2%	Cons.
FYE Mar 2025	20,836	+2.4%	Cons.
FYE Mar 2026	21,824	+4.7%	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 685people

Change · 10 yrs −339 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,024	n/a	Parent
FYE Mar 2018	1,007	−1.7%	Parent
FYE Mar 2019	856	−15.0%	Parent
FYE Mar 2020	909	+6.2%	Parent
FYE Mar 2021	853	−6.2%	Parent
FYE Mar 2022	666	−21.9%	Parent
FYE Mar 2023	634	−4.8%	Parent
FYE Mar 2024	571	−9.9%	Parent
FYE Mar 2025	693	+21.4%	Parent
FYE Mar 2026	685	−1.2%	Parent

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

Average annual pay parent company

FYE Mar 2026 816万円

Change · 8 yrs +126万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	690	n/a	Parent
FYE Mar 2020	687	−0.4%	Parent
FYE Mar 2021	699	+1.7%	Parent
FYE Mar 2022	740	+5.9%	Parent
FYE Mar 2023	754	+1.9%	Parent
FYE Mar 2024	816	+8.2%	Parent
FYE Mar 2025	795	−2.5%	Parent
FYE Mar 2026	816	+2.6%	Parent

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

Average age

FYE Mar 2026 42.5years

Change · 8 yrs −1.2 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	43.7	n/a	Parent
FYE Mar 2020	43.4	−0.7%	Parent
FYE Mar 2021	42.9	−1.2%	Parent
FYE Mar 2022	44.1	+2.8%	Parent
FYE Mar 2023	45.1	+2.3%	Parent
FYE Mar 2024	45.2	+0.2%	Parent
FYE Mar 2025	43.6	−3.5%	Parent
FYE Mar 2026	42.5	−2.5%	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 9.9years

Change · 8 yrs −4.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	14.6	n/a	Parent
FYE Mar 2020	13.5	−7.7%	Parent
FYE Mar 2021	13.1	−3.0%	Parent
FYE Mar 2022	12.4	−5.3%	Parent
FYE Mar 2023	11.9	−4.0%	Parent
FYE Mar 2024	11.1	−6.7%	Parent
FYE Mar 2025	10.3	−7.2%	Parent
FYE Mar 2026	9.9	−3.9%	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 8,928people

Change · 10 yrs +2,591 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	6,337	n/a	n/a
FYE Mar 2018	5,877	−7.3%	n/a
FYE Mar 2019	6,346	+8.0%	n/a
FYE Mar 2020	6,635	+4.6%	n/a
FYE Mar 2021	6,400	−3.5%	n/a
FYE Mar 2022	6,714	+4.9%	n/a
FYE Mar 2023	6,457	−3.8%	n/a
FYE Mar 2024	7,874	+21.9%	n/a
FYE Mar 2025	7,827	−0.6%	n/a
FYE Mar 2026	8,928	+14.1%	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 ¥48.9m

Change · 10 yrs −¥4.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	53.3	n/a	Cons.
FYE Mar 2018	52.8	−0.9%	Cons.
FYE Mar 2019	47.1	−10.8%	Cons.
FYE Mar 2020	44.4	n/a	Cons.
FYE Mar 2021	42.8	−3.6%	Cons.
FYE Mar 2022	46.0	+7.6%	Cons.
FYE Mar 2023	50.0	+8.5%	Cons.
FYE Mar 2024	50.4	+0.8%	Cons.
FYE Mar 2025	51.6	+2.6%	Cons.
FYE Mar 2026	48.9	−5.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 -¥1.7m

Change · 10 yrs −¥5.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons.
FYE Mar 2018	3.0	−9.6%	Cons.
FYE Mar 2019	2.7	−8.6%	Cons.
FYE Mar 2020	2.8	n/a	Cons.
FYE Mar 2021	2.7	−2.2%	Cons.
FYE Mar 2022	3.4	+24.2%	Cons.
FYE Mar 2023	3.1	−8.4%	Cons.
FYE Mar 2024	3.4	+8.5%	Cons.
FYE Mar 2025	3.6	+7.6%	Cons.
FYE Mar 2026	-1.7	−147.1%	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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