Financials

Kyowa Kirin: FYE Dec 2025 and ten years of results (46 metrics)

FYE Dec 2025 · Revenue¥497bnYoY +0.3%

FYE Dec 2025 · Operating profit¥87bnYoY +4.5%

FYE Dec 2025 · Net profit¥67bnYoY +12.0%

FYE Dec 2025 · Equity ratio80.6%YoY +0.9pp

FYE Dec 2025 · Group employees5,161YoY −508

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥343bn	n/a	¥32bn	n/a	9.2%	¥19bn	Hanai Nobuo	—
FYE Dec 2017Consolidated	¥353bn	+3.0%	¥42bn	+32.9%	11.9%	¥26bn	Hanai Nobuo	—
FYE Dec 2018Consolidated	¥272bn	−23.2%	¥67bn	+58.9%	24.6%	¥54bn	Hanai Nobuo	—
FYE Dec 2019Consolidated	¥306bn	+12.6%	¥44bn	−33.4%	14.5%	¥67bn	Miyamoto Masashi	Renamed Kyowa Kirin; Kyowa Hakko Bio sold to parent Kirin Holdings
FYE Dec 2020Consolidated	¥318bn	+4.1%	¥52bn	+17.5%	16.4%	¥47bn	Miyamoto Masashi	—
FYE Dec 2021Consolidated	¥352bn	+10.6%	¥60bn	+14.9%	17.0%	¥52bn	Miyamoto Masashi	—
FYE Dec 2022Consolidated	¥398bn	+13.1%	¥68bn	+12.5%	17.0%	¥54bn	Miyamoto Masashi	—
FYE Dec 2023Consolidated	¥442bn	+11.0%	¥97bn	+43.9%	22.0%	¥81bn	Miyamoto Masashi	—
FYE Dec 2024Consolidated	¥496bn	+12.1%	¥83bn	−14.2%	16.8%	¥60bn	Miyamoto Masashi	Buys Orchard Therapeutics (UK) — gene therapy <em>Libmeldy</em>
FYE Dec 2025Consolidated	¥497bn	+0.3%	¥87bn	+4.5%	17.6%	¥67bn	Miyamoto Masashi	European legacy drugs into a Grünenthal JV; early-retirement round in Japan

How it compares

Kyowa Kirin¥497bnFY2025Operating margin 17.6%

PeptiDream¥19bnFY2025Operating margin −27.1%

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 ¥497bn

CAGR · 10 yrs +4.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	343	n/a	Cons. · Japanese GAAP
FYE Dec 2017	353	moved to IFRS	Cons. · IFRS
FYE Dec 2018	272	−23.2%	Cons. · IFRS
FYE Dec 2019	306	+12.6%	Cons. · IFRS
FYE Dec 2020	318	+4.1%	Cons. · IFRS
FYE Dec 2021	352	+10.6%	Cons. · IFRS
FYE Dec 2022	398	+13.1%	Cons. · IFRS
FYE Dec 2023	442	+11.0%	Cons. · IFRS
FYE Dec 2024	496	+12.1%	Cons. · IFRS
FYE Dec 2025	497	+0.3%	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 ¥128bn

CAGR · 10 yrs −0.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	135	n/a	Cons. · Japanese GAAP
FYE Dec 2017	129	moved to IFRS	Cons. · IFRS
FYE Dec 2018	73.4	−43.2%	Cons. · IFRS
FYE Dec 2019	79.6	+8.5%	Cons. · IFRS
FYE Dec 2020	80.4	+1.0%	Cons. · IFRS
FYE Dec 2021	87.8	+9.2%	Cons. · IFRS
FYE Dec 2022	86.9	−1.1%	Cons. · IFRS
FYE Dec 2023	111	+27.9%	Cons. · IFRS
FYE Dec 2024	133	+19.2%	Cons. · IFRS
FYE Dec 2025	128	−3.5%	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 ¥369bn

CAGR · 10 yrs +6.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	208	n/a	Cons. · Japanese GAAP
FYE Dec 2017	224	moved to IFRS	Cons. · IFRS
FYE Dec 2018	198	−11.7%	Cons. · IFRS
FYE Dec 2019	226	+14.2%	Cons. · IFRS
FYE Dec 2020	238	+5.2%	Cons. · IFRS
FYE Dec 2021	264	+11.1%	Cons. · IFRS
FYE Dec 2022	311	+17.8%	Cons. · IFRS
FYE Dec 2023	331	+6.3%	Cons. · IFRS
FYE Dec 2024	363	+9.6%	Cons. · IFRS
FYE Dec 2025	369	+1.6%	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 ¥165bn

CAGR · 10 yrs −0.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	177	n/a	Cons. · Japanese GAAP
FYE Dec 2017	113	moved to IFRS	Cons. · IFRS
FYE Dec 2018	102	−9.6%	Cons. · IFRS
FYE Dec 2019	117	+14.9%	Cons. · IFRS
FYE Dec 2020	127	+7.9%	Cons. · IFRS
FYE Dec 2021	146	+15.0%	Cons. · IFRS
FYE Dec 2022	166	+14.1%	Cons. · IFRS
FYE Dec 2023	163	−1.9%	Cons. · IFRS
FYE Dec 2024	168	+2.7%	Cons. · IFRS
FYE Dec 2025	165	−1.3%	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 ¥87bn

CAGR · 10 yrs +11.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	31.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	42.1	moved to IFRS	Cons. · IFRS
FYE Dec 2018	66.8	+58.9%	Cons. · IFRS
FYE Dec 2019	44.5	−33.4%	Cons. · IFRS
FYE Dec 2020	52.3	+17.5%	Cons. · IFRS
FYE Dec 2021	60.1	+14.9%	Cons. · IFRS
FYE Dec 2022	67.6	+12.5%	Cons. · IFRS
FYE Dec 2023	97.2	+43.9%	Cons. · IFRS
FYE Dec 2024	83.5	−14.2%	Cons. · IFRS
FYE Dec 2025	87.2	+4.5%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥4.7bn

CAGR · 10 yrs +2.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	3.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.8	moved to IFRS	Cons. · IFRS
FYE Dec 2018	0.8	−6.0%	Cons. · IFRS
FYE Dec 2019	1.0	+36.3%	Cons. · IFRS
FYE Dec 2020	1.8	+74.1%	Cons. · IFRS
FYE Dec 2021	1.1	−38.1%	Cons. · IFRS
FYE Dec 2022	3.3	+198.2%	Cons. · IFRS
FYE Dec 2023	4.9	+46.8%	Cons. · IFRS
FYE Dec 2024	1.8	−63.7%	Cons. · IFRS
FYE Dec 2025	4.7	+166.2%	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 ¥3.6bn

CAGR · 10 yrs −9.5%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	9.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.9	moved to IFRS	Cons. · IFRS
FYE Dec 2018	1.4	+49.3%	Cons. · IFRS
FYE Dec 2019	1.3	−5.6%	Cons. · IFRS
FYE Dec 2020	0.3	−77.2%	Cons. · IFRS
FYE Dec 2021	1.1	+273.6%	Cons. · IFRS
FYE Dec 2022	1.1	−2.6%	Cons. · IFRS
FYE Dec 2023	0.2	−82.5%	Cons. · IFRS
FYE Dec 2024	7.5	+3867.4%	Cons. · IFRS
FYE Dec 2025	3.6	−51.7%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥67bn

CAGR · 10 yrs +15.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	18.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	26.4	moved to IFRS	Cons. · IFRS
FYE Dec 2018	54.4	+106.5%	Cons. · IFRS
FYE Dec 2019	67.1	+23.3%	Cons. · IFRS
FYE Dec 2020	47.0	−29.9%	Cons. · IFRS
FYE Dec 2021	52.3	+11.3%	Cons. · IFRS
FYE Dec 2022	53.6	+2.3%	Cons. · IFRS
FYE Dec 2023	81.2	+51.5%	Cons. · IFRS
FYE Dec 2024	59.9	−26.3%	Cons. · IFRS
FYE Dec 2025	67.0	+12.0%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 74.2%

Average · 10 yrs 72.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	60.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	63.5	moved to IFRS	Cons. · IFRS
FYE Dec 2018	73.0	+9.5pp	Cons. · IFRS
FYE Dec 2019	74.0	+1.0pp	Cons. · IFRS
FYE Dec 2020	74.7	+0.8pp	Cons. · IFRS
FYE Dec 2021	75.1	+0.3pp	Cons. · IFRS
FYE Dec 2022	78.2	+3.1pp	Cons. · IFRS
FYE Dec 2023	74.9	−3.3pp	Cons. · IFRS
FYE Dec 2024	73.2	−1.6pp	Cons. · IFRS
FYE Dec 2025	74.2	+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 Dec 2025 17.6%

Average · 10 yrs 16.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	9.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.9	moved to IFRS	Cons. · IFRS
FYE Dec 2018	24.6	+12.7pp	Cons. · IFRS
FYE Dec 2019	14.5	−10.1pp	Cons. · IFRS
FYE Dec 2020	16.4	+1.9pp	Cons. · IFRS
FYE Dec 2021	17.0	+0.6pp	Cons. · IFRS
FYE Dec 2022	17.0	−0.1pp	Cons. · IFRS
FYE Dec 2023	22.0	+5.0pp	Cons. · IFRS
FYE Dec 2024	16.8	−5.1pp	Cons. · IFRS
FYE Dec 2025	17.6	+0.7pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 13.5%

Average · 10 yrs 14.2%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	5.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.5	moved to IFRS	Cons. · IFRS
FYE Dec 2018	20.0	+12.6pp	Cons. · IFRS
FYE Dec 2019	21.9	+1.9pp	Cons. · IFRS
FYE Dec 2020	14.8	−7.2pp	Cons. · IFRS
FYE Dec 2021	14.9	+0.1pp	Cons. · IFRS
FYE Dec 2022	13.4	−1.4pp	Cons. · IFRS
FYE Dec 2023	18.4	+4.9pp	Cons. · IFRS
FYE Dec 2024	12.1	−6.3pp	Cons. · IFRS
FYE Dec 2025	13.5	+1.4pp	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 25.8%

Average · 10 yrs 27.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	39.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	36.5	moved to IFRS	Cons. · IFRS
FYE Dec 2018	27.0	−9.5pp	Cons. · IFRS
FYE Dec 2019	26.0	−1.0pp	Cons. · IFRS
FYE Dec 2020	25.3	−0.8pp	Cons. · IFRS
FYE Dec 2021	24.9	−0.3pp	Cons. · IFRS
FYE Dec 2022	21.8	−3.1pp	Cons. · IFRS
FYE Dec 2023	25.1	+3.3pp	Cons. · IFRS
FYE Dec 2024	26.8	+1.6pp	Cons. · IFRS
FYE Dec 2025	25.8	−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 Dec 2025 33.3%

Average · 10 yrs 38.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	51.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	32.0	moved to IFRS	Cons. · IFRS
FYE Dec 2018	37.6	+5.6pp	Cons. · IFRS
FYE Dec 2019	38.4	+0.8pp	Cons. · IFRS
FYE Dec 2020	39.8	+1.4pp	Cons. · IFRS
FYE Dec 2021	41.3	+1.6pp	Cons. · IFRS
FYE Dec 2022	41.7	+0.4pp	Cons. · IFRS
FYE Dec 2023	36.9	−4.8pp	Cons. · IFRS
FYE Dec 2024	33.8	−3.1pp	Cons. · IFRS
FYE Dec 2025	33.3	−0.5pp	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 ¥1.11tn

CAGR · 10 yrs +5.3%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	697	n/a	Cons. · Japanese GAAP
FYE Dec 2017	706	moved to IFRS	Cons. · IFRS
FYE Dec 2018	742	+5.2%	Cons. · IFRS
FYE Dec 2019	784	+5.7%	Cons. · IFRS
FYE Dec 2020	801	+2.1%	Cons. · IFRS
FYE Dec 2021	922	+15.0%	Cons. · IFRS
FYE Dec 2022	940	+2.0%	Cons. · IFRS
FYE Dec 2023	1,026	+9.2%	Cons. · IFRS
FYE Dec 2024	1,067	+4.0%	Cons. · IFRS
FYE Dec 2025	1,108	+3.8%	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 ¥893bn

CAGR · 10 yrs +4.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	601	n/a	Cons. · Japanese GAAP
FYE Dec 2017	621	moved to IFRS	Cons. · IFRS
FYE Dec 2018	650	+4.6%	Cons. · IFRS
FYE Dec 2019	678	+4.4%	Cons. · IFRS
FYE Dec 2020	698	+3.0%	Cons. · IFRS
FYE Dec 2021	737	+5.6%	Cons. · IFRS
FYE Dec 2022	763	+3.5%	Cons. · IFRS
FYE Dec 2023	836	+9.6%	Cons. · IFRS
FYE Dec 2024	851	+1.7%	Cons. · IFRS
FYE Dec 2025	893	+5.0%	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 ¥31bn

CAGR · 10 yrs +21.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	5.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.6	moved to IFRS	Cons. · IFRS
FYE Dec 2018	18.6	+115.5%	Cons. · IFRS
FYE Dec 2019	4.6	−75.3%	Cons. · IFRS
FYE Dec 2020	18.3	+298.6%	Cons. · IFRS
FYE Dec 2021	22.5	+23.3%	Cons. · IFRS
FYE Dec 2022	23.3	+3.3%	Cons. · IFRS
FYE Dec 2023	24.2	+4.2%	Cons. · IFRS
FYE Dec 2024	28.7	+18.6%	Cons. · IFRS
FYE Dec 2025	31.1	+8.3%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥8.8bn

CAGR · 10 yrs +1.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	7.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.2	moved to IFRS	Cons. · IFRS
FYE Dec 2018	3.1	−50.0%	Cons. · IFRS
FYE Dec 2019	2.2	−28.9%	Cons. · IFRS
FYE Dec 2020	5.1	+131.9%	Cons. · IFRS
FYE Dec 2021	5.9	+16.0%	Cons. · IFRS
FYE Dec 2022	5.7	−3.6%	Cons. · IFRS
FYE Dec 2023	8.1	+42.0%	Cons. · IFRS
FYE Dec 2024	4.6	−43.1%	Cons. · IFRS
FYE Dec 2025	8.8	+90.9%	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 ¥22bn

CAGR · 10 yrs +29.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	2.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.4	moved to IFRS	Cons. · IFRS
FYE Dec 2018	15.4	+547.0%	Cons. · IFRS
FYE Dec 2019	2.4	−84.6%	Cons. · IFRS
FYE Dec 2020	13.2	+453.6%	Cons. · IFRS
FYE Dec 2021	16.6	+26.1%	Cons. · IFRS
FYE Dec 2022	17.5	+5.8%	Cons. · IFRS
FYE Dec 2023	16.1	−8.2%	Cons. · IFRS
FYE Dec 2024	24.1	+49.7%	Cons. · IFRS
FYE Dec 2025	22.3	−7.6%	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 Dec 2025 ¥201bn

CAGR · 10 yrs +0.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	185	n/a	Cons. · Japanese GAAP
FYE Dec 2017	57.6	moved to IFRS	Cons. · IFRS
FYE Dec 2018	58.2	+1.1%	Cons. · IFRS
FYE Dec 2019	60.1	+3.2%	Cons. · IFRS
FYE Dec 2020	75.0	+24.8%	Cons. · IFRS
FYE Dec 2021	76.1	+1.4%	Cons. · IFRS
FYE Dec 2022	64.8	−14.8%	Cons. · IFRS
FYE Dec 2023	62.9	−2.9%	Cons. · IFRS
FYE Dec 2024	165	+162.7%	Cons. · IFRS
FYE Dec 2025	201	+21.9%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥183bn

CAGR · 10 yrs +3.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	135	n/a	Cons. · Japanese GAAP
FYE Dec 2017	143	moved to IFRS	Cons. · IFRS
FYE Dec 2018	140	−1.9%	Cons. · IFRS
FYE Dec 2019	134	−4.6%	Cons. · IFRS
FYE Dec 2020	133	−0.6%	Cons. · IFRS
FYE Dec 2021	136	+2.8%	Cons. · IFRS
FYE Dec 2022	136	−0.4%	Cons. · IFRS
FYE Dec 2023	140	+3.5%	Cons. · IFRS
FYE Dec 2024	181	+28.9%	Cons. · IFRS
FYE Dec 2025	183	+1.4%	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 80.6%

Average · 10 yrs 83.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	86.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	88.1	moved to IFRS	Cons. · IFRS
FYE Dec 2018	87.6	−0.5pp	Cons. · IFRS
FYE Dec 2019	86.5	−1.1pp	Cons. · IFRS
FYE Dec 2020	87.2	+0.7pp	Cons. · IFRS
FYE Dec 2021	80.0	−7.2pp	Cons. · IFRS
FYE Dec 2022	81.2	+1.2pp	Cons. · IFRS
FYE Dec 2023	81.5	+0.4pp	Cons. · IFRS
FYE Dec 2024	79.7	−1.8pp	Cons. · IFRS
FYE Dec 2025	80.6	+0.9pp	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 3.5%

Average · 10 yrs 2.4%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	0.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.4	moved to IFRS	Cons. · IFRS
FYE Dec 2018	2.9	+1.5pp	Cons. · IFRS
FYE Dec 2019	0.7	−2.2pp	Cons. · IFRS
FYE Dec 2020	2.6	+1.9pp	Cons. · IFRS
FYE Dec 2021	3.1	+0.4pp	Cons. · IFRS
FYE Dec 2022	3.1	−0.0pp	Cons. · IFRS
FYE Dec 2023	2.9	−0.2pp	Cons. · IFRS
FYE Dec 2024	3.4	+0.5pp	Cons. · IFRS
FYE Dec 2025	3.5	+0.1pp	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 7.5%

Average · 10 yrs 7.1%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	3.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.2	moved to IFRS	Cons. · IFRS
FYE Dec 2018	8.4	+4.1pp	Cons. · IFRS
FYE Dec 2019	9.9	+1.5pp	Cons. · IFRS
FYE Dec 2020	6.7	−3.2pp	Cons. · IFRS
FYE Dec 2021	7.1	+0.4pp	Cons. · IFRS
FYE Dec 2022	7.0	−0.1pp	Cons. · IFRS
FYE Dec 2023	9.7	+2.7pp	Cons. · IFRS
FYE Dec 2024	7.0	−2.7pp	Cons. · IFRS
FYE Dec 2025	7.5	+0.5pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 6.1%

Average · 10 yrs 5.9%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	2.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.7	moved to IFRS	Cons. · IFRS
FYE Dec 2018	7.3	+3.6pp	Cons. · IFRS
FYE Dec 2019	8.6	+1.2pp	Cons. · IFRS
FYE Dec 2020	5.9	−2.7pp	Cons. · IFRS
FYE Dec 2021	5.7	−0.2pp	Cons. · IFRS
FYE Dec 2022	5.7	−0.0pp	Cons. · IFRS
FYE Dec 2023	7.9	+2.2pp	Cons. · IFRS
FYE Dec 2024	5.6	−2.3pp	Cons. · IFRS
FYE Dec 2025	6.1	+0.4pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.45×

CAGR · 10 yrs −1.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.49	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.50	moved to IFRS	Cons. · IFRS
FYE Dec 2018	0.37	−26.9%	Cons. · IFRS
FYE Dec 2019	0.39	+6.5%	Cons. · IFRS
FYE Dec 2020	0.40	+1.9%	Cons. · IFRS
FYE Dec 2021	0.38	−3.8%	Cons. · IFRS
FYE Dec 2022	0.42	+10.9%	Cons. · IFRS
FYE Dec 2023	0.43	+1.7%	Cons. · IFRS
FYE Dec 2024	0.46	+7.7%	Cons. · IFRS
FYE Dec 2025	0.45	−3.4%	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 ¥97bn

CAGR · 10 yrs +4.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	65.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	59.8	moved to IFRS	Cons. · IFRS
FYE Dec 2018	56.2	−6.1%	Cons. · IFRS
FYE Dec 2019	53.7	−4.5%	Cons. · IFRS
FYE Dec 2020	39.5	−26.4%	Cons. · IFRS
FYE Dec 2021	86.5	+119.1%	Cons. · IFRS
FYE Dec 2022	48.7	−43.8%	Cons. · IFRS
FYE Dec 2023	116	+137.4%	Cons. · IFRS
FYE Dec 2024	67.9	−41.3%	Cons. · IFRS
FYE Dec 2025	96.6	+42.3%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥89bn

Average · 10 yrs -¥16bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-49.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-40.2	moved to IFRS	Cons. · IFRS
FYE Dec 2018	-39.9	n/a	Cons. · IFRS
FYE Dec 2019	-0.9	n/a	Cons. · IFRS
FYE Dec 2020	253	n/a	Cons. · IFRS
FYE Dec 2021	-11.4	−104.5%	Cons. · IFRS
FYE Dec 2022	-17.2	n/a	Cons. · IFRS
FYE Dec 2023	-20.4	n/a	Cons. · IFRS
FYE Dec 2024	-142	n/a	Cons. · IFRS
FYE Dec 2025	-89.2	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 -¥37bn

Average · 10 yrs -¥33bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-13.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-18.1	moved to IFRS	Cons. · IFRS
FYE Dec 2018	-16.5	n/a	Cons. · IFRS
FYE Dec 2019	-47.4	n/a	Cons. · IFRS
FYE Dec 2020	-26.0	n/a	Cons. · IFRS
FYE Dec 2021	-28.4	n/a	Cons. · IFRS
FYE Dec 2022	-29.0	n/a	Cons. · IFRS
FYE Dec 2023	-32.5	n/a	Cons. · IFRS
FYE Dec 2024	-84.7	n/a	Cons. · IFRS
FYE Dec 2025	-36.9	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 ¥219bn

CAGR · 10 yrs +36.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	13.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	15.8	moved to IFRS	Cons. · IFRS
FYE Dec 2018	15.9	+0.7%	Cons. · IFRS
FYE Dec 2019	20.8	+30.9%	Cons. · IFRS
FYE Dec 2020	287	+1282.4%	Cons. · IFRS
FYE Dec 2021	335	+16.7%	Cons. · IFRS
FYE Dec 2022	339	+1.2%	Cons. · IFRS
FYE Dec 2023	403	+18.8%	Cons. · IFRS
FYE Dec 2024	245	−39.3%	Cons. · IFRS
FYE Dec 2025	219	−10.6%	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 ¥7.4bn

CAGR · 10 yrs −8.7%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	16.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	19.6	moved to IFRS	Cons. · IFRS
FYE Dec 2018	16.3	−17.0%	Cons. · IFRS
FYE Dec 2019	52.7	+224.4%	Cons. · IFRS
FYE Dec 2020	292	+454.0%	Cons. · IFRS
FYE Dec 2021	75.2	−74.3%	Cons. · IFRS
FYE Dec 2022	31.5	−58.1%	Cons. · IFRS
FYE Dec 2023	95.2	+202.2%	Cons. · IFRS
FYE Dec 2024	-74.5	−178.3%	Cons. · IFRS
FYE Dec 2025	7.4	n/a	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 19.4%

Average · 10 yrs 18.3%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	19.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.9	moved to IFRS	Cons. · IFRS
FYE Dec 2018	20.7	+3.8pp	Cons. · IFRS
FYE Dec 2019	17.5	−3.1pp	Cons. · IFRS
FYE Dec 2020	12.4	−5.1pp	Cons. · IFRS
FYE Dec 2021	24.6	+12.2pp	Cons. · IFRS
FYE Dec 2022	12.2	−12.4pp	Cons. · IFRS
FYE Dec 2023	26.1	+13.9pp	Cons. · IFRS
FYE Dec 2024	13.7	−12.4pp	Cons. · IFRS
FYE Dec 2025	19.4	+5.7pp	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 ¥188bn

CAGR · 10 yrs +42.6%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	7.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.1	moved to IFRS	Cons. · IFRS
FYE Dec 2018	-2.7	−137.6%	Cons. · IFRS
FYE Dec 2019	16.2	n/a	Cons. · IFRS
FYE Dec 2020	269	+1561.3%	Cons. · IFRS
FYE Dec 2021	313	+16.3%	Cons. · IFRS
FYE Dec 2022	316	+1.1%	Cons. · IFRS
FYE Dec 2023	379	+19.9%	Cons. · IFRS
FYE Dec 2024	216	−43.0%	Cons. · IFRS
FYE Dec 2025	188	−13.1%	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 ¥1.33tn

Change · 10 yrs +¥396bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	930	n/a
FYE Dec 2017	1,256	n/a
FYE Dec 2018	1,198	n/a
FYE Dec 2019	1,392	n/a
FYE Dec 2020	1,518	n/a
FYE Dec 2021	1,694	n/a
FYE Dec 2022	1,583	n/a
FYE Dec 2023	1,280	n/a
FYE Dec 2024	1,248	n/a
FYE Dec 2025	1,326	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 2,523¥

Change · 10 yrs +909¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,614	n/a
FYE Dec 2017	2,179	n/a
FYE Dec 2018	2,077	n/a
FYE Dec 2019	2,579	n/a
FYE Dec 2020	2,811	n/a
FYE Dec 2021	3,137	n/a
FYE Dec 2022	2,931	n/a
FYE Dec 2023	2,371	n/a
FYE Dec 2024	2,374	n/a
FYE Dec 2025	2,523	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 525,634,500shares

Change · 10 yrs −50,849,055 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	576,483,555	Parent
FYE Dec 2017	576,483,555	Parent
FYE Dec 2018	576,483,555	Parent
FYE Dec 2019	540,000,000	Parent
FYE Dec 2020	540,000,000	Parent
FYE Dec 2021	540,000,000	Parent
FYE Dec 2022	540,000,000	Parent
FYE Dec 2023	540,000,000	Parent
FYE Dec 2024	525,634,500	Parent
FYE Dec 2025	525,634,500	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 128.07¥

Change · 10 yrs +72.42¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	55.65	Cons.
FYE Dec 2017	78.38	Cons.
FYE Dec 2018	99.40	Cons.
FYE Dec 2019	124.57	Cons.
FYE Dec 2020	87.56	Cons.
FYE Dec 2021	97.43	Cons.
FYE Dec 2022	99.68	Cons.
FYE Dec 2023	151.03	Cons.
FYE Dec 2024	113.06	Cons.
FYE Dec 2025	128.07	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 1,699.53¥

Change · 10 yrs +657.45¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,042.09	Cons. · Japanese GAAP
FYE Dec 2017	1,077.74	Cons. · IFRS
FYE Dec 2018	1,126.87	Cons. · IFRS
FYE Dec 2019	1,256.02	Cons. · IFRS
FYE Dec 2020	1,293.33	Cons. · IFRS
FYE Dec 2021	1,365.11	Cons. · IFRS
FYE Dec 2022	1,412.64	Cons. · IFRS
FYE Dec 2023	1,548.92	Cons. · IFRS
FYE Dec 2024	1,618.64	Cons. · IFRS
FYE Dec 2025	1,699.53	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 19.70×

Average · 10 yrs 24.85×

Fiscal year	PER ×	Basis
FYE Dec 2016	29.00	Cons.
FYE Dec 2017	27.80	Cons.
FYE Dec 2018	20.90	Cons.
FYE Dec 2019	20.70	Cons.
FYE Dec 2020	32.10	Cons.
FYE Dec 2021	32.20	Cons.
FYE Dec 2022	29.40	Cons.
FYE Dec 2023	15.70	Cons.
FYE Dec 2024	21.00	Cons.
FYE Dec 2025	19.70	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 1.48×

Average · 10 yrs 1.82×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.53	Cons.
FYE Dec 2017	1.94	Cons.
FYE Dec 2018	1.75	Cons.
FYE Dec 2019	2.04	Cons.
FYE Dec 2020	2.16	Cons.
FYE Dec 2021	2.29	Cons.
FYE Dec 2022	2.06	Cons.
FYE Dec 2023	1.52	Cons.
FYE Dec 2024	1.46	Cons.
FYE Dec 2025	1.48	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 5,161people

Change · 10 yrs −2,304 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	7,465	n/a	Cons.
FYE Dec 2017	7,532	+0.9%	Cons.
FYE Dec 2018	7,242	−3.9%	Cons.
FYE Dec 2019	5,267	−27.3%	Cons.
FYE Dec 2020	5,423	+3.0%	Cons.
FYE Dec 2021	5,752	+6.1%	Cons.
FYE Dec 2022	5,982	+4.0%	Cons.
FYE Dec 2023	5,974	−0.1%	Cons.
FYE Dec 2024	5,669	−5.1%	Cons.
FYE Dec 2025	5,161	−9.0%	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 3,503people

Change · 10 yrs −585 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	4,088	n/a	Parent
FYE Dec 2017	4,025	−1.5%	Parent
FYE Dec 2018	3,918	−2.7%	Parent
FYE Dec 2019	3,619	−7.6%	Parent
FYE Dec 2020	3,736	+3.2%	Parent
FYE Dec 2021	3,857	+3.2%	Parent
FYE Dec 2022	4,002	+3.8%	Parent
FYE Dec 2023	4,082	+2.0%	Parent
FYE Dec 2024	4,013	−1.7%	Parent
FYE Dec 2025	3,503	−12.7%	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 ¥9.9m

Change · 10 yrs +¥1.5m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	8.3	n/a	Parent
FYE Dec 2017	8.4	+0.5%	Parent
FYE Dec 2018	8.6	+2.3%	Parent
FYE Dec 2019	8.6	+0.5%	Parent
FYE Dec 2020	8.8	+2.0%	Parent
FYE Dec 2021	8.8	+0.8%	Parent
FYE Dec 2022	9.0	+2.0%	Parent
FYE Dec 2023	9.4	+4.7%	Parent
FYE Dec 2024	9.9	+5.2%	Parent
FYE Dec 2025	9.9	−0.7%	Parent

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

Average age

FYE Dec 2025 42.4years

Change · 7 yrs −0.0 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	42.4	n/a	Parent
FYE Dec 2020	42.6	+0.5%	Parent
FYE Dec 2021	42.7	+0.2%	Parent
FYE Dec 2022	42.8	+0.2%	Parent
FYE Dec 2023	43.0	+0.5%	Parent
FYE Dec 2024	43.2	+0.5%	Parent
FYE Dec 2025	42.4	−1.9%	Parent

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

Average length of service

FYE Dec 2025 15.5years

Change · 10 yrs −2.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	17.6	n/a	Parent
FYE Dec 2017	18.1	+2.8%	Parent
FYE Dec 2018	18.4	+1.7%	Parent
FYE Dec 2019	17.7	−3.8%	Parent
FYE Dec 2020	17.4	−1.7%	Parent
FYE Dec 2021	17.1	−1.7%	Parent
FYE Dec 2022	16.7	−2.3%	Parent
FYE Dec 2023	16.5	−1.2%	Parent
FYE Dec 2024	16.5	−0.0%	Parent
FYE Dec 2025	15.5	−6.1%	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 ¥96.3m

Change · 10 yrs +¥50.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	46.0	n/a	Cons.
FYE Dec 2017	46.9	n/a	Cons.
FYE Dec 2018	37.5	−20.1%	Cons.
FYE Dec 2019	58.1	+54.9%	Cons.
FYE Dec 2020	58.7	+1.1%	Cons.
FYE Dec 2021	61.2	+4.3%	Cons.
FYE Dec 2022	66.6	+8.7%	Cons.
FYE Dec 2023	74.0	+11.2%	Cons.
FYE Dec 2024	87.4	+18.1%	Cons.
FYE Dec 2025	96.3	+10.1%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥16.9m

Change · 10 yrs +¥12.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	4.2	n/a	Cons.
FYE Dec 2017	5.6	n/a	Cons.
FYE Dec 2018	9.2	+65.3%	Cons.
FYE Dec 2019	8.4	−8.5%	Cons.
FYE Dec 2020	9.6	+14.1%	Cons.
FYE Dec 2021	10.4	+8.3%	Cons.
FYE Dec 2022	11.3	+8.2%	Cons.
FYE Dec 2023	16.3	+44.1%	Cons.
FYE Dec 2024	14.7	−9.6%	Cons.
FYE Dec 2025	16.9	+14.8%	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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