Financials

Dentsu Group: FYE Dec 2025 and ten years of results (46 metrics)

FYE Dec 2025 · Revenue¥1.44tnYoY +1.7%

FYE Dec 2025 · Operating profit-¥289bn

FYE Dec 2025 · Net profit-¥328bn

FYE Dec 2025 · Equity ratio9.4%YoY −8.4pp

FYE Dec 2025 · Group employees67,454YoY −648

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥838bn	n/a	¥138bn	n/a	16.4%	¥84bn	Ishii Tadashi	Merkle acquired; Dentsu Digital founded
FYE Dec 2017Consolidated	¥929bn	+10.8%	¥137bn	−0.2%	14.8%	¥105bn	Yamamoto Toshihiro	<a class="en-history_person" href="/tse/4324/executives/ceo/yamamoto-toshihiro/" hreflang="ja">Yamamoto Toshihiro</a> becomes president after the overwork case
FYE Dec 2018Consolidated	¥1.02tn	+9.7%	¥112bn	−18.7%	11.0%	¥90bn	Yamamoto Toshihiro	—
FYE Dec 2019Consolidated	¥1.05tn	+2.9%	-¥3.4bn	−103.0%	-0.3%	-¥81bn	Yamamoto Toshihiro	First operating loss since Aegis, on overseas impairment
FYE Dec 2020Consolidated	¥939bn	−10.4%	-¥141bn	n/a	-15.0%	-¥160bn	Yamamoto Toshihiro	Holding-company structure; renamed Dentsu Group Inc.
FYE Dec 2021Consolidated	¥1.09tn	+15.6%	¥242bn	n/a	22.3%	¥108bn	Yamamoto Toshihiro	Record gross profit and margin; M&A strategy accelerated
FYE Dec 2022Consolidated	¥1.25tn	+14.8%	¥118bn	−51.4%	9.4%	¥60bn	Yamamoto Toshihiro	—
FYE Dec 2023Consolidated	¥1.30tn	+4.7%	¥45bn	−61.5%	3.5%	-¥11bn	Igarashi Hiroshi	Tag Worldwide acquired; shifts to a company with three committees
FYE Dec 2024Consolidated	¥1.41tn	+8.2%	-¥125bn	−375.8%	-8.9%	-¥192bn	Igarashi Hiroshi	¥210.1bn overseas goodwill impairment; record net loss
FYE Dec 2025Consolidated	¥1.44tn	+1.7%	-¥289bn	n/a	-20.2%	-¥328bn	Igarashi Hiroshi	Medium-term plan abandons the M&A-led path

How it compares

Dentsu Group¥1.44tnFY2025Operating margin −20.2%

Hakuhodo DY Holdings¥861bnFY2025Operating margin 5.2%

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 Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥1.44tn

CAGR · 10 yrs +6.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	838	n/a	Cons. · IFRS
FYE Dec 2017	929	+10.8%	Cons. · IFRS
FYE Dec 2018	1,019	+9.7%	Cons. · IFRS
FYE Dec 2019	1,048	+2.9%	Cons. · IFRS
FYE Dec 2020	939	−10.4%	Cons. · IFRS
FYE Dec 2021	1,086	+15.6%	Cons. · IFRS
FYE Dec 2022	1,246	+14.8%	Cons. · IFRS
FYE Dec 2023	1,305	+4.7%	Cons. · IFRS
FYE Dec 2024	1,411	+8.2%	Cons. · IFRS
FYE Dec 2025	1,435	+1.7%	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 ¥238bn

CAGR · 10 yrs +19.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	49.3	n/a	Cons. · IFRS
FYE Dec 2017	51.2	+3.9%	Cons. · IFRS
FYE Dec 2018	85.8	+67.6%	Cons. · IFRS
FYE Dec 2019	108	+26.4%	Cons. · IFRS
FYE Dec 2020	104	−4.0%	Cons. · IFRS
FYE Dec 2021	109	+4.6%	Cons. · IFRS
FYE Dec 2022	127	+16.4%	Cons. · IFRS
FYE Dec 2023	160	+25.9%	Cons. · IFRS
FYE Dec 2024	209	+31.0%	Cons. · IFRS
FYE Dec 2025	238	+13.6%	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 ¥1.20tn

CAGR · 10 yrs +4.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	789	n/a	Cons. · IFRS
FYE Dec 2017	878	+11.2%	Cons. · IFRS
FYE Dec 2018	933	+6.3%	Cons. · IFRS
FYE Dec 2019	939	+0.7%	Cons. · IFRS
FYE Dec 2020	835	−11.1%	Cons. · IFRS
FYE Dec 2021	977	+16.9%	Cons. · IFRS
FYE Dec 2022	1,120	+14.6%	Cons. · IFRS
FYE Dec 2023	1,145	+2.3%	Cons. · IFRS
FYE Dec 2024	1,202	+5.0%	Cons. · IFRS
FYE Dec 2025	1,198	−0.3%	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 ¥1.05tn

CAGR · 10 yrs +5.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	660	n/a	Cons. · IFRS
FYE Dec 2017	752	+14.0%	Cons. · IFRS
FYE Dec 2018	820	+9.1%	Cons. · IFRS
FYE Dec 2019	835	+1.8%	Cons. · IFRS
FYE Dec 2020	740	−11.4%	Cons. · IFRS
FYE Dec 2021	833	+12.6%	Cons. · IFRS
FYE Dec 2022	951	+14.1%	Cons. · IFRS
FYE Dec 2023	1,019	+7.1%	Cons. · IFRS
FYE Dec 2024	1,066	+4.6%	Cons. · IFRS
FYE Dec 2025	1,049	−1.6%	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 -¥289bn

Average · 10 yrs ¥23bn

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	138	n/a	Cons. · IFRS
FYE Dec 2017	137	−0.2%	Cons. · IFRS
FYE Dec 2018	112	−18.7%	Cons. · IFRS
FYE Dec 2019	-3.4	−103.0%	Cons. · IFRS
FYE Dec 2020	-141	n/a	Cons. · IFRS
FYE Dec 2021	242	n/a	Cons. · IFRS
FYE Dec 2022	118	−51.4%	Cons. · IFRS
FYE Dec 2023	45.3	−61.5%	Cons. · IFRS
FYE Dec 2024	-125	−375.8%	Cons. · IFRS
FYE Dec 2025	-289	n/a	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥7.6bn

CAGR · 10 yrs +4.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	5.1	n/a	Cons. · IFRS
FYE Dec 2017	20.3	+297.8%	Cons. · IFRS
FYE Dec 2018	6.8	−66.3%	Cons. · IFRS
FYE Dec 2019	6.8	−0.3%	Cons. · IFRS
FYE Dec 2020	18.9	+176.7%	Cons. · IFRS
FYE Dec 2021	4.7	−74.8%	Cons. · IFRS
FYE Dec 2022	19.7	+314.8%	Cons. · IFRS
FYE Dec 2023	22.2	+12.7%	Cons. · IFRS
FYE Dec 2024	14.0	−36.9%	Cons. · IFRS
FYE Dec 2025	7.6	−45.6%	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 ¥28bn

CAGR · 10 yrs +8.8%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	13.2	n/a	Cons. · IFRS
FYE Dec 2017	12.3	−7.4%	Cons. · IFRS
FYE Dec 2018	24.6	+100.4%	Cons. · IFRS
FYE Dec 2019	48.9	+99.3%	Cons. · IFRS
FYE Dec 2020	20.3	−58.5%	Cons. · IFRS
FYE Dec 2021	40.2	+98.3%	Cons. · IFRS
FYE Dec 2022	39.9	−0.7%	Cons. · IFRS
FYE Dec 2023	38.0	−4.9%	Cons. · IFRS
FYE Dec 2024	31.1	−18.2%	Cons. · IFRS
FYE Dec 2025	28.4	−8.8%	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 -¥328bn

Average · 10 yrs -¥32bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	83.5	n/a	Cons. · IFRS
FYE Dec 2017	105	+26.3%	Cons. · IFRS
FYE Dec 2018	90.3	−14.4%	Cons. · IFRS
FYE Dec 2019	-80.9	−189.6%	Cons. · IFRS
FYE Dec 2020	-160	n/a	Cons. · IFRS
FYE Dec 2021	108	n/a	Cons. · IFRS
FYE Dec 2022	59.8	−44.8%	Cons. · IFRS
FYE Dec 2023	-10.7	−117.9%	Cons. · IFRS
FYE Dec 2024	-192	n/a	Cons. · IFRS
FYE Dec 2025	-328	n/a	Cons. · IFRS

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

Gross margin

FYE Dec 2025 83.4%

Average · 10 yrs 89.5%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	94.1	n/a	Cons. · IFRS
FYE Dec 2017	94.5	+0.4pp	Cons. · IFRS
FYE Dec 2018	91.6	−2.9pp	Cons. · IFRS
FYE Dec 2019	89.6	−1.9pp	Cons. · IFRS
FYE Dec 2020	88.9	−0.7pp	Cons. · IFRS
FYE Dec 2021	90.0	+1.1pp	Cons. · IFRS
FYE Dec 2022	89.8	−0.1pp	Cons. · IFRS
FYE Dec 2023	87.8	−2.1pp	Cons. · IFRS
FYE Dec 2024	85.2	−2.6pp	Cons. · IFRS
FYE Dec 2025	83.4	−1.7pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 -20.2%

Average · 10 yrs 3.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	16.4	n/a	Cons. · IFRS
FYE Dec 2017	14.8	−1.6pp	Cons. · IFRS
FYE Dec 2018	11.0	−3.8pp	Cons. · IFRS
FYE Dec 2019	-0.3	−11.3pp	Cons. · IFRS
FYE Dec 2020	-15.0	−14.7pp	Cons. · IFRS
FYE Dec 2021	22.3	+37.2pp	Cons. · IFRS
FYE Dec 2022	9.4	−12.8pp	Cons. · IFRS
FYE Dec 2023	3.5	−6.0pp	Cons. · IFRS
FYE Dec 2024	-8.9	−12.3pp	Cons. · IFRS
FYE Dec 2025	-20.2	−11.3pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 -22.8%

Average · 10 yrs -1.7%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	10.0	n/a	Cons. · IFRS
FYE Dec 2017	11.4	+1.4pp	Cons. · IFRS
FYE Dec 2018	8.9	−2.5pp	Cons. · IFRS
FYE Dec 2019	-7.7	−16.6pp	Cons. · IFRS
FYE Dec 2020	-17.0	−9.3pp	Cons. · IFRS
FYE Dec 2021	10.0	+27.0pp	Cons. · IFRS
FYE Dec 2022	4.8	−5.2pp	Cons. · IFRS
FYE Dec 2023	-0.8	−5.6pp	Cons. · IFRS
FYE Dec 2024	-13.6	−12.8pp	Cons. · IFRS
FYE Dec 2025	-22.8	−9.2pp	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 16.6%

Average · 10 yrs 10.5%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	5.9	n/a	Cons. · IFRS
FYE Dec 2017	5.5	−0.4pp	Cons. · IFRS
FYE Dec 2018	8.4	+2.9pp	Cons. · IFRS
FYE Dec 2019	10.4	+1.9pp	Cons. · IFRS
FYE Dec 2020	11.1	+0.7pp	Cons. · IFRS
FYE Dec 2021	10.0	−1.1pp	Cons. · IFRS
FYE Dec 2022	10.2	+0.1pp	Cons. · IFRS
FYE Dec 2023	12.2	+2.1pp	Cons. · IFRS
FYE Dec 2024	14.8	+2.6pp	Cons. · IFRS
FYE Dec 2025	16.6	+1.7pp	Cons. · IFRS

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

SG&A ratio

FYE Dec 2025 73.1%

Average · 10 yrs 77.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	78.7	n/a	Cons. · IFRS
FYE Dec 2017	81.0	+2.2pp	Cons. · IFRS
FYE Dec 2018	80.5	−0.4pp	Cons. · IFRS
FYE Dec 2019	79.7	−0.8pp	Cons. · IFRS
FYE Dec 2020	78.8	−0.9pp	Cons. · IFRS
FYE Dec 2021	76.8	−2.1pp	Cons. · IFRS
FYE Dec 2022	76.3	−0.5pp	Cons. · IFRS
FYE Dec 2023	78.1	+1.8pp	Cons. · IFRS
FYE Dec 2024	75.5	−2.6pp	Cons. · IFRS
FYE Dec 2025	73.1	−2.5pp	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 ¥3.21tn

CAGR · 10 yrs +0.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	3,155	n/a	Cons. · IFRS
FYE Dec 2017	3,563	+12.9%	Cons. · IFRS
FYE Dec 2018	3,638	+2.1%	Cons. · IFRS
FYE Dec 2019	3,796	+4.3%	Cons. · IFRS
FYE Dec 2020	3,364	−11.4%	Cons. · IFRS
FYE Dec 2021	3,721	+10.6%	Cons. · IFRS
FYE Dec 2022	3,741	+0.6%	Cons. · IFRS
FYE Dec 2023	3,634	−2.9%	Cons. · IFRS
FYE Dec 2024	3,507	−3.5%	Cons. · IFRS
FYE Dec 2025	3,207	−8.6%	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 ¥302bn

CAGR · 10 yrs −11.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	933	n/a	Cons. · IFRS
FYE Dec 2017	1,093	+17.2%	Cons. · IFRS
FYE Dec 2018	984	−9.9%	Cons. · IFRS
FYE Dec 2019	897	−8.8%	Cons. · IFRS
FYE Dec 2020	677	−24.5%	Cons. · IFRS
FYE Dec 2021	781	+15.2%	Cons. · IFRS
FYE Dec 2022	805	+3.2%	Cons. · IFRS
FYE Dec 2023	771	−4.3%	Cons. · IFRS
FYE Dec 2024	625	−18.9%	Cons. · IFRS
FYE Dec 2025	302	−51.7%	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 Dec 2025 ¥468bn

CAGR · 10 yrs +1.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	404	n/a	Cons. · IFRS
FYE Dec 2017	461	+14.1%	Cons. · IFRS
FYE Dec 2018	539	+17.0%	Cons. · IFRS
FYE Dec 2019	624	+15.8%	Cons. · IFRS
FYE Dec 2020	585	−6.3%	Cons. · IFRS
FYE Dec 2021	579	−1.0%	Cons. · IFRS
FYE Dec 2022	532	−8.1%	Cons. · IFRS
FYE Dec 2023	494	−7.1%	Cons. · IFRS
FYE Dec 2024	547	+10.7%	Cons. · IFRS
FYE Dec 2025	468	−14.4%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥122bn

CAGR · 10 yrs −0.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	130	n/a	Cons. · IFRS
FYE Dec 2017	89.3	−31.5%	Cons. · IFRS
FYE Dec 2018	105	+17.4%	Cons. · IFRS
FYE Dec 2019	185	+76.2%	Cons. · IFRS
FYE Dec 2020	72.5	−60.8%	Cons. · IFRS
FYE Dec 2021	93.1	+28.3%	Cons. · IFRS
FYE Dec 2022	95.8	+2.9%	Cons. · IFRS
FYE Dec 2023	39.2	−59.1%	Cons. · IFRS
FYE Dec 2024	174	+342.8%	Cons. · IFRS
FYE Dec 2025	122	−29.7%	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 ¥346bn

CAGR · 10 yrs +2.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	273	n/a	Cons. · IFRS
FYE Dec 2017	371	+35.9%	Cons. · IFRS
FYE Dec 2018	434	+16.9%	Cons. · IFRS
FYE Dec 2019	439	+1.2%	Cons. · IFRS
FYE Dec 2020	512	+16.7%	Cons. · IFRS
FYE Dec 2021	486	−5.1%	Cons. · IFRS
FYE Dec 2022	437	−10.2%	Cons. · IFRS
FYE Dec 2023	455	+4.3%	Cons. · IFRS
FYE Dec 2024	374	−17.9%	Cons. · IFRS
FYE Dec 2025	346	−7.3%	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 ¥178bn

CAGR · 10 yrs −4.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	274	n/a	Cons. · IFRS
FYE Dec 2017	275	+0.2%	Cons. · IFRS
FYE Dec 2018	250	−9.0%	Cons. · IFRS
FYE Dec 2019	246	−1.8%	Cons. · IFRS
FYE Dec 2020	191	−22.2%	Cons. · IFRS
FYE Dec 2021	188	−1.6%	Cons. · IFRS
FYE Dec 2022	211	+12.4%	Cons. · IFRS
FYE Dec 2023	239	+13.0%	Cons. · IFRS
FYE Dec 2024	204	−14.7%	Cons. · IFRS
FYE Dec 2025	178	−12.5%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥320bn

CAGR · 10 yrs −8.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	719	n/a	Cons. · IFRS
FYE Dec 2017	798	+11.1%	Cons. · IFRS
FYE Dec 2018	787	−1.4%	Cons. · IFRS
FYE Dec 2019	755	−4.1%	Cons. · IFRS
FYE Dec 2020	593	−21.4%	Cons. · IFRS
FYE Dec 2021	671	+13.0%	Cons. · IFRS
FYE Dec 2022	750	+11.8%	Cons. · IFRS
FYE Dec 2023	831	+10.9%	Cons. · IFRS
FYE Dec 2024	697	−16.1%	Cons. · IFRS
FYE Dec 2025	320	−54.1%	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 9.4%

Average · 10 yrs 22.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	29.6	n/a	Cons. · IFRS
FYE Dec 2017	30.7	+1.1pp	Cons. · IFRS
FYE Dec 2018	27.1	−3.6pp	Cons. · IFRS
FYE Dec 2019	23.6	−3.4pp	Cons. · IFRS
FYE Dec 2020	20.1	−3.5pp	Cons. · IFRS
FYE Dec 2021	21.0	+0.8pp	Cons. · IFRS
FYE Dec 2022	21.5	+0.5pp	Cons. · IFRS
FYE Dec 2023	21.2	−0.3pp	Cons. · IFRS
FYE Dec 2024	17.8	−3.4pp	Cons. · IFRS
FYE Dec 2025	9.4	−8.4pp	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 Dec 2025 155.2%

Average · 10 yrs 74.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	43.3	n/a	Cons. · IFRS
FYE Dec 2017	42.1	−1.1pp	Cons. · IFRS
FYE Dec 2018	54.7	+12.6pp	Cons. · IFRS
FYE Dec 2019	69.5	+14.8pp	Cons. · IFRS
FYE Dec 2020	86.3	+16.8pp	Cons. · IFRS
FYE Dec 2021	74.2	−12.1pp	Cons. · IFRS
FYE Dec 2022	66.1	−8.1pp	Cons. · IFRS
FYE Dec 2023	64.2	−2.0pp	Cons. · IFRS
FYE Dec 2024	87.6	+23.4pp	Cons. · IFRS
FYE Dec 2025	155.2	+67.6pp	Cons. · IFRS

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

ROE return on equity

FYE Dec 2025 -108.6%

Average · 10 yrs -12.4%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	9.0	n/a	Cons. · IFRS
FYE Dec 2017	9.6	+0.7pp	Cons. · IFRS
FYE Dec 2018	9.2	−0.5pp	Cons. · IFRS
FYE Dec 2019	-9.0	−18.2pp	Cons. · IFRS
FYE Dec 2020	-23.6	−14.5pp	Cons. · IFRS
FYE Dec 2021	13.9	+37.4pp	Cons. · IFRS
FYE Dec 2022	7.4	−6.5pp	Cons. · IFRS
FYE Dec 2023	-1.4	−8.8pp	Cons. · IFRS
FYE Dec 2024	-30.8	−29.4pp	Cons. · IFRS
FYE Dec 2025	-108.6	−77.8pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 -10.2%

Average · 10 yrs -1.0%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	2.6	n/a	Cons. · IFRS
FYE Dec 2017	3.0	+0.3pp	Cons. · IFRS
FYE Dec 2018	2.5	−0.5pp	Cons. · IFRS
FYE Dec 2019	-2.1	−4.6pp	Cons. · IFRS
FYE Dec 2020	-4.7	−2.6pp	Cons. · IFRS
FYE Dec 2021	2.9	+7.7pp	Cons. · IFRS
FYE Dec 2022	1.6	−1.3pp	Cons. · IFRS
FYE Dec 2023	-0.3	−1.9pp	Cons. · IFRS
FYE Dec 2024	-5.5	−5.2pp	Cons. · IFRS
FYE Dec 2025	-10.2	−4.7pp	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 +6.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.27	n/a	Cons. · IFRS
FYE Dec 2017	0.26	−1.9%	Cons. · IFRS
FYE Dec 2018	0.28	+7.4%	Cons. · IFRS
FYE Dec 2019	0.28	−1.4%	Cons. · IFRS
FYE Dec 2020	0.28	+1.1%	Cons. · IFRS
FYE Dec 2021	0.29	+4.5%	Cons. · IFRS
FYE Dec 2022	0.33	+14.2%	Cons. · IFRS
FYE Dec 2023	0.36	+7.7%	Cons. · IFRS
FYE Dec 2024	0.40	+12.1%	Cons. · IFRS
FYE Dec 2025	0.45	+11.3%	Cons. · IFRS

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 ¥118bn

CAGR · 10 yrs −2.2%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	144	n/a	Cons. · IFRS
FYE Dec 2017	142	−1.4%	Cons. · IFRS
FYE Dec 2018	133	−6.0%	Cons. · IFRS
FYE Dec 2019	80.0	−39.9%	Cons. · IFRS
FYE Dec 2020	88.3	+10.5%	Cons. · IFRS
FYE Dec 2021	140	+58.2%	Cons. · IFRS
FYE Dec 2022	80.9	−42.1%	Cons. · IFRS
FYE Dec 2023	75.3	−7.0%	Cons. · IFRS
FYE Dec 2024	60.0	−20.3%	Cons. · IFRS
FYE Dec 2025	118	+96.7%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥2.9bn

Average · 10 yrs -¥18bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-156	n/a	Cons. · IFRS
FYE Dec 2017	-85.5	n/a	Cons. · IFRS
FYE Dec 2018	-61.4	n/a	Cons. · IFRS
FYE Dec 2019	-76.1	n/a	Cons. · IFRS
FYE Dec 2020	137	n/a	Cons. · IFRS
FYE Dec 2021	262	+91.4%	Cons. · IFRS
FYE Dec 2022	-24.3	−109.3%	Cons. · IFRS
FYE Dec 2023	-146	n/a	Cons. · IFRS
FYE Dec 2024	-30.9	n/a	Cons. · IFRS
FYE Dec 2025	-2.9	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 -¥180bn

Average · 10 yrs -¥86bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	2.5	n/a	Cons. · IFRS
FYE Dec 2017	1.2	−51.7%	Cons. · IFRS
FYE Dec 2018	57.5	+4591.8%	Cons. · IFRS
FYE Dec 2019	-7.8	−113.6%	Cons. · IFRS
FYE Dec 2020	-96.6	n/a	Cons. · IFRS
FYE Dec 2021	-232	n/a	Cons. · IFRS
FYE Dec 2022	-188	n/a	Cons. · IFRS
FYE Dec 2023	-154	n/a	Cons. · IFRS
FYE Dec 2024	-65.7	n/a	Cons. · IFRS
FYE Dec 2025	-180	n/a	Cons. · IFRS

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

Cash and equivalents

FYE Dec 2025 ¥295bn

CAGR · 10 yrs +2.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	242	n/a	Cons. · IFRS
FYE Dec 2017	306	+26.1%	Cons. · IFRS
FYE Dec 2018	417	+36.3%	Cons. · IFRS
FYE Dec 2019	414	−0.6%	Cons. · IFRS
FYE Dec 2020	531	+28.2%	Cons. · IFRS
FYE Dec 2021	724	+36.3%	Cons. · IFRS
FYE Dec 2022	604	−16.6%	Cons. · IFRS
FYE Dec 2023	391	−35.3%	Cons. · IFRS
FYE Dec 2024	372	−4.8%	Cons. · IFRS
FYE Dec 2025	295	−20.6%	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 ¥115bn

Average · 10 yrs ¥88bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	-12.6	n/a	Cons. · IFRS
FYE Dec 2017	56.0	n/a	Cons. · IFRS
FYE Dec 2018	71.7	+27.9%	Cons. · IFRS
FYE Dec 2019	3.9	−94.5%	Cons. · IFRS
FYE Dec 2020	225	+5668.7%	Cons. · IFRS
FYE Dec 2021	402	+78.4%	Cons. · IFRS
FYE Dec 2022	56.6	−85.9%	Cons. · IFRS
FYE Dec 2023	-71.0	−225.6%	Cons. · IFRS
FYE Dec 2024	29.1	n/a	Cons. · IFRS
FYE Dec 2025	115	+295.9%	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 Dec 2025 8.2%

Average · 10 yrs 10.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	17.1	n/a	Cons. · IFRS
FYE Dec 2017	15.2	−1.9pp	Cons. · IFRS
FYE Dec 2018	13.1	−2.2pp	Cons. · IFRS
FYE Dec 2019	7.6	−5.4pp	Cons. · IFRS
FYE Dec 2020	9.4	+1.8pp	Cons. · IFRS
FYE Dec 2021	12.9	+3.5pp	Cons. · IFRS
FYE Dec 2022	6.5	−6.4pp	Cons. · IFRS
FYE Dec 2023	5.8	−0.7pp	Cons. · IFRS
FYE Dec 2024	4.3	−1.5pp	Cons. · IFRS
FYE Dec 2025	8.2	+4.0pp	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 -¥173bn

Average · 10 yrs -¥94bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-161	n/a	Cons. · IFRS
FYE Dec 2017	-155	n/a	Cons. · IFRS
FYE Dec 2018	-122	n/a	Cons. · IFRS
FYE Dec 2019	-210	n/a	Cons. · IFRS
FYE Dec 2020	-54.1	n/a	Cons. · IFRS
FYE Dec 2021	144	n/a	Cons. · IFRS
FYE Dec 2022	71.3	−50.6%	Cons. · IFRS
FYE Dec 2023	-104	−245.5%	Cons. · IFRS
FYE Dec 2024	-175	n/a	Cons. · IFRS
FYE Dec 2025	-173	n/a	Cons. · IFRS

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

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

Market capitalisation

FYE Dec 2025 n/a

Change · 5 yrs −¥466bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	1,588	n/a
FYE Dec 2017	1,377	n/a
FYE Dec 2018	1,414	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	1,177	n/a
FYE Dec 2022	1,122	n/a
FYE Dec 2023	n/a	n/a
FYE Dec 2024	n/a	n/a
FYE Dec 2025	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 Dec 2025 n/a

Change · 5 yrs −1,352¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	5,506	n/a
FYE Dec 2017	4,776	n/a
FYE Dec 2018	4,902	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	4,082	n/a
FYE Dec 2022	4,154	n/a
FYE Dec 2023	n/a	n/a
FYE Dec 2024	n/a	n/a
FYE Dec 2025	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 Dec 2025 265,800,000shares

Change · 10 yrs −22,610,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	288,410,000	Parent
FYE Dec 2017	288,410,000	Parent
FYE Dec 2018	288,410,000	Parent
FYE Dec 2019	288,410,000	Parent
FYE Dec 2020	288,410,000	Parent
FYE Dec 2021	288,410,000	Parent
FYE Dec 2022	270,165,354	Parent
FYE Dec 2023	270,165,354	Parent
FYE Dec 2024	265,800,000	Parent
FYE Dec 2025	265,800,000	Parent

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

EPS earnings per share

FYE Dec 2025 -1,262.04¥

Change · 10 yrs −1,554.89¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	292.85	Cons.
FYE Dec 2017	373.11	Cons.
FYE Dec 2018	320.39	Cons.
FYE Dec 2019	-287.92	Cons.
FYE Dec 2020	-571.19	Cons.
FYE Dec 2021	388.79	Cons.
FYE Dec 2022	223.33	Cons.
FYE Dec 2023	-40.52	Cons.
FYE Dec 2024	-734.56	Cons.
FYE Dec 2025	-1,262.04	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 1,135.23¥

Change · 10 yrs −2,098.85¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	3,234.08	Cons. · IFRS
FYE Dec 2017	3,790.48	Cons. · IFRS
FYE Dec 2018	3,413.51	Cons. · IFRS
FYE Dec 2019	3,111.62	Cons. · IFRS
FYE Dec 2020	2,348.52	Cons. · IFRS
FYE Dec 2021	2,706.54	Cons. · IFRS
FYE Dec 2022	2,980.42	Cons. · IFRS
FYE Dec 2023	2,852.13	Cons. · IFRS
FYE Dec 2024	2,350.04	Cons. · IFRS
FYE Dec 2025	1,135.23	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 n/a

Average · 5 yrs 15.20×

Fiscal year	PER ×	Basis
FYE Dec 2016	18.80	Cons.
FYE Dec 2017	12.80	Cons.
FYE Dec 2018	15.30	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	10.50	Cons.
FYE Dec 2022	18.60	Cons.
FYE Dec 2023	n/a	Cons.
FYE Dec 2024	n/a	Cons.
FYE Dec 2025	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 Dec 2025 n/a

Average · 5 yrs 1.36×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.68	Cons.
FYE Dec 2017	1.23	Cons.
FYE Dec 2018	1.32	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	1.32	Cons.
FYE Dec 2022	1.25	Cons.
FYE Dec 2023	n/a	Cons.
FYE Dec 2024	n/a	Cons.
FYE Dec 2025	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 Dec 2025 67,454people

Change · 10 yrs +11,611 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	55,843	n/a	Cons.
FYE Dec 2017	60,064	+7.6%	Cons.
FYE Dec 2018	62,608	+4.2%	Cons.
FYE Dec 2019	66,400	+6.1%	Cons.
FYE Dec 2020	64,533	−2.8%	Cons.
FYE Dec 2021	64,832	+0.5%	Cons.
FYE Dec 2022	69,066	+6.5%	Cons.
FYE Dec 2023	71,127	+3.0%	Cons.
FYE Dec 2024	68,102	−4.3%	Cons.
FYE Dec 2025	67,454	−1.0%	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 135people

Change · 10 yrs −6,664 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	6,799	n/a	Parent
FYE Dec 2017	6,927	+1.9%	Parent
FYE Dec 2018	6,921	−0.1%	Parent
FYE Dec 2019	7,071	+2.2%	Parent
FYE Dec 2020	164	−97.7%	Parent
FYE Dec 2021	181	+10.4%	Parent
FYE Dec 2022	129	−28.7%	Parent
FYE Dec 2023	165	+27.9%	Parent
FYE Dec 2024	131	−20.6%	Parent
FYE Dec 2025	135	+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 Dec 2025 ¥16.0m

Change · 10 yrs +¥3.5m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	12.5	n/a	Parent
FYE Dec 2017	12.7	+2.0%	Parent
FYE Dec 2018	11.8	−7.3%	Parent
FYE Dec 2019	11.7	−0.9%	Parent
FYE Dec 2020	13.4	+14.8%	Parent
FYE Dec 2021	13.0	−3.5%	Parent
FYE Dec 2022	15.2	+17.4%	Parent
FYE Dec 2023	15.9	+4.5%	Parent
FYE Dec 2024	15.1	−5.1%	Parent
FYE Dec 2025	16.0	+5.9%	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 45.0years

Change · 7 yrs +4.1 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	40.9	n/a	Parent
FYE Dec 2020	46.4	+13.4%	Parent
FYE Dec 2021	45.7	−1.5%	Parent
FYE Dec 2022	44.0	−3.7%	Parent
FYE Dec 2023	45.4	+3.2%	Parent
FYE Dec 2024	44.9	−1.1%	Parent
FYE Dec 2025	45.0	+0.2%	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 14.3years

Change · 10 yrs +0.2 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	14.1	n/a	Parent
FYE Dec 2017	13.6	−3.5%	Parent
FYE Dec 2018	13.8	+1.5%	Parent
FYE Dec 2019	13.8	−0.0%	Parent
FYE Dec 2020	17.3	+25.4%	Parent
FYE Dec 2021	16.9	−2.3%	Parent
FYE Dec 2022	14.7	−13.0%	Parent
FYE Dec 2023	16.9	+15.0%	Parent
FYE Dec 2024	14.1	−16.6%	Parent
FYE Dec 2025	14.3	+1.4%	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 ¥21.3m

Change · 10 yrs +¥6.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	15.0	n/a	Cons.
FYE Dec 2017	15.5	+3.0%	Cons.
FYE Dec 2018	16.3	+5.2%	Cons.
FYE Dec 2019	15.8	−3.0%	Cons.
FYE Dec 2020	14.6	−7.8%	Cons.
FYE Dec 2021	16.7	+15.0%	Cons.
FYE Dec 2022	18.0	+7.8%	Cons.
FYE Dec 2023	18.3	+1.6%	Cons.
FYE Dec 2024	20.7	+13.0%	Cons.
FYE Dec 2025	21.3	+2.7%	Cons.

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

Operating profit per employee

FYE Dec 2025 -¥4.3m

Change · 10 yrs −¥6.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	2.5	n/a	Cons.
FYE Dec 2017	2.3	−7.2%	Cons.
FYE Dec 2018	1.8	−22.0%	Cons.
FYE Dec 2019	-0.1	−102.8%	Cons.
FYE Dec 2020	-2.2	n/a	Cons.
FYE Dec 2021	3.7	n/a	Cons.
FYE Dec 2022	1.7	−54.3%	Cons.
FYE Dec 2023	0.6	−62.6%	Cons.
FYE Dec 2024	-1.8	−388.1%	Cons.
FYE Dec 2025	-4.3	n/a	Cons.

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

Disclaimer

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

Accuracy, liability, reuse and privacy — the full disclaimer →

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