Financials

Kao: FYE Dec 2025 and ten years of results (47 metrics)

FYE Dec 2025 · Revenue¥1.69tnYoY +3.7%

FYE Dec 2025 · Operating profit¥164bnYoY +11.9%

FYE Dec 2025 · Net profit¥120bnYoY +11.4%

FYE Dec 2025 · Equity ratio55.1%YoY −0.3pp

FYE Dec 2025 · Group employees31,514YoY −1,052

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥1.46tn	n/a	¥186bn	n/a	12.7%	¥116bn	Sawada Michitaka	The sales companies are integrated, ten years after the acquisition
FYE Dec 2017Consolidated	¥1.49tn	+2.2%	¥205bn	+10.4%	13.7%	¥147bn	Sawada Michitaka	Operating profit passes ¥200bn for the first time since the founding
FYE Dec 2018Consolidated	¥1.51tn	+1.2%	¥208bn	+1.4%	13.8%	¥154bn	Sawada Michitaka	Oribe Hair Care and Washing Systems acquired in the United States
FYE Dec 2019Consolidated	¥1.50tn	−0.4%	¥212bn	+1.9%	14.1%	¥148bn	Sawada Michitaka	—
FYE Dec 2020Consolidated	¥1.38tn	−8.0%	¥176bn	−17.1%	12.7%	¥126bn	Sawada Michitaka	—
FYE Dec 2021Consolidated	¥1.42tn	+2.7%	¥144bn	−18.3%	10.1%	¥110bn	Sawada Michitaka	—
FYE Dec 2022Consolidated	¥1.55tn	+9.3%	¥110bn	−23.3%	7.1%	¥86bn	Hasebe Yoshihiro	—
FYE Dec 2023Consolidated	¥1.53tn	−1.2%	¥60bn	−45.5%	3.9%	¥44bn	Hasebe Yoshihiro	Bondi Sands of Australia acquired; operating profit falls 45.5 per cent
FYE Dec 2024Consolidated	¥1.63tn	+6.3%	¥147bn	+144.3%	9.0%	¥108bn	Hasebe Yoshihiro	Oasis Management discloses a stake of about 3 per cent
FYE Dec 2025Consolidated	¥1.69tn	+3.7%	¥164bn	+11.9%	9.7%	¥120bn	Hasebe Yoshihiro	All four Oasis proposals are voted down at the March general meeting

How it compares

Kao¥1.69tnFY2025Operating margin 9.7%

Shiseido¥970bnFY2025Operating margin −3.0%KOSÉ Holdings Corporation¥330bnFY2025Operating margin 5.6%Pola Orbis Holdings¥170bnFY2025Operating margin 9.2%

MTG Co., Ltd.¥99bnFY2025Operating margin 10.8%

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 ¥1.69tn

CAGR · 10 yrs +1.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	1,457	n/a	Cons. · IFRS
FYE Dec 2017	1,489	+2.2%	Cons. · IFRS
FYE Dec 2018	1,508	+1.2%	Cons. · IFRS
FYE Dec 2019	1,502	−0.4%	Cons. · IFRS
FYE Dec 2020	1,382	−8.0%	Cons. · IFRS
FYE Dec 2021	1,419	+2.7%	Cons. · IFRS
FYE Dec 2022	1,551	+9.3%	Cons. · IFRS
FYE Dec 2023	1,533	−1.2%	Cons. · IFRS
FYE Dec 2024	1,628	+6.3%	Cons. · IFRS
FYE Dec 2025	1,689	+3.7%	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 ¥1.02tn

CAGR · 10 yrs +5.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	638	n/a	Cons. · IFRS
FYE Dec 2017	834	+30.8%	Cons. · IFRS
FYE Dec 2018	854	+2.4%	Cons. · IFRS
FYE Dec 2019	849	−0.6%	Cons. · IFRS
FYE Dec 2020	791	−6.8%	Cons. · IFRS
FYE Dec 2021	846	+6.9%	Cons. · IFRS
FYE Dec 2022	1,003	+18.6%	Cons. · IFRS
FYE Dec 2023	972	−3.0%	Cons. · IFRS
FYE Dec 2024	990	+1.8%	Cons. · IFRS
FYE Dec 2025	1,020	+3.1%	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 Dec 2025 ¥668bn

CAGR · 10 yrs −2.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	820	n/a	Cons. · IFRS
FYE Dec 2017	655	−20.1%	Cons. · IFRS
FYE Dec 2018	654	−0.2%	Cons. · IFRS
FYE Dec 2019	654	−0.1%	Cons. · IFRS
FYE Dec 2020	591	−9.6%	Cons. · IFRS
FYE Dec 2021	573	−3.0%	Cons. · IFRS
FYE Dec 2022	548	−4.3%	Cons. · IFRS
FYE Dec 2023	560	+2.2%	Cons. · IFRS
FYE Dec 2024	638	+13.9%	Cons. · IFRS
FYE Dec 2025	668	+4.7%	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 ¥505bn

CAGR · 10 yrs −2.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	633	n/a	Cons. · IFRS
FYE Dec 2017	453	−28.5%	Cons. · IFRS
FYE Dec 2018	445	−1.7%	Cons. · IFRS
FYE Dec 2019	443	−0.4%	Cons. · IFRS
FYE Dec 2020	416	−6.1%	Cons. · IFRS
FYE Dec 2021	427	+2.7%	Cons. · IFRS
FYE Dec 2022	441	+3.2%	Cons. · IFRS
FYE Dec 2023	467	+5.9%	Cons. · IFRS
FYE Dec 2024	498	+6.7%	Cons. · IFRS
FYE Dec 2025	505	+1.4%	Cons. · IFRS

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

Operating profit

FYE Dec 2025 ¥164bn

CAGR · 10 yrs −1.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	186	n/a	Cons. · IFRS
FYE Dec 2017	205	+10.4%	Cons. · IFRS
FYE Dec 2018	208	+1.4%	Cons. · IFRS
FYE Dec 2019	212	+1.9%	Cons. · IFRS
FYE Dec 2020	176	−17.1%	Cons. · IFRS
FYE Dec 2021	144	−18.3%	Cons. · IFRS
FYE Dec 2022	110	−23.3%	Cons. · IFRS
FYE Dec 2023	60.0	−45.5%	Cons. · IFRS
FYE Dec 2024	147	+144.3%	Cons. · IFRS
FYE Dec 2025	164	+11.9%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥6.2bn

CAGR · 10 yrs +18.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	1.4	n/a	Cons. · IFRS
FYE Dec 2017	1.5	+4.5%	Cons. · IFRS
FYE Dec 2018	1.7	+18.3%	Cons. · IFRS
FYE Dec 2019	2.0	+18.1%	Cons. · IFRS
FYE Dec 2020	1.7	−15.6%	Cons. · IFRS
FYE Dec 2021	6.5	+278.1%	Cons. · IFRS
FYE Dec 2022	5.7	−12.7%	Cons. · IFRS
FYE Dec 2023	4.9	−13.9%	Cons. · IFRS
FYE Dec 2024	5.0	+2.5%	Cons. · IFRS
FYE Dec 2025	6.2	+24.3%	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 ¥3.8bn

CAGR · 10 yrs −3.8%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	5.4	n/a	Cons. · IFRS
FYE Dec 2017	4.0	−27.0%	Cons. · IFRS
FYE Dec 2018	4.3	+7.3%	Cons. · IFRS
FYE Dec 2019	5.2	+23.1%	Cons. · IFRS
FYE Dec 2020	5.8	+11.6%	Cons. · IFRS
FYE Dec 2021	2.6	−55.5%	Cons. · IFRS
FYE Dec 2022	2.4	−6.9%	Cons. · IFRS
FYE Dec 2023	3.4	+42.6%	Cons. · IFRS
FYE Dec 2024	4.1	+18.7%	Cons. · IFRS
FYE Dec 2025	3.8	−6.4%	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 ¥120bn

CAGR · 10 yrs +0.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	116	n/a	Cons. · IFRS
FYE Dec 2017	147	+26.5%	Cons. · IFRS
FYE Dec 2018	154	+4.5%	Cons. · IFRS
FYE Dec 2019	148	−3.6%	Cons. · IFRS
FYE Dec 2020	126	−14.9%	Cons. · IFRS
FYE Dec 2021	110	−13.1%	Cons. · IFRS
FYE Dec 2022	86.0	−21.5%	Cons. · IFRS
FYE Dec 2023	43.9	−49.0%	Cons. · IFRS
FYE Dec 2024	108	+145.7%	Cons. · IFRS
FYE Dec 2025	120	+11.4%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 39.6%

Average · 10 yrs 42.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	56.3	n/a	Cons. · IFRS
FYE Dec 2017	44.0	−12.3pp	Cons. · IFRS
FYE Dec 2018	43.4	−0.6pp	Cons. · IFRS
FYE Dec 2019	43.5	+0.1pp	Cons. · IFRS
FYE Dec 2020	42.7	−0.8pp	Cons. · IFRS
FYE Dec 2021	40.4	−2.3pp	Cons. · IFRS
FYE Dec 2022	35.4	−5.0pp	Cons. · IFRS
FYE Dec 2023	36.6	+1.2pp	Cons. · IFRS
FYE Dec 2024	39.2	+2.6pp	Cons. · IFRS
FYE Dec 2025	39.6	+0.4pp	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 9.7%

Average · 10 yrs 10.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	12.7	n/a	Cons. · IFRS
FYE Dec 2017	13.7	+1.0pp	Cons. · IFRS
FYE Dec 2018	13.8	−0.0pp	Cons. · IFRS
FYE Dec 2019	14.1	+0.3pp	Cons. · IFRS
FYE Dec 2020	12.7	−1.4pp	Cons. · IFRS
FYE Dec 2021	10.1	−2.6pp	Cons. · IFRS
FYE Dec 2022	7.1	−3.0pp	Cons. · IFRS
FYE Dec 2023	3.9	−3.2pp	Cons. · IFRS
FYE Dec 2024	9.0	+5.1pp	Cons. · IFRS
FYE Dec 2025	9.7	+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 7.1%

Average · 10 yrs 7.7%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	8.0	n/a	Cons. · IFRS
FYE Dec 2017	9.9	+1.9pp	Cons. · IFRS
FYE Dec 2018	10.2	+0.3pp	Cons. · IFRS
FYE Dec 2019	9.9	−0.3pp	Cons. · IFRS
FYE Dec 2020	9.1	−0.7pp	Cons. · IFRS
FYE Dec 2021	7.7	−1.4pp	Cons. · IFRS
FYE Dec 2022	5.5	−2.2pp	Cons. · IFRS
FYE Dec 2023	2.9	−2.7pp	Cons. · IFRS
FYE Dec 2024	6.6	+3.8pp	Cons. · IFRS
FYE Dec 2025	7.1	+0.5pp	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 60.4%

Average · 10 yrs 57.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	43.7	n/a	Cons. · IFRS
FYE Dec 2017	56.0	+12.3pp	Cons. · IFRS
FYE Dec 2018	56.6	+0.6pp	Cons. · IFRS
FYE Dec 2019	56.5	−0.1pp	Cons. · IFRS
FYE Dec 2020	57.3	+0.8pp	Cons. · IFRS
FYE Dec 2021	59.6	+2.3pp	Cons. · IFRS
FYE Dec 2022	64.6	+5.0pp	Cons. · IFRS
FYE Dec 2023	63.4	−1.2pp	Cons. · IFRS
FYE Dec 2024	60.8	−2.6pp	Cons. · IFRS
FYE Dec 2025	60.4	−0.4pp	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 29.9%

Average · 10 yrs 31.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	43.5	n/a	Cons. · IFRS
FYE Dec 2017	30.4	−13.1pp	Cons. · IFRS
FYE Dec 2018	29.5	−0.9pp	Cons. · IFRS
FYE Dec 2019	29.5	−0.0pp	Cons. · IFRS
FYE Dec 2020	30.1	+0.6pp	Cons. · IFRS
FYE Dec 2021	30.1	−0.0pp	Cons. · IFRS
FYE Dec 2022	28.4	−1.7pp	Cons. · IFRS
FYE Dec 2023	30.5	+2.0pp	Cons. · IFRS
FYE Dec 2024	30.6	+0.1pp	Cons. · IFRS
FYE Dec 2025	29.9	−0.7pp	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 ¥1.88tn

CAGR · 10 yrs +4.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	1,308	n/a	Cons. · IFRS
FYE Dec 2017	1,427	+9.2%	Cons. · IFRS
FYE Dec 2018	1,461	+2.4%	Cons. · IFRS
FYE Dec 2019	1,654	+13.2%	Cons. · IFRS
FYE Dec 2020	1,666	+0.7%	Cons. · IFRS
FYE Dec 2021	1,704	+2.3%	Cons. · IFRS
FYE Dec 2022	1,726	+1.3%	Cons. · IFRS
FYE Dec 2023	1,770	+2.5%	Cons. · IFRS
FYE Dec 2024	1,867	+5.5%	Cons. · IFRS
FYE Dec 2025	1,875	+0.4%	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 ¥1.03tn

CAGR · 10 yrs +4.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	677	n/a	Cons. · IFRS
FYE Dec 2017	806	+19.2%	Cons. · IFRS
FYE Dec 2018	809	+0.4%	Cons. · IFRS
FYE Dec 2019	844	+4.3%	Cons. · IFRS
FYE Dec 2020	909	+7.7%	Cons. · IFRS
FYE Dec 2021	946	+4.1%	Cons. · IFRS
FYE Dec 2022	949	+0.2%	Cons. · IFRS
FYE Dec 2023	955	+0.7%	Cons. · IFRS
FYE Dec 2024	1,035	+8.3%	Cons. · IFRS
FYE Dec 2025	1,033	−0.1%	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 ¥132bn

CAGR · 10 yrs +1.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	121	n/a	Cons. · IFRS
FYE Dec 2017	121	−0.1%	Cons. · IFRS
FYE Dec 2018	121	+0.2%	Cons. · IFRS
FYE Dec 2019	127	+5.2%	Cons. · IFRS
FYE Dec 2020	128	+0.4%	Cons. · IFRS
FYE Dec 2021	128	−0.0%	Cons. · IFRS
FYE Dec 2022	128	+0.1%	Cons. · IFRS
FYE Dec 2023	138	+8.3%	Cons. · IFRS
FYE Dec 2024	131	−5.4%	Cons. · IFRS
FYE Dec 2025	132	+0.5%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥26bn

CAGR · 10 yrs −1.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	30.3	n/a	Cons. · IFRS
FYE Dec 2017	25.3	−16.6%	Cons. · IFRS
FYE Dec 2018	40.5	+60.3%	Cons. · IFRS
FYE Dec 2019	25.5	−37.0%	Cons. · IFRS
FYE Dec 2020	30.5	+19.4%	Cons. · IFRS
FYE Dec 2021	6.2	−79.8%	Cons. · IFRS
FYE Dec 2022	65.7	+966.8%	Cons. · IFRS
FYE Dec 2023	14.0	−78.6%	Cons. · IFRS
FYE Dec 2024	35.7	+154.6%	Cons. · IFRS
FYE Dec 2025	26.1	−27.1%	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 ¥106bn

CAGR · 10 yrs +1.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	90.4	n/a	Cons. · IFRS
FYE Dec 2017	95.3	+5.5%	Cons. · IFRS
FYE Dec 2018	80.3	−15.7%	Cons. · IFRS
FYE Dec 2019	102	+26.5%	Cons. · IFRS
FYE Dec 2020	97.2	−4.3%	Cons. · IFRS
FYE Dec 2021	122	+25.0%	Cons. · IFRS
FYE Dec 2022	62.2	−48.9%	Cons. · IFRS
FYE Dec 2023	124	+100.2%	Cons. · IFRS
FYE Dec 2024	95.3	−23.4%	Cons. · IFRS
FYE Dec 2025	106	+10.8%	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 ¥79bn

CAGR · 10 yrs +20.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	14.7	n/a	Cons. · IFRS
FYE Dec 2017	16.8	+14.6%	Cons. · IFRS
FYE Dec 2018	46.5	+176.6%	Cons. · IFRS
FYE Dec 2019	47.8	+2.6%	Cons. · IFRS
FYE Dec 2020	48.3	+1.0%	Cons. · IFRS
FYE Dec 2021	52.6	+9.1%	Cons. · IFRS
FYE Dec 2022	60.2	+14.3%	Cons. · IFRS
FYE Dec 2023	79.4	+32.0%	Cons. · IFRS
FYE Dec 2024	81.9	+3.2%	Cons. · IFRS
FYE Dec 2025	79.5	−3.0%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥231bn

CAGR · 10 yrs +5.9%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	138	n/a	Cons. · IFRS
FYE Dec 2017	139	+0.7%	Cons. · IFRS
FYE Dec 2018	180	+29.9%	Cons. · IFRS
FYE Dec 2019	180	−0.3%	Cons. · IFRS
FYE Dec 2020	177	−1.5%	Cons. · IFRS
FYE Dec 2021	183	+3.7%	Cons. · IFRS
FYE Dec 2022	192	+4.6%	Cons. · IFRS
FYE Dec 2023	220	+14.8%	Cons. · IFRS
FYE Dec 2024	228	+3.7%	Cons. · IFRS
FYE Dec 2025	231	+1.2%	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 55.1%

Average · 10 yrs 54.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	51.7	n/a	Cons. · IFRS
FYE Dec 2017	56.5	+4.7pp	Cons. · IFRS
FYE Dec 2018	55.4	−1.1pp	Cons. · IFRS
FYE Dec 2019	51.0	−4.4pp	Cons. · IFRS
FYE Dec 2020	54.6	+3.6pp	Cons. · IFRS
FYE Dec 2021	55.5	+1.0pp	Cons. · IFRS
FYE Dec 2022	55.0	−0.6pp	Cons. · IFRS
FYE Dec 2023	54.0	−1.0pp	Cons. · IFRS
FYE Dec 2024	55.4	+1.4pp	Cons. · IFRS
FYE Dec 2025	55.1	−0.3pp	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 12.7%

Average · 10 yrs 14.4%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	17.8	n/a	Cons. · IFRS
FYE Dec 2017	15.0	−2.9pp	Cons. · IFRS
FYE Dec 2018	14.9	−0.0pp	Cons. · IFRS
FYE Dec 2019	15.1	+0.1pp	Cons. · IFRS
FYE Dec 2020	14.0	−1.0pp	Cons. · IFRS
FYE Dec 2021	13.5	−0.5pp	Cons. · IFRS
FYE Dec 2022	13.5	−0.0pp	Cons. · IFRS
FYE Dec 2023	14.5	+1.0pp	Cons. · IFRS
FYE Dec 2024	12.7	−1.8pp	Cons. · IFRS
FYE Dec 2025	12.7	+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 11.6%

Average · 10 yrs 13.3%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	17.2	n/a	Cons. · IFRS
FYE Dec 2017	18.2	+1.1pp	Cons. · IFRS
FYE Dec 2018	19.0	+0.8pp	Cons. · IFRS
FYE Dec 2019	17.6	−1.4pp	Cons. · IFRS
FYE Dec 2020	13.9	−3.7pp	Cons. · IFRS
FYE Dec 2021	11.6	−2.3pp	Cons. · IFRS
FYE Dec 2022	9.1	−2.5pp	Cons. · IFRS
FYE Dec 2023	4.6	−4.5pp	Cons. · IFRS
FYE Dec 2024	10.4	+5.8pp	Cons. · IFRS
FYE Dec 2025	11.6	+1.2pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 6.4%

Average · 10 yrs 7.2%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	8.9	n/a	Cons. · IFRS
FYE Dec 2017	10.3	+1.4pp	Cons. · IFRS
FYE Dec 2018	10.5	+0.2pp	Cons. · IFRS
FYE Dec 2019	9.0	−1.6pp	Cons. · IFRS
FYE Dec 2020	7.6	−1.4pp	Cons. · IFRS
FYE Dec 2021	6.4	−1.1pp	Cons. · IFRS
FYE Dec 2022	5.0	−1.5pp	Cons. · IFRS
FYE Dec 2023	2.5	−2.5pp	Cons. · IFRS
FYE Dec 2024	5.8	+3.3pp	Cons. · IFRS
FYE Dec 2025	6.4	+0.6pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.90×

CAGR · 10 yrs −2.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	1.11	n/a	Cons. · IFRS
FYE Dec 2017	1.04	−6.4%	Cons. · IFRS
FYE Dec 2018	1.03	−1.1%	Cons. · IFRS
FYE Dec 2019	0.91	−12.0%	Cons. · IFRS
FYE Dec 2020	0.83	−8.7%	Cons. · IFRS
FYE Dec 2021	0.83	+0.3%	Cons. · IFRS
FYE Dec 2022	0.90	+7.9%	Cons. · IFRS
FYE Dec 2023	0.87	−3.6%	Cons. · IFRS
FYE Dec 2024	0.87	+0.7%	Cons. · IFRS
FYE Dec 2025	0.90	+3.3%	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 ¥200bn

CAGR · 10 yrs +1.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	183	n/a	Cons. · IFRS
FYE Dec 2017	186	+1.5%	Cons. · IFRS
FYE Dec 2018	196	+5.3%	Cons. · IFRS
FYE Dec 2019	245	+25.0%	Cons. · IFRS
FYE Dec 2020	215	−12.2%	Cons. · IFRS
FYE Dec 2021	176	−18.3%	Cons. · IFRS
FYE Dec 2022	131	−25.4%	Cons. · IFRS
FYE Dec 2023	202	+54.7%	Cons. · IFRS
FYE Dec 2024	202	−0.4%	Cons. · IFRS
FYE Dec 2025	200	−0.9%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥70bn

Average · 10 yrs -¥87bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-88.0	n/a	Cons. · IFRS
FYE Dec 2017	-96.1	n/a	Cons. · IFRS
FYE Dec 2018	-158	n/a	Cons. · IFRS
FYE Dec 2019	-94.3	n/a	Cons. · IFRS
FYE Dec 2020	-61.9	n/a	Cons. · IFRS
FYE Dec 2021	-67.2	n/a	Cons. · IFRS
FYE Dec 2022	-74.9	n/a	Cons. · IFRS
FYE Dec 2023	-109	n/a	Cons. · IFRS
FYE Dec 2024	-45.9	n/a	Cons. · IFRS
FYE Dec 2025	-69.8	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 -¥175bn

Average · 10 yrs -¥111bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-94.9	n/a	Cons. · IFRS
FYE Dec 2017	-53.2	n/a	Cons. · IFRS
FYE Dec 2018	-109	n/a	Cons. · IFRS
FYE Dec 2019	-126	n/a	Cons. · IFRS
FYE Dec 2020	-87.1	n/a	Cons. · IFRS
FYE Dec 2021	-142	n/a	Cons. · IFRS
FYE Dec 2022	-139	n/a	Cons. · IFRS
FYE Dec 2023	-80.0	n/a	Cons. · IFRS
FYE Dec 2024	-105	n/a	Cons. · IFRS
FYE Dec 2025	-175	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 ¥323bn

CAGR · 10 yrs +0.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	302	n/a	Cons. · IFRS
FYE Dec 2017	343	+13.4%	Cons. · IFRS
FYE Dec 2018	266	−22.5%	Cons. · IFRS
FYE Dec 2019	290	+8.9%	Cons. · IFRS
FYE Dec 2020	353	+21.9%	Cons. · IFRS
FYE Dec 2021	336	−4.8%	Cons. · IFRS
FYE Dec 2022	268	−20.2%	Cons. · IFRS
FYE Dec 2023	292	+8.7%	Cons. · IFRS
FYE Dec 2024	358	+22.6%	Cons. · IFRS
FYE Dec 2025	323	−9.6%	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 ¥130bn

CAGR · 10 yrs +3.5%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	95.1	n/a	Cons. · IFRS
FYE Dec 2017	89.7	−5.7%	Cons. · IFRS
FYE Dec 2018	37.7	−58.0%	Cons. · IFRS
FYE Dec 2019	150	+298.4%	Cons. · IFRS
FYE Dec 2020	153	+1.7%	Cons. · IFRS
FYE Dec 2021	108	−29.1%	Cons. · IFRS
FYE Dec 2022	56.0	−48.3%	Cons. · IFRS
FYE Dec 2023	93.2	+66.4%	Cons. · IFRS
FYE Dec 2024	156	+67.1%	Cons. · IFRS
FYE Dec 2025	130	−16.6%	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 11.8%

Average · 10 yrs 12.8%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	12.6	n/a	Cons. · IFRS
FYE Dec 2017	12.5	−0.1pp	Cons. · IFRS
FYE Dec 2018	13.0	+0.5pp	Cons. · IFRS
FYE Dec 2019	16.3	+3.3pp	Cons. · IFRS
FYE Dec 2020	15.5	−0.7pp	Cons. · IFRS
FYE Dec 2021	12.4	−3.2pp	Cons. · IFRS
FYE Dec 2022	8.4	−3.9pp	Cons. · IFRS
FYE Dec 2023	13.2	+4.8pp	Cons. · IFRS
FYE Dec 2024	12.4	−0.8pp	Cons. · IFRS
FYE Dec 2025	11.8	−0.6pp	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 ¥192bn

CAGR · 10 yrs +0.6%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	182	n/a	Cons. · IFRS
FYE Dec 2017	222	+22.4%	Cons. · IFRS
FYE Dec 2018	145	−34.8%	Cons. · IFRS
FYE Dec 2019	163	+12.0%	Cons. · IFRS
FYE Dec 2020	225	+38.7%	Cons. · IFRS
FYE Dec 2021	208	−7.6%	Cons. · IFRS
FYE Dec 2022	140	−32.6%	Cons. · IFRS
FYE Dec 2023	153	+9.1%	Cons. · IFRS
FYE Dec 2024	227	+48.0%	Cons. · IFRS
FYE Dec 2025	192	−15.5%	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 ¥2.85tn

Change · 10 yrs +¥48bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	2,797	n/a
FYE Dec 2017	3,765	n/a
FYE Dec 2018	3,978	n/a
FYE Dec 2019	4,346	n/a
FYE Dec 2020	3,843	n/a
FYE Dec 2021	2,859	n/a
FYE Dec 2022	2,451	n/a
FYE Dec 2023	2,704	n/a
FYE Dec 2024	2,972	n/a
FYE Dec 2025	2,846	n/a

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

Share price year-end close

FYE Dec 2025 6,273¥

Change · 10 yrs +723¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	5,550	n/a
FYE Dec 2017	7,607	n/a
FYE Dec 2018	8,139	n/a
FYE Dec 2019	9,017	n/a
FYE Dec 2020	7,974	n/a
FYE Dec 2021	6,018	n/a
FYE Dec 2022	5,260	n/a
FYE Dec 2023	5,804	n/a
FYE Dec 2024	6,378	n/a
FYE Dec 2025	6,273	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 453,600,000shares

Change · 10 yrs −50,400,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	504,000,000	Parent
FYE Dec 2017	495,000,000	Parent
FYE Dec 2018	488,700,000	Parent
FYE Dec 2019	482,000,000	Parent
FYE Dec 2020	482,000,000	Parent
FYE Dec 2021	475,000,000	Parent
FYE Dec 2022	465,900,000	Parent
FYE Dec 2023	465,900,000	Parent
FYE Dec 2024	465,900,000	Parent
FYE Dec 2025	453,600,000	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 260.30¥

Change · 10 yrs +6.87¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	253.43	Cons.
FYE Dec 2017	298.30	Cons.
FYE Dec 2018	314.25	Cons.
FYE Dec 2019	306.70	Cons.
FYE Dec 2020	262.29	Cons.
FYE Dec 2021	230.59	Cons.
FYE Dec 2022	183.28	Cons.
FYE Dec 2023	94.37	Cons.
FYE Dec 2024	231.94	Cons.
FYE Dec 2025	260.30	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 2,278.34¥

Change · 10 yrs +935.86¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,342.48	Cons. · IFRS
FYE Dec 2017	1,629.05	Cons. · IFRS
FYE Dec 2018	1,655.84	Cons. · IFRS
FYE Dec 2019	1,750.97	Cons. · IFRS
FYE Dec 2020	1,886.27	Cons. · IFRS
FYE Dec 2021	1,992.41	Cons. · IFRS
FYE Dec 2022	2,036.36	Cons. · IFRS
FYE Dec 2023	2,050.38	Cons. · IFRS
FYE Dec 2024	2,220.90	Cons. · IFRS
FYE Dec 2025	2,278.34	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 24.10×

Average · 10 yrs 30.10×

Fiscal year	PER ×	Basis
FYE Dec 2016	21.90	Cons.
FYE Dec 2017	25.50	Cons.
FYE Dec 2018	25.90	Cons.
FYE Dec 2019	29.40	Cons.
FYE Dec 2020	30.40	Cons.
FYE Dec 2021	26.10	Cons.
FYE Dec 2022	28.70	Cons.
FYE Dec 2023	61.50	Cons.
FYE Dec 2024	27.50	Cons.
FYE Dec 2025	24.10	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 2.67×

Average · 10 yrs 3.64×

Fiscal year	PBR ×	Basis
FYE Dec 2016	4.02	Cons.
FYE Dec 2017	4.65	Cons.
FYE Dec 2018	4.82	Cons.
FYE Dec 2019	5.06	Cons.
FYE Dec 2020	4.15	Cons.
FYE Dec 2021	2.96	Cons.
FYE Dec 2022	2.52	Cons.
FYE Dec 2023	2.74	Cons.
FYE Dec 2024	2.78	Cons.
FYE Dec 2025	2.67	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 31,514people

Change · 10 yrs −1,681 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	33,195	n/a	Cons.
FYE Dec 2017	33,560	+1.1%	Cons.
FYE Dec 2018	33,664	+0.3%	Cons.
FYE Dec 2019	33,603	−0.2%	Cons.
FYE Dec 2020	33,409	−0.6%	Cons.
FYE Dec 2021	33,507	+0.3%	Cons.
FYE Dec 2022	35,411	+5.7%	Cons.
FYE Dec 2023	34,257	−3.3%	Cons.
FYE Dec 2024	32,566	−4.9%	Cons.
FYE Dec 2025	31,514	−3.2%	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 7,761people

Change · 10 yrs +566 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	7,195	n/a	Parent
FYE Dec 2017	7,332	+1.9%	Parent
FYE Dec 2018	7,655	+4.4%	Parent
FYE Dec 2019	7,905	+3.3%	Parent
FYE Dec 2020	8,112	+2.6%	Parent
FYE Dec 2021	8,508	+4.9%	Parent
FYE Dec 2022	8,403	−1.2%	Parent
FYE Dec 2023	8,199	−2.4%	Parent
FYE Dec 2024	7,861	−4.1%	Parent
FYE Dec 2025	7,761	−1.3%	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 ¥8.7m

Change · 10 yrs +¥0.7m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	8.0	n/a	Parent
FYE Dec 2017	7.8	−2.3%	Parent
FYE Dec 2018	8.2	+5.3%	Parent
FYE Dec 2019	8.1	−1.2%	Parent
FYE Dec 2020	8.2	+1.4%	Parent
FYE Dec 2021	7.9	−4.2%	Parent
FYE Dec 2022	7.9	−0.3%	Parent
FYE Dec 2023	8.0	+1.9%	Parent
FYE Dec 2024	8.1	+1.0%	Parent
FYE Dec 2025	8.7	+6.7%	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 40.6years

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	40.6	n/a	Parent
FYE Dec 2020	40.5	−0.2%	Parent
FYE Dec 2021	40.5	−0.0%	Parent
FYE Dec 2022	40.9	+1.0%	Parent
FYE Dec 2023	41.1	+0.5%	Parent
FYE Dec 2024	40.8	−0.7%	Parent
FYE Dec 2025	40.6	−0.5%	Parent

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

Average length of service

FYE Dec 2025 16.7years

Change · 10 yrs −1.4 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	18.1	n/a	Parent
FYE Dec 2017	18.0	−0.6%	Parent
FYE Dec 2018	17.9	−0.6%	Parent
FYE Dec 2019	17.7	−1.1%	Parent
FYE Dec 2020	17.4	−1.7%	Parent
FYE Dec 2021	17.4	−0.0%	Parent
FYE Dec 2022	17.6	+1.1%	Parent
FYE Dec 2023	17.6	−0.0%	Parent
FYE Dec 2024	17.0	−3.4%	Parent
FYE Dec 2025	16.7	−1.8%	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 Dec 2025 8,655people

Change · 10 yrs −4,670 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	13,325	n/a	n/a
FYE Dec 2017	13,338	+0.1%	n/a
FYE Dec 2018	12,642	−5.2%	n/a
FYE Dec 2019	12,193	−3.6%	n/a
FYE Dec 2020	11,969	−1.8%	n/a
FYE Dec 2021	11,215	−6.3%	n/a
FYE Dec 2022	8,183	−27.0%	n/a
FYE Dec 2023	8,193	+0.1%	n/a
FYE Dec 2024	8,502	+3.8%	n/a
FYE Dec 2025	8,655	+1.8%	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 Dec 2025 ¥53.6m

Change · 10 yrs +¥9.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	43.9	n/a	Cons.
FYE Dec 2017	44.4	+1.1%	Cons.
FYE Dec 2018	44.8	+0.9%	Cons.
FYE Dec 2019	44.7	−0.2%	Cons.
FYE Dec 2020	41.4	−7.5%	Cons.
FYE Dec 2021	42.3	+2.4%	Cons.
FYE Dec 2022	43.8	+3.4%	Cons.
FYE Dec 2023	44.7	+2.1%	Cons.
FYE Dec 2024	50.0	+11.8%	Cons.
FYE Dec 2025	53.6	+7.2%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥5.2m

Change · 10 yrs −¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	5.6	n/a	Cons.
FYE Dec 2017	6.1	+9.2%	Cons.
FYE Dec 2018	6.2	+1.1%	Cons.
FYE Dec 2019	6.3	+2.1%	Cons.
FYE Dec 2020	5.3	−16.6%	Cons.
FYE Dec 2021	4.3	−18.5%	Cons.
FYE Dec 2022	3.1	−27.4%	Cons.
FYE Dec 2023	1.8	−43.6%	Cons.
FYE Dec 2024	4.5	+156.9%	Cons.
FYE Dec 2025	5.2	+15.6%	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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