Financials

Shiseido: FYE Dec 2025 and ten years of results (51 metrics)

FYE Dec 2025 · Revenue¥970bnYoY −2.1%

FYE Dec 2025 · Operating profit-¥29bnYoY −480.0%

FYE Dec 2025 · Net profit-¥41bn

FYE Dec 2025 · Equity ratio45.8%YoY −0.0pp

FYE Dec 2025 · Group employees26,330YoY −1,578

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥850bn	n/a	¥37bn	n/a	4.3%	¥32bn	Uotani Masahiko	—
FYE Dec 2017Consolidated	¥1.01tn	+18.2%	¥80bn	+118.7%	8.0%	¥23bn	Uotani Masahiko	Zotos is sold to Henkel
FYE Dec 2018Consolidated	¥1.09tn	+8.9%	¥108bn	+34.7%	9.9%	¥61bn	Uotani Masahiko	—
FYE Dec 2019Consolidated	¥1.13tn	+3.4%	¥114bn	+5.1%	10.1%	¥74bn	Uotani Masahiko	Drunk Elephant is acquired; sales pass ¥1 trillion
FYE Dec 2020Consolidated	¥921bn	−18.6%	¥15bn	−86.9%	1.6%	-¥12bn	Uotani Masahiko	—
FYE Dec 2021Consolidated	¥1.04tn	+12.4%	¥42bn	+177.9%	4.0%	¥31bn	Uotani Masahiko	The personal care business is sold; three US brands follow
FYE Dec 2022Consolidated	¥1.07tn	+3.1%	¥47bn	+12.0%	4.4%	¥21bn	Uotani Masahiko	—
FYE Dec 2023Consolidated	¥973bn	−8.8%	¥28bn	−39.6%	2.9%	¥22bn	Uotani Masahiko	—
FYE Dec 2024Consolidated	¥991bn	+1.8%	¥7.6bn	−73.1%	0.8%	-¥11bn	Fujiwara Kentaro	Voluntary redundancies at Shiseido Japan; 1,477 staff cut
FYE Dec 2025Consolidated	¥970bn	−2.1%	-¥29bn	−480.0%	-3.0%	-¥41bn	Fujiwara Kentaro	A ¥46.8bn impairment in the Americas brings a second year of losses

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 Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥970bn

CAGR · 10 yrs +1.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	850	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,005	+18.2%	Cons. · Japanese GAAP
FYE Dec 2018	1,095	+8.9%	Cons. · Japanese GAAP
FYE Dec 2019	1,132	+3.4%	Cons. · Japanese GAAP
FYE Dec 2020	921	−18.6%	Cons. · Japanese GAAP
FYE Dec 2021	1,035	+12.4%	Cons. · Japanese GAAP
FYE Dec 2022	1,067	moved to IFRS	Cons. · IFRS
FYE Dec 2023	973	−8.8%	Cons. · IFRS
FYE Dec 2024	991	+1.8%	Cons. · IFRS
FYE Dec 2025	970	−2.1%	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 ¥227bn

CAGR · 10 yrs +1.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	208	n/a	Cons. · Japanese GAAP
FYE Dec 2017	231	+11.5%	Cons. · Japanese GAAP
FYE Dec 2018	232	+0.3%	Cons. · Japanese GAAP
FYE Dec 2019	255	+9.9%	Cons. · Japanese GAAP
FYE Dec 2020	238	−6.5%	Cons. · Japanese GAAP
FYE Dec 2021	263	+10.3%	Cons. · Japanese GAAP
FYE Dec 2022	327	moved to IFRS	Cons. · IFRS
FYE Dec 2023	260	−20.6%	Cons. · IFRS
FYE Dec 2024	237	−8.6%	Cons. · IFRS
FYE Dec 2025	227	−4.4%	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 ¥743bn

CAGR · 10 yrs +1.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	643	n/a	Cons. · Japanese GAAP
FYE Dec 2017	774	+20.4%	Cons. · Japanese GAAP
FYE Dec 2018	863	+11.5%	Cons. · Japanese GAAP
FYE Dec 2019	877	+1.6%	Cons. · Japanese GAAP
FYE Dec 2020	682	−22.2%	Cons. · Japanese GAAP
FYE Dec 2021	738	+8.2%	Cons. · Japanese GAAP
FYE Dec 2022	740	moved to IFRS	Cons. · IFRS
FYE Dec 2023	713	−3.6%	Cons. · IFRS
FYE Dec 2024	753	+5.6%	Cons. · IFRS
FYE Dec 2025	743	−1.4%	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 ¥726bn

CAGR · 10 yrs +2.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	606	n/a	Cons. · Japanese GAAP
FYE Dec 2017	693	+14.4%	Cons. · Japanese GAAP
FYE Dec 2018	755	+8.8%	Cons. · Japanese GAAP
FYE Dec 2019	763	+1.1%	Cons. · Japanese GAAP
FYE Dec 2020	668	−12.5%	Cons. · Japanese GAAP
FYE Dec 2021	731	+9.5%	Cons. · Japanese GAAP
FYE Dec 2022	718	moved to IFRS	Cons. · IFRS
FYE Dec 2023	697	−3.0%	Cons. · IFRS
FYE Dec 2024	751	+7.9%	Cons. · IFRS
FYE Dec 2025	726	−3.4%	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 -¥29bn

Average · 10 yrs ¥45bn

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	36.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	80.4	+118.7%	Cons. · Japanese GAAP
FYE Dec 2018	108	+34.7%	Cons. · Japanese GAAP
FYE Dec 2019	114	+5.1%	Cons. · Japanese GAAP
FYE Dec 2020	15.0	−86.9%	Cons. · Japanese GAAP
FYE Dec 2021	41.6	+177.9%	Cons. · Japanese GAAP
FYE Dec 2022	46.6	moved to IFRS	Cons. · IFRS
FYE Dec 2023	28.1	−39.6%	Cons. · IFRS
FYE Dec 2024	7.6	−73.1%	Cons. · IFRS
FYE Dec 2025	-28.8	−480.0%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥7.5bn

CAGR · 10 yrs +6.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	4.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.5	−14.5%	Cons. · Japanese GAAP
FYE Dec 2018	7.1	+100.5%	Cons. · Japanese GAAP
FYE Dec 2019	5.7	−20.2%	Cons. · Japanese GAAP
FYE Dec 2020	6.1	+6.7%	Cons. · Japanese GAAP
FYE Dec 2021	4.1	−32.6%	Cons. · Japanese GAAP
FYE Dec 2022	5.9	moved to IFRS	Cons. · IFRS
FYE Dec 2023	6.7	+14.6%	Cons. · IFRS
FYE Dec 2024	8.3	+23.1%	Cons. · IFRS
FYE Dec 2025	7.5	−9.1%	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 ¥6.3bn

CAGR · 10 yrs +5.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	3.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.7	−2.6%	Cons. · Japanese GAAP
FYE Dec 2018	6.0	+63.3%	Cons. · Japanese GAAP
FYE Dec 2019	10.8	+80.2%	Cons. · Japanese GAAP
FYE Dec 2020	11.4	+5.7%	Cons. · Japanese GAAP
FYE Dec 2021	3.8	−66.4%	Cons. · Japanese GAAP
FYE Dec 2022	3.6	moved to IFRS	Cons. · IFRS
FYE Dec 2023	7.6	+108.8%	Cons. · IFRS
FYE Dec 2024	6.4	−15.5%	Cons. · IFRS
FYE Dec 2025	6.3	−1.8%	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 Dec 2025 n/a

CAGR · 6 yrs +3.8%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	37.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	80.3	+116.1%	Cons. · Japanese GAAP
FYE Dec 2018	109	+36.3%	Cons. · Japanese GAAP
FYE Dec 2019	109	−0.7%	Cons. · Japanese GAAP
FYE Dec 2020	9.6	−91.1%	Cons. · Japanese GAAP
FYE Dec 2021	44.8	+365.2%	Cons. · Japanese GAAP
FYE Dec 2022	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	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 Dec 2025 n/a

CAGR · 6 yrs +38.2%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	18.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	39.3	+112.8%	Cons. · Japanese GAAP
FYE Dec 2018	5.6	−85.7%	Cons. · Japanese GAAP
FYE Dec 2019	4.1	−27.3%	Cons. · Japanese GAAP
FYE Dec 2020	16.6	+303.5%	Cons. · Japanese GAAP
FYE Dec 2021	93.1	+462.2%	Cons. · Japanese GAAP
FYE Dec 2022	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	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 Dec 2025 -¥41bn

Average · 10 yrs ¥20bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	32.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	22.7	−29.1%	Cons. · Japanese GAAP
FYE Dec 2018	61.4	+169.9%	Cons. · Japanese GAAP
FYE Dec 2019	73.6	+19.8%	Cons. · Japanese GAAP
FYE Dec 2020	-11.7	−115.9%	Cons. · Japanese GAAP
FYE Dec 2021	31.2	n/a	Cons. · Japanese GAAP
FYE Dec 2022	21.0	moved to IFRS	Cons. · IFRS
FYE Dec 2023	21.7	+3.5%	Cons. · IFRS
FYE Dec 2024	-10.8	−149.7%	Cons. · IFRS
FYE Dec 2025	-40.7	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 76.6%

Average · 10 yrs 75.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	75.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	77.0	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2018	78.8	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2019	77.5	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2020	74.1	−3.4pp	Cons. · Japanese GAAP
FYE Dec 2021	71.3	−2.8pp	Cons. · Japanese GAAP
FYE Dec 2022	69.4	moved to IFRS	Cons. · IFRS
FYE Dec 2023	73.3	+4.0pp	Cons. · IFRS
FYE Dec 2024	76.0	+2.7pp	Cons. · IFRS
FYE Dec 2025	76.6	+0.6pp	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 -3.0%

Average · 10 yrs 4.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	4.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.0	+3.7pp	Cons. · Japanese GAAP
FYE Dec 2018	9.9	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2019	10.1	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2020	1.6	−8.4pp	Cons. · Japanese GAAP
FYE Dec 2021	4.0	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2022	4.4	moved to IFRS	Cons. · IFRS
FYE Dec 2023	2.9	−1.5pp	Cons. · IFRS
FYE Dec 2024	0.8	−2.1pp	Cons. · IFRS
FYE Dec 2025	-3.0	−3.7pp	Cons. · IFRS

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

Ordinary margin

FYE Dec 2025 n/a

Average · 6 yrs 6.2%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	4.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.0	+3.6pp	Cons. · Japanese GAAP
FYE Dec 2018	10.0	+2.0pp	Cons. · Japanese GAAP
FYE Dec 2019	9.6	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	1.0	−8.6pp	Cons. · Japanese GAAP
FYE Dec 2021	4.3	+3.3pp	Cons. · Japanese GAAP
FYE Dec 2022	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	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 Dec 2025 -4.2%

Average · 10 yrs 1.9%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	3.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.3	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2018	5.6	+3.3pp	Cons. · Japanese GAAP
FYE Dec 2019	6.5	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2020	-1.3	−7.8pp	Cons. · Japanese GAAP
FYE Dec 2021	3.0	+4.3pp	Cons. · Japanese GAAP
FYE Dec 2022	2.0	moved to IFRS	Cons. · IFRS
FYE Dec 2023	2.2	+0.3pp	Cons. · IFRS
FYE Dec 2024	-1.1	−3.3pp	Cons. · IFRS
FYE Dec 2025	-4.2	−3.1pp	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 23.4%

Average · 10 yrs 24.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	24.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	23.0	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2018	21.2	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2019	22.5	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2020	25.9	+3.4pp	Cons. · Japanese GAAP
FYE Dec 2021	25.4	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2022	30.6	moved to IFRS	Cons. · IFRS
FYE Dec 2023	26.7	−4.0pp	Cons. · IFRS
FYE Dec 2024	24.0	−2.7pp	Cons. · IFRS
FYE Dec 2025	23.4	−0.6pp	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 74.8%

Average · 10 yrs 70.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	71.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	69.0	−2.3pp	Cons. · Japanese GAAP
FYE Dec 2018	68.9	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2019	67.4	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2020	72.5	+5.1pp	Cons. · Japanese GAAP
FYE Dec 2021	70.6	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2022	67.3	moved to IFRS	Cons. · IFRS
FYE Dec 2023	71.6	+4.3pp	Cons. · IFRS
FYE Dec 2024	75.9	+4.3pp	Cons. · IFRS
FYE Dec 2025	74.8	−1.1pp	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 ¥1.27tn

CAGR · 10 yrs +3.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	935	n/a	Cons. · Japanese GAAP
FYE Dec 2017	949	+1.6%	Cons. · Japanese GAAP
FYE Dec 2018	1,010	+6.3%	Cons. · Japanese GAAP
FYE Dec 2019	1,219	+20.7%	Cons. · Japanese GAAP
FYE Dec 2020	1,204	−1.2%	Cons. · Japanese GAAP
FYE Dec 2021	1,215	+0.9%	Cons. · Japanese GAAP
FYE Dec 2022	1,211	moved to IFRS	Cons. · IFRS
FYE Dec 2023	1,255	+3.7%	Cons. · IFRS
FYE Dec 2024	1,332	+6.1%	Cons. · IFRS
FYE Dec 2025	1,267	−4.8%	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 ¥580bn

CAGR · 10 yrs +4.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	394	n/a	Cons. · Japanese GAAP
FYE Dec 2017	424	+7.8%	Cons. · Japanese GAAP
FYE Dec 2018	450	+5.9%	Cons. · Japanese GAAP
FYE Dec 2019	498	+10.7%	Cons. · Japanese GAAP
FYE Dec 2020	486	−2.4%	Cons. · Japanese GAAP
FYE Dec 2021	546	+12.4%	Cons. · Japanese GAAP
FYE Dec 2022	570	moved to IFRS	Cons. · IFRS
FYE Dec 2023	597	+4.7%	Cons. · IFRS
FYE Dec 2024	610	+2.2%	Cons. · IFRS
FYE Dec 2025	580	−4.9%	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 ¥212bn

CAGR · 10 yrs +13.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	68.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	37.4	−45.5%	Cons. · Japanese GAAP
FYE Dec 2018	30.8	−17.5%	Cons. · Japanese GAAP
FYE Dec 2019	191	+520.5%	Cons. · Japanese GAAP
FYE Dec 2020	224	+17.3%	Cons. · Japanese GAAP
FYE Dec 2021	162	−28.0%	Cons. · Japanese GAAP
FYE Dec 2022	166	moved to IFRS	Cons. · IFRS
FYE Dec 2023	161	−3.3%	Cons. · IFRS
FYE Dec 2024	239	+48.6%	Cons. · IFRS
FYE Dec 2025	212	−11.3%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥30bn

CAGR · 10 yrs +18.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	6.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.5	+34.7%	Cons. · Japanese GAAP
FYE Dec 2018	2.7	−68.1%	Cons. · Japanese GAAP
FYE Dec 2019	120	+4321.9%	Cons. · Japanese GAAP
FYE Dec 2020	56.5	−53.1%	Cons. · Japanese GAAP
FYE Dec 2021	0.0	−100.0%	Cons. · Japanese GAAP
FYE Dec 2022	26.0	moved to IFRS	Cons. · IFRS
FYE Dec 2023	50.0	+92.4%	Cons. · IFRS
FYE Dec 2024	107	+114.0%	Cons. · IFRS
FYE Dec 2025	30.0	−72.0%	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 ¥182bn

CAGR · 10 yrs +12.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	65.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	29.6	−54.8%	Cons. · Japanese GAAP
FYE Dec 2018	28.8	−2.5%	Cons. · Japanese GAAP
FYE Dec 2019	71.5	+148.0%	Cons. · Japanese GAAP
FYE Dec 2020	179	+149.7%	Cons. · Japanese GAAP
FYE Dec 2021	96.6	−45.9%	Cons. · Japanese GAAP
FYE Dec 2022	140	moved to IFRS	Cons. · IFRS
FYE Dec 2023	111	−21.0%	Cons. · IFRS
FYE Dec 2024	132	+19.0%	Cons. · IFRS
FYE Dec 2025	182	+38.0%	Cons. · IFRS

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

Bonds

FYE Dec 2025 n/a

CAGR · 6 yrs +10.2%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Dec 2016	40.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	40.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2018	40.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2019	30.0	−25.0%	Cons. · Japanese GAAP
FYE Dec 2020	65.0	+116.7%	Cons. · Japanese GAAP
FYE Dec 2021	65.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2022	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥176bn

CAGR · 10 yrs −3.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	246	n/a	Cons. · Japanese GAAP
FYE Dec 2017	169	−31.6%	Cons. · Japanese GAAP
FYE Dec 2018	165	−1.9%	Cons. · Japanese GAAP
FYE Dec 2019	249	+50.7%	Cons. · Japanese GAAP
FYE Dec 2020	241	−3.1%	Cons. · Japanese GAAP
FYE Dec 2021	102	−57.8%	Cons. · Japanese GAAP
FYE Dec 2022	123	moved to IFRS	Cons. · IFRS
FYE Dec 2023	138	+11.7%	Cons. · IFRS
FYE Dec 2024	179	+30.3%	Cons. · IFRS
FYE Dec 2025	176	−1.8%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥59bn

CAGR · 10 yrs −0.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	59.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.2	−79.7%	Cons. · Japanese GAAP
FYE Dec 2018	12.6	+3.6%	Cons. · Japanese GAAP
FYE Dec 2019	64.5	+411.5%	Cons. · Japanese GAAP
FYE Dec 2020	54.4	−15.6%	Cons. · Japanese GAAP
FYE Dec 2021	50.4	−7.3%	Cons. · Japanese GAAP
FYE Dec 2022	57.9	moved to IFRS	Cons. · IFRS
FYE Dec 2023	62.1	+7.4%	Cons. · IFRS
FYE Dec 2024	108	+73.8%	Cons. · IFRS
FYE Dec 2025	58.8	−45.6%	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 45.8%

Average · 10 yrs 44.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	42.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	44.7	+2.6pp	Cons. · Japanese GAAP
FYE Dec 2018	44.5	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2019	40.8	−3.7pp	Cons. · Japanese GAAP
FYE Dec 2020	40.3	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2021	44.9	+4.6pp	Cons. · Japanese GAAP
FYE Dec 2022	47.1	moved to IFRS	Cons. · IFRS
FYE Dec 2023	47.6	+0.5pp	Cons. · IFRS
FYE Dec 2024	45.8	−1.7pp	Cons. · IFRS
FYE Dec 2025	45.8	−0.0pp	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 36.5%

Average · 10 yrs 27.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	17.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.8	−8.6pp	Cons. · Japanese GAAP
FYE Dec 2018	6.9	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2019	38.4	+31.6pp	Cons. · Japanese GAAP
FYE Dec 2020	46.2	+7.8pp	Cons. · Japanese GAAP
FYE Dec 2021	29.6	−16.6pp	Cons. · Japanese GAAP
FYE Dec 2022	29.1	moved to IFRS	Cons. · IFRS
FYE Dec 2023	26.9	−2.2pp	Cons. · IFRS
FYE Dec 2024	39.1	+12.2pp	Cons. · IFRS
FYE Dec 2025	36.5	−2.6pp	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 -7.0%

Average · 10 yrs 4.4%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	8.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.4	−2.8pp	Cons. · Japanese GAAP
FYE Dec 2018	13.7	+8.3pp	Cons. · Japanese GAAP
FYE Dec 2019	14.8	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2020	-2.4	−17.2pp	Cons. · Japanese GAAP
FYE Dec 2021	5.7	+8.1pp	Cons. · Japanese GAAP
FYE Dec 2022	3.7	moved to IFRS	Cons. · IFRS
FYE Dec 2023	3.6	−0.0pp	Cons. · IFRS
FYE Dec 2024	-1.8	−5.4pp	Cons. · IFRS
FYE Dec 2025	-7.0	−5.2pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 -3.2%

Average · 10 yrs 1.9%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	3.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.4	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2018	6.1	+3.7pp	Cons. · Japanese GAAP
FYE Dec 2019	6.0	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2020	-1.0	−7.0pp	Cons. · Japanese GAAP
FYE Dec 2021	2.6	+3.5pp	Cons. · Japanese GAAP
FYE Dec 2022	1.7	moved to IFRS	Cons. · IFRS
FYE Dec 2023	1.7	−0.0pp	Cons. · IFRS
FYE Dec 2024	-0.8	−2.5pp	Cons. · IFRS
FYE Dec 2025	-3.2	−2.4pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.77×

CAGR · 10 yrs −1.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.91	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.06	+16.4%	Cons. · Japanese GAAP
FYE Dec 2018	1.08	+2.4%	Cons. · Japanese GAAP
FYE Dec 2019	0.93	−14.4%	Cons. · Japanese GAAP
FYE Dec 2020	0.76	−17.6%	Cons. · Japanese GAAP
FYE Dec 2021	0.85	+11.4%	Cons. · Japanese GAAP
FYE Dec 2022	0.88	moved to IFRS	Cons. · IFRS
FYE Dec 2023	0.78	−12.1%	Cons. · IFRS
FYE Dec 2024	0.74	−4.0%	Cons. · IFRS
FYE Dec 2025	0.77	+2.9%	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 Dec 2025 ¥110bn

CAGR · 10 yrs +7.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	59.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	95.4	+61.3%	Cons. · Japanese GAAP
FYE Dec 2018	92.6	−3.0%	Cons. · Japanese GAAP
FYE Dec 2019	75.6	−18.4%	Cons. · Japanese GAAP
FYE Dec 2020	64.0	−15.2%	Cons. · Japanese GAAP
FYE Dec 2021	127	+98.5%	Cons. · Japanese GAAP
FYE Dec 2022	33.7	moved to IFRS	Cons. · IFRS
FYE Dec 2023	89.0	+164.0%	Cons. · IFRS
FYE Dec 2024	48.4	−45.6%	Cons. · IFRS
FYE Dec 2025	110	+127.0%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥43bn

Average · 10 yrs -¥59bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-70.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-1.1	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-103	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-203	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-70.1	n/a	Cons. · Japanese GAAP
FYE Dec 2021	63.7	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-42.0	moved to IFRS	Cons. · IFRS
FYE Dec 2023	-35.5	n/a	Cons. · IFRS
FYE Dec 2024	-83.7	n/a	Cons. · IFRS
FYE Dec 2025	-43.4	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 -¥77bn

Average · 10 yrs -¥25bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	22.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-53.1	−337.4%	Cons. · Japanese GAAP
FYE Dec 2018	-29.7	n/a	Cons. · Japanese GAAP
FYE Dec 2019	114	n/a	Cons. · Japanese GAAP
FYE Dec 2020	46.9	−58.8%	Cons. · Japanese GAAP
FYE Dec 2021	-180	−484.9%	Cons. · Japanese GAAP
FYE Dec 2022	-38.7	moved to IFRS	Cons. · IFRS
FYE Dec 2023	-75.6	n/a	Cons. · IFRS
FYE Dec 2024	23.4	n/a	Cons. · IFRS
FYE Dec 2025	-77.2	−430.7%	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 ¥92bn

CAGR · 10 yrs −2.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	113	n/a	Cons. · Japanese GAAP
FYE Dec 2017	157	+38.6%	Cons. · Japanese GAAP
FYE Dec 2018	112	−28.7%	Cons. · Japanese GAAP
FYE Dec 2019	97.5	−12.8%	Cons. · Japanese GAAP
FYE Dec 2020	136	+39.9%	Cons. · Japanese GAAP
FYE Dec 2021	157	+14.8%	Cons. · Japanese GAAP
FYE Dec 2022	120	moved to IFRS	Cons. · IFRS
FYE Dec 2023	105	−12.4%	Cons. · IFRS
FYE Dec 2024	98.5	−5.9%	Cons. · IFRS
FYE Dec 2025	91.8	−6.7%	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 ¥66bn

Average · 10 yrs ¥21bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	-11.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	94.3	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-10.5	−111.2%	Cons. · Japanese GAAP
FYE Dec 2019	-127	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-6.0	n/a	Cons. · Japanese GAAP
FYE Dec 2021	191	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-8.3	moved to IFRS	Cons. · IFRS
FYE Dec 2023	53.5	n/a	Cons. · IFRS
FYE Dec 2024	-35.3	−166.1%	Cons. · IFRS
FYE Dec 2025	66.5	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 11.3%

Average · 10 yrs 7.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	7.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.5	+2.5pp	Cons. · Japanese GAAP
FYE Dec 2018	8.5	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2019	6.7	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2020	7.0	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2021	12.3	+5.3pp	Cons. · Japanese GAAP
FYE Dec 2022	3.2	moved to IFRS	Cons. · IFRS
FYE Dec 2023	9.1	+6.0pp	Cons. · IFRS
FYE Dec 2024	4.9	−4.3pp	Cons. · IFRS
FYE Dec 2025	11.3	+6.4pp	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 -¥120bn

Average · 10 yrs -¥30bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	44.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	119	+167.9%	Cons. · Japanese GAAP
FYE Dec 2018	80.9	−32.2%	Cons. · Japanese GAAP
FYE Dec 2019	-93.8	−215.9%	Cons. · Japanese GAAP
FYE Dec 2020	-88.0	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-5.1	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-46.5	moved to IFRS	Cons. · IFRS
FYE Dec 2023	-55.9	n/a	Cons. · IFRS
FYE Dec 2024	-140	n/a	Cons. · IFRS
FYE Dec 2025	-120	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 · 7 yrs +¥517bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	1,184	n/a
FYE Dec 2017	2,178	n/a
FYE Dec 2018	2,755	n/a
FYE Dec 2019	3,116	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	2,565	n/a
FYE Dec 2022	2,589	n/a
FYE Dec 2023	1,700	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 · 7 yrs +1,292¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	2,959	n/a
FYE Dec 2017	5,444	n/a
FYE Dec 2018	6,888	n/a
FYE Dec 2019	7,791	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	6,412	n/a
FYE Dec 2022	6,471	n/a
FYE Dec 2023	4,251	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 400,000,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	400,000,000	Parent
FYE Dec 2017	400,000,000	Parent
FYE Dec 2018	400,000,000	Parent
FYE Dec 2019	400,000,000	Parent
FYE Dec 2020	400,000,000	Parent
FYE Dec 2021	400,000,000	Parent
FYE Dec 2022	400,000,000	Parent
FYE Dec 2023	400,000,000	Parent
FYE Dec 2024	400,000,000	Parent
FYE Dec 2025	400,000,000	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 -101.83¥

Change · 10 yrs −182.24¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	80.41	Cons.
FYE Dec 2017	56.95	Cons.
FYE Dec 2018	153.74	Cons.
FYE Dec 2019	184.18	Cons.
FYE Dec 2020	-29.19	Cons.
FYE Dec 2021	117.43	Cons.
FYE Dec 2022	85.60	Cons.
FYE Dec 2023	54.43	Cons.
FYE Dec 2024	-27.06	Cons.
FYE Dec 2025	-101.83	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 1,450.61¥

Change · 10 yrs +466.15¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	984.46	Cons. · Japanese GAAP
FYE Dec 2017	1,060.81	Cons. · Japanese GAAP
FYE Dec 2018	1,123.83	Cons. · Japanese GAAP
FYE Dec 2019	1,244.25	Cons. · Japanese GAAP
FYE Dec 2020	1,214.22	Cons. · Japanese GAAP
FYE Dec 2021	1,365.03	Cons. · Japanese GAAP
FYE Dec 2022	1,425.73	Cons. · IFRS
FYE Dec 2023	1,492.76	Cons. · IFRS
FYE Dec 2024	1,525.76	Cons. · IFRS
FYE Dec 2025	1,450.61	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 · 7 yrs 61.11×

Fiscal year	PER ×	Basis
FYE Dec 2016	36.80	Cons.
FYE Dec 2017	95.60	Cons.
FYE Dec 2018	44.80	Cons.
FYE Dec 2019	42.30	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	54.60	Cons.
FYE Dec 2022	75.60	Cons.
FYE Dec 2023	78.10	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 · 7 yrs 4.62×

Fiscal year	PBR ×	Basis
FYE Dec 2016	3.01	Cons.
FYE Dec 2017	5.14	Cons.
FYE Dec 2018	6.13	Cons.
FYE Dec 2019	6.27	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	4.74	Cons.
FYE Dec 2022	4.28	Cons.
FYE Dec 2023	2.75	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 26,330people

Change · 10 yrs −10,219 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	36,549	n/a	Cons.
FYE Dec 2017	37,438	+2.4%	Cons.
FYE Dec 2018	38,640	+3.2%	Cons.
FYE Dec 2019	40,000	+3.5%	Cons.
FYE Dec 2020	39,035	−2.4%	Cons.
FYE Dec 2021	35,318	−9.5%	Cons.
FYE Dec 2022	33,414	−5.4%	Cons.
FYE Dec 2023	30,540	−8.6%	Cons.
FYE Dec 2024	27,908	−8.6%	Cons.
FYE Dec 2025	26,330	−5.7%	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 Dec 2025 3,850people

Change · 10 yrs +1,039 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	2,811	n/a	Parent
FYE Dec 2017	2,937	+4.5%	Parent
FYE Dec 2018	3,497	+19.1%	Parent
FYE Dec 2019	3,961	+13.3%	Parent
FYE Dec 2020	4,309	+8.8%	Parent
FYE Dec 2021	4,260	−1.1%	Parent
FYE Dec 2022	4,283	+0.5%	Parent
FYE Dec 2023	3,952	−7.7%	Parent
FYE Dec 2024	4,023	+1.8%	Parent
FYE Dec 2025	3,850	−4.3%	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 ¥7.1m

Change · 10 yrs −¥0.1m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	7.2	n/a	Parent
FYE Dec 2017	7.2	+0.8%	Parent
FYE Dec 2018	7.3	+1.0%	Parent
FYE Dec 2019	7.2	−2.0%	Parent
FYE Dec 2020	6.6	−8.1%	Parent
FYE Dec 2021	7.1	+7.2%	Parent
FYE Dec 2022	6.6	−6.0%	Parent
FYE Dec 2023	7.4	+11.6%	Parent
FYE Dec 2024	7.2	−2.7%	Parent
FYE Dec 2025	7.1	−1.7%	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 39.3years

Change · 7 yrs +0.3 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	39.0	n/a	Parent
FYE Dec 2020	38.8	−0.5%	Parent
FYE Dec 2021	38.9	+0.3%	Parent
FYE Dec 2022	38.9	−0.0%	Parent
FYE Dec 2023	38.7	−0.5%	Parent
FYE Dec 2024	38.9	+0.5%	Parent
FYE Dec 2025	39.3	+1.0%	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 11.2years

Change · 10 yrs −6.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	17.3	n/a	Parent
FYE Dec 2017	16.2	−6.4%	Parent
FYE Dec 2018	14.0	−13.6%	Parent
FYE Dec 2019	11.9	−15.0%	Parent
FYE Dec 2020	11.3	−5.0%	Parent
FYE Dec 2021	11.2	−0.9%	Parent
FYE Dec 2022	10.9	−2.7%	Parent
FYE Dec 2023	10.7	−1.8%	Parent
FYE Dec 2024	10.8	+0.9%	Parent
FYE Dec 2025	11.2	+3.7%	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 5,665people

Change · 10 yrs −3,762 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	9,427	n/a	n/a
FYE Dec 2017	8,271	−12.3%	n/a
FYE Dec 2018	8,109	−2.0%	n/a
FYE Dec 2019	8,130	+0.3%	n/a
FYE Dec 2020	7,516	−7.6%	n/a
FYE Dec 2021	6,613	−12.0%	n/a
FYE Dec 2022	5,833	−11.8%	n/a
FYE Dec 2023	5,319	−8.8%	n/a
FYE Dec 2024	5,084	−4.4%	n/a
FYE Dec 2025	5,665	+11.4%	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 ¥36.8m

Change · 10 yrs +¥13.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	23.3	n/a	Cons.
FYE Dec 2017	26.8	+15.4%	Cons.
FYE Dec 2018	28.3	+5.5%	Cons.
FYE Dec 2019	28.3	−0.2%	Cons.
FYE Dec 2020	23.6	−16.6%	Cons.
FYE Dec 2021	29.3	+24.2%	Cons.
FYE Dec 2022	31.9	n/a	Cons.
FYE Dec 2023	31.9	−0.3%	Cons.
FYE Dec 2024	35.5	+11.4%	Cons.
FYE Dec 2025	36.8	+3.8%	Cons.

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

Operating profit per employee

FYE Dec 2025 -¥1.1m

Change · 10 yrs −¥2.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	1.0	n/a	Cons.
FYE Dec 2017	2.1	+113.5%	Cons.
FYE Dec 2018	2.8	+30.5%	Cons.
FYE Dec 2019	2.8	+1.5%	Cons.
FYE Dec 2020	0.4	−86.5%	Cons.
FYE Dec 2021	1.2	+207.2%	Cons.
FYE Dec 2022	1.4	n/a	Cons.
FYE Dec 2023	0.9	−33.9%	Cons.
FYE Dec 2024	0.3	−70.5%	Cons.
FYE Dec 2025	-1.1	−502.8%	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 →

Data API

Shiseido’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/4911/company.json ·/api/4911/history.json ·/api/4911/ceo.json ·/api/4911/financials.json ·/api/4911/financials/segment.json ·/api/4911/financials/pl.json ·/api/4911/financials/cf.json ·/api/4911/financials/bs.json ·/api/4911/financials/employee.json ·/api/4911/financials/stock.json ·/api/4911/financials.csv ·/api/4911/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json