Financials

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

FYE Dec 2025 · Revenue¥422bnYoY +2.2%

FYE Dec 2025 · Operating profit¥36bnYoY +28.1%

FYE Dec 2025 · Net profit¥28bnYoY +30.1%

FYE Dec 2025 · Equity ratio56.2%YoY +1.5pp

FYE Dec 2025 · Group employees8,346YoY +692

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥396bn	n/a	¥25bn	n/a	6.2%	¥16bn	Hama Itsuo	—
FYE Dec 2017Consolidated	¥410bn	+3.8%	¥27bn	+11.0%	6.6%	¥20bn	Hama Itsuo	—
FYE Dec 2018Consolidated	¥349bn	−14.9%	¥34bn	+25.7%	9.8%	¥25bn	Hama Itsuo	Global Eco Chemicals Singapore established with Wilmar International
FYE Dec 2019Consolidated	¥348bn	−0.5%	¥30bn	−12.8%	8.6%	¥21bn	Hama Itsuo	—
FYE Dec 2020Consolidated	¥355bn	+2.3%	¥44bn	+47.7%	12.4%	¥30bn	Kikukawa Masazumi	Pandemic hygiene demand lifts operating profit to a record
FYE Dec 2021Consolidated	¥366bn	+3.1%	¥31bn	−29.3%	8.5%	¥24bn	Kikukawa Masazumi	—
FYE Dec 2022Consolidated	¥390bn	+6.5%	¥29bn	−7.5%	7.4%	¥22bn	Kikukawa Masazumi	Moves from the TSE first section to the Prime Market
FYE Dec 2023Consolidated	¥403bn	+3.3%	¥21bn	−28.9%	5.1%	¥15bn	Kikukawa Masazumi	Head office moves to Kuramae, Taito-ku, Tokyo
FYE Dec 2024Consolidated	¥413bn	+2.5%	¥28bn	+38.4%	6.9%	¥21bn	Takemori Masayuki	<em>Gronsan</em>, <em>Gromont</em> and <em>Harix</em> divested; a 30 per cent SKU cut announced
FYE Dec 2025Consolidated	¥422bn	+2.2%	¥36bn	+28.1%	8.6%	¥28bn	Takemori Masayuki	Merap Lion Holding taken into full ownership in Vietnam

How it compares

Unicharm¥945bnFY2025Operating margin 11.1%

Lion¥422bnFY2025Operating margin 8.6%

Asuseiyaku¥179bnFY2025Operating margin 4.5%

PIGEON CORPORATION¥109bnFY2025Operating margin 12.1%

Noebiahorudingusu¥65bnFY2025Operating margin 17.1%

Mirubon¥53bnFY2025Operating margin 10.7%

S.T. Corporation¥48bnFY2025Operating margin 4.1%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥422bn

CAGR · 10 yrs +0.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	396	n/a	Cons. · Japanese GAAP
FYE Dec 2017	410	+3.8%	Cons. · Japanese GAAP
FYE Dec 2018	349	moved to IFRS	Cons. · IFRS
FYE Dec 2019	348	−0.5%	Cons. · IFRS
FYE Dec 2020	355	+2.3%	Cons. · IFRS
FYE Dec 2021	366	+3.1%	Cons. · IFRS
FYE Dec 2022	390	+6.5%	Cons. · IFRS
FYE Dec 2023	403	+3.3%	Cons. · IFRS
FYE Dec 2024	413	+2.5%	Cons. · IFRS
FYE Dec 2025	422	+2.2%	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 ¥228bn

CAGR · 10 yrs +3.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	162	n/a	Cons. · Japanese GAAP
FYE Dec 2017	171	+5.7%	Cons. · Japanese GAAP
FYE Dec 2018	178	moved to IFRS	Cons. · IFRS
FYE Dec 2019	176	−1.2%	Cons. · IFRS
FYE Dec 2020	175	−0.1%	Cons. · IFRS
FYE Dec 2021	187	+6.6%	Cons. · IFRS
FYE Dec 2022	215	+15.0%	Cons. · IFRS
FYE Dec 2023	222	+3.2%	Cons. · IFRS
FYE Dec 2024	224	+0.9%	Cons. · IFRS
FYE Dec 2025	228	+1.8%	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 ¥194bn

CAGR · 10 yrs −2.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	234	n/a	Cons. · Japanese GAAP
FYE Dec 2017	239	+2.4%	Cons. · Japanese GAAP
FYE Dec 2018	172	moved to IFRS	Cons. · IFRS
FYE Dec 2019	172	+0.1%	Cons. · IFRS
FYE Dec 2020	180	+4.6%	Cons. · IFRS
FYE Dec 2021	179	−0.4%	Cons. · IFRS
FYE Dec 2022	175	−2.5%	Cons. · IFRS
FYE Dec 2023	181	+3.4%	Cons. · IFRS
FYE Dec 2024	189	+4.5%	Cons. · IFRS
FYE Dec 2025	194	+2.7%	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 ¥163bn

CAGR · 10 yrs −2.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	209	n/a	Cons. · Japanese GAAP
FYE Dec 2017	212	+1.4%	Cons. · Japanese GAAP
FYE Dec 2018	143	moved to IFRS	Cons. · IFRS
FYE Dec 2019	142	−1.0%	Cons. · IFRS
FYE Dec 2020	144	+1.4%	Cons. · IFRS
FYE Dec 2021	148	+3.0%	Cons. · IFRS
FYE Dec 2022	151	+1.9%	Cons. · IFRS
FYE Dec 2023	160	+6.2%	Cons. · IFRS
FYE Dec 2024	162	+1.2%	Cons. · IFRS
FYE Dec 2025	163	+0.4%	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 ¥36bn

CAGR · 10 yrs +4.5%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	24.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	27.2	+11.0%	Cons. · Japanese GAAP
FYE Dec 2018	34.2	moved to IFRS	Cons. · IFRS
FYE Dec 2019	29.8	−12.8%	Cons. · IFRS
FYE Dec 2020	44.1	+47.7%	Cons. · IFRS
FYE Dec 2021	31.2	−29.3%	Cons. · IFRS
FYE Dec 2022	28.8	−7.5%	Cons. · IFRS
FYE Dec 2023	20.5	−28.9%	Cons. · IFRS
FYE Dec 2024	28.4	+38.4%	Cons. · IFRS
FYE Dec 2025	36.4	+28.1%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥1.4bn

CAGR · 10 yrs −5.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	2.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.6	+14.5%	Cons. · Japanese GAAP
FYE Dec 2018	0.8	moved to IFRS	Cons. · IFRS
FYE Dec 2019	0.8	−4.7%	Cons. · IFRS
FYE Dec 2020	0.7	−9.7%	Cons. · IFRS
FYE Dec 2021	0.8	+20.3%	Cons. · IFRS
FYE Dec 2022	0.8	−1.6%	Cons. · IFRS
FYE Dec 2023	1.1	+37.6%	Cons. · IFRS
FYE Dec 2024	1.7	+58.0%	Cons. · IFRS
FYE Dec 2025	1.4	−19.0%	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 ¥1.2bn

CAGR · 10 yrs +10.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	0.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.7	+40.2%	Cons. · Japanese GAAP
FYE Dec 2018	0.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	0.2	+22.6%	Cons. · IFRS
FYE Dec 2020	0.1	−13.1%	Cons. · IFRS
FYE Dec 2021	0.1	−6.8%	Cons. · IFRS
FYE Dec 2022	0.2	+31.6%	Cons. · IFRS
FYE Dec 2023	0.8	+370.9%	Cons. · IFRS
FYE Dec 2024	0.8	−4.3%	Cons. · IFRS
FYE Dec 2025	1.2	+52.9%	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 ¥28bn

CAGR · 10 yrs +6.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	16.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	19.8	+24.3%	Cons. · Japanese GAAP
FYE Dec 2018	24.8	moved to IFRS	Cons. · IFRS
FYE Dec 2019	20.6	−17.2%	Cons. · IFRS
FYE Dec 2020	29.9	+45.3%	Cons. · IFRS
FYE Dec 2021	23.8	−20.5%	Cons. · IFRS
FYE Dec 2022	21.9	−7.7%	Cons. · IFRS
FYE Dec 2023	14.6	−33.3%	Cons. · IFRS
FYE Dec 2024	21.2	+44.9%	Cons. · IFRS
FYE Dec 2025	27.6	+30.1%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 45.9%

Average · 10 yrs 49.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	59.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	58.3	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2018	49.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	49.5	+0.3pp	Cons. · IFRS
FYE Dec 2020	50.6	+1.1pp	Cons. · IFRS
FYE Dec 2021	48.9	−1.7pp	Cons. · IFRS
FYE Dec 2022	44.8	−4.1pp	Cons. · IFRS
FYE Dec 2023	44.8	+0.1pp	Cons. · IFRS
FYE Dec 2024	45.7	+0.9pp	Cons. · IFRS
FYE Dec 2025	45.9	+0.2pp	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 8.6%

Average · 10 yrs 8.0%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	6.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.6	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2018	9.8	moved to IFRS	Cons. · IFRS
FYE Dec 2019	8.6	−1.2pp	Cons. · IFRS
FYE Dec 2020	12.4	+3.8pp	Cons. · IFRS
FYE Dec 2021	8.5	−3.9pp	Cons. · IFRS
FYE Dec 2022	7.4	−1.1pp	Cons. · IFRS
FYE Dec 2023	5.1	−2.3pp	Cons. · IFRS
FYE Dec 2024	6.9	+1.8pp	Cons. · IFRS
FYE Dec 2025	8.6	+1.7pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 6.5%

Average · 10 yrs 5.8%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	4.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.8	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2018	7.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	5.9	−1.2pp	Cons. · IFRS
FYE Dec 2020	8.4	+2.5pp	Cons. · IFRS
FYE Dec 2021	6.5	−1.9pp	Cons. · IFRS
FYE Dec 2022	5.6	−0.9pp	Cons. · IFRS
FYE Dec 2023	3.6	−2.0pp	Cons. · IFRS
FYE Dec 2024	5.1	+1.5pp	Cons. · IFRS
FYE Dec 2025	6.5	+1.4pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Dec 2025 54.1%

Average · 10 yrs 50.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	41.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	41.7	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2018	50.9	moved to IFRS	Cons. · IFRS
FYE Dec 2019	50.5	−0.3pp	Cons. · IFRS
FYE Dec 2020	49.4	−1.1pp	Cons. · IFRS
FYE Dec 2021	51.1	+1.7pp	Cons. · IFRS
FYE Dec 2022	55.2	+4.1pp	Cons. · IFRS
FYE Dec 2023	55.2	−0.1pp	Cons. · IFRS
FYE Dec 2024	54.3	−0.9pp	Cons. · IFRS
FYE Dec 2025	54.1	−0.2pp	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 38.7%

Average · 10 yrs 42.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	52.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	51.7	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2018	41.0	moved to IFRS	Cons. · IFRS
FYE Dec 2019	40.8	−0.2pp	Cons. · IFRS
FYE Dec 2020	40.5	−0.3pp	Cons. · IFRS
FYE Dec 2021	40.5	−0.0pp	Cons. · IFRS
FYE Dec 2022	38.7	−1.7pp	Cons. · IFRS
FYE Dec 2023	39.8	+1.1pp	Cons. · IFRS
FYE Dec 2024	39.3	−0.5pp	Cons. · IFRS
FYE Dec 2025	38.7	−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 ¥529bn

CAGR · 10 yrs +6.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	299	n/a	Cons. · Japanese GAAP
FYE Dec 2017	332	+11.1%	Cons. · Japanese GAAP
FYE Dec 2018	346	moved to IFRS	Cons. · IFRS
FYE Dec 2019	381	+9.9%	Cons. · IFRS
FYE Dec 2020	436	+14.4%	Cons. · IFRS
FYE Dec 2021	428	−1.7%	Cons. · IFRS
FYE Dec 2022	469	+9.6%	Cons. · IFRS
FYE Dec 2023	486	+3.6%	Cons. · IFRS
FYE Dec 2024	497	+2.2%	Cons. · IFRS
FYE Dec 2025	529	+6.3%	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 ¥297bn

CAGR · 10 yrs +7.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	150	n/a	Cons. · Japanese GAAP
FYE Dec 2017	177	+18.2%	Cons. · Japanese GAAP
FYE Dec 2018	187	moved to IFRS	Cons. · IFRS
FYE Dec 2019	196	+4.4%	Cons. · IFRS
FYE Dec 2020	219	+11.7%	Cons. · IFRS
FYE Dec 2021	238	+8.9%	Cons. · IFRS
FYE Dec 2022	249	+4.7%	Cons. · IFRS
FYE Dec 2023	262	+5.3%	Cons. · IFRS
FYE Dec 2024	272	+3.5%	Cons. · IFRS
FYE Dec 2025	297	+9.3%	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 n/a

Average · 9 yrs ¥2.4bn

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	5.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.3	−10.3%	Cons. · Japanese GAAP
FYE Dec 2018	2.6	moved to IFRS	Cons. · IFRS
FYE Dec 2019	2.3	−12.4%	Cons. · IFRS
FYE Dec 2020	2.0	−10.9%	Cons. · IFRS
FYE Dec 2021	1.8	−11.8%	Cons. · IFRS
FYE Dec 2022	1.6	−12.7%	Cons. · IFRS
FYE Dec 2023	0.1	−90.6%	Cons. · IFRS
FYE Dec 2024	0.0	−100.0%	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 n/a

CAGR · 8 yrs −38.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	4.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.8	−11.5%	Cons. · Japanese GAAP
FYE Dec 2018	1.4	moved to IFRS	Cons. · IFRS
FYE Dec 2019	1.4	−0.9%	Cons. · IFRS
FYE Dec 2020	1.4	+0.1%	Cons. · IFRS
FYE Dec 2021	1.4	+0.4%	Cons. · IFRS
FYE Dec 2022	1.4	+1.6%	Cons. · IFRS
FYE Dec 2023	0.1	−89.7%	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	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 n/a

CAGR · 7 yrs −33.9%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	1.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.6	−7.2%	Cons. · Japanese GAAP
FYE Dec 2018	1.2	moved to IFRS	Cons. · IFRS
FYE Dec 2019	0.9	−26.0%	Cons. · IFRS
FYE Dec 2020	0.6	−28.1%	Cons. · IFRS
FYE Dec 2021	0.4	−38.7%	Cons. · IFRS
FYE Dec 2022	0.1	−64.0%	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: 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 ¥32bn

CAGR · 10 yrs +30.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	2.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.7	−40.1%	Cons. · Japanese GAAP
FYE Dec 2018	10.2	moved to IFRS	Cons. · IFRS
FYE Dec 2019	13.5	+32.7%	Cons. · IFRS
FYE Dec 2020	18.9	+40.3%	Cons. · IFRS
FYE Dec 2021	24.0	+26.7%	Cons. · IFRS
FYE Dec 2022	23.9	−0.2%	Cons. · IFRS
FYE Dec 2023	22.7	−5.0%	Cons. · IFRS
FYE Dec 2024	21.1	−7.2%	Cons. · IFRS
FYE Dec 2025	31.5	+49.5%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥20bn

CAGR · 10 yrs +68.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	0.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.1	−44.5%	Cons. · Japanese GAAP
FYE Dec 2018	0.2	moved to IFRS	Cons. · IFRS
FYE Dec 2019	0.2	−0.0%	Cons. · IFRS
FYE Dec 2020	0.2	−0.0%	Cons. · IFRS
FYE Dec 2021	0.2	−0.0%	Cons. · IFRS
FYE Dec 2022	0.3	+79.7%	Cons. · IFRS
FYE Dec 2023	0.3	−0.0%	Cons. · IFRS
FYE Dec 2024	0.3	−0.0%	Cons. · IFRS
FYE Dec 2025	19.6	+5887.8%	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 56.2%

Average · 10 yrs 53.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	50.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	53.3	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2018	54.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	51.4	−2.7pp	Cons. · IFRS
FYE Dec 2020	50.2	−1.2pp	Cons. · IFRS
FYE Dec 2021	55.6	+5.4pp	Cons. · IFRS
FYE Dec 2022	53.1	−2.5pp	Cons. · IFRS
FYE Dec 2023	54.0	+0.8pp	Cons. · IFRS
FYE Dec 2024	54.7	+0.7pp	Cons. · IFRS
FYE Dec 2025	56.2	+1.5pp	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 n/a

Average · 9 yrs 1.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	4.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.0	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2018	1.4	moved to IFRS	Cons. · IFRS
FYE Dec 2019	1.2	−0.2pp	Cons. · IFRS
FYE Dec 2020	0.9	−0.2pp	Cons. · IFRS
FYE Dec 2021	0.8	−0.2pp	Cons. · IFRS
FYE Dec 2022	0.6	−0.1pp	Cons. · IFRS
FYE Dec 2023	0.1	−0.6pp	Cons. · IFRS
FYE Dec 2024	0.0	−0.1pp	Cons. · IFRS
FYE Dec 2025	n/a	n/a	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 9.3%

Average · 10 yrs 10.1%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	10.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.2	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2018	13.2	moved to IFRS	Cons. · IFRS
FYE Dec 2019	10.5	−2.7pp	Cons. · IFRS
FYE Dec 2020	13.7	+3.2pp	Cons. · IFRS
FYE Dec 2021	10.0	−3.7pp	Cons. · IFRS
FYE Dec 2022	8.8	−1.2pp	Cons. · IFRS
FYE Dec 2023	5.6	−3.2pp	Cons. · IFRS
FYE Dec 2024	7.8	+2.2pp	Cons. · IFRS
FYE Dec 2025	9.3	+1.5pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 5.2%

Average · 10 yrs 5.3%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	5.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.0	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2018	7.2	moved to IFRS	Cons. · IFRS
FYE Dec 2019	5.4	−1.8pp	Cons. · IFRS
FYE Dec 2020	6.9	+1.5pp	Cons. · IFRS
FYE Dec 2021	5.6	−1.3pp	Cons. · IFRS
FYE Dec 2022	4.7	−0.9pp	Cons. · IFRS
FYE Dec 2023	3.0	−1.7pp	Cons. · IFRS
FYE Dec 2024	4.3	+1.3pp	Cons. · IFRS
FYE Dec 2025	5.2	+1.0pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.80×

CAGR · 10 yrs −5.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	1.33	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.24	−6.6%	Cons. · Japanese GAAP
FYE Dec 2018	1.01	moved to IFRS	Cons. · IFRS
FYE Dec 2019	0.91	−9.5%	Cons. · IFRS
FYE Dec 2020	0.82	−10.6%	Cons. · IFRS
FYE Dec 2021	0.86	+4.9%	Cons. · IFRS
FYE Dec 2022	0.83	−2.9%	Cons. · IFRS
FYE Dec 2023	0.83	−0.3%	Cons. · IFRS
FYE Dec 2024	0.83	+0.3%	Cons. · IFRS
FYE Dec 2025	0.80	−3.9%	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 ¥41bn

CAGR · 10 yrs +2.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	32.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	28.6	−11.5%	Cons. · Japanese GAAP
FYE Dec 2018	31.9	moved to IFRS	Cons. · IFRS
FYE Dec 2019	36.8	+15.2%	Cons. · IFRS
FYE Dec 2020	40.7	+10.8%	Cons. · IFRS
FYE Dec 2021	19.3	−52.6%	Cons. · IFRS
FYE Dec 2022	42.0	+117.5%	Cons. · IFRS
FYE Dec 2023	30.1	−28.3%	Cons. · IFRS
FYE Dec 2024	43.7	+45.2%	Cons. · IFRS
FYE Dec 2025	40.6	−6.9%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥43bn

Average · 10 yrs -¥21bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-7.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-8.8	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-9.0	moved to IFRS	Cons. · IFRS
FYE Dec 2019	-20.8	n/a	Cons. · IFRS
FYE Dec 2020	-19.9	n/a	Cons. · IFRS
FYE Dec 2021	-34.2	n/a	Cons. · IFRS
FYE Dec 2022	-19.5	n/a	Cons. · IFRS
FYE Dec 2023	-34.8	n/a	Cons. · IFRS
FYE Dec 2024	-7.7	n/a	Cons. · IFRS
FYE Dec 2025	-43.5	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 -¥12bn

Average · 10 yrs -¥12bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-7.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-6.8	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-8.8	moved to IFRS	Cons. · IFRS
FYE Dec 2019	-10.6	n/a	Cons. · IFRS
FYE Dec 2020	-9.1	n/a	Cons. · IFRS
FYE Dec 2021	-10.2	n/a	Cons. · IFRS
FYE Dec 2022	-19.8	n/a	Cons. · IFRS
FYE Dec 2023	-11.8	n/a	Cons. · IFRS
FYE Dec 2024	-21.2	n/a	Cons. · IFRS
FYE Dec 2025	-12.4	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 ¥88bn

CAGR · 10 yrs +1.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	77.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	91.4	+17.6%	Cons. · Japanese GAAP
FYE Dec 2018	105	moved to IFRS	Cons. · IFRS
FYE Dec 2019	110	+5.2%	Cons. · IFRS
FYE Dec 2020	122	+10.1%	Cons. · IFRS
FYE Dec 2021	97.3	−20.0%	Cons. · IFRS
FYE Dec 2022	101	+3.9%	Cons. · IFRS
FYE Dec 2023	85.5	−15.4%	Cons. · IFRS
FYE Dec 2024	102	+19.5%	Cons. · IFRS
FYE Dec 2025	88.1	−13.8%	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 -¥2.8bn

Average · 10 yrs ¥14bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	24.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	19.8	−18.9%	Cons. · Japanese GAAP
FYE Dec 2018	22.9	moved to IFRS	Cons. · IFRS
FYE Dec 2019	16.0	−30.1%	Cons. · IFRS
FYE Dec 2020	20.9	+30.3%	Cons. · IFRS
FYE Dec 2021	-14.9	−171.3%	Cons. · IFRS
FYE Dec 2022	22.4	n/a	Cons. · IFRS
FYE Dec 2023	-4.7	−121.1%	Cons. · IFRS
FYE Dec 2024	36.0	n/a	Cons. · IFRS
FYE Dec 2025	-2.8	−107.8%	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 9.6%

Average · 10 yrs 9.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	8.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.0	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2018	9.1	moved to IFRS	Cons. · IFRS
FYE Dec 2019	10.6	+1.4pp	Cons. · IFRS
FYE Dec 2020	11.5	+0.9pp	Cons. · IFRS
FYE Dec 2021	5.3	−6.2pp	Cons. · IFRS
FYE Dec 2022	10.8	+5.5pp	Cons. · IFRS
FYE Dec 2023	7.5	−3.3pp	Cons. · IFRS
FYE Dec 2024	10.6	+3.1pp	Cons. · IFRS
FYE Dec 2025	9.6	−0.9pp	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 n/a

CAGR · 9 yrs +4.5%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	71.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	86.1	+19.9%	Cons. · Japanese GAAP
FYE Dec 2018	102	moved to IFRS	Cons. · IFRS
FYE Dec 2019	108	+5.6%	Cons. · IFRS
FYE Dec 2020	119	+10.5%	Cons. · IFRS
FYE Dec 2021	95.4	−20.1%	Cons. · IFRS
FYE Dec 2022	99.5	+4.3%	Cons. · IFRS
FYE Dec 2023	85.4	−14.2%	Cons. · IFRS
FYE Dec 2024	102	+19.7%	Cons. · IFRS
FYE Dec 2025	n/a	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 ¥460bn

Change · 10 yrs −¥113bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	574	n/a
FYE Dec 2017	638	n/a
FYE Dec 2018	680	n/a
FYE Dec 2019	637	n/a
FYE Dec 2020	747	n/a
FYE Dec 2021	460	n/a
FYE Dec 2022	444	n/a
FYE Dec 2023	382	n/a
FYE Dec 2024	501	n/a
FYE Dec 2025	460	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 1,646¥

Change · 10 yrs −273¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,919	n/a
FYE Dec 2017	2,135	n/a
FYE Dec 2018	2,273	n/a
FYE Dec 2019	2,129	n/a
FYE Dec 2020	2,497	n/a
FYE Dec 2021	1,537	n/a
FYE Dec 2022	1,518	n/a
FYE Dec 2023	1,306	n/a
FYE Dec 2024	1,760	n/a
FYE Dec 2025	1,646	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 279,782,746shares

Change · 10 yrs −19,332,600 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	299,115,346	Parent
FYE Dec 2017	299,115,346	Parent
FYE Dec 2018	299,115,346	Parent
FYE Dec 2019	299,115,346	Parent
FYE Dec 2020	299,115,346	Parent
FYE Dec 2021	299,115,346	Parent
FYE Dec 2022	292,536,446	Parent
FYE Dec 2023	292,536,446	Parent
FYE Dec 2024	284,432,746	Parent
FYE Dec 2025	279,782,746	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 99.74¥

Change · 10 yrs +44.61¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	55.13	Cons.
FYE Dec 2017	71.87	Cons.
FYE Dec 2018	88.11	Cons.
FYE Dec 2019	70.72	Cons.
FYE Dec 2020	102.75	Cons.
FYE Dec 2021	81.73	Cons.
FYE Dec 2022	77.04	Cons.
FYE Dec 2023	51.42	Cons.
FYE Dec 2024	76.51	Cons.
FYE Dec 2025	99.74	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 1,061.66¥

Change · 10 yrs +561.85¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	499.81	Cons. · Japanese GAAP
FYE Dec 2017	590.98	Cons. · Japanese GAAP
FYE Dec 2018	626.63	Cons. · IFRS
FYE Dec 2019	654.07	Cons. · IFRS
FYE Dec 2020	730.79	Cons. · IFRS
FYE Dec 2021	796.11	Cons. · IFRS
FYE Dec 2022	852.35	Cons. · IFRS
FYE Dec 2023	897.32	Cons. · IFRS
FYE Dec 2024	955.38	Cons. · IFRS
FYE Dec 2025	1,061.66	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 16.50×

Average · 10 yrs 24.81×

Fiscal year	PER ×	Basis
FYE Dec 2016	34.80	Cons.
FYE Dec 2017	29.70	Cons.
FYE Dec 2018	25.80	Cons.
FYE Dec 2019	30.10	Cons.
FYE Dec 2020	24.30	Cons.
FYE Dec 2021	18.80	Cons.
FYE Dec 2022	19.70	Cons.
FYE Dec 2023	25.40	Cons.
FYE Dec 2024	23.00	Cons.
FYE Dec 2025	16.50	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Dec 2025 1.41×

Average · 10 yrs 2.46×

Fiscal year	PBR ×	Basis
FYE Dec 2016	3.73	Cons.
FYE Dec 2017	3.48	Cons.
FYE Dec 2018	3.46	Cons.
FYE Dec 2019	2.97	Cons.
FYE Dec 2020	3.13	Cons.
FYE Dec 2021	1.78	Cons.
FYE Dec 2022	1.63	Cons.
FYE Dec 2023	1.33	Cons.
FYE Dec 2024	1.66	Cons.
FYE Dec 2025	1.41	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 8,346people

Change · 10 yrs +1,451 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	6,895	n/a	Cons.
FYE Dec 2017	7,075	+2.6%	Cons.
FYE Dec 2018	6,941	−1.9%	Cons.
FYE Dec 2019	7,151	+3.0%	Cons.
FYE Dec 2020	7,452	+4.2%	Cons.
FYE Dec 2021	7,584	+1.8%	Cons.
FYE Dec 2022	7,587	−0.0%	Cons.
FYE Dec 2023	7,550	−0.5%	Cons.
FYE Dec 2024	7,654	+1.4%	Cons.
FYE Dec 2025	8,346	+9.0%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Dec 2025 3,059people

Change · 10 yrs +549 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	2,510	n/a	Parent
FYE Dec 2017	2,550	+1.6%	Parent
FYE Dec 2018	2,727	+6.9%	Parent
FYE Dec 2019	2,850	+4.5%	Parent
FYE Dec 2020	3,119	+9.4%	Parent
FYE Dec 2021	3,165	+1.5%	Parent
FYE Dec 2022	3,190	+0.8%	Parent
FYE Dec 2023	3,132	−1.8%	Parent
FYE Dec 2024	3,068	−2.0%	Parent
FYE Dec 2025	3,059	−0.3%	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 711万円

Change · 7 yrs +4万円

Fiscal year	Average annual pay 万円	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	707	n/a	Parent
FYE Dec 2020	692	−2.1%	Parent
FYE Dec 2021	728	+5.1%	Parent
FYE Dec 2022	680	−6.5%	Parent
FYE Dec 2023	666	−2.1%	Parent
FYE Dec 2024	674	+1.2%	Parent
FYE Dec 2025	711	+5.6%	Parent

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

Average age

FYE Dec 2025 44.0years

Change · 7 yrs +1.0 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	43.0	n/a	Parent
FYE Dec 2020	43.0	−0.0%	Parent
FYE Dec 2021	43.0	−0.0%	Parent
FYE Dec 2022	44.0	+2.3%	Parent
FYE Dec 2023	44.0	−0.0%	Parent
FYE Dec 2024	44.0	−0.0%	Parent
FYE Dec 2025	44.0	−0.0%	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 17.0years

Change · 7 yrs −0.0 years

Fiscal year	Average length of service 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	17.0	n/a	Parent
FYE Dec 2020	16.0	−5.9%	Parent
FYE Dec 2021	16.0	−0.0%	Parent
FYE Dec 2022	17.0	+6.3%	Parent
FYE Dec 2023	17.0	−0.0%	Parent
FYE Dec 2024	17.0	−0.0%	Parent
FYE Dec 2025	17.0	−0.0%	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 229people

Change · 10 yrs −569 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	798	n/a	n/a
FYE Dec 2017	821	+2.9%	n/a
FYE Dec 2018	716	−12.8%	n/a
FYE Dec 2019	564	−21.2%	n/a
FYE Dec 2020	414	−26.6%	n/a
FYE Dec 2021	327	−21.0%	n/a
FYE Dec 2022	246	−24.8%	n/a
FYE Dec 2023	322	+30.9%	n/a
FYE Dec 2024	253	−21.4%	n/a
FYE Dec 2025	229	−9.5%	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 ¥50.6m

Change · 10 yrs −¥6.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	57.4	n/a	Cons.
FYE Dec 2017	58.0	+1.1%	Cons.
FYE Dec 2018	50.3	n/a	Cons.
FYE Dec 2019	48.6	−3.5%	Cons.
FYE Dec 2020	47.7	−1.9%	Cons.
FYE Dec 2021	48.3	+1.3%	Cons.
FYE Dec 2022	51.4	+6.4%	Cons.
FYE Dec 2023	53.3	+3.8%	Cons.
FYE Dec 2024	54.0	+1.1%	Cons.
FYE Dec 2025	50.6	−6.3%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥4.4m

Change · 10 yrs +¥0.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	3.6	n/a	Cons.
FYE Dec 2017	3.8	+8.2%	Cons.
FYE Dec 2018	4.9	n/a	Cons.
FYE Dec 2019	4.2	−15.3%	Cons.
FYE Dec 2020	5.9	+41.8%	Cons.
FYE Dec 2021	4.1	−30.5%	Cons.
FYE Dec 2022	3.8	−7.5%	Cons.
FYE Dec 2023	2.7	−28.6%	Cons.
FYE Dec 2024	3.7	+36.6%	Cons.
FYE Dec 2025	4.4	+17.5%	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.

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