Financials

KOSÉ Holdings Corporation: FYE Dec 2025 and ten years of results (49 metrics)

FYE Dec 2025 · Revenue¥330bnYoY +2.3%

FYE Dec 2025 · Operating profit¥18bnYoY +6.4%

FYE Dec 2025 · Net profit¥15bnYoY +101.3%

FYE Dec 2025 · Equity ratio72.2%YoY +1.8pp

FYE Dec 2025 · Group employees8,566YoY +436

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥267bn	n/a	¥39bn	n/a	14.7%	¥22bn	Kobayashi Kazutoshi	—
FYE Mar 2018Consolidated	¥303bn	+13.7%	¥48bn	+23.6%	16.0%	¥31bn	Kobayashi Kazutoshi	Recurring profit ¥39.6bn — past Shiseido for the first time
FYE Mar 2019Consolidated	¥333bn	+9.8%	¥52bn	+8.3%	15.7%	¥37bn	Kobayashi Kazutoshi	—
FYE Mar 2020Consolidated	¥328bn	−1.6%	¥40bn	−23.2%	12.3%	¥27bn	Kobayashi Kazutoshi	Record revenue <span class="en-history_money" data-yen="333000000000" data-year="2019">$3.1B (¥333bn)</span> on inbound demand
FYE Mar 2021Consolidated	¥279bn	−14.7%	¥13bn	−67.0%	4.8%	¥12bn	Kobayashi Kazutoshi	—
FYE Dec 2021Consolidated	¥225bn	−19.5%	¥19bn	+41.8%	8.4%	¥13bn	Kobayashi Kazutoshi	—
FYE Dec 2022Consolidated	¥289bn	+28.5%	¥22bn	+17.3%	7.7%	¥19bn	Kobayashi Kazutoshi	—
FYE Dec 2023Consolidated	¥300bn	+3.9%	¥16bn	−27.7%	5.3%	¥12bn	Kobayashi Kazutoshi	—
FYE Dec 2024Consolidated	¥323bn	+7.4%	¥17bn	+8.6%	5.4%	¥7.5bn	Kobayashi Kazutoshi	China restructuring; ¥4.4bn extraordinary loss
FYE Dec 2025Consolidated	¥330bn	+2.3%	¥18bn	+6.4%	5.6%	¥15bn	Kobayashi Kazutoshi	—

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%

Shinnihonseiyaku¥41bnFY2025Operating margin 11.6%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥330bn

CAGR · 10 yrs +2.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	267	n/a	Cons. · Japanese GAAP
FYE Mar 2018	303	+13.7%	Cons. · Japanese GAAP
FYE Mar 2019	333	+9.8%	Cons. · Japanese GAAP
FYE Mar 2020	328	−1.6%	Cons. · Japanese GAAP
FYE Mar 2021	279	−14.7%	Cons. · Japanese GAAP
FYE Dec 2021	225	−19.5%	Cons. · Japanese GAAP
FYE Dec 2022	289	+28.5%	Cons. · Japanese GAAP
FYE Dec 2023	300	+3.9%	Cons. · Japanese GAAP
FYE Dec 2024	323	+7.4%	Cons. · Japanese GAAP
FYE Dec 2025	330	+2.3%	Cons. · Japanese GAAP

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 ¥102bn

CAGR · 10 yrs +4.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	67.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	81.5	+21.7%	Cons. · Japanese GAAP
FYE Mar 2019	88.6	+8.7%	Cons. · Japanese GAAP
FYE Mar 2020	88.7	+0.1%	Cons. · Japanese GAAP
FYE Mar 2021	77.5	−12.7%	Cons. · Japanese GAAP
FYE Dec 2021	68.1	−12.1%	Cons. · Japanese GAAP
FYE Dec 2022	83.6	+22.8%	Cons. · Japanese GAAP
FYE Dec 2023	89.2	+6.7%	Cons. · Japanese GAAP
FYE Dec 2024	100	+12.3%	Cons. · Japanese GAAP
FYE Dec 2025	102	+2.0%	Cons. · Japanese GAAP

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 ¥228bn

CAGR · 10 yrs +1.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	200	n/a	Cons. · Japanese GAAP
FYE Mar 2018	222	+11.1%	Cons. · Japanese GAAP
FYE Mar 2019	244	+10.2%	Cons. · Japanese GAAP
FYE Mar 2020	239	−2.2%	Cons. · Japanese GAAP
FYE Mar 2021	202	−15.5%	Cons. · Japanese GAAP
FYE Dec 2021	157	−22.3%	Cons. · Japanese GAAP
FYE Dec 2022	206	+31.0%	Cons. · Japanese GAAP
FYE Dec 2023	211	+2.8%	Cons. · Japanese GAAP
FYE Dec 2024	223	+5.4%	Cons. · Japanese GAAP
FYE Dec 2025	228	+2.4%	Cons. · Japanese GAAP

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 ¥210bn

CAGR · 10 yrs +3.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	161	n/a	Cons. · Japanese GAAP
FYE Mar 2018	173	+8.0%	Cons. · Japanese GAAP
FYE Mar 2019	192	+10.7%	Cons. · Japanese GAAP
FYE Mar 2020	199	+3.5%	Cons. · Japanese GAAP
FYE Mar 2021	189	−5.1%	Cons. · Japanese GAAP
FYE Dec 2021	138	−26.8%	Cons. · Japanese GAAP
FYE Dec 2022	183	+32.8%	Cons. · Japanese GAAP
FYE Dec 2023	195	+6.4%	Cons. · Japanese GAAP
FYE Dec 2024	205	+5.1%	Cons. · Japanese GAAP
FYE Dec 2025	210	+2.1%	Cons. · Japanese GAAP

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 ¥18bn

CAGR · 10 yrs −8.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	39.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.4	+23.6%	Cons. · Japanese GAAP
FYE Mar 2019	52.4	+8.3%	Cons. · Japanese GAAP
FYE Mar 2020	40.2	−23.2%	Cons. · Japanese GAAP
FYE Mar 2021	13.3	−67.0%	Cons. · Japanese GAAP
FYE Dec 2021	18.9	+41.8%	Cons. · Japanese GAAP
FYE Dec 2022	22.1	+17.3%	Cons. · Japanese GAAP
FYE Dec 2023	16.0	−27.7%	Cons. · Japanese GAAP
FYE Dec 2024	17.4	+8.6%	Cons. · Japanese GAAP
FYE Dec 2025	18.5	+6.4%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥3.1bn

CAGR · 10 yrs +18.0%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.0	+46.6%	Cons. · Japanese GAAP
FYE Mar 2019	1.7	+68.6%	Cons. · Japanese GAAP
FYE Mar 2020	1.4	−19.0%	Cons. · Japanese GAAP
FYE Mar 2021	5.8	+318.6%	Cons. · Japanese GAAP
FYE Dec 2021	3.8	−35.4%	Cons. · Japanese GAAP
FYE Dec 2022	6.7	+77.1%	Cons. · Japanese GAAP
FYE Dec 2023	4.5	−32.8%	Cons. · Japanese GAAP
FYE Dec 2024	4.5	+0.4%	Cons. · Japanese GAAP
FYE Dec 2025	3.1	−31.2%	Cons. · Japanese GAAP

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 ¥100m

CAGR · 10 yrs −11.2%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	292	n/a	Cons. · Japanese GAAP
FYE Mar 2018	920	+215.1%	Cons. · Japanese GAAP
FYE Mar 2019	151	−83.6%	Cons. · Japanese GAAP
FYE Mar 2020	693	+358.9%	Cons. · Japanese GAAP
FYE Mar 2021	384	−44.6%	Cons. · Japanese GAAP
FYE Dec 2021	249	−35.2%	Cons. · Japanese GAAP
FYE Dec 2022	399	+60.2%	Cons. · Japanese GAAP
FYE Dec 2023	221	−44.6%	Cons. · Japanese GAAP
FYE Dec 2024	221	−0.0%	Cons. · Japanese GAAP
FYE Dec 2025	100	−54.8%	Cons. · Japanese GAAP

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 ¥21bn

CAGR · 10 yrs −6.6%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	39.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.5	+22.6%	Cons. · Japanese GAAP
FYE Mar 2019	54.0	+11.3%	Cons. · Japanese GAAP
FYE Mar 2020	40.9	−24.2%	Cons. · Japanese GAAP
FYE Mar 2021	18.7	−54.2%	Cons. · Japanese GAAP
FYE Dec 2021	22.4	+19.3%	Cons. · Japanese GAAP
FYE Dec 2022	28.4	+26.9%	Cons. · Japanese GAAP
FYE Dec 2023	20.3	−28.7%	Cons. · Japanese GAAP
FYE Dec 2024	21.6	+6.9%	Cons. · Japanese GAAP
FYE Dec 2025	21.5	−0.8%	Cons. · Japanese GAAP

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 ¥2.8bn

CAGR · 10 yrs +36.8%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	−81.0%	Cons. · Japanese GAAP
FYE Mar 2019	1.7	+5296.9%	Cons. · Japanese GAAP
FYE Mar 2020	0.1	−92.6%	Cons. · Japanese GAAP
FYE Mar 2021	1.2	+858.3%	Cons. · Japanese GAAP
FYE Dec 2021	0.1	−92.3%	Cons. · Japanese GAAP
FYE Dec 2022	0.1	+34.0%	Cons. · Japanese GAAP
FYE Dec 2023	0.0	−82.5%	Cons. · Japanese GAAP
FYE Dec 2024	2.3	+10527.3%	Cons. · Japanese GAAP
FYE Dec 2025	2.8	+20.4%	Cons. · Japanese GAAP

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 ¥15bn

CAGR · 10 yrs −3.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	21.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	30.6	+41.3%	Cons. · Japanese GAAP
FYE Mar 2019	37.0	+20.9%	Cons. · Japanese GAAP
FYE Mar 2020	26.7	−27.9%	Cons. · Japanese GAAP
FYE Mar 2021	12.0	−55.1%	Cons. · Japanese GAAP
FYE Dec 2021	13.3	+11.3%	Cons. · Japanese GAAP
FYE Dec 2022	18.8	+40.7%	Cons. · Japanese GAAP
FYE Dec 2023	11.7	−37.9%	Cons. · Japanese GAAP
FYE Dec 2024	7.5	−35.6%	Cons. · Japanese GAAP
FYE Dec 2025	15.1	+101.3%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 69.0%

Average · 10 yrs 71.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	74.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	73.1	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	73.4	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	72.9	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	72.3	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	69.7	−2.5pp	Cons. · Japanese GAAP
FYE Dec 2022	71.1	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2023	70.3	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2024	69.0	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2025	69.0	+0.1pp	Cons. · Japanese GAAP

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

Operating margin

FYE Dec 2025 5.6%

Average · 10 yrs 9.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	14.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.0	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	15.7	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	12.3	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2021	4.8	−7.5pp	Cons. · Japanese GAAP
FYE Dec 2021	8.4	+3.6pp	Cons. · Japanese GAAP
FYE Dec 2022	7.7	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2023	5.3	−2.3pp	Cons. · Japanese GAAP
FYE Dec 2024	5.4	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	5.6	+0.2pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Dec 2025 6.5%

Average · 10 yrs 10.6%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	14.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.0	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2019	16.2	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	12.5	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2021	6.7	−5.8pp	Cons. · Japanese GAAP
FYE Dec 2021	9.9	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2022	9.8	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2023	6.7	−3.1pp	Cons. · Japanese GAAP
FYE Dec 2024	6.7	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2025	6.5	−0.2pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Dec 2025 4.6%

Average · 10 yrs 6.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	8.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.1	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2019	11.1	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	8.1	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2021	4.3	−3.9pp	Cons. · Japanese GAAP
FYE Dec 2021	5.9	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2022	6.5	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2023	3.9	−2.6pp	Cons. · Japanese GAAP
FYE Dec 2024	2.3	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2025	4.6	+2.3pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Dec 2025 31.0%

Average · 10 yrs 28.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	25.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	26.9	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	26.6	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	27.1	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	27.7	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	30.3	+2.5pp	Cons. · Japanese GAAP
FYE Dec 2022	28.9	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2023	29.7	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2024	31.0	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2025	31.0	−0.1pp	Cons. · Japanese GAAP

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 63.4%

Average · 10 yrs 62.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	60.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	57.2	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2019	57.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	60.7	+3.0pp	Cons. · Japanese GAAP
FYE Mar 2021	67.5	+6.9pp	Cons. · Japanese GAAP
FYE Dec 2021	61.4	−6.2pp	Cons. · Japanese GAAP
FYE Dec 2022	63.4	+2.1pp	Cons. · Japanese GAAP
FYE Dec 2023	65.0	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2024	63.6	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2025	63.4	−0.1pp	Cons. · Japanese GAAP

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 ¥393bn

CAGR · 10 yrs +5.3%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	247	n/a	Cons. · Japanese GAAP
FYE Mar 2018	270	+9.4%	Cons. · Japanese GAAP
FYE Mar 2019	300	+11.0%	Cons. · Japanese GAAP
FYE Mar 2020	309	+2.8%	Cons. · Japanese GAAP
FYE Mar 2021	308	−0.1%	Cons. · Japanese GAAP
FYE Dec 2021	320	+3.8%	Cons. · Japanese GAAP
FYE Dec 2022	360	+12.4%	Cons. · Japanese GAAP
FYE Dec 2023	372	+3.4%	Cons. · Japanese GAAP
FYE Dec 2024	387	+4.1%	Cons. · Japanese GAAP
FYE Dec 2025	393	+1.7%	Cons. · Japanese GAAP

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 ¥284bn

CAGR · 10 yrs +6.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	164	n/a	Cons. · Japanese GAAP
FYE Mar 2018	184	+12.4%	Cons. · Japanese GAAP
FYE Mar 2019	209	+13.4%	Cons. · Japanese GAAP
FYE Mar 2020	224	+7.1%	Cons. · Japanese GAAP
FYE Mar 2021	226	+0.8%	Cons. · Japanese GAAP
FYE Dec 2021	238	+5.7%	Cons. · Japanese GAAP
FYE Dec 2022	259	+8.7%	Cons. · Japanese GAAP
FYE Dec 2023	266	+2.8%	Cons. · Japanese GAAP
FYE Dec 2024	272	+2.3%	Cons. · Japanese GAAP
FYE Dec 2025	284	+4.4%	Cons. · Japanese GAAP

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 ¥0.8bn

CAGR · 10 yrs −2.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.6	−40.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.6	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.7	+21.2%	Cons. · Japanese GAAP
FYE Mar 2021	7.6	+945.4%	Cons. · Japanese GAAP
FYE Dec 2021	0.6	−92.1%	Cons. · Japanese GAAP
FYE Dec 2022	1.4	+126.8%	Cons. · Japanese GAAP
FYE Dec 2023	0.5	−63.3%	Cons. · Japanese GAAP
FYE Dec 2024	0.8	+66.2%	Cons. · Japanese GAAP
FYE Dec 2025	0.8	−3.9%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Dec 2025 ¥0.8bn

CAGR · 10 yrs −2.6%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.6	−40.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.6	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.7	+21.2%	Cons. · Japanese GAAP
FYE Mar 2021	7.6	+945.4%	Cons. · Japanese GAAP
FYE Dec 2021	0.6	−92.1%	Cons. · Japanese GAAP
FYE Dec 2022	1.4	+126.8%	Cons. · Japanese GAAP
FYE Dec 2023	0.5	−63.3%	Cons. · Japanese GAAP
FYE Dec 2024	0.8	+66.2%	Cons. · Japanese GAAP
FYE Dec 2025	0.8	−3.9%	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥25bn

CAGR · 10 yrs +4.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	17.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.4	−7.6%	Cons. · Japanese GAAP
FYE Mar 2019	15.7	−4.4%	Cons. · Japanese GAAP
FYE Mar 2020	14.8	−5.7%	Cons. · Japanese GAAP
FYE Mar 2021	14.2	−4.2%	Cons. · Japanese GAAP
FYE Dec 2021	14.3	+0.8%	Cons. · Japanese GAAP
FYE Dec 2022	14.5	+1.3%	Cons. · Japanese GAAP
FYE Dec 2023	14.1	−2.4%	Cons. · Japanese GAAP
FYE Dec 2024	26.9	+91.0%	Cons. · Japanese GAAP
FYE Dec 2025	25.5	−5.4%	Cons. · Japanese GAAP

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

Goodwill

FYE Dec 2025 ¥5.6bn

CAGR · 10 yrs −4.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	8.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.6	−10.0%	Cons. · Japanese GAAP
FYE Mar 2019	6.7	−12.5%	Cons. · Japanese GAAP
FYE Mar 2020	5.8	−13.2%	Cons. · Japanese GAAP
FYE Mar 2021	4.7	−18.5%	Cons. · Japanese GAAP
FYE Dec 2021	4.6	−2.2%	Cons. · Japanese GAAP
FYE Dec 2022	4.4	−5.6%	Cons. · Japanese GAAP
FYE Dec 2023	3.6	−16.9%	Cons. · Japanese GAAP
FYE Dec 2024	7.0	+92.5%	Cons. · Japanese GAAP
FYE Dec 2025	5.6	−19.3%	Cons. · Japanese GAAP

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 72.2%

Average · 10 yrs 71.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	66.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	68.1	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	69.6	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	72.5	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2021	73.1	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	74.5	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2022	72.0	−2.5pp	Cons. · Japanese GAAP
FYE Dec 2023	71.6	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2024	70.4	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2025	72.2	+1.8pp	Cons. · Japanese GAAP

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 0.3%

Average · 10 yrs 0.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	0.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	0.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	3.4	+3.0pp	Cons. · Japanese GAAP
FYE Dec 2021	0.3	−3.1pp	Cons. · Japanese GAAP
FYE Dec 2022	0.5	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	0.2	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2024	0.3	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	0.3	−0.0pp	Cons. · Japanese GAAP

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 5.3%

Average · 10 yrs 9.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	13.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.6	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2019	17.7	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2020	11.9	−5.8pp	Cons. · Japanese GAAP
FYE Mar 2021	5.3	−6.6pp	Cons. · Japanese GAAP
FYE Dec 2021	5.6	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2022	7.2	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2023	4.4	−2.9pp	Cons. · Japanese GAAP
FYE Dec 2024	2.8	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2025	5.3	+2.6pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 3.8%

Average · 10 yrs 6.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	8.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.3	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2019	12.3	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	8.6	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2021	3.9	−4.8pp	Cons. · Japanese GAAP
FYE Dec 2021	4.2	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2022	5.2	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2023	3.1	−2.1pp	Cons. · Japanese GAAP
FYE Dec 2024	1.9	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2025	3.8	+1.9pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 0.84×

CAGR · 10 yrs −2.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.08	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.12	+4.0%	Cons. · Japanese GAAP
FYE Mar 2019	1.11	−1.1%	Cons. · Japanese GAAP
FYE Mar 2020	1.06	−4.3%	Cons. · Japanese GAAP
FYE Mar 2021	0.91	−14.7%	Cons. · Japanese GAAP
FYE Dec 2021	0.70	−22.4%	Cons. · Japanese GAAP
FYE Dec 2022	0.80	+14.4%	Cons. · Japanese GAAP
FYE Dec 2023	0.81	+0.5%	Cons. · Japanese GAAP
FYE Dec 2024	0.83	+3.2%	Cons. · Japanese GAAP
FYE Dec 2025	0.84	+0.6%	Cons. · Japanese GAAP

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 ¥11bn

CAGR · 10 yrs −4.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	17.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.9	+101.5%	Cons. · Japanese GAAP
FYE Mar 2019	33.0	−5.5%	Cons. · Japanese GAAP
FYE Mar 2020	37.1	+12.4%	Cons. · Japanese GAAP
FYE Mar 2021	23.3	−37.2%	Cons. · Japanese GAAP
FYE Dec 2021	17.8	−23.5%	Cons. · Japanese GAAP
FYE Dec 2022	20.3	+13.8%	Cons. · Japanese GAAP
FYE Dec 2023	30.4	+50.3%	Cons. · Japanese GAAP
FYE Dec 2024	18.4	−39.6%	Cons. · Japanese GAAP
FYE Dec 2025	11.1	−39.4%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Dec 2025 -¥18bn

Average · 10 yrs -¥11bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-8.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-10.4	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-20.7	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-19.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-5.9	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-4.7	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-6.3	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-11.2	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-8.9	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-17.7	n/a	Cons. · Japanese GAAP

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Dec 2025 -¥10bn

Average · 10 yrs -¥10bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-6.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-16.4	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-10.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-11.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-7.4	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-14.3	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-7.3	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-9.7	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-8.7	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-10.0	n/a	Cons. · Japanese GAAP

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 ¥91bn

CAGR · 10 yrs +5.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	55.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	63.9	+14.9%	Cons. · Japanese GAAP
FYE Mar 2019	64.3	+0.6%	Cons. · Japanese GAAP
FYE Mar 2020	70.3	+9.4%	Cons. · Japanese GAAP
FYE Mar 2021	80.1	+13.9%	Cons. · Japanese GAAP
FYE Dec 2021	81.9	+2.3%	Cons. · Japanese GAAP
FYE Dec 2022	94.1	+14.9%	Cons. · Japanese GAAP
FYE Dec 2023	106	+12.3%	Cons. · Japanese GAAP
FYE Dec 2024	108	+2.0%	Cons. · Japanese GAAP
FYE Dec 2025	90.7	−15.8%	Cons. · Japanese GAAP

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 -¥6.6bn

Average · 10 yrs ¥13bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	9.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.5	+167.7%	Cons. · Japanese GAAP
FYE Mar 2019	12.3	−49.8%	Cons. · Japanese GAAP
FYE Mar 2020	18.1	+46.8%	Cons. · Japanese GAAP
FYE Mar 2021	17.4	−3.6%	Cons. · Japanese GAAP
FYE Dec 2021	13.1	−25.0%	Cons. · Japanese GAAP
FYE Dec 2022	14.0	+6.7%	Cons. · Japanese GAAP
FYE Dec 2023	19.2	+37.7%	Cons. · Japanese GAAP
FYE Dec 2024	9.4	−50.8%	Cons. · Japanese GAAP
FYE Dec 2025	-6.6	−169.9%	Cons. · Japanese GAAP

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 3.4%

Average · 10 yrs 8.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	6.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.5	+5.0pp	Cons. · Japanese GAAP
FYE Mar 2019	9.9	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2020	11.3	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2021	8.3	−3.0pp	Cons. · Japanese GAAP
FYE Dec 2021	7.9	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2022	7.0	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2023	10.1	+3.1pp	Cons. · Japanese GAAP
FYE Dec 2024	5.7	−4.4pp	Cons. · Japanese GAAP
FYE Dec 2025	3.4	−2.3pp	Cons. · Japanese GAAP

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Dec 2025 ¥90bn

CAGR · 10 yrs +5.7%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	54.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	63.3	+15.9%	Cons. · Japanese GAAP
FYE Mar 2019	63.7	+0.6%	Cons. · Japanese GAAP
FYE Mar 2020	69.6	+9.3%	Cons. · Japanese GAAP
FYE Mar 2021	72.5	+4.2%	Cons. · Japanese GAAP
FYE Dec 2021	81.3	+12.2%	Cons. · Japanese GAAP
FYE Dec 2022	92.7	+14.1%	Cons. · Japanese GAAP
FYE Dec 2023	105	+13.4%	Cons. · Japanese GAAP
FYE Dec 2024	107	+1.7%	Cons. · Japanese GAAP
FYE Dec 2025	89.9	−15.9%	Cons. · Japanese GAAP

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 ¥318bn

Change · 10 yrs −¥293bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	610	n/a
FYE Mar 2018	1,349	n/a
FYE Mar 2019	1,232	n/a
FYE Mar 2020	808	n/a
FYE Mar 2021	949	n/a
FYE Dec 2021	791	n/a
FYE Dec 2022	874	n/a
FYE Dec 2023	641	n/a
FYE Dec 2024	435	n/a
FYE Dec 2025	318	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 5,241¥

Change · 10 yrs −4,827¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	10,069	n/a
FYE Mar 2018	22,270	n/a
FYE Mar 2019	20,331	n/a
FYE Mar 2020	13,331	n/a
FYE Mar 2021	15,660	n/a
FYE Dec 2021	13,049	n/a
FYE Dec 2022	14,421	n/a
FYE Dec 2023	10,575	n/a
FYE Dec 2024	7,179	n/a
FYE Dec 2025	5,241	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 60,592,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	60,592,000	Parent
FYE Mar 2018	60,592,000	Parent
FYE Mar 2019	60,592,000	Parent
FYE Mar 2020	60,592,000	Parent
FYE Mar 2021	60,592,000	Parent
FYE Dec 2021	60,592,000	Parent
FYE Dec 2022	60,592,000	Parent
FYE Dec 2023	60,592,000	Parent
FYE Dec 2024	60,592,000	Parent
FYE Dec 2025	60,592,000	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 264.84¥

Change · 10 yrs −114.82¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	379.66	Cons.
FYE Mar 2018	536.63	Cons.
FYE Mar 2019	648.71	Cons.
FYE Mar 2020	467.76	Cons.
FYE Mar 2021	210.11	Cons.
FYE Dec 2021	233.86	Cons.
FYE Dec 2022	329.03	Cons.
FYE Dec 2023	204.43	Cons.
FYE Dec 2024	131.62	Cons.
FYE Dec 2025	264.84	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 4,690.27¥

Change · 10 yrs +1,986.83¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	2,703.44	Cons. · Japanese GAAP
FYE Mar 2018	3,038.09	Cons. · Japanese GAAP
FYE Mar 2019	3,446.38	Cons. · Japanese GAAP
FYE Mar 2020	3,690.80	Cons. · Japanese GAAP
FYE Mar 2021	3,721.73	Cons. · Japanese GAAP
FYE Dec 2021	3,933.82	Cons. · Japanese GAAP
FYE Dec 2022	4,274.38	Cons. · Japanese GAAP
FYE Dec 2023	4,392.61	Cons. · Japanese GAAP
FYE Dec 2024	4,493.93	Cons. · Japanese GAAP
FYE Dec 2025	4,690.27	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 19.79×

Average · 10 yrs 42.81×

Fiscal year	PER ×	Basis
FYE Mar 2017	26.52	Cons.
FYE Mar 2018	41.50	Cons.
FYE Mar 2019	31.34	Cons.
FYE Mar 2020	28.50	Cons.
FYE Mar 2021	74.53	Cons.
FYE Dec 2021	55.80	Cons.
FYE Dec 2022	43.83	Cons.
FYE Dec 2023	51.73	Cons.
FYE Dec 2024	54.54	Cons.
FYE Dec 2025	19.79	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 1.05×

Average · 10 yrs 3.44×

Fiscal year	PBR ×	Basis
FYE Mar 2017	3.51	Cons.
FYE Mar 2018	6.90	Cons.
FYE Mar 2019	5.55	Cons.
FYE Mar 2020	3.40	Cons.
FYE Mar 2021	3.96	Cons.
FYE Dec 2021	3.12	Cons.
FYE Dec 2022	3.18	Cons.
FYE Dec 2023	2.27	Cons.
FYE Dec 2024	1.50	Cons.
FYE Dec 2025	1.05	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 8,566people

Change · 10 yrs +1,156 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	7,410	n/a	Cons.
FYE Mar 2018	7,758	+4.7%	Cons.
FYE Mar 2019	8,117	+4.6%	Cons.
FYE Mar 2020	8,246	+1.6%	Cons.
FYE Mar 2021	8,767	+6.3%	Cons.
FYE Dec 2021	8,612	−1.8%	Cons.
FYE Dec 2022	7,940	−7.8%	Cons.
FYE Dec 2023	7,558	−4.8%	Cons.
FYE Dec 2024	8,130	+7.6%	Cons.
FYE Dec 2025	8,566	+5.4%	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 1,073people

Change · 10 yrs −3,232 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	4,305	n/a	Parent
FYE Mar 2018	4,379	+1.7%	Parent
FYE Mar 2019	4,465	+2.0%	Parent
FYE Mar 2020	1,284	−71.2%	Parent
FYE Mar 2021	849	−33.9%	Parent
FYE Dec 2021	892	+5.1%	Parent
FYE Dec 2022	921	+3.3%	Parent
FYE Dec 2023	874	−5.1%	Parent
FYE Dec 2024	945	+8.1%	Parent
FYE Dec 2025	1,073	+13.5%	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 747万円

Change · 10 yrs −101万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	848	n/a	Parent
FYE Mar 2018	835	−1.5%	Parent
FYE Mar 2019	854	+2.3%	Parent
FYE Mar 2020	867	+1.5%	Parent
FYE Mar 2021	819	−5.6%	Parent
FYE Dec 2021	768	−6.2%	Parent
FYE Dec 2022	771	+0.3%	Parent
FYE Dec 2023	789	+2.4%	Parent
FYE Dec 2024	716	−9.2%	Parent
FYE Dec 2025	747	+4.2%	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 40.5years

Change · 10 yrs −3.3 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	43.8	n/a	Parent
FYE Mar 2018	42.8	−2.3%	Parent
FYE Mar 2019	42.5	−0.7%	Parent
FYE Mar 2020	42.3	−0.5%	Parent
FYE Mar 2021	41.7	−1.4%	Parent
FYE Dec 2021	41.3	−1.0%	Parent
FYE Dec 2022	41.1	−0.5%	Parent
FYE Dec 2023	40.4	−1.7%	Parent
FYE Dec 2024	40.5	+0.2%	Parent
FYE Dec 2025	40.5	−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 12.8years

Change · 10 yrs −7.0 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	19.8	n/a	Parent
FYE Mar 2018	18.3	−7.6%	Parent
FYE Mar 2019	17.9	−2.2%	Parent
FYE Mar 2020	17.5	−2.2%	Parent
FYE Mar 2021	16.8	−4.0%	Parent
FYE Dec 2021	16.2	−3.6%	Parent
FYE Dec 2022	15.7	−3.1%	Parent
FYE Dec 2023	14.6	−7.0%	Parent
FYE Dec 2024	13.0	−11.0%	Parent
FYE Dec 2025	12.8	−1.5%	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 4,569people

Change · 10 yrs −1,402 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	5,971	n/a	n/a
FYE Mar 2018	5,744	−3.8%	n/a
FYE Mar 2019	5,949	+3.6%	n/a
FYE Mar 2020	5,814	−2.3%	n/a
FYE Mar 2021	5,636	−3.1%	n/a
FYE Dec 2021	5,403	−4.1%	n/a
FYE Dec 2022	5,239	−3.0%	n/a
FYE Dec 2023	5,258	+0.4%	n/a
FYE Dec 2024	4,883	−7.1%	n/a
FYE Dec 2025	4,569	−6.4%	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 ¥38.5m

Change · 10 yrs +¥2.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	36.0	n/a	Cons.
FYE Mar 2018	39.1	+8.6%	Cons.
FYE Mar 2019	41.0	+4.9%	Cons.
FYE Mar 2020	39.7	−3.1%	Cons.
FYE Mar 2021	31.9	−19.8%	Cons.
FYE Dec 2021	26.1	−18.0%	Cons.
FYE Dec 2022	36.4	+39.4%	Cons.
FYE Dec 2023	39.7	+9.1%	Cons.
FYE Dec 2024	39.7	−0.1%	Cons.
FYE Dec 2025	38.5	−2.9%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥2.2m

Change · 10 yrs −¥3.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	5.3	n/a	Cons.
FYE Mar 2018	6.2	+18.1%	Cons.
FYE Mar 2019	6.5	+3.5%	Cons.
FYE Mar 2020	4.9	−24.4%	Cons.
FYE Mar 2021	1.5	−68.9%	Cons.
FYE Dec 2021	2.2	+44.4%	Cons.
FYE Dec 2022	2.8	+27.3%	Cons.
FYE Dec 2023	2.1	−24.1%	Cons.
FYE Dec 2024	2.1	+1.0%	Cons.
FYE Dec 2025	2.2	+0.9%	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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