Financials

Toyo Tire: FYE Dec 2025 and ten years of results (50 metrics)

FYE Dec 2025 · Revenue¥595bnYoY +5.2%

FYE Dec 2025 · Operating profit¥97bnYoY +3.6%

FYE Dec 2025 · Net profit¥64bnYoY −15.0%

FYE Dec 2025 · Equity ratio69.4%YoY +4.0pp

FYE Dec 2025 · Group employees9,941YoY −469

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥382bn	n/a	¥49bn	n/a	12.9%	-¥12bn	Shimizu Takashi	—
FYE Dec 2017Consolidated	¥405bn	+6.1%	¥45bn	−8.1%	11.2%	¥15bn	Shimizu Takashi	Shift to a functional organization; head office moves to Itami
FYE Dec 2018Consolidated	¥393bn	−2.9%	¥42bn	−6.4%	10.8%	¥11bn	Shimizu Takashi	Capital and business alliance with Mitsubishi Corporation
FYE Dec 2019Consolidated	¥377bn	−4.0%	¥38bn	−9.3%	10.2%	¥24bn	Shimizu Takashi	Renamed TOYO TIRE; tyre plant in Serbia
FYE Dec 2020Consolidated	¥344bn	−8.9%	¥36bn	−5.5%	10.6%	¥12bn	Shimizu Takashi	—
FYE Dec 2021Consolidated	¥394bn	+14.5%	¥53bn	+46.1%	13.5%	¥41bn	Shimizu Takashi	—
FYE Dec 2022Consolidated	¥497bn	+26.3%	¥44bn	−17.0%	8.9%	¥48bn	Shimizu Takashi	Moves to the TSE Prime Market
FYE Dec 2023Consolidated	¥553bn	+11.2%	¥77bn	+74.6%	13.9%	¥72bn	Shimizu Takashi	—
FYE Dec 2024Consolidated	¥565bn	+2.3%	¥94bn	+22.2%	16.6%	¥75bn	Shimizu Takashi	Record sales and profit, led by North America
FYE Dec 2025Consolidated	¥595bn	+5.2%	¥97bn	+3.6%	16.4%	¥64bn	Shimizu Takashi	—

How it compares

Bridgestone¥4.43tnFY2025Operating margin 8.6%Yokohama Rubber¥1.23tnFY2025Operating margin 12.4%

Sumitomo Rubber Industries, Ltd.¥1.21tnFY2025Operating margin 6.8%

Toyo Tire¥595bnFY2025Operating margin 16.4%

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 ¥595bn

CAGR · 10 yrs +5.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	382	n/a	Cons. · Japanese GAAP
FYE Dec 2017	405	+6.1%	Cons. · Japanese GAAP
FYE Dec 2018	393	−2.9%	Cons. · Japanese GAAP
FYE Dec 2019	377	−4.0%	Cons. · Japanese GAAP
FYE Dec 2020	344	−8.9%	Cons. · Japanese GAAP
FYE Dec 2021	394	+14.5%	Cons. · Japanese GAAP
FYE Dec 2022	497	+26.3%	Cons. · Japanese GAAP
FYE Dec 2023	553	+11.2%	Cons. · Japanese GAAP
FYE Dec 2024	565	+2.3%	Cons. · Japanese GAAP
FYE Dec 2025	595	+5.2%	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 ¥360bn

CAGR · 10 yrs +4.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	245	n/a	Cons. · Japanese GAAP
FYE Dec 2017	268	+9.2%	Cons. · Japanese GAAP
FYE Dec 2018	259	−3.3%	Cons. · Japanese GAAP
FYE Dec 2019	247	−4.8%	Cons. · Japanese GAAP
FYE Dec 2020	221	−10.6%	Cons. · Japanese GAAP
FYE Dec 2021	233	+5.5%	Cons. · Japanese GAAP
FYE Dec 2022	299	+28.6%	Cons. · Japanese GAAP
FYE Dec 2023	336	+12.4%	Cons. · Japanese GAAP
FYE Dec 2024	335	−0.5%	Cons. · Japanese GAAP
FYE Dec 2025	360	+7.6%	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 ¥235bn

CAGR · 10 yrs +6.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	136	n/a	Cons. · Japanese GAAP
FYE Dec 2017	137	+0.5%	Cons. · Japanese GAAP
FYE Dec 2018	134	−2.1%	Cons. · Japanese GAAP
FYE Dec 2019	131	−2.5%	Cons. · Japanese GAAP
FYE Dec 2020	123	−5.8%	Cons. · Japanese GAAP
FYE Dec 2021	161	+30.7%	Cons. · Japanese GAAP
FYE Dec 2022	198	+22.9%	Cons. · Japanese GAAP
FYE Dec 2023	217	+9.4%	Cons. · Japanese GAAP
FYE Dec 2024	231	+6.6%	Cons. · Japanese GAAP
FYE Dec 2025	235	+1.8%	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 ¥137bn

CAGR · 10 yrs +5.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	87.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	91.7	+5.4%	Cons. · Japanese GAAP
FYE Dec 2018	91.8	+0.1%	Cons. · Japanese GAAP
FYE Dec 2019	92.4	+0.6%	Cons. · Japanese GAAP
FYE Dec 2020	86.9	−5.9%	Cons. · Japanese GAAP
FYE Dec 2021	108	+24.2%	Cons. · Japanese GAAP
FYE Dec 2022	154	+42.6%	Cons. · Japanese GAAP
FYE Dec 2023	140	−9.3%	Cons. · Japanese GAAP
FYE Dec 2024	137	−2.0%	Cons. · Japanese GAAP
FYE Dec 2025	137	+0.5%	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 ¥97bn

CAGR · 10 yrs +7.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	49.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	45.3	−8.1%	Cons. · Japanese GAAP
FYE Dec 2018	42.4	−6.4%	Cons. · Japanese GAAP
FYE Dec 2019	38.4	−9.3%	Cons. · Japanese GAAP
FYE Dec 2020	36.3	−5.5%	Cons. · Japanese GAAP
FYE Dec 2021	53.1	+46.1%	Cons. · Japanese GAAP
FYE Dec 2022	44.0	−17.0%	Cons. · Japanese GAAP
FYE Dec 2023	76.9	+74.6%	Cons. · Japanese GAAP
FYE Dec 2024	94.0	+22.2%	Cons. · Japanese GAAP
FYE Dec 2025	97.4	+3.6%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥8.1bn

CAGR · 10 yrs +9.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	3.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.3	−8.0%	Cons. · Japanese GAAP
FYE Dec 2018	3.8	+14.6%	Cons. · Japanese GAAP
FYE Dec 2019	4.3	+13.9%	Cons. · Japanese GAAP
FYE Dec 2020	3.3	−23.6%	Cons. · Japanese GAAP
FYE Dec 2021	8.7	+163.8%	Cons. · Japanese GAAP
FYE Dec 2022	11.3	+29.9%	Cons. · Japanese GAAP
FYE Dec 2023	12.2	+8.4%	Cons. · Japanese GAAP
FYE Dec 2024	12.1	−1.3%	Cons. · Japanese GAAP
FYE Dec 2025	8.1	−32.7%	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 ¥4.2bn

CAGR · 10 yrs −8.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	8.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.4	−4.1%	Cons. · Japanese GAAP
FYE Dec 2018	7.8	−7.7%	Cons. · Japanese GAAP
FYE Dec 2019	6.1	−21.6%	Cons. · Japanese GAAP
FYE Dec 2020	8.7	+42.9%	Cons. · Japanese GAAP
FYE Dec 2021	5.9	−32.9%	Cons. · Japanese GAAP
FYE Dec 2022	4.3	−26.7%	Cons. · Japanese GAAP
FYE Dec 2023	3.1	−28.1%	Cons. · Japanese GAAP
FYE Dec 2024	3.9	+27.7%	Cons. · Japanese GAAP
FYE Dec 2025	4.2	+5.3%	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 ¥101bn

CAGR · 10 yrs +9.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	44.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	40.2	−8.9%	Cons. · Japanese GAAP
FYE Dec 2018	38.4	−4.5%	Cons. · Japanese GAAP
FYE Dec 2019	36.6	−4.5%	Cons. · Japanese GAAP
FYE Dec 2020	30.9	−15.7%	Cons. · Japanese GAAP
FYE Dec 2021	55.9	+81.0%	Cons. · Japanese GAAP
FYE Dec 2022	51.0	−8.7%	Cons. · Japanese GAAP
FYE Dec 2023	86.0	+68.6%	Cons. · Japanese GAAP
FYE Dec 2024	102	+18.7%	Cons. · Japanese GAAP
FYE Dec 2025	101	−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 ¥3.7bn

CAGR · 10 yrs −8.6%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	8.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.0	−14.7%	Cons. · Japanese GAAP
FYE Dec 2018	0.4	−94.6%	Cons. · Japanese GAAP
FYE Dec 2019	3.5	+832.0%	Cons. · Japanese GAAP
FYE Dec 2020	1.3	−64.1%	Cons. · Japanese GAAP
FYE Dec 2021	4.6	+266.7%	Cons. · Japanese GAAP
FYE Dec 2022	18.6	+300.6%	Cons. · Japanese GAAP
FYE Dec 2023	15.1	−18.7%	Cons. · Japanese GAAP
FYE Dec 2024	10.3	−31.8%	Cons. · Japanese GAAP
FYE Dec 2025	3.7	−64.3%	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 ¥64bn

Average · 10 yrs ¥35bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	-12.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	15.5	n/a	Cons. · Japanese GAAP
FYE Dec 2018	10.6	−31.8%	Cons. · Japanese GAAP
FYE Dec 2019	24.5	+132.0%	Cons. · Japanese GAAP
FYE Dec 2020	11.7	−52.3%	Cons. · Japanese GAAP
FYE Dec 2021	41.4	+254.0%	Cons. · Japanese GAAP
FYE Dec 2022	48.0	+16.0%	Cons. · Japanese GAAP
FYE Dec 2023	72.3	+50.7%	Cons. · Japanese GAAP
FYE Dec 2024	74.8	+3.5%	Cons. · Japanese GAAP
FYE Dec 2025	63.6	−15.0%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 39.5%

Average · 10 yrs 37.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	35.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	33.8	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2018	34.1	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	34.7	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2020	35.8	+1.2pp	Cons. · Japanese GAAP
FYE Dec 2021	40.9	+5.1pp	Cons. · Japanese GAAP
FYE Dec 2022	39.8	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2023	39.2	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2024	40.8	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2025	39.5	−1.3pp	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 16.4%

Average · 10 yrs 12.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	12.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.2	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2018	10.8	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2019	10.2	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2020	10.6	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	13.5	+2.9pp	Cons. · Japanese GAAP
FYE Dec 2022	8.9	−4.6pp	Cons. · Japanese GAAP
FYE Dec 2023	13.9	+5.1pp	Cons. · Japanese GAAP
FYE Dec 2024	16.6	+2.7pp	Cons. · Japanese GAAP
FYE Dec 2025	16.4	−0.3pp	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 17.0%

Average · 10 yrs 12.5%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	11.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.9	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2018	9.8	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2019	9.7	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2020	9.0	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	14.2	+5.2pp	Cons. · Japanese GAAP
FYE Dec 2022	10.3	−3.9pp	Cons. · Japanese GAAP
FYE Dec 2023	15.6	+5.3pp	Cons. · Japanese GAAP
FYE Dec 2024	18.1	+2.5pp	Cons. · Japanese GAAP
FYE Dec 2025	17.0	−1.0pp	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 10.7%

Average · 10 yrs 7.0%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	-3.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.8	+7.0pp	Cons. · Japanese GAAP
FYE Dec 2018	2.7	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2019	6.5	+3.8pp	Cons. · Japanese GAAP
FYE Dec 2020	3.4	−3.1pp	Cons. · Japanese GAAP
FYE Dec 2021	10.5	+7.1pp	Cons. · Japanese GAAP
FYE Dec 2022	9.6	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2023	13.1	+3.4pp	Cons. · Japanese GAAP
FYE Dec 2024	13.2	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2025	10.7	−2.5pp	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 60.5%

Average · 10 yrs 62.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	64.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	66.2	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2018	65.9	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	65.3	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2020	64.1	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2021	59.1	−5.1pp	Cons. · Japanese GAAP
FYE Dec 2022	60.2	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2023	60.8	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2024	59.2	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2025	60.5	+1.3pp	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 23.1%

Average · 10 yrs 24.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	22.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	22.6	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2018	23.3	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2019	24.5	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2020	25.3	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2021	27.4	+2.1pp	Cons. · Japanese GAAP
FYE Dec 2022	31.0	+3.5pp	Cons. · Japanese GAAP
FYE Dec 2023	25.3	−5.7pp	Cons. · Japanese GAAP
FYE Dec 2024	24.2	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2025	23.1	−1.1pp	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 ¥753bn

CAGR · 10 yrs +4.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	491	n/a	Cons. · Japanese GAAP
FYE Dec 2017	474	−3.5%	Cons. · Japanese GAAP
FYE Dec 2018	469	−0.9%	Cons. · Japanese GAAP
FYE Dec 2019	469	−0.1%	Cons. · Japanese GAAP
FYE Dec 2020	446	−4.9%	Cons. · Japanese GAAP
FYE Dec 2021	531	+19.2%	Cons. · Japanese GAAP
FYE Dec 2022	599	+12.7%	Cons. · Japanese GAAP
FYE Dec 2023	645	+7.8%	Cons. · Japanese GAAP
FYE Dec 2024	723	+12.0%	Cons. · Japanese GAAP
FYE Dec 2025	753	+4.2%	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 ¥523bn

CAGR · 10 yrs +15.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	142	n/a	Cons. · Japanese GAAP
FYE Dec 2017	159	+12.4%	Cons. · Japanese GAAP
FYE Dec 2018	153	−4.0%	Cons. · Japanese GAAP
FYE Dec 2019	223	+45.8%	Cons. · Japanese GAAP
FYE Dec 2020	221	−0.9%	Cons. · Japanese GAAP
FYE Dec 2021	280	+26.8%	Cons. · Japanese GAAP
FYE Dec 2022	321	+14.5%	Cons. · Japanese GAAP
FYE Dec 2023	395	+23.2%	Cons. · Japanese GAAP
FYE Dec 2024	473	+19.6%	Cons. · Japanese GAAP
FYE Dec 2025	523	+10.6%	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 ¥45bn

CAGR · 10 yrs −10.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	122	n/a	Cons. · Japanese GAAP
FYE Dec 2017	113	−8.1%	Cons. · Japanese GAAP
FYE Dec 2018	123	+8.9%	Cons. · Japanese GAAP
FYE Dec 2019	116	−5.8%	Cons. · Japanese GAAP
FYE Dec 2020	102	−11.5%	Cons. · Japanese GAAP
FYE Dec 2021	88.7	−13.2%	Cons. · Japanese GAAP
FYE Dec 2022	76.1	−14.1%	Cons. · Japanese GAAP
FYE Dec 2023	57.6	−24.3%	Cons. · Japanese GAAP
FYE Dec 2024	61.6	+6.8%	Cons. · Japanese GAAP
FYE Dec 2025	44.7	−27.3%	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 ¥13bn

CAGR · 10 yrs −14.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	53.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	36.5	−31.3%	Cons. · Japanese GAAP
FYE Dec 2018	35.1	−3.7%	Cons. · Japanese GAAP
FYE Dec 2019	39.6	+12.7%	Cons. · Japanese GAAP
FYE Dec 2020	16.2	−59.1%	Cons. · Japanese GAAP
FYE Dec 2021	13.2	−18.5%	Cons. · Japanese GAAP
FYE Dec 2022	24.8	+87.8%	Cons. · Japanese GAAP
FYE Dec 2023	11.7	−53.0%	Cons. · Japanese GAAP
FYE Dec 2024	20.4	+75.5%	Cons. · Japanese GAAP
FYE Dec 2025	13.4	−34.4%	Cons. · Japanese GAAP

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 ¥31bn

CAGR · 10 yrs −8.5%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	69.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	76.1	+9.8%	Cons. · Japanese GAAP
FYE Dec 2018	87.5	+14.9%	Cons. · Japanese GAAP
FYE Dec 2019	75.9	−13.2%	Cons. · Japanese GAAP
FYE Dec 2020	86.0	+13.3%	Cons. · Japanese GAAP
FYE Dec 2021	75.5	−12.2%	Cons. · Japanese GAAP
FYE Dec 2022	51.4	−31.9%	Cons. · Japanese GAAP
FYE Dec 2023	46.0	−10.5%	Cons. · Japanese GAAP
FYE Dec 2024	41.1	−10.6%	Cons. · Japanese GAAP
FYE Dec 2025	31.3	−23.9%	Cons. · Japanese GAAP

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 ¥24bn

CAGR · 10 yrs +14.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	7.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.0	−3.0%	Cons. · Japanese GAAP
FYE Dec 2018	6.4	−9.5%	Cons. · Japanese GAAP
FYE Dec 2019	6.8	+6.0%	Cons. · Japanese GAAP
FYE Dec 2020	4.9	−28.1%	Cons. · Japanese GAAP
FYE Dec 2021	6.3	+30.4%	Cons. · Japanese GAAP
FYE Dec 2022	8.5	+34.8%	Cons. · Japanese GAAP
FYE Dec 2023	15.8	+85.3%	Cons. · Japanese GAAP
FYE Dec 2024	22.1	+40.0%	Cons. · Japanese GAAP
FYE Dec 2025	23.6	+6.9%	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 n/a

CAGR · 4 yrs −12.1%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	1.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.6	−5.6%	Cons. · Japanese GAAP
FYE Dec 2018	1.3	−15.4%	Cons. · Japanese GAAP
FYE Dec 2019	1.1	−14.8%	Cons. · Japanese GAAP
FYE Dec 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2025	n/a	n/a	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 69.4%

Average · 10 yrs 49.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	28.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	33.6	+4.7pp	Cons. · Japanese GAAP
FYE Dec 2018	32.5	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2019	47.5	+15.0pp	Cons. · Japanese GAAP
FYE Dec 2020	49.5	+2.0pp	Cons. · Japanese GAAP
FYE Dec 2021	52.7	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2022	53.5	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2023	61.2	+7.7pp	Cons. · Japanese GAAP
FYE Dec 2024	65.4	+4.2pp	Cons. · Japanese GAAP
FYE Dec 2025	69.4	+4.0pp	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 8.6%

Average · 10 yrs 42.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	86.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	70.8	−15.7pp	Cons. · Japanese GAAP
FYE Dec 2018	80.3	+9.5pp	Cons. · Japanese GAAP
FYE Dec 2019	51.9	−28.4pp	Cons. · Japanese GAAP
FYE Dec 2020	46.3	−5.6pp	Cons. · Japanese GAAP
FYE Dec 2021	31.7	−14.6pp	Cons. · Japanese GAAP
FYE Dec 2022	23.7	−7.9pp	Cons. · Japanese GAAP
FYE Dec 2023	14.6	−9.2pp	Cons. · Japanese GAAP
FYE Dec 2024	13.0	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2025	8.6	−4.5pp	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 12.2%

Average · 10 yrs 10.0%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	-8.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.7	+18.4pp	Cons. · Japanese GAAP
FYE Dec 2018	6.9	−2.8pp	Cons. · Japanese GAAP
FYE Dec 2019	11.0	+4.1pp	Cons. · Japanese GAAP
FYE Dec 2020	5.3	−5.7pp	Cons. · Japanese GAAP
FYE Dec 2021	14.8	+9.5pp	Cons. · Japanese GAAP
FYE Dec 2022	15.0	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	18.3	+3.3pp	Cons. · Japanese GAAP
FYE Dec 2024	15.8	−2.5pp	Cons. · Japanese GAAP
FYE Dec 2025	12.2	−3.7pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 8.4%

Average · 10 yrs 5.7%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	-2.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.3	+5.8pp	Cons. · Japanese GAAP
FYE Dec 2018	2.2	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2019	5.2	+3.0pp	Cons. · Japanese GAAP
FYE Dec 2020	2.6	−2.6pp	Cons. · Japanese GAAP
FYE Dec 2021	7.8	+5.2pp	Cons. · Japanese GAAP
FYE Dec 2022	8.0	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	11.2	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2024	10.4	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2025	8.4	−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 0.79×

CAGR · 10 yrs +0.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.78	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.85	+10.0%	Cons. · Japanese GAAP
FYE Dec 2018	0.84	−2.0%	Cons. · Japanese GAAP
FYE Dec 2019	0.81	−3.9%	Cons. · Japanese GAAP
FYE Dec 2020	0.77	−4.2%	Cons. · Japanese GAAP
FYE Dec 2021	0.74	−4.0%	Cons. · Japanese GAAP
FYE Dec 2022	0.83	+12.0%	Cons. · Japanese GAAP
FYE Dec 2023	0.86	+3.2%	Cons. · Japanese GAAP
FYE Dec 2024	0.78	−8.7%	Cons. · Japanese GAAP
FYE Dec 2025	0.79	+1.0%	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 ¥93bn

CAGR · 10 yrs +10.2%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	38.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	13.4	−65.4%	Cons. · Japanese GAAP
FYE Dec 2018	19.1	+41.9%	Cons. · Japanese GAAP
FYE Dec 2019	11.2	−41.1%	Cons. · Japanese GAAP
FYE Dec 2020	53.8	+379.1%	Cons. · Japanese GAAP
FYE Dec 2021	34.5	−35.9%	Cons. · Japanese GAAP
FYE Dec 2022	15.2	−56.0%	Cons. · Japanese GAAP
FYE Dec 2023	86.5	+470.1%	Cons. · Japanese GAAP
FYE Dec 2024	67.1	−22.5%	Cons. · Japanese GAAP
FYE Dec 2025	93.1	+38.8%	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 -¥23bn

Average · 10 yrs -¥23bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-13.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-10.6	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-28.4	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-38.3	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-27.9	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-37.5	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-16.7	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-14.7	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-15.2	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-23.1	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 -¥44bn

Average · 10 yrs -¥16bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-31.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-13.5	n/a	Cons. · Japanese GAAP
FYE Dec 2018	12.8	n/a	Cons. · Japanese GAAP
FYE Dec 2019	20.7	+61.6%	Cons. · Japanese GAAP
FYE Dec 2020	-12.6	−161.0%	Cons. · Japanese GAAP
FYE Dec 2021	11.7	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-16.2	−238.8%	Cons. · Japanese GAAP
FYE Dec 2023	-62.9	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-23.1	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-43.8	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 ¥117bn

CAGR · 10 yrs +13.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	37.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	27.9	−25.9%	Cons. · Japanese GAAP
FYE Dec 2018	30.5	+9.3%	Cons. · Japanese GAAP
FYE Dec 2019	24.1	−21.0%	Cons. · Japanese GAAP
FYE Dec 2020	36.3	+50.8%	Cons. · Japanese GAAP
FYE Dec 2021	53.6	+47.6%	Cons. · Japanese GAAP
FYE Dec 2022	41.6	−22.4%	Cons. · Japanese GAAP
FYE Dec 2023	52.8	+26.9%	Cons. · Japanese GAAP
FYE Dec 2024	86.3	+63.5%	Cons. · Japanese GAAP
FYE Dec 2025	117	+35.3%	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 ¥70bn

CAGR · 10 yrs +12.1%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	25.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.8	−88.8%	Cons. · Japanese GAAP
FYE Dec 2018	-9.4	−434.8%	Cons. · Japanese GAAP
FYE Dec 2019	-27.0	n/a	Cons. · Japanese GAAP
FYE Dec 2020	25.9	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-3.1	−111.8%	Cons. · Japanese GAAP
FYE Dec 2022	-1.5	n/a	Cons. · Japanese GAAP
FYE Dec 2023	71.8	n/a	Cons. · Japanese GAAP
FYE Dec 2024	51.8	−27.8%	Cons. · Japanese GAAP
FYE Dec 2025	70.0	+35.0%	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 15.6%

Average · 10 yrs 9.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	10.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.3	−6.9pp	Cons. · Japanese GAAP
FYE Dec 2018	4.8	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2019	3.0	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2020	15.6	+12.7pp	Cons. · Japanese GAAP
FYE Dec 2021	8.8	−6.9pp	Cons. · Japanese GAAP
FYE Dec 2022	3.1	−5.7pp	Cons. · Japanese GAAP
FYE Dec 2023	15.6	+12.6pp	Cons. · Japanese GAAP
FYE Dec 2024	11.9	−3.8pp	Cons. · Japanese GAAP
FYE Dec 2025	15.6	+3.8pp	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 ¥72bn

Average · 10 yrs -¥40bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-84.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-84.7	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-92.1	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-91.4	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-65.9	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-35.1	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-34.5	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-4.8	n/a	Cons. · Japanese GAAP
FYE Dec 2024	24.7	n/a	Cons. · Japanese GAAP
FYE Dec 2025	72.1	+191.1%	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 ¥668bn

Change · 9 yrs +¥372bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	n/a	n/a
FYE Dec 2017	296	n/a
FYE Dec 2018	175	n/a
FYE Dec 2019	243	n/a
FYE Dec 2020	242	n/a
FYE Dec 2021	277	n/a
FYE Dec 2022	231	n/a
FYE Dec 2023	364	n/a
FYE Dec 2024	377	n/a
FYE Dec 2025	668	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 4,333¥

Change · 9 yrs +2,006¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	n/a	n/a
FYE Dec 2017	2,328	n/a
FYE Dec 2018	1,375	n/a
FYE Dec 2019	1,575	n/a
FYE Dec 2020	1,568	n/a
FYE Dec 2021	1,794	n/a
FYE Dec 2022	1,498	n/a
FYE Dec 2023	2,361	n/a
FYE Dec 2024	2,444	n/a
FYE Dec 2025	4,333	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 154,111,000shares

Change · 10 yrs +26,932,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	127,179,000	Parent
FYE Dec 2017	127,179,000	Parent
FYE Dec 2018	127,179,000	Parent
FYE Dec 2019	154,111,000	Parent
FYE Dec 2020	154,111,000	Parent
FYE Dec 2021	154,111,000	Parent
FYE Dec 2022	154,111,000	Parent
FYE Dec 2023	154,111,000	Parent
FYE Dec 2024	154,111,000	Parent
FYE Dec 2025	154,111,000	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 413.10¥

Change · 10 yrs +509.64¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	-96.54	Cons.
FYE Dec 2017	121.87	Cons.
FYE Dec 2018	83.11	Cons.
FYE Dec 2019	161.41	Cons.
FYE Dec 2020	75.89	Cons.
FYE Dec 2021	268.62	Cons.
FYE Dec 2022	311.51	Cons.
FYE Dec 2023	469.42	Cons.
FYE Dec 2024	485.86	Cons.
FYE Dec 2025	413.10	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 3,391.45¥

Change · 10 yrs +2,278.23¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,113.22	Cons. · Japanese GAAP
FYE Dec 2017	1,250.84	Cons. · Japanese GAAP
FYE Dec 2018	1,200.98	Cons. · Japanese GAAP
FYE Dec 2019	1,445.46	Cons. · Japanese GAAP
FYE Dec 2020	1,432.58	Cons. · Japanese GAAP
FYE Dec 2021	1,816.57	Cons. · Japanese GAAP
FYE Dec 2022	2,080.86	Cons. · Japanese GAAP
FYE Dec 2023	2,564.38	Cons. · Japanese GAAP
FYE Dec 2024	3,066.31	Cons. · Japanese GAAP
FYE Dec 2025	3,391.45	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 10.49×

Average · 9 yrs 10.90×

Fiscal year	PER ×	Basis
FYE Dec 2016	n/a	Cons.
FYE Dec 2017	19.10	Cons.
FYE Dec 2018	16.55	Cons.
FYE Dec 2019	9.76	Cons.
FYE Dec 2020	20.66	Cons.
FYE Dec 2021	6.68	Cons.
FYE Dec 2022	4.81	Cons.
FYE Dec 2023	5.03	Cons.
FYE Dec 2024	5.03	Cons.
FYE Dec 2025	10.49	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 1.28×

Average · 9 yrs 1.10×

Fiscal year	PBR ×	Basis
FYE Dec 2016	n/a	Cons.
FYE Dec 2017	1.86	Cons.
FYE Dec 2018	1.14	Cons.
FYE Dec 2019	1.09	Cons.
FYE Dec 2020	1.09	Cons.
FYE Dec 2021	0.99	Cons.
FYE Dec 2022	0.72	Cons.
FYE Dec 2023	0.92	Cons.
FYE Dec 2024	0.80	Cons.
FYE Dec 2025	1.28	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 9,941people

Change · 10 yrs −1,743 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	11,684	n/a	Cons.
FYE Dec 2017	11,759	+0.6%	Cons.
FYE Dec 2018	11,449	−2.6%	Cons.
FYE Dec 2019	11,840	+3.4%	Cons.
FYE Dec 2020	11,258	−4.9%	Cons.
FYE Dec 2021	10,324	−8.3%	Cons.
FYE Dec 2022	10,574	+2.4%	Cons.
FYE Dec 2023	10,395	−1.7%	Cons.
FYE Dec 2024	10,410	+0.1%	Cons.
FYE Dec 2025	9,941	−4.5%	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 3,766people

Change · 10 yrs +439 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	3,327	n/a	Parent
FYE Dec 2017	3,462	+4.1%	Parent
FYE Dec 2018	3,532	+2.0%	Parent
FYE Dec 2019	3,595	+1.8%	Parent
FYE Dec 2020	3,725	+3.6%	Parent
FYE Dec 2021	3,694	−0.8%	Parent
FYE Dec 2022	3,674	−0.5%	Parent
FYE Dec 2023	3,672	−0.1%	Parent
FYE Dec 2024	3,705	+0.9%	Parent
FYE Dec 2025	3,766	+1.6%	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 ¥6.9m

Change · 7 yrs +¥0.9m

Fiscal year	Average annual pay ¥ m	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	6.0	n/a	Parent
FYE Dec 2020	5.8	−3.0%	Parent
FYE Dec 2021	6.2	+6.0%	Parent
FYE Dec 2022	6.3	+2.1%	Parent
FYE Dec 2023	6.4	+1.5%	Parent
FYE Dec 2024	6.6	+2.8%	Parent
FYE Dec 2025	6.9	+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 40.8years

Change · 7 yrs +2.1 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	38.7	n/a	Parent
FYE Dec 2020	39.2	+1.3%	Parent
FYE Dec 2021	39.8	+1.5%	Parent
FYE Dec 2022	40.3	+1.3%	Parent
FYE Dec 2023	40.5	+0.5%	Parent
FYE Dec 2024	40.6	+0.2%	Parent
FYE Dec 2025	40.8	+0.5%	Parent

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

Average length of service

FYE Dec 2025 15.0years

Change · 7 yrs +1.4 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	13.6	n/a	Parent
FYE Dec 2020	14.3	+5.1%	Parent
FYE Dec 2021	14.9	+4.2%	Parent
FYE Dec 2022	15.1	+1.3%	Parent
FYE Dec 2023	15.1	−0.0%	Parent
FYE Dec 2024	15.1	−0.0%	Parent
FYE Dec 2025	15.0	−0.7%	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 761people

Change · 10 yrs −500 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	1,261	n/a	n/a
FYE Dec 2017	1,144	−9.3%	n/a
FYE Dec 2018	1,355	+18.4%	n/a
FYE Dec 2019	1,292	−4.6%	n/a
FYE Dec 2020	1,168	−9.6%	n/a
FYE Dec 2021	1,200	+2.7%	n/a
FYE Dec 2022	1,170	−2.5%	n/a
FYE Dec 2023	872	−25.5%	n/a
FYE Dec 2024	842	−3.4%	n/a
FYE Dec 2025	761	−9.6%	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 ¥59.8m

Change · 10 yrs +¥27.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	32.7	n/a	Cons.
FYE Dec 2017	34.4	+5.4%	Cons.
FYE Dec 2018	34.3	−0.3%	Cons.
FYE Dec 2019	31.9	−7.2%	Cons.
FYE Dec 2020	30.5	−4.2%	Cons.
FYE Dec 2021	38.1	+24.9%	Cons.
FYE Dec 2022	47.0	+23.3%	Cons.
FYE Dec 2023	53.2	+13.1%	Cons.
FYE Dec 2024	54.3	+2.1%	Cons.
FYE Dec 2025	59.8	+10.2%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥9.8m

Change · 10 yrs +¥5.6m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	4.2	n/a	Cons.
FYE Dec 2017	3.9	−8.7%	Cons.
FYE Dec 2018	3.7	−3.9%	Cons.
FYE Dec 2019	3.2	−12.3%	Cons.
FYE Dec 2020	3.2	−0.6%	Cons.
FYE Dec 2021	5.1	+59.3%	Cons.
FYE Dec 2022	4.2	−19.0%	Cons.
FYE Dec 2023	7.4	+77.6%	Cons.
FYE Dec 2024	9.0	+22.0%	Cons.
FYE Dec 2025	9.8	+8.5%	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.

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

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