Financials

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

FYE Dec 2025 · Revenue¥2.06tnYoY −0.4%

FYE Dec 2025 · Operating profit¥127bnYoY +1.3%

FYE Dec 2025 · Net profit¥69bn

FYE Dec 2025 · Equity ratio42.0%YoY +0.5pp

FYE Dec 2025 · Group employees52,896YoY −791

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥1.28tn	n/a	¥96bn	n/a	7.5%	¥47bn	Shimamura Takuya	Biomeva acquired — entry into biopharmaceutical CDMO
FYE Dec 2017Consolidated	¥1.46tn	+14.1%	¥120bn	+24.3%	8.2%	¥69bn	Shimamura Takuya	CMC Biologics completes a three-region CDMO network
FYE Dec 2018Consolidated	¥1.52tn	+4.1%	¥121bn	+0.8%	7.9%	¥90bn	Shimamura Takuya	Renamed AGC Inc. after 111 years as Asahi Glass
FYE Dec 2019Consolidated	¥1.52tn	−0.3%	¥102bn	−15.7%	6.7%	¥44bn	Shimamura Takuya	—
FYE Dec 2020Consolidated	¥1.41tn	−7.0%	¥76bn	−25.4%	5.4%	¥33bn	Shimamura Takuya	—
FYE Dec 2021Consolidated	¥1.70tn	+20.2%	¥206bn	+172.1%	12.1%	¥124bn	Shimamura Takuya	—
FYE Dec 2022Consolidated	¥2.04tn	+19.9%	¥184bn	−10.8%	9.0%	-¥3.2bn	Hirai Yoshinori	—
FYE Dec 2023Consolidated	¥2.02tn	−0.8%	¥129bn	−30.0%	6.4%	¥66bn	Hirai Yoshinori	—
FYE Dec 2024Consolidated	¥2.07tn	+2.4%	¥126bn	−2.3%	6.1%	-¥94bn	Hirai Yoshinori	Dividend policy shifts to DOE; capex and display capacity cut
FYE Dec 2025Consolidated	¥2.06tn	−0.4%	¥127bn	+1.3%	6.2%	¥69bn	Hirai Yoshinori	—

How it compares

AGC¥2.06tnFY2025Operating margin 6.2%

Nippon Sheet Glass¥879bnFY2025Operating margin 3.3%Nippon Electric Glass¥311bnFY2025Operating margin 11.0%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥2.06tn

CAGR · 10 yrs +5.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	1,283	n/a	Cons. · IFRS
FYE Dec 2017	1,464	+14.1%	Cons. · IFRS
FYE Dec 2018	1,523	+4.1%	Cons. · IFRS
FYE Dec 2019	1,518	−0.3%	Cons. · IFRS
FYE Dec 2020	1,412	−7.0%	Cons. · IFRS
FYE Dec 2021	1,697	+20.2%	Cons. · IFRS
FYE Dec 2022	2,036	+19.9%	Cons. · IFRS
FYE Dec 2023	2,019	−0.8%	Cons. · IFRS
FYE Dec 2024	2,068	+2.4%	Cons. · IFRS
FYE Dec 2025	2,059	−0.4%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Dec 2025 ¥1.56tn

CAGR · 10 yrs +5.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	934	n/a	Cons. · IFRS
FYE Dec 2017	1,061	+13.6%	Cons. · IFRS
FYE Dec 2018	1,103	+4.0%	Cons. · IFRS
FYE Dec 2019	1,115	+1.1%	Cons. · IFRS
FYE Dec 2020	1,053	−5.6%	Cons. · IFRS
FYE Dec 2021	1,184	+12.5%	Cons. · IFRS
FYE Dec 2022	1,506	+27.2%	Cons. · IFRS
FYE Dec 2023	1,538	+2.1%	Cons. · IFRS
FYE Dec 2024	1,569	+2.0%	Cons. · IFRS
FYE Dec 2025	1,558	−0.6%	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 ¥500bn

CAGR · 10 yrs +4.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	349	n/a	Cons. · IFRS
FYE Dec 2017	403	+15.5%	Cons. · IFRS
FYE Dec 2018	420	+4.2%	Cons. · IFRS
FYE Dec 2019	403	−4.1%	Cons. · IFRS
FYE Dec 2020	359	−10.8%	Cons. · IFRS
FYE Dec 2021	513	+42.9%	Cons. · IFRS
FYE Dec 2022	529	+3.2%	Cons. · IFRS
FYE Dec 2023	481	−9.1%	Cons. · IFRS
FYE Dec 2024	499	+3.7%	Cons. · IFRS
FYE Dec 2025	500	+0.3%	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 ¥375bn

CAGR · 10 yrs +4.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	254	n/a	Cons. · IFRS
FYE Dec 2017	285	+12.0%	Cons. · IFRS
FYE Dec 2018	301	+5.5%	Cons. · IFRS
FYE Dec 2019	302	+0.5%	Cons. · IFRS
FYE Dec 2020	284	−6.1%	Cons. · IFRS
FYE Dec 2021	309	+8.9%	Cons. · IFRS
FYE Dec 2022	347	+12.1%	Cons. · IFRS
FYE Dec 2023	355	+2.3%	Cons. · IFRS
FYE Dec 2024	376	+6.0%	Cons. · IFRS
FYE Dec 2025	375	−0.2%	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 ¥127bn

CAGR · 10 yrs +3.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	96.3	n/a	Cons. · IFRS
FYE Dec 2017	120	+24.3%	Cons. · IFRS
FYE Dec 2018	121	+0.8%	Cons. · IFRS
FYE Dec 2019	102	−15.7%	Cons. · IFRS
FYE Dec 2020	75.8	−25.4%	Cons. · IFRS
FYE Dec 2021	206	+172.1%	Cons. · IFRS
FYE Dec 2022	184	−10.8%	Cons. · IFRS
FYE Dec 2023	129	−30.0%	Cons. · IFRS
FYE Dec 2024	126	−2.3%	Cons. · IFRS
FYE Dec 2025	127	+1.3%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥9.4bn

CAGR · 10 yrs −0.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	10.2	n/a	Cons. · IFRS
FYE Dec 2017	15.2	+49.3%	Cons. · IFRS
FYE Dec 2018	16.1	+5.3%	Cons. · IFRS
FYE Dec 2019	13.9	−13.4%	Cons. · IFRS
FYE Dec 2020	5.9	−57.6%	Cons. · IFRS
FYE Dec 2021	6.5	+10.7%	Cons. · IFRS
FYE Dec 2022	10.6	+62.3%	Cons. · IFRS
FYE Dec 2023	13.7	+29.5%	Cons. · IFRS
FYE Dec 2024	12.0	−12.7%	Cons. · IFRS
FYE Dec 2025	9.4	−21.5%	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 ¥15bn

CAGR · 10 yrs −9.8%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	38.9	n/a	Cons. · IFRS
FYE Dec 2017	20.5	−47.4%	Cons. · IFRS
FYE Dec 2018	10.1	−50.4%	Cons. · IFRS
FYE Dec 2019	13.7	+35.0%	Cons. · IFRS
FYE Dec 2020	8.5	−38.0%	Cons. · IFRS
FYE Dec 2021	6.7	−20.7%	Cons. · IFRS
FYE Dec 2022	9.3	+38.0%	Cons. · IFRS
FYE Dec 2023	19.2	+106.9%	Cons. · IFRS
FYE Dec 2024	17.4	−9.8%	Cons. · IFRS
FYE Dec 2025	15.3	−11.7%	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 ¥69bn

CAGR · 10 yrs +4.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	47.4	n/a	Cons. · IFRS
FYE Dec 2017	69.2	+45.9%	Cons. · IFRS
FYE Dec 2018	89.6	+29.4%	Cons. · IFRS
FYE Dec 2019	44.4	−50.4%	Cons. · IFRS
FYE Dec 2020	32.7	−26.4%	Cons. · IFRS
FYE Dec 2021	124	+278.5%	Cons. · IFRS
FYE Dec 2022	-3.2	−102.5%	Cons. · IFRS
FYE Dec 2023	65.8	n/a	Cons. · IFRS
FYE Dec 2024	-94.0	−242.9%	Cons. · IFRS
FYE Dec 2025	69.2	n/a	Cons. · IFRS

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

Gross margin

FYE Dec 2025 24.3%

Average · 10 yrs 26.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	27.2	n/a	Cons. · IFRS
FYE Dec 2017	27.5	+0.3pp	Cons. · IFRS
FYE Dec 2018	27.6	−0.0pp	Cons. · IFRS
FYE Dec 2019	26.5	−1.0pp	Cons. · IFRS
FYE Dec 2020	25.4	−1.1pp	Cons. · IFRS
FYE Dec 2021	30.2	+4.8pp	Cons. · IFRS
FYE Dec 2022	26.0	−4.2pp	Cons. · IFRS
FYE Dec 2023	23.8	−2.2pp	Cons. · IFRS
FYE Dec 2024	24.1	+0.3pp	Cons. · IFRS
FYE Dec 2025	24.3	+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 6.2%

Average · 10 yrs 7.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	7.5	n/a	Cons. · IFRS
FYE Dec 2017	8.2	+0.7pp	Cons. · IFRS
FYE Dec 2018	7.9	−0.3pp	Cons. · IFRS
FYE Dec 2019	6.7	−1.2pp	Cons. · IFRS
FYE Dec 2020	5.4	−1.3pp	Cons. · IFRS
FYE Dec 2021	12.1	+6.8pp	Cons. · IFRS
FYE Dec 2022	9.0	−3.1pp	Cons. · IFRS
FYE Dec 2023	6.4	−2.7pp	Cons. · IFRS
FYE Dec 2024	6.1	−0.3pp	Cons. · IFRS
FYE Dec 2025	6.2	+0.1pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 3.4%

Average · 10 yrs 2.9%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	3.7	n/a	Cons. · IFRS
FYE Dec 2017	4.7	+1.0pp	Cons. · IFRS
FYE Dec 2018	5.9	+1.2pp	Cons. · IFRS
FYE Dec 2019	2.9	−3.0pp	Cons. · IFRS
FYE Dec 2020	2.3	−0.6pp	Cons. · IFRS
FYE Dec 2021	7.3	+5.0pp	Cons. · IFRS
FYE Dec 2022	-0.2	−7.5pp	Cons. · IFRS
FYE Dec 2023	3.3	+3.4pp	Cons. · IFRS
FYE Dec 2024	-4.5	−7.8pp	Cons. · IFRS
FYE Dec 2025	3.4	+7.9pp	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 75.7%

Average · 10 yrs 73.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	72.8	n/a	Cons. · IFRS
FYE Dec 2017	72.5	−0.3pp	Cons. · IFRS
FYE Dec 2018	72.4	−0.0pp	Cons. · IFRS
FYE Dec 2019	73.5	+1.0pp	Cons. · IFRS
FYE Dec 2020	74.6	+1.1pp	Cons. · IFRS
FYE Dec 2021	69.8	−4.8pp	Cons. · IFRS
FYE Dec 2022	74.0	+4.2pp	Cons. · IFRS
FYE Dec 2023	76.2	+2.2pp	Cons. · IFRS
FYE Dec 2024	75.9	−0.3pp	Cons. · IFRS
FYE Dec 2025	75.7	−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 18.2%

Average · 10 yrs 18.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	19.8	n/a	Cons. · IFRS
FYE Dec 2017	19.5	−0.4pp	Cons. · IFRS
FYE Dec 2018	19.7	+0.3pp	Cons. · IFRS
FYE Dec 2019	19.9	+0.2pp	Cons. · IFRS
FYE Dec 2020	20.1	+0.2pp	Cons. · IFRS
FYE Dec 2021	18.2	−1.9pp	Cons. · IFRS
FYE Dec 2022	17.0	−1.2pp	Cons. · IFRS
FYE Dec 2023	17.6	+0.5pp	Cons. · IFRS
FYE Dec 2024	18.2	+0.6pp	Cons. · IFRS
FYE Dec 2025	18.2	−0.0pp	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 ¥2.95tn

CAGR · 10 yrs +4.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	1,981	n/a	Cons. · IFRS
FYE Dec 2017	2,229	+12.5%	Cons. · IFRS
FYE Dec 2018	2,236	+0.3%	Cons. · IFRS
FYE Dec 2019	2,335	+4.5%	Cons. · IFRS
FYE Dec 2020	2,534	+8.5%	Cons. · IFRS
FYE Dec 2021	2,666	+5.2%	Cons. · IFRS
FYE Dec 2022	2,814	+5.6%	Cons. · IFRS
FYE Dec 2023	2,933	+4.2%	Cons. · IFRS
FYE Dec 2024	2,890	−1.5%	Cons. · IFRS
FYE Dec 2025	2,950	+2.1%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Dec 2025 ¥1.24tn

CAGR · 10 yrs +1.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	1,095	n/a	Cons. · IFRS
FYE Dec 2017	1,184	+8.1%	Cons. · IFRS
FYE Dec 2018	1,021	−13.8%	Cons. · IFRS
FYE Dec 2019	1,032	+1.1%	Cons. · IFRS
FYE Dec 2020	987	−4.3%	Cons. · IFRS
FYE Dec 2021	1,147	+16.2%	Cons. · IFRS
FYE Dec 2022	1,195	+4.2%	Cons. · IFRS
FYE Dec 2023	1,240	+3.8%	Cons. · IFRS
FYE Dec 2024	1,200	−3.2%	Cons. · IFRS
FYE Dec 2025	1,239	+3.2%	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 ¥528bn

CAGR · 10 yrs +2.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	434	n/a	Cons. · IFRS
FYE Dec 2017	489	+12.7%	Cons. · IFRS
FYE Dec 2018	470	−3.9%	Cons. · IFRS
FYE Dec 2019	523	+11.2%	Cons. · IFRS
FYE Dec 2020	701	+34.1%	Cons. · IFRS
FYE Dec 2021	515	−26.6%	Cons. · IFRS
FYE Dec 2022	528	+2.6%	Cons. · IFRS
FYE Dec 2023	567	+7.4%	Cons. · IFRS
FYE Dec 2024	540	−4.8%	Cons. · IFRS
FYE Dec 2025	528	−2.2%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥217bn

CAGR · 10 yrs +8.6%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	103	n/a	Cons. · IFRS
FYE Dec 2017	137	+32.8%	Cons. · IFRS
FYE Dec 2018	139	+1.4%	Cons. · IFRS
FYE Dec 2019	159	+13.9%	Cons. · IFRS
FYE Dec 2020	194	+22.4%	Cons. · IFRS
FYE Dec 2021	125	−35.4%	Cons. · IFRS
FYE Dec 2022	192	+53.1%	Cons. · IFRS
FYE Dec 2023	249	+29.9%	Cons. · IFRS
FYE Dec 2024	240	−3.8%	Cons. · IFRS
FYE Dec 2025	217	−9.6%	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 ¥430bn

CAGR · 10 yrs +3.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	331	n/a	Cons. · IFRS
FYE Dec 2017	352	+6.4%	Cons. · IFRS
FYE Dec 2018	403	+14.4%	Cons. · IFRS
FYE Dec 2019	444	+10.4%	Cons. · IFRS
FYE Dec 2020	594	+33.7%	Cons. · IFRS
FYE Dec 2021	478	−19.6%	Cons. · IFRS
FYE Dec 2022	458	−4.1%	Cons. · IFRS
FYE Dec 2023	446	−2.8%	Cons. · IFRS
FYE Dec 2024	410	−8.0%	Cons. · IFRS
FYE Dec 2025	430	+4.8%	Cons. · IFRS

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

Intangible assets

FYE Dec 2025 ¥55bn

CAGR · 8 yrs −0.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	56.6	n/a	Cons. · IFRS
FYE Dec 2019	70.0	+23.5%	Cons. · IFRS
FYE Dec 2020	72.7	+3.9%	Cons. · IFRS
FYE Dec 2021	69.9	−3.8%	Cons. · IFRS
FYE Dec 2022	71.3	+2.0%	Cons. · IFRS
FYE Dec 2023	72.1	+1.1%	Cons. · IFRS
FYE Dec 2024	52.3	−27.5%	Cons. · IFRS
FYE Dec 2025	55.4	+6.0%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥52bn

CAGR · 10 yrs +4.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	34.9	n/a	Cons. · IFRS
FYE Dec 2017	78.8	+125.9%	Cons. · IFRS
FYE Dec 2018	89.1	+13.1%	Cons. · IFRS
FYE Dec 2019	104	+16.7%	Cons. · IFRS
FYE Dec 2020	118	+13.6%	Cons. · IFRS
FYE Dec 2021	113	−4.4%	Cons. · IFRS
FYE Dec 2022	92.8	−17.8%	Cons. · IFRS
FYE Dec 2023	101	+9.0%	Cons. · IFRS
FYE Dec 2024	49.8	−50.8%	Cons. · IFRS
FYE Dec 2025	52.1	+4.7%	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 42.0%

Average · 10 yrs 44.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	55.3	n/a	Cons. · IFRS
FYE Dec 2017	53.1	−2.2pp	Cons. · IFRS
FYE Dec 2018	45.7	−7.5pp	Cons. · IFRS
FYE Dec 2019	44.2	−1.5pp	Cons. · IFRS
FYE Dec 2020	39.0	−5.2pp	Cons. · IFRS
FYE Dec 2021	43.0	+4.1pp	Cons. · IFRS
FYE Dec 2022	42.5	−0.6pp	Cons. · IFRS
FYE Dec 2023	42.3	−0.2pp	Cons. · IFRS
FYE Dec 2024	41.5	−0.7pp	Cons. · IFRS
FYE Dec 2025	42.0	+0.5pp	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 42.6%

Average · 10 yrs 47.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	39.6	n/a	Cons. · IFRS
FYE Dec 2017	41.3	+1.7pp	Cons. · IFRS
FYE Dec 2018	46.0	+4.7pp	Cons. · IFRS
FYE Dec 2019	50.7	+4.6pp	Cons. · IFRS
FYE Dec 2020	71.0	+20.3pp	Cons. · IFRS
FYE Dec 2021	44.9	−26.1pp	Cons. · IFRS
FYE Dec 2022	44.2	−0.7pp	Cons. · IFRS
FYE Dec 2023	45.7	+1.6pp	Cons. · IFRS
FYE Dec 2024	45.0	−0.8pp	Cons. · IFRS
FYE Dec 2025	42.6	−2.4pp	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 5.6%

Average · 10 yrs 4.0%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	4.3	n/a	Cons. · IFRS
FYE Dec 2017	5.8	+1.5pp	Cons. · IFRS
FYE Dec 2018	8.8	+2.9pp	Cons. · IFRS
FYE Dec 2019	4.3	−4.5pp	Cons. · IFRS
FYE Dec 2020	3.3	−1.0pp	Cons. · IFRS
FYE Dec 2021	10.8	+7.5pp	Cons. · IFRS
FYE Dec 2022	-0.3	−11.1pp	Cons. · IFRS
FYE Dec 2023	5.3	+5.6pp	Cons. · IFRS
FYE Dec 2024	-7.8	−13.1pp	Cons. · IFRS
FYE Dec 2025	5.6	+13.4pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 2.3%

Average · 10 yrs 1.9%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	2.4	n/a	Cons. · IFRS
FYE Dec 2017	3.1	+0.7pp	Cons. · IFRS
FYE Dec 2018	4.0	+0.9pp	Cons. · IFRS
FYE Dec 2019	1.9	−2.1pp	Cons. · IFRS
FYE Dec 2020	1.3	−0.6pp	Cons. · IFRS
FYE Dec 2021	4.6	+3.4pp	Cons. · IFRS
FYE Dec 2022	-0.1	−4.8pp	Cons. · IFRS
FYE Dec 2023	2.2	+2.4pp	Cons. · IFRS
FYE Dec 2024	-3.3	−5.5pp	Cons. · IFRS
FYE Dec 2025	2.3	+5.6pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.70×

CAGR · 10 yrs +0.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.65	n/a	Cons. · IFRS
FYE Dec 2017	0.66	+1.5%	Cons. · IFRS
FYE Dec 2018	0.68	+3.7%	Cons. · IFRS
FYE Dec 2019	0.65	−4.6%	Cons. · IFRS
FYE Dec 2020	0.56	−14.3%	Cons. · IFRS
FYE Dec 2021	0.64	+14.3%	Cons. · IFRS
FYE Dec 2022	0.72	+13.6%	Cons. · IFRS
FYE Dec 2023	0.69	−4.8%	Cons. · IFRS
FYE Dec 2024	0.72	+3.9%	Cons. · IFRS
FYE Dec 2025	0.70	−2.5%	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 ¥274bn

CAGR · 10 yrs +3.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	204	n/a	Cons. · IFRS
FYE Dec 2017	204	−0.1%	Cons. · IFRS
FYE Dec 2018	189	−7.0%	Cons. · IFRS
FYE Dec 2019	192	+1.4%	Cons. · IFRS
FYE Dec 2020	225	+17.4%	Cons. · IFRS
FYE Dec 2021	327	+45.0%	Cons. · IFRS
FYE Dec 2022	217	−33.5%	Cons. · IFRS
FYE Dec 2023	213	−2.1%	Cons. · IFRS
FYE Dec 2024	285	+34.0%	Cons. · IFRS
FYE Dec 2025	274	−3.6%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥178bn

Average · 10 yrs -¥175bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-114	n/a	Cons. · IFRS
FYE Dec 2017	-210	n/a	Cons. · IFRS
FYE Dec 2018	-194	n/a	Cons. · IFRS
FYE Dec 2019	-183	n/a	Cons. · IFRS
FYE Dec 2020	-230	n/a	Cons. · IFRS
FYE Dec 2021	-124	n/a	Cons. · IFRS
FYE Dec 2022	-145	n/a	Cons. · IFRS
FYE Dec 2023	-180	n/a	Cons. · IFRS
FYE Dec 2024	-196	n/a	Cons. · IFRS
FYE Dec 2025	-178	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 -¥114bn

Average · 10 yrs -¥63bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-46.5	n/a	Cons. · IFRS
FYE Dec 2017	-18.7	n/a	Cons. · IFRS
FYE Dec 2018	8.7	n/a	Cons. · IFRS
FYE Dec 2019	-17.3	−299.7%	Cons. · IFRS
FYE Dec 2020	128	n/a	Cons. · IFRS
FYE Dec 2021	-252	−296.4%	Cons. · IFRS
FYE Dec 2022	-78.2	n/a	Cons. · IFRS
FYE Dec 2023	-108	n/a	Cons. · IFRS
FYE Dec 2024	-132	n/a	Cons. · IFRS
FYE Dec 2025	-114	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 ¥95bn

CAGR · 10 yrs −4.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	147	n/a	Cons. · IFRS
FYE Dec 2017	126	−14.2%	Cons. · IFRS
FYE Dec 2018	124	−2.3%	Cons. · IFRS
FYE Dec 2019	114	−7.9%	Cons. · IFRS
FYE Dec 2020	236	+107.5%	Cons. · IFRS
FYE Dec 2021	196	−17.1%	Cons. · IFRS
FYE Dec 2022	210	+7.1%	Cons. · IFRS
FYE Dec 2023	146	−30.4%	Cons. · IFRS
FYE Dec 2024	108	−26.1%	Cons. · IFRS
FYE Dec 2025	94.7	−12.3%	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 ¥96bn

CAGR · 10 yrs +0.7%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	90.0	n/a	Cons. · IFRS
FYE Dec 2017	-6.1	−106.7%	Cons. · IFRS
FYE Dec 2018	-5.2	n/a	Cons. · IFRS
FYE Dec 2019	9.3	n/a	Cons. · IFRS
FYE Dec 2020	-4.9	−152.4%	Cons. · IFRS
FYE Dec 2021	203	n/a	Cons. · IFRS
FYE Dec 2022	71.8	−64.6%	Cons. · IFRS
FYE Dec 2023	32.8	−54.4%	Cons. · IFRS
FYE Dec 2024	89.2	+172.4%	Cons. · IFRS
FYE Dec 2025	96.1	+7.7%	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 13.3%

Average · 10 yrs 13.8%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	15.9	n/a	Cons. · IFRS
FYE Dec 2017	13.9	−2.0pp	Cons. · IFRS
FYE Dec 2018	12.4	−1.5pp	Cons. · IFRS
FYE Dec 2019	12.6	+0.2pp	Cons. · IFRS
FYE Dec 2020	16.0	+3.3pp	Cons. · IFRS
FYE Dec 2021	19.2	+3.3pp	Cons. · IFRS
FYE Dec 2022	10.7	−8.6pp	Cons. · IFRS
FYE Dec 2023	10.5	−0.1pp	Cons. · IFRS
FYE Dec 2024	13.8	+3.2pp	Cons. · IFRS
FYE Dec 2025	13.3	−0.4pp	Cons. · IFRS

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

Net cash

FYE Dec 2025 -¥433bn

Average · 10 yrs -¥379bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-287	n/a	Cons. · IFRS
FYE Dec 2017	-363	n/a	Cons. · IFRS
FYE Dec 2018	-346	n/a	Cons. · IFRS
FYE Dec 2019	-409	n/a	Cons. · IFRS
FYE Dec 2020	-465	n/a	Cons. · IFRS
FYE Dec 2021	-319	n/a	Cons. · IFRS
FYE Dec 2022	-318	n/a	Cons. · IFRS
FYE Dec 2023	-421	n/a	Cons. · IFRS
FYE Dec 2024	-432	n/a	Cons. · IFRS
FYE Dec 2025	-433	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 ¥1.13tn

Change · 8 yrs +¥185bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	945	n/a
FYE Dec 2017	1,147	n/a
FYE Dec 2018	781	n/a
FYE Dec 2019	894	n/a
FYE Dec 2020	819	n/a
FYE Dec 2021	1,249	n/a
FYE Dec 2022	n/a	n/a
FYE Dec 2023	1,138	n/a
FYE Dec 2024	n/a	n/a
FYE Dec 2025	1,129	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 5,193¥

Change · 8 yrs +4,397¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	796	n/a
FYE Dec 2017	4,879	n/a
FYE Dec 2018	3,432	n/a
FYE Dec 2019	3,931	n/a
FYE Dec 2020	3,600	n/a
FYE Dec 2021	5,490	n/a
FYE Dec 2022	n/a	n/a
FYE Dec 2023	5,235	n/a
FYE Dec 2024	n/a	n/a
FYE Dec 2025	5,193	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 217,434,000shares

Change · 10 yrs −969,271,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	1,186,705,000	Parent
FYE Dec 2017	235,177,000	Parent
FYE Dec 2018	227,441,000	Parent
FYE Dec 2019	227,441,000	Parent
FYE Dec 2020	227,441,000	Parent
FYE Dec 2021	227,441,000	Parent
FYE Dec 2022	227,441,000	Parent
FYE Dec 2023	217,434,000	Parent
FYE Dec 2024	217,434,000	Parent
FYE Dec 2025	217,434,000	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 326.20¥

Change · 10 yrs +121.06¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	205.14	Cons.
FYE Dec 2017	302.12	Cons.
FYE Dec 2018	399.51	Cons.
FYE Dec 2019	200.85	Cons.
FYE Dec 2020	147.84	Cons.
FYE Dec 2021	559.11	Cons.
FYE Dec 2022	-14.22	Cons.
FYE Dec 2023	304.73	Cons.
FYE Dec 2024	-443.71	Cons.
FYE Dec 2025	326.20	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 5,696.12¥

Change · 10 yrs +4,773.03¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	923.09	Cons. · IFRS
FYE Dec 2017	5,034.65	Cons. · IFRS
FYE Dec 2018	4,488.22	Cons. · IFRS
FYE Dec 2019	4,535.50	Cons. · IFRS
FYE Dec 2020	4,340.66	Cons. · IFRS
FYE Dec 2021	5,042.81	Cons. · IFRS
FYE Dec 2022	5,253.75	Cons. · IFRS
FYE Dec 2023	5,702.06	Cons. · IFRS
FYE Dec 2024	5,518.35	Cons. · IFRS
FYE Dec 2025	5,696.12	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 15.92×

Average · 8 yrs 16.37×

Fiscal year	PER ×	Basis
FYE Dec 2016	19.40	Cons.
FYE Dec 2017	16.15	Cons.
FYE Dec 2018	8.59	Cons.
FYE Dec 2019	19.57	Cons.
FYE Dec 2020	24.35	Cons.
FYE Dec 2021	9.82	Cons.
FYE Dec 2022	n/a	Cons.
FYE Dec 2023	17.18	Cons.
FYE Dec 2024	n/a	Cons.
FYE Dec 2025	15.92	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 0.74×

Average · 8 yrs 0.79×

Fiscal year	PBR ×	Basis
FYE Dec 2016	0.84	Cons.
FYE Dec 2017	0.93	Cons.
FYE Dec 2018	0.67	Cons.
FYE Dec 2019	0.75	Cons.
FYE Dec 2020	0.71	Cons.
FYE Dec 2021	0.93	Cons.
FYE Dec 2022	n/a	Cons.
FYE Dec 2023	0.77	Cons.
FYE Dec 2024	n/a	Cons.
FYE Dec 2025	0.74	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 52,896people

Change · 10 yrs +1,933 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	50,963	n/a	Cons.
FYE Dec 2017	53,224	+4.4%	Cons.
FYE Dec 2018	54,101	+1.6%	Cons.
FYE Dec 2019	55,598	+2.8%	Cons.
FYE Dec 2020	56,179	+1.0%	Cons.
FYE Dec 2021	55,999	−0.3%	Cons.
FYE Dec 2022	57,609	+2.9%	Cons.
FYE Dec 2023	56,724	−1.5%	Cons.
FYE Dec 2024	53,687	−5.4%	Cons.
FYE Dec 2025	52,896	−1.5%	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 8,122people

Change · 10 yrs +2,098 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	6,024	n/a	Parent
FYE Dec 2017	6,401	+6.3%	Parent
FYE Dec 2018	6,659	+4.0%	Parent
FYE Dec 2019	6,998	+5.1%	Parent
FYE Dec 2020	7,158	+2.3%	Parent
FYE Dec 2021	7,223	+0.9%	Parent
FYE Dec 2022	7,412	+2.6%	Parent
FYE Dec 2023	7,753	+4.6%	Parent
FYE Dec 2024	8,014	+3.4%	Parent
FYE Dec 2025	8,122	+1.3%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Dec 2025 905万円

Change · 10 yrs +96万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Dec 2016	809	n/a	Parent
FYE Dec 2017	858	+6.1%	Parent
FYE Dec 2018	818	−4.7%	Parent
FYE Dec 2019	809	−1.1%	Parent
FYE Dec 2020	796	−1.6%	Parent
FYE Dec 2021	800	+0.6%	Parent
FYE Dec 2022	826	+3.2%	Parent
FYE Dec 2023	864	+4.6%	Parent
FYE Dec 2024	888	+2.8%	Parent
FYE Dec 2025	905	+1.9%	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 43.4years

Change · 7 yrs +0.2 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	43.2	n/a	Parent
FYE Dec 2020	43.2	−0.0%	Parent
FYE Dec 2021	43.4	+0.5%	Parent
FYE Dec 2022	43.3	−0.2%	Parent
FYE Dec 2023	43.2	−0.2%	Parent
FYE Dec 2024	43.2	−0.0%	Parent
FYE Dec 2025	43.4	+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 17.0years

Change · 10 yrs −1.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	18.5	n/a	Parent
FYE Dec 2017	18.5	−0.0%	Parent
FYE Dec 2018	18.2	−1.6%	Parent
FYE Dec 2019	18.0	−1.1%	Parent
FYE Dec 2020	17.9	−0.6%	Parent
FYE Dec 2021	17.9	−0.0%	Parent
FYE Dec 2022	17.6	−1.7%	Parent
FYE Dec 2023	17.2	−2.3%	Parent
FYE Dec 2024	16.9	−1.7%	Parent
FYE Dec 2025	17.0	+0.6%	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 4,653people

Change · 10 yrs +61 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	4,592	n/a	n/a
FYE Dec 2017	4,947	+7.7%	n/a
FYE Dec 2018	4,752	−3.9%	n/a
FYE Dec 2019	4,688	−1.3%	n/a
FYE Dec 2020	4,189	−10.6%	n/a
FYE Dec 2021	4,421	+5.5%	n/a
FYE Dec 2022	4,670	+5.6%	n/a
FYE Dec 2023	4,947	+5.9%	n/a
FYE Dec 2024	4,828	−2.4%	n/a
FYE Dec 2025	4,653	−3.6%	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 ¥38.9m

Change · 10 yrs +¥13.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	25.2	n/a	Cons.
FYE Dec 2017	27.5	+9.3%	Cons.
FYE Dec 2018	28.1	+2.4%	Cons.
FYE Dec 2019	27.3	−3.0%	Cons.
FYE Dec 2020	25.1	−7.9%	Cons.
FYE Dec 2021	30.3	+20.6%	Cons.
FYE Dec 2022	35.3	+16.6%	Cons.
FYE Dec 2023	35.6	+0.7%	Cons.
FYE Dec 2024	38.5	+8.2%	Cons.
FYE Dec 2025	38.9	+1.1%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥2.4m

Change · 10 yrs +¥0.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	1.9	n/a	Cons.
FYE Dec 2017	2.2	+19.0%	Cons.
FYE Dec 2018	2.2	−0.9%	Cons.
FYE Dec 2019	1.8	−18.0%	Cons.
FYE Dec 2020	1.3	−26.2%	Cons.
FYE Dec 2021	3.7	+172.9%	Cons.
FYE Dec 2022	3.2	−13.3%	Cons.
FYE Dec 2023	2.3	−28.9%	Cons.
FYE Dec 2024	2.3	+3.2%	Cons.
FYE Dec 2025	2.4	+2.8%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

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

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