Financials

Nippon Sheet Glass: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥879bnYoY +4.6%

FYE Mar 2026 · Operating profit¥29bnYoY +74.7%

FYE Mar 2026 · Net profit¥4.4bn

FYE Mar 2026 · Equity ratio10.5%YoY +3.3pp

FYE Mar 2026 · Group employees24,838YoY −568

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥581bn	n/a	n/a	n/a	n/a	¥5.6bn	Mori Shigeki	—
FYE Mar 2018Consolidated	¥599bn	+3.1%	¥22bn	n/a	3.7%	¥6.2bn	Mori Shigeki	—
FYE Mar 2019Consolidated	¥613bn	+2.3%	¥37bn	+66.4%	6.0%	¥13bn	Mori Shigeki	—
FYE Mar 2020Consolidated	¥556bn	−9.2%	¥21bn	−42.5%	3.8%	-¥19bn	Mori Shigeki	—
FYE Mar 2021Consolidated	¥499bn	−10.2%	¥13bn	−38.3%	2.6%	-¥17bn	Mori Shigeki	—
FYE Mar 2022Consolidated	¥601bn	+20.3%	¥20bn	+52.9%	3.3%	¥4.1bn	Mori Shigeki	—
FYE Mar 2023Consolidated	¥764bn	+27.1%	¥35bn	+74.2%	4.6%	-¥34bn	Mori Shigeki	<span class="en-history_money" data-yen="48800000000" data-year="2022">$371.5M (¥49bn)</span> impairment of acquisition goodwill
FYE Mar 2024Consolidated	¥833bn	+9.0%	¥36bn	+3.0%	4.3%	¥11bn	Mori Shigeki	—
FYE Mar 2025Consolidated	¥840bn	+0.9%	¥16bn	−54.0%	2.0%	-¥14bn	Hosonuma Munehiro	—
FYE Mar 2026Consolidated	¥879bn	+4.6%	¥29bn	+74.7%	3.3%	¥4.4bn	Hosonuma Munehiro	—

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 Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥879bn

CAGR · 10 yrs +4.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	581	n/a	Cons. · IFRS
FYE Mar 2018	599	+3.1%	Cons. · IFRS
FYE Mar 2019	613	+2.3%	Cons. · IFRS
FYE Mar 2020	556	−9.2%	Cons. · IFRS
FYE Mar 2021	499	−10.2%	Cons. · IFRS
FYE Mar 2022	601	+20.3%	Cons. · IFRS
FYE Mar 2023	764	+27.1%	Cons. · IFRS
FYE Mar 2024	833	+9.0%	Cons. · IFRS
FYE Mar 2025	840	+0.9%	Cons. · IFRS
FYE Mar 2026	879	+4.6%	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 Mar 2026 ¥684bn

CAGR · 9 yrs +5.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	437	n/a	Cons. · IFRS
FYE Mar 2019	452	+3.5%	Cons. · IFRS
FYE Mar 2020	422	−6.7%	Cons. · IFRS
FYE Mar 2021	382	−9.4%	Cons. · IFRS
FYE Mar 2022	465	+21.7%	Cons. · IFRS
FYE Mar 2023	592	+27.2%	Cons. · IFRS
FYE Mar 2024	652	+10.2%	Cons. · IFRS
FYE Mar 2025	672	+3.1%	Cons. · IFRS
FYE Mar 2026	684	+1.7%	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 Mar 2026 ¥196bn

CAGR · 9 yrs +2.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	162	n/a	Cons. · IFRS
FYE Mar 2019	161	−0.8%	Cons. · IFRS
FYE Mar 2020	134	−16.4%	Cons. · IFRS
FYE Mar 2021	117	−12.8%	Cons. · IFRS
FYE Mar 2022	135	+15.6%	Cons. · IFRS
FYE Mar 2023	172	+26.9%	Cons. · IFRS
FYE Mar 2024	180	+5.0%	Cons. · IFRS
FYE Mar 2025	168	−6.8%	Cons. · IFRS
FYE Mar 2026	196	+16.5%	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 Mar 2026 ¥167bn

CAGR · 9 yrs +2.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	140	n/a	Cons. · IFRS
FYE Mar 2019	124	−11.4%	Cons. · IFRS
FYE Mar 2020	113	−8.7%	Cons. · IFRS
FYE Mar 2021	104	−8.0%	Cons. · IFRS
FYE Mar 2022	115	+10.9%	Cons. · IFRS
FYE Mar 2023	137	+18.7%	Cons. · IFRS
FYE Mar 2024	145	+5.6%	Cons. · IFRS
FYE Mar 2025	152	+4.9%	Cons. · IFRS
FYE Mar 2026	167	+10.2%	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 Mar 2026 ¥29bn

CAGR · 9 yrs +3.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	22.1	n/a	Cons. · IFRS
FYE Mar 2019	36.9	+66.4%	Cons. · IFRS
FYE Mar 2020	21.2	−42.5%	Cons. · IFRS
FYE Mar 2021	13.1	−38.3%	Cons. · IFRS
FYE Mar 2022	20.0	+52.9%	Cons. · IFRS
FYE Mar 2023	34.8	+74.2%	Cons. · IFRS
FYE Mar 2024	35.9	+3.0%	Cons. · IFRS
FYE Mar 2025	16.5	−54.0%	Cons. · IFRS
FYE Mar 2026	28.8	+74.7%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥4.7bn

CAGR · 9 yrs +20.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1.1	n/a	Cons. · IFRS
FYE Mar 2019	2.1	+97.3%	Cons. · IFRS
FYE Mar 2020	2.1	−0.2%	Cons. · IFRS
FYE Mar 2021	2.0	−3.9%	Cons. · IFRS
FYE Mar 2022	2.1	+3.6%	Cons. · IFRS
FYE Mar 2023	5.2	+147.5%	Cons. · IFRS
FYE Mar 2024	10.6	+102.5%	Cons. · IFRS
FYE Mar 2025	3.4	−67.6%	Cons. · IFRS
FYE Mar 2026	4.7	+36.7%	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 Mar 2026 ¥33bn

CAGR · 9 yrs +9.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	15.7	n/a	Cons. · IFRS
FYE Mar 2019	15.4	−1.7%	Cons. · IFRS
FYE Mar 2020	14.0	−9.5%	Cons. · IFRS
FYE Mar 2021	13.1	−6.4%	Cons. · IFRS
FYE Mar 2022	14.6	+11.5%	Cons. · IFRS
FYE Mar 2023	22.6	+55.2%	Cons. · IFRS
FYE Mar 2024	38.8	+71.5%	Cons. · IFRS
FYE Mar 2025	28.7	−26.0%	Cons. · IFRS
FYE Mar 2026	33.0	+14.7%	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 Mar 2026 ¥4.4bn

CAGR · 10 yrs −2.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · IFRS
FYE Mar 2018	6.2	+10.0%	Cons. · IFRS
FYE Mar 2019	13.3	+115.6%	Cons. · IFRS
FYE Mar 2020	-18.9	−242.4%	Cons. · IFRS
FYE Mar 2021	-16.9	n/a	Cons. · IFRS
FYE Mar 2022	4.1	n/a	Cons. · IFRS
FYE Mar 2023	-33.8	−916.7%	Cons. · IFRS
FYE Mar 2024	10.6	n/a	Cons. · IFRS
FYE Mar 2025	-13.8	−230.1%	Cons. · IFRS
FYE Mar 2026	4.4	n/a	Cons. · IFRS

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

Gross margin

FYE Mar 2026 22.3%

Average · 9 yrs 23.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	27.0	n/a	Cons. · IFRS
FYE Mar 2019	26.2	−0.8pp	Cons. · IFRS
FYE Mar 2020	24.1	−2.1pp	Cons. · IFRS
FYE Mar 2021	23.5	−0.7pp	Cons. · IFRS
FYE Mar 2022	22.6	−0.9pp	Cons. · IFRS
FYE Mar 2023	22.5	−0.0pp	Cons. · IFRS
FYE Mar 2024	21.7	−0.8pp	Cons. · IFRS
FYE Mar 2025	20.0	−1.7pp	Cons. · IFRS
FYE Mar 2026	22.3	+2.3pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 3.3%

Average · 9 yrs 3.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	3.7	n/a	Cons. · IFRS
FYE Mar 2019	6.0	+2.3pp	Cons. · IFRS
FYE Mar 2020	3.8	−2.2pp	Cons. · IFRS
FYE Mar 2021	2.6	−1.2pp	Cons. · IFRS
FYE Mar 2022	3.3	+0.7pp	Cons. · IFRS
FYE Mar 2023	4.6	+1.2pp	Cons. · IFRS
FYE Mar 2024	4.3	−0.3pp	Cons. · IFRS
FYE Mar 2025	2.0	−2.3pp	Cons. · IFRS
FYE Mar 2026	3.3	+1.3pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 0.5%

Average · 10 yrs -0.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	1.0	n/a	Cons. · IFRS
FYE Mar 2018	1.0	+0.1pp	Cons. · IFRS
FYE Mar 2019	2.2	+1.1pp	Cons. · IFRS
FYE Mar 2020	-3.4	−5.6pp	Cons. · IFRS
FYE Mar 2021	-3.4	−0.0pp	Cons. · IFRS
FYE Mar 2022	0.7	+4.1pp	Cons. · IFRS
FYE Mar 2023	-4.4	−5.1pp	Cons. · IFRS
FYE Mar 2024	1.3	+5.7pp	Cons. · IFRS
FYE Mar 2025	-1.6	−2.9pp	Cons. · IFRS
FYE Mar 2026	0.5	+2.1pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 77.7%

Average · 9 yrs 76.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	73.0	n/a	Cons. · IFRS
FYE Mar 2019	73.8	+0.8pp	Cons. · IFRS
FYE Mar 2020	75.9	+2.1pp	Cons. · IFRS
FYE Mar 2021	76.5	+0.7pp	Cons. · IFRS
FYE Mar 2022	77.4	+0.9pp	Cons. · IFRS
FYE Mar 2023	77.5	−0.0pp	Cons. · IFRS
FYE Mar 2024	78.3	+0.8pp	Cons. · IFRS
FYE Mar 2025	80.0	+1.7pp	Cons. · IFRS
FYE Mar 2026	77.7	−2.3pp	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 Mar 2026 19.0%

Average · 9 yrs 19.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	23.3	n/a	Cons. · IFRS
FYE Mar 2019	20.2	−3.1pp	Cons. · IFRS
FYE Mar 2020	20.3	+0.1pp	Cons. · IFRS
FYE Mar 2021	20.8	+0.5pp	Cons. · IFRS
FYE Mar 2022	19.2	−1.6pp	Cons. · IFRS
FYE Mar 2023	17.9	−1.3pp	Cons. · IFRS
FYE Mar 2024	17.4	−0.6pp	Cons. · IFRS
FYE Mar 2025	18.0	+0.7pp	Cons. · IFRS
FYE Mar 2026	19.0	+1.0pp	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 Mar 2026 ¥1.12tn

CAGR · 10 yrs +3.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	790	n/a	Cons. · IFRS
FYE Mar 2018	789	−0.2%	Cons. · IFRS
FYE Mar 2019	762	−3.4%	Cons. · IFRS
FYE Mar 2020	765	+0.4%	Cons. · IFRS
FYE Mar 2021	825	+7.8%	Cons. · IFRS
FYE Mar 2022	939	+13.9%	Cons. · IFRS
FYE Mar 2023	951	+1.3%	Cons. · IFRS
FYE Mar 2024	1,008	+5.9%	Cons. · IFRS
FYE Mar 2025	1,033	+2.5%	Cons. · IFRS
FYE Mar 2026	1,117	+8.2%	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 Mar 2026 ¥117bn

CAGR · 10 yrs −0.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	124	n/a	Cons. · IFRS
FYE Mar 2018	127	+2.0%	Cons. · IFRS
FYE Mar 2019	115	−9.2%	Cons. · IFRS
FYE Mar 2020	59.0	−48.7%	Cons. · IFRS
FYE Mar 2021	46.1	−21.9%	Cons. · IFRS
FYE Mar 2022	121	+162.9%	Cons. · IFRS
FYE Mar 2023	69.2	−42.9%	Cons. · IFRS
FYE Mar 2024	94.7	+36.8%	Cons. · IFRS
FYE Mar 2025	73.7	−22.2%	Cons. · IFRS
FYE Mar 2026	117	+58.6%	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 Mar 2026 ¥547bn

CAGR · 9 yrs +5.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	371	n/a	Cons. · IFRS
FYE Mar 2019	370	−0.3%	Cons. · IFRS
FYE Mar 2020	428	+15.7%	Cons. · IFRS
FYE Mar 2021	470	+9.9%	Cons. · IFRS
FYE Mar 2022	466	−0.8%	Cons. · IFRS
FYE Mar 2023	492	+5.4%	Cons. · IFRS
FYE Mar 2024	501	+1.8%	Cons. · IFRS
FYE Mar 2025	523	+4.4%	Cons. · IFRS
FYE Mar 2026	547	+4.7%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥308bn

CAGR · 9 yrs +15.6%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	96.5	n/a	Cons. · IFRS
FYE Mar 2019	41.1	−57.4%	Cons. · IFRS
FYE Mar 2020	54.0	+31.5%	Cons. · IFRS
FYE Mar 2021	121	+124.1%	Cons. · IFRS
FYE Mar 2022	114	−5.5%	Cons. · IFRS
FYE Mar 2023	162	+41.3%	Cons. · IFRS
FYE Mar 2024	144	−10.8%	Cons. · IFRS
FYE Mar 2025	177	+22.7%	Cons. · IFRS
FYE Mar 2026	308	+73.9%	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 Mar 2026 ¥239bn

CAGR · 9 yrs −1.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	274	n/a	Cons. · IFRS
FYE Mar 2019	329	+19.8%	Cons. · IFRS
FYE Mar 2020	374	+13.7%	Cons. · IFRS
FYE Mar 2021	349	−6.6%	Cons. · IFRS
FYE Mar 2022	352	+0.8%	Cons. · IFRS
FYE Mar 2023	330	−6.3%	Cons. · IFRS
FYE Mar 2024	356	+8.0%	Cons. · IFRS
FYE Mar 2025	346	−3.0%	Cons. · IFRS
FYE Mar 2026	239	−30.8%	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 Mar 2026 ¥55bn

CAGR · 9 yrs −0.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	57.2	n/a	Cons. · IFRS
FYE Mar 2019	53.8	−6.0%	Cons. · IFRS
FYE Mar 2020	47.4	−11.9%	Cons. · IFRS
FYE Mar 2021	48.8	+2.9%	Cons. · IFRS
FYE Mar 2022	50.3	+3.1%	Cons. · IFRS
FYE Mar 2023	39.5	−21.4%	Cons. · IFRS
FYE Mar 2024	46.7	+18.4%	Cons. · IFRS
FYE Mar 2025	48.1	+2.9%	Cons. · IFRS
FYE Mar 2026	54.9	+14.2%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥87bn

CAGR · 9 yrs −3.1%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	112	n/a	Cons. · IFRS
FYE Mar 2019	107	−4.5%	Cons. · IFRS
FYE Mar 2020	91.2	−15.0%	Cons. · IFRS
FYE Mar 2021	99.0	+8.6%	Cons. · IFRS
FYE Mar 2022	105	+5.8%	Cons. · IFRS
FYE Mar 2023	74.1	−29.3%	Cons. · IFRS
FYE Mar 2024	84.2	+13.6%	Cons. · IFRS
FYE Mar 2025	82.1	−2.4%	Cons. · IFRS
FYE Mar 2026	87.3	+6.3%	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 Mar 2026 10.5%

Average · 10 yrs 10.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	15.7	n/a	Cons. · IFRS
FYE Mar 2018	16.1	+0.4pp	Cons. · IFRS
FYE Mar 2019	15.1	−1.0pp	Cons. · IFRS
FYE Mar 2020	7.7	−7.4pp	Cons. · IFRS
FYE Mar 2021	5.6	−2.1pp	Cons. · IFRS
FYE Mar 2022	12.9	+7.3pp	Cons. · IFRS
FYE Mar 2023	7.3	−5.6pp	Cons. · IFRS
FYE Mar 2024	9.4	+2.1pp	Cons. · IFRS
FYE Mar 2025	7.1	−2.3pp	Cons. · IFRS
FYE Mar 2026	10.5	+3.3pp	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 Mar 2026 467.9%

Average · 9 yrs 573.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	292.6	n/a	Cons. · IFRS
FYE Mar 2019	321.4	+28.8pp	Cons. · IFRS
FYE Mar 2020	724.6	+403.2pp	Cons. · IFRS
FYE Mar 2021	1,019.6	+295.0pp	Cons. · IFRS
FYE Mar 2022	384.7	−634.9pp	Cons. · IFRS
FYE Mar 2023	710.2	+325.5pp	Cons. · IFRS
FYE Mar 2024	528.5	−181.7pp	Cons. · IFRS
FYE Mar 2025	709.1	+180.6pp	Cons. · IFRS
FYE Mar 2026	467.9	−241.1pp	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 Mar 2026 3.8%

Average · 10 yrs -9.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	4.5	n/a	Cons. · IFRS
FYE Mar 2018	4.9	+0.4pp	Cons. · IFRS
FYE Mar 2019	11.6	+6.7pp	Cons. · IFRS
FYE Mar 2020	-32.1	−43.6pp	Cons. · IFRS
FYE Mar 2021	-36.7	−4.7pp	Cons. · IFRS
FYE Mar 2022	3.4	+40.1pp	Cons. · IFRS
FYE Mar 2023	-48.8	−52.2pp	Cons. · IFRS
FYE Mar 2024	11.2	+60.0pp	Cons. · IFRS
FYE Mar 2025	-18.8	−30.0pp	Cons. · IFRS
FYE Mar 2026	3.8	+22.5pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 0.4%

Average · 10 yrs -0.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.7	n/a	Cons. · IFRS
FYE Mar 2018	0.8	+0.1pp	Cons. · IFRS
FYE Mar 2019	1.7	+1.0pp	Cons. · IFRS
FYE Mar 2020	-2.5	−4.2pp	Cons. · IFRS
FYE Mar 2021	-2.1	+0.4pp	Cons. · IFRS
FYE Mar 2022	0.4	+2.5pp	Cons. · IFRS
FYE Mar 2023	-3.5	−4.0pp	Cons. · IFRS
FYE Mar 2024	1.1	+4.6pp	Cons. · IFRS
FYE Mar 2025	-1.3	−2.4pp	Cons. · IFRS
FYE Mar 2026	0.4	+1.7pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.79×

CAGR · 10 yrs +0.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.74	n/a	Cons. · IFRS
FYE Mar 2018	0.76	+3.3%	Cons. · IFRS
FYE Mar 2019	0.80	+5.9%	Cons. · IFRS
FYE Mar 2020	0.73	−9.6%	Cons. · IFRS
FYE Mar 2021	0.61	−16.7%	Cons. · IFRS
FYE Mar 2022	0.64	+5.7%	Cons. · IFRS
FYE Mar 2023	0.80	+25.5%	Cons. · IFRS
FYE Mar 2024	0.83	+3.0%	Cons. · IFRS
FYE Mar 2025	0.81	−1.5%	Cons. · IFRS
FYE Mar 2026	0.79	−3.3%	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 Mar 2026 ¥34bn

CAGR · 10 yrs +1.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	30.4	n/a	Cons. · IFRS
FYE Mar 2018	34.7	+14.1%	Cons. · IFRS
FYE Mar 2019	29.0	−16.4%	Cons. · IFRS
FYE Mar 2020	30.4	+4.9%	Cons. · IFRS
FYE Mar 2021	21.1	−30.8%	Cons. · IFRS
FYE Mar 2022	45.1	+114.0%	Cons. · IFRS
FYE Mar 2023	48.5	+7.6%	Cons. · IFRS
FYE Mar 2024	58.8	+21.2%	Cons. · IFRS
FYE Mar 2025	52.4	−10.8%	Cons. · IFRS
FYE Mar 2026	33.6	−35.9%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥33bn

Average · 10 yrs -¥31bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-10.2	n/a	Cons. · IFRS
FYE Mar 2018	-17.9	n/a	Cons. · IFRS
FYE Mar 2019	-28.1	n/a	Cons. · IFRS
FYE Mar 2020	-56.9	n/a	Cons. · IFRS
FYE Mar 2021	-25.6	n/a	Cons. · IFRS
FYE Mar 2022	-22.8	n/a	Cons. · IFRS
FYE Mar 2023	-34.6	n/a	Cons. · IFRS
FYE Mar 2024	-43.5	n/a	Cons. · IFRS
FYE Mar 2025	-42.4	n/a	Cons. · IFRS
FYE Mar 2026	-32.6	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 Mar 2026 -¥15bn

Average · 10 yrs -¥8.0bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	16.4	n/a	Cons. · IFRS
FYE Mar 2018	-33.9	−306.7%	Cons. · IFRS
FYE Mar 2019	-11.4	n/a	Cons. · IFRS
FYE Mar 2020	18.2	n/a	Cons. · IFRS
FYE Mar 2021	13.5	−25.6%	Cons. · IFRS
FYE Mar 2022	-20.8	−253.8%	Cons. · IFRS
FYE Mar 2023	-7.9	n/a	Cons. · IFRS
FYE Mar 2024	-48.1	n/a	Cons. · IFRS
FYE Mar 2025	8.5	n/a	Cons. · IFRS
FYE Mar 2026	-14.7	−272.2%	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 Mar 2026 ¥55bn

CAGR · 10 yrs −4.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	79.8	n/a	Cons. · IFRS
FYE Mar 2018	62.8	−21.3%	Cons. · IFRS
FYE Mar 2019	50.3	−19.9%	Cons. · IFRS
FYE Mar 2020	40.5	−19.4%	Cons. · IFRS
FYE Mar 2021	53.5	+32.1%	Cons. · IFRS
FYE Mar 2022	60.0	+12.2%	Cons. · IFRS
FYE Mar 2023	68.5	+14.2%	Cons. · IFRS
FYE Mar 2024	44.3	−35.4%	Cons. · IFRS
FYE Mar 2025	63.0	+42.2%	Cons. · IFRS
FYE Mar 2026	55.1	−12.5%	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 Mar 2026 ¥1.1bn

CAGR · 10 yrs −27.9%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	20.3	n/a	Cons. · IFRS
FYE Mar 2018	16.8	−17.1%	Cons. · IFRS
FYE Mar 2019	0.9	−94.7%	Cons. · IFRS
FYE Mar 2020	-26.4	−3081.3%	Cons. · IFRS
FYE Mar 2021	-4.5	n/a	Cons. · IFRS
FYE Mar 2022	22.3	n/a	Cons. · IFRS
FYE Mar 2023	13.9	−37.8%	Cons. · IFRS
FYE Mar 2024	15.3	+10.1%	Cons. · IFRS
FYE Mar 2025	10.0	−34.6%	Cons. · IFRS
FYE Mar 2026	1.1	−89.4%	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 Mar 2026 3.8%

Average · 10 yrs 5.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	5.2	n/a	Cons. · IFRS
FYE Mar 2018	5.8	+0.6pp	Cons. · IFRS
FYE Mar 2019	4.7	−1.1pp	Cons. · IFRS
FYE Mar 2020	5.5	+0.7pp	Cons. · IFRS
FYE Mar 2021	4.2	−1.3pp	Cons. · IFRS
FYE Mar 2022	7.5	+3.3pp	Cons. · IFRS
FYE Mar 2023	6.4	−1.2pp	Cons. · IFRS
FYE Mar 2024	7.1	+0.7pp	Cons. · IFRS
FYE Mar 2025	6.2	−0.8pp	Cons. · IFRS
FYE Mar 2026	3.8	−2.4pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 -¥492bn

Average · 9 yrs -¥408bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-308	n/a	Cons. · IFRS
FYE Mar 2019	-319	n/a	Cons. · IFRS
FYE Mar 2020	-387	n/a	Cons. · IFRS
FYE Mar 2021	-417	n/a	Cons. · IFRS
FYE Mar 2022	-406	n/a	Cons. · IFRS
FYE Mar 2023	-423	n/a	Cons. · IFRS
FYE Mar 2024	-456	n/a	Cons. · IFRS
FYE Mar 2025	-460	n/a	Cons. · IFRS
FYE Mar 2026	-492	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 Mar 2026 ¥68bn

Change · 6 yrs −¥5.1bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	73.1	n/a
FYE Mar 2018	77.5	n/a
FYE Mar 2019	80.7	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	77.9	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	48.2	n/a
FYE Mar 2025	n/a	n/a
FYE Mar 2026	68.0	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 Mar 2026 478¥

Change · 6 yrs −331¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	809	n/a
FYE Mar 2018	857	n/a
FYE Mar 2019	891	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	856	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	528	n/a
FYE Mar 2025	n/a	n/a
FYE Mar 2026	478	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 Mar 2026 142,319,000shares

Change · 10 yrs +51,954,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	90,365,000	Parent
FYE Mar 2018	90,487,000	Parent
FYE Mar 2019	90,593,000	Parent
FYE Mar 2020	90,642,000	Parent
FYE Mar 2021	90,810,000	Parent
FYE Mar 2022	91,000,000	Parent
FYE Mar 2023	91,167,000	Parent
FYE Mar 2024	91,401,000	Parent
FYE Mar 2025	91,539,000	Parent
FYE Mar 2026	142,319,000	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 Mar 2026 44.51¥

Change · 10 yrs −17.53¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	62.04	Cons.
FYE Mar 2018	48.27	Cons.
FYE Mar 2019	115.16	Cons.
FYE Mar 2020	-235.96	Cons.
FYE Mar 2021	-208.32	Cons.
FYE Mar 2022	24.07	Cons.
FYE Mar 2023	-393.06	Cons.
FYE Mar 2024	95.40	Cons.
FYE Mar 2025	-173.20	Cons.
FYE Mar 2026	44.51	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Mar 2026 821.61¥

Change · 10 yrs −552.22¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,373.83	Cons. · IFRS
FYE Mar 2018	1,399.86	Cons. · IFRS
FYE Mar 2019	1,269.57	Cons. · IFRS
FYE Mar 2020	651.24	Cons. · IFRS
FYE Mar 2021	507.79	Cons. · IFRS
FYE Mar 2022	1,332.16	Cons. · IFRS
FYE Mar 2023	759.18	Cons. · IFRS
FYE Mar 2024	1,036.22	Cons. · IFRS
FYE Mar 2025	805.33	Cons. · IFRS
FYE Mar 2026	821.61	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 10.74×

Average · 6 yrs 12.10×

Fiscal year	PER ×	Basis
FYE Mar 2017	13.04	Cons.
FYE Mar 2018	17.75	Cons.
FYE Mar 2019	7.74	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	17.78	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	5.53	Cons.
FYE Mar 2025	n/a	Cons.
FYE Mar 2026	10.74	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 Mar 2026 0.45×

Average · 6 yrs 0.65×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.86	Cons.
FYE Mar 2018	0.82	Cons.
FYE Mar 2019	0.91	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	0.34	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	0.52	Cons.
FYE Mar 2025	n/a	Cons.
FYE Mar 2026	0.45	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 Mar 2026 24,838people

Change · 10 yrs −2,112 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	26,950	n/a	Cons.
FYE Mar 2018	26,957	−0.0%	Cons.
FYE Mar 2019	26,741	−0.8%	Cons.
FYE Mar 2020	26,803	+0.2%	Cons.
FYE Mar 2021	25,955	−3.2%	Cons.
FYE Mar 2022	25,232	−2.8%	Cons.
FYE Mar 2023	24,880	−1.4%	Cons.
FYE Mar 2024	25,356	+1.9%	Cons.
FYE Mar 2025	25,406	+0.2%	Cons.
FYE Mar 2026	24,838	−2.2%	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 Mar 2026 1,847people

Change · 10 yrs −105 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,952	n/a	Parent
FYE Mar 2018	1,961	+0.5%	Parent
FYE Mar 2019	1,944	−0.9%	Parent
FYE Mar 2020	1,980	+1.9%	Parent
FYE Mar 2021	1,934	−2.3%	Parent
FYE Mar 2022	1,692	−12.5%	Parent
FYE Mar 2023	1,707	+0.9%	Parent
FYE Mar 2024	1,717	+0.6%	Parent
FYE Mar 2025	1,787	+4.1%	Parent
FYE Mar 2026	1,847	+3.4%	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 Mar 2026 777万円

Change · 8 yrs −16万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	793	n/a	Parent
FYE Mar 2020	778	−1.9%	Parent
FYE Mar 2021	729	−6.3%	Parent
FYE Mar 2022	734	+0.7%	Parent
FYE Mar 2023	742	+1.0%	Parent
FYE Mar 2024	735	−0.9%	Parent
FYE Mar 2025	770	+4.8%	Parent
FYE Mar 2026	777	+0.8%	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 Mar 2026 46.5years

Change · 8 yrs +1.2 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	45.3	n/a	Parent
FYE Mar 2020	45.9	+1.3%	Parent
FYE Mar 2021	45.1	−1.7%	Parent
FYE Mar 2022	45.1	−0.0%	Parent
FYE Mar 2023	46.9	+4.0%	Parent
FYE Mar 2024	47.0	+0.2%	Parent
FYE Mar 2025	46.7	−0.6%	Parent
FYE Mar 2026	46.5	−0.4%	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 Mar 2026 20.9years

Change · 8 yrs −0.3 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	21.2	n/a	Parent
FYE Mar 2020	22.0	+3.8%	Parent
FYE Mar 2021	20.8	−5.5%	Parent
FYE Mar 2022	20.8	−0.0%	Parent
FYE Mar 2023	22.9	+10.1%	Parent
FYE Mar 2024	22.8	−0.4%	Parent
FYE Mar 2025	22.1	−3.1%	Parent
FYE Mar 2026	20.9	−5.4%	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 Mar 2026 2,389people

Change · 10 yrs −1,113 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	3,502	n/a	n/a
FYE Mar 2018	3,722	+6.3%	n/a
FYE Mar 2019	3,528	−5.2%	n/a
FYE Mar 2020	3,163	−10.3%	n/a
FYE Mar 2021	2,545	−19.5%	n/a
FYE Mar 2022	2,374	−6.7%	n/a
FYE Mar 2023	2,508	+5.6%	n/a
FYE Mar 2024	2,489	−0.8%	n/a
FYE Mar 2025	2,286	−8.2%	n/a
FYE Mar 2026	2,389	+4.5%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥35.4m

Change · 10 yrs +¥13.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	21.6	n/a	Cons.
FYE Mar 2018	22.2	+3.1%	Cons.
FYE Mar 2019	22.9	+3.1%	Cons.
FYE Mar 2020	20.8	−9.4%	Cons.
FYE Mar 2021	19.2	−7.3%	Cons.
FYE Mar 2022	23.8	+23.7%	Cons.
FYE Mar 2023	30.7	+28.9%	Cons.
FYE Mar 2024	32.8	+7.0%	Cons.
FYE Mar 2025	33.1	+0.7%	Cons.
FYE Mar 2026	35.4	+7.0%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.2m

Change · 9 yrs +¥0.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	0.8	n/a	Cons.
FYE Mar 2019	1.4	+67.8%	Cons.
FYE Mar 2020	0.8	−42.7%	Cons.
FYE Mar 2021	0.5	−36.3%	Cons.
FYE Mar 2022	0.8	+57.3%	Cons.
FYE Mar 2023	1.4	+76.7%	Cons.
FYE Mar 2024	1.4	+1.1%	Cons.
FYE Mar 2025	0.6	−54.1%	Cons.
FYE Mar 2026	1.2	+78.7%	Cons.

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

Disclaimer

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

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