Financials

Nippon Electric Glass: FYE Dec 2025 and ten years of results (50 metrics)

FYE Dec 2025 · Revenue¥311bnYoY +4.1%

FYE Dec 2025 · Operating profit¥34bnYoY +457.7%

FYE Dec 2025 · Net profit¥30bnYoY +144.9%

FYE Dec 2025 · Equity ratio70.2%YoY +0.6pp

FYE Dec 2025 · Group employees5,218YoY −280

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥239bn	n/a	¥20bn	n/a	8.2%	¥5.0bn	Matsumoto Motoharu	Production of support glass for semiconductors begins
FYE Dec 2017Consolidated	¥282bn	+18.0%	¥32bn	+64.5%	11.4%	¥27bn	Matsumoto Motoharu	European and American glass fibre business acquired from PPG Industries
FYE Dec 2018Consolidated	¥300bn	+6.3%	¥25bn	−22.8%	8.3%	¥15bn	Matsumoto Motoharu	—
FYE Dec 2019Consolidated	¥258bn	−14.3%	¥16bn	−34.6%	6.3%	-¥34bn	Matsumoto Motoharu	Operating profit of ¥15.9bn but a net loss of ¥33.6bn attributable to owners of the parent
FYE Dec 2020Consolidated	¥243bn	−5.7%	¥18bn	+8.6%	7.3%	¥15bn	Matsumoto Motoharu	World's thinnest glass for foldable devices developed
FYE Dec 2021Consolidated	¥292bn	+20.2%	¥33bn	+85.6%	11.2%	¥28bn	Matsumoto Motoharu	—
FYE Dec 2022Consolidated	¥325bn	+11.2%	¥26bn	−20.1%	8.1%	¥28bn	Matsumoto Motoharu	—
FYE Dec 2023Consolidated	¥280bn	−13.8%	-¥10bn	−139.8%	-3.7%	-¥26bn	Matsumoto Motoharu	<a class="en-history_person" href="/tse/5214/executives/ceo/kishimoto-satoru/" hreflang="ja">Kishimoto Satoru</a> becomes president and representative director
FYE Dec 2024Consolidated	¥299bn	+6.9%	¥6.1bn	n/a	2.0%	¥12bn	Kishimoto Satoru	Engineering business begun, supplying carbon-neutral glass technology
FYE Dec 2025Consolidated	¥311bn	+4.1%	¥34bn	+457.7%	11.0%	¥30bn	Kishimoto Satoru	—

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 Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥311bn

CAGR · 10 yrs +3.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	239	n/a	Cons. · Japanese GAAP
FYE Dec 2017	282	+18.0%	Cons. · Japanese GAAP
FYE Dec 2018	300	+6.3%	Cons. · Japanese GAAP
FYE Dec 2019	258	−14.3%	Cons. · Japanese GAAP
FYE Dec 2020	243	−5.7%	Cons. · Japanese GAAP
FYE Dec 2021	292	+20.2%	Cons. · Japanese GAAP
FYE Dec 2022	325	+11.2%	Cons. · Japanese GAAP
FYE Dec 2023	280	−13.8%	Cons. · Japanese GAAP
FYE Dec 2024	299	+6.9%	Cons. · Japanese GAAP
FYE Dec 2025	311	+4.1%	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 ¥231bn

CAGR · 10 yrs +2.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	188	n/a	Cons. · Japanese GAAP
FYE Dec 2017	212	+12.7%	Cons. · Japanese GAAP
FYE Dec 2018	233	+10.1%	Cons. · Japanese GAAP
FYE Dec 2019	203	−13.1%	Cons. · Japanese GAAP
FYE Dec 2020	191	−5.5%	Cons. · Japanese GAAP
FYE Dec 2021	210	+9.6%	Cons. · Japanese GAAP
FYE Dec 2022	239	+14.0%	Cons. · Japanese GAAP
FYE Dec 2023	247	+3.2%	Cons. · Japanese GAAP
FYE Dec 2024	245	−0.7%	Cons. · Japanese GAAP
FYE Dec 2025	231	−5.5%	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 ¥80bn

CAGR · 10 yrs +5.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	51.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	70.7	+37.2%	Cons. · Japanese GAAP
FYE Dec 2018	67.1	−5.0%	Cons. · Japanese GAAP
FYE Dec 2019	54.9	−18.2%	Cons. · Japanese GAAP
FYE Dec 2020	51.5	−6.3%	Cons. · Japanese GAAP
FYE Dec 2021	82.3	+59.8%	Cons. · Japanese GAAP
FYE Dec 2022	85.6	+4.0%	Cons. · Japanese GAAP
FYE Dec 2023	33.2	−61.2%	Cons. · Japanese GAAP
FYE Dec 2024	54.3	+63.6%	Cons. · Japanese GAAP
FYE Dec 2025	80.0	+47.3%	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 ¥46bn

CAGR · 10 yrs +4.1%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	31.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	38.5	+20.4%	Cons. · Japanese GAAP
FYE Dec 2018	42.2	+9.8%	Cons. · Japanese GAAP
FYE Dec 2019	38.6	−8.5%	Cons. · Japanese GAAP
FYE Dec 2020	33.8	−12.5%	Cons. · Japanese GAAP
FYE Dec 2021	49.5	+46.4%	Cons. · Japanese GAAP
FYE Dec 2022	59.4	+20.0%	Cons. · Japanese GAAP
FYE Dec 2023	43.6	−26.5%	Cons. · Japanese GAAP
FYE Dec 2024	48.2	+10.5%	Cons. · Japanese GAAP
FYE Dec 2025	45.9	−4.8%	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 ¥34bn

CAGR · 10 yrs +6.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	19.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	32.2	+64.5%	Cons. · Japanese GAAP
FYE Dec 2018	24.9	−22.8%	Cons. · Japanese GAAP
FYE Dec 2019	16.3	−34.6%	Cons. · Japanese GAAP
FYE Dec 2020	17.7	+8.6%	Cons. · Japanese GAAP
FYE Dec 2021	32.8	+85.6%	Cons. · Japanese GAAP
FYE Dec 2022	26.2	−20.1%	Cons. · Japanese GAAP
FYE Dec 2023	-10.4	−139.8%	Cons. · Japanese GAAP
FYE Dec 2024	6.1	n/a	Cons. · Japanese GAAP
FYE Dec 2025	34.1	+457.7%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥6.9bn

CAGR · 10 yrs +15.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	2.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.9	+149.0%	Cons. · Japanese GAAP
FYE Dec 2018	3.6	−26.0%	Cons. · Japanese GAAP
FYE Dec 2019	3.5	−4.0%	Cons. · Japanese GAAP
FYE Dec 2020	4.4	+28.4%	Cons. · Japanese GAAP
FYE Dec 2021	14.6	+228.8%	Cons. · Japanese GAAP
FYE Dec 2022	11.6	−20.1%	Cons. · Japanese GAAP
FYE Dec 2023	6.8	−41.3%	Cons. · Japanese GAAP
FYE Dec 2024	10.1	+47.8%	Cons. · Japanese GAAP
FYE Dec 2025	6.9	−31.3%	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 ¥3.3bn

CAGR · 10 yrs −8.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	7.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.9	−61.2%	Cons. · Japanese GAAP
FYE Dec 2018	8.6	+194.8%	Cons. · Japanese GAAP
FYE Dec 2019	4.3	−49.8%	Cons. · Japanese GAAP
FYE Dec 2020	3.0	−31.2%	Cons. · Japanese GAAP
FYE Dec 2021	2.4	−20.6%	Cons. · Japanese GAAP
FYE Dec 2022	3.8	+59.0%	Cons. · Japanese GAAP
FYE Dec 2023	5.9	+56.4%	Cons. · Japanese GAAP
FYE Dec 2024	3.8	−35.6%	Cons. · Japanese GAAP
FYE Dec 2025	3.3	−12.5%	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 ¥38bn

CAGR · 10 yrs +11.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	14.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	34.1	+144.4%	Cons. · Japanese GAAP
FYE Dec 2018	19.8	−41.9%	Cons. · Japanese GAAP
FYE Dec 2019	15.4	−22.5%	Cons. · Japanese GAAP
FYE Dec 2020	19.1	+24.3%	Cons. · Japanese GAAP
FYE Dec 2021	45.0	+135.4%	Cons. · Japanese GAAP
FYE Dec 2022	34.1	−24.3%	Cons. · Japanese GAAP
FYE Dec 2023	-9.5	−127.8%	Cons. · Japanese GAAP
FYE Dec 2024	12.4	n/a	Cons. · Japanese GAAP
FYE Dec 2025	37.7	+203.9%	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 ¥13bn

CAGR · 10 yrs +3.3%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	9.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.3	−65.5%	Cons. · Japanese GAAP
FYE Dec 2018	6.9	+112.9%	Cons. · Japanese GAAP
FYE Dec 2019	5.3	−24.1%	Cons. · Japanese GAAP
FYE Dec 2020	6.5	+23.0%	Cons. · Japanese GAAP
FYE Dec 2021	3.4	−47.2%	Cons. · Japanese GAAP
FYE Dec 2022	7.2	+110.9%	Cons. · Japanese GAAP
FYE Dec 2023	11.9	+65.5%	Cons. · Japanese GAAP
FYE Dec 2024	37.3	+212.9%	Cons. · Japanese GAAP
FYE Dec 2025	12.6	−66.2%	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 ¥30bn

CAGR · 10 yrs +21.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	27.2	+447.2%	Cons. · Japanese GAAP
FYE Dec 2018	15.2	−44.1%	Cons. · Japanese GAAP
FYE Dec 2019	-33.7	−321.5%	Cons. · Japanese GAAP
FYE Dec 2020	15.3	n/a	Cons. · Japanese GAAP
FYE Dec 2021	27.9	+83.0%	Cons. · Japanese GAAP
FYE Dec 2022	28.2	+0.9%	Cons. · Japanese GAAP
FYE Dec 2023	-26.2	−193.0%	Cons. · Japanese GAAP
FYE Dec 2024	12.1	n/a	Cons. · Japanese GAAP
FYE Dec 2025	29.6	+144.9%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 25.7%

Average · 10 yrs 22.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	21.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	25.0	+3.5pp	Cons. · Japanese GAAP
FYE Dec 2018	22.3	−2.7pp	Cons. · Japanese GAAP
FYE Dec 2019	21.3	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2020	21.2	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2021	28.2	+7.0pp	Cons. · Japanese GAAP
FYE Dec 2022	26.4	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2023	11.9	−14.5pp	Cons. · Japanese GAAP
FYE Dec 2024	18.2	+6.3pp	Cons. · Japanese GAAP
FYE Dec 2025	25.7	+7.5pp	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 11.0%

Average · 10 yrs 7.0%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	8.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.4	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2018	8.3	−3.1pp	Cons. · Japanese GAAP
FYE Dec 2019	6.3	−2.0pp	Cons. · Japanese GAAP
FYE Dec 2020	7.3	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2021	11.2	+4.0pp	Cons. · Japanese GAAP
FYE Dec 2022	8.1	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2023	-3.7	−11.8pp	Cons. · Japanese GAAP
FYE Dec 2024	2.0	+5.8pp	Cons. · Japanese GAAP
FYE Dec 2025	11.0	+8.9pp	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 12.1%

Average · 10 yrs 7.7%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	5.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.1	+6.2pp	Cons. · Japanese GAAP
FYE Dec 2018	6.6	−5.5pp	Cons. · Japanese GAAP
FYE Dec 2019	6.0	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2020	7.9	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2021	15.4	+7.5pp	Cons. · Japanese GAAP
FYE Dec 2022	10.5	−4.9pp	Cons. · Japanese GAAP
FYE Dec 2023	-3.4	−13.9pp	Cons. · Japanese GAAP
FYE Dec 2024	4.1	+7.5pp	Cons. · Japanese GAAP
FYE Dec 2025	12.1	+8.0pp	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 9.5%

Average · 10 yrs 3.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.6	+7.5pp	Cons. · Japanese GAAP
FYE Dec 2018	5.1	−4.6pp	Cons. · Japanese GAAP
FYE Dec 2019	-13.1	−18.1pp	Cons. · Japanese GAAP
FYE Dec 2020	6.3	+19.4pp	Cons. · Japanese GAAP
FYE Dec 2021	9.6	+3.3pp	Cons. · Japanese GAAP
FYE Dec 2022	8.7	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2023	-9.4	−18.0pp	Cons. · Japanese GAAP
FYE Dec 2024	4.0	+13.4pp	Cons. · Japanese GAAP
FYE Dec 2025	9.5	+5.5pp	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 74.3%

Average · 10 yrs 77.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	78.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	75.0	−3.5pp	Cons. · Japanese GAAP
FYE Dec 2018	77.7	+2.7pp	Cons. · Japanese GAAP
FYE Dec 2019	78.7	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2020	78.8	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2021	71.8	−7.0pp	Cons. · Japanese GAAP
FYE Dec 2022	73.6	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2023	88.1	+14.5pp	Cons. · Japanese GAAP
FYE Dec 2024	81.8	−6.3pp	Cons. · Japanese GAAP
FYE Dec 2025	74.3	−7.5pp	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 14.7%

Average · 10 yrs 15.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	13.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	13.6	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2018	14.1	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2019	15.0	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2020	13.9	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2021	16.9	+3.0pp	Cons. · Japanese GAAP
FYE Dec 2022	18.3	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2023	15.6	−2.7pp	Cons. · Japanese GAAP
FYE Dec 2024	16.1	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2025	14.7	−1.4pp	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 ¥701bn

CAGR · 10 yrs +0.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	694	n/a	Cons. · Japanese GAAP
FYE Dec 2017	764	+10.2%	Cons. · Japanese GAAP
FYE Dec 2018	725	−5.1%	Cons. · Japanese GAAP
FYE Dec 2019	665	−8.3%	Cons. · Japanese GAAP
FYE Dec 2020	658	−1.0%	Cons. · Japanese GAAP
FYE Dec 2021	698	+6.1%	Cons. · Japanese GAAP
FYE Dec 2022	748	+7.1%	Cons. · Japanese GAAP
FYE Dec 2023	704	−5.9%	Cons. · Japanese GAAP
FYE Dec 2024	695	−1.2%	Cons. · Japanese GAAP
FYE Dec 2025	701	+0.9%	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 ¥492bn

CAGR · 10 yrs −0.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	504	n/a	Cons. · Japanese GAAP
FYE Dec 2017	539	+6.8%	Cons. · Japanese GAAP
FYE Dec 2018	516	−4.2%	Cons. · Japanese GAAP
FYE Dec 2019	472	−8.6%	Cons. · Japanese GAAP
FYE Dec 2020	472	−0.0%	Cons. · Japanese GAAP
FYE Dec 2021	495	+4.8%	Cons. · Japanese GAAP
FYE Dec 2022	524	+5.9%	Cons. · Japanese GAAP
FYE Dec 2023	487	−7.1%	Cons. · Japanese GAAP
FYE Dec 2024	484	−0.6%	Cons. · Japanese GAAP
FYE Dec 2025	492	+1.7%	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 ¥77bn

CAGR · 10 yrs −2.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	100.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	88.7	−11.3%	Cons. · Japanese GAAP
FYE Dec 2018	80.0	−9.8%	Cons. · Japanese GAAP
FYE Dec 2019	68.5	−14.4%	Cons. · Japanese GAAP
FYE Dec 2020	81.7	+19.3%	Cons. · Japanese GAAP
FYE Dec 2021	64.8	−20.6%	Cons. · Japanese GAAP
FYE Dec 2022	83.5	+28.9%	Cons. · Japanese GAAP
FYE Dec 2023	98.3	+17.7%	Cons. · Japanese GAAP
FYE Dec 2024	91.3	−7.2%	Cons. · Japanese GAAP
FYE Dec 2025	77.4	−15.2%	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 ¥24bn

CAGR · 10 yrs +2.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	19.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	35.6	+85.5%	Cons. · Japanese GAAP
FYE Dec 2018	33.4	−6.3%	Cons. · Japanese GAAP
FYE Dec 2019	23.9	−28.4%	Cons. · Japanese GAAP
FYE Dec 2020	47.0	+96.9%	Cons. · Japanese GAAP
FYE Dec 2021	24.9	−47.0%	Cons. · Japanese GAAP
FYE Dec 2022	40.9	+64.1%	Cons. · Japanese GAAP
FYE Dec 2023	32.5	−20.5%	Cons. · Japanese GAAP
FYE Dec 2024	45.8	+40.8%	Cons. · Japanese GAAP
FYE Dec 2025	23.7	−48.2%	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 ¥54bn

CAGR · 10 yrs +3.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	40.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	53.1	+30.0%	Cons. · Japanese GAAP
FYE Dec 2018	46.7	−12.1%	Cons. · Japanese GAAP
FYE Dec 2019	44.6	−4.4%	Cons. · Japanese GAAP
FYE Dec 2020	34.7	−22.3%	Cons. · Japanese GAAP
FYE Dec 2021	39.9	+15.1%	Cons. · Japanese GAAP
FYE Dec 2022	42.6	+6.9%	Cons. · Japanese GAAP
FYE Dec 2023	65.8	+54.4%	Cons. · Japanese GAAP
FYE Dec 2024	45.5	−30.9%	Cons. · Japanese GAAP
FYE Dec 2025	53.7	+18.0%	Cons. · Japanese GAAP

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

Bonds

FYE Dec 2025 ¥20bn

CAGR · 10 yrs −7.4%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	40.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	30.0	−25.0%	Cons. · Japanese GAAP
FYE Dec 2018	30.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2019	30.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2020	20.0	−33.3%	Cons. · Japanese GAAP
FYE Dec 2021	30.0	+50.0%	Cons. · Japanese GAAP
FYE Dec 2022	20.0	−33.3%	Cons. · Japanese GAAP
FYE Dec 2023	20.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2024	20.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2025	20.0	−0.0%	Cons. · Japanese GAAP

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥4.1bn

CAGR · 10 yrs −6.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	7.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	35.0	+387.8%	Cons. · Japanese GAAP
FYE Dec 2018	31.9	−8.8%	Cons. · Japanese GAAP
FYE Dec 2019	7.3	−77.1%	Cons. · Japanese GAAP
FYE Dec 2020	5.2	−28.7%	Cons. · Japanese GAAP
FYE Dec 2021	5.0	−4.8%	Cons. · Japanese GAAP
FYE Dec 2022	5.3	+7.7%	Cons. · Japanese GAAP
FYE Dec 2023	5.0	−6.5%	Cons. · Japanese GAAP
FYE Dec 2024	4.4	−12.8%	Cons. · Japanese GAAP
FYE Dec 2025	4.1	−5.4%	Cons. · Japanese GAAP

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

Goodwill

FYE Dec 2025 n/a

CAGR · 3 yrs +216.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	21.8	+1048.1%	Cons. · Japanese GAAP
FYE Dec 2018	19.1	−12.7%	Cons. · Japanese GAAP
FYE Dec 2019	n/a	n/a	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 70.2%

Average · 10 yrs 70.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	72.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	70.5	−2.2pp	Cons. · Japanese GAAP
FYE Dec 2018	71.2	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2019	71.0	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2020	71.7	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	70.9	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2022	70.1	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2023	69.2	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2024	69.6	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2025	70.2	+0.6pp	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 15.7%

Average · 10 yrs 16.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	19.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.5	−3.4pp	Cons. · Japanese GAAP
FYE Dec 2018	15.5	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2019	14.5	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2020	17.3	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2021	13.1	−4.2pp	Cons. · Japanese GAAP
FYE Dec 2022	15.9	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2023	20.2	+4.3pp	Cons. · Japanese GAAP
FYE Dec 2024	18.9	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2025	15.7	−3.1pp	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 6.0%

Average · 10 yrs 1.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	1.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.0	+4.1pp	Cons. · Japanese GAAP
FYE Dec 2018	2.9	−2.1pp	Cons. · Japanese GAAP
FYE Dec 2019	-7.1	−10.1pp	Cons. · Japanese GAAP
FYE Dec 2020	3.2	+10.4pp	Cons. · Japanese GAAP
FYE Dec 2021	5.6	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2022	5.4	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	-5.4	−10.7pp	Cons. · Japanese GAAP
FYE Dec 2024	2.5	+7.9pp	Cons. · Japanese GAAP
FYE Dec 2025	6.0	+3.5pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 4.2%

Average · 10 yrs 1.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.6	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2018	2.1	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2019	-5.1	−7.2pp	Cons. · Japanese GAAP
FYE Dec 2020	2.3	+7.4pp	Cons. · Japanese GAAP
FYE Dec 2021	4.0	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2022	3.8	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	-3.7	−7.5pp	Cons. · Japanese GAAP
FYE Dec 2024	1.7	+5.5pp	Cons. · Japanese GAAP
FYE Dec 2025	4.2	+2.5pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 0.44×

CAGR · 10 yrs +2.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.35	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.37	+7.1%	Cons. · Japanese GAAP
FYE Dec 2018	0.41	+12.1%	Cons. · Japanese GAAP
FYE Dec 2019	0.39	−6.5%	Cons. · Japanese GAAP
FYE Dec 2020	0.37	−4.7%	Cons. · Japanese GAAP
FYE Dec 2021	0.42	+13.3%	Cons. · Japanese GAAP
FYE Dec 2022	0.43	+3.8%	Cons. · Japanese GAAP
FYE Dec 2023	0.40	−8.4%	Cons. · Japanese GAAP
FYE Dec 2024	0.43	+8.2%	Cons. · Japanese GAAP
FYE Dec 2025	0.44	+3.1%	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 ¥52bn

CAGR · 10 yrs +0.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	48.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	46.2	−4.4%	Cons. · Japanese GAAP
FYE Dec 2018	52.0	+12.7%	Cons. · Japanese GAAP
FYE Dec 2019	21.6	−58.4%	Cons. · Japanese GAAP
FYE Dec 2020	47.9	+121.2%	Cons. · Japanese GAAP
FYE Dec 2021	69.9	+46.0%	Cons. · Japanese GAAP
FYE Dec 2022	31.6	−54.8%	Cons. · Japanese GAAP
FYE Dec 2023	-1.4	−104.3%	Cons. · Japanese GAAP
FYE Dec 2024	52.2	n/a	Cons. · Japanese GAAP
FYE Dec 2025	52.0	−0.3%	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 -¥10bn

Average · 10 yrs -¥24bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-36.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-68.6	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-19.6	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-14.3	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-19.8	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-31.8	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-57.2	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-20.8	n/a	Cons. · Japanese GAAP
FYE Dec 2024	42.6	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-10.4	−124.4%	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 -¥45bn

Average · 10 yrs -¥21bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-17.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.8	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-28.5	−390.9%	Cons. · Japanese GAAP
FYE Dec 2019	-22.0	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-7.7	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-29.2	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-5.9	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-11.6	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-48.8	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-45.3	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 ¥120bn

CAGR · 10 yrs −0.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	126	n/a	Cons. · Japanese GAAP
FYE Dec 2017	114	−9.8%	Cons. · Japanese GAAP
FYE Dec 2018	116	+2.1%	Cons. · Japanese GAAP
FYE Dec 2019	101	−13.1%	Cons. · Japanese GAAP
FYE Dec 2020	121	+20.0%	Cons. · Japanese GAAP
FYE Dec 2021	135	+11.1%	Cons. · Japanese GAAP
FYE Dec 2022	107	−20.7%	Cons. · Japanese GAAP
FYE Dec 2023	75.1	−29.7%	Cons. · Japanese GAAP
FYE Dec 2024	124	+64.6%	Cons. · Japanese GAAP
FYE Dec 2025	120	−2.6%	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 ¥42bn

CAGR · 10 yrs +14.7%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	12.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-22.5	−285.5%	Cons. · Japanese GAAP
FYE Dec 2018	32.5	n/a	Cons. · Japanese GAAP
FYE Dec 2019	7.3	−77.4%	Cons. · Japanese GAAP
FYE Dec 2020	28.1	+283.9%	Cons. · Japanese GAAP
FYE Dec 2021	38.1	+35.7%	Cons. · Japanese GAAP
FYE Dec 2022	-25.6	−167.1%	Cons. · Japanese GAAP
FYE Dec 2023	-22.1	n/a	Cons. · Japanese GAAP
FYE Dec 2024	94.8	n/a	Cons. · Japanese GAAP
FYE Dec 2025	41.6	−56.1%	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 16.7%

Average · 10 yrs 14.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	20.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.3	−3.8pp	Cons. · Japanese GAAP
FYE Dec 2018	17.3	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2019	8.4	−8.9pp	Cons. · Japanese GAAP
FYE Dec 2020	19.7	+11.3pp	Cons. · Japanese GAAP
FYE Dec 2021	23.9	+4.2pp	Cons. · Japanese GAAP
FYE Dec 2022	9.7	−14.2pp	Cons. · Japanese GAAP
FYE Dec 2023	-0.5	−10.2pp	Cons. · Japanese GAAP
FYE Dec 2024	17.4	+17.9pp	Cons. · Japanese GAAP
FYE Dec 2025	16.7	−0.7pp	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 ¥43bn

CAGR · 10 yrs +5.7%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	26.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	25.2	−3.8%	Cons. · Japanese GAAP
FYE Dec 2018	36.2	+44.0%	Cons. · Japanese GAAP
FYE Dec 2019	32.5	−10.3%	Cons. · Japanese GAAP
FYE Dec 2020	39.5	+21.6%	Cons. · Japanese GAAP
FYE Dec 2021	69.9	+76.8%	Cons. · Japanese GAAP
FYE Dec 2022	23.3	−66.6%	Cons. · Japanese GAAP
FYE Dec 2023	-23.3	−199.7%	Cons. · Japanese GAAP
FYE Dec 2024	32.3	n/a	Cons. · Japanese GAAP
FYE Dec 2025	42.9	+32.8%	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 ¥551bn

Change · 7 yrs +¥124bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	n/a	n/a
FYE Dec 2017	427	n/a
FYE Dec 2018	269	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	225	n/a
FYE Dec 2021	292	n/a
FYE Dec 2022	232	n/a
FYE Dec 2023	n/a	n/a
FYE Dec 2024	336	n/a
FYE Dec 2025	551	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 6,156¥

Change · 7 yrs +1,865¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	n/a	n/a
FYE Dec 2017	4,291	n/a
FYE Dec 2018	2,700	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	2,257	n/a
FYE Dec 2021	2,939	n/a
FYE Dec 2022	2,331	n/a
FYE Dec 2023	n/a	n/a
FYE Dec 2024	3,372	n/a
FYE Dec 2025	6,156	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 89,523,246shares

Change · 9 yrs −10,000,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	n/a	Parent
FYE Dec 2017	99,523,246	Parent
FYE Dec 2018	99,523,246	Parent
FYE Dec 2019	99,523,246	Parent
FYE Dec 2020	99,523,246	Parent
FYE Dec 2021	99,523,246	Parent
FYE Dec 2022	99,523,246	Parent
FYE Dec 2023	99,523,246	Parent
FYE Dec 2024	99,523,246	Parent
FYE Dec 2025	89,523,246	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 382.33¥

Change · 9 yrs +109.04¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	n/a	Cons.
FYE Dec 2017	273.29	Cons.
FYE Dec 2018	154.26	Cons.
FYE Dec 2019	-348.50	Cons.
FYE Dec 2020	157.84	Cons.
FYE Dec 2021	290.98	Cons.
FYE Dec 2022	302.76	Cons.
FYE Dec 2023	-282.90	Cons.
FYE Dec 2024	141.67	Cons.
FYE Dec 2025	382.33	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 5,499.92¥

Change · 9 yrs +85.91¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5,414.01	Cons. · Japanese GAAP
FYE Dec 2018	5,189.26	Cons. · Japanese GAAP
FYE Dec 2019	4,742.92	Cons. · Japanese GAAP
FYE Dec 2020	4,744.61	Cons. · Japanese GAAP
FYE Dec 2021	4,974.42	Cons. · Japanese GAAP
FYE Dec 2022	5,268.57	Cons. · Japanese GAAP
FYE Dec 2023	4,893.79	Cons. · Japanese GAAP
FYE Dec 2024	4,863.39	Cons. · Japanese GAAP
FYE Dec 2025	5,499.92	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 16.10×

Average · 7 yrs 15.03×

Fiscal year	PER ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Dec 2017	15.70	Cons.
FYE Dec 2018	17.50	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	14.30	Cons.
FYE Dec 2021	10.10	Cons.
FYE Dec 2022	7.70	Cons.
FYE Dec 2023	n/a	Cons.
FYE Dec 2024	23.80	Cons.
FYE Dec 2025	16.10	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 0.94×

Average · 7 yrs 0.60×

Fiscal year	PBR ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Dec 2017	0.79	Cons.
FYE Dec 2018	0.50	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	0.46	Cons.
FYE Dec 2021	0.55	Cons.
FYE Dec 2022	0.41	Cons.
FYE Dec 2023	n/a	Cons.
FYE Dec 2024	0.56	Cons.
FYE Dec 2025	0.94	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 5,218people

Change · 10 yrs −631 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	5,849	n/a	Cons.
FYE Dec 2017	6,776	+15.8%	Cons.
FYE Dec 2018	6,875	+1.5%	Cons.
FYE Dec 2019	6,482	−5.7%	Cons.
FYE Dec 2020	6,157	−5.0%	Cons.
FYE Dec 2021	6,251	+1.5%	Cons.
FYE Dec 2022	6,349	+1.6%	Cons.
FYE Dec 2023	5,578	−12.1%	Cons.
FYE Dec 2024	5,498	−1.4%	Cons.
FYE Dec 2025	5,218	−5.1%	Cons.

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

Parent-company employees

FYE Dec 2025 1,778people

Change · 10 yrs +134 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,644	n/a	Parent
FYE Dec 2017	1,644	−0.0%	Parent
FYE Dec 2018	1,678	+2.1%	Parent
FYE Dec 2019	1,679	+0.1%	Parent
FYE Dec 2020	1,662	−1.0%	Parent
FYE Dec 2021	1,682	+1.2%	Parent
FYE Dec 2022	1,687	+0.3%	Parent
FYE Dec 2023	1,713	+1.5%	Parent
FYE Dec 2024	1,746	+1.9%	Parent
FYE Dec 2025	1,778	+1.8%	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 738万円

Change · 9 yrs −5万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Dec 2017	743	n/a	Parent
FYE Dec 2018	783	+5.4%	Parent
FYE Dec 2019	764	−2.4%	Parent
FYE Dec 2020	729	−4.5%	Parent
FYE Dec 2021	748	+2.6%	Parent
FYE Dec 2022	775	+3.6%	Parent
FYE Dec 2023	752	−3.1%	Parent
FYE Dec 2024	704	−6.4%	Parent
FYE Dec 2025	738	+4.9%	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 43.3years

Change · 7 yrs −1.8 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	45.1	n/a	Parent
FYE Dec 2020	45.2	+0.2%	Parent
FYE Dec 2021	45.5	+0.7%	Parent
FYE Dec 2022	45.3	−0.4%	Parent
FYE Dec 2023	44.5	−1.8%	Parent
FYE Dec 2024	43.9	−1.3%	Parent
FYE Dec 2025	43.3	−1.4%	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 Dec 2025 20.0years

Change · 9 yrs −3.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Dec 2017	23.7	n/a	Parent
FYE Dec 2018	23.8	+0.4%	Parent
FYE Dec 2019	23.8	−0.0%	Parent
FYE Dec 2020	23.7	−0.4%	Parent
FYE Dec 2021	23.8	+0.4%	Parent
FYE Dec 2022	23.2	−2.5%	Parent
FYE Dec 2023	22.2	−4.3%	Parent
FYE Dec 2024	21.2	−4.5%	Parent
FYE Dec 2025	20.0	−5.7%	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)

Revenue per employee

FYE Dec 2025 ¥59.7m

Change · 10 yrs +¥18.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	40.9	n/a	Cons.
FYE Dec 2017	41.7	+1.8%	Cons.
FYE Dec 2018	43.7	+4.8%	Cons.
FYE Dec 2019	39.7	−9.1%	Cons.
FYE Dec 2020	39.4	−0.7%	Cons.
FYE Dec 2021	46.7	+18.4%	Cons.
FYE Dec 2022	51.1	+9.4%	Cons.
FYE Dec 2023	50.2	−1.8%	Cons.
FYE Dec 2024	54.4	+8.4%	Cons.
FYE Dec 2025	59.7	+9.6%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥6.5m

Change · 10 yrs +¥3.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons.
FYE Dec 2017	4.8	+42.0%	Cons.
FYE Dec 2018	3.6	−23.9%	Cons.
FYE Dec 2019	2.5	−30.7%	Cons.
FYE Dec 2020	2.9	+14.4%	Cons.
FYE Dec 2021	5.2	+82.8%	Cons.
FYE Dec 2022	4.1	−21.4%	Cons.
FYE Dec 2023	-1.9	−145.3%	Cons.
FYE Dec 2024	1.1	n/a	Cons.
FYE Dec 2025	6.5	+487.6%	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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