Financials

ARE Holdings: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥570bnYoY +12.6%

FYE Mar 2026 · Operating profit¥37bnYoY +85.6%

FYE Mar 2026 · Net profit¥24bnYoY +70.7%

FYE Mar 2026 · Equity ratio37.5%YoY +11.7pp

FYE Mar 2026 · Group employees998YoY +19

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥107bn	n/a	¥2.0bn	n/a	1.9%	-¥1.2bn	Terayama Mitsuharu	—
FYE Mar 2018Consolidated	¥116bn	+8.4%	¥14bn	+576.7%	11.9%	¥9.4bn	Terayama Mitsuharu	—
FYE Mar 2019Consolidated	¥110bn	−4.7%	¥13bn	−2.5%	12.2%	¥9.0bn	Terayama Mitsuharu	—
FYE Mar 2020Consolidated	¥136bn	+22.8%	¥18bn	+34.0%	13.3%	¥9.8bn	Higashiura Tomoya	—
FYE Mar 2021Consolidated	¥165bn	+21.5%	¥25bn	+39.5%	15.2%	¥26bn	Higashiura Tomoya	—
FYE Mar 2022Consolidated	¥192bn	+16.8%	¥26bn	+5.3%	13.7%	¥19bn	Higashiura Tomoya	Operating companies consolidated into Asahi Pretec
FYE Mar 2023Consolidated	¥274bn	+42.5%	¥16bn	−38.4%	5.9%	¥11bn	Higashiura Tomoya	—
FYE Mar 2024Consolidated	¥322bn	+17.5%	¥12bn	−24.0%	3.8%	¥24bn	Higashiura Tomoya	Split into three functional companies; renamed ARE Holdings
FYE Mar 2025Consolidated	¥506bn	+57.1%	¥20bn	+61.6%	3.9%	¥14bn	Higashiura Tomoya	Japan Waste moved out to Renatus as an equity affiliate
FYE Mar 2026Consolidated	¥570bn	+12.6%	¥37bn	+85.6%	6.5%	¥24bn	Higashiura Tomoya	Asahi Pretec India established

How it compares

Mitsubishi Materials¥1.84tnFY2025Operating margin 3.3%Sumitomo Metal Mining¥1.74tnFY2025Operating margin 14.7%

UACJ¥1.18tnFY2025Operating margin 6.5%

JX Advanced Metals Corporation¥885bnFY2025Operating margin 19.8%

Mitsui Kinzoku¥759bnFY2025Operating margin 17.3%Dowa Holdings¥745bnFY2025Operating margin 4.6%

Nippon Light Metal Holdings Company, Ltd.¥585bnFY2025Operating margin 4.4%

ARE Holdings¥570bnFY2025Operating margin 6.5%

Matsudasangyou¥469bnFY2024Operating margin 2.7%

Ryobi¥309bnFY2025Operating margin 4.1%

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 Mar 2026 ¥570bn

CAGR · 10 yrs +20.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	107	n/a	Cons. · IFRS
FYE Mar 2018	116	+8.4%	Cons. · IFRS
FYE Mar 2019	110	−4.7%	Cons. · IFRS
FYE Mar 2020	136	+22.8%	Cons. · IFRS
FYE Mar 2021	165	+21.5%	Cons. · IFRS
FYE Mar 2022	192	+16.8%	Cons. · IFRS
FYE Mar 2023	274	+42.5%	Cons. · IFRS
FYE Mar 2024	322	+17.5%	Cons. · IFRS
FYE Mar 2025	506	+57.1%	Cons. · IFRS
FYE Mar 2026	570	+12.6%	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 ¥525bn

CAGR · 10 yrs +22.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	82.5	n/a	Cons. · IFRS
FYE Mar 2018	87.5	+6.0%	Cons. · IFRS
FYE Mar 2019	89.7	+2.5%	Cons. · IFRS
FYE Mar 2020	109	+21.9%	Cons. · IFRS
FYE Mar 2021	132	+20.7%	Cons. · IFRS
FYE Mar 2022	158	+19.6%	Cons. · IFRS
FYE Mar 2023	250	+58.4%	Cons. · IFRS
FYE Mar 2024	301	+20.4%	Cons. · IFRS
FYE Mar 2025	477	+58.6%	Cons. · IFRS
FYE Mar 2026	525	+10.0%	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 ¥45bn

CAGR · 10 yrs +7.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	24.3	n/a	Cons. · IFRS
FYE Mar 2018	28.3	+16.4%	Cons. · IFRS
FYE Mar 2019	20.7	−26.8%	Cons. · IFRS
FYE Mar 2020	26.2	+26.4%	Cons. · IFRS
FYE Mar 2021	32.8	+25.3%	Cons. · IFRS
FYE Mar 2022	34.7	+5.6%	Cons. · IFRS
FYE Mar 2023	24.3	−29.8%	Cons. · IFRS
FYE Mar 2024	21.4	−12.2%	Cons. · IFRS
FYE Mar 2025	28.9	+35.5%	Cons. · IFRS
FYE Mar 2026	44.8	+54.9%	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 ¥9.6bn

CAGR · 10 yrs −5.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	15.2	n/a	Cons. · IFRS
FYE Mar 2018	14.4	−5.3%	Cons. · IFRS
FYE Mar 2019	7.2	−49.8%	Cons. · IFRS
FYE Mar 2020	7.2	−0.9%	Cons. · IFRS
FYE Mar 2021	7.3	+1.2%	Cons. · IFRS
FYE Mar 2022	7.7	+6.0%	Cons. · IFRS
FYE Mar 2023	6.9	−10.8%	Cons. · IFRS
FYE Mar 2024	8.2	+18.9%	Cons. · IFRS
FYE Mar 2025	8.6	+5.1%	Cons. · IFRS
FYE Mar 2026	9.6	+11.4%	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 ¥37bn

CAGR · 10 yrs +38.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	2.0	n/a	Cons. · IFRS
FYE Mar 2018	13.8	+576.7%	Cons. · IFRS
FYE Mar 2019	13.4	−2.5%	Cons. · IFRS
FYE Mar 2020	18.0	+34.0%	Cons. · IFRS
FYE Mar 2021	25.1	+39.5%	Cons. · IFRS
FYE Mar 2022	26.4	+5.3%	Cons. · IFRS
FYE Mar 2023	16.3	−38.4%	Cons. · IFRS
FYE Mar 2024	12.4	−24.0%	Cons. · IFRS
FYE Mar 2025	20.0	+61.6%	Cons. · IFRS
FYE Mar 2026	37.1	+85.6%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥0.9bn

CAGR · 9 yrs +64.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	0.0	n/a	Cons. · IFRS
FYE Mar 2019	0.0	+100.0%	Cons. · IFRS
FYE Mar 2020	0.0	−25.0%	Cons. · IFRS
FYE Mar 2021	0.1	+466.7%	Cons. · IFRS
FYE Mar 2022	0.6	+355.1%	Cons. · IFRS
FYE Mar 2023	0.5	−24.7%	Cons. · IFRS
FYE Mar 2024	1.1	+143.8%	Cons. · IFRS
FYE Mar 2025	0.7	−39.1%	Cons. · IFRS
FYE Mar 2026	0.9	+25.7%	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 ¥3.3bn

CAGR · 9 yrs +30.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	0.4	n/a	Cons. · IFRS
FYE Mar 2019	1.1	+182.9%	Cons. · IFRS
FYE Mar 2020	0.3	−70.5%	Cons. · IFRS
FYE Mar 2021	0.1	−74.6%	Cons. · IFRS
FYE Mar 2022	0.9	+959.5%	Cons. · IFRS
FYE Mar 2023	0.8	−10.7%	Cons. · IFRS
FYE Mar 2024	1.1	+35.5%	Cons. · IFRS
FYE Mar 2025	0.2	−82.0%	Cons. · IFRS
FYE Mar 2026	3.3	+1575.8%	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 ¥24bn

Average · 10 yrs ¥15bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	-1.2	n/a	Cons. · IFRS
FYE Mar 2018	9.4	n/a	Cons. · IFRS
FYE Mar 2019	9.0	−4.4%	Cons. · IFRS
FYE Mar 2020	9.8	+9.4%	Cons. · IFRS
FYE Mar 2021	25.7	+161.3%	Cons. · IFRS
FYE Mar 2022	18.7	−27.2%	Cons. · IFRS
FYE Mar 2023	10.9	−41.7%	Cons. · IFRS
FYE Mar 2024	24.5	+124.1%	Cons. · IFRS
FYE Mar 2025	14.3	−41.5%	Cons. · IFRS
FYE Mar 2026	24.4	+70.7%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 7.9%

Average · 10 yrs 15.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	22.8	n/a	Cons. · IFRS
FYE Mar 2018	24.4	+1.7pp	Cons. · IFRS
FYE Mar 2019	18.8	−5.7pp	Cons. · IFRS
FYE Mar 2020	19.3	+0.6pp	Cons. · IFRS
FYE Mar 2021	19.9	+0.6pp	Cons. · IFRS
FYE Mar 2022	18.0	−1.9pp	Cons. · IFRS
FYE Mar 2023	8.9	−9.1pp	Cons. · IFRS
FYE Mar 2024	6.6	−2.2pp	Cons. · IFRS
FYE Mar 2025	5.7	−0.9pp	Cons. · IFRS
FYE Mar 2026	7.9	+2.1pp	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 6.5%

Average · 10 yrs 8.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons. · IFRS
FYE Mar 2018	11.9	+10.0pp	Cons. · IFRS
FYE Mar 2019	12.2	+0.3pp	Cons. · IFRS
FYE Mar 2020	13.3	+1.1pp	Cons. · IFRS
FYE Mar 2021	15.2	+2.0pp	Cons. · IFRS
FYE Mar 2022	13.7	−1.5pp	Cons. · IFRS
FYE Mar 2023	5.9	−7.8pp	Cons. · IFRS
FYE Mar 2024	3.8	−2.1pp	Cons. · IFRS
FYE Mar 2025	3.9	+0.1pp	Cons. · IFRS
FYE Mar 2026	6.5	+2.6pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 4.3%

Average · 10 yrs 6.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	-1.1	n/a	Cons. · IFRS
FYE Mar 2018	8.1	+9.3pp	Cons. · IFRS
FYE Mar 2019	8.2	−0.0pp	Cons. · IFRS
FYE Mar 2020	7.3	−0.9pp	Cons. · IFRS
FYE Mar 2021	15.6	+8.3pp	Cons. · IFRS
FYE Mar 2022	9.7	−5.9pp	Cons. · IFRS
FYE Mar 2023	4.0	−5.7pp	Cons. · IFRS
FYE Mar 2024	7.6	+3.6pp	Cons. · IFRS
FYE Mar 2025	2.8	−4.8pp	Cons. · IFRS
FYE Mar 2026	4.3	+1.5pp	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 92.1%

Average · 10 yrs 84.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	77.2	n/a	Cons. · IFRS
FYE Mar 2018	75.6	−1.7pp	Cons. · IFRS
FYE Mar 2019	81.2	+5.7pp	Cons. · IFRS
FYE Mar 2020	80.7	−0.6pp	Cons. · IFRS
FYE Mar 2021	80.1	−0.6pp	Cons. · IFRS
FYE Mar 2022	82.0	+1.9pp	Cons. · IFRS
FYE Mar 2023	91.1	+9.1pp	Cons. · IFRS
FYE Mar 2024	93.4	+2.2pp	Cons. · IFRS
FYE Mar 2025	94.3	+0.9pp	Cons. · IFRS
FYE Mar 2026	92.1	−2.1pp	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 1.7%

Average · 10 yrs 5.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	14.2	n/a	Cons. · IFRS
FYE Mar 2018	12.4	−1.8pp	Cons. · IFRS
FYE Mar 2019	6.6	−5.9pp	Cons. · IFRS
FYE Mar 2020	5.3	−1.3pp	Cons. · IFRS
FYE Mar 2021	4.4	−0.9pp	Cons. · IFRS
FYE Mar 2022	4.0	−0.4pp	Cons. · IFRS
FYE Mar 2023	2.5	−1.5pp	Cons. · IFRS
FYE Mar 2024	2.5	−0.0pp	Cons. · IFRS
FYE Mar 2025	1.7	−0.8pp	Cons. · IFRS
FYE Mar 2026	1.7	−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 Mar 2026 ¥615bn

CAGR · 10 yrs +24.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	87.2	n/a	Cons. · IFRS
FYE Mar 2018	131	+50.8%	Cons. · IFRS
FYE Mar 2019	160	+21.9%	Cons. · IFRS
FYE Mar 2020	230	+43.5%	Cons. · IFRS
FYE Mar 2021	245	+6.5%	Cons. · IFRS
FYE Mar 2022	298	+21.9%	Cons. · IFRS
FYE Mar 2023	287	−3.7%	Cons. · IFRS
FYE Mar 2024	318	+10.6%	Cons. · IFRS
FYE Mar 2025	490	+54.1%	Cons. · IFRS
FYE Mar 2026	615	+25.6%	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 ¥231bn

CAGR · 10 yrs +20.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	43.6	n/a	Cons. · IFRS
FYE Mar 2018	64.4	+47.8%	Cons. · IFRS
FYE Mar 2019	67.8	+5.2%	Cons. · IFRS
FYE Mar 2020	69.2	+2.0%	Cons. · IFRS
FYE Mar 2021	97.9	+41.5%	Cons. · IFRS
FYE Mar 2022	105	+7.4%	Cons. · IFRS
FYE Mar 2023	107	+1.7%	Cons. · IFRS
FYE Mar 2024	126	+18.2%	Cons. · IFRS
FYE Mar 2025	126	−0.2%	Cons. · IFRS
FYE Mar 2026	231	+82.6%	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 ¥183bn

CAGR · 9 yrs +20.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	41.1	n/a	Cons. · IFRS
FYE Mar 2019	63.8	+55.2%	Cons. · IFRS
FYE Mar 2020	127	+98.8%	Cons. · IFRS
FYE Mar 2021	105	−17.3%	Cons. · IFRS
FYE Mar 2022	151	+44.0%	Cons. · IFRS
FYE Mar 2023	144	−4.3%	Cons. · IFRS
FYE Mar 2024	141	−2.2%	Cons. · IFRS
FYE Mar 2025	290	+105.3%	Cons. · IFRS
FYE Mar 2026	183	−36.8%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥99bn

CAGR · 9 yrs +20.3%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	22.5	n/a	Cons. · IFRS
FYE Mar 2019	44.7	+98.6%	Cons. · IFRS
FYE Mar 2020	122	+172.6%	Cons. · IFRS
FYE Mar 2021	79.3	−34.9%	Cons. · IFRS
FYE Mar 2022	108	+36.5%	Cons. · IFRS
FYE Mar 2023	91.5	−15.5%	Cons. · IFRS
FYE Mar 2024	70.0	−23.5%	Cons. · IFRS
FYE Mar 2025	246	+252.2%	Cons. · IFRS
FYE Mar 2026	98.6	−60.0%	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 ¥85bn

CAGR · 9 yrs +20.9%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	18.6	n/a	Cons. · IFRS
FYE Mar 2019	19.1	+2.6%	Cons. · IFRS
FYE Mar 2020	4.9	−74.2%	Cons. · IFRS
FYE Mar 2021	25.5	+417.5%	Cons. · IFRS
FYE Mar 2022	42.7	+67.3%	Cons. · IFRS
FYE Mar 2023	52.9	+23.9%	Cons. · IFRS
FYE Mar 2024	71.2	+34.7%	Cons. · IFRS
FYE Mar 2025	43.5	−38.9%	Cons. · IFRS
FYE Mar 2026	84.6	+94.8%	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 ¥1.7bn

CAGR · 9 yrs +10.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	0.7	n/a	Cons. · IFRS
FYE Mar 2019	0.7	−5.8%	Cons. · IFRS
FYE Mar 2020	0.5	−24.1%	Cons. · IFRS
FYE Mar 2021	0.7	+31.8%	Cons. · IFRS
FYE Mar 2022	0.7	+2.2%	Cons. · IFRS
FYE Mar 2023	1.3	+76.3%	Cons. · IFRS
FYE Mar 2024	1.6	+25.9%	Cons. · IFRS
FYE Mar 2025	1.4	−8.9%	Cons. · IFRS
FYE Mar 2026	1.7	+16.6%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 n/a

CAGR · 8 yrs −58.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	8.2	n/a	Cons. · IFRS
FYE Mar 2019	8.2	−0.0%	Cons. · IFRS
FYE Mar 2020	1.6	−80.5%	Cons. · IFRS
FYE Mar 2021	1.0	−35.2%	Cons. · IFRS
FYE Mar 2022	1.0	−0.0%	Cons. · IFRS
FYE Mar 2023	1.0	−3.6%	Cons. · IFRS
FYE Mar 2024	0.0	−98.1%	Cons. · IFRS
FYE Mar 2025	0.0	−0.0%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	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 37.5%

Average · 10 yrs 38.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	50.0	n/a	Cons. · IFRS
FYE Mar 2018	49.0	−1.0pp	Cons. · IFRS
FYE Mar 2019	42.3	−6.7pp	Cons. · IFRS
FYE Mar 2020	30.1	−12.2pp	Cons. · IFRS
FYE Mar 2021	40.0	+9.9pp	Cons. · IFRS
FYE Mar 2022	35.2	−4.8pp	Cons. · IFRS
FYE Mar 2023	37.2	+2.0pp	Cons. · IFRS
FYE Mar 2024	39.8	+2.6pp	Cons. · IFRS
FYE Mar 2025	25.8	−14.0pp	Cons. · IFRS
FYE Mar 2026	37.5	+11.7pp	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 79.5%

Average · 9 yrs 127.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	63.8	n/a	Cons. · IFRS
FYE Mar 2019	94.1	+30.3pp	Cons. · IFRS
FYE Mar 2020	183.3	+89.2pp	Cons. · IFRS
FYE Mar 2021	107.1	−76.2pp	Cons. · IFRS
FYE Mar 2022	143.6	+36.5pp	Cons. · IFRS
FYE Mar 2023	135.0	−8.6pp	Cons. · IFRS
FYE Mar 2024	111.6	−23.4pp	Cons. · IFRS
FYE Mar 2025	229.6	+118.0pp	Cons. · IFRS
FYE Mar 2026	79.5	−150.1pp	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 10.6%

Average · 10 yrs 13.5%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	-2.8	n/a	Cons. · IFRS
FYE Mar 2018	14.6	+17.4pp	Cons. · IFRS
FYE Mar 2019	13.3	−1.3pp	Cons. · IFRS
FYE Mar 2020	14.2	+1.0pp	Cons. · IFRS
FYE Mar 2021	26.3	+12.0pp	Cons. · IFRS
FYE Mar 2022	17.8	−8.5pp	Cons. · IFRS
FYE Mar 2023	10.2	−7.6pp	Cons. · IFRS
FYE Mar 2024	19.4	+9.1pp	Cons. · IFRS
FYE Mar 2025	11.3	−8.0pp	Cons. · IFRS
FYE Mar 2026	10.6	−0.7pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 4.0%

Average · 10 yrs 5.1%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	-1.4	n/a	Cons. · IFRS
FYE Mar 2018	7.2	+8.6pp	Cons. · IFRS
FYE Mar 2019	5.6	−1.5pp	Cons. · IFRS
FYE Mar 2020	4.3	−1.3pp	Cons. · IFRS
FYE Mar 2021	10.5	+6.2pp	Cons. · IFRS
FYE Mar 2022	6.3	−4.2pp	Cons. · IFRS
FYE Mar 2023	3.8	−2.5pp	Cons. · IFRS
FYE Mar 2024	7.7	+3.9pp	Cons. · IFRS
FYE Mar 2025	2.9	−4.8pp	Cons. · IFRS
FYE Mar 2026	4.0	+1.0pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.93×

CAGR · 10 yrs −3.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.22	n/a	Cons. · IFRS
FYE Mar 2018	0.88	−28.1%	Cons. · IFRS
FYE Mar 2019	0.69	−21.8%	Cons. · IFRS
FYE Mar 2020	0.59	−14.4%	Cons. · IFRS
FYE Mar 2021	0.67	+14.2%	Cons. · IFRS
FYE Mar 2022	0.64	−4.2%	Cons. · IFRS
FYE Mar 2023	0.95	+47.9%	Cons. · IFRS
FYE Mar 2024	1.01	+6.2%	Cons. · IFRS
FYE Mar 2025	1.03	+1.9%	Cons. · IFRS
FYE Mar 2026	0.93	−10.3%	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 -¥99bn

Average · 10 yrs -¥8.4bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · IFRS
FYE Mar 2018	-13.4	−507.7%	Cons. · IFRS
FYE Mar 2019	-20.6	n/a	Cons. · IFRS
FYE Mar 2020	4.6	n/a	Cons. · IFRS
FYE Mar 2021	-33.4	−829.5%	Cons. · IFRS
FYE Mar 2022	11.1	n/a	Cons. · IFRS
FYE Mar 2023	36.8	+231.0%	Cons. · IFRS
FYE Mar 2024	12.6	−65.7%	Cons. · IFRS
FYE Mar 2025	14.7	+16.4%	Cons. · IFRS
FYE Mar 2026	-99.4	−776.8%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥0.3bn

Average · 10 yrs -¥5.2bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-2.4	n/a	Cons. · IFRS
FYE Mar 2018	-2.8	n/a	Cons. · IFRS
FYE Mar 2019	-5.6	n/a	Cons. · IFRS
FYE Mar 2020	1.9	n/a	Cons. · IFRS
FYE Mar 2021	-2.8	−245.3%	Cons. · IFRS
FYE Mar 2022	-7.8	n/a	Cons. · IFRS
FYE Mar 2023	-3.9	n/a	Cons. · IFRS
FYE Mar 2024	-28.7	n/a	Cons. · IFRS
FYE Mar 2025	0.3	n/a	Cons. · IFRS
FYE Mar 2026	-0.3	−239.6%	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 ¥92bn

Average · 10 yrs ¥13bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-6.6	n/a	Cons. · IFRS
FYE Mar 2018	29.8	n/a	Cons. · IFRS
FYE Mar 2019	18.3	−38.7%	Cons. · IFRS
FYE Mar 2020	0.3	−98.5%	Cons. · IFRS
FYE Mar 2021	24.4	+8845.8%	Cons. · IFRS
FYE Mar 2022	-6.0	−124.7%	Cons. · IFRS
FYE Mar 2023	-23.8	n/a	Cons. · IFRS
FYE Mar 2024	7.1	n/a	Cons. · IFRS
FYE Mar 2025	-6.2	−188.0%	Cons. · IFRS
FYE Mar 2026	91.9	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 Mar 2026 ¥10bn

CAGR · 10 yrs −0.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	10.8	n/a	Cons. · IFRS
FYE Mar 2018	24.1	+123.6%	Cons. · IFRS
FYE Mar 2019	16.3	−32.5%	Cons. · IFRS
FYE Mar 2020	22.9	+40.6%	Cons. · IFRS
FYE Mar 2021	10.0	−56.2%	Cons. · IFRS
FYE Mar 2022	6.1	−38.9%	Cons. · IFRS
FYE Mar 2023	18.0	+193.0%	Cons. · IFRS
FYE Mar 2024	6.9	−61.7%	Cons. · IFRS
FYE Mar 2025	17.6	+155.1%	Cons. · IFRS
FYE Mar 2026	10.3	−41.1%	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 -¥100bn

Average · 10 yrs -¥14bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons. · IFRS
FYE Mar 2018	-16.2	−2000.0%	Cons. · IFRS
FYE Mar 2019	-26.3	n/a	Cons. · IFRS
FYE Mar 2020	6.5	n/a	Cons. · IFRS
FYE Mar 2021	-36.2	−656.3%	Cons. · IFRS
FYE Mar 2022	3.3	n/a	Cons. · IFRS
FYE Mar 2023	32.8	+899.7%	Cons. · IFRS
FYE Mar 2024	-16.1	−149.0%	Cons. · IFRS
FYE Mar 2025	14.9	n/a	Cons. · IFRS
FYE Mar 2026	-99.7	−767.8%	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 -17.4%

Average · 10 yrs -3.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · IFRS
FYE Mar 2018	-11.6	−14.6pp	Cons. · IFRS
FYE Mar 2019	-18.7	−7.1pp	Cons. · IFRS
FYE Mar 2020	3.4	+22.1pp	Cons. · IFRS
FYE Mar 2021	-20.2	−23.6pp	Cons. · IFRS
FYE Mar 2022	5.8	+26.0pp	Cons. · IFRS
FYE Mar 2023	13.4	+7.6pp	Cons. · IFRS
FYE Mar 2024	3.9	−9.5pp	Cons. · IFRS
FYE Mar 2025	2.9	−1.0pp	Cons. · IFRS
FYE Mar 2026	-17.4	−20.3pp	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 -¥173bn

Average · 9 yrs -¥124bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-17.0	n/a	Cons. · IFRS
FYE Mar 2019	-47.5	n/a	Cons. · IFRS
FYE Mar 2020	-104	n/a	Cons. · IFRS
FYE Mar 2021	-94.8	n/a	Cons. · IFRS
FYE Mar 2022	-145	n/a	Cons. · IFRS
FYE Mar 2023	-126	n/a	Cons. · IFRS
FYE Mar 2024	-134	n/a	Cons. · IFRS
FYE Mar 2025	-272	n/a	Cons. · IFRS
FYE Mar 2026	-173	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 ¥290bn

Change · 9 yrs +¥212bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	78.8	n/a
FYE Mar 2019	80.0	n/a
FYE Mar 2020	89.8	n/a
FYE Mar 2021	169	n/a
FYE Mar 2022	180	n/a
FYE Mar 2023	161	n/a
FYE Mar 2024	153	n/a
FYE Mar 2025	158	n/a
FYE Mar 2026	290	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 3,344¥

Change · 9 yrs +1,368¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	1,977	n/a
FYE Mar 2019	2,008	n/a
FYE Mar 2020	2,252	n/a
FYE Mar 2021	4,250	n/a
FYE Mar 2022	2,262	n/a
FYE Mar 2023	2,019	n/a
FYE Mar 2024	1,917	n/a
FYE Mar 2025	1,984	n/a
FYE Mar 2026	3,344	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 86,853,534shares

Change · 10 yrs +50,599,190 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	36,254,344	Parent
FYE Mar 2018	39,854,344	Parent
FYE Mar 2019	39,854,344	Parent
FYE Mar 2020	39,854,344	Parent
FYE Mar 2021	39,854,344	Parent
FYE Mar 2022	79,708,688	Parent
FYE Mar 2023	79,708,688	Parent
FYE Mar 2024	79,708,688	Parent
FYE Mar 2025	79,708,688	Parent
FYE Mar 2026	86,853,534	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 315.49¥

Change · 10 yrs +352.73¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	-37.24	Cons.
FYE Mar 2018	270.77	Cons.
FYE Mar 2019	228.14	Cons.
FYE Mar 2020	125.12	Cons.
FYE Mar 2021	326.90	Cons.
FYE Mar 2022	238.11	Cons.
FYE Mar 2023	141.19	Cons.
FYE Mar 2024	319.54	Cons.
FYE Mar 2025	187.13	Cons.
FYE Mar 2026	315.49	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 2,654.53¥

Change · 10 yrs +1,451.64¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,202.89	Cons. · IFRS
FYE Mar 2018	1,616.76	Cons. · IFRS
FYE Mar 2019	1,701.30	Cons. · IFRS
FYE Mar 2020	1,735.67	Cons. · IFRS
FYE Mar 2021	2,456.52	Cons. · IFRS
FYE Mar 2022	1,319.02	Cons. · IFRS
FYE Mar 2023	1,341.85	Cons. · IFRS
FYE Mar 2024	1,586.73	Cons. · IFRS
FYE Mar 2025	1,583.94	Cons. · IFRS
FYE Mar 2026	2,654.53	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 10.60×

Average · 9 yrs 9.18×

Fiscal year	PER ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	7.30	Cons.
FYE Mar 2019	8.80	Cons.
FYE Mar 2020	9.00	Cons.
FYE Mar 2021	6.50	Cons.
FYE Mar 2022	9.50	Cons.
FYE Mar 2023	14.30	Cons.
FYE Mar 2024	6.00	Cons.
FYE Mar 2025	10.60	Cons.
FYE Mar 2026	10.60	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 1.25×

Average · 9 yrs 1.35×

Fiscal year	PBR ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	1.21	Cons.
FYE Mar 2019	1.17	Cons.
FYE Mar 2020	1.28	Cons.
FYE Mar 2021	1.71	Cons.
FYE Mar 2022	1.69	Cons.
FYE Mar 2023	1.45	Cons.
FYE Mar 2024	1.16	Cons.
FYE Mar 2025	1.20	Cons.
FYE Mar 2026	1.25	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 998people

Change · 10 yrs −963 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	1,961	n/a	Cons.
FYE Mar 2018	1,928	−1.7%	Cons.
FYE Mar 2019	2,042	+5.9%	Cons.
FYE Mar 2020	1,574	−22.9%	Cons.
FYE Mar 2021	1,510	−4.1%	Cons.
FYE Mar 2022	1,457	−3.5%	Cons.
FYE Mar 2023	1,467	+0.7%	Cons.
FYE Mar 2024	952	−35.1%	Cons.
FYE Mar 2025	979	+2.8%	Cons.
FYE Mar 2026	998	+1.9%	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 59people

Change · 10 yrs +3 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	56	n/a	Parent
FYE Mar 2018	50	−10.7%	Parent
FYE Mar 2019	54	+8.0%	Parent
FYE Mar 2020	44	−18.5%	Parent
FYE Mar 2021	10	−77.3%	Parent
FYE Mar 2022	12	+20.0%	Parent
FYE Mar 2023	12	−0.0%	Parent
FYE Mar 2024	55	+358.3%	Parent
FYE Mar 2025	54	−1.8%	Parent
FYE Mar 2026	59	+9.3%	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 Mar 2026 796万円

Change · 8 yrs +58万円

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	739	n/a	Parent
FYE Mar 2020	666	−9.8%	Parent
FYE Mar 2021	1,003	+50.6%	Parent
FYE Mar 2022	825	−17.7%	Parent
FYE Mar 2023	911	+10.4%	Parent
FYE Mar 2024	805	−11.6%	Parent
FYE Mar 2025	787	−2.2%	Parent
FYE Mar 2026	796	+1.1%	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 42.0years

Change · 8 yrs +1.0 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	41.0	n/a	Parent
FYE Mar 2020	41.0	−0.0%	Parent
FYE Mar 2021	51.0	+24.4%	Parent
FYE Mar 2022	50.0	−2.0%	Parent
FYE Mar 2023	47.0	−6.0%	Parent
FYE Mar 2024	43.0	−8.5%	Parent
FYE Mar 2025	42.0	−2.3%	Parent
FYE Mar 2026	42.0	−0.0%	Parent

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

Average length of service

FYE Mar 2026 2.0years

Change · 8 yrs −2.0 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	4.0	n/a	Parent
FYE Mar 2020	5.0	+25.0%	Parent
FYE Mar 2021	3.0	−40.0%	Parent
FYE Mar 2022	2.0	−33.3%	Parent
FYE Mar 2023	4.0	+100.0%	Parent
FYE Mar 2024	1.0	−75.0%	Parent
FYE Mar 2025	2.0	+100.0%	Parent
FYE Mar 2026	2.0	−0.0%	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 61people

Change · 10 yrs −700 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	761	n/a	n/a
FYE Mar 2018	702	−7.8%	n/a
FYE Mar 2019	613	−12.7%	n/a
FYE Mar 2020	153	−75.0%	n/a
FYE Mar 2021	133	−13.1%	n/a
FYE Mar 2022	142	+6.8%	n/a
FYE Mar 2023	116	−18.3%	n/a
FYE Mar 2024	74	−36.2%	n/a
FYE Mar 2025	70	−5.4%	n/a
FYE Mar 2026	61	−12.9%	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 ¥571m

Change · 10 yrs +¥517m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	54.5	n/a	Cons.
FYE Mar 2018	60.1	+10.3%	Cons.
FYE Mar 2019	54.1	−10.0%	Cons.
FYE Mar 2020	86.1	+59.3%	Cons.
FYE Mar 2021	109	+26.7%	Cons.
FYE Mar 2022	132	+21.0%	Cons.
FYE Mar 2023	187	+41.5%	Cons.
FYE Mar 2024	339	+81.1%	Cons.
FYE Mar 2025	517	+52.8%	Cons.
FYE Mar 2026	571	+10.5%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥37.2m

Change · 10 yrs +¥36.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.0	n/a	Cons.
FYE Mar 2018	7.2	+588.3%	Cons.
FYE Mar 2019	6.6	−8.0%	Cons.
FYE Mar 2020	11.4	+73.8%	Cons.
FYE Mar 2021	16.6	+45.4%	Cons.
FYE Mar 2022	18.2	+9.1%	Cons.
FYE Mar 2023	11.1	−38.9%	Cons.
FYE Mar 2024	13.0	+17.0%	Cons.
FYE Mar 2025	20.4	+57.1%	Cons.
FYE Mar 2026	37.2	+82.1%	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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