Financials

DMG Mori: FYE Dec 2025 and ten years of results (40 metrics)

FYE Dec 2025 · Revenue¥515bnYoY −4.8%

FYE Dec 2025 · Operating profit¥19bnYoY −56.6%

FYE Dec 2025 · Net profit¥24bnYoY +212.1%

FYE Dec 2025 · Equity ratio39.0%YoY −0.2pp

FYE Dec 2025 · Group employees14,026YoY +75

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥377bn	n/a	¥2.0bn	n/a	0.5%	-¥7.8bn	Mori Masahiko	—
FYE Dec 2017Consolidated	¥430bn	+14.1%	¥29bn	+1398.8%	6.8%	¥15bn	Mori Masahiko	—
FYE Dec 2018Consolidated	¥501bn	+16.7%	¥36bn	+23.4%	7.2%	¥19bn	Mori Masahiko	Technium digital JV with Nomura Research Institute
FYE Dec 2019Consolidated	¥486bn	−3.1%	¥37bn	+3.0%	7.7%	¥18bn	Mori Masahiko	—
FYE Dec 2020Consolidated	¥328bn	−32.4%	¥11bn	−71.4%	3.3%	¥1.7bn	Mori Masahiko	—
FYE Dec 2021Consolidated	¥396bn	+20.6%	¥23bn	+116.1%	5.8%	¥13bn	Mori Masahiko	—
FYE Dec 2022Consolidated	¥475bn	+19.9%	¥41bn	+78.7%	8.7%	¥25bn	Mori Masahiko	Pay raised 24%; <span class="en-history_money" data-yen="11800000000" data-year="2022">$89.8M (¥12bn)</span> added to group payroll
FYE Dec 2023Consolidated	¥539bn	+13.6%	¥55bn	+34.3%	10.3%	¥34bn	Mori Masahiko	MX medium-term plan; 10% operating margin in year one
FYE Dec 2024Consolidated	¥541bn	+0.3%	¥44bn	−21.0%	8.1%	¥7.7bn	Mori Masahiko	Kurashiki Kikai acquired — boring machines
FYE Dec 2025Consolidated	¥515bn	−4.8%	¥19bn	−56.6%	3.7%	¥24bn	Mori Masahiko	Taiyo Koki and Miyawaki acquired; 2030 targets replace the plan

How it compares

DMG Mori¥515bnFY2025Operating margin 3.7%

Amada¥437bnFY2025Operating margin 10.2%

Makinofuraisuseisakusho¥261bnFY2025Operating margin 9.6%

Nachi-Fujikoshi¥236bnFY2025Operating margin 4.1%

Okuma¥236bnFY2025Operating margin 6.6%FUJI¥181bnFY2025Operating margin 16.2%

Shibaurakikai¥168bnFY2024Operating margin 8.4%

OSG Corporation¥161bnFY2025Operating margin 12.7%

Tsugami¥129bnFY2025Operating margin 28.0%

Sodikku¥81bnFY2025Operating margin 5.2%

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

Where the revenue goes

¥ bn

Other operating costs Operating profit

Margins

Operating margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥515bn

CAGR · 10 yrs +3.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	377	n/a	Cons. · IFRS
FYE Dec 2017	430	+14.1%	Cons. · IFRS
FYE Dec 2018	501	+16.7%	Cons. · IFRS
FYE Dec 2019	486	−3.1%	Cons. · IFRS
FYE Dec 2020	328	−32.4%	Cons. · IFRS
FYE Dec 2021	396	+20.6%	Cons. · IFRS
FYE Dec 2022	475	+19.9%	Cons. · IFRS
FYE Dec 2023	539	+13.6%	Cons. · IFRS
FYE Dec 2024	541	+0.3%	Cons. · IFRS
FYE Dec 2025	515	−4.8%	Cons. · IFRS

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

Operating profit

FYE Dec 2025 ¥19bn

CAGR · 10 yrs +28.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	2.0	n/a	Cons. · IFRS
FYE Dec 2017	29.4	+1398.8%	Cons. · IFRS
FYE Dec 2018	36.3	+23.4%	Cons. · IFRS
FYE Dec 2019	37.3	+3.0%	Cons. · IFRS
FYE Dec 2020	10.7	−71.4%	Cons. · IFRS
FYE Dec 2021	23.1	+116.1%	Cons. · IFRS
FYE Dec 2022	41.2	+78.7%	Cons. · IFRS
FYE Dec 2023	55.4	+34.3%	Cons. · IFRS
FYE Dec 2024	43.7	−21.0%	Cons. · IFRS
FYE Dec 2025	19.0	−56.6%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥0.8bn

CAGR · 8 yrs +6.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	0.5	n/a	Cons. · IFRS
FYE Dec 2019	0.4	−10.2%	Cons. · IFRS
FYE Dec 2020	0.4	−15.4%	Cons. · IFRS
FYE Dec 2021	0.4	+20.2%	Cons. · IFRS
FYE Dec 2022	0.6	+47.6%	Cons. · IFRS
FYE Dec 2023	1.1	+76.5%	Cons. · IFRS
FYE Dec 2024	1.5	+33.4%	Cons. · IFRS
FYE Dec 2025	0.8	−49.5%	Cons. · IFRS

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Dec 2025 ¥8.5bn

CAGR · 8 yrs +6.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	5.6	n/a	Cons. · IFRS
FYE Dec 2019	6.4	+13.1%	Cons. · IFRS
FYE Dec 2020	5.4	−15.1%	Cons. · IFRS
FYE Dec 2021	3.9	−27.4%	Cons. · IFRS
FYE Dec 2022	5.2	+32.2%	Cons. · IFRS
FYE Dec 2023	7.6	+45.8%	Cons. · IFRS
FYE Dec 2024	8.4	+10.6%	Cons. · IFRS
FYE Dec 2025	8.5	+1.6%	Cons. · IFRS

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥24bn

Average · 10 yrs ¥15bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	-7.8	n/a	Cons. · IFRS
FYE Dec 2017	15.3	n/a	Cons. · IFRS
FYE Dec 2018	18.5	+21.3%	Cons. · IFRS
FYE Dec 2019	18.0	−2.8%	Cons. · IFRS
FYE Dec 2020	1.7	−90.3%	Cons. · IFRS
FYE Dec 2021	13.5	+671.3%	Cons. · IFRS
FYE Dec 2022	25.4	+88.8%	Cons. · IFRS
FYE Dec 2023	33.9	+33.6%	Cons. · IFRS
FYE Dec 2024	7.7	−77.3%	Cons. · IFRS
FYE Dec 2025	24.0	+212.1%	Cons. · IFRS

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

Operating margin

FYE Dec 2025 3.7%

Average · 10 yrs 6.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	0.5	n/a	Cons. · IFRS
FYE Dec 2017	6.8	+6.3pp	Cons. · IFRS
FYE Dec 2018	7.2	+0.4pp	Cons. · IFRS
FYE Dec 2019	7.7	+0.5pp	Cons. · IFRS
FYE Dec 2020	3.3	−4.4pp	Cons. · IFRS
FYE Dec 2021	5.8	+2.6pp	Cons. · IFRS
FYE Dec 2022	8.7	+2.9pp	Cons. · IFRS
FYE Dec 2023	10.3	+1.6pp	Cons. · IFRS
FYE Dec 2024	8.1	−2.2pp	Cons. · IFRS
FYE Dec 2025	3.7	−4.4pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 4.7%

Average · 10 yrs 3.1%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	-2.1	n/a	Cons. · IFRS
FYE Dec 2017	3.6	+5.6pp	Cons. · IFRS
FYE Dec 2018	3.7	+0.1pp	Cons. · IFRS
FYE Dec 2019	3.7	−0.0pp	Cons. · IFRS
FYE Dec 2020	0.5	−3.2pp	Cons. · IFRS
FYE Dec 2021	3.4	+2.9pp	Cons. · IFRS
FYE Dec 2022	5.4	+2.0pp	Cons. · IFRS
FYE Dec 2023	6.3	+0.9pp	Cons. · IFRS
FYE Dec 2024	1.4	−4.9pp	Cons. · IFRS
FYE Dec 2025	4.7	+3.2pp	Cons. · IFRS

Definition: The share of revenue left after everything
Formula: Net profit ÷ 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 ¥869bn

CAGR · 10 yrs +5.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	558	n/a	Cons. · IFRS
FYE Dec 2017	567	+1.6%	Cons. · IFRS
FYE Dec 2018	528	−6.9%	Cons. · IFRS
FYE Dec 2019	525	−0.7%	Cons. · IFRS
FYE Dec 2020	527	+0.4%	Cons. · IFRS
FYE Dec 2021	597	+13.4%	Cons. · IFRS
FYE Dec 2022	680	+13.9%	Cons. · IFRS
FYE Dec 2023	766	+12.6%	Cons. · IFRS
FYE Dec 2024	798	+4.1%	Cons. · IFRS
FYE Dec 2025	869	+9.0%	Cons. · IFRS

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

Equity net assets, shareholders' equity

FYE Dec 2025 ¥339bn

CAGR · 10 yrs +14.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	100	n/a	Cons. · IFRS
FYE Dec 2017	108	+7.1%	Cons. · IFRS
FYE Dec 2018	108	+0.4%	Cons. · IFRS
FYE Dec 2019	120	+11.2%	Cons. · IFRS
FYE Dec 2020	181	+50.5%	Cons. · IFRS
FYE Dec 2021	209	+15.5%	Cons. · IFRS
FYE Dec 2022	241	+15.5%	Cons. · IFRS
FYE Dec 2023	263	+9.1%	Cons. · IFRS
FYE Dec 2024	313	+18.6%	Cons. · IFRS
FYE Dec 2025	339	+8.4%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Dec 2025 ¥126bn

CAGR · 8 yrs +1.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	117	n/a	Cons. · IFRS
FYE Dec 2019	109	−7.1%	Cons. · IFRS
FYE Dec 2020	102	−5.8%	Cons. · IFRS
FYE Dec 2021	95.4	−6.8%	Cons. · IFRS
FYE Dec 2022	91.1	−4.5%	Cons. · IFRS
FYE Dec 2023	114	+24.8%	Cons. · IFRS
FYE Dec 2024	106	−6.3%	Cons. · IFRS
FYE Dec 2025	126	+18.1%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥66bn

CAGR · 8 yrs +2.6%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	54.7	n/a	Cons. · IFRS
FYE Dec 2019	35.2	−35.8%	Cons. · IFRS
FYE Dec 2020	37.0	+5.2%	Cons. · IFRS
FYE Dec 2021	10.3	−72.3%	Cons. · IFRS
FYE Dec 2022	51.2	+399.5%	Cons. · IFRS
FYE Dec 2023	61.2	+19.4%	Cons. · IFRS
FYE Dec 2024	105	+71.1%	Cons. · IFRS
FYE Dec 2025	65.7	−37.3%	Cons. · IFRS

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Dec 2025 ¥60bn

CAGR · 8 yrs −0.5%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	62.3	n/a	Cons. · IFRS
FYE Dec 2019	73.5	+18.1%	Cons. · IFRS
FYE Dec 2020	65.4	−11.0%	Cons. · IFRS
FYE Dec 2021	85.1	+30.1%	Cons. · IFRS
FYE Dec 2022	39.9	−53.2%	Cons. · IFRS
FYE Dec 2023	52.5	+31.7%	Cons. · IFRS
FYE Dec 2024	1.8	−96.6%	Cons. · IFRS
FYE Dec 2025	60.0	+3313.0%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥100bn

CAGR · 8 yrs +5.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	68.9	n/a	Cons. · IFRS
FYE Dec 2019	66.5	−3.4%	Cons. · IFRS
FYE Dec 2020	68.8	+3.4%	Cons. · IFRS
FYE Dec 2021	70.8	+2.9%	Cons. · IFRS
FYE Dec 2022	76.8	+8.5%	Cons. · IFRS
FYE Dec 2023	85.6	+11.4%	Cons. · IFRS
FYE Dec 2024	90.0	+5.1%	Cons. · IFRS
FYE Dec 2025	100	+11.3%	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 Dec 2025 39.0%

Average · 10 yrs 29.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	18.0	n/a	Cons. · IFRS
FYE Dec 2017	19.0	+1.0pp	Cons. · IFRS
FYE Dec 2018	20.4	+1.5pp	Cons. · IFRS
FYE Dec 2019	22.9	+2.5pp	Cons. · IFRS
FYE Dec 2020	34.4	+11.5pp	Cons. · IFRS
FYE Dec 2021	35.0	+0.6pp	Cons. · IFRS
FYE Dec 2022	35.5	+0.5pp	Cons. · IFRS
FYE Dec 2023	34.4	−1.1pp	Cons. · IFRS
FYE Dec 2024	39.2	+4.8pp	Cons. · IFRS
FYE Dec 2025	39.0	−0.2pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Dec 2025 37.1%

Average · 8 yrs 56.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	108.3	n/a	Cons. · IFRS
FYE Dec 2019	90.4	−17.9pp	Cons. · IFRS
FYE Dec 2020	56.6	−33.8pp	Cons. · IFRS
FYE Dec 2021	45.6	−11.0pp	Cons. · IFRS
FYE Dec 2022	37.7	−7.9pp	Cons. · IFRS
FYE Dec 2023	43.1	+5.4pp	Cons. · IFRS
FYE Dec 2024	34.1	−9.1pp	Cons. · IFRS
FYE Dec 2025	37.1	+3.0pp	Cons. · IFRS

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Dec 2025 7.1%

Average · 10 yrs 7.9%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	-7.8	n/a	Cons. · IFRS
FYE Dec 2017	14.2	+22.0pp	Cons. · IFRS
FYE Dec 2018	17.1	+3.0pp	Cons. · IFRS
FYE Dec 2019	15.0	−2.2pp	Cons. · IFRS
FYE Dec 2020	1.0	−14.0pp	Cons. · IFRS
FYE Dec 2021	6.4	+5.5pp	Cons. · IFRS
FYE Dec 2022	10.5	+4.1pp	Cons. · IFRS
FYE Dec 2023	12.9	+2.4pp	Cons. · IFRS
FYE Dec 2024	2.5	−10.4pp	Cons. · IFRS
FYE Dec 2025	7.1	+4.6pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 2.8%

Average · 10 yrs 2.3%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	-1.4	n/a	Cons. · IFRS
FYE Dec 2017	2.7	+4.1pp	Cons. · IFRS
FYE Dec 2018	3.5	+0.8pp	Cons. · IFRS
FYE Dec 2019	3.4	−0.1pp	Cons. · IFRS
FYE Dec 2020	0.3	−3.1pp	Cons. · IFRS
FYE Dec 2021	2.3	+1.9pp	Cons. · IFRS
FYE Dec 2022	3.7	+1.5pp	Cons. · IFRS
FYE Dec 2023	4.4	+0.7pp	Cons. · IFRS
FYE Dec 2024	1.0	−3.5pp	Cons. · IFRS
FYE Dec 2025	2.8	+1.8pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.59×

CAGR · 10 yrs −1.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.67	n/a	Cons. · IFRS
FYE Dec 2017	0.76	+12.2%	Cons. · IFRS
FYE Dec 2018	0.95	+25.3%	Cons. · IFRS
FYE Dec 2019	0.93	−2.4%	Cons. · IFRS
FYE Dec 2020	0.62	−32.7%	Cons. · IFRS
FYE Dec 2021	0.66	+6.4%	Cons. · IFRS
FYE Dec 2022	0.70	+5.2%	Cons. · IFRS
FYE Dec 2023	0.70	+0.9%	Cons. · IFRS
FYE Dec 2024	0.68	−3.7%	Cons. · IFRS
FYE Dec 2025	0.59	−12.6%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 ¥26bn

CAGR · 10 yrs +4.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	18.2	n/a	Cons. · IFRS
FYE Dec 2017	31.4	+72.3%	Cons. · IFRS
FYE Dec 2018	49.4	+57.2%	Cons. · IFRS
FYE Dec 2019	43.6	−11.6%	Cons. · IFRS
FYE Dec 2020	13.6	−68.7%	Cons. · IFRS
FYE Dec 2021	49.7	+264.4%	Cons. · IFRS
FYE Dec 2022	69.7	+40.2%	Cons. · IFRS
FYE Dec 2023	51.6	−26.0%	Cons. · IFRS
FYE Dec 2024	44.6	−13.6%	Cons. · IFRS
FYE Dec 2025	26.0	−41.7%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥11bn

Average · 10 yrs -¥22bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-10.0	n/a	Cons. · IFRS
FYE Dec 2017	-1.4	n/a	Cons. · IFRS
FYE Dec 2018	-19.0	n/a	Cons. · IFRS
FYE Dec 2019	-23.5	n/a	Cons. · IFRS
FYE Dec 2020	-18.9	n/a	Cons. · IFRS
FYE Dec 2021	-19.4	n/a	Cons. · IFRS
FYE Dec 2022	-44.9	n/a	Cons. · IFRS
FYE Dec 2023	-36.7	n/a	Cons. · IFRS
FYE Dec 2024	-38.2	n/a	Cons. · IFRS
FYE Dec 2025	-11.2	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Dec 2025 -¥20bn

Average · 10 yrs -¥23bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-18.4	n/a	Cons. · IFRS
FYE Dec 2017	-37.7	n/a	Cons. · IFRS
FYE Dec 2018	-65.4	n/a	Cons. · IFRS
FYE Dec 2019	-19.0	n/a	Cons. · IFRS
FYE Dec 2020	10.8	n/a	Cons. · IFRS
FYE Dec 2021	-18.3	−269.3%	Cons. · IFRS
FYE Dec 2022	-39.0	n/a	Cons. · IFRS
FYE Dec 2023	-16.4	n/a	Cons. · IFRS
FYE Dec 2024	-5.7	n/a	Cons. · IFRS
FYE Dec 2025	-20.4	n/a	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Dec 2025 ¥40bn

CAGR · 10 yrs −5.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	67.8	n/a	Cons. · IFRS
FYE Dec 2017	65.0	−4.1%	Cons. · IFRS
FYE Dec 2018	27.4	−57.9%	Cons. · IFRS
FYE Dec 2019	27.7	+1.2%	Cons. · IFRS
FYE Dec 2020	33.8	+21.9%	Cons. · IFRS
FYE Dec 2021	47.3	+40.1%	Cons. · IFRS
FYE Dec 2022	37.0	−21.8%	Cons. · IFRS
FYE Dec 2023	39.2	+6.0%	Cons. · IFRS
FYE Dec 2024	41.7	+6.5%	Cons. · IFRS
FYE Dec 2025	39.9	−4.5%	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 Dec 2025 ¥15bn

CAGR · 10 yrs +6.7%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	8.2	n/a	Cons. · IFRS
FYE Dec 2017	30.0	+265.0%	Cons. · IFRS
FYE Dec 2018	30.4	+1.1%	Cons. · IFRS
FYE Dec 2019	20.1	−33.8%	Cons. · IFRS
FYE Dec 2020	-5.2	−125.9%	Cons. · IFRS
FYE Dec 2021	30.4	n/a	Cons. · IFRS
FYE Dec 2022	24.9	−18.1%	Cons. · IFRS
FYE Dec 2023	14.9	−40.2%	Cons. · IFRS
FYE Dec 2024	6.4	−57.1%	Cons. · IFRS
FYE Dec 2025	14.8	+131.4%	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 Dec 2025 5.0%

Average · 10 yrs 8.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	4.8	n/a	Cons. · IFRS
FYE Dec 2017	7.3	+2.5pp	Cons. · IFRS
FYE Dec 2018	9.9	+2.5pp	Cons. · IFRS
FYE Dec 2019	9.0	−0.9pp	Cons. · IFRS
FYE Dec 2020	4.2	−4.8pp	Cons. · IFRS
FYE Dec 2021	12.6	+8.4pp	Cons. · IFRS
FYE Dec 2022	14.7	+2.1pp	Cons. · IFRS
FYE Dec 2023	9.6	−5.1pp	Cons. · IFRS
FYE Dec 2024	8.2	−1.3pp	Cons. · IFRS
FYE Dec 2025	5.0	−3.2pp	Cons. · IFRS

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

Net cash

FYE Dec 2025 -¥86bn

Average · 8 yrs -¥71bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	-89.6	n/a	Cons. · IFRS
FYE Dec 2019	-81.0	n/a	Cons. · IFRS
FYE Dec 2020	-68.7	n/a	Cons. · IFRS
FYE Dec 2021	-48.1	n/a	Cons. · IFRS
FYE Dec 2022	-54.1	n/a	Cons. · IFRS
FYE Dec 2023	-74.4	n/a	Cons. · IFRS
FYE Dec 2024	-64.7	n/a	Cons. · IFRS
FYE Dec 2025	-85.8	n/a	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Dec 2025 ¥374bn

Change · 9 yrs +¥81bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	n/a	n/a
FYE Dec 2017	293	n/a
FYE Dec 2018	156	n/a
FYE Dec 2019	213	n/a
FYE Dec 2020	197	n/a
FYE Dec 2021	248	n/a
FYE Dec 2022	221	n/a
FYE Dec 2023	339	n/a
FYE Dec 2024	361	n/a
FYE Dec 2025	374	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 2,630¥

Change · 9 yrs +301¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	n/a	n/a
FYE Dec 2017	2,329	n/a
FYE Dec 2018	1,239	n/a
FYE Dec 2019	1,691	n/a
FYE Dec 2020	1,568	n/a
FYE Dec 2021	1,973	n/a
FYE Dec 2022	1,754	n/a
FYE Dec 2023	2,695	n/a
FYE Dec 2024	2,542	n/a
FYE Dec 2025	2,630	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 142,325,000shares

Change · 10 yrs +9,382,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	132,943,000	Parent
FYE Dec 2017	125,953,000	Parent
FYE Dec 2018	125,953,000	Parent
FYE Dec 2019	125,953,000	Parent
FYE Dec 2020	125,953,000	Parent
FYE Dec 2021	125,953,000	Parent
FYE Dec 2022	125,953,000	Parent
FYE Dec 2023	125,953,000	Parent
FYE Dec 2024	141,955,000	Parent
FYE Dec 2025	142,325,000	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Dec 2025 155.60¥

Change · 10 yrs +223.40¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	-67.80	Cons.
FYE Dec 2017	116.44	Cons.
FYE Dec 2018	144.09	Cons.
FYE Dec 2019	138.64	Cons.
FYE Dec 2020	3.40	Cons.
FYE Dec 2021	91.75	Cons.
FYE Dec 2022	188.62	Cons.
FYE Dec 2023	256.66	Cons.
FYE Dec 2024	43.60	Cons.
FYE Dec 2025	155.60	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 2,380.56¥

Change · 10 yrs +1,624.98¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	755.58	Cons. · IFRS
FYE Dec 2017	854.42	Cons. · IFRS
FYE Dec 2018	857.94	Cons. · IFRS
FYE Dec 2019	954.37	Cons. · IFRS
FYE Dec 2020	1,436.61	Cons. · IFRS
FYE Dec 2021	1,659.35	Cons. · IFRS
FYE Dec 2022	1,916.75	Cons. · IFRS
FYE Dec 2023	2,091.53	Cons. · IFRS
FYE Dec 2024	2,201.86	Cons. · IFRS
FYE Dec 2025	2,380.56	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 16.90×

Average · 9 yrs 68.71×

Fiscal year	PER ×	Basis
FYE Dec 2016	n/a	Cons.
FYE Dec 2017	20.00	Cons.
FYE Dec 2018	8.60	Cons.
FYE Dec 2019	12.20	Cons.
FYE Dec 2020	461.10	Cons.
FYE Dec 2021	21.50	Cons.
FYE Dec 2022	9.30	Cons.
FYE Dec 2023	10.50	Cons.
FYE Dec 2024	58.30	Cons.
FYE Dec 2025	16.90	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Dec 2025 1.08×

Average · 9 yrs 1.36×

Fiscal year	PBR ×	Basis
FYE Dec 2016	n/a	Cons.
FYE Dec 2017	2.63	Cons.
FYE Dec 2018	1.36	Cons.
FYE Dec 2019	1.68	Cons.
FYE Dec 2020	1.05	Cons.
FYE Dec 2021	1.16	Cons.
FYE Dec 2022	0.90	Cons.
FYE Dec 2023	1.26	Cons.
FYE Dec 2024	1.14	Cons.
FYE Dec 2025	1.08	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 14,026people

Change · 10 yrs +1,719 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	12,307	n/a	Cons.
FYE Dec 2017	12,375	+0.6%	Cons.
FYE Dec 2018	13,042	+5.4%	Cons.
FYE Dec 2019	12,837	−1.6%	Cons.
FYE Dec 2020	12,160	−5.3%	Cons.
FYE Dec 2021	12,259	+0.8%	Cons.
FYE Dec 2022	12,626	+3.0%	Cons.
FYE Dec 2023	13,484	+6.8%	Cons.
FYE Dec 2024	13,951	+3.5%	Cons.
FYE Dec 2025	14,026	+0.5%	Cons.

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

Parent-company employees

FYE Dec 2025 451people

Change · 10 yrs −1,624 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	2,075	n/a	Parent
FYE Dec 2017	2,263	+9.1%	Parent
FYE Dec 2018	2,407	+6.4%	Parent
FYE Dec 2019	2,418	+0.5%	Parent
FYE Dec 2020	2,143	−11.4%	Parent
FYE Dec 2021	1,967	−8.2%	Parent
FYE Dec 2022	1,485	−24.5%	Parent
FYE Dec 2023	1,386	−6.7%	Parent
FYE Dec 2024	1,546	+11.5%	Parent
FYE Dec 2025	451	−70.8%	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 905万円

Change · 7 yrs +97万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	808	n/a	Parent
FYE Dec 2020	643	−20.4%	Parent
FYE Dec 2021	723	+12.4%	Parent
FYE Dec 2022	835	+15.5%	Parent
FYE Dec 2023	892	+6.8%	Parent
FYE Dec 2024	903	+1.2%	Parent
FYE Dec 2025	905	+0.2%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Dec 2025 43.3years

Change · 7 yrs +2.3 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	41.0	n/a	Parent
FYE Dec 2020	41.5	+1.2%	Parent
FYE Dec 2021	42.1	+1.4%	Parent
FYE Dec 2022	42.7	+1.4%	Parent
FYE Dec 2023	43.1	+0.9%	Parent
FYE Dec 2024	43.1	−0.0%	Parent
FYE Dec 2025	43.3	+0.5%	Parent

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

Average length of service

FYE Dec 2025 17.2years

Change · 7 yrs +2.2 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	15.0	n/a	Parent
FYE Dec 2020	15.6	+4.0%	Parent
FYE Dec 2021	16.3	+4.5%	Parent
FYE Dec 2022	16.9	+3.7%	Parent
FYE Dec 2023	17.3	+2.4%	Parent
FYE Dec 2024	17.1	−1.2%	Parent
FYE Dec 2025	17.2	+0.6%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Temporary employees

FYE Dec 2025 n/a

Change · 6 yrs −391 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	632	n/a	n/a
FYE Dec 2017	551	−12.8%	n/a
FYE Dec 2018	607	+10.2%	n/a
FYE Dec 2019	418	−31.1%	n/a
FYE Dec 2020	113	−73.0%	n/a
FYE Dec 2021	241	+113.3%	n/a
FYE Dec 2022	n/a	n/a	n/a
FYE Dec 2023	n/a	n/a	n/a
FYE Dec 2024	n/a	n/a	n/a
FYE Dec 2025	n/a	n/a	n/a

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

Revenue per employee

FYE Dec 2025 ¥36.7m

Change · 10 yrs +¥6.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	30.6	n/a	Cons.
FYE Dec 2017	34.7	+13.5%	Cons.
FYE Dec 2018	38.4	+10.7%	Cons.
FYE Dec 2019	37.8	−1.5%	Cons.
FYE Dec 2020	27.0	−28.7%	Cons.
FYE Dec 2021	32.3	+19.7%	Cons.
FYE Dec 2022	37.6	+16.4%	Cons.
FYE Dec 2023	40.0	+6.4%	Cons.
FYE Dec 2024	38.8	−3.1%	Cons.
FYE Dec 2025	36.7	−5.3%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥1.4m

Change · 10 yrs +¥1.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	0.2	n/a	Cons.
FYE Dec 2017	2.4	+1390.5%	Cons.
FYE Dec 2018	2.8	+17.1%	Cons.
FYE Dec 2019	2.9	+4.6%	Cons.
FYE Dec 2020	0.9	−69.8%	Cons.
FYE Dec 2021	1.9	+114.4%	Cons.
FYE Dec 2022	3.3	+73.5%	Cons.
FYE Dec 2023	4.1	+25.8%	Cons.
FYE Dec 2024	3.1	−23.7%	Cons.
FYE Dec 2025	1.4	−56.8%	Cons.

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

Disclaimer

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

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

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