Financials

Modec: FYE Dec 2025 and ten years of results (50 metrics)

FYE Dec 2025 · Revenue¥717bnYoY +8.3%

FYE Dec 2025 · Operating profit¥68bnYoY +34.1%

FYE Dec 2025 · Net profit¥56bnYoY +62.0%

FYE Dec 2025 · Equity ratio30.5%YoY +4.3pp

FYE Dec 2025 · Group employees6,460YoY +498

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥230bn	n/a	¥18bn	n/a	7.8%	¥21bn	Miyazaki Toshiro	—
FYE Dec 2017Consolidated	¥191bn	−16.9%	¥11bn	−36.5%	6.0%	¥19bn	Miyazaki Toshiro	Reporting switches to IFRS
FYE Dec 2018Consolidated	¥222bn	+16.1%	¥15bn	+30.4%	6.7%	¥22bn	Miyazaki Toshiro	—
FYE Dec 2019Consolidated	¥333bn	+49.9%	-¥4.8bn	−132.4%	-1.5%	-¥18bn	Miyazaki Toshiro	First net loss: <span class="en-history_money" data-yen="18200000000" data-year="2019">$167M (¥18bn)</span>
FYE Dec 2020Consolidated	¥310bn	−6.8%	-¥16bn	n/a	-5.1%	-¥13bn	Kozai Yuji	—
FYE Dec 2021Consolidated	¥429bn	+38.5%	-¥35bn	n/a	-8.1%	-¥50bn	Kozai Yuji	Net loss of <span class="en-history_money" data-yen="50400000000" data-year="2021">$459.1M (¥50bn)</span> — a third straight loss-making year
FYE Dec 2022Consolidated	¥364bn	−15.3%	¥10.0bn	n/a	2.7%	¥5.0bn	Kanamori Takeshi	—
FYE Dec 2023Consolidated	¥507bn	+39.5%	¥27bn	+173.7%	5.4%	¥14bn	Kanamori Takeshi	Mitsui O.S.K. Lines takes 14.86% in a third-party allotment
FYE Dec 2024Consolidated	¥662bn	+30.6%	¥51bn	+86.6%	7.7%	¥35bn	Kanamori Takeshi	Medium-term management plan 2024–2026
FYE Dec 2025Consolidated	¥717bn	+8.3%	¥68bn	+34.1%	9.6%	¥56bn	Miyata Hirohiko	Gato do Mato FPSO awarded in Brazil

How it compares

JGC Holdings¥745bnFY2025Operating margin 4.7%

Modec¥717bnFY2025Operating margin 9.6%

Kanadevia (Hitachi Zosen)¥645bnFY2025Operating margin 1.9%

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 Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥717bn

CAGR · 10 yrs +13.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	230	n/a	Cons. · Japanese GAAP
FYE Dec 2017	191	−16.9%	Cons. · Japanese GAAP
FYE Dec 2018	222	+16.1%	Cons. · Japanese GAAP
FYE Dec 2019	333	+49.9%	Cons. · Japanese GAAP
FYE Dec 2020	310	−6.8%	Cons. · Japanese GAAP
FYE Dec 2021	429	moved to IFRS	Cons. · IFRS
FYE Dec 2022	364	−15.3%	Cons. · IFRS
FYE Dec 2023	507	+39.5%	Cons. · IFRS
FYE Dec 2024	662	+30.6%	Cons. · IFRS
FYE Dec 2025	717	+8.3%	Cons. · IFRS

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

Cost of sales

FYE Dec 2025 ¥630bn

CAGR · 10 yrs +13.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	198	n/a	Cons. · Japanese GAAP
FYE Dec 2017	166	−16.2%	Cons. · Japanese GAAP
FYE Dec 2018	195	+17.4%	Cons. · Japanese GAAP
FYE Dec 2019	325	+66.4%	Cons. · Japanese GAAP
FYE Dec 2020	318	−2.2%	Cons. · Japanese GAAP
FYE Dec 2021	454	moved to IFRS	Cons. · IFRS
FYE Dec 2022	355	−21.9%	Cons. · IFRS
FYE Dec 2023	472	+33.0%	Cons. · IFRS
FYE Dec 2024	600	+27.2%	Cons. · IFRS
FYE Dec 2025	630	+4.9%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Dec 2025 ¥87bn

CAGR · 10 yrs +12.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	31.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	24.8	−21.4%	Cons. · Japanese GAAP
FYE Dec 2018	26.6	+7.1%	Cons. · Japanese GAAP
FYE Dec 2019	7.5	−71.8%	Cons. · Japanese GAAP
FYE Dec 2020	-7.9	−205.6%	Cons. · Japanese GAAP
FYE Dec 2021	-24.8	moved to IFRS	Cons. · IFRS
FYE Dec 2022	9.1	n/a	Cons. · IFRS
FYE Dec 2023	35.5	+292.0%	Cons. · IFRS
FYE Dec 2024	62.1	+74.9%	Cons. · IFRS
FYE Dec 2025	87.5	+40.8%	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Dec 2025 ¥40bn

CAGR · 10 yrs +12.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	13.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	13.4	−1.3%	Cons. · Japanese GAAP
FYE Dec 2018	11.6	−12.9%	Cons. · Japanese GAAP
FYE Dec 2019	12.3	+6.1%	Cons. · Japanese GAAP
FYE Dec 2020	16.0	+29.5%	Cons. · Japanese GAAP
FYE Dec 2021	16.1	moved to IFRS	Cons. · IFRS
FYE Dec 2022	20.3	+26.5%	Cons. · IFRS
FYE Dec 2023	26.7	+31.6%	Cons. · IFRS
FYE Dec 2024	35.4	+32.4%	Cons. · IFRS
FYE Dec 2025	39.8	+12.3%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Dec 2025 ¥68bn

CAGR · 10 yrs +16.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	18.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.4	−36.5%	Cons. · Japanese GAAP
FYE Dec 2018	14.9	+30.4%	Cons. · Japanese GAAP
FYE Dec 2019	-4.8	−132.4%	Cons. · Japanese GAAP
FYE Dec 2020	-15.7	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-35.0	moved to IFRS	Cons. · IFRS
FYE Dec 2022	10.0	n/a	Cons. · IFRS
FYE Dec 2023	27.4	+173.7%	Cons. · IFRS
FYE Dec 2024	51.1	+86.6%	Cons. · IFRS
FYE Dec 2025	68.5	+34.1%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥18bn

CAGR · 10 yrs +2.0%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	14.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	15.8	+7.0%	Cons. · Japanese GAAP
FYE Dec 2018	16.3	+3.3%	Cons. · Japanese GAAP
FYE Dec 2019	8.4	−48.5%	Cons. · Japanese GAAP
FYE Dec 2020	5.1	−38.9%	Cons. · Japanese GAAP
FYE Dec 2021	6.1	moved to IFRS	Cons. · IFRS
FYE Dec 2022	8.5	+40.0%	Cons. · IFRS
FYE Dec 2023	12.9	+50.8%	Cons. · IFRS
FYE Dec 2024	10.8	−16.2%	Cons. · IFRS
FYE Dec 2025	17.7	+63.9%	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 ¥6.6bn

CAGR · 10 yrs +7.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	3.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.9	−13.5%	Cons. · Japanese GAAP
FYE Dec 2018	2.4	−15.7%	Cons. · Japanese GAAP
FYE Dec 2019	3.3	+33.5%	Cons. · Japanese GAAP
FYE Dec 2020	2.6	−21.1%	Cons. · Japanese GAAP
FYE Dec 2021	9.0	moved to IFRS	Cons. · IFRS
FYE Dec 2022	11.3	+24.5%	Cons. · IFRS
FYE Dec 2023	9.8	−13.0%	Cons. · IFRS
FYE Dec 2024	13.2	+34.2%	Cons. · IFRS
FYE Dec 2025	6.6	−49.7%	Cons. · IFRS

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 n/a

Average · 5 yrs ¥14bn

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	29.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	24.3	−17.3%	Cons. · Japanese GAAP
FYE Dec 2018	28.8	+18.3%	Cons. · Japanese GAAP
FYE Dec 2019	0.3	−99.0%	Cons. · Japanese GAAP
FYE Dec 2020	-12.9	−4472.1%	Cons. · Japanese GAAP
FYE Dec 2021	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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 n/a

CAGR · 3 yrs +44.7%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.7	n/a	Cons. · Japanese GAAP
FYE Dec 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2019	0.8	n/a	Cons. · Japanese GAAP
FYE Dec 2020	1.6	+85.4%	Cons. · Japanese GAAP
FYE Dec 2021	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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 ¥56bn

CAGR · 10 yrs +11.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	21.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	19.5	−7.4%	Cons. · Japanese GAAP
FYE Dec 2018	21.9	+12.5%	Cons. · Japanese GAAP
FYE Dec 2019	-18.2	−183.3%	Cons. · Japanese GAAP
FYE Dec 2020	-13.1	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-50.4	moved to IFRS	Cons. · IFRS
FYE Dec 2022	5.0	n/a	Cons. · IFRS
FYE Dec 2023	13.7	+176.0%	Cons. · IFRS
FYE Dec 2024	34.9	+154.6%	Cons. · IFRS
FYE Dec 2025	56.5	+62.0%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 12.2%

Average · 10 yrs 6.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	13.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	13.0	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	12.0	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2019	2.3	−9.7pp	Cons. · Japanese GAAP
FYE Dec 2020	-2.6	−4.8pp	Cons. · Japanese GAAP
FYE Dec 2021	-5.8	moved to IFRS	Cons. · IFRS
FYE Dec 2022	2.5	+8.3pp	Cons. · IFRS
FYE Dec 2023	7.0	+4.5pp	Cons. · IFRS
FYE Dec 2024	9.4	+2.4pp	Cons. · IFRS
FYE Dec 2025	12.2	+2.8pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 9.6%

Average · 10 yrs 3.1%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	7.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.0	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2018	6.7	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2019	-1.5	−8.2pp	Cons. · Japanese GAAP
FYE Dec 2020	-5.1	−3.6pp	Cons. · Japanese GAAP
FYE Dec 2021	-8.1	moved to IFRS	Cons. · IFRS
FYE Dec 2022	2.7	+10.9pp	Cons. · IFRS
FYE Dec 2023	5.4	+2.6pp	Cons. · IFRS
FYE Dec 2024	7.7	+2.3pp	Cons. · IFRS
FYE Dec 2025	9.6	+1.8pp	Cons. · IFRS

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

Ordinary margin

FYE Dec 2025 n/a

Average · 5 yrs 6.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	12.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.7	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2018	13.0	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2019	0.1	−12.9pp	Cons. · Japanese GAAP
FYE Dec 2020	-4.1	−4.2pp	Cons. · Japanese GAAP
FYE Dec 2021	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Dec 2025 7.9%

Average · 10 yrs 2.5%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	9.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.2	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2018	9.9	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	-5.5	−15.3pp	Cons. · Japanese GAAP
FYE Dec 2020	-4.2	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2021	-11.7	moved to IFRS	Cons. · IFRS
FYE Dec 2022	1.4	+13.1pp	Cons. · IFRS
FYE Dec 2023	2.7	+1.3pp	Cons. · IFRS
FYE Dec 2024	5.3	+2.6pp	Cons. · IFRS
FYE Dec 2025	7.9	+2.6pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Dec 2025 87.8%

Average · 10 yrs 93.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	86.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	87.0	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	88.0	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2019	97.7	+9.7pp	Cons. · Japanese GAAP
FYE Dec 2020	102.6	+4.8pp	Cons. · Japanese GAAP
FYE Dec 2021	105.8	moved to IFRS	Cons. · IFRS
FYE Dec 2022	97.5	−8.3pp	Cons. · IFRS
FYE Dec 2023	93.0	−4.5pp	Cons. · IFRS
FYE Dec 2024	90.6	−2.4pp	Cons. · IFRS
FYE Dec 2025	87.8	−2.8pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Dec 2025 5.5%

Average · 10 yrs 5.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	5.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.0	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2018	5.2	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2019	3.7	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2020	5.2	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2021	3.7	moved to IFRS	Cons. · IFRS
FYE Dec 2022	5.6	+1.8pp	Cons. · IFRS
FYE Dec 2023	5.3	−0.3pp	Cons. · IFRS
FYE Dec 2024	5.3	+0.1pp	Cons. · IFRS
FYE Dec 2025	5.5	+0.2pp	Cons. · IFRS

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Dec 2025 ¥745bn

CAGR · 10 yrs +9.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	333	n/a	Cons. · Japanese GAAP
FYE Dec 2017	321	−3.6%	Cons. · Japanese GAAP
FYE Dec 2018	343	+6.9%	Cons. · Japanese GAAP
FYE Dec 2019	383	+11.6%	Cons. · Japanese GAAP
FYE Dec 2020	358	−6.7%	Cons. · Japanese GAAP
FYE Dec 2021	390	moved to IFRS	Cons. · IFRS
FYE Dec 2022	416	+6.7%	Cons. · IFRS
FYE Dec 2023	551	+32.5%	Cons. · IFRS
FYE Dec 2024	711	+29.0%	Cons. · IFRS
FYE Dec 2025	745	+4.8%	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 ¥227bn

CAGR · 10 yrs +7.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	123	n/a	Cons. · Japanese GAAP
FYE Dec 2017	137	+10.9%	Cons. · Japanese GAAP
FYE Dec 2018	153	+11.8%	Cons. · Japanese GAAP
FYE Dec 2019	122	−20.2%	Cons. · Japanese GAAP
FYE Dec 2020	91.4	−24.9%	Cons. · Japanese GAAP
FYE Dec 2021	57.2	moved to IFRS	Cons. · IFRS
FYE Dec 2022	108	+88.4%	Cons. · IFRS
FYE Dec 2023	141	+30.7%	Cons. · IFRS
FYE Dec 2024	187	+32.6%	Cons. · IFRS
FYE Dec 2025	227	+21.8%	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 ¥66bn

CAGR · 10 yrs +3.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	50.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	35.0	−30.5%	Cons. · Japanese GAAP
FYE Dec 2018	31.0	−11.3%	Cons. · Japanese GAAP
FYE Dec 2019	24.8	−20.2%	Cons. · Japanese GAAP
FYE Dec 2020	13.5	−45.5%	Cons. · Japanese GAAP
FYE Dec 2021	49.1	moved to IFRS	Cons. · IFRS
FYE Dec 2022	52.2	+6.3%	Cons. · IFRS
FYE Dec 2023	81.0	+55.1%	Cons. · IFRS
FYE Dec 2024	81.4	+0.5%	Cons. · IFRS
FYE Dec 2025	65.8	−19.1%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 n/a

CAGR · 9 yrs +1.5%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	7.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.4	−56.6%	Cons. · Japanese GAAP
FYE Dec 2018	6.1	+81.2%	Cons. · Japanese GAAP
FYE Dec 2019	13.9	+126.8%	Cons. · Japanese GAAP
FYE Dec 2020	3.0	−78.5%	Cons. · Japanese GAAP
FYE Dec 2021	3.4	moved to IFRS	Cons. · IFRS
FYE Dec 2022	2.5	−26.0%	Cons. · IFRS
FYE Dec 2023	8.2	+224.8%	Cons. · IFRS
FYE Dec 2024	8.8	+7.2%	Cons. · IFRS
FYE Dec 2025	n/a	n/a	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 n/a

CAGR · 9 yrs −21.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	42.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	31.6	−25.6%	Cons. · Japanese GAAP
FYE Dec 2018	24.9	−21.2%	Cons. · Japanese GAAP
FYE Dec 2019	10.8	−56.5%	Cons. · Japanese GAAP
FYE Dec 2020	4.7	−56.2%	Cons. · Japanese GAAP
FYE Dec 2021	19.8	moved to IFRS	Cons. · IFRS
FYE Dec 2022	20.4	+2.7%	Cons. · IFRS
FYE Dec 2023	13.6	−33.4%	Cons. · IFRS
FYE Dec 2024	6.3	−53.3%	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Dec 2025 ¥4.5bn

CAGR · 10 yrs −5.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	7.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.4	+0.4%	Cons. · Japanese GAAP
FYE Dec 2018	9.3	+24.4%	Cons. · Japanese GAAP
FYE Dec 2019	9.7	+4.2%	Cons. · Japanese GAAP
FYE Dec 2020	10.3	+6.5%	Cons. · Japanese GAAP
FYE Dec 2021	13.5	moved to IFRS	Cons. · IFRS
FYE Dec 2022	9.3	−31.1%	Cons. · IFRS
FYE Dec 2023	7.0	−24.7%	Cons. · IFRS
FYE Dec 2024	6.3	−10.6%	Cons. · IFRS
FYE Dec 2025	4.5	−28.8%	Cons. · IFRS

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 · 5 yrs −17.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	1.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.2	−14.6%	Cons. · Japanese GAAP
FYE Dec 2018	1.0	−15.2%	Cons. · Japanese GAAP
FYE Dec 2019	0.9	−17.0%	Cons. · Japanese GAAP
FYE Dec 2020	0.7	−23.2%	Cons. · Japanese GAAP
FYE Dec 2021	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	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 Dec 2025 30.5%

Average · 10 yrs 30.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	36.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	42.5	+5.6pp	Cons. · Japanese GAAP
FYE Dec 2018	44.5	+2.0pp	Cons. · Japanese GAAP
FYE Dec 2019	31.8	−12.7pp	Cons. · Japanese GAAP
FYE Dec 2020	25.6	−6.2pp	Cons. · Japanese GAAP
FYE Dec 2021	14.7	moved to IFRS	Cons. · IFRS
FYE Dec 2022	25.9	+11.2pp	Cons. · IFRS
FYE Dec 2023	25.5	−0.3pp	Cons. · IFRS
FYE Dec 2024	26.3	+0.7pp	Cons. · IFRS
FYE Dec 2025	30.5	+4.3pp	Cons. · IFRS

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

Debt-to-equity ratio D/E ratio

FYE Dec 2025 28.9%

Average · 10 yrs 38.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	40.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	25.6	−15.2pp	Cons. · Japanese GAAP
FYE Dec 2018	20.3	−5.3pp	Cons. · Japanese GAAP
FYE Dec 2019	20.3	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2020	14.8	−5.6pp	Cons. · Japanese GAAP
FYE Dec 2021	85.9	moved to IFRS	Cons. · IFRS
FYE Dec 2022	48.5	−37.4pp	Cons. · IFRS
FYE Dec 2023	57.5	+9.0pp	Cons. · IFRS
FYE Dec 2024	43.6	−13.9pp	Cons. · IFRS
FYE Dec 2025	28.9	−14.7pp	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 24.8%

Average · 10 yrs -1.4%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	17.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	14.3	−2.8pp	Cons. · Japanese GAAP
FYE Dec 2018	14.3	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2019	-15.0	−29.3pp	Cons. · Japanese GAAP
FYE Dec 2020	-14.3	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2021	-88.1	moved to IFRS	Cons. · IFRS
FYE Dec 2022	4.6	+92.7pp	Cons. · IFRS
FYE Dec 2023	9.7	+5.1pp	Cons. · IFRS
FYE Dec 2024	18.7	+8.9pp	Cons. · IFRS
FYE Dec 2025	24.8	+6.2pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 7.6%

Average · 10 yrs 1.4%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	6.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.1	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	6.4	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	-4.8	−11.1pp	Cons. · Japanese GAAP
FYE Dec 2020	-3.7	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2021	-12.9	moved to IFRS	Cons. · IFRS
FYE Dec 2022	1.2	+14.1pp	Cons. · IFRS
FYE Dec 2023	2.5	+1.3pp	Cons. · IFRS
FYE Dec 2024	4.9	+2.4pp	Cons. · IFRS
FYE Dec 2025	7.6	+2.7pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.96×

CAGR · 10 yrs +3.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.69	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.60	−13.7%	Cons. · Japanese GAAP
FYE Dec 2018	0.65	+8.6%	Cons. · Japanese GAAP
FYE Dec 2019	0.87	+34.3%	Cons. · Japanese GAAP
FYE Dec 2020	0.87	−0.1%	Cons. · Japanese GAAP
FYE Dec 2021	1.10	moved to IFRS	Cons. · IFRS
FYE Dec 2022	0.87	−20.6%	Cons. · IFRS
FYE Dec 2023	0.92	+5.3%	Cons. · IFRS
FYE Dec 2024	0.93	+1.3%	Cons. · IFRS
FYE Dec 2025	0.96	+3.3%	Cons. · IFRS

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 ¥38bn

CAGR · 10 yrs +2.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	30.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-3.3	−110.9%	Cons. · Japanese GAAP
FYE Dec 2018	45.2	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-3.2	−107.2%	Cons. · Japanese GAAP
FYE Dec 2020	31.0	n/a	Cons. · Japanese GAAP
FYE Dec 2021	18.3	moved to IFRS	Cons. · IFRS
FYE Dec 2022	-27.7	−251.2%	Cons. · IFRS
FYE Dec 2023	68.9	n/a	Cons. · IFRS
FYE Dec 2024	88.7	+28.7%	Cons. · IFRS
FYE Dec 2025	38.2	−56.9%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 ¥0.9bn

Average · 10 yrs -¥10bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-38.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-3.6	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-4.2	n/a	Cons. · Japanese GAAP
FYE Dec 2019	26.3	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-0.7	−102.8%	Cons. · Japanese GAAP
FYE Dec 2021	-25.4	moved to IFRS	Cons. · IFRS
FYE Dec 2022	-7.5	n/a	Cons. · IFRS
FYE Dec 2023	-29.9	n/a	Cons. · IFRS
FYE Dec 2024	-19.4	n/a	Cons. · IFRS
FYE Dec 2025	0.9	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 -¥30bn

Average · 10 yrs -¥6.6bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-6.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-5.7	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-17.0	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-20.8	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-13.9	n/a	Cons. · Japanese GAAP
FYE Dec 2021	30.4	moved to IFRS	Cons. · IFRS
FYE Dec 2022	-6.5	−121.4%	Cons. · IFRS
FYE Dec 2023	34.2	n/a	Cons. · IFRS
FYE Dec 2024	-29.5	−186.1%	Cons. · IFRS
FYE Dec 2025	-30.4	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 ¥208bn

CAGR · 10 yrs +19.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	42.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	28.3	−32.9%	Cons. · Japanese GAAP
FYE Dec 2018	50.8	+79.2%	Cons. · Japanese GAAP
FYE Dec 2019	52.1	+2.7%	Cons. · Japanese GAAP
FYE Dec 2020	64.7	+24.2%	Cons. · Japanese GAAP
FYE Dec 2021	94.8	moved to IFRS	Cons. · IFRS
FYE Dec 2022	65.4	−31.0%	Cons. · IFRS
FYE Dec 2023	144	+120.0%	Cons. · IFRS
FYE Dec 2024	198	+37.8%	Cons. · IFRS
FYE Dec 2025	208	+4.8%	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 ¥39bn

Average · 10 yrs ¥18bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	-8.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-6.9	n/a	Cons. · Japanese GAAP
FYE Dec 2018	41.0	n/a	Cons. · Japanese GAAP
FYE Dec 2019	23.0	−43.9%	Cons. · Japanese GAAP
FYE Dec 2020	30.3	+31.5%	Cons. · Japanese GAAP
FYE Dec 2021	-7.1	moved to IFRS	Cons. · IFRS
FYE Dec 2022	-35.3	n/a	Cons. · IFRS
FYE Dec 2023	39.1	n/a	Cons. · IFRS
FYE Dec 2024	69.3	+77.5%	Cons. · IFRS
FYE Dec 2025	39.1	−43.6%	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 5.3%

Average · 10 yrs 7.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	13.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-1.7	−14.9pp	Cons. · Japanese GAAP
FYE Dec 2018	20.4	+22.1pp	Cons. · Japanese GAAP
FYE Dec 2019	-1.0	−21.3pp	Cons. · Japanese GAAP
FYE Dec 2020	10.0	+11.0pp	Cons. · Japanese GAAP
FYE Dec 2021	4.3	moved to IFRS	Cons. · IFRS
FYE Dec 2022	-7.6	−11.9pp	Cons. · IFRS
FYE Dec 2023	13.6	+21.2pp	Cons. · IFRS
FYE Dec 2024	13.4	−0.2pp	Cons. · IFRS
FYE Dec 2025	5.3	−8.1pp	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 ¥142bn

Average · 10 yrs ¥46bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-8.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-6.6	n/a	Cons. · Japanese GAAP
FYE Dec 2018	19.7	n/a	Cons. · Japanese GAAP
FYE Dec 2019	27.4	+38.7%	Cons. · Japanese GAAP
FYE Dec 2020	51.3	+87.2%	Cons. · Japanese GAAP
FYE Dec 2021	45.7	moved to IFRS	Cons. · IFRS
FYE Dec 2022	13.2	−71.2%	Cons. · IFRS
FYE Dec 2023	62.9	+377.2%	Cons. · IFRS
FYE Dec 2024	117	+85.9%	Cons. · IFRS
FYE Dec 2025	142	+21.5%	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 ¥811bn

Change · 10 yrs +¥706bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	105	n/a
FYE Dec 2017	163	n/a
FYE Dec 2018	129	n/a
FYE Dec 2019	150	n/a
FYE Dec 2020	0.9	n/a
FYE Dec 2021	0.7	n/a
FYE Dec 2022	86.6	n/a
FYE Dec 2023	167	n/a
FYE Dec 2024	227	n/a
FYE Dec 2025	811	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 11,861¥

Change · 10 yrs +9,998¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,863	n/a
FYE Dec 2017	2,897	n/a
FYE Dec 2018	2,291	n/a
FYE Dec 2019	2,652	n/a
FYE Dec 2020	16	n/a
FYE Dec 2021	12	n/a
FYE Dec 2022	1,535	n/a
FYE Dec 2023	2,441	n/a
FYE Dec 2024	3,317	n/a
FYE Dec 2025	11,861	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 68,345,000shares

Change · 10 yrs +11,937,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	56,408,000	Parent
FYE Dec 2017	56,408,000	Parent
FYE Dec 2018	56,408,000	Parent
FYE Dec 2019	56,408,000	Parent
FYE Dec 2020	56,408,000	Parent
FYE Dec 2021	56,408,000	Parent
FYE Dec 2022	56,408,000	Parent
FYE Dec 2023	68,345,000	Parent
FYE Dec 2024	68,345,000	Parent
FYE Dec 2025	68,345,000	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 5.28¥

Change · 10 yrs −367.24¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	372.52	Cons.
FYE Dec 2017	344.89	Cons.
FYE Dec 2018	388.23	Cons.
FYE Dec 2019	-323.47	Cons.
FYE Dec 2020	-2.34	Cons.
FYE Dec 2021	-6.46	Cons.
FYE Dec 2022	0.66	Cons.
FYE Dec 2023	1.55	Cons.
FYE Dec 2024	3.23	Cons.
FYE Dec 2025	5.28	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 3,327.35¥

Change · 10 yrs +1,145.94¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	2,181.41	Cons. · Japanese GAAP
FYE Dec 2017	2,419.90	Cons. · Japanese GAAP
FYE Dec 2018	2,706.46	Cons. · Japanese GAAP
FYE Dec 2019	2,159.11	Cons. · Japanese GAAP
FYE Dec 2020	1,620.75	Cons. · Japanese GAAP
FYE Dec 2021	1,013.35	Cons. · IFRS
FYE Dec 2022	1,909.52	Cons. · IFRS
FYE Dec 2023	2,060.30	Cons. · IFRS
FYE Dec 2024	2,731.51	Cons. · IFRS
FYE Dec 2025	3,327.35	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 14.40×

Average · 10 yrs 4.91×

Fiscal year	PER ×	Basis
FYE Dec 2016	5.00	Cons.
FYE Dec 2017	8.40	Cons.
FYE Dec 2018	5.90	Cons.
FYE Dec 2019	-8.20	Cons.
FYE Dec 2020	-7.00	Cons.
FYE Dec 2021	-1.90	Cons.
FYE Dec 2022	15.50	Cons.
FYE Dec 2023	10.50	Cons.
FYE Dec 2024	6.50	Cons.
FYE Dec 2025	14.40	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 3.58×

Average · 10 yrs 15.15×

Fiscal year	PBR ×	Basis
FYE Dec 2016	0.85	Cons.
FYE Dec 2017	1.20	Cons.
FYE Dec 2018	0.85	Cons.
FYE Dec 2019	139.60	Cons.
FYE Dec 2020	1.09	Cons.
FYE Dec 2021	1.30	Cons.
FYE Dec 2022	0.71	Cons.
FYE Dec 2023	1.12	Cons.
FYE Dec 2024	1.22	Cons.
FYE Dec 2025	3.58	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 6,460people

Change · 10 yrs +3,172 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	3,288	n/a	Cons.
FYE Dec 2017	3,511	+6.8%	Cons.
FYE Dec 2018	3,691	+5.1%	Cons.
FYE Dec 2019	4,363	+18.2%	Cons.
FYE Dec 2020	4,781	+9.6%	Cons.
FYE Dec 2021	5,173	+8.2%	Cons.
FYE Dec 2022	5,225	+1.0%	Cons.
FYE Dec 2023	5,792	+10.9%	Cons.
FYE Dec 2024	5,962	+2.9%	Cons.
FYE Dec 2025	6,460	+8.4%	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 222people

Change · 10 yrs +74 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	148	n/a	Parent
FYE Dec 2017	151	+2.0%	Parent
FYE Dec 2018	150	−0.7%	Parent
FYE Dec 2019	166	+10.7%	Parent
FYE Dec 2020	192	+15.7%	Parent
FYE Dec 2021	202	+5.2%	Parent
FYE Dec 2022	184	−8.9%	Parent
FYE Dec 2023	190	+3.3%	Parent
FYE Dec 2024	195	+2.6%	Parent
FYE Dec 2025	222	+13.8%	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 1,196万円

Change · 7 yrs +283万円

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	913	n/a	Parent
FYE Dec 2020	852	−6.6%	Parent
FYE Dec 2021	854	+0.2%	Parent
FYE Dec 2022	879	+2.9%	Parent
FYE Dec 2023	879	+0.1%	Parent
FYE Dec 2024	1,061	+20.7%	Parent
FYE Dec 2025	1,196	+12.7%	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 41.7years

Change · 7 yrs +1.9 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	39.8	n/a	Parent
FYE Dec 2020	40.2	+1.0%	Parent
FYE Dec 2021	40.7	+1.2%	Parent
FYE Dec 2022	41.3	+1.5%	Parent
FYE Dec 2023	41.8	+1.2%	Parent
FYE Dec 2024	41.4	−1.0%	Parent
FYE Dec 2025	41.7	+0.7%	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 7.5years

Change · 7 yrs +1.1 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	6.4	n/a	Parent
FYE Dec 2020	6.3	−1.6%	Parent
FYE Dec 2021	6.7	+6.3%	Parent
FYE Dec 2022	7.5	+11.9%	Parent
FYE Dec 2023	8.0	+6.7%	Parent
FYE Dec 2024	7.7	−3.7%	Parent
FYE Dec 2025	7.5	−2.6%	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 538people

Change · 10 yrs −138 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	676	n/a	n/a
FYE Dec 2017	654	−3.3%	n/a
FYE Dec 2018	610	−6.7%	n/a
FYE Dec 2019	682	+11.8%	n/a
FYE Dec 2020	679	−0.4%	n/a
FYE Dec 2021	687	+1.2%	n/a
FYE Dec 2022	678	−1.3%	n/a
FYE Dec 2023	506	−25.4%	n/a
FYE Dec 2024	437	−13.6%	n/a
FYE Dec 2025	538	+23.1%	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 ¥111m

Change · 10 yrs +¥41.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	69.9	n/a	Cons.
FYE Dec 2017	54.5	−22.2%	Cons.
FYE Dec 2018	60.1	+10.4%	Cons.
FYE Dec 2019	76.2	+26.8%	Cons.
FYE Dec 2020	64.8	−15.0%	Cons.
FYE Dec 2021	83.0	n/a	Cons.
FYE Dec 2022	69.6	−16.1%	Cons.
FYE Dec 2023	87.5	+25.8%	Cons.
FYE Dec 2024	111	+26.9%	Cons.
FYE Dec 2025	111	−0.0%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥10.6m

Change · 10 yrs +¥5.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	5.5	n/a	Cons.
FYE Dec 2017	3.3	−40.5%	Cons.
FYE Dec 2018	4.0	+24.0%	Cons.
FYE Dec 2019	-1.1	−127.4%	Cons.
FYE Dec 2020	-3.3	n/a	Cons.
FYE Dec 2021	-6.8	n/a	Cons.
FYE Dec 2022	1.9	n/a	Cons.
FYE Dec 2023	4.7	+146.9%	Cons.
FYE Dec 2024	8.6	+81.3%	Cons.
FYE Dec 2025	10.6	+23.8%	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 →

Data API

Modec’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/6269/company.json ·/api/6269/history.json ·/api/6269/ceo.json ·/api/6269/financials.json ·/api/6269/financials/segment.json ·/api/6269/financials/pl.json ·/api/6269/financials/cf.json ·/api/6269/financials/bs.json ·/api/6269/financials/employee.json ·/api/6269/financials/stock.json ·/api/6269/financials.csv ·/api/6269/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json