Financials

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

FYE Dec 2025 · Revenue¥958bnYoY +10.6%

FYE Dec 2025 · Operating profit¥114bnYoY +16.2%

FYE Dec 2025 · Net profit¥77bnYoY +7.3%

FYE Dec 2025 · Equity ratio45.8%YoY −0.0pp

FYE Dec 2025 · Group employees21,148YoY +638

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥476bn	n/a	¥30bn	n/a	6.3%	¥21bn	Maeda Toichi	—
FYE Dec 2017Consolidated	¥382bn	−19.8%	¥18bn	−39.6%	4.7%	¥9.5bn	Maeda Toichi	—
FYE Dec 2018Consolidated	¥509bn	+33.3%	¥32bn	+79.3%	6.4%	¥18bn	Maeda Toichi	—
FYE Dec 2019Consolidated	¥522bn	+2.6%	¥35bn	+8.7%	6.8%	¥23bn	Maeda Toichi	Supreme Court closes the asbestos case against Ebara
FYE Dec 2020Consolidated	¥522bn	+0.0%	¥38bn	+6.4%	7.2%	¥24bn	Asami Masao	—
FYE Dec 2021Consolidated	¥603bn	+15.5%	¥61bn	+63.4%	10.2%	¥43bn	Asami Masao	—
FYE Dec 2022Consolidated	¥681bn	+12.9%	¥71bn	+15.0%	10.4%	¥50bn	Asami Masao	—
FYE Dec 2023Consolidated	¥759bn	+11.5%	¥86bn	+21.9%	11.3%	¥60bn	Asami Masao	—
FYE Dec 2024Consolidated	¥867bn	+14.1%	¥98bn	+13.9%	11.3%	¥71bn	Asami Masao	—
FYE Dec 2025Consolidated	¥958bn	+10.6%	¥114bn	+16.2%	11.9%	¥77bn	Asami Masao	—

How it compares

Ebara¥958bnFY2025Operating margin 11.9%

Kurita Water Industries¥403bnFY2025Operating margin 14.5%Organo¥178bnFY2025Operating margin 21.2%Amano¥176bnFY2025Operating margin 12.8%

Takuma¥166bnFY2025Operating margin 9.3%

Nomura Micro Science¥56bnFY2025Operating margin 11.9%

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 ¥958bn

CAGR · 10 yrs +8.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	476	n/a	Cons. · Japanese GAAP
FYE Dec 2017	382	−19.8%	Cons. · Japanese GAAP
FYE Dec 2018	509	+33.3%	Cons. · Japanese GAAP
FYE Dec 2019	522	+2.6%	Cons. · Japanese GAAP
FYE Dec 2020	522	−0.0%	Cons. · Japanese GAAP
FYE Dec 2021	603	moved to IFRS	Cons. · IFRS
FYE Dec 2022	681	+12.9%	Cons. · IFRS
FYE Dec 2023	759	+11.5%	Cons. · IFRS
FYE Dec 2024	867	+14.1%	Cons. · IFRS
FYE Dec 2025	958	+10.6%	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 Dec 2025 ¥646bn

CAGR · 10 yrs +7.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	350	n/a	Cons. · Japanese GAAP
FYE Dec 2017	285	−18.5%	Cons. · Japanese GAAP
FYE Dec 2018	376	+31.8%	Cons. · Japanese GAAP
FYE Dec 2019	386	+2.6%	Cons. · Japanese GAAP
FYE Dec 2020	376	−2.5%	Cons. · Japanese GAAP
FYE Dec 2021	425	moved to IFRS	Cons. · IFRS
FYE Dec 2022	470	+10.6%	Cons. · IFRS
FYE Dec 2023	517	+10.0%	Cons. · IFRS
FYE Dec 2024	580	+12.2%	Cons. · IFRS
FYE Dec 2025	646	+11.5%	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 ¥312bn

CAGR · 10 yrs +10.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	126	n/a	Cons. · Japanese GAAP
FYE Dec 2017	96.7	−23.3%	Cons. · Japanese GAAP
FYE Dec 2018	133	+37.7%	Cons. · Japanese GAAP
FYE Dec 2019	137	+2.7%	Cons. · Japanese GAAP
FYE Dec 2020	146	+7.1%	Cons. · Japanese GAAP
FYE Dec 2021	179	moved to IFRS	Cons. · IFRS
FYE Dec 2022	211	+18.2%	Cons. · IFRS
FYE Dec 2023	243	+14.9%	Cons. · IFRS
FYE Dec 2024	287	+18.2%	Cons. · IFRS
FYE Dec 2025	312	+8.7%	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 ¥198bn

CAGR · 10 yrs +8.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	96.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	78.6	−18.2%	Cons. · Japanese GAAP
FYE Dec 2018	101	+28.1%	Cons. · Japanese GAAP
FYE Dec 2019	101	+0.7%	Cons. · Japanese GAAP
FYE Dec 2020	109	+7.1%	Cons. · Japanese GAAP
FYE Dec 2021	121	moved to IFRS	Cons. · IFRS
FYE Dec 2022	138	+14.3%	Cons. · IFRS
FYE Dec 2023	156	+13.1%	Cons. · IFRS
FYE Dec 2024	183	+17.6%	Cons. · IFRS
FYE Dec 2025	198	+8.0%	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 ¥114bn

CAGR · 10 yrs +16.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	30.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	18.1	−39.6%	Cons. · Japanese GAAP
FYE Dec 2018	32.5	+79.3%	Cons. · Japanese GAAP
FYE Dec 2019	35.3	+8.7%	Cons. · Japanese GAAP
FYE Dec 2020	37.6	+6.4%	Cons. · Japanese GAAP
FYE Dec 2021	61.4	moved to IFRS	Cons. · IFRS
FYE Dec 2022	70.6	+15.0%	Cons. · IFRS
FYE Dec 2023	86.0	+21.9%	Cons. · IFRS
FYE Dec 2024	98.0	+13.9%	Cons. · IFRS
FYE Dec 2025	114	+16.2%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥2.9bn

CAGR · 10 yrs +3.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.9	−55.0%	Cons. · Japanese GAAP
FYE Dec 2018	2.6	+180.6%	Cons. · Japanese GAAP
FYE Dec 2019	2.8	+6.3%	Cons. · Japanese GAAP
FYE Dec 2020	0.4	−86.3%	Cons. · Japanese GAAP
FYE Dec 2021	0.4	moved to IFRS	Cons. · IFRS
FYE Dec 2022	1.0	+130.0%	Cons. · IFRS
FYE Dec 2023	1.6	+71.7%	Cons. · IFRS
FYE Dec 2024	3.9	+137.2%	Cons. · IFRS
FYE Dec 2025	2.9	−26.5%	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 ¥6.8bn

CAGR · 10 yrs +7.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	3.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.5	−30.2%	Cons. · Japanese GAAP
FYE Dec 2018	3.8	+51.8%	Cons. · Japanese GAAP
FYE Dec 2019	2.5	−34.2%	Cons. · Japanese GAAP
FYE Dec 2020	3.0	+20.6%	Cons. · Japanese GAAP
FYE Dec 2021	2.7	moved to IFRS	Cons. · IFRS
FYE Dec 2022	2.8	+2.8%	Cons. · IFRS
FYE Dec 2023	4.4	+57.9%	Cons. · IFRS
FYE Dec 2024	4.2	−4.0%	Cons. · IFRS
FYE Dec 2025	6.8	+61.7%	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

CAGR · 5 yrs +6.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	28.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.5	−41.9%	Cons. · Japanese GAAP
FYE Dec 2018	31.3	+89.2%	Cons. · Japanese GAAP
FYE Dec 2019	35.6	+13.7%	Cons. · Japanese GAAP
FYE Dec 2020	36.9	+3.6%	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 · 5 yrs −53.9%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	2.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.6	+33.0%	Cons. · Japanese GAAP
FYE Dec 2018	1.2	−66.2%	Cons. · Japanese GAAP
FYE Dec 2019	1.1	−9.8%	Cons. · Japanese GAAP
FYE Dec 2020	0.1	−88.9%	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 ¥77bn

CAGR · 10 yrs +15.7%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	20.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.5	−53.7%	Cons. · Japanese GAAP
FYE Dec 2018	18.3	+91.6%	Cons. · Japanese GAAP
FYE Dec 2019	23.3	+27.9%	Cons. · Japanese GAAP
FYE Dec 2020	24.5	+4.8%	Cons. · Japanese GAAP
FYE Dec 2021	42.6	moved to IFRS	Cons. · IFRS
FYE Dec 2022	50.5	+18.6%	Cons. · IFRS
FYE Dec 2023	60.3	+19.4%	Cons. · IFRS
FYE Dec 2024	71.4	+18.4%	Cons. · IFRS
FYE Dec 2025	76.6	+7.3%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 32.6%

Average · 10 yrs 29.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	26.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	25.3	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2018	26.2	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2019	26.2	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2020	28.0	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2021	29.6	moved to IFRS	Cons. · IFRS
FYE Dec 2022	31.0	+1.4pp	Cons. · IFRS
FYE Dec 2023	32.0	+0.9pp	Cons. · IFRS
FYE Dec 2024	33.1	+1.1pp	Cons. · IFRS
FYE Dec 2025	32.6	−0.6pp	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 11.9%

Average · 10 yrs 8.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	6.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.7	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2018	6.4	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2019	6.8	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	7.2	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	10.2	moved to IFRS	Cons. · IFRS
FYE Dec 2022	10.4	+0.2pp	Cons. · IFRS
FYE Dec 2023	11.3	+1.0pp	Cons. · IFRS
FYE Dec 2024	11.3	−0.0pp	Cons. · IFRS
FYE Dec 2025	11.9	+0.6pp	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 6.1%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	6.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.3	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2018	6.1	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2019	6.8	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2020	7.1	+0.2pp	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 8.0%

Average · 10 yrs 5.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.5	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2018	3.6	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2019	4.5	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2020	4.7	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2021	7.1	moved to IFRS	Cons. · IFRS
FYE Dec 2022	7.4	+0.4pp	Cons. · IFRS
FYE Dec 2023	7.9	+0.5pp	Cons. · IFRS
FYE Dec 2024	8.2	+0.3pp	Cons. · IFRS
FYE Dec 2025	8.0	−0.2pp	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 67.4%

Average · 10 yrs 71.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	73.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	74.7	+1.2pp	Cons. · Japanese GAAP
FYE Dec 2018	73.8	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2019	73.8	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2020	72.0	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2021	70.4	moved to IFRS	Cons. · IFRS
FYE Dec 2022	69.0	−1.4pp	Cons. · IFRS
FYE Dec 2023	68.0	−0.9pp	Cons. · IFRS
FYE Dec 2024	66.9	−1.1pp	Cons. · IFRS
FYE Dec 2025	67.4	+0.6pp	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 20.7%

Average · 10 yrs 20.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	20.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	20.6	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2018	19.8	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2019	19.4	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	20.8	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2021	20.0	moved to IFRS	Cons. · IFRS
FYE Dec 2022	20.2	+0.3pp	Cons. · IFRS
FYE Dec 2023	20.5	+0.3pp	Cons. · IFRS
FYE Dec 2024	21.1	+0.6pp	Cons. · IFRS
FYE Dec 2025	20.7	−0.5pp	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 ¥1.08tn

CAGR · 10 yrs +7.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	588	n/a	Cons. · Japanese GAAP
FYE Dec 2017	613	+4.2%	Cons. · Japanese GAAP
FYE Dec 2018	592	−3.5%	Cons. · Japanese GAAP
FYE Dec 2019	595	+0.6%	Cons. · Japanese GAAP
FYE Dec 2020	622	+4.4%	Cons. · Japanese GAAP
FYE Dec 2021	701	moved to IFRS	Cons. · IFRS
FYE Dec 2022	828	+18.1%	Cons. · IFRS
FYE Dec 2023	914	+10.4%	Cons. · IFRS
FYE Dec 2024	1,005	+10.0%	Cons. · IFRS
FYE Dec 2025	1,082	+7.7%	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 ¥496bn

CAGR · 10 yrs +6.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	273	n/a	Cons. · Japanese GAAP
FYE Dec 2017	279	+2.3%	Cons. · Japanese GAAP
FYE Dec 2018	281	+0.6%	Cons. · Japanese GAAP
FYE Dec 2019	285	+1.4%	Cons. · Japanese GAAP
FYE Dec 2020	297	+4.3%	Cons. · Japanese GAAP
FYE Dec 2021	317	moved to IFRS	Cons. · IFRS
FYE Dec 2022	350	+10.6%	Cons. · IFRS
FYE Dec 2023	398	+13.7%	Cons. · IFRS
FYE Dec 2024	461	+15.8%	Cons. · IFRS
FYE Dec 2025	496	+7.6%	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 Dec 2025 ¥225bn

CAGR · 10 yrs +11.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	84.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	92.6	+9.9%	Cons. · Japanese GAAP
FYE Dec 2018	67.5	−27.1%	Cons. · Japanese GAAP
FYE Dec 2019	69.3	+2.7%	Cons. · Japanese GAAP
FYE Dec 2020	98.4	+41.9%	Cons. · Japanese GAAP
FYE Dec 2021	112	moved to IFRS	Cons. · IFRS
FYE Dec 2022	119	+6.5%	Cons. · IFRS
FYE Dec 2023	145	+21.7%	Cons. · IFRS
FYE Dec 2024	150	+3.6%	Cons. · IFRS
FYE Dec 2025	225	+49.4%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥132bn

CAGR · 10 yrs +8.6%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	62.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	70.5	+12.2%	Cons. · Japanese GAAP
FYE Dec 2018	46.8	−33.6%	Cons. · Japanese GAAP
FYE Dec 2019	51.0	+9.0%	Cons. · Japanese GAAP
FYE Dec 2020	28.1	−45.0%	Cons. · Japanese GAAP
FYE Dec 2021	56.6	moved to IFRS	Cons. · IFRS
FYE Dec 2022	46.8	−17.3%	Cons. · IFRS
FYE Dec 2023	32.0	−31.7%	Cons. · IFRS
FYE Dec 2024	55.6	+74.0%	Cons. · IFRS
FYE Dec 2025	132	+136.9%	Cons. · IFRS

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

Long-term borrowings

FYE Dec 2025 ¥93bn

CAGR · 10 yrs +17.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	21.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	22.2	+3.0%	Cons. · Japanese GAAP
FYE Dec 2018	20.7	−6.5%	Cons. · Japanese GAAP
FYE Dec 2019	18.3	−11.5%	Cons. · Japanese GAAP
FYE Dec 2020	26.7	+45.4%	Cons. · Japanese GAAP
FYE Dec 2021	55.5	moved to IFRS	Cons. · IFRS
FYE Dec 2022	72.6	+30.8%	Cons. · IFRS
FYE Dec 2023	113	+56.1%	Cons. · IFRS
FYE Dec 2024	94.8	−16.3%	Cons. · IFRS
FYE Dec 2025	93.0	−1.9%	Cons. · IFRS

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

Bonds

FYE Dec 2025 n/a

CAGR · 5 yrs +18.9%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	10.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	20.0	+100.0%	Cons. · Japanese GAAP
FYE Dec 2018	10.0	−50.0%	Cons. · Japanese GAAP
FYE Dec 2019	10.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2020	20.0	+100.0%	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: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥61bn

CAGR · 10 yrs +18.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	13.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.1	−8.7%	Cons. · Japanese GAAP
FYE Dec 2018	10.7	−11.7%	Cons. · Japanese GAAP
FYE Dec 2019	10.3	−3.1%	Cons. · Japanese GAAP
FYE Dec 2020	11.4	+10.5%	Cons. · Japanese GAAP
FYE Dec 2021	23.2	moved to IFRS	Cons. · IFRS
FYE Dec 2022	43.3	+86.8%	Cons. · IFRS
FYE Dec 2023	50.4	+16.3%	Cons. · IFRS
FYE Dec 2024	53.8	+6.8%	Cons. · IFRS
FYE Dec 2025	61.5	+14.3%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥10bn

CAGR · 10 yrs +18.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	2.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.8	−19.7%	Cons. · Japanese GAAP
FYE Dec 2018	1.1	−37.3%	Cons. · Japanese GAAP
FYE Dec 2019	0.8	−32.6%	Cons. · Japanese GAAP
FYE Dec 2020	0.6	−16.3%	Cons. · Japanese GAAP
FYE Dec 2021	5.5	moved to IFRS	Cons. · IFRS
FYE Dec 2022	15.3	+175.8%	Cons. · IFRS
FYE Dec 2023	15.5	+1.2%	Cons. · IFRS
FYE Dec 2024	10.1	−34.4%	Cons. · IFRS
FYE Dec 2025	10.3	+1.1%	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 45.8%

Average · 10 yrs 45.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	46.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	45.5	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2018	47.5	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2019	47.8	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	47.8	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2021	45.2	moved to IFRS	Cons. · IFRS
FYE Dec 2022	42.3	−2.9pp	Cons. · IFRS
FYE Dec 2023	43.6	+1.3pp	Cons. · IFRS
FYE Dec 2024	45.9	+2.3pp	Cons. · IFRS
FYE Dec 2025	45.8	−0.0pp	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 45.3%

Average · 10 yrs 32.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	30.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	33.2	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2018	24.0	−9.1pp	Cons. · Japanese GAAP
FYE Dec 2019	24.3	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2020	33.1	+8.8pp	Cons. · Japanese GAAP
FYE Dec 2021	35.4	moved to IFRS	Cons. · IFRS
FYE Dec 2022	34.1	−1.3pp	Cons. · IFRS
FYE Dec 2023	36.5	+2.4pp	Cons. · IFRS
FYE Dec 2024	32.6	−3.9pp	Cons. · IFRS
FYE Dec 2025	45.3	+12.7pp	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 15.4%

Average · 10 yrs 10.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.4	−4.1pp	Cons. · Japanese GAAP
FYE Dec 2018	6.5	+3.1pp	Cons. · Japanese GAAP
FYE Dec 2019	8.2	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2020	8.2	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2021	13.4	moved to IFRS	Cons. · IFRS
FYE Dec 2022	14.4	+1.0pp	Cons. · IFRS
FYE Dec 2023	15.1	+0.7pp	Cons. · IFRS
FYE Dec 2024	15.5	+0.3pp	Cons. · IFRS
FYE Dec 2025	15.4	−0.0pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 7.1%

Average · 10 yrs 4.9%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.6	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2018	3.1	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2019	3.9	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2020	3.9	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2021	6.1	moved to IFRS	Cons. · IFRS
FYE Dec 2022	6.1	−0.0pp	Cons. · IFRS
FYE Dec 2023	6.6	+0.5pp	Cons. · IFRS
FYE Dec 2024	7.1	+0.5pp	Cons. · IFRS
FYE Dec 2025	7.1	−0.0pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.89×

CAGR · 10 yrs +1.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.81	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.62	−23.0%	Cons. · Japanese GAAP
FYE Dec 2018	0.86	+38.1%	Cons. · Japanese GAAP
FYE Dec 2019	0.88	+2.0%	Cons. · Japanese GAAP
FYE Dec 2020	0.84	−4.2%	Cons. · Japanese GAAP
FYE Dec 2021	0.86	moved to IFRS	Cons. · IFRS
FYE Dec 2022	0.82	−4.4%	Cons. · IFRS
FYE Dec 2023	0.83	+1.0%	Cons. · IFRS
FYE Dec 2024	0.86	+3.8%	Cons. · IFRS
FYE Dec 2025	0.89	+2.7%	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 ¥41bn

CAGR · 10 yrs +2.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	33.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	44.2	+30.6%	Cons. · Japanese GAAP
FYE Dec 2018	34.6	−21.6%	Cons. · Japanese GAAP
FYE Dec 2019	26.7	−22.8%	Cons. · Japanese GAAP
FYE Dec 2020	64.2	+140.4%	Cons. · Japanese GAAP
FYE Dec 2021	68.5	moved to IFRS	Cons. · IFRS
FYE Dec 2022	37.1	−45.9%	Cons. · IFRS
FYE Dec 2023	70.0	+88.9%	Cons. · IFRS
FYE Dec 2024	101	+44.2%	Cons. · IFRS
FYE Dec 2025	40.8	−59.6%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥91bn

Average · 10 yrs -¥34bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-18.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-7.9	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-15.9	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-24.1	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-29.1	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-31.8	moved to IFRS	Cons. · IFRS
FYE Dec 2022	-38.3	n/a	Cons. · IFRS
FYE Dec 2023	-35.6	n/a	Cons. · IFRS
FYE Dec 2024	-48.6	n/a	Cons. · IFRS
FYE Dec 2025	-91.2	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 ¥17bn

Average · 10 yrs -¥15bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-15.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.3	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-46.4	−510.9%	Cons. · Japanese GAAP
FYE Dec 2019	-20.2	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-9.6	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-25.2	moved to IFRS	Cons. · IFRS
FYE Dec 2022	-23.7	n/a	Cons. · IFRS
FYE Dec 2023	-4.7	n/a	Cons. · IFRS
FYE Dec 2024	-31.9	n/a	Cons. · IFRS
FYE Dec 2025	16.8	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 ¥143bn

CAGR · 10 yrs +5.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	90.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	139	+53.4%	Cons. · Japanese GAAP
FYE Dec 2018	111	−20.5%	Cons. · Japanese GAAP
FYE Dec 2019	93.4	−15.6%	Cons. · Japanese GAAP
FYE Dec 2020	121	+29.1%	Cons. · Japanese GAAP
FYE Dec 2021	136	moved to IFRS	Cons. · IFRS
FYE Dec 2022	116	−14.9%	Cons. · IFRS
FYE Dec 2023	148	+27.5%	Cons. · IFRS
FYE Dec 2024	171	+15.5%	Cons. · IFRS
FYE Dec 2025	143	−16.1%	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 Dec 2025 -¥50bn

Average · 10 yrs ¥18bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	15.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	36.3	+137.7%	Cons. · Japanese GAAP
FYE Dec 2018	18.7	−48.5%	Cons. · Japanese GAAP
FYE Dec 2019	2.6	−85.9%	Cons. · Japanese GAAP
FYE Dec 2020	35.2	+1230.4%	Cons. · Japanese GAAP
FYE Dec 2021	36.8	moved to IFRS	Cons. · IFRS
FYE Dec 2022	-1.3	−103.4%	Cons. · IFRS
FYE Dec 2023	34.4	n/a	Cons. · IFRS
FYE Dec 2024	52.4	+52.3%	Cons. · IFRS
FYE Dec 2025	-50.5	−196.4%	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 4.3%

Average · 10 yrs 8.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	7.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.6	+4.5pp	Cons. · Japanese GAAP
FYE Dec 2018	6.8	−4.8pp	Cons. · Japanese GAAP
FYE Dec 2019	5.1	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2020	12.3	+7.2pp	Cons. · Japanese GAAP
FYE Dec 2021	11.4	moved to IFRS	Cons. · IFRS
FYE Dec 2022	5.4	−5.9pp	Cons. · IFRS
FYE Dec 2023	9.2	+3.8pp	Cons. · IFRS
FYE Dec 2024	11.6	+2.4pp	Cons. · IFRS
FYE Dec 2025	4.3	−7.4pp	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 -¥81bn

Average · 10 yrs ¥11bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	46.5	+629.1%	Cons. · Japanese GAAP
FYE Dec 2018	43.1	−7.3%	Cons. · Japanese GAAP
FYE Dec 2019	24.0	−44.2%	Cons. · Japanese GAAP
FYE Dec 2020	22.2	−7.7%	Cons. · Japanese GAAP
FYE Dec 2021	24.4	moved to IFRS	Cons. · IFRS
FYE Dec 2022	-3.2	−113.1%	Cons. · IFRS
FYE Dec 2023	2.8	n/a	Cons. · IFRS
FYE Dec 2024	20.6	+633.1%	Cons. · IFRS
FYE Dec 2025	-81.3	−494.4%	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 ¥1.71tn

Change · 10 yrs +¥1.34tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	370	n/a
FYE Dec 2017	437	n/a
FYE Dec 2018	251	n/a
FYE Dec 2019	317	n/a
FYE Dec 2020	320	n/a
FYE Dec 2021	611	n/a
FYE Dec 2022	434	n/a
FYE Dec 2023	773	n/a
FYE Dec 2024	1,136	n/a
FYE Dec 2025	1,706	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 3,692¥

Change · 10 yrs +2,965¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	727	n/a
FYE Dec 2017	4,298	n/a
FYE Dec 2018	2,465	n/a
FYE Dec 2019	3,337	n/a
FYE Dec 2020	3,358	n/a
FYE Dec 2021	6,395	n/a
FYE Dec 2022	4,718	n/a
FYE Dec 2023	8,367	n/a
FYE Dec 2024	2,458	n/a
FYE Dec 2025	3,692	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 462,199,000shares

Change · 10 yrs −46,481,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	508,680,000	Parent
FYE Dec 2017	101,783,000	Parent
FYE Dec 2018	101,957,000	Parent
FYE Dec 2019	95,129,000	Parent
FYE Dec 2020	95,391,000	Parent
FYE Dec 2021	95,513,000	Parent
FYE Dec 2022	92,086,000	Parent
FYE Dec 2023	92,349,000	Parent
FYE Dec 2024	462,055,000	Parent
FYE Dec 2025	462,199,000	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 166.31¥

Change · 10 yrs −47.40¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	213.71	Cons.
FYE Dec 2017	93.84	Cons.
FYE Dec 2018	179.94	Cons.
FYE Dec 2019	241.79	Cons.
FYE Dec 2020	254.36	Cons.
FYE Dec 2021	463.44	Cons.
FYE Dec 2022	548.61	Cons.
FYE Dec 2023	130.73	Cons.
FYE Dec 2024	154.62	Cons.
FYE Dec 2025	166.31	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 1,073.31¥

Change · 10 yrs +537.19¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	536.13	Cons. · Japanese GAAP
FYE Dec 2017	2,742.30	Cons. · Japanese GAAP
FYE Dec 2018	2,754.03	Cons. · Japanese GAAP
FYE Dec 2019	2,993.66	Cons. · Japanese GAAP
FYE Dec 2020	3,115.16	Cons. · Japanese GAAP
FYE Dec 2021	3,316.55	Cons. · IFRS
FYE Dec 2022	3,803.05	Cons. · IFRS
FYE Dec 2023	4,311.67	Cons. · IFRS
FYE Dec 2024	998.19	Cons. · IFRS
FYE Dec 2025	1,073.31	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 22.20×

Average · 10 yrs 17.68×

Fiscal year	PER ×	Basis
FYE Mar 2017	17.00	Cons.
FYE Dec 2017	45.80	Cons.
FYE Dec 2018	13.70	Cons.
FYE Dec 2019	13.80	Cons.
FYE Dec 2020	13.20	Cons.
FYE Dec 2021	13.80	Cons.
FYE Dec 2022	8.60	Cons.
FYE Dec 2023	12.80	Cons.
FYE Dec 2024	15.90	Cons.
FYE Dec 2025	22.20	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 3.31×

Average · 10 yrs 1.68×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.36	Cons.
FYE Dec 2017	1.57	Cons.
FYE Dec 2018	0.88	Cons.
FYE Dec 2019	1.17	Cons.
FYE Dec 2020	1.11	Cons.
FYE Dec 2021	1.88	Cons.
FYE Dec 2022	1.21	Cons.
FYE Dec 2023	1.88	Cons.
FYE Dec 2024	2.40	Cons.
FYE Dec 2025	3.31	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 21,148people

Change · 10 yrs +4,831 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	16,317	n/a	Cons.
FYE Dec 2017	16,219	−0.6%	Cons.
FYE Dec 2018	16,556	+2.1%	Cons.
FYE Dec 2019	17,080	+3.2%	Cons.
FYE Dec 2020	17,480	+2.3%	Cons.
FYE Dec 2021	18,372	+5.1%	Cons.
FYE Dec 2022	19,095	+3.9%	Cons.
FYE Dec 2023	19,629	+2.8%	Cons.
FYE Dec 2024	20,510	+4.5%	Cons.
FYE Dec 2025	21,148	+3.1%	Cons.

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

Parent-company employees

FYE Dec 2025 5,489people

Change · 10 yrs +1,475 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	4,014	n/a	Parent
FYE Dec 2017	3,898	−2.9%	Parent
FYE Dec 2018	3,921	+0.6%	Parent
FYE Dec 2019	4,016	+2.4%	Parent
FYE Dec 2020	4,047	+0.8%	Parent
FYE Dec 2021	4,103	+1.4%	Parent
FYE Dec 2022	4,287	+4.5%	Parent
FYE Dec 2023	4,688	+9.4%	Parent
FYE Dec 2024	5,109	+9.0%	Parent
FYE Dec 2025	5,489	+7.4%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Dec 2025 ¥9.8m

Change · 10 yrs +¥2.5m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.3	n/a	Parent
FYE Dec 2017	7.2	−0.5%	Parent
FYE Dec 2018	7.8	+7.9%	Parent
FYE Dec 2019	7.4	−5.8%	Parent
FYE Dec 2020	7.5	+2.4%	Parent
FYE Dec 2021	7.6	+0.4%	Parent
FYE Dec 2022	8.4	+11.5%	Parent
FYE Dec 2023	8.6	+2.0%	Parent
FYE Dec 2024	9.5	+10.2%	Parent
FYE Dec 2025	9.8	+3.3%	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 43.1years

Change · 7 yrs −0.8 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	43.9	n/a	Parent
FYE Dec 2020	43.4	−1.1%	Parent
FYE Dec 2021	43.9	+1.2%	Parent
FYE Dec 2022	43.8	−0.2%	Parent
FYE Dec 2023	43.6	−0.5%	Parent
FYE Dec 2024	43.4	−0.5%	Parent
FYE Dec 2025	43.1	−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 14.4years

Change · 10 yrs −3.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	18.1	n/a	Parent
FYE Dec 2017	17.2	−5.0%	Parent
FYE Dec 2018	17.3	+0.6%	Parent
FYE Dec 2019	17.1	−1.2%	Parent
FYE Dec 2020	16.8	−1.8%	Parent
FYE Dec 2021	17.0	+1.2%	Parent
FYE Dec 2022	16.5	−2.9%	Parent
FYE Dec 2023	15.8	−4.2%	Parent
FYE Dec 2024	15.0	−5.1%	Parent
FYE Dec 2025	14.4	−4.0%	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)

Revenue per employee

FYE Dec 2025 ¥45.3m

Change · 10 yrs +¥16.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	29.2	n/a	Cons.
FYE Dec 2017	23.6	−19.3%	Cons.
FYE Dec 2018	30.8	+30.6%	Cons.
FYE Dec 2019	30.6	−0.5%	Cons.
FYE Dec 2020	29.9	−2.3%	Cons.
FYE Dec 2021	32.8	n/a	Cons.
FYE Dec 2022	35.7	+8.6%	Cons.
FYE Dec 2023	38.7	+8.5%	Cons.
FYE Dec 2024	42.3	+9.2%	Cons.
FYE Dec 2025	45.3	+7.2%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥5.4m

Change · 10 yrs +¥3.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons.
FYE Dec 2017	1.1	−39.2%	Cons.
FYE Dec 2018	2.0	+75.7%	Cons.
FYE Dec 2019	2.1	+5.3%	Cons.
FYE Dec 2020	2.1	+4.0%	Cons.
FYE Dec 2021	3.3	n/a	Cons.
FYE Dec 2022	3.7	+10.6%	Cons.
FYE Dec 2023	4.4	+18.6%	Cons.
FYE Dec 2024	4.8	+9.0%	Cons.
FYE Dec 2025	5.4	+12.7%	Cons.

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

Disclaimer

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

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