Financials

TADANO LTD.: FYE Dec 2025 and ten years of results (49 metrics)

FYE Dec 2025 · Revenue¥349bnYoY +19.9%

FYE Dec 2025 · Operating profit¥19bnYoY −22.0%

FYE Dec 2025 · Net profit¥18bnYoY +175.5%

FYE Dec 2025 · Equity ratio44.9%YoY −1.9pp

FYE Dec 2025 · Group employees5,997YoY +1,081

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥180bn	n/a	¥18bn	n/a	10.3%	¥12bn	Tadano Koichi	—
FYE Mar 2018Consolidated	¥174bn	−3.3%	¥16bn	−16.1%	8.9%	¥9.4bn	Tadano Koichi	—
FYE Mar 2019Consolidated	¥188bn	+8.5%	¥16bn	+2.1%	8.4%	¥11bn	Tadano Koichi	—
FYE Mar 2020Consolidated	¥228bn	+21.0%	¥14bn	−11.9%	6.1%	¥6.4bn	Tadano Koichi	<strong>Demag</strong> crane business acquired; Kozai plant; centenary
FYE Mar 2021Consolidated	¥186bn	−18.4%	-¥4.2bn	−130.1%	-2.3%	-¥13bn	Tadano Koichi	German restructuring filing; net loss of <span class="en-history_money" data-yen="13000000000" data-year="2020">$121.7M (¥13bn)</span>
FYE Mar 2022Consolidated	¥206bn	+10.5%	¥5.3bn	n/a	2.6%	¥13bn	Tadano Koichi	<a class="en-history_person" href="/tse/6395/executives/ceo/ujiie-toshiaki/" hreflang="ja">Ujiie Toshiaki</a> — first president from outside the family
FYE Dec 2022Consolidated	¥193bn	−6.2%	¥7.2bn	+36.9%	3.7%	¥2.2bn	Ujiie Toshiaki	Fiscal year-end moved from March to December
FYE Dec 2023Consolidated	¥280bn	+45.3%	¥18bn	+155.2%	6.5%	¥7.8bn	Ujiie Toshiaki	—
FYE Dec 2024Consolidated	¥292bn	+4.0%	¥24bn	+29.6%	8.2%	¥6.6bn	Ujiie Toshiaki	—
FYE Dec 2025Consolidated	¥349bn	+19.9%	¥19bn	−22.0%	5.3%	¥18bn	Ujiie Toshiaki	Record sales of <span class="en-history_money" data-yen="349400000000" data-year="2025">$2.3B (¥349bn)</span>; Europe still in the red

How it compares

Komatsu¥4.13tnFY2025Operating margin 13.7%Kubota¥3.02tnFY2025Operating margin 8.8%Hitachi Construction Machinery¥1.41tnFY2025Operating margin 9.3%

TADANO LTD.¥349bnFY2025Operating margin 5.3%

Takeuchi Mfg.¥225bnFY2025Operating margin 16.7%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥349bn

CAGR · 10 yrs +7.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	180	n/a	Cons. · Japanese GAAP
FYE Mar 2018	174	−3.3%	Cons. · Japanese GAAP
FYE Mar 2019	188	+8.5%	Cons. · Japanese GAAP
FYE Mar 2020	228	+21.0%	Cons. · Japanese GAAP
FYE Mar 2021	186	−18.4%	Cons. · Japanese GAAP
FYE Mar 2022	206	+10.5%	Cons. · Japanese GAAP
FYE Dec 2022	193	−6.2%	Cons. · Japanese GAAP
FYE Dec 2023	280	+45.3%	Cons. · Japanese GAAP
FYE Dec 2024	292	+4.0%	Cons. · Japanese GAAP
FYE Dec 2025	349	+19.9%	Cons. · Japanese GAAP

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

Cost of sales

FYE Dec 2025 ¥256bn

CAGR · 10 yrs +7.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	130	n/a	Cons. · Japanese GAAP
FYE Mar 2018	126	−2.6%	Cons. · Japanese GAAP
FYE Mar 2019	138	+8.9%	Cons. · Japanese GAAP
FYE Mar 2020	172	+25.0%	Cons. · Japanese GAAP
FYE Mar 2021	151	−12.2%	Cons. · Japanese GAAP
FYE Mar 2022	159	+5.6%	Cons. · Japanese GAAP
FYE Dec 2022	143	−9.9%	Cons. · Japanese GAAP
FYE Dec 2023	205	+42.8%	Cons. · Japanese GAAP
FYE Dec 2024	207	+1.0%	Cons. · Japanese GAAP
FYE Dec 2025	256	+23.8%	Cons. · Japanese GAAP

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

Gross profit

FYE Dec 2025 ¥93bn

CAGR · 10 yrs +7.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	50.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.3	−5.4%	Cons. · Japanese GAAP
FYE Mar 2019	51.0	+7.7%	Cons. · Japanese GAAP
FYE Mar 2020	55.9	+9.6%	Cons. · Japanese GAAP
FYE Mar 2021	35.2	−37.1%	Cons. · Japanese GAAP
FYE Mar 2022	46.3	+31.8%	Cons. · Japanese GAAP
FYE Dec 2022	49.4	+6.7%	Cons. · Japanese GAAP
FYE Dec 2023	75.3	+52.4%	Cons. · Japanese GAAP
FYE Dec 2024	84.5	+12.2%	Cons. · Japanese GAAP
FYE Dec 2025	93.2	+10.3%	Cons. · Japanese GAAP

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

SG&A selling, general and administrative expenses

FYE Dec 2025 ¥75bn

CAGR · 10 yrs +10.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	31.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.8	+0.8%	Cons. · Japanese GAAP
FYE Mar 2019	35.2	+10.5%	Cons. · Japanese GAAP
FYE Mar 2020	41.9	+19.3%	Cons. · Japanese GAAP
FYE Mar 2021	39.3	−6.1%	Cons. · Japanese GAAP
FYE Mar 2022	41.1	+4.4%	Cons. · Japanese GAAP
FYE Dec 2022	42.2	+2.9%	Cons. · Japanese GAAP
FYE Dec 2023	57.0	+34.9%	Cons. · Japanese GAAP
FYE Dec 2024	60.7	+6.6%	Cons. · Japanese GAAP
FYE Dec 2025	74.6	+22.9%	Cons. · Japanese GAAP

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

Operating profit

FYE Dec 2025 ¥19bn

CAGR · 10 yrs +0.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	18.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.5	−16.1%	Cons. · Japanese GAAP
FYE Mar 2019	15.8	+2.1%	Cons. · Japanese GAAP
FYE Mar 2020	13.9	−11.9%	Cons. · Japanese GAAP
FYE Mar 2021	-4.2	−130.1%	Cons. · Japanese GAAP
FYE Mar 2022	5.3	n/a	Cons. · Japanese GAAP
FYE Dec 2022	7.2	+36.9%	Cons. · Japanese GAAP
FYE Dec 2023	18.3	+155.2%	Cons. · Japanese GAAP
FYE Dec 2024	23.8	+29.6%	Cons. · Japanese GAAP
FYE Dec 2025	18.6	−22.0%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥1.8bn

CAGR · 10 yrs +9.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	−34.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.5	+8.0%	Cons. · Japanese GAAP
FYE Mar 2020	1.2	+123.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.6	−52.4%	Cons. · Japanese GAAP
FYE Mar 2022	1.2	+103.1%	Cons. · Japanese GAAP
FYE Dec 2022	0.6	−46.4%	Cons. · Japanese GAAP
FYE Dec 2023	1.2	+84.6%	Cons. · Japanese GAAP
FYE Dec 2024	1.1	−4.0%	Cons. · Japanese GAAP
FYE Dec 2025	1.8	+58.9%	Cons. · Japanese GAAP

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

Non-operating expenses

FYE Dec 2025 ¥5.2bn

CAGR · 10 yrs +24.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.1	+46.5%	Cons. · Japanese GAAP
FYE Mar 2019	0.8	−30.3%	Cons. · Japanese GAAP
FYE Mar 2020	1.4	+77.0%	Cons. · Japanese GAAP
FYE Mar 2021	1.1	−22.1%	Cons. · Japanese GAAP
FYE Mar 2022	1.0	−9.3%	Cons. · Japanese GAAP
FYE Dec 2022	1.3	+32.6%	Cons. · Japanese GAAP
FYE Dec 2023	3.1	+146.0%	Cons. · Japanese GAAP
FYE Dec 2024	3.8	+21.5%	Cons. · Japanese GAAP
FYE Dec 2025	5.2	+36.9%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Dec 2025 ¥15bn

CAGR · 10 yrs −2.2%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	18.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.9	−19.4%	Cons. · Japanese GAAP
FYE Mar 2019	15.6	+4.7%	Cons. · Japanese GAAP
FYE Mar 2020	13.8	−11.6%	Cons. · Japanese GAAP
FYE Mar 2021	-4.7	−134.0%	Cons. · Japanese GAAP
FYE Mar 2022	5.5	n/a	Cons. · Japanese GAAP
FYE Dec 2022	6.5	+19.9%	Cons. · Japanese GAAP
FYE Dec 2023	16.4	+150.3%	Cons. · Japanese GAAP
FYE Dec 2024	21.1	+28.8%	Cons. · Japanese GAAP
FYE Dec 2025	15.1	−28.4%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE Dec 2025 ¥11bn

CAGR · 10 yrs +61.7%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	−76.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.7	+1844.4%	Cons. · Japanese GAAP
FYE Mar 2020	0.7	+2.1%	Cons. · Japanese GAAP
FYE Mar 2021	0.1	−80.7%	Cons. · Japanese GAAP
FYE Mar 2022	12.7	+9090.6%	Cons. · Japanese GAAP
FYE Dec 2022	3.2	−75.1%	Cons. · Japanese GAAP
FYE Dec 2023	3.0	−5.6%	Cons. · Japanese GAAP
FYE Dec 2024	0.8	−74.2%	Cons. · Japanese GAAP
FYE Dec 2025	11.4	+1374.0%	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Extraordinary loss

FYE Dec 2025 n/a

CAGR · 5 yrs +118.4%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2021	7.8	+216.6%	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2023	1.1	n/a	Cons. · Japanese GAAP
FYE Dec 2024	6.1	+476.1%	Cons. · Japanese GAAP
FYE Dec 2025	n/a	n/a	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥18bn

CAGR · 10 yrs +4.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	11.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.4	−21.0%	Cons. · Japanese GAAP
FYE Mar 2019	11.5	+22.1%	Cons. · Japanese GAAP
FYE Mar 2020	6.4	−43.9%	Cons. · Japanese GAAP
FYE Mar 2021	-13.0	−301.9%	Cons. · Japanese GAAP
FYE Mar 2022	13.1	n/a	Cons. · Japanese GAAP
FYE Dec 2022	2.2	−83.1%	Cons. · Japanese GAAP
FYE Dec 2023	7.8	+251.7%	Cons. · Japanese GAAP
FYE Dec 2024	6.6	−14.6%	Cons. · Japanese GAAP
FYE Dec 2025	18.3	+175.5%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 26.7%

Average · 10 yrs 25.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	27.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	27.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	27.1	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	24.5	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2021	18.9	−5.6pp	Cons. · Japanese GAAP
FYE Mar 2022	22.5	+3.6pp	Cons. · Japanese GAAP
FYE Dec 2022	25.6	+3.1pp	Cons. · Japanese GAAP
FYE Dec 2023	26.9	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2024	29.0	+2.1pp	Cons. · Japanese GAAP
FYE Dec 2025	26.7	−2.3pp	Cons. · Japanese GAAP

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

Operating margin

FYE Dec 2025 5.3%

Average · 10 yrs 5.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	10.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.9	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	8.4	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	6.1	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2021	-2.3	−8.4pp	Cons. · Japanese GAAP
FYE Mar 2022	2.6	+4.8pp	Cons. · Japanese GAAP
FYE Dec 2022	3.7	+1.2pp	Cons. · Japanese GAAP
FYE Dec 2023	6.5	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2024	8.2	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2025	5.3	−2.8pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Dec 2025 4.3%

Average · 10 yrs 5.4%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	10.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.6	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2019	8.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	6.1	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2021	-2.5	−8.6pp	Cons. · Japanese GAAP
FYE Mar 2022	2.7	+5.2pp	Cons. · Japanese GAAP
FYE Dec 2022	3.4	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2023	5.8	+2.5pp	Cons. · Japanese GAAP
FYE Dec 2024	7.2	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2025	4.3	−2.9pp	Cons. · Japanese GAAP

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

Net margin

FYE Dec 2025 5.2%

Average · 10 yrs 3.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	6.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.4	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2019	6.1	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	2.8	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2021	-7.0	−9.8pp	Cons. · Japanese GAAP
FYE Mar 2022	6.4	+13.3pp	Cons. · Japanese GAAP
FYE Dec 2022	1.1	−5.2pp	Cons. · Japanese GAAP
FYE Dec 2023	2.8	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2024	2.3	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2025	5.2	+3.0pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Dec 2025 73.3%

Average · 10 yrs 74.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	72.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	72.7	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	73.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	75.5	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2021	81.1	+5.7pp	Cons. · Japanese GAAP
FYE Mar 2022	77.5	−3.7pp	Cons. · Japanese GAAP
FYE Dec 2022	74.4	−3.1pp	Cons. · Japanese GAAP
FYE Dec 2023	73.1	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2024	71.0	−2.1pp	Cons. · Japanese GAAP
FYE Dec 2025	73.3	+2.3pp	Cons. · Japanese GAAP

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

SG&A ratio

FYE Dec 2025 21.4%

Average · 10 yrs 19.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	17.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.3	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	18.7	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	18.4	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	21.1	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2022	20.0	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2022	21.9	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2023	20.3	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2024	20.8	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2025	21.4	+0.5pp	Cons. · Japanese GAAP

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

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

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Dec 2025 ¥459bn

CAGR · 10 yrs +8.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	230	n/a	Cons. · Japanese GAAP
FYE Mar 2018	246	+6.9%	Cons. · Japanese GAAP
FYE Mar 2019	256	+4.2%	Cons. · Japanese GAAP
FYE Mar 2020	311	+21.7%	Cons. · Japanese GAAP
FYE Mar 2021	324	+4.1%	Cons. · Japanese GAAP
FYE Mar 2022	345	+6.4%	Cons. · Japanese GAAP
FYE Dec 2022	357	+3.5%	Cons. · Japanese GAAP
FYE Dec 2023	365	+2.4%	Cons. · Japanese GAAP
FYE Dec 2024	403	+10.5%	Cons. · Japanese GAAP
FYE Dec 2025	459	+13.7%	Cons. · Japanese GAAP

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

Equity net assets, shareholders' equity

FYE Dec 2025 ¥206bn

CAGR · 10 yrs +4.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	142	n/a	Cons. · Japanese GAAP
FYE Mar 2018	149	+5.2%	Cons. · Japanese GAAP
FYE Mar 2019	154	+3.0%	Cons. · Japanese GAAP
FYE Mar 2020	157	+2.1%	Cons. · Japanese GAAP
FYE Mar 2021	144	−8.4%	Cons. · Japanese GAAP
FYE Mar 2022	159	+10.5%	Cons. · Japanese GAAP
FYE Dec 2022	167	+5.1%	Cons. · Japanese GAAP
FYE Dec 2023	181	+8.3%	Cons. · Japanese GAAP
FYE Dec 2024	189	+4.3%	Cons. · Japanese GAAP
FYE Dec 2025	206	+9.0%	Cons. · Japanese GAAP

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

Interest-bearing debt

FYE Dec 2025 ¥110bn

CAGR · 10 yrs +17.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	26.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.2	−13.2%	Cons. · Japanese GAAP
FYE Mar 2019	19.6	−15.6%	Cons. · Japanese GAAP
FYE Mar 2020	19.6	+0.1%	Cons. · Japanese GAAP
FYE Mar 2021	41.2	+110.3%	Cons. · Japanese GAAP
FYE Mar 2022	44.4	+7.7%	Cons. · Japanese GAAP
FYE Dec 2022	43.7	−1.5%	Cons. · Japanese GAAP
FYE Dec 2023	37.1	−15.2%	Cons. · Japanese GAAP
FYE Dec 2024	78.2	+111.1%	Cons. · Japanese GAAP
FYE Dec 2025	110	+41.2%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Dec 2025 ¥53bn

CAGR · 10 yrs +14.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	15.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.6	+20.4%	Cons. · Japanese GAAP
FYE Mar 2019	10.6	−42.8%	Cons. · Japanese GAAP
FYE Mar 2020	9.7	−8.5%	Cons. · Japanese GAAP
FYE Mar 2021	31.6	+224.7%	Cons. · Japanese GAAP
FYE Mar 2022	34.8	+10.1%	Cons. · Japanese GAAP
FYE Dec 2022	40.2	+15.5%	Cons. · Japanese GAAP
FYE Dec 2023	34.6	−13.9%	Cons. · Japanese GAAP
FYE Dec 2024	49.3	+42.4%	Cons. · Japanese GAAP
FYE Dec 2025	53.2	+8.0%	Cons. · Japanese GAAP

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

Long-term borrowings

FYE Dec 2025 ¥57bn

CAGR · 10 yrs +19.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	11.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.6	−59.4%	Cons. · Japanese GAAP
FYE Mar 2019	8.9	+95.7%	Cons. · Japanese GAAP
FYE Mar 2020	9.9	+10.4%	Cons. · Japanese GAAP
FYE Mar 2021	9.6	−2.7%	Cons. · Japanese GAAP
FYE Mar 2022	9.6	−0.0%	Cons. · Japanese GAAP
FYE Dec 2022	3.5	−63.4%	Cons. · Japanese GAAP
FYE Dec 2023	2.5	−30.2%	Cons. · Japanese GAAP
FYE Dec 2024	29.0	+1081.6%	Cons. · Japanese GAAP
FYE Dec 2025	57.2	+97.6%	Cons. · Japanese GAAP

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 ¥27bn

CAGR · 10 yrs +41.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.2	+0.5%	Cons. · Japanese GAAP
FYE Mar 2019	1.7	+43.5%	Cons. · Japanese GAAP
FYE Mar 2020	1.7	−1.6%	Cons. · Japanese GAAP
FYE Mar 2021	1.7	+1.0%	Cons. · Japanese GAAP
FYE Mar 2022	2.6	+52.0%	Cons. · Japanese GAAP
FYE Dec 2022	2.5	−1.3%	Cons. · Japanese GAAP
FYE Dec 2023	2.6	+3.0%	Cons. · Japanese GAAP
FYE Dec 2024	5.5	+109.4%	Cons. · Japanese GAAP
FYE Dec 2025	27.2	+397.7%	Cons. · Japanese GAAP

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

Equity ratio

FYE Dec 2025 44.9%

Average · 10 yrs 51.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	61.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	60.9	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	60.2	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	50.5	−9.7pp	Cons. · Japanese GAAP
FYE Mar 2021	44.5	−6.0pp	Cons. · Japanese GAAP
FYE Mar 2022	46.2	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2022	46.9	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2023	49.6	+2.7pp	Cons. · Japanese GAAP
FYE Dec 2024	46.8	−2.8pp	Cons. · Japanese GAAP
FYE Dec 2025	44.9	−1.9pp	Cons. · Japanese GAAP

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

Debt-to-equity ratio D/E ratio

FYE Dec 2025 53.6%

Average · 10 yrs 25.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	18.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.5	−3.3pp	Cons. · Japanese GAAP
FYE Mar 2019	12.7	−2.8pp	Cons. · Japanese GAAP
FYE Mar 2020	12.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	28.6	+16.1pp	Cons. · Japanese GAAP
FYE Mar 2022	27.9	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2022	26.1	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2023	20.5	−5.7pp	Cons. · Japanese GAAP
FYE Dec 2024	41.4	+21.0pp	Cons. · Japanese GAAP
FYE Dec 2025	53.6	+12.2pp	Cons. · Japanese GAAP

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

ROE return on equity

FYE Dec 2025 8.9%

Average · 10 yrs 4.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.3	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	7.4	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	4.1	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2021	-9.0	−13.1pp	Cons. · Japanese GAAP
FYE Mar 2022	8.2	+17.2pp	Cons. · Japanese GAAP
FYE Dec 2022	1.3	−6.9pp	Cons. · Japanese GAAP
FYE Dec 2023	4.3	+3.0pp	Cons. · Japanese GAAP
FYE Dec 2024	3.5	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2025	8.9	+5.4pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 4.0%

Average · 10 yrs 2.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	4.5	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	2.1	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2021	-4.0	−6.1pp	Cons. · Japanese GAAP
FYE Mar 2022	3.8	+7.8pp	Cons. · Japanese GAAP
FYE Dec 2022	0.6	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2023	2.1	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2024	1.6	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2025	4.0	+2.3pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 0.76×

CAGR · 10 yrs −0.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.78	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.71	−9.5%	Cons. · Japanese GAAP
FYE Mar 2019	0.74	+4.1%	Cons. · Japanese GAAP
FYE Mar 2020	0.73	−0.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.57	−21.6%	Cons. · Japanese GAAP
FYE Mar 2022	0.60	+3.9%	Cons. · Japanese GAAP
FYE Dec 2022	0.54	−9.3%	Cons. · Japanese GAAP
FYE Dec 2023	0.77	+41.9%	Cons. · Japanese GAAP
FYE Dec 2024	0.72	−5.8%	Cons. · Japanese GAAP
FYE Dec 2025	0.76	+5.5%	Cons. · Japanese GAAP

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 -¥2.4bn

Average · 10 yrs ¥5.8bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	30.0	+809.3%	Cons. · Japanese GAAP
FYE Mar 2019	2.5	−91.6%	Cons. · Japanese GAAP
FYE Mar 2020	-3.0	−218.6%	Cons. · Japanese GAAP
FYE Mar 2021	20.4	n/a	Cons. · Japanese GAAP
FYE Mar 2022	17.3	−15.2%	Cons. · Japanese GAAP
FYE Dec 2022	-20.4	−217.8%	Cons. · Japanese GAAP
FYE Dec 2023	10.1	n/a	Cons. · Japanese GAAP
FYE Dec 2024	0.0	−99.7%	Cons. · Japanese GAAP
FYE Dec 2025	-2.4	−9357.7%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Dec 2025 -¥0.6bn

Average · 10 yrs -¥9.3bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-4.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-17.1	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-31.5	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-3.7	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-7.1	n/a	Cons. · Japanese GAAP
FYE Dec 2022	4.5	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-4.0	−188.2%	Cons. · Japanese GAAP
FYE Dec 2024	-25.1	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-0.6	n/a	Cons. · Japanese GAAP

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

Financing cash flow

FYE Dec 2025 -¥2.1bn

Average · 10 yrs ¥4.0bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2020	26.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	29.0	+11.9%	Cons. · Japanese GAAP
FYE Mar 2022	-0.5	−101.6%	Cons. · Japanese GAAP
FYE Dec 2022	-5.0	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-13.3	n/a	Cons. · Japanese GAAP
FYE Dec 2024	21.6	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-2.1	−109.8%	Cons. · Japanese GAAP

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

Cash and equivalents

FYE Dec 2025 ¥81bn

CAGR · 10 yrs +1.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	68.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	86.6	+26.8%	Cons. · Japanese GAAP
FYE Mar 2019	65.8	−24.1%	Cons. · Japanese GAAP
FYE Mar 2020	57.0	−13.3%	Cons. · Japanese GAAP
FYE Mar 2021	103	+80.7%	Cons. · Japanese GAAP
FYE Mar 2022	115	+11.8%	Cons. · Japanese GAAP
FYE Dec 2022	98.0	−14.9%	Cons. · Japanese GAAP
FYE Dec 2023	94.1	−3.9%	Cons. · Japanese GAAP
FYE Dec 2024	92.6	−1.6%	Cons. · Japanese GAAP
FYE Dec 2025	81.0	−12.5%	Cons. · Japanese GAAP

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Dec 2025 -¥3.1bn

Average · 10 yrs -¥3.5bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-1.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	26.1	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-14.5	−155.8%	Cons. · Japanese GAAP
FYE Mar 2020	-34.5	n/a	Cons. · Japanese GAAP
FYE Mar 2021	16.7	n/a	Cons. · Japanese GAAP
FYE Mar 2022	10.2	−38.7%	Cons. · Japanese GAAP
FYE Dec 2022	-15.9	−255.2%	Cons. · Japanese GAAP
FYE Dec 2023	6.1	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-25.1	−508.7%	Cons. · Japanese GAAP
FYE Dec 2025	-3.1	n/a	Cons. · Japanese GAAP

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Dec 2025 -0.7%

Average · 10 yrs 3.1%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.3	+15.4pp	Cons. · Japanese GAAP
FYE Mar 2019	1.3	−15.9pp	Cons. · Japanese GAAP
FYE Mar 2020	-1.3	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2021	11.0	+12.3pp	Cons. · Japanese GAAP
FYE Mar 2022	8.4	−2.6pp	Cons. · Japanese GAAP
FYE Dec 2022	-10.6	−19.0pp	Cons. · Japanese GAAP
FYE Dec 2023	3.6	+14.2pp	Cons. · Japanese GAAP
FYE Dec 2024	0.0	−3.6pp	Cons. · Japanese GAAP
FYE Dec 2025	-0.7	−0.7pp	Cons. · Japanese GAAP

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

Net cash

FYE Dec 2025 -¥29bn

Average · 10 yrs ¥42bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	41.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	63.5	+52.5%	Cons. · Japanese GAAP
FYE Mar 2019	46.2	−27.2%	Cons. · Japanese GAAP
FYE Mar 2020	37.4	−19.0%	Cons. · Japanese GAAP
FYE Mar 2021	61.8	+65.2%	Cons. · Japanese GAAP
FYE Mar 2022	70.8	+14.6%	Cons. · Japanese GAAP
FYE Dec 2022	54.3	−23.4%	Cons. · Japanese GAAP
FYE Dec 2023	57.1	+5.2%	Cons. · Japanese GAAP
FYE Dec 2024	14.4	−74.8%	Cons. · Japanese GAAP
FYE Dec 2025	-29.4	−304.6%	Cons. · Japanese GAAP

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

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

Market capitalisation

FYE Dec 2025 ¥137bn

Change · 9 yrs −¥31bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	168	n/a
FYE Mar 2018	207	n/a
FYE Mar 2019	136	n/a
FYE Mar 2020	100	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	133	n/a
FYE Dec 2022	119	n/a
FYE Dec 2023	153	n/a
FYE Dec 2024	149	n/a
FYE Dec 2025	137	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 1,061¥

Change · 9 yrs −237¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,299	n/a
FYE Mar 2018	1,595	n/a
FYE Mar 2019	1,051	n/a
FYE Mar 2020	774	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	1,030	n/a
FYE Dec 2022	917	n/a
FYE Dec 2023	1,179	n/a
FYE Dec 2024	1,148	n/a
FYE Dec 2025	1,061	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 129,500,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	129,500,000	Parent
FYE Mar 2018	129,500,000	Parent
FYE Mar 2019	129,500,000	Parent
FYE Mar 2020	129,500,000	Parent
FYE Mar 2021	129,500,000	Parent
FYE Mar 2022	129,500,000	Parent
FYE Dec 2022	129,500,000	Parent
FYE Dec 2023	129,500,000	Parent
FYE Dec 2024	129,500,000	Parent
FYE Dec 2025	129,500,000	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 144.78¥

Change · 10 yrs +50.95¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	93.83	Cons.
FYE Mar 2018	74.16	Cons.
FYE Mar 2019	90.52	Cons.
FYE Mar 2020	50.80	Cons.
FYE Mar 2021	-102.53	Cons.
FYE Mar 2022	103.33	Cons.
FYE Dec 2022	17.43	Cons.
FYE Dec 2023	61.26	Cons.
FYE Dec 2024	52.29	Cons.
FYE Dec 2025	144.78	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 1,589.66¥

Change · 10 yrs +492.63¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,097.03	Cons. · Japanese GAAP
FYE Mar 2018	1,154.11	Cons. · Japanese GAAP
FYE Mar 2019	1,189.00	Cons. · Japanese GAAP
FYE Mar 2020	1,213.81	Cons. · Japanese GAAP
FYE Mar 2021	1,112.36	Cons. · Japanese GAAP
FYE Mar 2022	1,228.69	Cons. · Japanese GAAP
FYE Dec 2022	1,291.34	Cons. · Japanese GAAP
FYE Dec 2023	1,397.88	Cons. · Japanese GAAP
FYE Dec 2024	1,457.85	Cons. · Japanese GAAP
FYE Dec 2025	1,589.66	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 7.33×

Average · 9 yrs 19.26×

Fiscal year	PER ×	Basis
FYE Mar 2017	13.84	Cons.
FYE Mar 2018	21.51	Cons.
FYE Mar 2019	11.61	Cons.
FYE Mar 2020	15.24	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	9.97	Cons.
FYE Dec 2022	52.61	Cons.
FYE Dec 2023	19.25	Cons.
FYE Dec 2024	21.96	Cons.
FYE Dec 2025	7.33	Cons.

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

PBR price-to-book ratio

FYE Dec 2025 0.65×

Average · 9 yrs 0.86×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.16	Cons.
FYE Mar 2018	1.35	Cons.
FYE Mar 2019	0.86	Cons.
FYE Mar 2020	0.62	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	0.82	Cons.
FYE Dec 2022	0.70	Cons.
FYE Dec 2023	0.83	Cons.
FYE Dec 2024	0.77	Cons.
FYE Dec 2025	0.65	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Dec 2025 5,997people

Change · 10 yrs +2,651 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	3,346	n/a	Cons.
FYE Mar 2018	3,311	−1.0%	Cons.
FYE Mar 2019	3,405	+2.8%	Cons.
FYE Mar 2020	5,084	+49.3%	Cons.
FYE Mar 2021	5,074	−0.2%	Cons.
FYE Mar 2022	4,589	−9.6%	Cons.
FYE Dec 2022	4,651	+1.4%	Cons.
FYE Dec 2023	4,686	+0.8%	Cons.
FYE Dec 2024	4,916	+4.9%	Cons.
FYE Dec 2025	5,997	+22.0%	Cons.

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

Parent-company employees

FYE Dec 2025 1,755people

Change · 10 yrs +322 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,433	n/a	Parent
FYE Mar 2018	1,428	−0.3%	Parent
FYE Mar 2019	1,428	−0.0%	Parent
FYE Mar 2020	1,438	+0.7%	Parent
FYE Mar 2021	1,467	+2.0%	Parent
FYE Mar 2022	1,539	+4.9%	Parent
FYE Dec 2022	1,585	+3.0%	Parent
FYE Dec 2023	1,596	+0.7%	Parent
FYE Dec 2024	1,674	+4.9%	Parent
FYE Dec 2025	1,755	+4.8%	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 ¥6.9m

Change · 8 yrs +¥0.3m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	6.7	n/a	Parent
FYE Mar 2020	6.8	+1.8%	Parent
FYE Mar 2021	6.3	−6.6%	Parent
FYE Mar 2022	6.1	−3.6%	Parent
FYE Dec 2022	6.2	+1.7%	Parent
FYE Dec 2023	6.5	+4.2%	Parent
FYE Dec 2024	6.7	+3.4%	Parent
FYE Dec 2025	6.9	+4.2%	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 40.8years

Change · 8 yrs −1.2 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	42.0	n/a	Parent
FYE Mar 2020	42.0	−0.0%	Parent
FYE Mar 2021	42.4	+1.0%	Parent
FYE Mar 2022	42.1	−0.7%	Parent
FYE Dec 2022	41.5	−1.4%	Parent
FYE Dec 2023	41.6	+0.2%	Parent
FYE Dec 2024	41.3	−0.7%	Parent
FYE Dec 2025	40.8	−1.2%	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 15.1years

Change · 8 yrs −1.8 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	16.9	n/a	Parent
FYE Mar 2020	16.9	−0.0%	Parent
FYE Mar 2021	17.2	+1.8%	Parent
FYE Mar 2022	16.6	−3.5%	Parent
FYE Dec 2022	16.0	−3.6%	Parent
FYE Dec 2023	16.1	+0.6%	Parent
FYE Dec 2024	15.7	−2.5%	Parent
FYE Dec 2025	15.1	−3.8%	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 ¥58.3m

Change · 10 yrs +¥4.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	53.7	n/a	Cons.
FYE Mar 2018	52.5	−2.3%	Cons.
FYE Mar 2019	55.3	+5.5%	Cons.
FYE Mar 2020	44.8	−19.0%	Cons.
FYE Mar 2021	36.7	−18.2%	Cons.
FYE Mar 2022	44.8	+22.2%	Cons.
FYE Dec 2022	41.5	−7.4%	Cons.
FYE Dec 2023	59.8	+44.2%	Cons.
FYE Dec 2024	59.3	−0.9%	Cons.
FYE Dec 2025	58.3	−1.7%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥3.1m

Change · 10 yrs −¥2.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	5.5	n/a	Cons.
FYE Mar 2018	4.7	−15.2%	Cons.
FYE Mar 2019	4.7	−0.7%	Cons.
FYE Mar 2020	2.7	−41.0%	Cons.
FYE Mar 2021	-0.8	−130.1%	Cons.
FYE Mar 2022	1.1	n/a	Cons.
FYE Dec 2022	1.5	+35.1%	Cons.
FYE Dec 2023	3.9	+153.3%	Cons.
FYE Dec 2024	4.8	+23.5%	Cons.
FYE Dec 2025	3.1	−36.0%	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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