Financials

Hoshizaki: FYE Dec 2025 and ten years of results (46 metrics)

FYE Dec 2025 · Revenue¥486bnYoY +9.1%

FYE Dec 2025 · Operating profit¥52bnYoY +1.7%

FYE Dec 2025 · Net profit¥38bnYoY +3.3%

FYE Dec 2025 · Equity ratio68.2%YoY +1.8pp

FYE Dec 2025 · Group employees17,041YoY +980

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥266bn	n/a	¥35bn	n/a	13.0%	¥21bn	Sakamoto Kiyoshi	Renamed Hoshizaki Corporation
FYE Dec 2017Consolidated	¥282bn	+6.3%	¥36bn	+4.3%	12.8%	¥23bn	Sakamoto Kiyoshi	<a class="en-history_person" href="/tse/6465/executives/ceo/kobayashi-yasuhiro/" hreflang="ja">Kobayashi Yasuhiro</a> — first president from outside the family
FYE Dec 2018Consolidated	¥293bn	+3.7%	¥36bn	+1.1%	12.4%	¥26bn	Kobayashi Yasuhiro	Fictitious orders at Hoshizaki Tokai; shares put under supervision
FYE Dec 2019Consolidated	¥290bn	−0.9%	¥33bn	−10.4%	11.3%	¥24bn	Kobayashi Yasuhiro	—
FYE Dec 2020Consolidated	¥238bn	−17.9%	¥18bn	−43.5%	7.7%	¥11bn	Kobayashi Yasuhiro	—
FYE Dec 2021Consolidated	¥274bn	+15.2%	¥25bn	+35.1%	9.1%	¥22bn	Kobayashi Yasuhiro	—
FYE Dec 2022Consolidated	¥321bn	+17.1%	¥27bn	+9.8%	8.5%	¥24bn	Kobayashi Yasuhiro	Brema (Italy), Naomi and a Beijing kitchen engineering firm
FYE Dec 2023Consolidated	¥374bn	+16.3%	¥44bn	+59.0%	11.6%	¥33bn	Kobayashi Yasuhiro	—
FYE Dec 2024Consolidated	¥445bn	+19.3%	¥51bn	+17.3%	11.5%	¥37bn	Kobayashi Yasuhiro	—
FYE Dec 2025Consolidated	¥486bn	+9.1%	¥52bn	+1.7%	10.7%	¥38bn	Kobayashi Yasuhiro	Structural Concepts (US) acquired

How it compares

Daikin¥5.02tnFY2025Operating margin 8.3%

Hoshizaki¥486bnFY2025Operating margin 10.7%

Rinnai¥470bnFY2025Operating margin 10.7%Miura¥269bnFY2025Operating margin 11.5%

Noritsu¥202bnFY2025Operating margin 2.1%

Zojirushi¥91bnFY2025Operating margin 8.2%

Shinkoukougyou¥57bnFY2024Operating margin 17.5%

Choufuseisakusho¥47bnFY2025Operating margin 3.7%

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 ¥486bn

CAGR · 10 yrs +6.9%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	266	n/a	Cons. · Japanese GAAP
FYE Dec 2017	282	+6.3%	Cons. · Japanese GAAP
FYE Dec 2018	293	+3.7%	Cons. · Japanese GAAP
FYE Dec 2019	290	−0.9%	Cons. · Japanese GAAP
FYE Dec 2020	238	−17.9%	Cons. · Japanese GAAP
FYE Dec 2021	274	+15.2%	Cons. · Japanese GAAP
FYE Dec 2022	321	+17.1%	Cons. · Japanese GAAP
FYE Dec 2023	374	+16.3%	Cons. · Japanese GAAP
FYE Dec 2024	445	+19.3%	Cons. · Japanese GAAP
FYE Dec 2025	486	+9.1%	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 ¥304bn

CAGR · 10 yrs +7.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	162	n/a	Cons. · Japanese GAAP
FYE Dec 2017	174	+7.4%	Cons. · Japanese GAAP
FYE Dec 2018	182	+4.8%	Cons. · Japanese GAAP
FYE Dec 2019	181	−0.9%	Cons. · Japanese GAAP
FYE Dec 2020	149	−17.4%	Cons. · Japanese GAAP
FYE Dec 2021	175	+17.1%	Cons. · Japanese GAAP
FYE Dec 2022	210	+20.0%	Cons. · Japanese GAAP
FYE Dec 2023	238	+13.3%	Cons. · Japanese GAAP
FYE Dec 2024	279	+17.5%	Cons. · Japanese GAAP
FYE Dec 2025	304	+9.1%	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 ¥181bn

CAGR · 10 yrs +6.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	104	n/a	Cons. · Japanese GAAP
FYE Dec 2017	108	+4.6%	Cons. · Japanese GAAP
FYE Dec 2018	111	+2.0%	Cons. · Japanese GAAP
FYE Dec 2019	109	−1.0%	Cons. · Japanese GAAP
FYE Dec 2020	89.1	−18.6%	Cons. · Japanese GAAP
FYE Dec 2021	99.7	+11.9%	Cons. · Japanese GAAP
FYE Dec 2022	112	+12.0%	Cons. · Japanese GAAP
FYE Dec 2023	136	+21.8%	Cons. · Japanese GAAP
FYE Dec 2024	166	+22.3%	Cons. · Japanese GAAP
FYE Dec 2025	181	+9.0%	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 ¥130bn

CAGR · 10 yrs +7.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	69.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	72.3	+4.7%	Cons. · Japanese GAAP
FYE Dec 2018	74.1	+2.5%	Cons. · Japanese GAAP
FYE Dec 2019	76.8	+3.6%	Cons. · Japanese GAAP
FYE Dec 2020	70.6	−8.1%	Cons. · Japanese GAAP
FYE Dec 2021	74.8	+5.9%	Cons. · Japanese GAAP
FYE Dec 2022	84.3	+12.8%	Cons. · Japanese GAAP
FYE Dec 2023	92.5	+9.8%	Cons. · Japanese GAAP
FYE Dec 2024	115	+24.7%	Cons. · Japanese GAAP
FYE Dec 2025	130	+12.2%	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 ¥52bn

CAGR · 10 yrs +4.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	34.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	36.1	+4.3%	Cons. · Japanese GAAP
FYE Dec 2018	36.4	+1.1%	Cons. · Japanese GAAP
FYE Dec 2019	32.7	−10.4%	Cons. · Japanese GAAP
FYE Dec 2020	18.4	−43.5%	Cons. · Japanese GAAP
FYE Dec 2021	24.9	+35.1%	Cons. · Japanese GAAP
FYE Dec 2022	27.4	+9.8%	Cons. · Japanese GAAP
FYE Dec 2023	43.5	+59.0%	Cons. · Japanese GAAP
FYE Dec 2024	51.1	+17.3%	Cons. · Japanese GAAP
FYE Dec 2025	51.9	+1.7%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥7.6bn

CAGR · 10 yrs +19.4%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	1.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.7	+8.5%	Cons. · Japanese GAAP
FYE Dec 2018	2.0	+23.1%	Cons. · Japanese GAAP
FYE Dec 2019	2.3	+13.7%	Cons. · Japanese GAAP
FYE Dec 2020	2.2	−5.4%	Cons. · Japanese GAAP
FYE Dec 2021	6.5	+195.3%	Cons. · Japanese GAAP
FYE Dec 2022	11.1	+69.8%	Cons. · Japanese GAAP
FYE Dec 2023	8.5	−23.1%	Cons. · Japanese GAAP
FYE Dec 2024	8.9	+4.6%	Cons. · Japanese GAAP
FYE Dec 2025	7.6	−14.9%	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 ¥3.2bn

CAGR · 10 yrs +5.5%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	2.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.6	−67.3%	Cons. · Japanese GAAP
FYE Dec 2018	2.1	+229.7%	Cons. · Japanese GAAP
FYE Dec 2019	0.8	−63.8%	Cons. · Japanese GAAP
FYE Dec 2020	3.2	+320.3%	Cons. · Japanese GAAP
FYE Dec 2021	0.3	−91.5%	Cons. · Japanese GAAP
FYE Dec 2022	1.2	+337.5%	Cons. · Japanese GAAP
FYE Dec 2023	1.7	+40.6%	Cons. · Japanese GAAP
FYE Dec 2024	2.5	+50.2%	Cons. · Japanese GAAP
FYE Dec 2025	3.2	+25.3%	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 ¥56bn

CAGR · 10 yrs +5.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	34.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	37.1	+8.6%	Cons. · Japanese GAAP
FYE Dec 2018	36.4	−1.9%	Cons. · Japanese GAAP
FYE Dec 2019	34.2	−5.9%	Cons. · Japanese GAAP
FYE Dec 2020	17.4	−49.1%	Cons. · Japanese GAAP
FYE Dec 2021	31.2	+78.9%	Cons. · Japanese GAAP
FYE Dec 2022	37.2	+19.4%	Cons. · Japanese GAAP
FYE Dec 2023	50.3	+35.2%	Cons. · Japanese GAAP
FYE Dec 2024	57.4	+14.1%	Cons. · Japanese GAAP
FYE Dec 2025	56.3	−1.9%	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 ¥127m

CAGR · 10 yrs +30.0%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE Dec 2016	12.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	100	+733.3%	Cons. · Japanese GAAP
FYE Dec 2018	12.0	−88.0%	Cons. · Japanese GAAP
FYE Dec 2019	103	+758.3%	Cons. · Japanese GAAP
FYE Dec 2020	83.0	−19.4%	Cons. · Japanese GAAP
FYE Dec 2021	120	+44.6%	Cons. · Japanese GAAP
FYE Dec 2022	81.0	−32.5%	Cons. · Japanese GAAP
FYE Dec 2023	96.0	+18.5%	Cons. · Japanese GAAP
FYE Dec 2024	134	+39.6%	Cons. · Japanese GAAP
FYE Dec 2025	127	−5.2%	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 · 3 yrs +252.1%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2020	0.2	n/a	Cons. · Japanese GAAP
FYE Dec 2021	0.1	−74.9%	Cons. · Japanese GAAP
FYE Dec 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2024	2.7	n/a	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 ¥38bn

CAGR · 10 yrs +6.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	21.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	23.1	+8.0%	Cons. · Japanese GAAP
FYE Dec 2018	25.7	+11.1%	Cons. · Japanese GAAP
FYE Dec 2019	24.4	−5.0%	Cons. · Japanese GAAP
FYE Dec 2020	11.4	−53.2%	Cons. · Japanese GAAP
FYE Dec 2021	21.7	+89.5%	Cons. · Japanese GAAP
FYE Dec 2022	24.0	+10.6%	Cons. · Japanese GAAP
FYE Dec 2023	32.8	+36.9%	Cons. · Japanese GAAP
FYE Dec 2024	36.9	+12.5%	Cons. · Japanese GAAP
FYE Dec 2025	38.1	+3.3%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 37.3%

Average · 10 yrs 37.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	39.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	38.4	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2018	37.8	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2019	37.7	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2020	37.4	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	36.3	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2022	34.8	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2023	36.4	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2024	37.4	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2025	37.3	−0.0pp	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 10.7%

Average · 10 yrs 10.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	13.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.8	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	12.4	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	11.3	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2020	7.7	−3.5pp	Cons. · Japanese GAAP
FYE Dec 2021	9.1	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2022	8.5	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2023	11.6	+3.1pp	Cons. · Japanese GAAP
FYE Dec 2024	11.5	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2025	10.7	−0.8pp	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 11.6%

Average · 10 yrs 11.8%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	12.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	13.1	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2018	12.4	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2019	11.8	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2020	7.3	−4.5pp	Cons. · Japanese GAAP
FYE Dec 2021	11.4	+4.0pp	Cons. · Japanese GAAP
FYE Dec 2022	11.6	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	13.5	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2024	12.9	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2025	11.6	−1.3pp	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 7.9%

Average · 10 yrs 7.9%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	8.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.2	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2018	8.8	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2019	8.4	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2020	4.8	−3.6pp	Cons. · Japanese GAAP
FYE Dec 2021	7.9	+3.1pp	Cons. · Japanese GAAP
FYE Dec 2022	7.5	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2023	8.8	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2024	8.3	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2025	7.9	−0.4pp	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 62.7%

Average · 10 yrs 62.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	61.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	61.6	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2018	62.2	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2019	62.3	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2020	62.6	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	63.7	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2022	65.2	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2023	63.6	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2024	62.6	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2025	62.7	−0.0pp	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 26.7%

Average · 10 yrs 26.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	26.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	25.6	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2018	25.3	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	26.5	+1.2pp	Cons. · Japanese GAAP
FYE Dec 2020	29.6	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2021	27.2	−2.4pp	Cons. · Japanese GAAP
FYE Dec 2022	26.2	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2023	24.8	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2024	25.9	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2025	26.7	+0.8pp	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 ¥576bn

CAGR · 10 yrs +8.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	289	n/a	Cons. · Japanese GAAP
FYE Dec 2017	316	+9.3%	Cons. · Japanese GAAP
FYE Dec 2018	335	+6.0%	Cons. · Japanese GAAP
FYE Dec 2019	352	+5.1%	Cons. · Japanese GAAP
FYE Dec 2020	343	−2.4%	Cons. · Japanese GAAP
FYE Dec 2021	378	+10.2%	Cons. · Japanese GAAP
FYE Dec 2022	424	+12.0%	Cons. · Japanese GAAP
FYE Dec 2023	465	+9.8%	Cons. · Japanese GAAP
FYE Dec 2024	548	+17.7%	Cons. · Japanese GAAP
FYE Dec 2025	576	+5.1%	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 ¥393bn

CAGR · 10 yrs +8.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	186	n/a	Cons. · Japanese GAAP
FYE Dec 2017	205	+10.5%	Cons. · Japanese GAAP
FYE Dec 2018	222	+8.4%	Cons. · Japanese GAAP
FYE Dec 2019	241	+8.2%	Cons. · Japanese GAAP
FYE Dec 2020	238	−1.0%	Cons. · Japanese GAAP
FYE Dec 2021	258	+8.3%	Cons. · Japanese GAAP
FYE Dec 2022	289	+12.1%	Cons. · Japanese GAAP
FYE Dec 2023	328	+13.7%	Cons. · Japanese GAAP
FYE Dec 2024	364	+10.7%	Cons. · Japanese GAAP
FYE Dec 2025	393	+8.0%	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)

Intangible assets

FYE Dec 2025 ¥101bn

CAGR · 10 yrs +31.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	8.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.8	−23.3%	Cons. · Japanese GAAP
FYE Dec 2018	5.5	−19.7%	Cons. · Japanese GAAP
FYE Dec 2019	4.7	−14.5%	Cons. · Japanese GAAP
FYE Dec 2020	3.5	−25.2%	Cons. · Japanese GAAP
FYE Dec 2021	2.8	−21.2%	Cons. · Japanese GAAP
FYE Dec 2022	18.0	+549.2%	Cons. · Japanese GAAP
FYE Dec 2023	18.4	+2.2%	Cons. · Japanese GAAP
FYE Dec 2024	43.8	+138.8%	Cons. · Japanese GAAP
FYE Dec 2025	101	+130.6%	Cons. · Japanese GAAP

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

Goodwill

FYE Dec 2025 ¥76bn

CAGR · 10 yrs +39.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	3.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.7	−31.6%	Cons. · Japanese GAAP
FYE Dec 2018	2.1	−21.0%	Cons. · Japanese GAAP
FYE Dec 2019	1.5	−26.9%	Cons. · Japanese GAAP
FYE Dec 2020	1.0	−37.1%	Cons. · Japanese GAAP
FYE Dec 2021	0.6	−35.5%	Cons. · Japanese GAAP
FYE Dec 2022	9.5	+1432.7%	Cons. · Japanese GAAP
FYE Dec 2023	9.4	−1.7%	Cons. · Japanese GAAP
FYE Dec 2024	19.0	+102.1%	Cons. · Japanese GAAP
FYE Dec 2025	76.4	+302.7%	Cons. · Japanese GAAP

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 68.2%

Average · 10 yrs 67.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	64.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	64.9	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	66.4	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2019	68.4	+2.0pp	Cons. · Japanese GAAP
FYE Dec 2020	69.3	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2021	68.1	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2022	68.2	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2023	70.6	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2024	66.4	−4.2pp	Cons. · Japanese GAAP
FYE Dec 2025	68.2	+1.8pp	Cons. · Japanese GAAP

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

ROE return on equity

FYE Dec 2025 9.7%

Average · 10 yrs 9.6%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	11.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.3	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2018	11.6	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	10.2	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2020	4.8	−5.4pp	Cons. · Japanese GAAP
FYE Dec 2021	8.4	+3.6pp	Cons. · Japanese GAAP
FYE Dec 2022	8.3	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2023	10.0	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2024	10.2	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2025	9.7	−0.4pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 6.6%

Average · 10 yrs 6.5%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	7.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.3	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2018	7.7	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2019	6.9	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2020	3.3	−3.6pp	Cons. · Japanese GAAP
FYE Dec 2021	5.7	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2022	5.7	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2023	7.1	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2024	6.7	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2025	6.6	−0.1pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 0.84×

CAGR · 10 yrs −0.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.92	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.89	−2.8%	Cons. · Japanese GAAP
FYE Dec 2018	0.87	−2.1%	Cons. · Japanese GAAP
FYE Dec 2019	0.82	−5.7%	Cons. · Japanese GAAP
FYE Dec 2020	0.69	−15.8%	Cons. · Japanese GAAP
FYE Dec 2021	0.73	+4.5%	Cons. · Japanese GAAP
FYE Dec 2022	0.76	+4.5%	Cons. · Japanese GAAP
FYE Dec 2023	0.80	+5.9%	Cons. · Japanese GAAP
FYE Dec 2024	0.81	+1.3%	Cons. · Japanese GAAP
FYE Dec 2025	0.84	+3.8%	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 ¥31bn

CAGR · 10 yrs −0.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	30.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	34.9	+13.9%	Cons. · Japanese GAAP
FYE Dec 2018	30.2	−13.4%	Cons. · Japanese GAAP
FYE Dec 2019	30.5	+0.8%	Cons. · Japanese GAAP
FYE Dec 2020	20.7	−31.9%	Cons. · Japanese GAAP
FYE Dec 2021	27.3	+31.9%	Cons. · Japanese GAAP
FYE Dec 2022	5.2	−81.1%	Cons. · Japanese GAAP
FYE Dec 2023	37.7	+629.2%	Cons. · Japanese GAAP
FYE Dec 2024	47.3	+25.6%	Cons. · Japanese GAAP
FYE Dec 2025	30.5	−35.5%	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 -¥76bn

Average · 10 yrs -¥13bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-34.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-34.1	n/a	Cons. · Japanese GAAP
FYE Dec 2018	16.5	n/a	Cons. · Japanese GAAP
FYE Dec 2019	29.6	+79.9%	Cons. · Japanese GAAP
FYE Dec 2020	-1.2	−104.1%	Cons. · Japanese GAAP
FYE Dec 2021	5.2	n/a	Cons. · Japanese GAAP
FYE Dec 2022	1.9	−62.9%	Cons. · Japanese GAAP
FYE Dec 2023	3.3	+69.3%	Cons. · Japanese GAAP
FYE Dec 2024	-37.4	−1237.3%	Cons. · Japanese GAAP
FYE Dec 2025	-75.9	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 -¥15bn

Average · 10 yrs -¥12bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-5.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-5.0	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-5.0	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-5.9	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-8.3	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-8.1	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-13.3	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-10.4	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-40.2	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-15.0	n/a	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 ¥159bn

CAGR · 10 yrs +12.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	53.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	49.9	−7.1%	Cons. · Japanese GAAP
FYE Dec 2018	89.3	+78.8%	Cons. · Japanese GAAP
FYE Dec 2019	143	+60.0%	Cons. · Japanese GAAP
FYE Dec 2020	149	+4.2%	Cons. · Japanese GAAP
FYE Dec 2021	182	+22.0%	Cons. · Japanese GAAP
FYE Dec 2022	187	+2.8%	Cons. · Japanese GAAP
FYE Dec 2023	227	+21.6%	Cons. · Japanese GAAP
FYE Dec 2024	214	−5.6%	Cons. · Japanese GAAP
FYE Dec 2025	159	−25.6%	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 -¥45bn

Average · 10 yrs ¥17bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	-4.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.8	n/a	Cons. · Japanese GAAP
FYE Dec 2018	46.7	+5656.0%	Cons. · Japanese GAAP
FYE Dec 2019	60.1	+28.7%	Cons. · Japanese GAAP
FYE Dec 2020	19.5	−67.5%	Cons. · Japanese GAAP
FYE Dec 2021	32.6	+67.0%	Cons. · Japanese GAAP
FYE Dec 2022	7.1	−78.2%	Cons. · Japanese GAAP
FYE Dec 2023	41.0	+476.3%	Cons. · Japanese GAAP
FYE Dec 2024	10.0	−75.7%	Cons. · Japanese GAAP
FYE Dec 2025	-45.3	−554.8%	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 6.3%

Average · 10 yrs 9.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	11.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	12.4	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2018	10.3	−2.0pp	Cons. · Japanese GAAP
FYE Dec 2019	10.5	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2020	8.7	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2021	10.0	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2022	1.6	−8.4pp	Cons. · Japanese GAAP
FYE Dec 2023	10.1	+8.5pp	Cons. · Japanese GAAP
FYE Dec 2024	10.6	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2025	6.3	−4.3pp	Cons. · Japanese GAAP

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

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

Market capitalisation

FYE Dec 2025 ¥755bn

Change · 10 yrs +¥85bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	670	n/a
FYE Dec 2017	724	n/a
FYE Dec 2018	484	n/a
FYE Dec 2019	708	n/a
FYE Dec 2020	686	n/a
FYE Dec 2021	627	n/a
FYE Dec 2022	674	n/a
FYE Dec 2023	748	n/a
FYE Dec 2024	908	n/a
FYE Dec 2025	755	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 5,213¥

Change · 10 yrs −4,039¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	9,251	n/a
FYE Dec 2017	9,991	n/a
FYE Dec 2018	6,680	n/a
FYE Dec 2019	9,779	n/a
FYE Dec 2020	9,471	n/a
FYE Dec 2021	8,651	n/a
FYE Dec 2022	4,654	n/a
FYE Dec 2023	5,161	n/a
FYE Dec 2024	6,265	n/a
FYE Dec 2025	5,213	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 144,890,000shares

Change · 10 yrs +72,475,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	72,415,000	Parent
FYE Dec 2017	72,415,000	Parent
FYE Dec 2018	72,418,000	Parent
FYE Dec 2019	72,421,000	Parent
FYE Dec 2020	72,421,000	Parent
FYE Dec 2021	72,427,000	Parent
FYE Dec 2022	144,864,000	Parent
FYE Dec 2023	144,875,000	Parent
FYE Dec 2024	144,890,000	Parent
FYE Dec 2025	144,890,000	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 269.66¥

Change · 10 yrs −26.29¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	295.95	Cons.
FYE Dec 2017	319.62	Cons.
FYE Dec 2018	177.57	Cons.
FYE Dec 2019	168.72	Cons.
FYE Dec 2020	79.00	Cons.
FYE Dec 2021	149.67	Cons.
FYE Dec 2022	165.52	Cons.
FYE Dec 2023	226.66	Cons.
FYE Dec 2024	256.86	Cons.
FYE Dec 2025	269.66	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Dec 2025 2,709.70¥

Change · 10 yrs +147.05¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	2,562.65	Cons. · Japanese GAAP
FYE Dec 2017	2,830.46	Cons. · Japanese GAAP
FYE Dec 2018	3,068.82	Cons. · Japanese GAAP
FYE Dec 2019	3,321.30	Cons. · Japanese GAAP
FYE Dec 2020	3,288.31	Cons. · Japanese GAAP
FYE Dec 2021	3,559.82	Cons. · Japanese GAAP
FYE Dec 2022	1,994.63	Cons. · Japanese GAAP
FYE Dec 2023	2,267.46	Cons. · Japanese GAAP
FYE Dec 2024	2,510.05	Cons. · Japanese GAAP
FYE Dec 2025	2,709.70	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 19.33×

Average · 10 yrs 29.38×

Fiscal year	PER ×	Basis
FYE Dec 2016	31.26	Cons.
FYE Dec 2017	31.26	Cons.
FYE Dec 2018	18.81	Cons.
FYE Dec 2019	28.98	Cons.
FYE Dec 2020	59.94	Cons.
FYE Dec 2021	28.90	Cons.
FYE Dec 2022	28.12	Cons.
FYE Dec 2023	22.77	Cons.
FYE Dec 2024	24.39	Cons.
FYE Dec 2025	19.33	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 1.88×

Average · 10 yrs 2.65×

Fiscal year	PBR ×	Basis
FYE Dec 2016	3.61	Cons.
FYE Dec 2017	3.53	Cons.
FYE Dec 2018	2.18	Cons.
FYE Dec 2019	2.94	Cons.
FYE Dec 2020	2.88	Cons.
FYE Dec 2021	2.43	Cons.
FYE Dec 2022	2.33	Cons.
FYE Dec 2023	2.28	Cons.
FYE Dec 2024	2.45	Cons.
FYE Dec 2025	1.88	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 17,041people

Change · 10 yrs +4,163 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	12,878	n/a	Cons.
FYE Dec 2017	13,118	+1.9%	Cons.
FYE Dec 2018	12,982	−1.0%	Cons.
FYE Dec 2019	13,049	+0.5%	Cons.
FYE Dec 2020	12,555	−3.8%	Cons.
FYE Dec 2021	12,923	+2.9%	Cons.
FYE Dec 2022	13,271	+2.7%	Cons.
FYE Dec 2023	13,361	+0.7%	Cons.
FYE Dec 2024	16,061	+20.2%	Cons.
FYE Dec 2025	17,041	+6.1%	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 1,157people

Change · 10 yrs +1 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	1,156	n/a	Parent
FYE Dec 2017	1,148	−0.7%	Parent
FYE Dec 2018	1,160	+1.0%	Parent
FYE Dec 2019	1,176	+1.4%	Parent
FYE Dec 2020	1,197	+1.8%	Parent
FYE Dec 2021	1,209	+1.0%	Parent
FYE Dec 2022	1,236	+2.2%	Parent
FYE Dec 2023	1,156	−6.5%	Parent
FYE Dec 2024	1,155	−0.1%	Parent
FYE Dec 2025	1,157	+0.2%	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 789万円

Change · 7 yrs +32万円

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	756	n/a	Parent
FYE Dec 2020	680	−10.1%	Parent
FYE Dec 2021	722	+6.1%	Parent
FYE Dec 2022	716	−0.8%	Parent
FYE Dec 2023	751	+4.9%	Parent
FYE Dec 2024	769	+2.4%	Parent
FYE Dec 2025	789	+2.6%	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 44.4years

Change · 7 yrs −0.1 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	44.5	n/a	Parent
FYE Dec 2020	44.7	+0.4%	Parent
FYE Dec 2021	44.9	+0.4%	Parent
FYE Dec 2022	44.8	−0.2%	Parent
FYE Dec 2023	44.5	−0.7%	Parent
FYE Dec 2024	44.5	−0.0%	Parent
FYE Dec 2025	44.4	−0.2%	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 17.1years

Change · 7 yrs −1.8 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	18.9	n/a	Parent
FYE Dec 2020	18.8	−0.5%	Parent
FYE Dec 2021	18.1	−3.7%	Parent
FYE Dec 2022	18.0	−0.6%	Parent
FYE Dec 2023	17.8	−1.1%	Parent
FYE Dec 2024	17.6	−1.1%	Parent
FYE Dec 2025	17.1	−2.8%	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)

Temporary employees

FYE Dec 2025 6,144people

Change · 10 yrs +4,448 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	1,696	n/a	n/a
FYE Dec 2017	1,808	+6.6%	n/a
FYE Dec 2018	2,110	+16.7%	n/a
FYE Dec 2019	2,631	+24.7%	n/a
FYE Dec 2020	2,040	−22.5%	n/a
FYE Dec 2021	2,834	+38.9%	n/a
FYE Dec 2022	3,689	+30.2%	n/a
FYE Dec 2023	4,541	+23.1%	n/a
FYE Dec 2024	5,643	+24.3%	n/a
FYE Dec 2025	6,144	+8.9%	n/a

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

Revenue per employee

FYE Dec 2025 ¥28.5m

Change · 10 yrs +¥7.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	20.6	n/a	Cons.
FYE Dec 2017	21.5	+4.3%	Cons.
FYE Dec 2018	22.6	+4.8%	Cons.
FYE Dec 2019	22.2	−1.4%	Cons.
FYE Dec 2020	19.0	−14.6%	Cons.
FYE Dec 2021	21.2	+11.9%	Cons.
FYE Dec 2022	24.2	+14.0%	Cons.
FYE Dec 2023	28.0	+15.5%	Cons.
FYE Dec 2024	27.7	−0.8%	Cons.
FYE Dec 2025	28.5	+2.8%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥3.0m

Change · 10 yrs +¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	2.7	n/a	Cons.
FYE Dec 2017	2.7	+2.4%	Cons.
FYE Dec 2018	2.8	+2.1%	Cons.
FYE Dec 2019	2.5	−10.8%	Cons.
FYE Dec 2020	1.5	−41.3%	Cons.
FYE Dec 2021	1.9	+31.3%	Cons.
FYE Dec 2022	2.1	+6.9%	Cons.
FYE Dec 2023	3.3	+57.9%	Cons.
FYE Dec 2024	3.2	−2.4%	Cons.
FYE Dec 2025	3.0	−4.1%	Cons.

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

Disclaimer

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

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