Financials

THK: FYE Dec 2025 and ten years of results (49 metrics)

FYE Dec 2025 · Revenue¥240bnYoY +7.9%

FYE Dec 2025 · Operating profit¥14bnYoY −9.3%

FYE Dec 2025 · Net profit-¥70bnYoY −769.5%

FYE Dec 2025 · Equity ratio54.3%YoY −12.2pp

FYE Dec 2025 · Group employees13,036YoY −232

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥274bn	n/a	¥25bn	n/a	9.0%	¥17bn	Teramachi Akihiro	—
FYE Dec 2017Consolidated	¥287bn	+4.8%	¥29bn	+18.8%	10.2%	¥26bn	Teramachi Akihiro	Fiscal year moved from March to December; head office to Minato-ku
FYE Dec 2018Consolidated	¥345bn	+20.3%	¥53bn	+80.5%	15.3%	¥35bn	Teramachi Akihiro	Record year: ¥353.5 billion sales, ¥52.8 billion operating profit
FYE Dec 2019Consolidated	¥275bn	−20.3%	¥18bn	−65.4%	6.7%	¥9.6bn	Teramachi Akihiro	—
FYE Dec 2020Consolidated	¥219bn	−20.2%	-¥8.5bn	−146.5%	-3.9%	-¥10.0bn	Teramachi Akihiro	Pandemic and transport-equipment impairment — an ¥8.5 billion operating loss
FYE Dec 2021Consolidated	¥318bn	+45.3%	¥30bn	n/a	9.5%	¥23bn	Teramachi Akihiro	—
FYE Dec 2022Consolidated	¥394bn	+23.7%	¥34bn	+13.8%	8.8%	¥21bn	Teramachi Akihiro	—
FYE Dec 2023Consolidated	¥352bn	−10.6%	¥24bn	−31.2%	6.7%	¥18bn	Teramachi Akihiro	—
FYE Dec 2024Consolidated	¥223bn	−36.7%	¥16bn	−32.8%	7.1%	¥10bn	Teramachi Akihiro	<a class="en-history_person" href="/tse/6481/executives/ceo/teramachi-takashi/" hreflang="ja">Teramachi Takashi</a> becomes third-generation president
FYE Dec 2025Consolidated	¥240bn	+7.9%	¥14bn	−9.3%	6.0%	-¥70bn	Teramachi Takashi	—

How it compares

Minebea Mitsumi¥1.66tnFY2025Operating margin 6.2%Shimano¥466bnFY2025Operating margin 11.1%Misumi Group¥441bnFY2025Operating margin 10.8%

NABTESCO CORPORATION¥308bnFY2025Operating margin 6.7%

TSUBAKIMOTO CHAIN CO.¥296bnFY2025Operating margin 7.3%

THK¥240bnFY2025Operating margin 6.0%

NIKKISO CO., LTD.¥216bnFY2025Operating margin 7.1%

Oiresukougyou¥68bnFY2024Operating margin 10.3%

Harmonic Drive Systems Inc.¥60bnFY2025Operating margin 4.3%

PILLAR Corporation¥59bnFY2025Operating margin 20.4%

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 ¥240bn

CAGR · 10 yrs −1.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	274	n/a	Cons. · Japanese GAAP
FYE Dec 2017	287	+4.8%	Cons. · Japanese GAAP
FYE Dec 2018	345	+20.3%	Cons. · Japanese GAAP
FYE Dec 2019	275	moved to IFRS	Cons. · IFRS
FYE Dec 2020	219	−20.2%	Cons. · IFRS
FYE Dec 2021	318	+45.3%	Cons. · IFRS
FYE Dec 2022	394	+23.7%	Cons. · IFRS
FYE Dec 2023	352	−10.6%	Cons. · IFRS
FYE Dec 2024	223	−36.7%	Cons. · IFRS
FYE Dec 2025	240	+7.9%	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 ¥170bn

CAGR · 10 yrs −2.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	203	n/a	Cons. · Japanese GAAP
FYE Dec 2017	214	+5.6%	Cons. · Japanese GAAP
FYE Dec 2018	243	+13.2%	Cons. · Japanese GAAP
FYE Dec 2019	207	moved to IFRS	Cons. · IFRS
FYE Dec 2020	173	−16.7%	Cons. · IFRS
FYE Dec 2021	238	+38.2%	Cons. · IFRS
FYE Dec 2022	288	+21.0%	Cons. · IFRS
FYE Dec 2023	270	−6.3%	Cons. · IFRS
FYE Dec 2024	154	−42.8%	Cons. · IFRS
FYE Dec 2025	170	+10.0%	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 ¥70bn

CAGR · 10 yrs +0.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	70.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	72.1	+2.3%	Cons. · Japanese GAAP
FYE Dec 2018	102	+41.4%	Cons. · Japanese GAAP
FYE Dec 2019	67.5	moved to IFRS	Cons. · IFRS
FYE Dec 2020	46.4	−31.2%	Cons. · IFRS
FYE Dec 2021	79.8	+71.8%	Cons. · IFRS
FYE Dec 2022	105	+32.0%	Cons. · IFRS
FYE Dec 2023	81.6	−22.5%	Cons. · IFRS
FYE Dec 2024	68.2	−16.4%	Cons. · IFRS
FYE Dec 2025	70.5	+3.3%	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 ¥54bn

CAGR · 10 yrs +1.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	45.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	42.8	−6.5%	Cons. · Japanese GAAP
FYE Dec 2018	51.5	+20.3%	Cons. · Japanese GAAP
FYE Dec 2019	49.4	moved to IFRS	Cons. · IFRS
FYE Dec 2020	44.8	−9.3%	Cons. · IFRS
FYE Dec 2021	51.0	+13.7%	Cons. · IFRS
FYE Dec 2022	59.0	+15.7%	Cons. · IFRS
FYE Dec 2023	59.0	−0.1%	Cons. · IFRS
FYE Dec 2024	53.6	−9.0%	Cons. · IFRS
FYE Dec 2025	54.3	+1.3%	Cons. · IFRS

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

Operating profit

FYE Dec 2025 ¥14bn

CAGR · 10 yrs −5.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	24.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	29.3	+18.8%	Cons. · Japanese GAAP
FYE Dec 2018	52.8	+80.5%	Cons. · Japanese GAAP
FYE Dec 2019	18.3	moved to IFRS	Cons. · IFRS
FYE Dec 2020	-8.5	−146.5%	Cons. · IFRS
FYE Dec 2021	30.3	n/a	Cons. · IFRS
FYE Dec 2022	34.5	+13.8%	Cons. · IFRS
FYE Dec 2023	23.7	−31.2%	Cons. · IFRS
FYE Dec 2024	15.9	−32.8%	Cons. · IFRS
FYE Dec 2025	14.4	−9.3%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥3.0bn

CAGR · 10 yrs +1.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.8	+9.0%	Cons. · Japanese GAAP
FYE Dec 2018	0.9	−69.1%	Cons. · Japanese GAAP
FYE Dec 2019	1.0	moved to IFRS	Cons. · IFRS
FYE Dec 2020	0.8	−24.4%	Cons. · IFRS
FYE Dec 2021	2.1	+180.8%	Cons. · IFRS
FYE Dec 2022	3.3	+55.5%	Cons. · IFRS
FYE Dec 2023	2.4	−26.7%	Cons. · IFRS
FYE Dec 2024	3.0	+24.1%	Cons. · IFRS
FYE Dec 2025	3.0	+0.4%	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 ¥1.7bn

CAGR · 10 yrs −8.5%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.9	−77.8%	Cons. · Japanese GAAP
FYE Dec 2018	1.5	+70.9%	Cons. · Japanese GAAP
FYE Dec 2019	1.1	moved to IFRS	Cons. · IFRS
FYE Dec 2020	2.0	+77.8%	Cons. · IFRS
FYE Dec 2021	2.4	+22.1%	Cons. · IFRS
FYE Dec 2022	2.2	−9.5%	Cons. · IFRS
FYE Dec 2023	0.9	−60.7%	Cons. · IFRS
FYE Dec 2024	1.1	+26.0%	Cons. · IFRS
FYE Dec 2025	1.7	+59.6%	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 · 3 yrs +48.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	23.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	31.3	+33.6%	Cons. · Japanese GAAP
FYE Dec 2018	51.8	+65.6%	Cons. · Japanese GAAP
FYE Dec 2019	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

Extraordinary income

FYE Dec 2025 n/a

CAGR · 3 yrs +142.2%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE Mar 2017	15.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	20.0	+33.3%	Cons. · Japanese GAAP
FYE Dec 2018	88.0	+340.0%	Cons. · Japanese GAAP
FYE Dec 2019	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	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 -¥70bn

Average · 10 yrs ¥8.1bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	16.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	25.7	+53.8%	Cons. · Japanese GAAP
FYE Dec 2018	35.4	+37.6%	Cons. · Japanese GAAP
FYE Dec 2019	9.6	moved to IFRS	Cons. · IFRS
FYE Dec 2020	-10.0	−204.1%	Cons. · IFRS
FYE Dec 2021	23.0	n/a	Cons. · IFRS
FYE Dec 2022	21.2	−7.9%	Cons. · IFRS
FYE Dec 2023	18.4	−13.2%	Cons. · IFRS
FYE Dec 2024	10.4	−43.3%	Cons. · IFRS
FYE Dec 2025	-69.9	−769.5%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 29.3%

Average · 10 yrs 26.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	25.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	25.2	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2018	29.6	+4.4pp	Cons. · Japanese GAAP
FYE Dec 2019	24.6	moved to IFRS	Cons. · IFRS
FYE Dec 2020	21.2	−3.4pp	Cons. · IFRS
FYE Dec 2021	25.1	+3.9pp	Cons. · IFRS
FYE Dec 2022	26.7	+1.7pp	Cons. · IFRS
FYE Dec 2023	23.2	−3.5pp	Cons. · IFRS
FYE Dec 2024	30.6	+7.4pp	Cons. · IFRS
FYE Dec 2025	29.3	−1.3pp	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 6.0%

Average · 10 yrs 7.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	9.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.2	+1.2pp	Cons. · Japanese GAAP
FYE Dec 2018	15.3	+5.1pp	Cons. · Japanese GAAP
FYE Dec 2019	6.7	moved to IFRS	Cons. · IFRS
FYE Dec 2020	-3.9	−10.5pp	Cons. · IFRS
FYE Dec 2021	9.5	+13.4pp	Cons. · IFRS
FYE Dec 2022	8.8	−0.8pp	Cons. · IFRS
FYE Dec 2023	6.7	−2.0pp	Cons. · IFRS
FYE Dec 2024	7.1	+0.4pp	Cons. · IFRS
FYE Dec 2025	6.0	−1.1pp	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 · 3 yrs 11.5%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	8.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.9	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2018	15.0	+4.1pp	Cons. · Japanese GAAP
FYE Dec 2019	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	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 -29.1%

Average · 10 yrs 1.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	6.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.0	+2.9pp	Cons. · Japanese GAAP
FYE Dec 2018	10.3	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2019	3.5	moved to IFRS	Cons. · IFRS
FYE Dec 2020	-4.6	−8.1pp	Cons. · IFRS
FYE Dec 2021	7.2	+11.8pp	Cons. · IFRS
FYE Dec 2022	5.4	−1.8pp	Cons. · IFRS
FYE Dec 2023	5.2	−0.2pp	Cons. · IFRS
FYE Dec 2024	4.7	−0.5pp	Cons. · IFRS
FYE Dec 2025	-29.1	−33.8pp	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 70.7%

Average · 10 yrs 73.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	74.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	74.8	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2018	70.4	−4.4pp	Cons. · Japanese GAAP
FYE Dec 2019	75.4	moved to IFRS	Cons. · IFRS
FYE Dec 2020	78.8	+3.4pp	Cons. · IFRS
FYE Dec 2021	74.9	−3.9pp	Cons. · IFRS
FYE Dec 2022	73.3	−1.7pp	Cons. · IFRS
FYE Dec 2023	76.8	+3.5pp	Cons. · IFRS
FYE Dec 2024	69.4	−7.4pp	Cons. · IFRS
FYE Dec 2025	70.7	+1.3pp	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 22.6%

Average · 10 yrs 18.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	16.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	14.9	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2018	14.9	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2019	18.0	moved to IFRS	Cons. · IFRS
FYE Dec 2020	20.5	+2.5pp	Cons. · IFRS
FYE Dec 2021	16.0	−4.4pp	Cons. · IFRS
FYE Dec 2022	15.0	−1.0pp	Cons. · IFRS
FYE Dec 2023	16.8	+1.8pp	Cons. · IFRS
FYE Dec 2024	24.1	+7.3pp	Cons. · IFRS
FYE Dec 2025	22.6	−1.5pp	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 ¥473bn

CAGR · 10 yrs +1.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	415	n/a	Cons. · Japanese GAAP
FYE Dec 2017	437	+5.2%	Cons. · Japanese GAAP
FYE Dec 2018	463	+6.0%	Cons. · Japanese GAAP
FYE Dec 2019	460	moved to IFRS	Cons. · IFRS
FYE Dec 2020	460	+0.1%	Cons. · IFRS
FYE Dec 2021	516	+12.2%	Cons. · IFRS
FYE Dec 2022	560	+8.6%	Cons. · IFRS
FYE Dec 2023	556	−0.7%	Cons. · IFRS
FYE Dec 2024	567	+2.0%	Cons. · IFRS
FYE Dec 2025	473	−16.6%	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 ¥257bn

CAGR · 10 yrs +0.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	249	n/a	Cons. · Japanese GAAP
FYE Dec 2017	271	+8.8%	Cons. · Japanese GAAP
FYE Dec 2018	284	+4.7%	Cons. · Japanese GAAP
FYE Dec 2019	283	moved to IFRS	Cons. · IFRS
FYE Dec 2020	258	−9.0%	Cons. · IFRS
FYE Dec 2021	295	+14.3%	Cons. · IFRS
FYE Dec 2022	326	+10.7%	Cons. · IFRS
FYE Dec 2023	352	+7.7%	Cons. · IFRS
FYE Dec 2024	377	+7.4%	Cons. · IFRS
FYE Dec 2025	257	−31.9%	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 ¥123bn

CAGR · 10 yrs +17.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	29.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	29.7	−0.0%	Cons. · Japanese GAAP
FYE Dec 2018	67.6	+127.8%	Cons. · Japanese GAAP
FYE Dec 2019	95.3	moved to IFRS	Cons. · IFRS
FYE Dec 2020	103	+7.7%	Cons. · IFRS
FYE Dec 2021	102	−0.8%	Cons. · IFRS
FYE Dec 2022	121	+18.8%	Cons. · IFRS
FYE Dec 2023	109	−10.0%	Cons. · IFRS
FYE Dec 2024	96.5	−11.3%	Cons. · IFRS
FYE Dec 2025	123	+27.7%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥33bn

CAGR · 10 yrs +35.3%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.2	−0.0%	Cons. · Japanese GAAP
FYE Dec 2018	12.2	+457.7%	Cons. · Japanese GAAP
FYE Dec 2019	22.2	moved to IFRS	Cons. · IFRS
FYE Dec 2020	2.2	−89.9%	Cons. · IFRS
FYE Dec 2021	2.5	+13.4%	Cons. · IFRS
FYE Dec 2022	23.0	+802.2%	Cons. · IFRS
FYE Dec 2023	13.1	−42.8%	Cons. · IFRS
FYE Dec 2024	23.4	+78.1%	Cons. · IFRS
FYE Dec 2025	33.2	+42.1%	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 ¥90bn

CAGR · 10 yrs +14.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	27.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	27.5	−0.0%	Cons. · Japanese GAAP
FYE Dec 2018	15.3	−44.3%	Cons. · Japanese GAAP
FYE Dec 2019	73.0	moved to IFRS	Cons. · IFRS
FYE Dec 2020	100	+37.4%	Cons. · IFRS
FYE Dec 2021	99.2	−1.1%	Cons. · IFRS
FYE Dec 2022	97.9	−1.3%	Cons. · IFRS
FYE Dec 2023	95.6	−2.3%	Cons. · IFRS
FYE Dec 2024	73.1	−23.5%	Cons. · IFRS
FYE Dec 2025	90.0	+23.0%	Cons. · IFRS

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

Intangible assets

FYE Dec 2025 ¥3.1bn

CAGR · 10 yrs −22.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	32.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	32.4	+0.5%	Cons. · Japanese GAAP
FYE Dec 2018	28.1	−13.2%	Cons. · Japanese GAAP
FYE Dec 2019	14.8	moved to IFRS	Cons. · IFRS
FYE Dec 2020	12.4	−16.4%	Cons. · IFRS
FYE Dec 2021	11.7	−5.9%	Cons. · IFRS
FYE Dec 2022	6.9	−40.8%	Cons. · IFRS
FYE Dec 2023	6.9	−0.3%	Cons. · IFRS
FYE Dec 2024	6.2	−10.5%	Cons. · IFRS
FYE Dec 2025	3.1	−49.6%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥0.1bn

CAGR · 10 yrs −41.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	11.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.4	+1.8%	Cons. · Japanese GAAP
FYE Dec 2018	6.6	−42.3%	Cons. · Japanese GAAP
FYE Dec 2019	6.6	moved to IFRS	Cons. · IFRS
FYE Dec 2020	6.4	−3.4%	Cons. · IFRS
FYE Dec 2021	7.1	+10.8%	Cons. · IFRS
FYE Dec 2022	2.4	−65.9%	Cons. · IFRS
FYE Dec 2023	2.6	+7.8%	Cons. · IFRS
FYE Dec 2024	3.0	+16.7%	Cons. · IFRS
FYE Dec 2025	0.1	−96.9%	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 54.3%

Average · 10 yrs 60.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	60.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	62.0	+2.1pp	Cons. · Japanese GAAP
FYE Dec 2018	61.3	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2019	61.6	moved to IFRS	Cons. · IFRS
FYE Dec 2020	56.0	−5.6pp	Cons. · IFRS
FYE Dec 2021	57.1	+1.1pp	Cons. · IFRS
FYE Dec 2022	58.3	+1.1pp	Cons. · IFRS
FYE Dec 2023	63.2	+4.9pp	Cons. · IFRS
FYE Dec 2024	66.5	+3.3pp	Cons. · IFRS
FYE Dec 2025	54.3	−12.2pp	Cons. · IFRS

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

Debt-to-equity ratio D/E ratio

FYE Dec 2025 48.0%

Average · 10 yrs 29.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	11.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.9	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2018	23.8	+12.9pp	Cons. · Japanese GAAP
FYE Dec 2019	33.6	moved to IFRS	Cons. · IFRS
FYE Dec 2020	39.8	+6.2pp	Cons. · IFRS
FYE Dec 2021	34.5	−5.3pp	Cons. · IFRS
FYE Dec 2022	37.0	+2.5pp	Cons. · IFRS
FYE Dec 2023	30.9	−6.1pp	Cons. · IFRS
FYE Dec 2024	25.6	−5.4pp	Cons. · IFRS
FYE Dec 2025	48.0	+22.4pp	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 -27.2%

Average · 10 yrs 2.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	6.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.5	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2018	12.5	+3.0pp	Cons. · Japanese GAAP
FYE Dec 2019	3.4	moved to IFRS	Cons. · IFRS
FYE Dec 2020	-3.9	−7.3pp	Cons. · IFRS
FYE Dec 2021	7.8	+11.7pp	Cons. · IFRS
FYE Dec 2022	6.5	−1.3pp	Cons. · IFRS
FYE Dec 2023	5.2	−1.3pp	Cons. · IFRS
FYE Dec 2024	2.8	−2.5pp	Cons. · IFRS
FYE Dec 2025	-27.2	−30.0pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 -14.8%

Average · 10 yrs 1.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	4.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.9	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2018	7.6	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2019	2.1	moved to IFRS	Cons. · IFRS
FYE Dec 2020	-2.2	−4.3pp	Cons. · IFRS
FYE Dec 2021	4.5	+6.6pp	Cons. · IFRS
FYE Dec 2022	3.8	−0.7pp	Cons. · IFRS
FYE Dec 2023	3.3	−0.5pp	Cons. · IFRS
FYE Dec 2024	1.8	−1.5pp	Cons. · IFRS
FYE Dec 2025	-14.8	−16.6pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.51×

CAGR · 10 yrs −2.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.66	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.66	−0.5%	Cons. · Japanese GAAP
FYE Dec 2018	0.74	+13.5%	Cons. · Japanese GAAP
FYE Dec 2019	0.60	moved to IFRS	Cons. · IFRS
FYE Dec 2020	0.48	−20.3%	Cons. · IFRS
FYE Dec 2021	0.62	+29.6%	Cons. · IFRS
FYE Dec 2022	0.70	+14.0%	Cons. · IFRS
FYE Dec 2023	0.63	−10.0%	Cons. · IFRS
FYE Dec 2024	0.39	−37.9%	Cons. · IFRS
FYE Dec 2025	0.51	+29.5%	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 ¥43bn

CAGR · 10 yrs +0.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	40.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	25.6	−36.2%	Cons. · Japanese GAAP
FYE Dec 2018	55.2	+115.4%	Cons. · Japanese GAAP
FYE Dec 2019	27.2	moved to IFRS	Cons. · IFRS
FYE Dec 2020	25.4	−6.5%	Cons. · IFRS
FYE Dec 2021	15.6	−38.4%	Cons. · IFRS
FYE Dec 2022	37.6	+140.1%	Cons. · IFRS
FYE Dec 2023	39.3	+4.7%	Cons. · IFRS
FYE Dec 2024	28.4	−27.8%	Cons. · IFRS
FYE Dec 2025	42.7	+50.5%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥20bn

Average · 10 yrs -¥25bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-18.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-15.8	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-33.1	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-30.0	moved to IFRS	Cons. · IFRS
FYE Dec 2020	-18.4	n/a	Cons. · IFRS
FYE Dec 2021	-19.1	n/a	Cons. · IFRS
FYE Dec 2022	-30.1	n/a	Cons. · IFRS
FYE Dec 2023	-27.1	n/a	Cons. · IFRS
FYE Dec 2024	-34.2	n/a	Cons. · IFRS
FYE Dec 2025	-19.8	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 -¥42bn

Average · 10 yrs -¥12bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-7.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-17.8	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-11.6	n/a	Cons. · Japanese GAAP
FYE Dec 2019	19.5	moved to IFRS	Cons. · IFRS
FYE Dec 2020	4.0	−79.6%	Cons. · IFRS
FYE Dec 2021	-12.7	−420.0%	Cons. · IFRS
FYE Dec 2022	-3.6	n/a	Cons. · IFRS
FYE Dec 2023	-24.3	n/a	Cons. · IFRS
FYE Dec 2024	-22.7	n/a	Cons. · IFRS
FYE Dec 2025	-42.1	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 ¥121bn

CAGR · 10 yrs −1.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	137	n/a	Cons. · Japanese GAAP
FYE Dec 2017	130	−5.4%	Cons. · Japanese GAAP
FYE Dec 2018	135	+3.5%	Cons. · Japanese GAAP
FYE Dec 2019	149	moved to IFRS	Cons. · IFRS
FYE Dec 2020	159	+6.5%	Cons. · IFRS
FYE Dec 2021	151	−4.7%	Cons. · IFRS
FYE Dec 2022	164	+8.2%	Cons. · IFRS
FYE Dec 2023	156	−4.5%	Cons. · IFRS
FYE Dec 2024	138	−11.6%	Cons. · IFRS
FYE Dec 2025	121	−12.8%	Cons. · IFRS

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

Free cash flow

FYE Dec 2025 ¥23bn

CAGR · 10 yrs +0.4%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	22.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.8	−56.0%	Cons. · Japanese GAAP
FYE Dec 2018	22.1	+126.1%	Cons. · Japanese GAAP
FYE Dec 2019	-2.8	moved to IFRS	Cons. · IFRS
FYE Dec 2020	7.0	n/a	Cons. · IFRS
FYE Dec 2021	-3.5	−149.8%	Cons. · IFRS
FYE Dec 2022	7.5	n/a	Cons. · IFRS
FYE Dec 2023	12.2	+63.6%	Cons. · IFRS
FYE Dec 2024	-5.8	−147.5%	Cons. · IFRS
FYE Dec 2025	23.0	n/a	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 17.8%

Average · 10 yrs 11.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	14.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.9	−5.7pp	Cons. · Japanese GAAP
FYE Dec 2018	16.0	+7.1pp	Cons. · Japanese GAAP
FYE Dec 2019	9.9	moved to IFRS	Cons. · IFRS
FYE Dec 2020	11.6	+1.7pp	Cons. · IFRS
FYE Dec 2021	4.9	−6.7pp	Cons. · IFRS
FYE Dec 2022	9.5	+4.6pp	Cons. · IFRS
FYE Dec 2023	11.2	+1.6pp	Cons. · IFRS
FYE Dec 2024	12.8	+1.6pp	Cons. · IFRS
FYE Dec 2025	17.8	+5.0pp	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 -¥2.7bn

Average · 10 yrs ¥56bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	108	n/a	Cons. · Japanese GAAP
FYE Dec 2017	100	−6.9%	Cons. · Japanese GAAP
FYE Dec 2018	66.9	−33.2%	Cons. · Japanese GAAP
FYE Dec 2019	53.8	moved to IFRS	Cons. · IFRS
FYE Dec 2020	56.3	+4.5%	Cons. · IFRS
FYE Dec 2021	49.7	−11.7%	Cons. · IFRS
FYE Dec 2022	43.0	−13.5%	Cons. · IFRS
FYE Dec 2023	47.7	+11.1%	Cons. · IFRS
FYE Dec 2024	41.8	−12.5%	Cons. · IFRS
FYE Dec 2025	-2.7	−106.4%	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 n/a

Change · 8 yrs +¥103bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	375	n/a
FYE Dec 2017	566	n/a
FYE Dec 2018	275	n/a
FYE Dec 2019	397	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	359	n/a
FYE Dec 2022	327	n/a
FYE Dec 2023	359	n/a
FYE Dec 2024	478	n/a
FYE Dec 2025	n/a	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 n/a

Change · 8 yrs +877¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,802	n/a
FYE Dec 2017	4,228	n/a
FYE Dec 2018	2,054	n/a
FYE Dec 2019	2,965	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	2,766	n/a
FYE Dec 2022	2,521	n/a
FYE Dec 2023	2,761	n/a
FYE Dec 2024	3,679	n/a
FYE Dec 2025	n/a	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 119,099,803shares

Change · 10 yrs −14,757,100 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	133,856,903	Parent
FYE Dec 2017	133,856,903	Parent
FYE Dec 2018	133,856,903	Parent
FYE Dec 2019	133,856,903	Parent
FYE Dec 2020	133,856,903	Parent
FYE Dec 2021	129,856,903	Parent
FYE Dec 2022	129,856,903	Parent
FYE Dec 2023	129,856,903	Parent
FYE Dec 2024	129,856,903	Parent
FYE Dec 2025	119,099,803	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 -618.66¥

Change · 10 yrs −750.84¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	132.18	Cons.
FYE Dec 2017	203.28	Cons.
FYE Dec 2018	285.23	Cons.
FYE Dec 2019	92.37	Cons.
FYE Dec 2020	-78.95	Cons.
FYE Dec 2021	181.97	Cons.
FYE Dec 2022	172.67	Cons.
FYE Dec 2023	150.08	Cons.
FYE Dec 2024	85.17	Cons.
FYE Dec 2025	-618.66	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 2,157.16¥

Change · 10 yrs +297.41¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,859.75	Cons. · Japanese GAAP
FYE Dec 2017	2,024.16	Cons. · Japanese GAAP
FYE Dec 2018	2,119.12	Cons. · Japanese GAAP
FYE Dec 2019	2,117.50	Cons. · IFRS
FYE Dec 2020	1,926.19	Cons. · IFRS
FYE Dec 2021	2,270.36	Cons. · IFRS
FYE Dec 2022	2,514.26	Cons. · IFRS
FYE Dec 2023	2,707.83	Cons. · IFRS
FYE Dec 2024	2,907.02	Cons. · IFRS
FYE Dec 2025	2,157.16	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 n/a

Average · 8 yrs 21.59×

Fiscal year	PER ×	Basis
FYE Mar 2017	21.20	Cons.
FYE Dec 2017	20.80	Cons.
FYE Dec 2018	7.20	Cons.
FYE Dec 2019	32.10	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	15.20	Cons.
FYE Dec 2022	14.60	Cons.
FYE Dec 2023	18.40	Cons.
FYE Dec 2024	43.20	Cons.
FYE Dec 2025	n/a	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 n/a

Average · 8 yrs 1.24×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.42	Cons.
FYE Dec 2017	2.03	Cons.
FYE Dec 2018	0.93	Cons.
FYE Dec 2019	1.34	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	1.13	Cons.
FYE Dec 2022	0.93	Cons.
FYE Dec 2023	0.95	Cons.
FYE Dec 2024	1.17	Cons.
FYE Dec 2025	n/a	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 13,036people

Change · 10 yrs +1,298 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	11,738	n/a	Cons.
FYE Dec 2017	13,364	+13.9%	Cons.
FYE Dec 2018	13,478	+0.9%	Cons.
FYE Dec 2019	13,260	−1.6%	Cons.
FYE Dec 2020	12,914	−2.6%	Cons.
FYE Dec 2021	13,073	+1.2%	Cons.
FYE Dec 2022	13,502	+3.3%	Cons.
FYE Dec 2023	13,360	−1.1%	Cons.
FYE Dec 2024	13,268	−0.7%	Cons.
FYE Dec 2025	13,036	−1.7%	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 4,016people

Change · 10 yrs +587 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	3,429	n/a	Parent
FYE Dec 2017	3,581	+4.4%	Parent
FYE Dec 2018	3,773	+5.4%	Parent
FYE Dec 2019	3,891	+3.1%	Parent
FYE Dec 2020	3,957	+1.7%	Parent
FYE Dec 2021	3,968	+0.3%	Parent
FYE Dec 2022	4,058	+2.3%	Parent
FYE Dec 2023	4,068	+0.2%	Parent
FYE Dec 2024	4,076	+0.2%	Parent
FYE Dec 2025	4,016	−1.5%	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 648万円

Change · 7 yrs +89万円

Fiscal year	Average annual pay 万円	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	559	n/a	Parent
FYE Dec 2020	523	−6.4%	Parent
FYE Dec 2021	612	+16.9%	Parent
FYE Dec 2022	642	+5.0%	Parent
FYE Dec 2023	602	−6.4%	Parent
FYE Dec 2024	608	+1.1%	Parent
FYE Dec 2025	648	+6.6%	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 41.5years

Change · 7 yrs +1.7 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	39.8	n/a	Parent
FYE Dec 2020	40.0	+0.5%	Parent
FYE Dec 2021	40.5	+1.3%	Parent
FYE Dec 2022	40.6	+0.2%	Parent
FYE Dec 2023	40.8	+0.5%	Parent
FYE Dec 2024	41.1	+0.7%	Parent
FYE Dec 2025	41.5	+1.0%	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 19.2years

Change · 7 yrs +1.9 years

Fiscal year	Average length of service 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	17.3	n/a	Parent
FYE Dec 2020	17.6	+1.7%	Parent
FYE Dec 2021	18.1	+2.8%	Parent
FYE Dec 2022	18.2	+0.6%	Parent
FYE Dec 2023	18.4	+1.1%	Parent
FYE Dec 2024	18.7	+1.6%	Parent
FYE Dec 2025	19.2	+2.7%	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 ¥18.4m

Change · 10 yrs −¥4.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	23.3	n/a	Cons.
FYE Dec 2017	21.4	−8.0%	Cons.
FYE Dec 2018	25.6	+19.3%	Cons.
FYE Dec 2019	20.7	n/a	Cons.
FYE Dec 2020	17.0	−18.1%	Cons.
FYE Dec 2021	24.3	+43.5%	Cons.
FYE Dec 2022	29.2	+19.8%	Cons.
FYE Dec 2023	26.3	−9.7%	Cons.
FYE Dec 2024	16.8	−36.3%	Cons.
FYE Dec 2025	18.4	+9.9%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥1.1m

Change · 10 yrs −¥1.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons.
FYE Dec 2017	2.2	+4.3%	Cons.
FYE Dec 2018	3.9	+79.0%	Cons.
FYE Dec 2019	1.4	n/a	Cons.
FYE Dec 2020	-0.7	−147.7%	Cons.
FYE Dec 2021	2.3	n/a	Cons.
FYE Dec 2022	2.6	+10.2%	Cons.
FYE Dec 2023	1.8	−30.5%	Cons.
FYE Dec 2024	1.2	−32.4%	Cons.
FYE Dec 2025	1.1	−7.7%	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.

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

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