Financials

Nitto Denko: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥1.03tnYoY +1.4%

FYE Mar 2026 · Operating profit¥184bnYoY −1.1%

FYE Mar 2026 · Net profit¥133bnYoY −2.7%

FYE Mar 2026 · Equity ratio79.6%YoY +0.6pp

FYE Mar 2026 · Group employees26,477YoY +708

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥768bn	n/a	¥93bn	n/a	12.1%	¥63bn	Takasaki Hideo	<em>inovas</em> R&D centre at Ibaraki; BMS licence for an organ-fibrosis drug
FYE Mar 2018Consolidated	¥857bn	+11.7%	¥126bn	+35.8%	14.7%	¥87bn	Takasaki Hideo	Large-panel polarizer technology licensed to Hangzhou Jinjiang
FYE Mar 2019Consolidated	¥806bn	−5.9%	¥93bn	−26.2%	11.5%	¥67bn	Takasaki Hideo	—
FYE Mar 2020Consolidated	¥741bn	−8.1%	¥70bn	−24.8%	9.4%	¥47bn	Takasaki Hideo	—
FYE Mar 2021Consolidated	¥761bn	+2.7%	¥94bn	+34.5%	12.3%	¥70bn	Takasaki Hideo	—
FYE Mar 2022Consolidated	¥853bn	+12.1%	¥132bn	+41.0%	15.5%	¥97bn	Takasaki Hideo	—
FYE Mar 2023Consolidated	¥929bn	+8.9%	¥147bn	+11.3%	15.8%	¥109bn	Takasaki Hideo	Bend Labs and Mondi’s personal-care business acquired
FYE Mar 2024Consolidated	¥915bn	−1.5%	¥139bn	−5.5%	15.2%	¥103bn	Takasaki Hideo	—
FYE Mar 2025Consolidated	¥1.01tn	+10.8%	¥186bn	+33.4%	18.3%	¥137bn	Takasaki Hideo	—
FYE Mar 2026Consolidated	¥1.03tn	+1.4%	¥184bn	−1.1%	17.9%	¥133bn	Takasaki Hideo	Revenue passes ¥1 trillion in the 107th year

How it compares

Fujifilm Holdings¥3.36tnFY2025Operating margin 10.4%

Nitto Denko¥1.03tnFY2025Operating margin 17.9%

Mitsubishi Gas Chemical¥738bnFY2025Operating margin 6.1%

Hitachi ChemicalDelisted 2020

Adeka¥417bnFY2025Operating margin 10.0%

ZEON CORPORATION¥412bnFY2025Operating margin 8.8%

Nippon Shokubai¥400bnFY2025Operating margin 4.4%

LINTEC¥319bnFY2025Operating margin 7.9%

Nissan Chemical¥280bnFY2025Operating margin 22.7%NOF Corporation¥258bnFY2025Operating margin 18.4%

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 Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.03tn

CAGR · 10 yrs +3.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	768	n/a	Cons. · IFRS
FYE Mar 2018	857	+11.7%	Cons. · IFRS
FYE Mar 2019	806	−5.9%	Cons. · IFRS
FYE Mar 2020	741	−8.1%	Cons. · IFRS
FYE Mar 2021	761	+2.7%	Cons. · IFRS
FYE Mar 2022	853	+12.1%	Cons. · IFRS
FYE Mar 2023	929	+8.9%	Cons. · IFRS
FYE Mar 2024	915	−1.5%	Cons. · IFRS
FYE Mar 2025	1,014	+10.8%	Cons. · IFRS
FYE Mar 2026	1,028	+1.4%	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 Mar 2026 ¥637bn

CAGR · 10 yrs +2.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	529	n/a	Cons. · IFRS
FYE Mar 2018	575	+8.8%	Cons. · IFRS
FYE Mar 2019	565	−1.8%	Cons. · IFRS
FYE Mar 2020	519	−8.1%	Cons. · IFRS
FYE Mar 2021	518	−0.2%	Cons. · IFRS
FYE Mar 2022	551	+6.4%	Cons. · IFRS
FYE Mar 2023	592	+7.4%	Cons. · IFRS
FYE Mar 2024	584	−1.2%	Cons. · IFRS
FYE Mar 2025	618	+5.8%	Cons. · IFRS
FYE Mar 2026	637	+3.1%	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 Mar 2026 ¥391bn

CAGR · 10 yrs +5.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	239	n/a	Cons. · IFRS
FYE Mar 2018	282	+18.1%	Cons. · IFRS
FYE Mar 2019	242	−14.4%	Cons. · IFRS
FYE Mar 2020	222	−8.3%	Cons. · IFRS
FYE Mar 2021	243	+9.7%	Cons. · IFRS
FYE Mar 2022	302	+24.2%	Cons. · IFRS
FYE Mar 2023	337	+11.6%	Cons. · IFRS
FYE Mar 2024	331	−2.0%	Cons. · IFRS
FYE Mar 2025	396	+19.5%	Cons. · IFRS
FYE Mar 2026	391	−1.2%	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 Mar 2026 ¥156bn

CAGR · 10 yrs +4.1%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	109	n/a	Cons. · IFRS
FYE Mar 2018	118	+8.3%	Cons. · IFRS
FYE Mar 2019	121	+1.8%	Cons. · IFRS
FYE Mar 2020	111	−7.6%	Cons. · IFRS
FYE Mar 2021	108	−3.3%	Cons. · IFRS
FYE Mar 2022	130	+20.3%	Cons. · IFRS
FYE Mar 2023	145	+12.2%	Cons. · IFRS
FYE Mar 2024	146	+0.5%	Cons. · IFRS
FYE Mar 2025	152	+3.9%	Cons. · IFRS
FYE Mar 2026	156	+3.0%	Cons. · IFRS

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

Operating profit

FYE Mar 2026 ¥184bn

CAGR · 10 yrs +7.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	92.6	n/a	Cons. · IFRS
FYE Mar 2018	126	+35.8%	Cons. · IFRS
FYE Mar 2019	92.8	−26.2%	Cons. · IFRS
FYE Mar 2020	69.7	−24.8%	Cons. · IFRS
FYE Mar 2021	93.8	+34.5%	Cons. · IFRS
FYE Mar 2022	132	+41.0%	Cons. · IFRS
FYE Mar 2023	147	+11.3%	Cons. · IFRS
FYE Mar 2024	139	−5.5%	Cons. · IFRS
FYE Mar 2025	186	+33.4%	Cons. · IFRS
FYE Mar 2026	184	−1.1%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥3.3bn

CAGR · 10 yrs +13.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons. · IFRS
FYE Mar 2018	1.2	+11.3%	Cons. · IFRS
FYE Mar 2019	1.2	+0.8%	Cons. · IFRS
FYE Mar 2020	0.9	−25.9%	Cons. · IFRS
FYE Mar 2021	0.6	−36.9%	Cons. · IFRS
FYE Mar 2022	1.5	+161.0%	Cons. · IFRS
FYE Mar 2023	1.6	+7.9%	Cons. · IFRS
FYE Mar 2024	2.2	+39.5%	Cons. · IFRS
FYE Mar 2025	2.9	+32.2%	Cons. · IFRS
FYE Mar 2026	3.3	+12.3%	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 Mar 2026 ¥2.0bn

CAGR · 10 yrs +1.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons. · IFRS
FYE Mar 2018	0.8	−59.3%	Cons. · IFRS
FYE Mar 2019	1.9	+154.9%	Cons. · IFRS
FYE Mar 2020	1.6	−15.5%	Cons. · IFRS
FYE Mar 2021	1.1	−33.8%	Cons. · IFRS
FYE Mar 2022	1.4	+29.0%	Cons. · IFRS
FYE Mar 2023	1.9	+39.9%	Cons. · IFRS
FYE Mar 2024	2.5	+27.1%	Cons. · IFRS
FYE Mar 2025	3.1	+27.3%	Cons. · IFRS
FYE Mar 2026	2.0	−34.7%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥133bn

CAGR · 10 yrs +8.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	63.5	n/a	Cons. · IFRS
FYE Mar 2018	87.4	+37.7%	Cons. · IFRS
FYE Mar 2019	66.6	−23.8%	Cons. · IFRS
FYE Mar 2020	47.2	−29.2%	Cons. · IFRS
FYE Mar 2021	70.2	+48.9%	Cons. · IFRS
FYE Mar 2022	97.1	+38.3%	Cons. · IFRS
FYE Mar 2023	109	+12.4%	Cons. · IFRS
FYE Mar 2024	103	−5.9%	Cons. · IFRS
FYE Mar 2025	137	+33.7%	Cons. · IFRS
FYE Mar 2026	133	−2.7%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 38.0%

Average · 10 yrs 34.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	31.1	n/a	Cons. · IFRS
FYE Mar 2018	32.9	+1.8pp	Cons. · IFRS
FYE Mar 2019	30.0	−3.0pp	Cons. · IFRS
FYE Mar 2020	29.9	−0.0pp	Cons. · IFRS
FYE Mar 2021	32.0	+2.0pp	Cons. · IFRS
FYE Mar 2022	35.4	+3.5pp	Cons. · IFRS
FYE Mar 2023	36.3	+0.9pp	Cons. · IFRS
FYE Mar 2024	36.2	−0.2pp	Cons. · IFRS
FYE Mar 2025	39.0	+2.9pp	Cons. · IFRS
FYE Mar 2026	38.0	−1.0pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 17.9%

Average · 10 yrs 14.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	12.1	n/a	Cons. · IFRS
FYE Mar 2018	14.7	+2.6pp	Cons. · IFRS
FYE Mar 2019	11.5	−3.2pp	Cons. · IFRS
FYE Mar 2020	9.4	−2.1pp	Cons. · IFRS
FYE Mar 2021	12.3	+2.9pp	Cons. · IFRS
FYE Mar 2022	15.5	+3.2pp	Cons. · IFRS
FYE Mar 2023	15.8	+0.3pp	Cons. · IFRS
FYE Mar 2024	15.2	−0.6pp	Cons. · IFRS
FYE Mar 2025	18.3	+3.1pp	Cons. · IFRS
FYE Mar 2026	17.9	−0.5pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 13.0%

Average · 10 yrs 10.3%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	8.3	n/a	Cons. · IFRS
FYE Mar 2018	10.2	+1.9pp	Cons. · IFRS
FYE Mar 2019	8.3	−1.9pp	Cons. · IFRS
FYE Mar 2020	6.4	−1.9pp	Cons. · IFRS
FYE Mar 2021	9.2	+2.9pp	Cons. · IFRS
FYE Mar 2022	11.4	+2.2pp	Cons. · IFRS
FYE Mar 2023	11.8	+0.4pp	Cons. · IFRS
FYE Mar 2024	11.2	−0.5pp	Cons. · IFRS
FYE Mar 2025	13.5	+2.3pp	Cons. · IFRS
FYE Mar 2026	13.0	−0.6pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 62.0%

Average · 10 yrs 65.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	68.9	n/a	Cons. · IFRS
FYE Mar 2018	67.1	−1.8pp	Cons. · IFRS
FYE Mar 2019	70.0	+3.0pp	Cons. · IFRS
FYE Mar 2020	70.1	−0.0pp	Cons. · IFRS
FYE Mar 2021	68.0	−2.0pp	Cons. · IFRS
FYE Mar 2022	64.6	−3.5pp	Cons. · IFRS
FYE Mar 2023	63.7	−0.9pp	Cons. · IFRS
FYE Mar 2024	63.8	+0.2pp	Cons. · IFRS
FYE Mar 2025	61.0	−2.9pp	Cons. · IFRS
FYE Mar 2026	62.0	+1.0pp	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 Mar 2026 15.2%

Average · 10 yrs 14.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	14.2	n/a	Cons. · IFRS
FYE Mar 2018	13.8	−0.4pp	Cons. · IFRS
FYE Mar 2019	15.0	+1.1pp	Cons. · IFRS
FYE Mar 2020	15.0	+0.1pp	Cons. · IFRS
FYE Mar 2021	14.1	−0.9pp	Cons. · IFRS
FYE Mar 2022	15.2	+1.0pp	Cons. · IFRS
FYE Mar 2023	15.7	+0.5pp	Cons. · IFRS
FYE Mar 2024	16.0	+0.3pp	Cons. · IFRS
FYE Mar 2025	15.0	−1.0pp	Cons. · IFRS
FYE Mar 2026	15.2	+0.2pp	Cons. · IFRS

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

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

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥1.44tn

CAGR · 10 yrs +5.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	880	n/a	Cons. · IFRS
FYE Mar 2018	938	+6.6%	Cons. · IFRS
FYE Mar 2019	913	−2.6%	Cons. · IFRS
FYE Mar 2020	922	+0.9%	Cons. · IFRS
FYE Mar 2021	966	+4.8%	Cons. · IFRS
FYE Mar 2022	1,094	+13.3%	Cons. · IFRS
FYE Mar 2023	1,154	+5.4%	Cons. · IFRS
FYE Mar 2024	1,251	+8.4%	Cons. · IFRS
FYE Mar 2025	1,322	+5.7%	Cons. · IFRS
FYE Mar 2026	1,442	+9.1%	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 Mar 2026 ¥1.15tn

CAGR · 10 yrs +6.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	654	n/a	Cons. · IFRS
FYE Mar 2018	693	+5.9%	Cons. · IFRS
FYE Mar 2019	700	+1.0%	Cons. · IFRS
FYE Mar 2020	689	−1.6%	Cons. · IFRS
FYE Mar 2021	715	+3.8%	Cons. · IFRS
FYE Mar 2022	820	+14.7%	Cons. · IFRS
FYE Mar 2023	901	+9.9%	Cons. · IFRS
FYE Mar 2024	983	+9.1%	Cons. · IFRS
FYE Mar 2025	1,043	+6.1%	Cons. · IFRS
FYE Mar 2026	1,147	+10.0%	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 Mar 2026 ¥0.0bn

Average · 10 yrs ¥1.1bn

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	4.1	n/a	Cons. · IFRS
FYE Mar 2018	4.0	−1.2%	Cons. · IFRS
FYE Mar 2019	0.4	−88.9%	Cons. · IFRS
FYE Mar 2020	0.1	−79.9%	Cons. · IFRS
FYE Mar 2021	0.5	+505.6%	Cons. · IFRS
FYE Mar 2022	0.2	−55.8%	Cons. · IFRS
FYE Mar 2023	0.3	+12.9%	Cons. · IFRS
FYE Mar 2024	0.3	+26.8%	Cons. · IFRS
FYE Mar 2025	0.5	+31.9%	Cons. · IFRS
FYE Mar 2026	0.0	−100.0%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 n/a

CAGR · 9 yrs −10.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons. · IFRS
FYE Mar 2018	4.0	+269.1%	Cons. · IFRS
FYE Mar 2019	0.4	−88.9%	Cons. · IFRS
FYE Mar 2020	0.1	−79.9%	Cons. · IFRS
FYE Mar 2021	0.5	+505.6%	Cons. · IFRS
FYE Mar 2022	0.2	−55.8%	Cons. · IFRS
FYE Mar 2023	0.3	+12.9%	Cons. · IFRS
FYE Mar 2024	0.3	+26.8%	Cons. · IFRS
FYE Mar 2025	0.5	+31.9%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥17bn

CAGR · 9 yrs +4.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	12.4	n/a	Cons. · IFRS
FYE Mar 2019	12.4	+0.3%	Cons. · IFRS
FYE Mar 2020	10.2	−17.7%	Cons. · IFRS
FYE Mar 2021	13.6	+33.6%	Cons. · IFRS
FYE Mar 2022	13.7	+0.6%	Cons. · IFRS
FYE Mar 2023	21.5	+56.6%	Cons. · IFRS
FYE Mar 2024	20.7	−3.7%	Cons. · IFRS
FYE Mar 2025	17.0	−17.6%	Cons. · IFRS
FYE Mar 2026	16.9	−0.5%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥64bn

CAGR · 10 yrs +27.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	7.3	n/a	Cons. · IFRS
FYE Mar 2018	6.9	−5.1%	Cons. · IFRS
FYE Mar 2019	6.8	−1.3%	Cons. · IFRS
FYE Mar 2020	4.9	−29.0%	Cons. · IFRS
FYE Mar 2021	4.6	−5.3%	Cons. · IFRS
FYE Mar 2022	4.8	+4.7%	Cons. · IFRS
FYE Mar 2023	58.8	+1123.2%	Cons. · IFRS
FYE Mar 2024	66.1	+12.3%	Cons. · IFRS
FYE Mar 2025	57.2	−13.5%	Cons. · IFRS
FYE Mar 2026	64.1	+12.2%	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 Mar 2026 79.6%

Average · 10 yrs 76.4%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	74.3	n/a	Cons. · IFRS
FYE Mar 2018	73.8	−0.5pp	Cons. · IFRS
FYE Mar 2019	76.6	+2.8pp	Cons. · IFRS
FYE Mar 2020	74.7	−1.9pp	Cons. · IFRS
FYE Mar 2021	74.0	−0.7pp	Cons. · IFRS
FYE Mar 2022	74.9	+0.9pp	Cons. · IFRS
FYE Mar 2023	78.1	+3.2pp	Cons. · IFRS
FYE Mar 2024	78.6	+0.5pp	Cons. · IFRS
FYE Mar 2025	78.9	+0.3pp	Cons. · IFRS
FYE Mar 2026	79.6	+0.6pp	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 Mar 2026 0.0%

Average · 10 yrs 0.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · IFRS
FYE Mar 2018	0.6	−0.0pp	Cons. · IFRS
FYE Mar 2019	0.1	−0.5pp	Cons. · IFRS
FYE Mar 2020	0.0	−0.1pp	Cons. · IFRS
FYE Mar 2021	0.1	+0.1pp	Cons. · IFRS
FYE Mar 2022	0.0	−0.0pp	Cons. · IFRS
FYE Mar 2023	0.0	−0.0pp	Cons. · IFRS
FYE Mar 2024	0.0	−0.0pp	Cons. · IFRS
FYE Mar 2025	0.0	−0.0pp	Cons. · IFRS
FYE Mar 2026	0.0	−0.0pp	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 Mar 2026 11.6%

Average · 10 yrs 10.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	9.7	n/a	Cons. · IFRS
FYE Mar 2018	12.6	+2.9pp	Cons. · IFRS
FYE Mar 2019	9.5	−3.1pp	Cons. · IFRS
FYE Mar 2020	6.8	−2.7pp	Cons. · IFRS
FYE Mar 2021	9.8	+3.0pp	Cons. · IFRS
FYE Mar 2022	11.8	+2.0pp	Cons. · IFRS
FYE Mar 2023	12.1	+0.3pp	Cons. · IFRS
FYE Mar 2024	10.4	−1.7pp	Cons. · IFRS
FYE Mar 2025	13.2	+2.7pp	Cons. · IFRS
FYE Mar 2026	11.6	−1.5pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 9.3%

Average · 10 yrs 8.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	7.2	n/a	Cons. · IFRS
FYE Mar 2018	9.3	+2.1pp	Cons. · IFRS
FYE Mar 2019	7.3	−2.0pp	Cons. · IFRS
FYE Mar 2020	5.1	−2.2pp	Cons. · IFRS
FYE Mar 2021	7.3	+2.2pp	Cons. · IFRS
FYE Mar 2022	8.9	+1.6pp	Cons. · IFRS
FYE Mar 2023	9.5	+0.6pp	Cons. · IFRS
FYE Mar 2024	8.2	−1.3pp	Cons. · IFRS
FYE Mar 2025	10.4	+2.2pp	Cons. · IFRS
FYE Mar 2026	9.3	−1.1pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.71×

CAGR · 10 yrs −2.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.87	n/a	Cons. · IFRS
FYE Mar 2018	0.91	+4.8%	Cons. · IFRS
FYE Mar 2019	0.88	−3.4%	Cons. · IFRS
FYE Mar 2020	0.80	−9.0%	Cons. · IFRS
FYE Mar 2021	0.79	−1.9%	Cons. · IFRS
FYE Mar 2022	0.78	−1.1%	Cons. · IFRS
FYE Mar 2023	0.81	+3.3%	Cons. · IFRS
FYE Mar 2024	0.73	−9.2%	Cons. · IFRS
FYE Mar 2025	0.77	+4.9%	Cons. · IFRS
FYE Mar 2026	0.71	−7.0%	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 Mar 2026 ¥192bn

CAGR · 10 yrs +5.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	120	n/a	Cons. · IFRS
FYE Mar 2018	123	+2.2%	Cons. · IFRS
FYE Mar 2019	98.6	−19.6%	Cons. · IFRS
FYE Mar 2020	124	+25.4%	Cons. · IFRS
FYE Mar 2021	116	−5.9%	Cons. · IFRS
FYE Mar 2022	144	+24.2%	Cons. · IFRS
FYE Mar 2023	182	+25.8%	Cons. · IFRS
FYE Mar 2024	156	−14.4%	Cons. · IFRS
FYE Mar 2025	218	+40.1%	Cons. · IFRS
FYE Mar 2026	192	−11.8%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥107bn

Average · 10 yrs -¥78bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-49.7	n/a	Cons. · IFRS
FYE Mar 2018	-50.2	n/a	Cons. · IFRS
FYE Mar 2019	-50.0	n/a	Cons. · IFRS
FYE Mar 2020	-60.0	n/a	Cons. · IFRS
FYE Mar 2021	-57.5	n/a	Cons. · IFRS
FYE Mar 2022	-57.6	n/a	Cons. · IFRS
FYE Mar 2023	-160	n/a	Cons. · IFRS
FYE Mar 2024	-67.9	n/a	Cons. · IFRS
FYE Mar 2025	-115	n/a	Cons. · IFRS
FYE Mar 2026	-107	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 Mar 2026 -¥107bn

Average · 10 yrs -¥62bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-28.9	n/a	Cons. · IFRS
FYE Mar 2018	-44.9	n/a	Cons. · IFRS
FYE Mar 2019	-58.4	n/a	Cons. · IFRS
FYE Mar 2020	-51.6	n/a	Cons. · IFRS
FYE Mar 2021	-68.3	n/a	Cons. · IFRS
FYE Mar 2022	-36.6	n/a	Cons. · IFRS
FYE Mar 2023	-57.6	n/a	Cons. · IFRS
FYE Mar 2024	-90.8	n/a	Cons. · IFRS
FYE Mar 2025	-78.9	n/a	Cons. · IFRS
FYE Mar 2026	-107	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 Mar 2026 ¥360bn

CAGR · 10 yrs +2.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	280	n/a	Cons. · IFRS
FYE Mar 2018	305	+8.7%	Cons. · IFRS
FYE Mar 2019	298	−2.3%	Cons. · IFRS
FYE Mar 2020	305	+2.4%	Cons. · IFRS
FYE Mar 2021	301	−1.3%	Cons. · IFRS
FYE Mar 2022	362	+20.3%	Cons. · IFRS
FYE Mar 2023	330	−8.9%	Cons. · IFRS
FYE Mar 2024	342	+3.7%	Cons. · IFRS
FYE Mar 2025	363	+6.2%	Cons. · IFRS
FYE Mar 2026	360	−1.0%	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 Mar 2026 ¥85bn

CAGR · 10 yrs +2.1%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	70.2	n/a	Cons. · IFRS
FYE Mar 2018	72.3	+3.0%	Cons. · IFRS
FYE Mar 2019	48.6	−32.8%	Cons. · IFRS
FYE Mar 2020	63.7	+30.9%	Cons. · IFRS
FYE Mar 2021	58.8	−7.7%	Cons. · IFRS
FYE Mar 2022	86.9	+47.9%	Cons. · IFRS
FYE Mar 2023	21.8	−74.9%	Cons. · IFRS
FYE Mar 2024	87.6	+301.9%	Cons. · IFRS
FYE Mar 2025	103	+17.4%	Cons. · IFRS
FYE Mar 2026	84.7	−17.6%	Cons. · IFRS

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

Operating cash flow margin

FYE Mar 2026 18.7%

Average · 10 yrs 16.8%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	15.6	n/a	Cons. · IFRS
FYE Mar 2018	14.3	−1.3pp	Cons. · IFRS
FYE Mar 2019	12.2	−2.1pp	Cons. · IFRS
FYE Mar 2020	16.7	+4.5pp	Cons. · IFRS
FYE Mar 2021	15.3	−1.4pp	Cons. · IFRS
FYE Mar 2022	16.9	+1.7pp	Cons. · IFRS
FYE Mar 2023	19.6	+2.6pp	Cons. · IFRS
FYE Mar 2024	17.0	−2.6pp	Cons. · IFRS
FYE Mar 2025	21.5	+4.5pp	Cons. · IFRS
FYE Mar 2026	18.7	−2.8pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 ¥360bn

CAGR · 10 yrs +3.0%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	276	n/a	Cons. · IFRS
FYE Mar 2018	301	+8.8%	Cons. · IFRS
FYE Mar 2019	297	−1.1%	Cons. · IFRS
FYE Mar 2020	305	+2.6%	Cons. · IFRS
FYE Mar 2021	300	−1.5%	Cons. · IFRS
FYE Mar 2022	362	+20.5%	Cons. · IFRS
FYE Mar 2023	330	−8.9%	Cons. · IFRS
FYE Mar 2024	342	+3.7%	Cons. · IFRS
FYE Mar 2025	363	+6.1%	Cons. · IFRS
FYE Mar 2026	360	−0.8%	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 Mar 2026 ¥2.07tn

Change · 10 yrs +¥580bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,494	n/a
FYE Mar 2018	1,386	n/a
FYE Mar 2019	921	n/a
FYE Mar 2020	765	n/a
FYE Mar 2021	1,416	n/a
FYE Mar 2022	1,317	n/a
FYE Mar 2023	1,283	n/a
FYE Mar 2024	1,983	n/a
FYE Mar 2025	1,937	n/a
FYE Mar 2026	2,074	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 Mar 2026 3,057¥

Change · 10 yrs −5,544¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	8,601	n/a
FYE Mar 2018	7,977	n/a
FYE Mar 2019	5,802	n/a
FYE Mar 2020	4,821	n/a
FYE Mar 2021	9,454	n/a
FYE Mar 2022	8,794	n/a
FYE Mar 2023	8,570	n/a
FYE Mar 2024	13,815	n/a
FYE Mar 2025	2,740	n/a
FYE Mar 2026	3,057	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 Mar 2026 678,659,000shares

Change · 10 yrs +504,901,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	173,758,000	Parent
FYE Mar 2018	173,758,000	Parent
FYE Mar 2019	158,758,000	Parent
FYE Mar 2020	158,758,000	Parent
FYE Mar 2021	149,758,000	Parent
FYE Mar 2022	149,758,000	Parent
FYE Mar 2023	149,758,000	Parent
FYE Mar 2024	143,551,000	Parent
FYE Mar 2025	706,760,000	Parent
FYE Mar 2026	678,659,000	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 Mar 2026 197.20¥

Change · 10 yrs −193.74¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	390.94	Cons.
FYE Mar 2018	538.99	Cons.
FYE Mar 2019	423.50	Cons.
FYE Mar 2020	301.32	Cons.
FYE Mar 2021	94.54	Cons.
FYE Mar 2022	131.26	Cons.
FYE Mar 2023	147.75	Cons.
FYE Mar 2024	143.91	Cons.
FYE Mar 2025	195.74	Cons.
FYE Mar 2026	197.20	Cons.

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

BPS book value per share

FYE Mar 2026 1,690.03¥

Change · 10 yrs −2,072.52¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	3,762.54	Cons. · IFRS
FYE Mar 2018	3,985.78	Cons. · IFRS
FYE Mar 2019	4,407.33	Cons. · IFRS
FYE Mar 2020	4,337.98	Cons. · IFRS
FYE Mar 2021	4,774.71	Cons. · IFRS
FYE Mar 2022	5,477.36	Cons. · IFRS
FYE Mar 2023	6,017.90	Cons. · IFRS
FYE Mar 2024	6,847.68	Cons. · IFRS
FYE Mar 2025	1,475.82	Cons. · IFRS
FYE Mar 2026	1,690.03	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 15.50×

Average · 10 yrs 16.02×

Fiscal year	PER ×	Basis
FYE Mar 2017	22.00	Cons.
FYE Mar 2018	14.80	Cons.
FYE Mar 2019	13.70	Cons.
FYE Mar 2020	16.00	Cons.
FYE Mar 2021	20.00	Cons.
FYE Mar 2022	13.40	Cons.
FYE Mar 2023	11.60	Cons.
FYE Mar 2024	19.20	Cons.
FYE Mar 2025	14.00	Cons.
FYE Mar 2026	15.50	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 Mar 2026 1.79×

Average · 10 yrs 1.69×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.14	Cons.
FYE Mar 2018	1.84	Cons.
FYE Mar 2019	1.30	Cons.
FYE Mar 2020	1.08	Cons.
FYE Mar 2021	1.95	Cons.
FYE Mar 2022	1.59	Cons.
FYE Mar 2023	1.39	Cons.
FYE Mar 2024	1.99	Cons.
FYE Mar 2025	1.82	Cons.
FYE Mar 2026	1.79	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 Mar 2026 26,477people

Change · 10 yrs −182 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	26,659	n/a	Cons.
FYE Mar 2018	26,310	−1.3%	Cons.
FYE Mar 2019	26,001	−1.2%	Cons.
FYE Mar 2020	25,793	−0.8%	Cons.
FYE Mar 2021	25,424	−1.4%	Cons.
FYE Mar 2022	25,961	+2.1%	Cons.
FYE Mar 2023	26,070	+0.4%	Cons.
FYE Mar 2024	25,300	−3.0%	Cons.
FYE Mar 2025	25,769	+1.9%	Cons.
FYE Mar 2026	26,477	+2.7%	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 Mar 2026 6,813people

Change · 10 yrs +1,649 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	5,164	n/a	Parent
FYE Mar 2018	5,269	+2.0%	Parent
FYE Mar 2019	5,423	+2.9%	Parent
FYE Mar 2020	5,592	+3.1%	Parent
FYE Mar 2021	5,870	+5.0%	Parent
FYE Mar 2022	6,091	+3.8%	Parent
FYE Mar 2023	6,285	+3.2%	Parent
FYE Mar 2024	6,610	+5.2%	Parent
FYE Mar 2025	6,729	+1.8%	Parent
FYE Mar 2026	6,813	+1.2%	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 Mar 2026 ¥8.4m

Change · 10 yrs +¥1.4m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.1	n/a	Parent
FYE Mar 2018	8.1	+14.3%	Parent
FYE Mar 2019	8.2	+2.1%	Parent
FYE Mar 2020	7.3	−11.7%	Parent
FYE Mar 2021	7.3	+1.0%	Parent
FYE Mar 2022	8.1	+9.7%	Parent
FYE Mar 2023	8.2	+2.2%	Parent
FYE Mar 2024	7.6	−7.4%	Parent
FYE Mar 2025	8.3	+9.5%	Parent
FYE Mar 2026	8.4	+1.2%	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 Mar 2026 41.0years

Change · 8 yrs +0.9 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	40.1	n/a	Parent
FYE Mar 2020	40.4	+0.7%	Parent
FYE Mar 2021	40.4	−0.0%	Parent
FYE Mar 2022	40.5	+0.2%	Parent
FYE Mar 2023	40.7	+0.5%	Parent
FYE Mar 2024	40.8	+0.2%	Parent
FYE Mar 2025	40.9	+0.2%	Parent
FYE Mar 2026	41.0	+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 Mar 2026 15.5years

Change · 10 yrs +2.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	13.4	n/a	Parent
FYE Mar 2018	13.4	−0.0%	Parent
FYE Mar 2019	13.5	+0.7%	Parent
FYE Mar 2020	13.4	−0.7%	Parent
FYE Mar 2021	13.3	−0.7%	Parent
FYE Mar 2022	13.0	−2.3%	Parent
FYE Mar 2023	12.9	−0.8%	Parent
FYE Mar 2024	12.6	−2.3%	Parent
FYE Mar 2025	12.7	+0.8%	Parent
FYE Mar 2026	15.5	+22.0%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Temporary employees

FYE Mar 2026 1,683people

Change · 10 yrs −1,301 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	2,984	n/a	n/a
FYE Mar 2018	3,051	+2.2%	n/a
FYE Mar 2019	3,045	−0.2%	n/a
FYE Mar 2020	2,812	−7.7%	n/a
FYE Mar 2021	2,700	−4.0%	n/a
FYE Mar 2022	2,425	−10.2%	n/a
FYE Mar 2023	2,123	−12.5%	n/a
FYE Mar 2024	1,934	−8.9%	n/a
FYE Mar 2025	1,840	−4.9%	n/a
FYE Mar 2026	1,683	−8.5%	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 Mar 2026 ¥38.8m

Change · 10 yrs +¥10.0m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	28.8	n/a	Cons.
FYE Mar 2018	32.6	+13.2%	Cons.
FYE Mar 2019	31.0	−4.8%	Cons.
FYE Mar 2020	28.7	−7.4%	Cons.
FYE Mar 2021	29.9	+4.2%	Cons.
FYE Mar 2022	32.9	+9.8%	Cons.
FYE Mar 2023	35.6	+8.4%	Cons.
FYE Mar 2024	36.2	+1.5%	Cons.
FYE Mar 2025	39.3	+8.8%	Cons.
FYE Mar 2026	38.8	−1.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥6.9m

Change · 10 yrs +¥3.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.5	n/a	Cons.
FYE Mar 2018	4.8	+37.6%	Cons.
FYE Mar 2019	3.6	−25.3%	Cons.
FYE Mar 2020	2.7	−24.2%	Cons.
FYE Mar 2021	3.7	+36.5%	Cons.
FYE Mar 2022	5.1	+38.1%	Cons.
FYE Mar 2023	5.6	+10.8%	Cons.
FYE Mar 2024	5.5	−2.6%	Cons.
FYE Mar 2025	7.2	+31.0%	Cons.
FYE Mar 2026	6.9	−3.7%	Cons.

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

Disclaimer

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

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