Financials

Kanadevia (Hitachi Zosen): FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥645bnYoY +5.7%

FYE Mar 2026 · Operating profit¥12bnYoY −54.8%

FYE Mar 2026 · Net profit¥11bnYoY −49.6%

FYE Mar 2026 · Equity ratio27.4%YoY −3.7pp

FYE Mar 2026 · Group employees12,666YoY −298

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥399bn	n/a	¥15bn	n/a	3.7%	¥5.9bn	Tanisho Takashi	—
FYE Mar 2018Consolidated	¥376bn	−5.7%	¥5.9bn	−60.5%	1.6%	¥2.2bn	Tanisho Takashi	Osmoflo Holdings of Australia made a subsidiary
FYE Mar 2019Consolidated	¥378bn	+0.5%	¥7.4bn	+24.6%	1.9%	¥5.4bn	Tanisho Takashi	—
FYE Mar 2020Consolidated	¥402bn	+6.4%	¥14bn	+88.8%	3.5%	¥2.2bn	Tanisho Takashi	—
FYE Mar 2021Consolidated	¥409bn	+1.5%	¥15bn	+10.8%	3.8%	¥4.3bn	Tanisho Takashi	<a class="en-history_person" href="/tse/7004/executives/ceo/mino-sadao/" hreflang="ja">Mino Sadao</a> becomes president
FYE Mar 2022Consolidated	¥442bn	+8.1%	¥16bn	+0.9%	3.5%	¥7.9bn	Mino Sadao	Shield tunnelling machine business transferred to Chichu Kukan Kaihatsu
FYE Mar 2023Consolidated	¥493bn	+11.5%	¥20bn	+29.1%	4.1%	¥16bn	Mino Sadao	Steinmüller Babcock Environment made a subsidiary
FYE Mar 2024Consolidated	¥556bn	+12.8%	¥24bn	+21.3%	4.4%	¥19bn	Mino Sadao	Marine prime-mover business transferred to Hitachi Zosen Marine Engine
FYE Mar 2025Consolidated	¥611bn	+9.8%	¥27bn	+10.8%	4.4%	¥22bn	Mino Sadao	—
FYE Mar 2026Consolidated	¥645bn	+5.7%	¥12bn	−54.8%	1.9%	¥11bn	Kuwahara Toru	—

How it compares

JGC Holdings¥745bnFY2025Operating margin 4.7%Modec¥717bnFY2025Operating margin 9.6%

Kanadevia (Hitachi Zosen)¥645bnFY2025Operating margin 1.9%

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 Mar 2026 ¥645bn

CAGR · 10 yrs +5.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	399	n/a	Cons. · Japanese GAAP
FYE Mar 2018	376	−5.7%	Cons. · Japanese GAAP
FYE Mar 2019	378	+0.5%	Cons. · Japanese GAAP
FYE Mar 2020	402	+6.4%	Cons. · Japanese GAAP
FYE Mar 2021	409	+1.5%	Cons. · Japanese GAAP
FYE Mar 2022	442	+8.1%	Cons. · Japanese GAAP
FYE Mar 2023	493	+11.5%	Cons. · Japanese GAAP
FYE Mar 2024	556	+12.8%	Cons. · Japanese GAAP
FYE Mar 2025	611	+9.8%	Cons. · Japanese GAAP
FYE Mar 2026	645	+5.7%	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 Mar 2026 ¥536bn

CAGR · 10 yrs +5.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	334	n/a	Cons. · Japanese GAAP
FYE Mar 2018	317	−5.2%	Cons. · Japanese GAAP
FYE Mar 2019	317	+0.1%	Cons. · Japanese GAAP
FYE Mar 2020	333	+5.1%	Cons. · Japanese GAAP
FYE Mar 2021	336	+0.8%	Cons. · Japanese GAAP
FYE Mar 2022	370	+10.1%	Cons. · Japanese GAAP
FYE Mar 2023	409	+10.7%	Cons. · Japanese GAAP
FYE Mar 2024	461	+12.5%	Cons. · Japanese GAAP
FYE Mar 2025	496	+7.8%	Cons. · Japanese GAAP
FYE Mar 2026	536	+8.0%	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 Mar 2026 ¥109bn

CAGR · 10 yrs +5.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	65.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	59.7	−8.2%	Cons. · Japanese GAAP
FYE Mar 2019	61.1	+2.4%	Cons. · Japanese GAAP
FYE Mar 2020	69.3	+13.4%	Cons. · Japanese GAAP
FYE Mar 2021	72.8	+5.1%	Cons. · Japanese GAAP
FYE Mar 2022	72.1	−0.9%	Cons. · Japanese GAAP
FYE Mar 2023	83.4	+15.5%	Cons. · Japanese GAAP
FYE Mar 2024	95.3	+14.3%	Cons. · Japanese GAAP
FYE Mar 2025	114	+19.8%	Cons. · Japanese GAAP
FYE Mar 2026	109	−4.5%	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 Mar 2026 ¥97bn

CAGR · 10 yrs +7.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	50.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	53.8	+7.4%	Cons. · Japanese GAAP
FYE Mar 2019	53.7	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	55.4	+3.1%	Cons. · Japanese GAAP
FYE Mar 2021	57.4	+3.7%	Cons. · Japanese GAAP
FYE Mar 2022	56.6	−1.4%	Cons. · Japanese GAAP
FYE Mar 2023	63.3	+11.8%	Cons. · Japanese GAAP
FYE Mar 2024	71.0	+12.1%	Cons. · Japanese GAAP
FYE Mar 2025	87.2	+22.9%	Cons. · Japanese GAAP
FYE Mar 2026	96.9	+11.0%	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 Mar 2026 ¥12bn

CAGR · 10 yrs −2.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	14.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.9	−60.5%	Cons. · Japanese GAAP
FYE Mar 2019	7.4	+24.6%	Cons. · Japanese GAAP
FYE Mar 2020	13.9	+88.8%	Cons. · Japanese GAAP
FYE Mar 2021	15.4	+10.8%	Cons. · Japanese GAAP
FYE Mar 2022	15.5	+0.9%	Cons. · Japanese GAAP
FYE Mar 2023	20.1	+29.1%	Cons. · Japanese GAAP
FYE Mar 2024	24.3	+21.3%	Cons. · Japanese GAAP
FYE Mar 2025	26.9	+10.8%	Cons. · Japanese GAAP
FYE Mar 2026	12.2	−54.8%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥10bn

CAGR · 10 yrs +20.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.7	−8.2%	Cons. · Japanese GAAP
FYE Mar 2019	4.7	+179.7%	Cons. · Japanese GAAP
FYE Mar 2020	2.7	−43.5%	Cons. · Japanese GAAP
FYE Mar 2021	1.6	−39.6%	Cons. · Japanese GAAP
FYE Mar 2022	1.6	−1.4%	Cons. · Japanese GAAP
FYE Mar 2023	2.1	+34.7%	Cons. · Japanese GAAP
FYE Mar 2024	5.9	+176.1%	Cons. · Japanese GAAP
FYE Mar 2025	3.3	−43.8%	Cons. · Japanese GAAP
FYE Mar 2026	10.1	+204.2%	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 Mar 2026 ¥8.7bn

CAGR · 10 yrs +5.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.2	−23.9%	Cons. · Japanese GAAP
FYE Mar 2019	5.4	+26.9%	Cons. · Japanese GAAP
FYE Mar 2020	7.1	+32.8%	Cons. · Japanese GAAP
FYE Mar 2021	5.2	−26.9%	Cons. · Japanese GAAP
FYE Mar 2022	5.3	+2.5%	Cons. · Japanese GAAP
FYE Mar 2023	4.4	−18.3%	Cons. · Japanese GAAP
FYE Mar 2024	4.6	+5.3%	Cons. · Japanese GAAP
FYE Mar 2025	5.9	+29.3%	Cons. · Japanese GAAP
FYE Mar 2026	8.7	+46.3%	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 Mar 2026 ¥14bn

CAGR · 10 yrs +2.2%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	11.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.4	−70.0%	Cons. · Japanese GAAP
FYE Mar 2019	6.7	+99.7%	Cons. · Japanese GAAP
FYE Mar 2020	9.4	+40.3%	Cons. · Japanese GAAP
FYE Mar 2021	11.8	+25.1%	Cons. · Japanese GAAP
FYE Mar 2022	11.8	−0.1%	Cons. · Japanese GAAP
FYE Mar 2023	17.8	+51.4%	Cons. · Japanese GAAP
FYE Mar 2024	25.6	+43.8%	Cons. · Japanese GAAP
FYE Mar 2025	24.3	−5.1%	Cons. · Japanese GAAP
FYE Mar 2026	13.6	−44.0%	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 Mar 2026 ¥2.0bn

CAGR · 6 yrs +7.4%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	1.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	11.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	3.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	4.2	+12.4%	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	2.9	n/a	Cons. · Japanese GAAP
FYE Mar 2026	2.0	−30.1%	Cons. · Japanese GAAP

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 Mar 2026 ¥11bn

CAGR · 10 yrs +7.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.2	−63.0%	Cons. · Japanese GAAP
FYE Mar 2019	5.4	+150.8%	Cons. · Japanese GAAP
FYE Mar 2020	2.2	−59.7%	Cons. · Japanese GAAP
FYE Mar 2021	4.3	+93.8%	Cons. · Japanese GAAP
FYE Mar 2022	7.9	+85.5%	Cons. · Japanese GAAP
FYE Mar 2023	15.6	+97.2%	Cons. · Japanese GAAP
FYE Mar 2024	19.0	+22.0%	Cons. · Japanese GAAP
FYE Mar 2025	22.1	+16.3%	Cons. · Japanese GAAP
FYE Mar 2026	11.1	−49.6%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 16.9%

Average · 10 yrs 16.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	16.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.8	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	16.2	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	17.2	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2021	17.8	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	16.3	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	16.9	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	17.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	18.7	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2026	16.9	−1.8pp	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 Mar 2026 1.9%

Average · 10 yrs 3.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.6	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2019	1.9	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	3.5	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	3.8	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2022	3.5	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	4.1	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	4.4	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	4.4	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2026	1.9	−2.5pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 2.1%

Average · 10 yrs 2.8%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	2.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.9	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2019	1.8	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	2.3	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2021	2.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	2.7	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	3.6	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2024	4.6	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2025	4.0	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	2.1	−1.9pp	Cons. · Japanese GAAP

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

Net margin

FYE Mar 2026 1.7%

Average · 10 yrs 1.9%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	1.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.6	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	1.4	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	0.5	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	1.0	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	1.8	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	3.2	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	3.4	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	3.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	1.7	−1.9pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 83.1%

Average · 10 yrs 83.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	83.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	84.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	83.8	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	82.8	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2021	82.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	83.7	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	83.1	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	82.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	81.3	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2026	83.1	+1.8pp	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 Mar 2026 15.0%

Average · 10 yrs 13.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	12.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.3	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2019	14.2	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	13.8	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	14.1	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2022	12.8	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2023	12.8	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	12.8	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	14.3	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	15.0	+0.7pp	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 Mar 2026 ¥719bn

CAGR · 10 yrs +6.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	394	n/a	Cons. · Japanese GAAP
FYE Mar 2018	392	−0.4%	Cons. · Japanese GAAP
FYE Mar 2019	429	+9.5%	Cons. · Japanese GAAP
FYE Mar 2020	410	−4.5%	Cons. · Japanese GAAP
FYE Mar 2021	429	+4.8%	Cons. · Japanese GAAP
FYE Mar 2022	461	+7.4%	Cons. · Japanese GAAP
FYE Mar 2023	480	+4.0%	Cons. · Japanese GAAP
FYE Mar 2024	534	+11.2%	Cons. · Japanese GAAP
FYE Mar 2025	610	+14.3%	Cons. · Japanese GAAP
FYE Mar 2026	719	+17.9%	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 Mar 2026 ¥197bn

CAGR · 10 yrs +6.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	116	n/a	Cons. · Japanese GAAP
FYE Mar 2018	117	+1.1%	Cons. · Japanese GAAP
FYE Mar 2019	119	+2.2%	Cons. · Japanese GAAP
FYE Mar 2020	118	−1.2%	Cons. · Japanese GAAP
FYE Mar 2021	126	+7.1%	Cons. · Japanese GAAP
FYE Mar 2022	131	+3.9%	Cons. · Japanese GAAP
FYE Mar 2023	140	+6.3%	Cons. · Japanese GAAP
FYE Mar 2024	163	+16.5%	Cons. · Japanese GAAP
FYE Mar 2025	189	+16.4%	Cons. · Japanese GAAP
FYE Mar 2026	197	+3.9%	Cons. · Japanese GAAP

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

Interest-bearing debt

FYE Mar 2026 ¥163bn

CAGR · 10 yrs +5.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	97.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	96.0	−1.5%	Cons. · Japanese GAAP
FYE Mar 2019	99.9	+4.1%	Cons. · Japanese GAAP
FYE Mar 2020	70.7	−29.2%	Cons. · Japanese GAAP
FYE Mar 2021	69.1	−2.3%	Cons. · Japanese GAAP
FYE Mar 2022	57.9	−16.2%	Cons. · Japanese GAAP
FYE Mar 2023	52.5	−9.3%	Cons. · Japanese GAAP
FYE Mar 2024	54.0	+2.9%	Cons. · Japanese GAAP
FYE Mar 2025	107	+97.2%	Cons. · Japanese GAAP
FYE Mar 2026	163	+52.7%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥66bn

CAGR · 10 yrs +4.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	45.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.0	−9.1%	Cons. · Japanese GAAP
FYE Mar 2019	52.4	+27.9%	Cons. · Japanese GAAP
FYE Mar 2020	14.3	−72.7%	Cons. · Japanese GAAP
FYE Mar 2021	14.6	+1.6%	Cons. · Japanese GAAP
FYE Mar 2022	26.7	+83.3%	Cons. · Japanese GAAP
FYE Mar 2023	16.6	−37.8%	Cons. · Japanese GAAP
FYE Mar 2024	19.6	+17.9%	Cons. · Japanese GAAP
FYE Mar 2025	36.4	+85.8%	Cons. · Japanese GAAP
FYE Mar 2026	66.2	+81.9%	Cons. · Japanese GAAP

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

Long-term borrowings

FYE Mar 2026 ¥96bn

CAGR · 10 yrs +7.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	52.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	55.0	+5.1%	Cons. · Japanese GAAP
FYE Mar 2019	47.4	−13.7%	Cons. · Japanese GAAP
FYE Mar 2020	56.4	+18.8%	Cons. · Japanese GAAP
FYE Mar 2021	54.5	−3.2%	Cons. · Japanese GAAP
FYE Mar 2022	31.2	−42.8%	Cons. · Japanese GAAP
FYE Mar 2023	35.9	+15.1%	Cons. · Japanese GAAP
FYE Mar 2024	34.4	−4.0%	Cons. · Japanese GAAP
FYE Mar 2025	70.1	+103.6%	Cons. · Japanese GAAP
FYE Mar 2026	96.5	+37.5%	Cons. · Japanese GAAP

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

Bonds

FYE Mar 2026 n/a

CAGR · 9 yrs +9.1%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	10.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.0	+0.4%	Cons. · Japanese GAAP
FYE Mar 2019	25.1	+149.9%	Cons. · Japanese GAAP
FYE Mar 2020	25.1	−0.1%	Cons. · Japanese GAAP
FYE Mar 2021	25.1	−0.1%	Cons. · Japanese GAAP
FYE Mar 2022	30.1	+20.1%	Cons. · Japanese GAAP
FYE Mar 2023	30.1	−0.1%	Cons. · Japanese GAAP
FYE Mar 2024	30.0	−0.1%	Cons. · Japanese GAAP
FYE Mar 2025	20.0	−33.4%	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥63bn

CAGR · 10 yrs +23.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	9.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.9	+16.3%	Cons. · Japanese GAAP
FYE Mar 2019	11.5	+6.2%	Cons. · Japanese GAAP
FYE Mar 2020	10.4	−10.0%	Cons. · Japanese GAAP
FYE Mar 2021	9.5	−8.6%	Cons. · Japanese GAAP
FYE Mar 2022	11.5	+20.5%	Cons. · Japanese GAAP
FYE Mar 2023	11.1	−2.8%	Cons. · Japanese GAAP
FYE Mar 2024	19.3	+73.1%	Cons. · Japanese GAAP
FYE Mar 2025	41.2	+114.0%	Cons. · Japanese GAAP
FYE Mar 2026	62.9	+52.7%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2026 ¥31bn

CAGR · 10 yrs +24.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.6	−17.5%	Cons. · Japanese GAAP
FYE Mar 2019	3.0	−16.8%	Cons. · Japanese GAAP
FYE Mar 2020	2.2	−27.7%	Cons. · Japanese GAAP
FYE Mar 2021	1.6	−24.9%	Cons. · Japanese GAAP
FYE Mar 2022	1.5	−8.6%	Cons. · Japanese GAAP
FYE Mar 2023	1.1	−27.4%	Cons. · Japanese GAAP
FYE Mar 2024	4.3	+294.7%	Cons. · Japanese GAAP
FYE Mar 2025	14.1	+230.1%	Cons. · Japanese GAAP
FYE Mar 2026	31.1	+121.2%	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 Mar 2026 27.4%

Average · 10 yrs 29.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	29.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.8	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	27.8	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2020	28.8	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2021	29.4	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	28.5	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	29.1	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	30.5	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2025	31.1	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	27.4	−3.7pp	Cons. · Japanese GAAP

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

Debt-to-equity ratio D/E ratio

FYE Mar 2026 82.6%

Average · 10 yrs 61.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	84.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	82.1	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2019	83.6	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	59.9	−23.7pp	Cons. · Japanese GAAP
FYE Mar 2021	54.7	−5.2pp	Cons. · Japanese GAAP
FYE Mar 2022	44.1	−10.6pp	Cons. · Japanese GAAP
FYE Mar 2023	37.6	−6.5pp	Cons. · Japanese GAAP
FYE Mar 2024	33.2	−4.4pp	Cons. · Japanese GAAP
FYE Mar 2025	56.3	+23.0pp	Cons. · Japanese GAAP
FYE Mar 2026	82.6	+26.4pp	Cons. · Japanese GAAP

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

ROE return on equity

FYE Mar 2026 5.7%

Average · 10 yrs 6.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	5.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.9	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2019	4.6	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2020	1.9	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2021	3.4	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2022	6.0	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2023	11.2	+5.1pp	Cons. · Japanese GAAP
FYE Mar 2024	11.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	11.7	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2026	5.7	−6.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 1.5%

Average · 10 yrs 1.9%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.6	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	1.3	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	0.5	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	1.0	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	1.7	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	3.2	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2024	3.6	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	3.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	1.5	−2.1pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.90×

CAGR · 10 yrs −1.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.01	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.96	−5.3%	Cons. · Japanese GAAP
FYE Mar 2019	0.88	−8.3%	Cons. · Japanese GAAP
FYE Mar 2020	0.98	+11.5%	Cons. · Japanese GAAP
FYE Mar 2021	0.95	−3.2%	Cons. · Japanese GAAP
FYE Mar 2022	0.96	+0.7%	Cons. · Japanese GAAP
FYE Mar 2023	1.03	+7.2%	Cons. · Japanese GAAP
FYE Mar 2024	1.04	+1.4%	Cons. · Japanese GAAP
FYE Mar 2025	1.00	−3.9%	Cons. · Japanese GAAP
FYE Mar 2026	0.90	−10.3%	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 Mar 2026 ¥12bn

CAGR · 10 yrs −4.3%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	17.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-3.4	−119.5%	Cons. · Japanese GAAP
FYE Mar 2019	-5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	32.8	n/a	Cons. · Japanese GAAP
FYE Mar 2021	22.7	−30.9%	Cons. · Japanese GAAP
FYE Mar 2022	26.9	+18.4%	Cons. · Japanese GAAP
FYE Mar 2023	28.0	+4.3%	Cons. · Japanese GAAP
FYE Mar 2024	0.5	−98.3%	Cons. · Japanese GAAP
FYE Mar 2025	24.8	+5081.8%	Cons. · Japanese GAAP
FYE Mar 2026	11.6	−53.0%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥48bn

Average · 10 yrs -¥16bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-7.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-10.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-7.6	n/a	Cons. · Japanese GAAP
FYE Mar 2020	6.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-13.8	−324.1%	Cons. · Japanese GAAP
FYE Mar 2022	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-2.5	−361.1%	Cons. · Japanese GAAP
FYE Mar 2024	-21.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-56.6	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-48.0	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 Mar 2026 ¥42bn

Average · 10 yrs ¥1.8bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-4.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	15.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-31.4	−309.3%	Cons. · Japanese GAAP
FYE Mar 2021	-5.3	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-8.8	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-7.8	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2025	30.2	n/a	Cons. · Japanese GAAP
FYE Mar 2026	41.5	+37.8%	Cons. · Japanese GAAP

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

Cash and equivalents

FYE Mar 2026 ¥77bn

CAGR · 10 yrs +4.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	50.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.7	−35.6%	Cons. · Japanese GAAP
FYE Mar 2019	34.4	+5.0%	Cons. · Japanese GAAP
FYE Mar 2020	41.6	+20.9%	Cons. · Japanese GAAP
FYE Mar 2021	45.8	+10.1%	Cons. · Japanese GAAP
FYE Mar 2022	66.0	+44.0%	Cons. · Japanese GAAP
FYE Mar 2023	84.9	+28.7%	Cons. · Japanese GAAP
FYE Mar 2024	69.8	−17.8%	Cons. · Japanese GAAP
FYE Mar 2025	68.7	−1.5%	Cons. · Japanese GAAP
FYE Mar 2026	77.3	+12.5%	Cons. · Japanese GAAP

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

Free cash flow

FYE Mar 2026 -¥36bn

Average · 10 yrs -¥0.5bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	10.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-14.1	−236.8%	Cons. · Japanese GAAP
FYE Mar 2019	-13.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	39.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	8.8	−77.3%	Cons. · Japanese GAAP
FYE Mar 2022	27.8	+214.7%	Cons. · Japanese GAAP
FYE Mar 2023	25.5	−8.1%	Cons. · Japanese GAAP
FYE Mar 2024	-21.0	−182.3%	Cons. · Japanese GAAP
FYE Mar 2025	-31.8	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-36.4	n/a	Cons. · Japanese GAAP

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

Operating cash flow margin

FYE Mar 2026 1.8%

Average · 10 yrs 3.3%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-0.9	−5.2pp	Cons. · Japanese GAAP
FYE Mar 2019	-1.4	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	8.2	+9.6pp	Cons. · Japanese GAAP
FYE Mar 2021	5.6	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2022	6.1	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2023	5.7	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	0.1	−5.6pp	Cons. · Japanese GAAP
FYE Mar 2025	4.1	+4.0pp	Cons. · Japanese GAAP
FYE Mar 2026	1.8	−2.3pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 -¥85bn

Average · 10 yrs -¥29bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-46.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-63.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-65.5	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-29.1	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-23.3	n/a	Cons. · Japanese GAAP
FYE Mar 2022	8.1	n/a	Cons. · Japanese GAAP
FYE Mar 2023	32.4	+301.5%	Cons. · Japanese GAAP
FYE Mar 2024	15.7	−51.4%	Cons. · Japanese GAAP
FYE Mar 2025	-37.8	−340.2%	Cons. · Japanese GAAP
FYE Mar 2026	-85.4	n/a	Cons. · Japanese GAAP

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

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

Market capitalisation

FYE Mar 2026 ¥171bn

Change · 10 yrs +¥64bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	108	n/a
FYE Mar 2018	92.7	n/a
FYE Mar 2019	57.7	n/a
FYE Mar 2020	59.3	n/a
FYE Mar 2021	152	n/a
FYE Mar 2022	127	n/a
FYE Mar 2023	148	n/a
FYE Mar 2024	225	n/a
FYE Mar 2025	156	n/a
FYE Mar 2026	171	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 1,006¥

Change · 10 yrs +373¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	633	n/a
FYE Mar 2018	545	n/a
FYE Mar 2019	339	n/a
FYE Mar 2020	348	n/a
FYE Mar 2021	894	n/a
FYE Mar 2022	745	n/a
FYE Mar 2023	869	n/a
FYE Mar 2024	1,319	n/a
FYE Mar 2025	919	n/a
FYE Mar 2026	1,006	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 170,214,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	170,214,000	Parent
FYE Mar 2018	170,214,000	Parent
FYE Mar 2019	170,214,000	Parent
FYE Mar 2020	170,214,000	Parent
FYE Mar 2021	170,214,000	Parent
FYE Mar 2022	170,214,000	Parent
FYE Mar 2023	170,214,000	Parent
FYE Mar 2024	170,214,000	Parent
FYE Mar 2025	170,214,000	Parent
FYE Mar 2026	170,214,000	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 66.20¥

Change · 10 yrs +31.41¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	34.79	Cons.
FYE Mar 2018	12.88	Cons.
FYE Mar 2019	32.31	Cons.
FYE Mar 2020	13.04	Cons.
FYE Mar 2021	25.26	Cons.
FYE Mar 2022	46.87	Cons.
FYE Mar 2023	92.43	Cons.
FYE Mar 2024	112.74	Cons.
FYE Mar 2025	131.33	Cons.
FYE Mar 2026	66.20	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 1,156.26¥

Change · 10 yrs +477.11¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	679.15	Cons. · Japanese GAAP
FYE Mar 2018	686.75	Cons. · Japanese GAAP
FYE Mar 2019	701.93	Cons. · Japanese GAAP
FYE Mar 2020	693.27	Cons. · Japanese GAAP
FYE Mar 2021	742.19	Cons. · Japanese GAAP
FYE Mar 2022	771.38	Cons. · Japanese GAAP
FYE Mar 2023	820.26	Cons. · Japanese GAAP
FYE Mar 2024	955.61	Cons. · Japanese GAAP
FYE Mar 2025	1,112.51	Cons. · Japanese GAAP
FYE Mar 2026	1,156.26	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 15.20×

Average · 10 yrs 19.23×

Fiscal year	PER ×	Basis
FYE Mar 2017	18.20	Cons.
FYE Mar 2018	42.30	Cons.
FYE Mar 2019	10.50	Cons.
FYE Mar 2020	26.70	Cons.
FYE Mar 2021	35.40	Cons.
FYE Mar 2022	15.90	Cons.
FYE Mar 2023	9.40	Cons.
FYE Mar 2024	11.70	Cons.
FYE Mar 2025	7.00	Cons.
FYE Mar 2026	15.20	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 0.86×

Average · 10 yrs 0.89×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.92	Cons.
FYE Mar 2018	0.79	Cons.
FYE Mar 2019	0.48	Cons.
FYE Mar 2020	0.50	Cons.
FYE Mar 2021	1.19	Cons.
FYE Mar 2022	0.96	Cons.
FYE Mar 2023	1.05	Cons.
FYE Mar 2024	1.37	Cons.
FYE Mar 2025	0.82	Cons.
FYE Mar 2026	0.86	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 12,666people

Change · 10 yrs +2,535 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	10,131	n/a	Cons.
FYE Mar 2018	10,377	+2.4%	Cons.
FYE Mar 2019	10,580	+2.0%	Cons.
FYE Mar 2020	10,707	+1.2%	Cons.
FYE Mar 2021	11,089	+3.6%	Cons.
FYE Mar 2022	11,540	+4.1%	Cons.
FYE Mar 2023	11,400	−1.2%	Cons.
FYE Mar 2024	12,148	+6.6%	Cons.
FYE Mar 2025	12,964	+6.7%	Cons.
FYE Mar 2026	12,666	−2.3%	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 4,088people

Change · 10 yrs +109 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	3,979	n/a	Parent
FYE Mar 2018	4,034	+1.4%	Parent
FYE Mar 2019	4,072	+0.9%	Parent
FYE Mar 2020	4,010	−1.5%	Parent
FYE Mar 2021	4,105	+2.4%	Parent
FYE Mar 2022	4,001	−2.5%	Parent
FYE Mar 2023	4,046	+1.1%	Parent
FYE Mar 2024	3,792	−6.3%	Parent
FYE Mar 2025	3,964	+4.5%	Parent
FYE Mar 2026	4,088	+3.1%	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 ¥8.3m

Change · 10 yrs +¥1.6m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	6.7	n/a	Parent
FYE Mar 2018	6.7	+0.2%	Parent
FYE Mar 2019	6.7	+0.8%	Parent
FYE Mar 2020	6.8	+0.8%	Parent
FYE Mar 2021	6.8	+0.9%	Parent
FYE Mar 2022	6.8	−0.4%	Parent
FYE Mar 2023	6.9	+1.8%	Parent
FYE Mar 2024	7.0	+0.9%	Parent
FYE Mar 2025	7.9	+13.2%	Parent
FYE Mar 2026	8.3	+4.8%	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 43.9years

Change · 8 yrs +2.2 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	41.7	n/a	Parent
FYE Mar 2020	42.4	+1.7%	Parent
FYE Mar 2021	42.6	+0.5%	Parent
FYE Mar 2022	42.6	−0.0%	Parent
FYE Mar 2023	42.9	+0.7%	Parent
FYE Mar 2024	43.6	+1.6%	Parent
FYE Mar 2025	43.6	−0.0%	Parent
FYE Mar 2026	43.9	+0.7%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 15.8years

Change · 10 yrs −0.8 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	16.6	n/a	Parent
FYE Mar 2018	16.5	−0.6%	Parent
FYE Mar 2019	16.2	−1.8%	Parent
FYE Mar 2020	16.2	−0.0%	Parent
FYE Mar 2021	16.1	−0.6%	Parent
FYE Mar 2022	16.1	−0.0%	Parent
FYE Mar 2023	16.2	+0.6%	Parent
FYE Mar 2024	16.3	+0.6%	Parent
FYE Mar 2025	16.0	−1.8%	Parent
FYE Mar 2026	15.8	−1.2%	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 Mar 2026 ¥50.9m

Change · 10 yrs +¥11.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	39.4	n/a	Cons.
FYE Mar 2018	36.3	−8.0%	Cons.
FYE Mar 2019	35.7	−1.5%	Cons.
FYE Mar 2020	37.6	+5.2%	Cons.
FYE Mar 2021	36.8	−2.0%	Cons.
FYE Mar 2022	38.3	+3.9%	Cons.
FYE Mar 2023	43.2	+12.9%	Cons.
FYE Mar 2024	45.8	+5.9%	Cons.
FYE Mar 2025	47.1	+2.9%	Cons.
FYE Mar 2026	50.9	+8.2%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.0m

Change · 10 yrs −¥0.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.5	n/a	Cons.
FYE Mar 2018	0.6	−61.4%	Cons.
FYE Mar 2019	0.7	+22.2%	Cons.
FYE Mar 2020	1.3	+86.5%	Cons.
FYE Mar 2021	1.4	+7.0%	Cons.
FYE Mar 2022	1.3	−3.0%	Cons.
FYE Mar 2023	1.8	+30.6%	Cons.
FYE Mar 2024	2.0	+13.8%	Cons.
FYE Mar 2025	2.1	+3.8%	Cons.
FYE Mar 2026	1.0	−53.7%	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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