Financials

IHI: FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥1.64tnYoY +1.0%

FYE Mar 2026 · Operating profit¥166bnYoY +15.3%

FYE Mar 2026 · Net profit¥161bnYoY +42.8%

FYE Mar 2026 · Equity ratio25.7%YoY +5.4pp

FYE Mar 2026 · Group employees26,224YoY −1,766

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.49tn	n/a	¥47bn	n/a	3.2%	¥5.2bn	Saito Tamotsu	—
FYE Mar 2018Consolidated	¥1.59tn	+7.0%	¥72bn	+52.5%	4.5%	¥8.3bn	Mitsuoka Jiro	—
FYE Mar 2019Consolidated	¥1.48tn	−6.7%	¥82bn	+14.1%	5.6%	¥40bn	Mitsuoka Jiro	—
FYE Mar 2020Consolidated	¥1.26tn	−14.8%	¥48bn	−42.0%	3.8%	¥13bn	Mitsuoka Jiro	Plant business transferred to IHI Plant
FYE Mar 2021Consolidated	¥1.11tn	−11.9%	¥28bn	−41.6%	2.5%	¥2.9bn	Mitsuoka Jiro	—
FYE Mar 2022Consolidated	¥1.17tn	+5.4%	¥81bn	+191.5%	6.9%	¥66bn	Ide Hiroshi	—
FYE Mar 2023Consolidated	¥1.35tn	+15.3%	¥82bn	+0.6%	6.1%	¥45bn	Ide Hiroshi	—
FYE Mar 2024Consolidated	¥1.32tn	−2.2%	-¥70bn	−185.5%	-5.3%	-¥68bn	Ide Hiroshi	Powder-metal anomaly in the PW1100G-JM disclosed on 25 October
FYE Mar 2025Consolidated	¥1.63tn	+23.0%	¥144bn	n/a	8.8%	¥113bn	Ide Hiroshi	Record net loss of <span class="en-history_money" data-yen="68200000000" data-year="2024">$450.2M (¥68bn)</span>; IHI Power Systems fuel-data falsification comes to light
FYE Mar 2026Consolidated	¥1.64tn	+1.0%	¥166bn	+15.3%	10.1%	¥161bn	Ide Hiroshi	—

How it compares

Mitsubishi Heavy Industries¥4.97tnFY2025Operating margin 9.5%Kawasaki Heavy Industries¥2.31tnFY2025Operating margin 6.3%

IHI¥1.64tnFY2025Operating margin 10.1%

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 Mar 2026 ¥1.64tn

CAGR · 10 yrs +1.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,486	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,590	+7.0%	Cons. · Japanese GAAP
FYE Mar 2019	1,483	−6.7%	Cons. · Japanese GAAP
FYE Mar 2020	1,263	−14.8%	Cons. · Japanese GAAP
FYE Mar 2021	1,113	moved to IFRS	Cons. · IFRS
FYE Mar 2022	1,173	+5.4%	Cons. · IFRS
FYE Mar 2023	1,353	+15.3%	Cons. · IFRS
FYE Mar 2024	1,323	−2.2%	Cons. · IFRS
FYE Mar 2025	1,627	+23.0%	Cons. · IFRS
FYE Mar 2026	1,643	+1.0%	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 ¥1.26tn

CAGR · 10 yrs +0.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	1,244	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,317	+5.9%	Cons. · Japanese GAAP
FYE Mar 2019	1,206	−8.4%	Cons. · Japanese GAAP
FYE Mar 2020	1,031	−14.5%	Cons. · Japanese GAAP
FYE Mar 2021	933	moved to IFRS	Cons. · IFRS
FYE Mar 2022	963	+3.3%	Cons. · IFRS
FYE Mar 2023	1,071	+11.2%	Cons. · IFRS
FYE Mar 2024	1,178	+10.0%	Cons. · IFRS
FYE Mar 2025	1,252	+6.3%	Cons. · IFRS
FYE Mar 2026	1,264	+0.9%	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 ¥380bn

CAGR · 10 yrs +5.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	242	n/a	Cons. · Japanese GAAP
FYE Mar 2018	273	+12.8%	Cons. · Japanese GAAP
FYE Mar 2019	278	+1.6%	Cons. · Japanese GAAP
FYE Mar 2020	233	−16.3%	Cons. · Japanese GAAP
FYE Mar 2021	180	moved to IFRS	Cons. · IFRS
FYE Mar 2022	209	+16.4%	Cons. · IFRS
FYE Mar 2023	282	+34.7%	Cons. · IFRS
FYE Mar 2024	145	−48.6%	Cons. · IFRS
FYE Mar 2025	375	+158.5%	Cons. · IFRS
FYE Mar 2026	380	+1.3%	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 Mar 2026 ¥243bn

CAGR · 10 yrs +2.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	195	n/a	Cons. · Japanese GAAP
FYE Mar 2018	201	+3.2%	Cons. · Japanese GAAP
FYE Mar 2019	195	−2.9%	Cons. · Japanese GAAP
FYE Mar 2020	188	−3.7%	Cons. · Japanese GAAP
FYE Mar 2021	164	moved to IFRS	Cons. · IFRS
FYE Mar 2022	177	+7.5%	Cons. · IFRS
FYE Mar 2023	201	+13.9%	Cons. · IFRS
FYE Mar 2024	213	+5.8%	Cons. · IFRS
FYE Mar 2025	224	+5.1%	Cons. · IFRS
FYE Mar 2026	243	+8.5%	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 ¥166bn

CAGR · 10 yrs +14.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	47.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	72.3	+52.5%	Cons. · Japanese GAAP
FYE Mar 2019	82.5	+14.1%	Cons. · Japanese GAAP
FYE Mar 2020	47.9	−42.0%	Cons. · Japanese GAAP
FYE Mar 2021	28.0	moved to IFRS	Cons. · IFRS
FYE Mar 2022	81.5	+191.5%	Cons. · IFRS
FYE Mar 2023	82.0	+0.6%	Cons. · IFRS
FYE Mar 2024	-70.1	−185.5%	Cons. · IFRS
FYE Mar 2025	144	n/a	Cons. · IFRS
FYE Mar 2026	166	+15.3%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥15bn

CAGR · 10 yrs +6.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	8.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.2	−16.6%	Cons. · Japanese GAAP
FYE Mar 2019	11.4	+58.3%	Cons. · Japanese GAAP
FYE Mar 2020	2.1	−81.8%	Cons. · Japanese GAAP
FYE Mar 2021	6.7	moved to IFRS	Cons. · IFRS
FYE Mar 2022	9.6	+43.0%	Cons. · IFRS
FYE Mar 2023	2.4	−74.6%	Cons. · IFRS
FYE Mar 2024	4.9	+101.5%	Cons. · IFRS
FYE Mar 2025	3.7	−24.0%	Cons. · IFRS
FYE Mar 2026	14.8	+296.9%	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 ¥9.1bn

CAGR · 10 yrs −13.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	34.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	58.0	+70.7%	Cons. · Japanese GAAP
FYE Mar 2019	28.1	−51.6%	Cons. · Japanese GAAP
FYE Mar 2020	8.4	−70.0%	Cons. · Japanese GAAP
FYE Mar 2021	5.1	moved to IFRS	Cons. · IFRS
FYE Mar 2022	4.6	−9.5%	Cons. · IFRS
FYE Mar 2023	11.2	+141.7%	Cons. · IFRS
FYE Mar 2024	7.8	−30.1%	Cons. · IFRS
FYE Mar 2025	15.0	+92.4%	Cons. · IFRS
FYE Mar 2026	9.1	−39.7%	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 Mar 2026 n/a

CAGR · 4 yrs +13.6%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	22.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.4	−2.7%	Cons. · Japanese GAAP
FYE Mar 2019	65.7	+206.9%	Cons. · Japanese GAAP
FYE Mar 2020	32.3	−50.9%	Cons. · Japanese GAAP
FYE Mar 2021	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	n/a	n/a	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	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 Mar 2026 n/a

CAGR · 4 yrs −27.2%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	30.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.6	−94.8%	Cons. · Japanese GAAP
FYE Mar 2019	5.3	+234.6%	Cons. · Japanese GAAP
FYE Mar 2020	11.8	+122.2%	Cons. · Japanese GAAP
FYE Mar 2021	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	n/a	n/a	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	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 Mar 2026 ¥161bn

CAGR · 10 yrs +46.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.3	+58.0%	Cons. · Japanese GAAP
FYE Mar 2019	39.9	+381.1%	Cons. · Japanese GAAP
FYE Mar 2020	12.8	−67.9%	Cons. · Japanese GAAP
FYE Mar 2021	2.9	moved to IFRS	Cons. · IFRS
FYE Mar 2022	66.1	+2161.0%	Cons. · IFRS
FYE Mar 2023	44.5	−32.6%	Cons. · IFRS
FYE Mar 2024	-68.2	−253.1%	Cons. · IFRS
FYE Mar 2025	113	n/a	Cons. · IFRS
FYE Mar 2026	161	+42.8%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 23.1%

Average · 10 yrs 18.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	16.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.2	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	18.7	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	18.4	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	16.2	moved to IFRS	Cons. · IFRS
FYE Mar 2022	17.9	+1.7pp	Cons. · IFRS
FYE Mar 2023	20.8	+3.0pp	Cons. · IFRS
FYE Mar 2024	11.0	−9.9pp	Cons. · IFRS
FYE Mar 2025	23.0	+12.1pp	Cons. · IFRS
FYE Mar 2026	23.1	+0.1pp	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 10.1%

Average · 10 yrs 4.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	3.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.5	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	5.6	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	3.8	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	2.5	moved to IFRS	Cons. · IFRS
FYE Mar 2022	6.9	+4.4pp	Cons. · IFRS
FYE Mar 2023	6.1	−0.9pp	Cons. · IFRS
FYE Mar 2024	-5.3	−11.4pp	Cons. · IFRS
FYE Mar 2025	8.8	+14.1pp	Cons. · IFRS
FYE Mar 2026	10.1	+1.3pp	Cons. · IFRS

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

Ordinary margin

FYE Mar 2026 n/a

Average · 4 yrs 2.5%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	1.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.3	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	4.4	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2020	2.6	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2021	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	n/a	n/a	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	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 Mar 2026 9.8%

Average · 10 yrs 2.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	2.7	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2020	1.0	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2021	0.3	moved to IFRS	Cons. · IFRS
FYE Mar 2022	5.6	+5.4pp	Cons. · IFRS
FYE Mar 2023	3.3	−2.3pp	Cons. · IFRS
FYE Mar 2024	-5.2	−8.5pp	Cons. · IFRS
FYE Mar 2025	6.9	+12.1pp	Cons. · IFRS
FYE Mar 2026	9.8	+2.9pp	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 76.9%

Average · 10 yrs 81.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	83.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	82.8	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	81.3	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	81.6	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	83.8	moved to IFRS	Cons. · IFRS
FYE Mar 2022	82.1	−1.7pp	Cons. · IFRS
FYE Mar 2023	79.2	−3.0pp	Cons. · IFRS
FYE Mar 2024	89.0	+9.9pp	Cons. · IFRS
FYE Mar 2025	77.0	−12.1pp	Cons. · IFRS
FYE Mar 2026	76.9	−0.1pp	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 14.8%

Average · 10 yrs 14.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	13.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.6	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	13.2	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	14.9	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2021	14.8	moved to IFRS	Cons. · IFRS
FYE Mar 2022	15.1	+0.3pp	Cons. · IFRS
FYE Mar 2023	14.9	−0.2pp	Cons. · IFRS
FYE Mar 2024	16.1	+1.2pp	Cons. · IFRS
FYE Mar 2025	13.7	−2.3pp	Cons. · IFRS
FYE Mar 2026	14.8	+1.0pp	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 ¥2.43tn

CAGR · 10 yrs +4.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,693	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,633	−3.5%	Cons. · Japanese GAAP
FYE Mar 2019	1,665	+1.9%	Cons. · Japanese GAAP
FYE Mar 2020	1,741	+4.6%	Cons. · Japanese GAAP
FYE Mar 2021	1,705	moved to IFRS	Cons. · IFRS
FYE Mar 2022	1,880	+10.3%	Cons. · IFRS
FYE Mar 2023	1,942	+3.3%	Cons. · IFRS
FYE Mar 2024	2,098	+8.0%	Cons. · IFRS
FYE Mar 2025	2,240	+6.8%	Cons. · IFRS
FYE Mar 2026	2,429	+8.4%	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 ¥623bn

CAGR · 10 yrs +7.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	319	n/a	Cons. · Japanese GAAP
FYE Mar 2018	325	+2.0%	Cons. · Japanese GAAP
FYE Mar 2019	350	+7.5%	Cons. · Japanese GAAP
FYE Mar 2020	328	−6.3%	Cons. · Japanese GAAP
FYE Mar 2021	361	moved to IFRS	Cons. · IFRS
FYE Mar 2022	357	−1.0%	Cons. · IFRS
FYE Mar 2023	406	+13.7%	Cons. · IFRS
FYE Mar 2024	350	−13.9%	Cons. · IFRS
FYE Mar 2025	455	+30.0%	Cons. · IFRS
FYE Mar 2026	623	+37.0%	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 ¥360bn

CAGR · 10 yrs +2.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	287	n/a	Cons. · Japanese GAAP
FYE Mar 2018	254	−11.4%	Cons. · Japanese GAAP
FYE Mar 2019	288	+13.2%	Cons. · Japanese GAAP
FYE Mar 2020	463	+61.1%	Cons. · Japanese GAAP
FYE Mar 2021	463	moved to IFRS	Cons. · IFRS
FYE Mar 2022	372	−19.6%	Cons. · IFRS
FYE Mar 2023	394	+5.8%	Cons. · IFRS
FYE Mar 2024	449	+14.1%	Cons. · IFRS
FYE Mar 2025	389	−13.3%	Cons. · IFRS
FYE Mar 2026	360	−7.7%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥104bn

CAGR · 10 yrs −1.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	114	n/a	Cons. · Japanese GAAP
FYE Mar 2018	81.5	−28.6%	Cons. · Japanese GAAP
FYE Mar 2019	132	+61.7%	Cons. · Japanese GAAP
FYE Mar 2020	252	+90.9%	Cons. · Japanese GAAP
FYE Mar 2021	158	moved to IFRS	Cons. · IFRS
FYE Mar 2022	95.2	−39.9%	Cons. · IFRS
FYE Mar 2023	140	+47.4%	Cons. · IFRS
FYE Mar 2024	177	+26.1%	Cons. · IFRS
FYE Mar 2025	126	−28.8%	Cons. · IFRS
FYE Mar 2026	104	−17.9%	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 Mar 2026 ¥256bn

CAGR · 10 yrs +3.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	182	n/a	Cons. · Japanese GAAP
FYE Mar 2018	173	−5.5%	Cons. · Japanese GAAP
FYE Mar 2019	176	+1.9%	Cons. · Japanese GAAP
FYE Mar 2020	159	−9.4%	Cons. · Japanese GAAP
FYE Mar 2021	305	moved to IFRS	Cons. · IFRS
FYE Mar 2022	277	−9.1%	Cons. · IFRS
FYE Mar 2023	253	−8.6%	Cons. · IFRS
FYE Mar 2024	272	+7.4%	Cons. · IFRS
FYE Mar 2025	263	−3.3%	Cons. · IFRS
FYE Mar 2026	256	−2.8%	Cons. · IFRS

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 · 4 yrs −0.0%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	60.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50.0	−16.7%	Cons. · Japanese GAAP
FYE Mar 2019	50.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	60.0	+20.0%	Cons. · Japanese GAAP
FYE Mar 2021	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	n/a	n/a	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥136bn

CAGR · 10 yrs +14.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	41.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	36.0	−12.5%	Cons. · Japanese GAAP
FYE Mar 2019	34.1	−5.4%	Cons. · Japanese GAAP
FYE Mar 2020	125	+266.7%	Cons. · Japanese GAAP
FYE Mar 2021	121	moved to IFRS	Cons. · IFRS
FYE Mar 2022	121	−0.2%	Cons. · IFRS
FYE Mar 2023	124	+2.3%	Cons. · IFRS
FYE Mar 2024	127	+2.7%	Cons. · IFRS
FYE Mar 2025	132	+3.9%	Cons. · IFRS
FYE Mar 2026	136	+2.7%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥4.9bn

CAGR · 10 yrs −12.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	16.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.2	−24.3%	Cons. · Japanese GAAP
FYE Mar 2019	10.0	−18.0%	Cons. · Japanese GAAP
FYE Mar 2020	5.5	−45.5%	Cons. · Japanese GAAP
FYE Mar 2021	5.9	moved to IFRS	Cons. · IFRS
FYE Mar 2022	6.1	+3.7%	Cons. · IFRS
FYE Mar 2023	6.5	+6.4%	Cons. · IFRS
FYE Mar 2024	6.3	−2.3%	Cons. · IFRS
FYE Mar 2025	6.3	−1.0%	Cons. · IFRS
FYE Mar 2026	4.9	−21.4%	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 25.7%

Average · 10 yrs 20.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	18.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.9	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	21.0	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2020	18.8	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2021	21.2	moved to IFRS	Cons. · IFRS
FYE Mar 2022	19.0	−2.2pp	Cons. · IFRS
FYE Mar 2023	20.9	+1.9pp	Cons. · IFRS
FYE Mar 2024	16.7	−4.2pp	Cons. · IFRS
FYE Mar 2025	20.3	+3.6pp	Cons. · IFRS
FYE Mar 2026	25.7	+5.4pp	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 57.7%

Average · 10 yrs 99.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	89.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	78.1	−11.8pp	Cons. · Japanese GAAP
FYE Mar 2019	82.2	+4.1pp	Cons. · Japanese GAAP
FYE Mar 2020	141.3	+59.1pp	Cons. · Japanese GAAP
FYE Mar 2021	128.4	moved to IFRS	Cons. · IFRS
FYE Mar 2022	104.2	−24.2pp	Cons. · IFRS
FYE Mar 2023	96.9	−7.3pp	Cons. · IFRS
FYE Mar 2024	128.4	+31.5pp	Cons. · IFRS
FYE Mar 2025	85.6	−42.8pp	Cons. · IFRS
FYE Mar 2026	57.7	−27.9pp	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 25.8%

Average · 10 yrs 8.1%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.5	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	11.4	+8.9pp	Cons. · Japanese GAAP
FYE Mar 2020	3.9	−7.5pp	Cons. · Japanese GAAP
FYE Mar 2021	0.8	moved to IFRS	Cons. · IFRS
FYE Mar 2022	18.5	+17.7pp	Cons. · IFRS
FYE Mar 2023	11.0	−7.5pp	Cons. · IFRS
FYE Mar 2024	-19.5	−30.5pp	Cons. · IFRS
FYE Mar 2025	24.8	+44.3pp	Cons. · IFRS
FYE Mar 2026	25.8	+1.1pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 6.6%

Average · 10 yrs 1.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	2.4	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2020	0.7	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2021	0.2	moved to IFRS	Cons. · IFRS
FYE Mar 2022	3.5	+3.3pp	Cons. · IFRS
FYE Mar 2023	2.3	−1.2pp	Cons. · IFRS
FYE Mar 2024	-3.3	−5.5pp	Cons. · IFRS
FYE Mar 2025	5.0	+8.3pp	Cons. · IFRS
FYE Mar 2026	6.6	+1.6pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.68×

CAGR · 10 yrs −2.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.88	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.97	+10.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.89	−8.5%	Cons. · Japanese GAAP
FYE Mar 2020	0.73	−18.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.65	moved to IFRS	Cons. · IFRS
FYE Mar 2022	0.62	−4.4%	Cons. · IFRS
FYE Mar 2023	0.70	+11.6%	Cons. · IFRS
FYE Mar 2024	0.63	−9.5%	Cons. · IFRS
FYE Mar 2025	0.73	+15.2%	Cons. · IFRS
FYE Mar 2026	0.68	−6.8%	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 ¥121bn

CAGR · 10 yrs +7.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	65.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	99.0	+51.5%	Cons. · Japanese GAAP
FYE Mar 2019	46.4	−53.1%	Cons. · Japanese GAAP
FYE Mar 2020	14.5	−68.7%	Cons. · Japanese GAAP
FYE Mar 2021	22.8	moved to IFRS	Cons. · IFRS
FYE Mar 2022	114	+399.8%	Cons. · IFRS
FYE Mar 2023	54.1	−52.6%	Cons. · IFRS
FYE Mar 2024	62.1	+14.8%	Cons. · IFRS
FYE Mar 2025	178	+186.0%	Cons. · IFRS
FYE Mar 2026	121	−31.7%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥18bn

Average · 10 yrs -¥42bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-29.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-48.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-79.3	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-75.9	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-37.2	moved to IFRS	Cons. · IFRS
FYE Mar 2022	27.9	n/a	Cons. · IFRS
FYE Mar 2023	-52.3	−287.4%	Cons. · IFRS
FYE Mar 2024	-51.7	n/a	Cons. · IFRS
FYE Mar 2025	-58.8	n/a	Cons. · IFRS
FYE Mar 2026	-18.4	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 -¥98bn

Average · 10 yrs -¥32bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-21.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-57.3	n/a	Cons. · Japanese GAAP
FYE Mar 2019	16.5	n/a	Cons. · Japanese GAAP
FYE Mar 2020	115	+600.1%	Cons. · Japanese GAAP
FYE Mar 2021	-13.7	moved to IFRS	Cons. · IFRS
FYE Mar 2022	-121	n/a	Cons. · IFRS
FYE Mar 2023	-24.0	n/a	Cons. · IFRS
FYE Mar 2024	-2.6	n/a	Cons. · IFRS
FYE Mar 2025	-116	n/a	Cons. · IFRS
FYE Mar 2026	-97.9	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 ¥155bn

CAGR · 10 yrs +3.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	116	n/a	Cons. · Japanese GAAP
FYE Mar 2018	107	−7.4%	Cons. · Japanese GAAP
FYE Mar 2019	92.6	−13.7%	Cons. · Japanese GAAP
FYE Mar 2020	145	+57.1%	Cons. · Japanese GAAP
FYE Mar 2021	121	moved to IFRS	Cons. · IFRS
FYE Mar 2022	145	+20.5%	Cons. · IFRS
FYE Mar 2023	125	−14.3%	Cons. · IFRS
FYE Mar 2024	139	+11.3%	Cons. · IFRS
FYE Mar 2025	137	−1.4%	Cons. · IFRS
FYE Mar 2026	155	+13.4%	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 ¥103bn

CAGR · 10 yrs +12.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	36.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	51.0	+40.2%	Cons. · Japanese GAAP
FYE Mar 2019	-32.9	−164.4%	Cons. · Japanese GAAP
FYE Mar 2020	-61.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-14.4	moved to IFRS	Cons. · IFRS
FYE Mar 2022	142	n/a	Cons. · IFRS
FYE Mar 2023	1.8	−98.8%	Cons. · IFRS
FYE Mar 2024	10.4	+488.9%	Cons. · IFRS
FYE Mar 2025	119	+1040.5%	Cons. · IFRS
FYE Mar 2026	103	−13.4%	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 7.4%

Average · 10 yrs 5.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.2	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2019	3.1	−3.1pp	Cons. · Japanese GAAP
FYE Mar 2020	1.1	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2021	2.1	moved to IFRS	Cons. · IFRS
FYE Mar 2022	9.7	+7.7pp	Cons. · IFRS
FYE Mar 2023	4.0	−5.7pp	Cons. · IFRS
FYE Mar 2024	4.7	+0.7pp	Cons. · IFRS
FYE Mar 2025	10.9	+6.2pp	Cons. · IFRS
FYE Mar 2026	7.4	−3.5pp	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 -¥204bn

Average · 10 yrs -¥244bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-171	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-147	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-195	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-318	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-342	moved to IFRS	Cons. · IFRS
FYE Mar 2022	-227	n/a	Cons. · IFRS
FYE Mar 2023	-269	n/a	Cons. · IFRS
FYE Mar 2024	-310	n/a	Cons. · IFRS
FYE Mar 2025	-253	n/a	Cons. · IFRS
FYE Mar 2026	-204	n/a	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 ¥3.40tn

Change · 9 yrs +¥2.85tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	543	n/a
FYE Mar 2018	511	n/a
FYE Mar 2019	411	n/a
FYE Mar 2020	195	n/a
FYE Mar 2021	347	n/a
FYE Mar 2022	456	n/a
FYE Mar 2023	513	n/a
FYE Mar 2024	n/a	n/a
FYE Mar 2025	1,597	n/a
FYE Mar 2026	3,398	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 3,138¥

Change · 9 yrs +2,787¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	351	n/a
FYE Mar 2018	3,305	n/a
FYE Mar 2019	2,660	n/a
FYE Mar 2020	1,262	n/a
FYE Mar 2021	2,245	n/a
FYE Mar 2022	2,951	n/a
FYE Mar 2023	3,319	n/a
FYE Mar 2024	n/a	n/a
FYE Mar 2025	10,324	n/a
FYE Mar 2026	3,138	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 1,082,759,000shares

Change · 10 yrs −464,040,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,546,799,000	Parent
FYE Mar 2018	154,679,000	Parent
FYE Mar 2019	154,679,000	Parent
FYE Mar 2020	154,679,000	Parent
FYE Mar 2021	154,679,000	Parent
FYE Mar 2022	154,679,000	Parent
FYE Mar 2023	154,679,000	Parent
FYE Mar 2024	154,679,000	Parent
FYE Mar 2025	154,679,000	Parent
FYE Mar 2026	1,082,759,000	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 151.88¥

Change · 10 yrs +117.90¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	33.98	Cons.
FYE Mar 2018	53.71	Cons.
FYE Mar 2019	258.53	Cons.
FYE Mar 2020	53.93	Cons.
FYE Mar 2021	88.13	Cons.
FYE Mar 2022	62.82	Cons.
FYE Mar 2023	42.07	Cons.
FYE Mar 2024	-64.40	Cons.
FYE Mar 2025	106.41	Cons.
FYE Mar 2026	151.88	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 575.34¥

Change · 10 yrs +369.10¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	206.24	Cons. · Japanese GAAP
FYE Mar 2018	2,103.67	Cons. · Japanese GAAP
FYE Mar 2019	2,261.71	Cons. · Japanese GAAP
FYE Mar 2020	2,119.77	Cons. · Japanese GAAP
FYE Mar 2021	2,332.00	Cons. · IFRS
FYE Mar 2022	2,309.49	Cons. · IFRS
FYE Mar 2023	2,626.34	Cons. · IFRS
FYE Mar 2024	2,260.88	Cons. · IFRS
FYE Mar 2025	2,940.23	Cons. · IFRS
FYE Mar 2026	575.34	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 20.66×

Average · 9 yrs 30.71×

Fiscal year	PER ×	Basis
FYE Mar 2017	103.24	Cons.
FYE Mar 2018	61.53	Cons.
FYE Mar 2019	10.29	Cons.
FYE Mar 2020	23.40	Cons.
FYE Mar 2021	25.47	Cons.
FYE Mar 2022	6.71	Cons.
FYE Mar 2023	11.27	Cons.
FYE Mar 2024	n/a	Cons.
FYE Mar 2025	13.86	Cons.
FYE Mar 2026	20.66	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 5.10×

Average · 9 yrs 1.89×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.70	Cons.
FYE Mar 2018	1.57	Cons.
FYE Mar 2019	1.33	Cons.
FYE Mar 2020	0.67	Cons.
FYE Mar 2021	1.11	Cons.
FYE Mar 2022	1.17	Cons.
FYE Mar 2023	1.16	Cons.
FYE Mar 2024	n/a	Cons.
FYE Mar 2025	3.24	Cons.
FYE Mar 2026	5.10	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 26,224people

Change · 10 yrs −3,435 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	29,659	n/a	Cons.
FYE Mar 2018	29,706	+0.2%	Cons.
FYE Mar 2019	29,286	−1.4%	Cons.
FYE Mar 2020	28,964	−1.1%	Cons.
FYE Mar 2021	29,149	+0.6%	Cons.
FYE Mar 2022	28,801	−1.2%	Cons.
FYE Mar 2023	28,486	−1.1%	Cons.
FYE Mar 2024	28,237	−0.9%	Cons.
FYE Mar 2025	27,990	−0.9%	Cons.
FYE Mar 2026	26,224	−6.3%	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 8,199people

Change · 10 yrs −431 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	8,630	n/a	Parent
FYE Mar 2018	8,256	−4.3%	Parent
FYE Mar 2019	8,011	−3.0%	Parent
FYE Mar 2020	7,741	−3.4%	Parent
FYE Mar 2021	7,796	+0.7%	Parent
FYE Mar 2022	7,779	−0.2%	Parent
FYE Mar 2023	7,768	−0.1%	Parent
FYE Mar 2024	7,840	+0.9%	Parent
FYE Mar 2025	7,911	+0.9%	Parent
FYE Mar 2026	8,199	+3.6%	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 ¥10.0m

Change · 10 yrs +¥2.8m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.2	n/a	Parent
FYE Mar 2018	7.4	+3.6%	Parent
FYE Mar 2019	7.6	+2.6%	Parent
FYE Mar 2020	8.0	+4.8%	Parent
FYE Mar 2021	7.7	−4.2%	Parent
FYE Mar 2022	7.4	−3.8%	Parent
FYE Mar 2023	7.9	+7.7%	Parent
FYE Mar 2024	8.4	+5.5%	Parent
FYE Mar 2025	8.1	−2.7%	Parent
FYE Mar 2026	10.0	+23.0%	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 42.4years

Change · 8 yrs +2.5 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	39.9	n/a	Parent
FYE Mar 2020	40.2	+0.8%	Parent
FYE Mar 2021	39.4	−2.0%	Parent
FYE Mar 2022	40.8	+3.6%	Parent
FYE Mar 2023	41.4	+1.5%	Parent
FYE Mar 2024	41.8	+1.0%	Parent
FYE Mar 2025	41.1	−1.7%	Parent
FYE Mar 2026	42.4	+3.2%	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 15.2years

Change · 10 yrs +0.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	14.5	n/a	Parent
FYE Mar 2018	14.8	+2.1%	Parent
FYE Mar 2019	14.9	+0.7%	Parent
FYE Mar 2020	15.8	+6.0%	Parent
FYE Mar 2021	15.1	−4.4%	Parent
FYE Mar 2022	16.1	+6.6%	Parent
FYE Mar 2023	16.5	+2.5%	Parent
FYE Mar 2024	16.6	+0.6%	Parent
FYE Mar 2025	15.8	−4.8%	Parent
FYE Mar 2026	15.2	−3.8%	Parent

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

Revenue per employee

FYE Mar 2026 ¥62.7m

Change · 10 yrs +¥12.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	50.1	n/a	Cons.
FYE Mar 2018	53.5	+6.8%	Cons.
FYE Mar 2019	50.7	−5.4%	Cons.
FYE Mar 2020	43.6	−13.9%	Cons.
FYE Mar 2021	38.2	n/a	Cons.
FYE Mar 2022	40.7	+6.7%	Cons.
FYE Mar 2023	47.5	+16.6%	Cons.
FYE Mar 2024	46.8	−1.4%	Cons.
FYE Mar 2025	58.1	+24.1%	Cons.
FYE Mar 2026	62.7	+7.8%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥6.3m

Change · 10 yrs +¥4.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.6	n/a	Cons.
FYE Mar 2018	2.4	+52.3%	Cons.
FYE Mar 2019	2.8	+15.8%	Cons.
FYE Mar 2020	1.7	−41.3%	Cons.
FYE Mar 2021	1.0	n/a	Cons.
FYE Mar 2022	2.8	+195.0%	Cons.
FYE Mar 2023	2.9	+1.7%	Cons.
FYE Mar 2024	-2.5	−186.3%	Cons.
FYE Mar 2025	5.1	n/a	Cons.
FYE Mar 2026	6.3	+23.1%	Cons.

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

Disclaimer

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

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