Financials

Yamaha Motor: FYE Dec 2025 and ten years of results (51 metrics)

FYE Dec 2025 · Revenue¥2.53tnYoY −1.6%

FYE Dec 2025 · Operating profit¥126bnYoY −30.4%

FYE Dec 2025 · Net profit¥16bnYoY −86.5%

FYE Dec 2025 · Equity ratio36.7%YoY −6.3pp

FYE Dec 2025 · Group employees55,176YoY +970

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥1.50tn	n/a	¥109bn	n/a	7.2%	¥63bn	Yanagi Hiroyuki	—
FYE Dec 2017Consolidated	¥1.67tn	+11.1%	¥150bn	+37.9%	9.0%	¥102bn	Yanagi Hiroyuki	Hamamatsu Robotics office opened
FYE Dec 2018Consolidated	¥1.67tn	+0.2%	¥141bn	−6.0%	8.4%	¥93bn	Yanagi Hiroyuki	<a class="en-history_person" href="/tse/7272/executives/ceo/hidaka-yoshihiro/" hreflang="ja">Hidaka Yoshihiro</a> becomes president; five Yamaha values put into words
FYE Dec 2019Consolidated	¥1.66tn	−0.5%	¥115bn	−18.1%	6.9%	¥76bn	Hidaka Yoshihiro	Shinkawa and Apic Yamada acquired
FYE Dec 2020Consolidated	¥1.47tn	−11.6%	¥82bn	−29.2%	5.6%	¥53bn	Hidaka Yoshihiro	COVID-19 disrupts production and demand worldwide
FYE Dec 2021Consolidated	¥1.81tn	+23.2%	¥182bn	+123.3%	10.1%	¥156bn	Hidaka Yoshihiro	Closure of the Hamakita plant, the founding site, decided
FYE Dec 2022Consolidated	¥2.25tn	+24.1%	¥225bn	+23.3%	10.0%	¥174bn	Hidaka Yoshihiro	Highest operating profit in company history
FYE Dec 2023Consolidated	¥2.41tn	+7.4%	¥244bn	+8.5%	10.1%	¥160bn	Hidaka Yoshihiro	Motorcycles pushed into Brazil, India and the Middle East
FYE Dec 2024Consolidated	¥2.58tn	+6.7%	¥182bn	−25.6%	7.0%	¥119bn	Hidaka Yoshihiro	—
FYE Dec 2025Consolidated	¥2.53tn	−1.6%	¥126bn	−30.4%	5.0%	¥16bn	Hidaka Yoshihiro	—

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥2.53tn

CAGR · 10 yrs +6.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	1,503	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,670	+11.1%	Cons. · Japanese GAAP
FYE Dec 2018	1,673	+0.2%	Cons. · Japanese GAAP
FYE Dec 2019	1,665	−0.5%	Cons. · Japanese GAAP
FYE Dec 2020	1,471	−11.6%	Cons. · Japanese GAAP
FYE Dec 2021	1,812	+23.2%	Cons. · Japanese GAAP
FYE Dec 2022	2,248	+24.1%	Cons. · Japanese GAAP
FYE Dec 2023	2,415	+7.4%	Cons. · Japanese GAAP
FYE Dec 2024	2,576	moved to IFRS	Cons. · IFRS
FYE Dec 2025	2,534	−1.6%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Dec 2025 ¥1.75tn

CAGR · 10 yrs +5.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	1,100	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,211	+10.1%	Cons. · Japanese GAAP
FYE Dec 2018	1,218	+0.5%	Cons. · Japanese GAAP
FYE Dec 2019	1,222	+0.4%	Cons. · Japanese GAAP
FYE Dec 2020	1,099	−10.1%	Cons. · Japanese GAAP
FYE Dec 2021	1,306	+18.8%	Cons. · Japanese GAAP
FYE Dec 2022	1,615	+23.7%	Cons. · Japanese GAAP
FYE Dec 2023	1,603	−0.8%	Cons. · Japanese GAAP
FYE Dec 2024	1,754	moved to IFRS	Cons. · IFRS
FYE Dec 2025	1,750	−0.3%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Dec 2025 ¥785bn

CAGR · 10 yrs +7.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	403	n/a	Cons. · Japanese GAAP
FYE Dec 2017	459	+13.9%	Cons. · Japanese GAAP
FYE Dec 2018	455	−0.8%	Cons. · Japanese GAAP
FYE Dec 2019	442	−2.8%	Cons. · Japanese GAAP
FYE Dec 2020	372	−15.9%	Cons. · Japanese GAAP
FYE Dec 2021	507	+36.3%	Cons. · Japanese GAAP
FYE Dec 2022	634	+25.0%	Cons. · Japanese GAAP
FYE Dec 2023	812	+28.2%	Cons. · Japanese GAAP
FYE Dec 2024	822	moved to IFRS	Cons. · IFRS
FYE Dec 2025	785	−4.6%	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Dec 2025 ¥681bn

CAGR · 10 yrs +9.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	294	n/a	Cons. · Japanese GAAP
FYE Dec 2017	309	+5.0%	Cons. · Japanese GAAP
FYE Dec 2018	314	+1.8%	Cons. · Japanese GAAP
FYE Dec 2019	327	+4.0%	Cons. · Japanese GAAP
FYE Dec 2020	290	−11.3%	Cons. · Japanese GAAP
FYE Dec 2021	324	+11.8%	Cons. · Japanese GAAP
FYE Dec 2022	409	+26.0%	Cons. · Japanese GAAP
FYE Dec 2023	573	+40.2%	Cons. · Japanese GAAP
FYE Dec 2024	643	moved to IFRS	Cons. · IFRS
FYE Dec 2025	681	+6.0%	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 Dec 2025 ¥126bn

CAGR · 10 yrs +1.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	109	n/a	Cons. · Japanese GAAP
FYE Dec 2017	150	+37.9%	Cons. · Japanese GAAP
FYE Dec 2018	141	−6.0%	Cons. · Japanese GAAP
FYE Dec 2019	115	−18.1%	Cons. · Japanese GAAP
FYE Dec 2020	81.7	−29.2%	Cons. · Japanese GAAP
FYE Dec 2021	182	+123.3%	Cons. · Japanese GAAP
FYE Dec 2022	225	+23.3%	Cons. · Japanese GAAP
FYE Dec 2023	244	+8.5%	Cons. · Japanese GAAP
FYE Dec 2024	182	moved to IFRS	Cons. · IFRS
FYE Dec 2025	126	−30.4%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥19bn

CAGR · 10 yrs +6.4%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	10.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	14.8	+35.8%	Cons. · Japanese GAAP
FYE Dec 2018	16.0	+7.6%	Cons. · Japanese GAAP
FYE Dec 2019	14.2	−11.1%	Cons. · Japanese GAAP
FYE Dec 2020	16.3	+14.8%	Cons. · Japanese GAAP
FYE Dec 2021	18.5	+13.6%	Cons. · Japanese GAAP
FYE Dec 2022	26.0	+40.9%	Cons. · Japanese GAAP
FYE Dec 2023	9.9	−61.8%	Cons. · Japanese GAAP
FYE Dec 2024	15.7	moved to IFRS	Cons. · IFRS
FYE Dec 2025	19.1	+21.6%	Cons. · IFRS

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

Non-operating expenses

FYE Dec 2025 ¥12bn

CAGR · 10 yrs −3.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	17.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.8	−43.9%	Cons. · Japanese GAAP
FYE Dec 2018	18.8	+92.0%	Cons. · Japanese GAAP
FYE Dec 2019	10.1	−46.4%	Cons. · Japanese GAAP
FYE Dec 2020	10.3	+2.1%	Cons. · Japanese GAAP
FYE Dec 2021	11.4	+11.1%	Cons. · Japanese GAAP
FYE Dec 2022	11.6	+1.6%	Cons. · Japanese GAAP
FYE Dec 2023	17.8	+53.2%	Cons. · Japanese GAAP
FYE Dec 2024	14.0	moved to IFRS	Cons. · IFRS
FYE Dec 2025	12.2	−12.7%	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 Dec 2025 n/a

CAGR · 8 yrs +13.1%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	102	n/a	Cons. · Japanese GAAP
FYE Dec 2017	155	+51.7%	Cons. · Japanese GAAP
FYE Dec 2018	138	−10.9%	Cons. · Japanese GAAP
FYE Dec 2019	119	−13.4%	Cons. · Japanese GAAP
FYE Dec 2020	87.7	−26.6%	Cons. · Japanese GAAP
FYE Dec 2021	189	+116.1%	Cons. · Japanese GAAP
FYE Dec 2022	239	+26.3%	Cons. · Japanese GAAP
FYE Dec 2023	242	+1.1%	Cons. · Japanese GAAP
FYE Dec 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

Extraordinary income

FYE Dec 2025 n/a

CAGR · 8 yrs +44.0%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	0.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.5	+354.3%	Cons. · Japanese GAAP
FYE Dec 2018	0.6	−56.8%	Cons. · Japanese GAAP
FYE Dec 2019	3.0	+369.4%	Cons. · Japanese GAAP
FYE Dec 2020	4.6	+51.4%	Cons. · Japanese GAAP
FYE Dec 2021	13.7	+199.4%	Cons. · Japanese GAAP
FYE Dec 2022	8.9	−34.7%	Cons. · Japanese GAAP
FYE Dec 2023	4.2	−52.9%	Cons. · Japanese GAAP
FYE Dec 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥16bn

CAGR · 10 yrs −14.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	63.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	102	+60.9%	Cons. · Japanese GAAP
FYE Dec 2018	93.4	−8.1%	Cons. · Japanese GAAP
FYE Dec 2019	75.7	−18.9%	Cons. · Japanese GAAP
FYE Dec 2020	53.1	−29.9%	Cons. · Japanese GAAP
FYE Dec 2021	156	+193.1%	Cons. · Japanese GAAP
FYE Dec 2022	174	+12.1%	Cons. · Japanese GAAP
FYE Dec 2023	160	−8.2%	Cons. · Japanese GAAP
FYE Dec 2024	119	moved to IFRS	Cons. · IFRS
FYE Dec 2025	16.1	−86.5%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 31.0%

Average · 10 yrs 28.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	26.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	27.5	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	27.2	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	26.6	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2020	25.3	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2021	28.0	+2.7pp	Cons. · Japanese GAAP
FYE Dec 2022	28.2	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	33.6	+5.5pp	Cons. · Japanese GAAP
FYE Dec 2024	31.9	moved to IFRS	Cons. · IFRS
FYE Dec 2025	31.0	−0.9pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 5.0%

Average · 10 yrs 7.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	7.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.0	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2018	8.4	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2019	6.9	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2020	5.6	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2021	10.1	+4.5pp	Cons. · Japanese GAAP
FYE Dec 2022	10.0	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2023	10.1	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2024	7.0	moved to IFRS	Cons. · IFRS
FYE Dec 2025	5.0	−2.1pp	Cons. · IFRS

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

Ordinary margin

FYE Dec 2025 n/a

Average · 8 yrs 8.6%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	6.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.3	+2.5pp	Cons. · Japanese GAAP
FYE Dec 2018	8.2	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2019	7.2	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2020	6.0	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2021	10.5	+4.5pp	Cons. · Japanese GAAP
FYE Dec 2022	10.6	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	10.0	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

Net margin

FYE Dec 2025 0.6%

Average · 10 yrs 5.2%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	4.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.1	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2018	5.6	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2019	4.5	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2020	3.6	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2021	8.6	+5.0pp	Cons. · Japanese GAAP
FYE Dec 2022	7.8	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2023	6.6	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2024	4.6	moved to IFRS	Cons. · IFRS
FYE Dec 2025	0.6	−4.0pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Dec 2025 69.0%

Average · 10 yrs 71.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	73.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	72.5	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	72.8	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	73.4	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2020	74.7	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2021	72.0	−2.7pp	Cons. · Japanese GAAP
FYE Dec 2022	71.8	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	66.4	−5.5pp	Cons. · Japanese GAAP
FYE Dec 2024	68.1	moved to IFRS	Cons. · IFRS
FYE Dec 2025	69.0	+0.9pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Dec 2025 26.9%

Average · 10 yrs 20.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	19.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	18.5	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2018	18.8	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	19.6	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2020	19.7	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2021	17.9	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2022	18.2	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2023	23.7	+5.6pp	Cons. · Japanese GAAP
FYE Dec 2024	24.9	moved to IFRS	Cons. · IFRS
FYE Dec 2025	26.9	+1.9pp	Cons. · IFRS

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

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

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Dec 2025 ¥2.90tn

CAGR · 10 yrs +9.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	1,319	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1,416	+7.4%	Cons. · Japanese GAAP
FYE Dec 2018	1,421	+0.4%	Cons. · Japanese GAAP
FYE Dec 2019	1,533	+7.9%	Cons. · Japanese GAAP
FYE Dec 2020	1,641	+7.1%	Cons. · Japanese GAAP
FYE Dec 2021	1,833	+11.7%	Cons. · Japanese GAAP
FYE Dec 2022	2,183	+19.1%	Cons. · Japanese GAAP
FYE Dec 2023	2,550	+16.8%	Cons. · Japanese GAAP
FYE Dec 2024	2,795	moved to IFRS	Cons. · IFRS
FYE Dec 2025	2,903	+3.9%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Dec 2025 ¥1.07tn

CAGR · 10 yrs +8.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	534	n/a	Cons. · Japanese GAAP
FYE Dec 2017	623	+16.6%	Cons. · Japanese GAAP
FYE Dec 2018	657	+5.6%	Cons. · Japanese GAAP
FYE Dec 2019	705	+7.3%	Cons. · Japanese GAAP
FYE Dec 2020	715	+1.3%	Cons. · Japanese GAAP
FYE Dec 2021	859	+20.2%	Cons. · Japanese GAAP
FYE Dec 2022	1,003	+16.7%	Cons. · Japanese GAAP
FYE Dec 2023	1,102	+9.8%	Cons. · Japanese GAAP
FYE Dec 2024	1,204	moved to IFRS	Cons. · IFRS
FYE Dec 2025	1,066	−11.4%	Cons. · IFRS

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

Interest-bearing debt

FYE Dec 2025 ¥1.04tn

CAGR · 10 yrs +14.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	310	n/a	Cons. · Japanese GAAP
FYE Dec 2017	296	−4.6%	Cons. · Japanese GAAP
FYE Dec 2018	232	−21.6%	Cons. · Japanese GAAP
FYE Dec 2019	325	+40.0%	Cons. · Japanese GAAP
FYE Dec 2020	438	+34.7%	Cons. · Japanese GAAP
FYE Dec 2021	372	−15.2%	Cons. · Japanese GAAP
FYE Dec 2022	423	+13.8%	Cons. · Japanese GAAP
FYE Dec 2023	844	+99.5%	Cons. · Japanese GAAP
FYE Dec 2024	952	moved to IFRS	Cons. · IFRS
FYE Dec 2025	1,044	+9.7%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥616bn

CAGR · 10 yrs +14.5%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	182	n/a	Cons. · Japanese GAAP
FYE Dec 2017	191	+4.7%	Cons. · Japanese GAAP
FYE Dec 2018	287	+50.5%	Cons. · Japanese GAAP
FYE Dec 2019	186	−35.3%	Cons. · Japanese GAAP
FYE Dec 2020	113	−39.5%	Cons. · Japanese GAAP
FYE Dec 2021	142	+26.5%	Cons. · Japanese GAAP
FYE Dec 2022	331	+132.7%	Cons. · Japanese GAAP
FYE Dec 2023	439	+32.5%	Cons. · Japanese GAAP
FYE Dec 2024	680	moved to IFRS	Cons. · IFRS
FYE Dec 2025	616	−9.5%	Cons. · IFRS

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

Long-term borrowings

FYE Dec 2025 ¥429bn

CAGR · 10 yrs +6.9%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	236	n/a	Cons. · Japanese GAAP
FYE Dec 2017	220	−6.8%	Cons. · Japanese GAAP
FYE Dec 2018	69.4	−68.4%	Cons. · Japanese GAAP
FYE Dec 2019	179	+157.7%	Cons. · Japanese GAAP
FYE Dec 2020	379	+111.7%	Cons. · Japanese GAAP
FYE Dec 2021	393	+3.8%	Cons. · Japanese GAAP
FYE Dec 2022	503	+27.9%	Cons. · Japanese GAAP
FYE Dec 2023	474	−5.7%	Cons. · Japanese GAAP
FYE Dec 2024	272	moved to IFRS	Cons. · IFRS
FYE Dec 2025	429	+57.7%	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 Dec 2025 n/a

CAGR · 5 yrs +85.2%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2019	5.4	n/a	Cons. · Japanese GAAP
FYE Dec 2020	4.1	−24.1%	Cons. · Japanese GAAP
FYE Dec 2021	9.8	+137.4%	Cons. · Japanese GAAP
FYE Dec 2022	26.7	+173.0%	Cons. · Japanese GAAP
FYE Dec 2023	63.9	+139.2%	Cons. · Japanese GAAP
FYE Dec 2024	n/a	moved to IFRS	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Dec 2025 ¥102bn

CAGR · 10 yrs +31.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	8.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.2	+29.0%	Cons. · Japanese GAAP
FYE Dec 2018	8.5	−23.8%	Cons. · Japanese GAAP
FYE Dec 2019	8.6	+1.4%	Cons. · Japanese GAAP
FYE Dec 2020	11.2	+30.0%	Cons. · Japanese GAAP
FYE Dec 2021	28.4	+153.0%	Cons. · Japanese GAAP
FYE Dec 2022	39.6	+39.5%	Cons. · Japanese GAAP
FYE Dec 2023	51.1	+29.0%	Cons. · Japanese GAAP
FYE Dec 2024	77.5	moved to IFRS	Cons. · IFRS
FYE Dec 2025	102	+31.5%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥17bn

CAGR · 5 yrs +57.9%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2021	2.7	n/a	Cons. · Japanese GAAP
FYE Dec 2022	2.7	+1.6%	Cons. · Japanese GAAP
FYE Dec 2023	2.9	+6.9%	Cons. · Japanese GAAP
FYE Dec 2024	8.6	moved to IFRS	Cons. · IFRS
FYE Dec 2025	16.7	+93.0%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Dec 2025 36.7%

Average · 10 yrs 43.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	40.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	44.0	+3.5pp	Cons. · Japanese GAAP
FYE Dec 2018	46.3	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2019	46.0	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2020	43.6	−2.5pp	Cons. · Japanese GAAP
FYE Dec 2021	46.9	+3.3pp	Cons. · Japanese GAAP
FYE Dec 2022	45.9	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2023	43.2	−2.7pp	Cons. · Japanese GAAP
FYE Dec 2024	43.1	moved to IFRS	Cons. · IFRS
FYE Dec 2025	36.7	−6.3pp	Cons. · IFRS

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

Debt-to-equity ratio D/E ratio

FYE Dec 2025 98.0%

Average · 10 yrs 58.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	58.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	47.6	−10.5pp	Cons. · Japanese GAAP
FYE Dec 2018	35.3	−12.2pp	Cons. · Japanese GAAP
FYE Dec 2019	46.1	+10.8pp	Cons. · Japanese GAAP
FYE Dec 2020	61.3	+15.2pp	Cons. · Japanese GAAP
FYE Dec 2021	43.2	−18.1pp	Cons. · Japanese GAAP
FYE Dec 2022	42.2	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2023	76.6	+34.4pp	Cons. · Japanese GAAP
FYE Dec 2024	79.1	moved to IFRS	Cons. · IFRS
FYE Dec 2025	98.0	+18.9pp	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 Dec 2025 1.5%

Average · 10 yrs 12.2%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	11.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.3	+4.5pp	Cons. · Japanese GAAP
FYE Dec 2018	14.2	−2.1pp	Cons. · Japanese GAAP
FYE Dec 2019	10.7	−3.5pp	Cons. · Japanese GAAP
FYE Dec 2020	7.4	−3.3pp	Cons. · Japanese GAAP
FYE Dec 2021	18.1	+10.7pp	Cons. · Japanese GAAP
FYE Dec 2022	17.4	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2023	14.5	−2.9pp	Cons. · Japanese GAAP
FYE Dec 2024	9.9	moved to IFRS	Cons. · IFRS
FYE Dec 2025	1.5	−8.4pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 0.6%

Average · 10 yrs 5.4%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	4.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.2	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2018	6.6	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2019	4.9	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2020	3.2	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2021	8.5	+5.3pp	Cons. · Japanese GAAP
FYE Dec 2022	8.0	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2023	6.3	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2024	4.3	moved to IFRS	Cons. · IFRS
FYE Dec 2025	0.6	−3.7pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.87×

CAGR · 10 yrs −2.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	1.14	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.18	+3.5%	Cons. · Japanese GAAP
FYE Dec 2018	1.18	−0.2%	Cons. · Japanese GAAP
FYE Dec 2019	1.09	−7.8%	Cons. · Japanese GAAP
FYE Dec 2020	0.90	−17.4%	Cons. · Japanese GAAP
FYE Dec 2021	0.99	+10.3%	Cons. · Japanese GAAP
FYE Dec 2022	1.03	+4.1%	Cons. · Japanese GAAP
FYE Dec 2023	0.95	−8.0%	Cons. · Japanese GAAP
FYE Dec 2024	0.92	moved to IFRS	Cons. · IFRS
FYE Dec 2025	0.87	−5.3%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 ¥139bn

CAGR · 10 yrs −0.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	143	n/a	Cons. · Japanese GAAP
FYE Dec 2017	126	−11.7%	Cons. · Japanese GAAP
FYE Dec 2018	58.9	−53.4%	Cons. · Japanese GAAP
FYE Dec 2019	99.1	+68.4%	Cons. · Japanese GAAP
FYE Dec 2020	110	+11.5%	Cons. · Japanese GAAP
FYE Dec 2021	141	+27.9%	Cons. · Japanese GAAP
FYE Dec 2022	70.9	−49.8%	Cons. · Japanese GAAP
FYE Dec 2023	80.2	+13.0%	Cons. · Japanese GAAP
FYE Dec 2024	166	moved to IFRS	Cons. · IFRS
FYE Dec 2025	139	−16.5%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥86bn

Average · 10 yrs -¥73bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-46.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-53.2	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-48.3	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-79.7	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-44.0	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-51.0	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-74.2	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-117	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-125	moved to IFRS	Cons. · IFRS
FYE Dec 2025	-86.1	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Dec 2025 -¥30bn

Average · 10 yrs -¥14bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-67.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-52.8	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-26.4	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-36.8	n/a	Cons. · Japanese GAAP
FYE Dec 2020	83.7	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-93.5	−211.7%	Cons. · Japanese GAAP
FYE Dec 2022	23.1	n/a	Cons. · Japanese GAAP
FYE Dec 2023	95.3	+312.3%	Cons. · Japanese GAAP
FYE Dec 2024	-39.0	moved to IFRS	Cons. · IFRS
FYE Dec 2025	-30.4	n/a	Cons. · IFRS

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

Cash and equivalents

FYE Dec 2025 ¥399bn

CAGR · 10 yrs +12.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	136	n/a	Cons. · Japanese GAAP
FYE Dec 2017	156	+14.8%	Cons. · Japanese GAAP
FYE Dec 2018	138	−11.2%	Cons. · Japanese GAAP
FYE Dec 2019	123	−11.2%	Cons. · Japanese GAAP
FYE Dec 2020	267	+117.7%	Cons. · Japanese GAAP
FYE Dec 2021	275	+2.9%	Cons. · Japanese GAAP
FYE Dec 2022	297	+8.0%	Cons. · Japanese GAAP
FYE Dec 2023	347	+16.9%	Cons. · Japanese GAAP
FYE Dec 2024	373	moved to IFRS	Cons. · IFRS
FYE Dec 2025	399	+6.9%	Cons. · IFRS

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

Free cash flow

FYE Dec 2025 ¥52bn

CAGR · 10 yrs −6.6%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	96.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	73.1	−24.3%	Cons. · Japanese GAAP
FYE Dec 2018	10.6	−85.5%	Cons. · Japanese GAAP
FYE Dec 2019	19.5	+83.9%	Cons. · Japanese GAAP
FYE Dec 2020	66.5	+241.8%	Cons. · Japanese GAAP
FYE Dec 2021	90.3	+35.7%	Cons. · Japanese GAAP
FYE Dec 2022	-3.2	−103.6%	Cons. · Japanese GAAP
FYE Dec 2023	-36.8	n/a	Cons. · Japanese GAAP
FYE Dec 2024	40.7	moved to IFRS	Cons. · IFRS
FYE Dec 2025	52.5	+29.0%	Cons. · IFRS

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

Operating cash flow margin

FYE Dec 2025 5.5%

Average · 10 yrs 6.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	9.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.6	−2.0pp	Cons. · Japanese GAAP
FYE Dec 2018	3.5	−4.0pp	Cons. · Japanese GAAP
FYE Dec 2019	6.0	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2020	7.5	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2021	7.8	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2022	3.2	−4.6pp	Cons. · Japanese GAAP
FYE Dec 2023	3.3	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2024	6.4	moved to IFRS	Cons. · IFRS
FYE Dec 2025	5.5	−1.0pp	Cons. · IFRS

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

Net cash

FYE Dec 2025 -¥645bn

Average · 10 yrs -¥273bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-175	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-141	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-94.2	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-203	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-171	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-96.7	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-126	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-497	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-579	moved to IFRS	Cons. · IFRS
FYE Dec 2025	-645	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 Dec 2025 ¥1.18tn

Change · 10 yrs +¥282bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	899	n/a
FYE Dec 2017	1,293	n/a
FYE Dec 2018	758	n/a
FYE Dec 2019	774	n/a
FYE Dec 2020	739	n/a
FYE Dec 2021	968	n/a
FYE Dec 2022	1,057	n/a
FYE Dec 2023	1,327	n/a
FYE Dec 2024	1,447	n/a
FYE Dec 2025	1,181	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Dec 2025 1,160¥

Change · 10 yrs −1,408¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	2,568	n/a
FYE Dec 2017	3,695	n/a
FYE Dec 2018	2,166	n/a
FYE Dec 2019	2,212	n/a
FYE Dec 2020	2,111	n/a
FYE Dec 2021	2,763	n/a
FYE Dec 2022	3,018	n/a
FYE Dec 2023	3,789	n/a
FYE Dec 2024	1,410	n/a
FYE Dec 2025	1,160	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Dec 2025 1,018,125,000shares

Change · 10 yrs +668,211,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	349,914,000	Parent
FYE Dec 2017	349,914,000	Parent
FYE Dec 2018	349,914,000	Parent
FYE Dec 2019	350,013,000	Parent
FYE Dec 2020	350,122,000	Parent
FYE Dec 2021	350,217,000	Parent
FYE Dec 2022	350,217,000	Parent
FYE Dec 2023	350,217,000	Parent
FYE Dec 2024	1,026,354,000	Parent
FYE Dec 2025	1,018,125,000	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Dec 2025 16.59¥

Change · 10 yrs −164.25¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	180.84	Cons.
FYE Dec 2017	290.93	Cons.
FYE Dec 2018	267.35	Cons.
FYE Dec 2019	72.28	Cons.
FYE Dec 2020	50.63	Cons.
FYE Dec 2021	148.56	Cons.
FYE Dec 2022	170.49	Cons.
FYE Dec 2023	157.89	Cons.
FYE Dec 2024	110.12	Cons.
FYE Dec 2025	16.59	Cons.

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

BPS book value per share

FYE Dec 2025 1,047.17¥

Change · 10 yrs −479.40¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,526.56	Cons. · Japanese GAAP
FYE Dec 2017	1,779.87	Cons. · Japanese GAAP
FYE Dec 2018	1,878.96	Cons. · Japanese GAAP
FYE Dec 2019	2,014.88	Cons. · Japanese GAAP
FYE Dec 2020	2,041.13	Cons. · Japanese GAAP
FYE Dec 2021	2,453.41	Cons. · Japanese GAAP
FYE Dec 2022	2,864.15	Cons. · Japanese GAAP
FYE Dec 2023	3,145.87	Cons. · Japanese GAAP
FYE Dec 2024	1,172.60	Cons. · IFRS
FYE Dec 2025	1,047.17	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 69.90×

Average · 10 yrs 16.19×

Fiscal year	PER ×	Basis
FYE Dec 2016	14.20	Cons.
FYE Dec 2017	12.70	Cons.
FYE Dec 2018	8.10	Cons.
FYE Dec 2019	10.20	Cons.
FYE Dec 2020	13.90	Cons.
FYE Dec 2021	6.20	Cons.
FYE Dec 2022	5.90	Cons.
FYE Dec 2023	8.00	Cons.
FYE Dec 2024	12.80	Cons.
FYE Dec 2025	69.90	Cons.

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

PBR price-to-book ratio

FYE Dec 2025 0.99×

Average · 10 yrs 1.25×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.68	Cons.
FYE Dec 2017	2.07	Cons.
FYE Dec 2018	1.15	Cons.
FYE Dec 2019	1.10	Cons.
FYE Dec 2020	1.03	Cons.
FYE Dec 2021	1.11	Cons.
FYE Dec 2022	1.06	Cons.
FYE Dec 2023	1.16	Cons.
FYE Dec 2024	1.19	Cons.
FYE Dec 2025	0.99	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Dec 2025 55,176people

Change · 10 yrs +2,026 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	53,150	n/a	Cons.
FYE Dec 2017	53,579	+0.8%	Cons.
FYE Dec 2018	53,977	+0.7%	Cons.
FYE Dec 2019	55,255	+2.4%	Cons.
FYE Dec 2020	52,437	−5.1%	Cons.
FYE Dec 2021	51,243	−2.3%	Cons.
FYE Dec 2022	52,554	+2.6%	Cons.
FYE Dec 2023	53,701	+2.2%	Cons.
FYE Dec 2024	54,206	+0.9%	Cons.
FYE Dec 2025	55,176	+1.8%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Dec 2025 12,082people

Change · 10 yrs +1,571 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	10,511	n/a	Parent
FYE Dec 2017	10,564	+0.5%	Parent
FYE Dec 2018	10,614	+0.5%	Parent
FYE Dec 2019	10,567	−0.4%	Parent
FYE Dec 2020	10,359	−2.0%	Parent
FYE Dec 2021	10,154	−2.0%	Parent
FYE Dec 2022	10,193	+0.4%	Parent
FYE Dec 2023	10,366	+1.7%	Parent
FYE Dec 2024	10,929	+5.4%	Parent
FYE Dec 2025	12,082	+10.5%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Dec 2025 ¥8.3m

Change · 10 yrs +¥0.9m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	7.4	n/a	Parent
FYE Dec 2017	7.4	−0.2%	Parent
FYE Dec 2018	7.6	+2.6%	Parent
FYE Dec 2019	7.5	−1.9%	Parent
FYE Dec 2020	7.1	−4.2%	Parent
FYE Dec 2021	7.3	+1.7%	Parent
FYE Dec 2022	8.0	+9.6%	Parent
FYE Dec 2023	8.1	+2.1%	Parent
FYE Dec 2024	8.2	+0.7%	Parent
FYE Dec 2025	8.3	+2.1%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Dec 2025 42.7years

Change · 7 yrs −0.2 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	42.9	n/a	Parent
FYE Dec 2020	43.3	+0.9%	Parent
FYE Dec 2021	43.8	+1.2%	Parent
FYE Dec 2022	43.8	−0.0%	Parent
FYE Dec 2023	43.5	−0.7%	Parent
FYE Dec 2024	43.1	−0.9%	Parent
FYE Dec 2025	42.7	−0.9%	Parent

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

Average length of service

FYE Dec 2025 18.1years

Change · 10 yrs −1.6 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	19.7	n/a	Parent
FYE Dec 2017	19.8	+0.5%	Parent
FYE Dec 2018	19.9	+0.5%	Parent
FYE Dec 2019	19.4	−2.5%	Parent
FYE Dec 2020	19.9	+2.6%	Parent
FYE Dec 2021	20.3	+2.0%	Parent
FYE Dec 2022	20.1	−1.0%	Parent
FYE Dec 2023	19.6	−2.5%	Parent
FYE Dec 2024	18.8	−4.1%	Parent
FYE Dec 2025	18.1	−3.7%	Parent

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

Temporary employees

FYE Dec 2025 11,928people

Change · 10 yrs +2,756 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	9,172	n/a	n/a
FYE Dec 2017	10,601	+15.6%	n/a
FYE Dec 2018	13,094	+23.5%	n/a
FYE Dec 2019	12,909	−1.4%	n/a
FYE Dec 2020	10,930	−15.3%	n/a
FYE Dec 2021	11,044	+1.0%	n/a
FYE Dec 2022	11,608	+5.1%	n/a
FYE Dec 2023	11,776	+1.4%	n/a
FYE Dec 2024	12,474	+5.9%	n/a
FYE Dec 2025	11,928	−4.4%	n/a

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

Revenue per employee

FYE Dec 2025 ¥45.9m

Change · 10 yrs +¥17.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	28.3	n/a	Cons.
FYE Dec 2017	31.2	+10.2%	Cons.
FYE Dec 2018	31.0	−0.6%	Cons.
FYE Dec 2019	30.1	−2.8%	Cons.
FYE Dec 2020	28.1	−6.9%	Cons.
FYE Dec 2021	35.4	+26.1%	Cons.
FYE Dec 2022	42.8	+21.0%	Cons.
FYE Dec 2023	45.0	+5.1%	Cons.
FYE Dec 2024	47.5	n/a	Cons.
FYE Dec 2025	45.9	−3.4%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥2.3m

Change · 10 yrs +¥0.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	2.0	n/a	Cons.
FYE Dec 2017	2.8	+36.8%	Cons.
FYE Dec 2018	2.6	−6.7%	Cons.
FYE Dec 2019	2.1	−20.0%	Cons.
FYE Dec 2020	1.6	−25.4%	Cons.
FYE Dec 2021	3.6	+128.5%	Cons.
FYE Dec 2022	4.3	+20.2%	Cons.
FYE Dec 2023	4.5	+6.2%	Cons.
FYE Dec 2024	3.3	n/a	Cons.
FYE Dec 2025	2.3	−31.6%	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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