Financials

Colowide: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥300bnYoY +11.5%

FYE Mar 2026 · Operating profit¥9.4bnYoY +22.0%

FYE Mar 2026 · Net profit¥2.2bnYoY +78.8%

FYE Mar 2026 · Equity ratio21.3%YoY −0.4pp

FYE Mar 2026 · Group employees5,907YoY +637

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	That year
FYE Mar 2017Consolidated	¥235bn	n/a	n/a	n/a	n/a	-¥5.6bn	Revenue reaches about ¥234.1bn — 1.8× in three years
FYE Mar 2018Consolidated	¥246bn	+4.6%	¥4.2bn	n/a	1.7%	¥1.2bn	—
FYE Mar 2019Consolidated	¥244bn	−0.6%	¥4.1bn	−3.8%	1.7%	¥0.6bn	—
FYE Mar 2020Consolidated	¥235bn	−3.7%	-¥4.6bn	−212.8%	-2.0%	-¥6.4bn	—
FYE Mar 2021Consolidated	¥168bn	−28.5%	-¥13bn	n/a	-7.9%	-¥10bn	Hostile tender offer takes <strong>Ootoya Holdings</strong> to 46.8%
FYE Mar 2022Consolidated	¥176bn	+4.4%	¥5.1bn	n/a	2.9%	¥1.4bn	COVID: operating loss of about ¥13.3bn
FYE Mar 2023Consolidated	¥221bn	+25.7%	-¥6.7bn	−233.4%	-3.1%	-¥6.8bn	—
FYE Mar 2024Consolidated	¥241bn	+9.3%	¥7.1bn	n/a	2.9%	¥2.9bn	—
FYE Mar 2025Consolidated	¥269bn	+11.6%	¥7.7bn	+8.4%	2.9%	¥1.2bn	—
FYE Mar 2026Consolidated	¥300bn	+11.5%	¥9.4bn	+22.0%	3.1%	¥2.2bn	Acquires the Australian operator Seagrass Holdco

How it compares

Zensho Holdings¥1.26tnFY2025Operating margin 6.4%Skylark Holdings¥458bnFY2025Operating margin 6.5%Food & Life Companies (Sushiro)¥430bnFY2025Operating margin 8.4%McDonald's Japan¥417bnFY2025Operating margin 12.8%

Colowide¥300bnFY2025Operating margin 3.1%

トリドールホールディングス¥279bnFY2025Operating margin 3.8%Saizeriya¥257bnFY2025Operating margin 6.0%

Kurasushi¥245bnFY2025Operating margin 2.2%

吉野家ホールディングス¥226bnFY2025Operating margin 3.6%ROYAL HOLDINGS¥165bnFY2025Operating margin 4.6%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥300bn

CAGR · 10 yrs +2.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	235	n/a	Cons. · IFRS
FYE Mar 2018	246	+4.6%	Cons. · IFRS
FYE Mar 2019	244	−0.6%	Cons. · IFRS
FYE Mar 2020	235	−3.7%	Cons. · IFRS
FYE Mar 2021	168	−28.5%	Cons. · IFRS
FYE Mar 2022	176	+4.4%	Cons. · IFRS
FYE Mar 2023	221	+25.7%	Cons. · IFRS
FYE Mar 2024	241	+9.3%	Cons. · IFRS
FYE Mar 2025	269	+11.6%	Cons. · IFRS
FYE Mar 2026	300	+11.5%	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 ¥121bn

CAGR · 9 yrs +1.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	107	n/a	Cons. · IFRS
FYE Mar 2019	106	−1.6%	Cons. · IFRS
FYE Mar 2020	101	−4.2%	Cons. · IFRS
FYE Mar 2021	75.5	−25.3%	Cons. · IFRS
FYE Mar 2022	78.9	+4.5%	Cons. · IFRS
FYE Mar 2023	96.6	+22.4%	Cons. · IFRS
FYE Mar 2024	102	+5.5%	Cons. · IFRS
FYE Mar 2025	112	+10.3%	Cons. · IFRS
FYE Mar 2026	121	+8.0%	Cons. · IFRS

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

Gross profit

FYE Mar 2026 ¥179bn

CAGR · 9 yrs +3.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	139	n/a	Cons. · IFRS
FYE Mar 2019	139	+0.1%	Cons. · IFRS
FYE Mar 2020	134	−3.3%	Cons. · IFRS
FYE Mar 2021	92.7	−30.9%	Cons. · IFRS
FYE Mar 2022	96.7	+4.4%	Cons. · IFRS
FYE Mar 2023	124	+28.5%	Cons. · IFRS
FYE Mar 2024	139	+12.2%	Cons. · IFRS
FYE Mar 2025	157	+12.5%	Cons. · IFRS
FYE Mar 2026	179	+14.0%	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 ¥166bn

CAGR · 9 yrs +3.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	131	n/a	Cons. · IFRS
FYE Mar 2019	130	−0.9%	Cons. · IFRS
FYE Mar 2020	129	−1.3%	Cons. · IFRS
FYE Mar 2021	101	−21.4%	Cons. · IFRS
FYE Mar 2022	90.6	−10.3%	Cons. · IFRS
FYE Mar 2023	124	+37.4%	Cons. · IFRS
FYE Mar 2024	131	+5.0%	Cons. · IFRS
FYE Mar 2025	147	+12.9%	Cons. · IFRS
FYE Mar 2026	166	+12.7%	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 ¥9.4bn

CAGR · 9 yrs +10.5%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	4.2	n/a	Cons. · IFRS
FYE Mar 2019	4.1	−3.8%	Cons. · IFRS
FYE Mar 2020	-4.6	−212.8%	Cons. · IFRS
FYE Mar 2021	-13.3	n/a	Cons. · IFRS
FYE Mar 2022	5.1	n/a	Cons. · IFRS
FYE Mar 2023	-6.7	−233.4%	Cons. · IFRS
FYE Mar 2024	7.1	n/a	Cons. · IFRS
FYE Mar 2025	7.7	+8.4%	Cons. · IFRS
FYE Mar 2026	9.4	+22.0%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥1.7bn

CAGR · 9 yrs +6.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1.1	n/a	Cons. · IFRS
FYE Mar 2019	1.4	+30.9%	Cons. · IFRS
FYE Mar 2020	0.3	−80.4%	Cons. · IFRS
FYE Mar 2021	2.4	+780.4%	Cons. · IFRS
FYE Mar 2022	0.9	−62.9%	Cons. · IFRS
FYE Mar 2023	1.2	+36.3%	Cons. · IFRS
FYE Mar 2024	2.2	+81.0%	Cons. · IFRS
FYE Mar 2025	0.4	−81.7%	Cons. · IFRS
FYE Mar 2026	1.7	+328.1%	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 ¥4.6bn

CAGR · 9 yrs +7.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	2.5	n/a	Cons. · IFRS
FYE Mar 2019	2.8	+8.7%	Cons. · IFRS
FYE Mar 2020	4.5	+62.9%	Cons. · IFRS
FYE Mar 2021	3.2	−28.6%	Cons. · IFRS
FYE Mar 2022	3.9	+21.2%	Cons. · IFRS
FYE Mar 2023	2.9	−25.0%	Cons. · IFRS
FYE Mar 2024	2.8	−3.2%	Cons. · IFRS
FYE Mar 2025	3.3	+17.9%	Cons. · IFRS
FYE Mar 2026	4.6	+37.6%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥2.2bn

Average · 10 yrs -¥1.9bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	-5.6	n/a	Cons. · IFRS
FYE Mar 2018	1.2	n/a	Cons. · IFRS
FYE Mar 2019	0.6	−46.0%	Cons. · IFRS
FYE Mar 2020	-6.4	−1120.1%	Cons. · IFRS
FYE Mar 2021	-10.1	n/a	Cons. · IFRS
FYE Mar 2022	1.4	n/a	Cons. · IFRS
FYE Mar 2023	-6.8	−573.3%	Cons. · IFRS
FYE Mar 2024	2.9	n/a	Cons. · IFRS
FYE Mar 2025	1.2	−57.0%	Cons. · IFRS
FYE Mar 2026	2.2	+78.8%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 59.6%

Average · 9 yrs 56.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	56.4	n/a	Cons. · IFRS
FYE Mar 2019	56.8	+0.4pp	Cons. · IFRS
FYE Mar 2020	57.0	+0.2pp	Cons. · IFRS
FYE Mar 2021	55.1	−1.9pp	Cons. · IFRS
FYE Mar 2022	55.1	−0.0pp	Cons. · IFRS
FYE Mar 2023	56.2	+1.2pp	Cons. · IFRS
FYE Mar 2024	57.8	+1.5pp	Cons. · IFRS
FYE Mar 2025	58.2	+0.5pp	Cons. · IFRS
FYE Mar 2026	59.6	+1.3pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 3.1%

Average · 9 yrs 0.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1.7	n/a	Cons. · IFRS
FYE Mar 2019	1.7	−0.1pp	Cons. · IFRS
FYE Mar 2020	-2.0	−3.6pp	Cons. · IFRS
FYE Mar 2021	-7.9	−6.0pp	Cons. · IFRS
FYE Mar 2022	2.9	+10.8pp	Cons. · IFRS
FYE Mar 2023	-3.1	−5.9pp	Cons. · IFRS
FYE Mar 2024	2.9	+6.0pp	Cons. · IFRS
FYE Mar 2025	2.9	−0.1pp	Cons. · IFRS
FYE Mar 2026	3.1	+0.3pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 0.7%

Average · 10 yrs -1.0%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	-2.4	n/a	Cons. · IFRS
FYE Mar 2018	0.5	+2.9pp	Cons. · IFRS
FYE Mar 2019	0.3	−0.2pp	Cons. · IFRS
FYE Mar 2020	-2.7	−3.0pp	Cons. · IFRS
FYE Mar 2021	-6.0	−3.3pp	Cons. · IFRS
FYE Mar 2022	0.8	+6.8pp	Cons. · IFRS
FYE Mar 2023	-3.1	−3.9pp	Cons. · IFRS
FYE Mar 2024	1.2	+4.3pp	Cons. · IFRS
FYE Mar 2025	0.5	−0.7pp	Cons. · IFRS
FYE Mar 2026	0.7	+0.3pp	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 40.4%

Average · 9 yrs 43.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	43.6	n/a	Cons. · IFRS
FYE Mar 2019	43.2	−0.4pp	Cons. · IFRS
FYE Mar 2020	43.0	−0.2pp	Cons. · IFRS
FYE Mar 2021	44.9	+1.9pp	Cons. · IFRS
FYE Mar 2022	44.9	−0.0pp	Cons. · IFRS
FYE Mar 2023	43.8	−1.2pp	Cons. · IFRS
FYE Mar 2024	42.2	−1.5pp	Cons. · IFRS
FYE Mar 2025	41.8	−0.5pp	Cons. · IFRS
FYE Mar 2026	40.4	−1.3pp	Cons. · IFRS

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

SG&A ratio

FYE Mar 2026 55.4%

Average · 9 yrs 54.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	53.5	n/a	Cons. · IFRS
FYE Mar 2019	53.3	−0.1pp	Cons. · IFRS
FYE Mar 2020	54.6	+1.3pp	Cons. · IFRS
FYE Mar 2021	60.0	+5.4pp	Cons. · IFRS
FYE Mar 2022	51.6	−8.5pp	Cons. · IFRS
FYE Mar 2023	56.3	+4.8pp	Cons. · IFRS
FYE Mar 2024	54.2	−2.2pp	Cons. · IFRS
FYE Mar 2025	54.8	+0.6pp	Cons. · IFRS
FYE Mar 2026	55.4	+0.6pp	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 ¥351bn

CAGR · 10 yrs +5.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	219	n/a	Cons. · IFRS
FYE Mar 2018	230	+5.1%	Cons. · IFRS
FYE Mar 2019	222	−3.3%	Cons. · IFRS
FYE Mar 2020	249	+11.9%	Cons. · IFRS
FYE Mar 2021	267	+7.5%	Cons. · IFRS
FYE Mar 2022	268	+0.1%	Cons. · IFRS
FYE Mar 2023	262	−2.2%	Cons. · IFRS
FYE Mar 2024	265	+1.2%	Cons. · IFRS
FYE Mar 2025	312	+17.8%	Cons. · IFRS
FYE Mar 2026	351	+12.4%	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 ¥75bn

CAGR · 10 yrs +4.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	51.2	n/a	Cons. · IFRS
FYE Mar 2018	18.9	−63.1%	Cons. · IFRS
FYE Mar 2019	19.0	+0.8%	Cons. · IFRS
FYE Mar 2020	11.0	−42.0%	Cons. · IFRS
FYE Mar 2021	22.7	+106.1%	Cons. · IFRS
FYE Mar 2022	40.6	+78.5%	Cons. · IFRS
FYE Mar 2023	34.8	−14.2%	Cons. · IFRS
FYE Mar 2024	35.8	+2.8%	Cons. · IFRS
FYE Mar 2025	68.0	+90.0%	Cons. · IFRS
FYE Mar 2026	74.9	+10.2%	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 ¥146bn

CAGR · 9 yrs +3.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	108	n/a	Cons. · IFRS
FYE Mar 2019	103	−3.9%	Cons. · IFRS
FYE Mar 2020	111	+7.4%	Cons. · IFRS
FYE Mar 2021	134	+20.2%	Cons. · IFRS
FYE Mar 2022	124	−6.9%	Cons. · IFRS
FYE Mar 2023	123	−0.7%	Cons. · IFRS
FYE Mar 2024	122	−1.2%	Cons. · IFRS
FYE Mar 2025	129	+6.0%	Cons. · IFRS
FYE Mar 2026	146	+12.7%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥38bn

CAGR · 9 yrs +2.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	30.5	n/a	Cons. · IFRS
FYE Mar 2019	42.7	+39.9%	Cons. · IFRS
FYE Mar 2020	32.6	−23.6%	Cons. · IFRS
FYE Mar 2021	51.7	+58.5%	Cons. · IFRS
FYE Mar 2022	30.9	−40.3%	Cons. · IFRS
FYE Mar 2023	32.0	+3.5%	Cons. · IFRS
FYE Mar 2024	39.1	+22.3%	Cons. · IFRS
FYE Mar 2025	34.0	−13.1%	Cons. · IFRS
FYE Mar 2026	38.3	+12.7%	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 ¥108bn

CAGR · 9 yrs +4.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	77.2	n/a	Cons. · IFRS
FYE Mar 2019	60.8	−21.2%	Cons. · IFRS
FYE Mar 2020	78.5	+29.1%	Cons. · IFRS
FYE Mar 2021	81.9	+4.3%	Cons. · IFRS
FYE Mar 2022	93.5	+14.1%	Cons. · IFRS
FYE Mar 2023	91.5	−2.1%	Cons. · IFRS
FYE Mar 2024	82.9	−9.4%	Cons. · IFRS
FYE Mar 2025	95.3	+15.0%	Cons. · IFRS
FYE Mar 2026	108	+12.8%	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥18bn

CAGR · 9 yrs +10.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	7.7	n/a	Cons. · IFRS
FYE Mar 2019	7.0	−9.8%	Cons. · IFRS
FYE Mar 2020	6.1	−12.6%	Cons. · IFRS
FYE Mar 2021	13.8	+126.9%	Cons. · IFRS
FYE Mar 2022	12.6	−8.7%	Cons. · IFRS
FYE Mar 2023	11.2	−10.7%	Cons. · IFRS
FYE Mar 2024	10.0	−11.2%	Cons. · IFRS
FYE Mar 2025	13.9	+39.2%	Cons. · IFRS
FYE Mar 2026	17.6	+26.9%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥121bn

CAGR · 9 yrs +7.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	68.3	n/a	Cons. · IFRS
FYE Mar 2019	68.6	+0.4%	Cons. · IFRS
FYE Mar 2020	71.8	+4.6%	Cons. · IFRS
FYE Mar 2021	79.4	+10.6%	Cons. · IFRS
FYE Mar 2022	80.2	+1.0%	Cons. · IFRS
FYE Mar 2023	80.2	−0.0%	Cons. · IFRS
FYE Mar 2024	82.5	+2.9%	Cons. · IFRS
FYE Mar 2025	91.9	+11.3%	Cons. · IFRS
FYE Mar 2026	121	+31.5%	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 21.3%

Average · 10 yrs 13.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	23.4	n/a	Cons. · IFRS
FYE Mar 2018	8.2	−15.2pp	Cons. · IFRS
FYE Mar 2019	8.6	+0.3pp	Cons. · IFRS
FYE Mar 2020	4.4	−4.1pp	Cons. · IFRS
FYE Mar 2021	8.5	+4.1pp	Cons. · IFRS
FYE Mar 2022	15.2	+6.7pp	Cons. · IFRS
FYE Mar 2023	13.3	−1.9pp	Cons. · IFRS
FYE Mar 2024	13.5	+0.2pp	Cons. · IFRS
FYE Mar 2025	21.8	+8.3pp	Cons. · IFRS
FYE Mar 2026	21.3	−0.4pp	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 194.7%

Average · 9 yrs 455.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	570.3	n/a	Cons. · IFRS
FYE Mar 2019	543.9	−26.4pp	Cons. · IFRS
FYE Mar 2020	1,007.6	+463.7pp	Cons. · IFRS
FYE Mar 2021	587.6	−419.9pp	Cons. · IFRS
FYE Mar 2022	306.5	−281.1pp	Cons. · IFRS
FYE Mar 2023	354.9	+48.4pp	Cons. · IFRS
FYE Mar 2024	341.0	−13.9pp	Cons. · IFRS
FYE Mar 2025	190.3	−150.7pp	Cons. · IFRS
FYE Mar 2026	194.7	+4.5pp	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 3.0%

Average · 10 yrs -10.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	-11.0	n/a	Cons. · IFRS
FYE Mar 2018	6.2	+17.2pp	Cons. · IFRS
FYE Mar 2019	3.3	−2.9pp	Cons. · IFRS
FYE Mar 2020	-58.5	−61.8pp	Cons. · IFRS
FYE Mar 2021	-44.4	+14.1pp	Cons. · IFRS
FYE Mar 2022	3.5	+47.9pp	Cons. · IFRS
FYE Mar 2023	-19.5	−23.1pp	Cons. · IFRS
FYE Mar 2024	8.1	+27.7pp	Cons. · IFRS
FYE Mar 2025	1.8	−6.3pp	Cons. · IFRS
FYE Mar 2026	3.0	+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 0.6%

Average · 10 yrs -0.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	-2.6	n/a	Cons. · IFRS
FYE Mar 2018	0.5	+3.1pp	Cons. · IFRS
FYE Mar 2019	0.3	−0.2pp	Cons. · IFRS
FYE Mar 2020	-2.6	−2.9pp	Cons. · IFRS
FYE Mar 2021	-3.8	−1.2pp	Cons. · IFRS
FYE Mar 2022	0.5	+4.3pp	Cons. · IFRS
FYE Mar 2023	-2.6	−3.1pp	Cons. · IFRS
FYE Mar 2024	1.1	+3.7pp	Cons. · IFRS
FYE Mar 2025	0.4	−0.7pp	Cons. · IFRS
FYE Mar 2026	0.6	+0.2pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.86×

CAGR · 10 yrs −2.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.07	n/a	Cons. · IFRS
FYE Mar 2018	1.07	−0.5%	Cons. · IFRS
FYE Mar 2019	1.10	+2.7%	Cons. · IFRS
FYE Mar 2020	0.95	−14.0%	Cons. · IFRS
FYE Mar 2021	0.63	−33.5%	Cons. · IFRS
FYE Mar 2022	0.66	+4.3%	Cons. · IFRS
FYE Mar 2023	0.84	+28.5%	Cons. · IFRS
FYE Mar 2024	0.91	+7.9%	Cons. · IFRS
FYE Mar 2025	0.86	−5.3%	Cons. · IFRS
FYE Mar 2026	0.86	−0.8%	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 ¥29bn

CAGR · 10 yrs +36.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	1.7	n/a	Cons. · IFRS
FYE Mar 2018	16.7	+855.2%	Cons. · IFRS
FYE Mar 2019	16.0	−4.1%	Cons. · IFRS
FYE Mar 2020	26.1	+63.2%	Cons. · IFRS
FYE Mar 2021	3.4	−86.9%	Cons. · IFRS
FYE Mar 2022	23.8	+596.8%	Cons. · IFRS
FYE Mar 2023	28.8	+20.8%	Cons. · IFRS
FYE Mar 2024	29.9	+3.8%	Cons. · IFRS
FYE Mar 2025	28.8	−3.6%	Cons. · IFRS
FYE Mar 2026	28.7	−0.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥31bn

Average · 10 yrs -¥13bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-13.8	n/a	Cons. · IFRS
FYE Mar 2018	-5.3	n/a	Cons. · IFRS
FYE Mar 2019	-7.5	n/a	Cons. · IFRS
FYE Mar 2020	-15.3	n/a	Cons. · IFRS
FYE Mar 2021	-12.9	n/a	Cons. · IFRS
FYE Mar 2022	-3.5	n/a	Cons. · IFRS
FYE Mar 2023	-8.8	n/a	Cons. · IFRS
FYE Mar 2024	-13.6	n/a	Cons. · IFRS
FYE Mar 2025	-21.6	n/a	Cons. · IFRS
FYE Mar 2026	-30.8	n/a	Cons. · IFRS

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

Financing cash flow

FYE Mar 2026 -¥6.8bn

Average · 10 yrs -¥3.9bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	15.6	n/a	Cons. · IFRS
FYE Mar 2018	-11.4	−172.9%	Cons. · IFRS
FYE Mar 2019	-9.5	n/a	Cons. · IFRS
FYE Mar 2020	-12.3	n/a	Cons. · IFRS
FYE Mar 2021	15.9	n/a	Cons. · IFRS
FYE Mar 2022	-9.5	−159.9%	Cons. · IFRS
FYE Mar 2023	-18.8	n/a	Cons. · IFRS
FYE Mar 2024	-20.3	n/a	Cons. · IFRS
FYE Mar 2025	18.0	n/a	Cons. · IFRS
FYE Mar 2026	-6.8	−137.7%	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 ¥63bn

CAGR · 10 yrs +6.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	34.6	n/a	Cons. · IFRS
FYE Mar 2018	34.6	−0.1%	Cons. · IFRS
FYE Mar 2019	33.9	−2.2%	Cons. · IFRS
FYE Mar 2020	32.2	−4.8%	Cons. · IFRS
FYE Mar 2021	38.4	+19.3%	Cons. · IFRS
FYE Mar 2022	48.5	+26.3%	Cons. · IFRS
FYE Mar 2023	50.1	+3.2%	Cons. · IFRS
FYE Mar 2024	46.3	−7.5%	Cons. · IFRS
FYE Mar 2025	71.5	+54.5%	Cons. · IFRS
FYE Mar 2026	63.2	−11.7%	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 -¥2.0bn

Average · 10 yrs ¥7.1bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-12.0	n/a	Cons. · IFRS
FYE Mar 2018	11.4	n/a	Cons. · IFRS
FYE Mar 2019	8.5	−25.2%	Cons. · IFRS
FYE Mar 2020	10.7	+26.0%	Cons. · IFRS
FYE Mar 2021	-9.5	−188.6%	Cons. · IFRS
FYE Mar 2022	20.3	n/a	Cons. · IFRS
FYE Mar 2023	20.0	−1.5%	Cons. · IFRS
FYE Mar 2024	16.3	−18.5%	Cons. · IFRS
FYE Mar 2025	7.2	−55.8%	Cons. · IFRS
FYE Mar 2026	-2.0	−128.3%	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 9.6%

Average · 10 yrs 8.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	0.7	n/a	Cons. · IFRS
FYE Mar 2018	6.8	+6.0pp	Cons. · IFRS
FYE Mar 2019	6.5	−0.2pp	Cons. · IFRS
FYE Mar 2020	11.1	+4.5pp	Cons. · IFRS
FYE Mar 2021	2.0	−9.0pp	Cons. · IFRS
FYE Mar 2022	13.6	+11.5pp	Cons. · IFRS
FYE Mar 2023	13.0	−0.5pp	Cons. · IFRS
FYE Mar 2024	12.4	−0.7pp	Cons. · IFRS
FYE Mar 2025	10.7	−1.7pp	Cons. · IFRS
FYE Mar 2026	9.6	−1.1pp	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 -¥83bn

Average · 9 yrs -¥76bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-73.1	n/a	Cons. · IFRS
FYE Mar 2019	-69.6	n/a	Cons. · IFRS
FYE Mar 2020	-78.9	n/a	Cons. · IFRS
FYE Mar 2021	-95.1	n/a	Cons. · IFRS
FYE Mar 2022	-75.8	n/a	Cons. · IFRS
FYE Mar 2023	-73.4	n/a	Cons. · IFRS
FYE Mar 2024	-75.7	n/a	Cons. · IFRS
FYE Mar 2025	-57.8	n/a	Cons. · IFRS
FYE Mar 2026	-82.6	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 ¥193bn

Change · 6 yrs +¥5.8bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	187	n/a
FYE Mar 2019	173	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	154	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	188	n/a
FYE Mar 2025	183	n/a
FYE Mar 2026	193	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 1,815¥

Change · 6 yrs −675¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	2,490	n/a
FYE Mar 2019	2,292	n/a
FYE Mar 2020	n/a	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	1,776	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	2,169	n/a
FYE Mar 2025	1,716	n/a
FYE Mar 2026	1,815	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 106,453,541shares

Change · 10 yrs +31,169,500 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	75,284,041	Parent
FYE Mar 2018	75,284,041	Parent
FYE Mar 2019	75,284,041	Parent
FYE Mar 2020	75,284,041	Parent
FYE Mar 2021	75,284,041	Parent
FYE Mar 2022	86,903,541	Parent
FYE Mar 2023	86,903,541	Parent
FYE Mar 2024	86,903,541	Parent
FYE Mar 2025	106,453,541	Parent
FYE Mar 2026	106,453,541	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 15.73¥

Change · 10 yrs +35.29¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	-19.56	Cons.
FYE Mar 2018	12.91	Cons.
FYE Mar 2019	5.72	Cons.
FYE Mar 2020	-88.62	Cons.
FYE Mar 2021	-141.30	Cons.
FYE Mar 2022	11.31	Cons.
FYE Mar 2023	-84.45	Cons.
FYE Mar 2024	27.52	Cons.
FYE Mar 2025	7.45	Cons.
FYE Mar 2026	15.73	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 703.29¥

Change · 10 yrs +22.84¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	680.45	Cons. · IFRS
FYE Mar 2018	250.81	Cons. · IFRS
FYE Mar 2019	252.71	Cons. · IFRS
FYE Mar 2020	146.47	Cons. · IFRS
FYE Mar 2021	301.94	Cons. · IFRS
FYE Mar 2022	466.84	Cons. · IFRS
FYE Mar 2023	400.32	Cons. · IFRS
FYE Mar 2024	411.64	Cons. · IFRS
FYE Mar 2025	638.46	Cons. · IFRS
FYE Mar 2026	703.29	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 115.40×

Average · 6 yrs 195.87×

Fiscal year	PER ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	192.90	Cons.
FYE Mar 2019	400.70	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	157.00	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	78.80	Cons.
FYE Mar 2025	230.40	Cons.
FYE Mar 2026	115.40	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 2.81×

Average · 6 yrs 4.86×

Fiscal year	PBR ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	6.58	Cons.
FYE Mar 2019	6.01	Cons.
FYE Mar 2020	n/a	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	4.42	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	6.39	Cons.
FYE Mar 2025	2.94	Cons.
FYE Mar 2026	2.81	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 5,907people

Change · 10 yrs +985 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	4,922	n/a	Cons.
FYE Mar 2018	4,978	+1.1%	Cons.
FYE Mar 2019	5,496	+10.4%	Cons.
FYE Mar 2020	5,420	−1.4%	Cons.
FYE Mar 2021	5,625	+3.8%	Cons.
FYE Mar 2022	5,319	−5.4%	Cons.
FYE Mar 2023	4,227	−20.5%	Cons.
FYE Mar 2024	4,502	+6.5%	Cons.
FYE Mar 2025	5,270	+17.1%	Cons.
FYE Mar 2026	5,907	+12.1%	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 149people

Change · 10 yrs +33 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	116	n/a	Parent
FYE Mar 2018	140	+20.7%	Parent
FYE Mar 2019	136	−2.9%	Parent
FYE Mar 2020	102	−25.0%	Parent
FYE Mar 2021	105	+2.9%	Parent
FYE Mar 2022	111	+5.7%	Parent
FYE Mar 2023	117	+5.4%	Parent
FYE Mar 2024	126	+7.7%	Parent
FYE Mar 2025	143	+13.5%	Parent
FYE Mar 2026	149	+4.2%	Parent

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

Average annual pay parent company

FYE Mar 2026 674万円

Change · 8 yrs +174万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	500	n/a	Parent
FYE Mar 2020	600	+20.0%	Parent
FYE Mar 2021	600	−0.0%	Parent
FYE Mar 2022	600	−0.0%	Parent
FYE Mar 2023	637	+6.2%	Parent
FYE Mar 2024	669	+5.0%	Parent
FYE Mar 2025	654	−2.3%	Parent
FYE Mar 2026	674	+3.1%	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 Mar 2026 44.1years

Change · 8 yrs +7.0 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	37.1	n/a	Parent
FYE Mar 2020	42.4	+14.3%	Parent
FYE Mar 2021	43.8	+3.3%	Parent
FYE Mar 2022	45.2	+3.2%	Parent
FYE Mar 2023	43.9	−2.9%	Parent
FYE Mar 2024	44.2	+0.7%	Parent
FYE Mar 2025	44.0	−0.5%	Parent
FYE Mar 2026	44.1	+0.2%	Parent

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

Average length of service

FYE Mar 2026 14.2years

Change · 8 yrs +5.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	8.5	n/a	Parent
FYE Mar 2020	11.0	+29.4%	Parent
FYE Mar 2021	12.1	+10.0%	Parent
FYE Mar 2022	12.7	+5.0%	Parent
FYE Mar 2023	12.9	+1.6%	Parent
FYE Mar 2024	13.9	+7.8%	Parent
FYE Mar 2025	14.2	+2.2%	Parent
FYE Mar 2026	14.2	−0.0%	Parent

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

Temporary employees

FYE Mar 2026 19,195people

Change · 10 yrs −142 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	19,337	n/a	n/a
FYE Mar 2018	20,025	+3.6%	n/a
FYE Mar 2019	19,810	−1.1%	n/a
FYE Mar 2020	16,232	−18.1%	n/a
FYE Mar 2021	13,217	−18.6%	n/a
FYE Mar 2022	12,612	−4.6%	n/a
FYE Mar 2023	16,113	+27.8%	n/a
FYE Mar 2024	16,475	+2.2%	n/a
FYE Mar 2025	18,730	+13.7%	n/a
FYE Mar 2026	19,195	+2.5%	n/a

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

Revenue per employee

FYE Mar 2026 ¥50.8m

Change · 10 yrs +¥3.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	47.8	n/a	Cons.
FYE Mar 2018	49.4	+3.5%	Cons.
FYE Mar 2019	44.5	−10.0%	Cons.
FYE Mar 2020	43.4	−2.3%	Cons.
FYE Mar 2021	29.9	−31.1%	Cons.
FYE Mar 2022	33.0	+10.4%	Cons.
FYE Mar 2023	52.2	+58.2%	Cons.
FYE Mar 2024	53.6	+2.6%	Cons.
FYE Mar 2025	51.1	−4.7%	Cons.
FYE Mar 2026	50.8	−0.5%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.6m

Change · 9 yrs +¥0.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	0.9	n/a	Cons.
FYE Mar 2019	0.7	−12.8%	Cons.
FYE Mar 2020	-0.8	−214.4%	Cons.
FYE Mar 2021	-2.4	n/a	Cons.
FYE Mar 2022	1.0	n/a	Cons.
FYE Mar 2023	-1.6	−267.9%	Cons.
FYE Mar 2024	1.6	n/a	Cons.
FYE Mar 2025	1.5	−7.4%	Cons.
FYE Mar 2026	1.6	+8.8%	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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