Financials

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

FYE Mar 2026 · Revenue¥677bnYoY −5.3%

FYE Mar 2026 · Operating profit-¥112bnYoY −4742.8%

FYE Mar 2026 · Net profit-¥86bnYoY −1506.0%

FYE Mar 2026 · Equity ratio54.5%YoY −2.9pp

FYE Mar 2026 · Group employees19,928YoY −141

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥749bn	n/a	¥0.8bn	n/a	0.1%	-¥7.1bn	Ushida Kazuo	Mark Roberts Motion Control Limited made a wholly owned subsidiary
FYE Mar 2018Consolidated	¥717bn	−4.2%	¥56bn	+7165.6%	7.8%	¥35bn	Ushida Kazuo	—
FYE Mar 2019Consolidated	¥709bn	−1.2%	¥83bn	+47.0%	11.7%	¥67bn	Ushida Kazuo	—
FYE Mar 2020Consolidated	¥591bn	−16.6%	¥6.8bn	−91.8%	1.1%	¥7.7bn	Ushida Kazuo	—
FYE Mar 2021Consolidated	¥451bn	−23.7%	-¥56bn	−933.1%	-12.5%	-¥34bn	Umatate Toshikazu	—
FYE Mar 2022Consolidated	¥540bn	+19.6%	¥50bn	n/a	9.3%	¥43bn	Umatate Toshikazu	Net loss for the year; Morf3D Inc. taken into the group
FYE Mar 2023Consolidated	¥628bn	+16.4%	¥55bn	+10.0%	8.7%	¥45bn	Umatate Toshikazu	SLM Solutions acquired, entering metal 3D printing
FYE Mar 2024Consolidated	¥717bn	+14.2%	¥40bn	−27.6%	5.5%	¥33bn	Umatate Toshikazu	—
FYE Mar 2025Consolidated	¥715bn	−0.3%	¥2.4bn	−93.9%	0.3%	¥6.1bn	Umatate Toshikazu	—
FYE Mar 2026Consolidated	¥677bn	−5.3%	-¥112bn	−4742.8%	-16.6%	-¥86bn	Tokunari Munechika	—

How it compares

Hoya¥948bnFY2025Operating margin 34.6%

Nikon¥677bnFY2025Operating margin −16.6%

PENTAX CorporationDelisted 2008 Tamron¥85bnFY2025Operating margin 19.6%

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 ¥677bn

CAGR · 10 yrs −1.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	749	n/a	Cons. · IFRS
FYE Mar 2018	717	−4.2%	Cons. · IFRS
FYE Mar 2019	709	−1.2%	Cons. · IFRS
FYE Mar 2020	591	−16.6%	Cons. · IFRS
FYE Mar 2021	451	−23.7%	Cons. · IFRS
FYE Mar 2022	540	+19.6%	Cons. · IFRS
FYE Mar 2023	628	+16.4%	Cons. · IFRS
FYE Mar 2024	717	+14.2%	Cons. · IFRS
FYE Mar 2025	715	−0.3%	Cons. · IFRS
FYE Mar 2026	677	−5.3%	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 ¥400bn

CAGR · 10 yrs −1.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	443	n/a	Cons. · IFRS
FYE Mar 2018	404	−8.8%	Cons. · IFRS
FYE Mar 2019	405	+0.3%	Cons. · IFRS
FYE Mar 2020	369	−9.0%	Cons. · IFRS
FYE Mar 2021	295	−20.0%	Cons. · IFRS
FYE Mar 2022	304	+2.8%	Cons. · IFRS
FYE Mar 2023	339	+11.7%	Cons. · IFRS
FYE Mar 2024	407	+20.1%	Cons. · IFRS
FYE Mar 2025	403	−1.0%	Cons. · IFRS
FYE Mar 2026	400	−0.8%	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 ¥277bn

CAGR · 10 yrs −1.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	306	n/a	Cons. · IFRS
FYE Mar 2018	313	+2.2%	Cons. · IFRS
FYE Mar 2019	303	−3.0%	Cons. · IFRS
FYE Mar 2020	222	−26.8%	Cons. · IFRS
FYE Mar 2021	156	−29.8%	Cons. · IFRS
FYE Mar 2022	236	+51.4%	Cons. · IFRS
FYE Mar 2023	289	+22.5%	Cons. · IFRS
FYE Mar 2024	310	+7.2%	Cons. · IFRS
FYE Mar 2025	312	+0.6%	Cons. · IFRS
FYE Mar 2026	277	−11.1%	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 ¥289bn

CAGR · 10 yrs −0.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	305	n/a	Cons. · IFRS
FYE Mar 2018	249	−18.6%	Cons. · IFRS
FYE Mar 2019	239	−4.1%	Cons. · IFRS
FYE Mar 2020	206	−13.8%	Cons. · IFRS
FYE Mar 2021	181	−11.8%	Cons. · IFRS
FYE Mar 2022	189	+4.5%	Cons. · IFRS
FYE Mar 2023	231	+22.0%	Cons. · IFRS
FYE Mar 2024	268	+15.9%	Cons. · IFRS
FYE Mar 2025	295	+10.1%	Cons. · IFRS
FYE Mar 2026	289	−2.0%	Cons. · IFRS

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

Operating profit

FYE Mar 2026 -¥112bn

Average · 10 yrs ¥12bn

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	0.8	n/a	Cons. · IFRS
FYE Mar 2018	56.2	+7165.6%	Cons. · IFRS
FYE Mar 2019	82.7	+47.0%	Cons. · IFRS
FYE Mar 2020	6.8	−91.8%	Cons. · IFRS
FYE Mar 2021	-56.2	−933.1%	Cons. · IFRS
FYE Mar 2022	49.9	n/a	Cons. · IFRS
FYE Mar 2023	54.9	+10.0%	Cons. · IFRS
FYE Mar 2024	39.8	−27.6%	Cons. · IFRS
FYE Mar 2025	2.4	−93.9%	Cons. · IFRS
FYE Mar 2026	-112	−4742.8%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥9.2bn

CAGR · 10 yrs +5.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	5.8	n/a	Cons. · IFRS
FYE Mar 2018	6.5	+13.0%	Cons. · IFRS
FYE Mar 2019	7.3	+12.2%	Cons. · IFRS
FYE Mar 2020	5.2	−29.0%	Cons. · IFRS
FYE Mar 2021	11.2	+114.6%	Cons. · IFRS
FYE Mar 2022	9.6	−14.1%	Cons. · IFRS
FYE Mar 2023	5.5	−42.4%	Cons. · IFRS
FYE Mar 2024	8.3	+49.4%	Cons. · IFRS
FYE Mar 2025	6.0	−27.8%	Cons. · IFRS
FYE Mar 2026	9.2	+54.4%	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 ¥7.5bn

CAGR · 10 yrs +7.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	4.0	n/a	Cons. · IFRS
FYE Mar 2018	6.3	+57.1%	Cons. · IFRS
FYE Mar 2019	3.8	−39.1%	Cons. · IFRS
FYE Mar 2020	1.9	−50.2%	Cons. · IFRS
FYE Mar 2021	2.2	+17.3%	Cons. · IFRS
FYE Mar 2022	3.6	+62.8%	Cons. · IFRS
FYE Mar 2023	5.9	+62.5%	Cons. · IFRS
FYE Mar 2024	7.8	+32.3%	Cons. · IFRS
FYE Mar 2025	7.0	−10.7%	Cons. · IFRS
FYE Mar 2026	7.5	+7.5%	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 -¥86bn

Average · 10 yrs ¥11bn

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	-7.1	n/a	Cons. · IFRS
FYE Mar 2018	34.8	n/a	Cons. · IFRS
FYE Mar 2019	66.5	+91.3%	Cons. · IFRS
FYE Mar 2020	7.7	−88.4%	Cons. · IFRS
FYE Mar 2021	-34.5	−548.4%	Cons. · IFRS
FYE Mar 2022	42.7	n/a	Cons. · IFRS
FYE Mar 2023	44.9	+5.3%	Cons. · IFRS
FYE Mar 2024	32.6	−27.5%	Cons. · IFRS
FYE Mar 2025	6.1	−81.2%	Cons. · IFRS
FYE Mar 2026	-86.1	−1506.0%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 40.9%

Average · 10 yrs 41.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	40.9	n/a	Cons. · IFRS
FYE Mar 2018	43.6	+2.8pp	Cons. · IFRS
FYE Mar 2019	42.8	−0.8pp	Cons. · IFRS
FYE Mar 2020	37.6	−5.2pp	Cons. · IFRS
FYE Mar 2021	34.6	−3.0pp	Cons. · IFRS
FYE Mar 2022	43.7	+9.2pp	Cons. · IFRS
FYE Mar 2023	46.0	+2.3pp	Cons. · IFRS
FYE Mar 2024	43.2	−2.8pp	Cons. · IFRS
FYE Mar 2025	43.6	+0.4pp	Cons. · IFRS
FYE Mar 2026	40.9	−2.7pp	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 -16.6%

Average · 10 yrs 1.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	0.1	n/a	Cons. · IFRS
FYE Mar 2018	7.8	+7.7pp	Cons. · IFRS
FYE Mar 2019	11.7	+3.8pp	Cons. · IFRS
FYE Mar 2020	1.1	−10.5pp	Cons. · IFRS
FYE Mar 2021	-12.5	−13.6pp	Cons. · IFRS
FYE Mar 2022	9.3	+21.7pp	Cons. · IFRS
FYE Mar 2023	8.7	−0.5pp	Cons. · IFRS
FYE Mar 2024	5.5	−3.2pp	Cons. · IFRS
FYE Mar 2025	0.3	−5.2pp	Cons. · IFRS
FYE Mar 2026	-16.6	−16.9pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 -12.7%

Average · 10 yrs 1.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	-0.9	n/a	Cons. · IFRS
FYE Mar 2018	4.8	+5.8pp	Cons. · IFRS
FYE Mar 2019	9.4	+4.5pp	Cons. · IFRS
FYE Mar 2020	1.3	−8.1pp	Cons. · IFRS
FYE Mar 2021	-7.6	−8.9pp	Cons. · IFRS
FYE Mar 2022	7.9	+15.6pp	Cons. · IFRS
FYE Mar 2023	7.2	−0.8pp	Cons. · IFRS
FYE Mar 2024	4.5	−2.6pp	Cons. · IFRS
FYE Mar 2025	0.9	−3.7pp	Cons. · IFRS
FYE Mar 2026	-12.7	−13.6pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 59.1%

Average · 10 yrs 58.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	59.2	n/a	Cons. · IFRS
FYE Mar 2018	56.4	−2.8pp	Cons. · IFRS
FYE Mar 2019	57.2	+0.8pp	Cons. · IFRS
FYE Mar 2020	62.4	+5.2pp	Cons. · IFRS
FYE Mar 2021	65.4	+3.0pp	Cons. · IFRS
FYE Mar 2022	56.3	−9.2pp	Cons. · IFRS
FYE Mar 2023	54.0	−2.3pp	Cons. · IFRS
FYE Mar 2024	56.8	+2.8pp	Cons. · IFRS
FYE Mar 2025	56.4	−0.4pp	Cons. · IFRS
FYE Mar 2026	59.1	+2.7pp	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 42.7%

Average · 10 yrs 37.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	40.8	n/a	Cons. · IFRS
FYE Mar 2018	34.7	−6.1pp	Cons. · IFRS
FYE Mar 2019	33.7	−1.0pp	Cons. · IFRS
FYE Mar 2020	34.8	+1.1pp	Cons. · IFRS
FYE Mar 2021	40.2	+5.4pp	Cons. · IFRS
FYE Mar 2022	35.1	−5.1pp	Cons. · IFRS
FYE Mar 2023	36.8	+1.7pp	Cons. · IFRS
FYE Mar 2024	37.4	+0.6pp	Cons. · IFRS
FYE Mar 2025	41.3	+3.9pp	Cons. · IFRS
FYE Mar 2026	42.7	+1.5pp	Cons. · IFRS

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

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

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥1.08tn

CAGR · 10 yrs +0.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	997	n/a	Cons. · IFRS
FYE Mar 2018	1,098	+10.1%	Cons. · IFRS
FYE Mar 2019	1,135	+3.3%	Cons. · IFRS
FYE Mar 2020	1,006	−11.4%	Cons. · IFRS
FYE Mar 2021	990	−1.6%	Cons. · IFRS
FYE Mar 2022	1,040	+5.0%	Cons. · IFRS
FYE Mar 2023	1,050	+1.0%	Cons. · IFRS
FYE Mar 2024	1,147	+9.2%	Cons. · IFRS
FYE Mar 2025	1,111	−3.2%	Cons. · IFRS
FYE Mar 2026	1,075	−3.2%	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 ¥585bn

CAGR · 10 yrs +1.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	523	n/a	Cons. · IFRS
FYE Mar 2018	572	+9.5%	Cons. · IFRS
FYE Mar 2019	615	+7.5%	Cons. · IFRS
FYE Mar 2020	540	−12.3%	Cons. · IFRS
FYE Mar 2021	536	−0.6%	Cons. · IFRS
FYE Mar 2022	595	+11.0%	Cons. · IFRS
FYE Mar 2023	612	+2.7%	Cons. · IFRS
FYE Mar 2024	682	+11.6%	Cons. · IFRS
FYE Mar 2025	637	−6.7%	Cons. · IFRS
FYE Mar 2026	585	−8.1%	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 ¥220bn

CAGR · 10 yrs +5.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	138	n/a	Cons. · IFRS
FYE Mar 2018	125	−9.2%	Cons. · IFRS
FYE Mar 2019	126	+0.9%	Cons. · IFRS
FYE Mar 2020	124	−2.1%	Cons. · IFRS
FYE Mar 2021	134	+8.4%	Cons. · IFRS
FYE Mar 2022	130	−3.0%	Cons. · IFRS
FYE Mar 2023	134	+3.0%	Cons. · IFRS
FYE Mar 2024	167	+24.4%	Cons. · IFRS
FYE Mar 2025	194	+16.1%	Cons. · IFRS
FYE Mar 2026	220	+13.6%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥98bn

CAGR · 10 yrs +17.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	23.6	n/a	Cons. · IFRS
FYE Mar 2018	12.2	−48.3%	Cons. · IFRS
FYE Mar 2019	14.4	+18.0%	Cons. · IFRS
FYE Mar 2020	21.0	+45.5%	Cons. · IFRS
FYE Mar 2021	29.9	+42.9%	Cons. · IFRS
FYE Mar 2022	37.3	+24.7%	Cons. · IFRS
FYE Mar 2023	26.4	−29.3%	Cons. · IFRS
FYE Mar 2024	88.3	+234.6%	Cons. · IFRS
FYE Mar 2025	71.4	−19.1%	Cons. · IFRS
FYE Mar 2026	97.7	+36.8%	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 ¥122bn

CAGR · 10 yrs +0.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	114	n/a	Cons. · IFRS
FYE Mar 2018	113	−1.2%	Cons. · IFRS
FYE Mar 2019	112	−1.0%	Cons. · IFRS
FYE Mar 2020	103	−8.2%	Cons. · IFRS
FYE Mar 2021	104	+1.3%	Cons. · IFRS
FYE Mar 2022	92.7	−11.0%	Cons. · IFRS
FYE Mar 2023	108	+16.1%	Cons. · IFRS
FYE Mar 2024	78.4	−27.2%	Cons. · IFRS
FYE Mar 2025	122	+55.8%	Cons. · IFRS
FYE Mar 2026	122	+0.1%	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 ¥66bn

CAGR · 10 yrs −0.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	67.8	n/a	Cons. · IFRS
FYE Mar 2018	61.0	−10.0%	Cons. · IFRS
FYE Mar 2019	59.2	−3.0%	Cons. · IFRS
FYE Mar 2020	46.9	−20.8%	Cons. · IFRS
FYE Mar 2021	44.1	−6.1%	Cons. · IFRS
FYE Mar 2022	49.4	+12.1%	Cons. · IFRS
FYE Mar 2023	139	+182.5%	Cons. · IFRS
FYE Mar 2024	159	+13.7%	Cons. · IFRS
FYE Mar 2025	165	+4.3%	Cons. · IFRS
FYE Mar 2026	65.6	−60.3%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥30bn

CAGR · 10 yrs −8.7%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	67.8	n/a	Cons. · IFRS
FYE Mar 2018	22.7	−66.5%	Cons. · IFRS
FYE Mar 2019	24.1	+6.3%	Cons. · IFRS
FYE Mar 2020	20.6	−14.6%	Cons. · IFRS
FYE Mar 2021	20.5	−0.1%	Cons. · IFRS
FYE Mar 2022	24.3	+18.2%	Cons. · IFRS
FYE Mar 2023	73.8	+204.0%	Cons. · IFRS
FYE Mar 2024	83.7	+13.3%	Cons. · IFRS
FYE Mar 2025	83.5	−0.3%	Cons. · IFRS
FYE Mar 2026	30.0	−64.1%	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 54.5%

Average · 10 yrs 55.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	52.4	n/a	Cons. · IFRS
FYE Mar 2018	52.1	−0.3pp	Cons. · IFRS
FYE Mar 2019	54.2	+2.1pp	Cons. · IFRS
FYE Mar 2020	53.6	−0.6pp	Cons. · IFRS
FYE Mar 2021	54.2	+0.6pp	Cons. · IFRS
FYE Mar 2022	57.3	+3.1pp	Cons. · IFRS
FYE Mar 2023	58.2	+1.0pp	Cons. · IFRS
FYE Mar 2024	59.5	+1.3pp	Cons. · IFRS
FYE Mar 2025	57.3	−2.2pp	Cons. · IFRS
FYE Mar 2026	54.5	−2.9pp	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 37.6%

Average · 10 yrs 25.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	26.4	n/a	Cons. · IFRS
FYE Mar 2018	21.9	−4.5pp	Cons. · IFRS
FYE Mar 2019	20.6	−1.4pp	Cons. · IFRS
FYE Mar 2020	22.9	+2.4pp	Cons. · IFRS
FYE Mar 2021	25.0	+2.1pp	Cons. · IFRS
FYE Mar 2022	21.8	−3.1pp	Cons. · IFRS
FYE Mar 2023	21.9	+0.1pp	Cons. · IFRS
FYE Mar 2024	24.4	+2.5pp	Cons. · IFRS
FYE Mar 2025	30.4	+6.0pp	Cons. · IFRS
FYE Mar 2026	37.6	+7.2pp	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 -14.7%

Average · 10 yrs 1.6%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	-1.4	n/a	Cons. · IFRS
FYE Mar 2018	6.1	+7.4pp	Cons. · IFRS
FYE Mar 2019	10.8	+4.7pp	Cons. · IFRS
FYE Mar 2020	1.4	−9.4pp	Cons. · IFRS
FYE Mar 2021	-6.4	−7.9pp	Cons. · IFRS
FYE Mar 2022	7.2	+13.6pp	Cons. · IFRS
FYE Mar 2023	7.3	+0.2pp	Cons. · IFRS
FYE Mar 2024	4.8	−2.6pp	Cons. · IFRS
FYE Mar 2025	1.0	−3.8pp	Cons. · IFRS
FYE Mar 2026	-14.7	−15.7pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 -8.0%

Average · 10 yrs 0.9%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	-0.7	n/a	Cons. · IFRS
FYE Mar 2018	3.2	+3.9pp	Cons. · IFRS
FYE Mar 2019	5.9	+2.7pp	Cons. · IFRS
FYE Mar 2020	0.8	−5.1pp	Cons. · IFRS
FYE Mar 2021	-3.5	−4.3pp	Cons. · IFRS
FYE Mar 2022	4.1	+7.6pp	Cons. · IFRS
FYE Mar 2023	4.3	+0.2pp	Cons. · IFRS
FYE Mar 2024	2.8	−1.4pp	Cons. · IFRS
FYE Mar 2025	0.6	−2.3pp	Cons. · IFRS
FYE Mar 2026	-8.0	−8.6pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.63×

CAGR · 10 yrs −1.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.75	n/a	Cons. · IFRS
FYE Mar 2018	0.65	−13.1%	Cons. · IFRS
FYE Mar 2019	0.62	−4.4%	Cons. · IFRS
FYE Mar 2020	0.59	−5.9%	Cons. · IFRS
FYE Mar 2021	0.46	−22.4%	Cons. · IFRS
FYE Mar 2022	0.52	+13.9%	Cons. · IFRS
FYE Mar 2023	0.60	+15.2%	Cons. · IFRS
FYE Mar 2024	0.63	+4.6%	Cons. · IFRS
FYE Mar 2025	0.64	+3.0%	Cons. · IFRS
FYE Mar 2026	0.63	−2.2%	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 -¥4.4bn

Average · 10 yrs ¥42bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	94.8	n/a	Cons. · IFRS
FYE Mar 2018	125	+31.9%	Cons. · IFRS
FYE Mar 2019	68.9	−44.9%	Cons. · IFRS
FYE Mar 2020	16.4	−76.2%	Cons. · IFRS
FYE Mar 2021	5.0	−69.8%	Cons. · IFRS
FYE Mar 2022	31.4	+531.3%	Cons. · IFRS
FYE Mar 2023	0.0	−100.0%	Cons. · IFRS
FYE Mar 2024	30.8	+205013.3%	Cons. · IFRS
FYE Mar 2025	48.3	+56.8%	Cons. · IFRS
FYE Mar 2026	-4.4	−109.2%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥13bn

Average · 10 yrs -¥34bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-38.2	n/a	Cons. · IFRS
FYE Mar 2018	-34.8	n/a	Cons. · IFRS
FYE Mar 2019	-25.3	n/a	Cons. · IFRS
FYE Mar 2020	-21.3	n/a	Cons. · IFRS
FYE Mar 2021	18.0	n/a	Cons. · IFRS
FYE Mar 2022	-0.4	−102.1%	Cons. · IFRS
FYE Mar 2023	-112	n/a	Cons. · IFRS
FYE Mar 2024	-41.4	n/a	Cons. · IFRS
FYE Mar 2025	-70.0	n/a	Cons. · IFRS
FYE Mar 2026	-12.6	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 ¥0.9bn

CAGR · 10 yrs −27.5%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	15.5	n/a	Cons. · IFRS
FYE Mar 2018	-20.0	−228.7%	Cons. · IFRS
FYE Mar 2019	-21.6	n/a	Cons. · IFRS
FYE Mar 2020	-72.7	n/a	Cons. · IFRS
FYE Mar 2021	-5.0	n/a	Cons. · IFRS
FYE Mar 2022	-26.2	n/a	Cons. · IFRS
FYE Mar 2023	-56.2	n/a	Cons. · IFRS
FYE Mar 2024	-8.9	n/a	Cons. · IFRS
FYE Mar 2025	-19.8	n/a	Cons. · IFRS
FYE Mar 2026	0.9	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 ¥158bn

CAGR · 10 yrs −7.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	319	n/a	Cons. · IFRS
FYE Mar 2018	388	+21.7%	Cons. · IFRS
FYE Mar 2019	411	+5.8%	Cons. · IFRS
FYE Mar 2020	324	−21.2%	Cons. · IFRS
FYE Mar 2021	352	+8.6%	Cons. · IFRS
FYE Mar 2022	370	+5.3%	Cons. · IFRS
FYE Mar 2023	211	−42.9%	Cons. · IFRS
FYE Mar 2024	207	−2.2%	Cons. · IFRS
FYE Mar 2025	164	−20.8%	Cons. · IFRS
FYE Mar 2026	158	−3.4%	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 -¥17bn

Average · 10 yrs ¥7.8bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	56.6	n/a	Cons. · IFRS
FYE Mar 2018	90.3	+59.4%	Cons. · IFRS
FYE Mar 2019	43.6	−51.7%	Cons. · IFRS
FYE Mar 2020	-4.9	−111.2%	Cons. · IFRS
FYE Mar 2021	23.0	n/a	Cons. · IFRS
FYE Mar 2022	31.0	+34.7%	Cons. · IFRS
FYE Mar 2023	-112	−462.1%	Cons. · IFRS
FYE Mar 2024	-10.6	n/a	Cons. · IFRS
FYE Mar 2025	-21.7	n/a	Cons. · IFRS
FYE Mar 2026	-17.0	n/a	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 -0.7%

Average · 10 yrs 6.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	12.7	n/a	Cons. · IFRS
FYE Mar 2018	17.4	+4.8pp	Cons. · IFRS
FYE Mar 2019	9.7	−7.7pp	Cons. · IFRS
FYE Mar 2020	2.8	−6.9pp	Cons. · IFRS
FYE Mar 2021	1.1	−1.7pp	Cons. · IFRS
FYE Mar 2022	5.8	+4.7pp	Cons. · IFRS
FYE Mar 2023	0.0	−5.8pp	Cons. · IFRS
FYE Mar 2024	4.3	+4.3pp	Cons. · IFRS
FYE Mar 2025	6.7	+2.5pp	Cons. · IFRS
FYE Mar 2026	-0.7	−7.4pp	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 -¥62bn

Average · 10 yrs ¥141bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	181	n/a	Cons. · IFRS
FYE Mar 2018	263	+45.4%	Cons. · IFRS
FYE Mar 2019	285	+8.2%	Cons. · IFRS
FYE Mar 2020	200	−29.6%	Cons. · IFRS
FYE Mar 2021	218	+8.7%	Cons. · IFRS
FYE Mar 2022	240	+10.3%	Cons. · IFRS
FYE Mar 2023	77.3	−67.8%	Cons. · IFRS
FYE Mar 2024	39.9	−48.3%	Cons. · IFRS
FYE Mar 2025	-30.0	−175.1%	Cons. · IFRS
FYE Mar 2026	-61.9	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 n/a

Change · 8 yrs −¥152bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	647	n/a
FYE Mar 2018	760	n/a
FYE Mar 2019	626	n/a
FYE Mar 2020	378	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	497	n/a
FYE Mar 2023	476	n/a
FYE Mar 2024	539	n/a
FYE Mar 2025	495	n/a
FYE Mar 2026	n/a	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 n/a

Change · 8 yrs −131¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,614	n/a
FYE Mar 2018	1,896	n/a
FYE Mar 2019	1,561	n/a
FYE Mar 2020	998	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	1,313	n/a
FYE Mar 2023	1,355	n/a
FYE Mar 2024	1,533	n/a
FYE Mar 2025	1,482	n/a
FYE Mar 2026	n/a	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 333,586,000shares

Change · 10 yrs −67,293,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	400,879,000	Parent
FYE Mar 2018	400,879,000	Parent
FYE Mar 2019	400,879,000	Parent
FYE Mar 2020	378,337,000	Parent
FYE Mar 2021	378,337,000	Parent
FYE Mar 2022	378,337,000	Parent
FYE Mar 2023	351,477,000	Parent
FYE Mar 2024	351,477,000	Parent
FYE Mar 2025	333,586,000	Parent
FYE Mar 2026	333,586,000	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 -261.57¥

Change · 10 yrs −271.58¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	10.01	Cons.
FYE Mar 2018	87.76	Cons.
FYE Mar 2019	167.86	Cons.
FYE Mar 2020	19.93	Cons.
FYE Mar 2021	-93.96	Cons.
FYE Mar 2022	116.23	Cons.
FYE Mar 2023	125.46	Cons.
FYE Mar 2024	94.03	Cons.
FYE Mar 2025	17.86	Cons.
FYE Mar 2026	-261.57	Cons.

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

BPS book value per share

FYE Mar 2026 1,754.79¥

Change · 10 yrs +450.91¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,303.88	Cons. · IFRS
FYE Mar 2018	1,427.55	Cons. · IFRS
FYE Mar 2019	1,534.41	Cons. · IFRS
FYE Mar 2020	1,426.09	Cons. · IFRS
FYE Mar 2021	1,417.90	Cons. · IFRS
FYE Mar 2022	1,573.72	Cons. · IFRS
FYE Mar 2023	1,740.03	Cons. · IFRS
FYE Mar 2024	1,941.80	Cons. · IFRS
FYE Mar 2025	1,908.75	Cons. · IFRS
FYE Mar 2026	1,754.79	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 n/a

Average · 8 yrs 45.45×

Fiscal year	PER ×	Basis
FYE Mar 2017	161.20	Cons.
FYE Mar 2018	21.60	Cons.
FYE Mar 2019	9.30	Cons.
FYE Mar 2020	50.10	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	11.30	Cons.
FYE Mar 2023	10.80	Cons.
FYE Mar 2024	16.30	Cons.
FYE Mar 2025	83.00	Cons.
FYE Mar 2026	n/a	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 n/a

Average · 8 yrs 0.91×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.19	Cons.
FYE Mar 2018	1.31	Cons.
FYE Mar 2019	1.00	Cons.
FYE Mar 2020	0.68	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	0.81	Cons.
FYE Mar 2023	0.76	Cons.
FYE Mar 2024	0.78	Cons.
FYE Mar 2025	0.76	Cons.
FYE Mar 2026	n/a	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 19,928people

Change · 10 yrs −5,103 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	25,031	n/a	Cons.
FYE Mar 2018	21,029	−16.0%	Cons.
FYE Mar 2019	20,917	−0.5%	Cons.
FYE Mar 2020	20,190	−3.5%	Cons.
FYE Mar 2021	19,448	−3.7%	Cons.
FYE Mar 2022	18,437	−5.2%	Cons.
FYE Mar 2023	18,790	+1.9%	Cons.
FYE Mar 2024	19,444	+3.5%	Cons.
FYE Mar 2025	20,069	+3.2%	Cons.
FYE Mar 2026	19,928	−0.7%	Cons.

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

Parent-company employees

FYE Mar 2026 4,656people

Change · 10 yrs −434 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	5,090	n/a	Parent
FYE Mar 2018	4,444	−12.7%	Parent
FYE Mar 2019	4,398	−1.0%	Parent
FYE Mar 2020	4,442	+1.0%	Parent
FYE Mar 2021	4,183	−5.8%	Parent
FYE Mar 2022	4,174	−0.2%	Parent
FYE Mar 2023	4,184	+0.2%	Parent
FYE Mar 2024	4,388	+4.9%	Parent
FYE Mar 2025	4,634	+5.6%	Parent
FYE Mar 2026	4,656	+0.5%	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 Mar 2026 ¥8.0m

Change · 10 yrs +¥0.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.8	n/a	Parent
FYE Mar 2018	7.7	−1.5%	Parent
FYE Mar 2019	8.3	+8.3%	Parent
FYE Mar 2020	8.2	−0.8%	Parent
FYE Mar 2021	7.4	−10.4%	Parent
FYE Mar 2022	8.1	+9.9%	Parent
FYE Mar 2023	8.6	+6.2%	Parent
FYE Mar 2024	8.6	+0.2%	Parent
FYE Mar 2025	8.5	−1.5%	Parent
FYE Mar 2026	8.0	−6.1%	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 41.9years

Change · 8 yrs −2.3 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	44.2	n/a	Parent
FYE Mar 2020	44.6	+0.9%	Parent
FYE Mar 2021	43.4	−2.7%	Parent
FYE Mar 2022	43.5	+0.2%	Parent
FYE Mar 2023	43.3	−0.5%	Parent
FYE Mar 2024	42.5	−1.8%	Parent
FYE Mar 2025	42.1	−0.9%	Parent
FYE Mar 2026	41.9	−0.5%	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 13.7years

Change · 10 yrs −6.2 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	19.9	n/a	Parent
FYE Mar 2018	17.8	−10.6%	Parent
FYE Mar 2019	17.9	+0.6%	Parent
FYE Mar 2020	18.0	+0.6%	Parent
FYE Mar 2021	16.5	−8.3%	Parent
FYE Mar 2022	16.6	+0.6%	Parent
FYE Mar 2023	15.8	−4.8%	Parent
FYE Mar 2024	14.5	−8.2%	Parent
FYE Mar 2025	13.9	−4.1%	Parent
FYE Mar 2026	13.7	−1.4%	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 ¥34.0m

Change · 10 yrs +¥4.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	29.9	n/a	Cons.
FYE Mar 2018	34.1	+14.0%	Cons.
FYE Mar 2019	33.9	−0.6%	Cons.
FYE Mar 2020	29.3	−13.6%	Cons.
FYE Mar 2021	23.2	−20.7%	Cons.
FYE Mar 2022	29.3	+26.1%	Cons.
FYE Mar 2023	33.4	+14.2%	Cons.
FYE Mar 2024	36.9	+10.4%	Cons.
FYE Mar 2025	35.6	−3.4%	Cons.
FYE Mar 2026	34.0	−4.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 -¥5.6m

Change · 10 yrs −¥5.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons.
FYE Mar 2018	2.7	+8548.3%	Cons.
FYE Mar 2019	4.0	+47.8%	Cons.
FYE Mar 2020	0.3	−91.5%	Cons.
FYE Mar 2021	-2.9	−964.9%	Cons.
FYE Mar 2022	2.7	n/a	Cons.
FYE Mar 2023	2.9	+7.9%	Cons.
FYE Mar 2024	2.0	−30.0%	Cons.
FYE Mar 2025	0.1	−94.1%	Cons.
FYE Mar 2026	-5.6	−4775.6%	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.

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