Financials

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

FYE Dec 2025 · Revenue¥101bnYoY +1.5%

FYE Dec 2025 · Operating profit¥9.4bnYoY −5.4%

FYE Dec 2025 · Net profit¥2.2bnYoY −63.7%

FYE Dec 2025 · Equity ratio49.2%YoY −7.7pp

FYE Dec 2025 · Group employees2,897YoY −60

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Parent only	¥37bn	n/a	n/a	n/a	n/a	n/a	Miki Junichi	—
FYE Dec 2017Parent only	¥43bn	+15.2%	n/a	n/a	n/a	n/a	Miki Junichi	—
FYE Dec 2018Consolidated	¥61bn	+41.9%	n/a	n/a	n/a	¥3.0bn	Miki Junichi	BOSS absorbed into the parent
FYE Dec 2019Consolidated	¥63bn	+3.4%	¥5.3bn	n/a	8.3%	¥2.6bn	Miki Junichi	—
FYE Dec 2020Consolidated	¥64bn	+1.3%	¥7.1bn	+35.0%	11.1%	¥4.3bn	Miki Junichi	Re-listed on the Tokyo Stock Exchange (1st section)
FYE Dec 2021Consolidated	¥80bn	+25.0%	¥11bn	+55.9%	13.9%	¥8.6bn	Miki Junichi	—
FYE Dec 2022Consolidated	¥96bn	+19.8%	¥11bn	−3.1%	11.2%	¥8.9bn	Miki Junichi	Gordon Raison — first foreign president
FYE Dec 2023Consolidated	¥102bn	+6.9%	¥12bn	+10.4%	11.6%	¥8.2bn	Raison Gordon	—
FYE Dec 2024Consolidated	¥99bn	−2.9%	¥10.0bn	−16.2%	10.0%	¥6.0bn	Raison Gordon	Masahiro Minowa becomes president (internal)
FYE Dec 2025Consolidated	¥101bn	+1.5%	¥9.4bn	−5.4%	9.3%	¥2.2bn	Minowa Masahiro	Writes off the entire DW goodwill — <span class="en-history_money" data-yen="3800000000" data-year="2025">$25.4M (¥4bn)</span>

How it compares

Yamaha¥465bnFY2025Operating margin 6.3%

Roland¥101bnFY2025Operating margin 9.3%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥101bn

CAGR · 10 yrs +11.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	37.4	n/a	Parent · Japanese GAAP
FYE Dec 2017	43.1	+15.2%	Parent · Japanese GAAP
FYE Dec 2018	61.2	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	63.2	+3.4%	Cons. · Japanese GAAP
FYE Dec 2020	64.0	+1.3%	Cons. · Japanese GAAP
FYE Dec 2021	80.0	+25.0%	Cons. · Japanese GAAP
FYE Dec 2022	95.8	+19.8%	Cons. · Japanese GAAP
FYE Dec 2023	102	+6.9%	Cons. · Japanese GAAP
FYE Dec 2024	99.4	−2.9%	Cons. · Japanese GAAP
FYE Dec 2025	101	+1.5%	Cons. · Japanese GAAP

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

Cost of sales

FYE Dec 2025 ¥58bn

CAGR · 7 yrs +9.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	33.0	n/a	Cons. · Japanese GAAP
FYE Dec 2020	33.7	+2.0%	Cons. · Japanese GAAP
FYE Dec 2021	43.9	+30.4%	Cons. · Japanese GAAP
FYE Dec 2022	56.5	+28.7%	Cons. · Japanese GAAP
FYE Dec 2023	58.5	+3.6%	Cons. · Japanese GAAP
FYE Dec 2024	56.9	−2.8%	Cons. · Japanese GAAP
FYE Dec 2025	58.3	+2.5%	Cons. · Japanese GAAP

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

Gross profit

FYE Dec 2025 ¥43bn

CAGR · 7 yrs +5.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	30.2	n/a	Cons. · Japanese GAAP
FYE Dec 2020	30.4	+0.5%	Cons. · Japanese GAAP
FYE Dec 2021	36.1	+19.0%	Cons. · Japanese GAAP
FYE Dec 2022	39.4	+8.9%	Cons. · Japanese GAAP
FYE Dec 2023	43.9	+11.6%	Cons. · Japanese GAAP
FYE Dec 2024	42.6	−3.1%	Cons. · Japanese GAAP
FYE Dec 2025	42.6	+0.2%	Cons. · Japanese GAAP

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

SG&A selling, general and administrative expenses

FYE Dec 2025 ¥33bn

CAGR · 7 yrs +4.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	25.0	n/a	Cons. · Japanese GAAP
FYE Dec 2020	23.3	−6.8%	Cons. · Japanese GAAP
FYE Dec 2021	25.0	+7.6%	Cons. · Japanese GAAP
FYE Dec 2022	28.6	+14.2%	Cons. · Japanese GAAP
FYE Dec 2023	32.1	+12.1%	Cons. · Japanese GAAP
FYE Dec 2024	32.6	+1.7%	Cons. · Japanese GAAP
FYE Dec 2025	33.2	+1.9%	Cons. · Japanese GAAP

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

Operating profit

FYE Dec 2025 ¥9.4bn

CAGR · 7 yrs +10.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	5.3	n/a	Cons. · Japanese GAAP
FYE Dec 2020	7.1	+35.0%	Cons. · Japanese GAAP
FYE Dec 2021	11.1	+55.9%	Cons. · Japanese GAAP
FYE Dec 2022	10.8	−3.1%	Cons. · Japanese GAAP
FYE Dec 2023	11.9	+10.4%	Cons. · Japanese GAAP
FYE Dec 2024	10.0	−16.2%	Cons. · Japanese GAAP
FYE Dec 2025	9.4	−5.4%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥195m

CAGR · 7 yrs −5.0%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	265	n/a	Cons. · Japanese GAAP
FYE Dec 2020	154	−41.9%	Cons. · Japanese GAAP
FYE Dec 2021	172	+11.7%	Cons. · Japanese GAAP
FYE Dec 2022	236	+37.2%	Cons. · Japanese GAAP
FYE Dec 2023	210	−11.0%	Cons. · Japanese GAAP
FYE Dec 2024	119	−43.3%	Cons. · Japanese GAAP
FYE Dec 2025	195	+63.9%	Cons. · Japanese GAAP

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

Non-operating expenses

FYE Dec 2025 ¥0.6bn

CAGR · 7 yrs −5.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	0.8	n/a	Cons. · Japanese GAAP
FYE Dec 2020	1.0	+22.8%	Cons. · Japanese GAAP
FYE Dec 2021	1.2	+17.2%	Cons. · Japanese GAAP
FYE Dec 2022	0.7	−36.6%	Cons. · Japanese GAAP
FYE Dec 2023	0.9	+25.8%	Cons. · Japanese GAAP
FYE Dec 2024	1.7	+79.0%	Cons. · Japanese GAAP
FYE Dec 2025	0.6	−64.7%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Dec 2025 ¥9.0bn

CAGR · 10 yrs +11.1%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	3.5	n/a	Parent · Japanese GAAP
FYE Dec 2017	5.9	+67.7%	Parent · Japanese GAAP
FYE Dec 2018	5.2	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	4.7	−8.6%	Cons. · Japanese GAAP
FYE Dec 2020	6.3	+32.8%	Cons. · Japanese GAAP
FYE Dec 2021	10.1	+60.9%	Cons. · Japanese GAAP
FYE Dec 2022	10.3	+1.5%	Cons. · Japanese GAAP
FYE Dec 2023	11.2	+8.8%	Cons. · Japanese GAAP
FYE Dec 2024	8.4	−24.6%	Cons. · Japanese GAAP
FYE Dec 2025	9.0	+7.3%	Cons. · Japanese GAAP

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

Extraordinary income

FYE Dec 2025 ¥362m

CAGR · 7 yrs +11.5%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	188	n/a	Cons. · Japanese GAAP
FYE Dec 2020	125	−33.5%	Cons. · Japanese GAAP
FYE Dec 2021	375	+200.0%	Cons. · Japanese GAAP
FYE Dec 2022	294	−21.6%	Cons. · Japanese GAAP
FYE Dec 2023	8.0	−97.3%	Cons. · Japanese GAAP
FYE Dec 2024	712	+8800.0%	Cons. · Japanese GAAP
FYE Dec 2025	362	−49.2%	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Dec 2025 n/a

CAGR · 4 yrs −15.0%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2020	556	n/a	Cons. · Japanese GAAP
FYE Dec 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2022	15.0	n/a	Cons. · Japanese GAAP
FYE Dec 2023	14.0	−6.7%	Cons. · Japanese GAAP
FYE Dec 2024	342	+2342.9%	Cons. · Japanese GAAP
FYE Dec 2025	n/a	n/a	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥2.2bn

CAGR · 8 yrs −4.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	3.0	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	2.6	−13.7%	Cons. · Japanese GAAP
FYE Dec 2020	4.3	+63.6%	Cons. · Japanese GAAP
FYE Dec 2021	8.6	+99.6%	Cons. · Japanese GAAP
FYE Dec 2022	8.9	+4.1%	Cons. · Japanese GAAP
FYE Dec 2023	8.2	−8.8%	Cons. · Japanese GAAP
FYE Dec 2024	6.0	−26.7%	Cons. · Japanese GAAP
FYE Dec 2025	2.2	−63.7%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 42.2%

Average · 7 yrs 44.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	47.8	n/a	Cons. · Japanese GAAP
FYE Dec 2020	47.4	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	45.2	−2.3pp	Cons. · Japanese GAAP
FYE Dec 2022	41.1	−4.1pp	Cons. · Japanese GAAP
FYE Dec 2023	42.9	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2024	42.8	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	42.2	−0.6pp	Cons. · Japanese GAAP

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

Operating margin

FYE Dec 2025 9.3%

Average · 7 yrs 10.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	8.3	n/a	Cons. · Japanese GAAP
FYE Dec 2020	11.1	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2021	13.9	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2022	11.2	−2.6pp	Cons. · Japanese GAAP
FYE Dec 2023	11.6	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2024	10.0	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2025	9.3	−0.7pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Dec 2025 8.9%

Average · 10 yrs 10.0%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	9.4	n/a	Parent · Japanese GAAP
FYE Dec 2017	13.6	+4.3pp	Parent · Japanese GAAP
FYE Dec 2018	8.5	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	7.5	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2020	9.8	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2021	12.6	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2022	10.7	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2023	10.9	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2024	8.5	−2.4pp	Cons. · Japanese GAAP
FYE Dec 2025	8.9	+0.5pp	Cons. · Japanese GAAP

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

Net margin

FYE Dec 2025 2.1%

Average · 8 yrs 6.5%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	5.0	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	4.2	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2020	6.7	+2.6pp	Cons. · Japanese GAAP
FYE Dec 2021	10.7	+4.0pp	Cons. · Japanese GAAP
FYE Dec 2022	9.3	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2023	8.0	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2024	6.0	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2025	2.1	−3.9pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Dec 2025 57.8%

Average · 7 yrs 55.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	52.2	n/a	Cons. · Japanese GAAP
FYE Dec 2020	52.6	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	54.8	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2022	58.9	+4.1pp	Cons. · Japanese GAAP
FYE Dec 2023	57.1	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2024	57.2	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	57.8	+0.6pp	Cons. · Japanese GAAP

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

SG&A ratio

FYE Dec 2025 32.9%

Average · 7 yrs 33.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	39.5	n/a	Cons. · Japanese GAAP
FYE Dec 2020	36.3	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2021	31.3	−5.0pp	Cons. · Japanese GAAP
FYE Dec 2022	29.8	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2023	31.3	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2024	32.8	+1.5pp	Cons. · Japanese GAAP
FYE Dec 2025	32.9	+0.1pp	Cons. · Japanese GAAP

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

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

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Dec 2025 ¥83bn

CAGR · 10 yrs +8.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	39.7	n/a	Parent · Japanese GAAP
FYE Dec 2017	40.1	+1.0%	Parent · Japanese GAAP
FYE Dec 2018	41.1	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	43.5	+5.8%	Cons. · Japanese GAAP
FYE Dec 2020	46.1	+5.9%	Cons. · Japanese GAAP
FYE Dec 2021	52.8	+14.6%	Cons. · Japanese GAAP
FYE Dec 2022	77.1	+45.9%	Cons. · Japanese GAAP
FYE Dec 2023	81.0	+5.1%	Cons. · Japanese GAAP
FYE Dec 2024	81.6	+0.8%	Cons. · Japanese GAAP
FYE Dec 2025	83.5	+2.3%	Cons. · Japanese GAAP

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

Equity net assets, shareholders' equity

FYE Dec 2025 ¥41bn

CAGR · 10 yrs +6.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	23.7	n/a	Parent · Japanese GAAP
FYE Dec 2017	27.5	+16.1%	Parent · Japanese GAAP
FYE Dec 2018	18.5	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	18.1	−2.3%	Cons. · Japanese GAAP
FYE Dec 2020	20.0	+10.6%	Cons. · Japanese GAAP
FYE Dec 2021	28.5	+42.4%	Cons. · Japanese GAAP
FYE Dec 2022	33.6	+17.8%	Cons. · Japanese GAAP
FYE Dec 2023	39.9	+18.8%	Cons. · Japanese GAAP
FYE Dec 2024	46.4	+16.4%	Cons. · Japanese GAAP
FYE Dec 2025	41.1	−11.5%	Cons. · Japanese GAAP

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

Interest-bearing debt

FYE Dec 2025 ¥20bn

CAGR · 7 yrs +11.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	10.2	n/a	Cons. · Japanese GAAP
FYE Dec 2020	5.9	−42.3%	Cons. · Japanese GAAP
FYE Dec 2021	7.1	+19.9%	Cons. · Japanese GAAP
FYE Dec 2022	25.3	+257.2%	Cons. · Japanese GAAP
FYE Dec 2023	14.4	−43.2%	Cons. · Japanese GAAP
FYE Dec 2024	16.1	+12.4%	Cons. · Japanese GAAP
FYE Dec 2025	19.6	+21.4%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Dec 2025 ¥1.1bn

CAGR · 7 yrs −15.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	3.1	n/a	Cons. · Japanese GAAP
FYE Dec 2020	0.1	−95.6%	Cons. · Japanese GAAP
FYE Dec 2021	1.3	+807.2%	Cons. · Japanese GAAP
FYE Dec 2022	17.7	+1313.7%	Cons. · Japanese GAAP
FYE Dec 2023	4.3	−75.7%	Cons. · Japanese GAAP
FYE Dec 2024	5.3	+23.3%	Cons. · Japanese GAAP
FYE Dec 2025	1.1	−79.2%	Cons. · Japanese GAAP

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

Long-term borrowings

FYE Dec 2025 ¥18bn

CAGR · 7 yrs +17.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	7.1	n/a	Cons. · Japanese GAAP
FYE Dec 2020	5.8	−19.0%	Cons. · Japanese GAAP
FYE Dec 2021	5.8	+1.0%	Cons. · Japanese GAAP
FYE Dec 2022	7.6	+30.0%	Cons. · Japanese GAAP
FYE Dec 2023	10.1	+32.8%	Cons. · Japanese GAAP
FYE Dec 2024	10.8	+7.7%	Cons. · Japanese GAAP
FYE Dec 2025	18.5	+70.7%	Cons. · Japanese GAAP

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

Intangible assets

FYE Dec 2025 ¥3.0bn

CAGR · 7 yrs +22.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	0.9	n/a	Cons. · Japanese GAAP
FYE Dec 2020	0.8	−13.5%	Cons. · Japanese GAAP
FYE Dec 2021	0.6	−16.7%	Cons. · Japanese GAAP
FYE Dec 2022	6.1	+863.6%	Cons. · Japanese GAAP
FYE Dec 2023	6.2	+2.5%	Cons. · Japanese GAAP
FYE Dec 2024	7.4	+19.3%	Cons. · Japanese GAAP
FYE Dec 2025	3.0	−59.4%	Cons. · Japanese GAAP

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

Goodwill

FYE Dec 2025 ¥0.0bn

CAGR · 5 yrs −43.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	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	0.0	n/a	Cons. · Japanese GAAP
FYE Dec 2022	3.3	+16230.0%	Cons. · Japanese GAAP
FYE Dec 2023	3.1	−4.2%	Cons. · Japanese GAAP
FYE Dec 2024	3.1	−1.3%	Cons. · Japanese GAAP
FYE Dec 2025	0.0	−99.9%	Cons. · Japanese GAAP

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

Equity ratio

FYE Dec 2025 49.2%

Average · 10 yrs 51.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	59.6	n/a	Parent · Japanese GAAP
FYE Dec 2017	68.4	+8.9pp	Parent · Japanese GAAP
FYE Dec 2018	45.0	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	41.6	−3.4pp	Cons. · Japanese GAAP
FYE Dec 2020	43.4	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2021	54.0	+10.5pp	Cons. · Japanese GAAP
FYE Dec 2022	43.6	−10.4pp	Cons. · Japanese GAAP
FYE Dec 2023	49.3	+5.7pp	Cons. · Japanese GAAP
FYE Dec 2024	56.9	+7.6pp	Cons. · Japanese GAAP
FYE Dec 2025	49.2	−7.7pp	Cons. · Japanese GAAP

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

Debt-to-equity ratio D/E ratio

FYE Dec 2025 47.7%

Average · 7 yrs 43.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	56.5	n/a	Cons. · Japanese GAAP
FYE Dec 2020	29.5	−27.0pp	Cons. · Japanese GAAP
FYE Dec 2021	24.8	−4.7pp	Cons. · Japanese GAAP
FYE Dec 2022	75.3	+50.5pp	Cons. · Japanese GAAP
FYE Dec 2023	36.0	−39.3pp	Cons. · Japanese GAAP
FYE Dec 2024	34.8	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2025	47.7	+12.9pp	Cons. · Japanese GAAP

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

ROE return on equity

FYE Dec 2025 5.3%

Average · 8 yrs 18.5%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	16.5	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	14.5	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2020	21.5	+7.0pp	Cons. · Japanese GAAP
FYE Dec 2021	30.1	+8.6pp	Cons. · Japanese GAAP
FYE Dec 2022	26.6	−3.5pp	Cons. · Japanese GAAP
FYE Dec 2023	20.4	−6.2pp	Cons. · Japanese GAAP
FYE Dec 2024	12.9	−7.6pp	Cons. · Japanese GAAP
FYE Dec 2025	5.3	−7.6pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 2.6%

Average · 8 yrs 8.8%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	7.4	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	6.0	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2020	9.3	+3.3pp	Cons. · Japanese GAAP
FYE Dec 2021	16.3	+6.9pp	Cons. · Japanese GAAP
FYE Dec 2022	11.6	−4.7pp	Cons. · Japanese GAAP
FYE Dec 2023	10.1	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2024	7.3	−2.7pp	Cons. · Japanese GAAP
FYE Dec 2025	2.6	−4.7pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 1.21×

CAGR · 10 yrs +2.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.94	n/a	Parent · Japanese GAAP
FYE Dec 2017	1.07	+14.0%	Parent · Japanese GAAP
FYE Dec 2018	1.49	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	1.45	−2.2%	Cons. · Japanese GAAP
FYE Dec 2020	1.39	−4.4%	Cons. · Japanese GAAP
FYE Dec 2021	1.52	+9.1%	Cons. · Japanese GAAP
FYE Dec 2022	1.24	−17.9%	Cons. · Japanese GAAP
FYE Dec 2023	1.27	+1.7%	Cons. · Japanese GAAP
FYE Dec 2024	1.22	−3.7%	Cons. · Japanese GAAP
FYE Dec 2025	1.21	−0.8%	Cons. · Japanese GAAP

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Dec 2025 ¥14bn

CAGR · 8 yrs +22.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	3.3	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	5.0	+53.6%	Cons. · Japanese GAAP
FYE Dec 2020	6.9	+38.3%	Cons. · Japanese GAAP
FYE Dec 2021	4.9	−28.6%	Cons. · Japanese GAAP
FYE Dec 2022	0.8	−83.9%	Cons. · Japanese GAAP
FYE Dec 2023	15.4	+1845.5%	Cons. · Japanese GAAP
FYE Dec 2024	11.7	−24.1%	Cons. · Japanese GAAP
FYE Dec 2025	13.7	+16.9%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Dec 2025 -¥6.4bn

Average · 8 yrs -¥3.2bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	0.2	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	-1.6	−1131.2%	Cons. · Japanese GAAP
FYE Dec 2020	-0.9	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-0.8	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-11.4	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-3.6	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-1.2	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-6.4	n/a	Cons. · Japanese GAAP

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

Financing cash flow

FYE Dec 2025 -¥7.4bn

Average · 8 yrs -¥3.9bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	-5.8	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	-3.1	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-3.7	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-6.1	n/a	Cons. · Japanese GAAP
FYE Dec 2022	12.9	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-8.7	−167.3%	Cons. · Japanese GAAP
FYE Dec 2024	-9.7	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-7.4	n/a	Cons. · Japanese GAAP

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

Cash and equivalents

FYE Dec 2025 ¥16bn

CAGR · 8 yrs +8.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	9.1	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	8.8	−2.6%	Cons. · Japanese GAAP
FYE Dec 2020	10.8	+22.9%	Cons. · Japanese GAAP
FYE Dec 2021	8.8	−18.9%	Cons. · Japanese GAAP
FYE Dec 2022	10.5	+19.6%	Cons. · Japanese GAAP
FYE Dec 2023	12.9	+22.6%	Cons. · Japanese GAAP
FYE Dec 2024	14.5	+12.4%	Cons. · Japanese GAAP
FYE Dec 2025	15.9	+9.7%	Cons. · Japanese GAAP

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

Free cash flow

FYE Dec 2025 ¥7.3bn

CAGR · 8 yrs +11.4%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	3.4	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	3.4	−0.0%	Cons. · Japanese GAAP
FYE Dec 2020	6.0	+76.3%	Cons. · Japanese GAAP
FYE Dec 2021	4.1	−31.2%	Cons. · Japanese GAAP
FYE Dec 2022	-10.6	−355.9%	Cons. · Japanese GAAP
FYE Dec 2023	11.9	n/a	Cons. · Japanese GAAP
FYE Dec 2024	10.5	−11.2%	Cons. · Japanese GAAP
FYE Dec 2025	7.3	−31.0%	Cons. · Japanese GAAP

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

Operating cash flow margin

FYE Dec 2025 13.6%

Average · 8 yrs 8.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	5.3	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	7.9	+2.6pp	Cons. · Japanese GAAP
FYE Dec 2020	10.8	+2.9pp	Cons. · Japanese GAAP
FYE Dec 2021	6.2	−4.6pp	Cons. · Japanese GAAP
FYE Dec 2022	0.8	−5.3pp	Cons. · Japanese GAAP
FYE Dec 2023	15.1	+14.2pp	Cons. · Japanese GAAP
FYE Dec 2024	11.8	−3.3pp	Cons. · Japanese GAAP
FYE Dec 2025	13.6	+1.8pp	Cons. · Japanese GAAP

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

Net cash

FYE Dec 2025 -¥3.7bn

Average · 7 yrs -¥2.3bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2017	n/a	n/a	Parent · Japanese GAAP
FYE Dec 2018	n/a	moved to consolidated	Cons. · Japanese GAAP
FYE Dec 2019	-1.4	n/a	Cons. · Japanese GAAP
FYE Dec 2020	4.9	n/a	Cons. · Japanese GAAP
FYE Dec 2021	1.7	−65.4%	Cons. · Japanese GAAP
FYE Dec 2022	-14.8	−964.9%	Cons. · Japanese GAAP
FYE Dec 2023	-1.5	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-1.7	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-3.7	n/a	Cons. · Japanese GAAP

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

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

Market capitalisation

FYE Dec 2025 ¥95bn

Change · 6 yrs +¥7.9bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	n/a	n/a
FYE Dec 2017	n/a	n/a
FYE Dec 2018	n/a	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	87.0	n/a
FYE Dec 2021	110	n/a
FYE Dec 2022	97.3	n/a
FYE Dec 2023	124	n/a
FYE Dec 2024	110	n/a
FYE Dec 2025	94.9	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 3,570¥

Change · 6 yrs +415¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	n/a	n/a
FYE Dec 2017	n/a	n/a
FYE Dec 2018	n/a	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	3,155	n/a
FYE Dec 2021	3,940	n/a
FYE Dec 2022	3,466	n/a
FYE Dec 2023	4,410	n/a
FYE Dec 2024	3,918	n/a
FYE Dec 2025	3,570	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 26,580,659shares

Change · 10 yrs +25,547,242 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	1,033,417	Parent
FYE Dec 2017	911,461	Parent
FYE Dec 2018	911,461	Parent
FYE Dec 2019	911,461	Parent
FYE Dec 2020	27,581,366	Parent
FYE Dec 2021	27,970,534	Parent
FYE Dec 2022	28,066,786	Parent
FYE Dec 2023	28,163,038	Parent
FYE Dec 2024	28,163,038	Parent
FYE Dec 2025	26,580,659	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 81.69¥

Change · 8 yrs −31.84¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	n/a	Cons.
FYE Dec 2017	n/a	Cons.
FYE Dec 2018	113.53	Cons.
FYE Dec 2019	97.92	Cons.
FYE Dec 2020	160.13	Cons.
FYE Dec 2021	312.73	Cons.
FYE Dec 2022	326.98	Cons.
FYE Dec 2023	297.97	Cons.
FYE Dec 2024	216.49	Cons.
FYE Dec 2025	81.69	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 1,545.41¥

Change · 10 yrs −21,340.80¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	22,886.21	Parent · Japanese GAAP
FYE Dec 2017	30,119.77	Parent · Japanese GAAP
FYE Dec 2018	20,321.22	Cons. · Japanese GAAP
FYE Dec 2019	19,853.84	Cons. · Japanese GAAP
FYE Dec 2020	725.56	Cons. · Japanese GAAP
FYE Dec 2021	1,018.75	Cons. · Japanese GAAP
FYE Dec 2022	1,195.83	Cons. · Japanese GAAP
FYE Dec 2023	1,416.00	Cons. · Japanese GAAP
FYE Dec 2024	1,648.26	Cons. · Japanese GAAP
FYE Dec 2025	1,545.41	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 43.70×

Average · 6 yrs 19.92×

Fiscal year	PER ×	Basis
FYE Dec 2016	n/a	Cons.
FYE Dec 2017	n/a	Cons.
FYE Dec 2018	n/a	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	19.70	Cons.
FYE Dec 2021	12.60	Cons.
FYE Dec 2022	10.60	Cons.
FYE Dec 2023	14.80	Cons.
FYE Dec 2024	18.10	Cons.
FYE Dec 2025	43.70	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 2.29×

Average · 6 yrs 3.11×

Fiscal year	PBR ×	Basis
FYE Dec 2016	n/a	Cons.
FYE Dec 2017	n/a	Cons.
FYE Dec 2018	n/a	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	4.32	Cons.
FYE Dec 2021	3.82	Cons.
FYE Dec 2022	2.82	Cons.
FYE Dec 2023	3.04	Cons.
FYE Dec 2024	2.34	Cons.
FYE Dec 2025	2.29	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 2,897people

Change · 8 yrs +495 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons.
FYE Dec 2017	n/a	n/a	Cons.
FYE Dec 2018	2,402	n/a	Cons.
FYE Dec 2019	2,565	+6.8%	Cons.
FYE Dec 2020	2,601	+1.4%	Cons.
FYE Dec 2021	2,730	+5.0%	Cons.
FYE Dec 2022	2,783	+1.9%	Cons.
FYE Dec 2023	3,044	+9.4%	Cons.
FYE Dec 2024	2,957	−2.9%	Cons.
FYE Dec 2025	2,897	−2.0%	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 891people

Change · 10 yrs +154 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	737	n/a	Parent
FYE Dec 2017	761	+3.3%	Parent
FYE Dec 2018	828	+8.8%	Parent
FYE Dec 2019	857	+3.5%	Parent
FYE Dec 2020	857	−0.0%	Parent
FYE Dec 2021	867	+1.2%	Parent
FYE Dec 2022	891	+2.8%	Parent
FYE Dec 2023	892	+0.1%	Parent
FYE Dec 2024	889	−0.3%	Parent
FYE Dec 2025	891	+0.2%	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 Dec 2025 ¥7.2m

Change · 6 yrs +¥0.3m

Fiscal year	Average annual pay ¥ m	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	n/a	n/a	Parent
FYE Dec 2020	6.9	n/a	Parent
FYE Dec 2021	7.7	+10.8%	Parent
FYE Dec 2022	7.9	+3.4%	Parent
FYE Dec 2023	6.9	−12.4%	Parent
FYE Dec 2024	7.1	+2.8%	Parent
FYE Dec 2025	7.2	+1.1%	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 46.0years

Change · 6 yrs +1.0 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	n/a	n/a	Parent
FYE Dec 2020	45.0	n/a	Parent
FYE Dec 2021	45.0	−0.0%	Parent
FYE Dec 2022	45.0	−0.0%	Parent
FYE Dec 2023	46.0	+2.2%	Parent
FYE Dec 2024	46.0	−0.0%	Parent
FYE Dec 2025	46.0	−0.0%	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 19.0years

Change · 6 yrs −0.0 years

Fiscal year	Average length of service 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	n/a	n/a	Parent
FYE Dec 2020	19.0	n/a	Parent
FYE Dec 2021	19.0	−0.0%	Parent
FYE Dec 2022	19.0	−0.0%	Parent
FYE Dec 2023	19.0	−0.0%	Parent
FYE Dec 2024	20.0	+5.3%	Parent
FYE Dec 2025	19.0	−5.0%	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 Dec 2025 50people

Change · 7 yrs +26 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	n/a	n/a	n/a
FYE Dec 2017	n/a	n/a	n/a
FYE Dec 2018	n/a	n/a	n/a
FYE Dec 2019	24	n/a	n/a
FYE Dec 2020	330	+1275.0%	n/a
FYE Dec 2021	334	+1.2%	n/a
FYE Dec 2022	398	+19.2%	n/a
FYE Dec 2023	242	−39.2%	n/a
FYE Dec 2024	83	−65.7%	n/a
FYE Dec 2025	50	−39.8%	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 ¥34.8m

Change · 8 yrs +¥9.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	25.5	moved to consolidated	Cons.
FYE Dec 2019	24.7	−3.1%	Cons.
FYE Dec 2020	24.6	−0.1%	Cons.
FYE Dec 2021	29.3	+19.1%	Cons.
FYE Dec 2022	34.4	+17.5%	Cons.
FYE Dec 2023	33.7	−2.3%	Cons.
FYE Dec 2024	33.6	−0.1%	Cons.
FYE Dec 2025	34.8	+3.6%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥3.2m

Change · 7 yrs +¥1.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	moved to consolidated	Cons.
FYE Dec 2019	2.1	n/a	Cons.
FYE Dec 2020	2.7	+33.2%	Cons.
FYE Dec 2021	4.1	+48.5%	Cons.
FYE Dec 2022	3.9	−4.9%	Cons.
FYE Dec 2023	3.9	+1.0%	Cons.
FYE Dec 2024	3.4	−13.7%	Cons.
FYE Dec 2025	3.2	−3.5%	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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