Financials

Yamaha: FYE Mar 2026 and ten years of results (51 metrics)

FYE Mar 2026 · Revenue¥465bnYoY +0.7%

FYE Mar 2026 · Operating profit¥29bnYoY +41.5%

FYE Mar 2026 · Net profit¥24bnYoY +77.7%

FYE Mar 2026 · Equity ratio77.2%YoY +1.5pp

FYE Mar 2026 · Group employees17,886YoY −1,063

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥408bn	n/a	¥44bn	n/a	10.9%	¥47bn	Nakata Takuya	—
FYE Mar 2018Consolidated	¥433bn	+6.1%	¥49bn	+10.2%	11.3%	¥54bn	Nakata Takuya	—
FYE Mar 2019Consolidated	¥437bn	+1.0%	¥53bn	+8.2%	12.1%	¥44bn	Nakata Takuya	Market capitalisation passes ¥1tn
FYE Mar 2020Consolidated	¥414bn	−5.3%	¥43bn	−18.0%	10.5%	¥35bn	Nakata Takuya	—
FYE Mar 2021Consolidated	¥373bn	−10.0%	¥35bn	−19.1%	9.4%	¥27bn	Nakata Takuya	—
FYE Mar 2022Consolidated	¥408bn	+9.5%	¥49bn	+40.8%	12.1%	¥37bn	Nakata Takuya	—
FYE Mar 2023Consolidated	¥451bn	+10.6%	¥46bn	−5.8%	10.3%	¥38bn	Nakata Takuya	—
FYE Mar 2024Consolidated	¥463bn	+2.5%	¥29bn	−37.6%	6.3%	¥30bn	Nakata Takuya	Cordoba Music Group acquired
FYE Mar 2025Consolidated	¥462bn	−0.2%	¥21bn	−28.6%	4.5%	¥13bn	Nakata Takuya	—
FYE Mar 2026Consolidated	¥465bn	+0.7%	¥29bn	+41.5%	6.3%	¥24bn	Yamaura Atsushi	Consolidated revenue of ¥462.0bn for the year to March

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 Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥465bn

CAGR · 10 yrs +1.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	408	n/a	Cons. · Japanese GAAP
FYE Mar 2018	433	+6.1%	Cons. · Japanese GAAP
FYE Mar 2019	437	+1.0%	Cons. · Japanese GAAP
FYE Mar 2020	414	moved to IFRS	Cons. · IFRS
FYE Mar 2021	373	−10.0%	Cons. · IFRS
FYE Mar 2022	408	+9.5%	Cons. · IFRS
FYE Mar 2023	451	+10.6%	Cons. · IFRS
FYE Mar 2024	463	+2.5%	Cons. · IFRS
FYE Mar 2025	462	−0.2%	Cons. · IFRS
FYE Mar 2026	465	+0.7%	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 ¥290bn

CAGR · 10 yrs +2.0%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	242	n/a	Cons. · Japanese GAAP
FYE Mar 2018	258	+6.6%	Cons. · Japanese GAAP
FYE Mar 2019	255	−1.2%	Cons. · Japanese GAAP
FYE Mar 2020	246	moved to IFRS	Cons. · IFRS
FYE Mar 2021	230	−6.6%	Cons. · IFRS
FYE Mar 2022	253	+10.3%	Cons. · IFRS
FYE Mar 2023	280	+10.6%	Cons. · IFRS
FYE Mar 2024	292	+4.1%	Cons. · IFRS
FYE Mar 2025	286	−2.0%	Cons. · IFRS
FYE Mar 2026	290	+1.5%	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 ¥175bn

CAGR · 10 yrs +0.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	166	n/a	Cons. · Japanese GAAP
FYE Mar 2018	175	+5.3%	Cons. · Japanese GAAP
FYE Mar 2019	179	+2.6%	Cons. · Japanese GAAP
FYE Mar 2020	168	moved to IFRS	Cons. · IFRS
FYE Mar 2021	143	−15.1%	Cons. · IFRS
FYE Mar 2022	155	+8.3%	Cons. · IFRS
FYE Mar 2023	171	+10.6%	Cons. · IFRS
FYE Mar 2024	171	−0.0%	Cons. · IFRS
FYE Mar 2025	176	+3.0%	Cons. · IFRS
FYE Mar 2026	175	−0.7%	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 ¥143bn

CAGR · 10 yrs +1.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	121	n/a	Cons. · Japanese GAAP
FYE Mar 2018	126	+3.4%	Cons. · Japanese GAAP
FYE Mar 2019	126	+0.5%	Cons. · Japanese GAAP
FYE Mar 2020	122	moved to IFRS	Cons. · IFRS
FYE Mar 2021	102	−16.2%	Cons. · IFRS
FYE Mar 2022	112	+9.3%	Cons. · IFRS
FYE Mar 2023	125	+12.1%	Cons. · IFRS
FYE Mar 2024	137	+9.7%	Cons. · IFRS
FYE Mar 2025	139	+1.4%	Cons. · IFRS
FYE Mar 2026	143	+2.6%	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 ¥29bn

CAGR · 10 yrs −4.5%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	44.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.8	+10.2%	Cons. · Japanese GAAP
FYE Mar 2019	52.8	+8.2%	Cons. · Japanese GAAP
FYE Mar 2020	43.3	moved to IFRS	Cons. · IFRS
FYE Mar 2021	35.0	−19.1%	Cons. · IFRS
FYE Mar 2022	49.3	+40.8%	Cons. · IFRS
FYE Mar 2023	46.5	−5.8%	Cons. · IFRS
FYE Mar 2024	29.0	−37.6%	Cons. · IFRS
FYE Mar 2025	20.7	−28.6%	Cons. · IFRS
FYE Mar 2026	29.3	+41.5%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥6.7bn

CAGR · 10 yrs +4.0%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	4.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.7	+20.1%	Cons. · Japanese GAAP
FYE Mar 2019	4.7	−18.0%	Cons. · Japanese GAAP
FYE Mar 2020	5.0	moved to IFRS	Cons. · IFRS
FYE Mar 2021	3.4	−32.2%	Cons. · IFRS
FYE Mar 2022	5.8	+72.1%	Cons. · IFRS
FYE Mar 2023	4.5	−22.2%	Cons. · IFRS
FYE Mar 2024	9.2	+103.9%	Cons. · IFRS
FYE Mar 2025	4.6	−49.6%	Cons. · IFRS
FYE Mar 2026	6.7	+45.3%	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 ¥0.7bn

CAGR · 10 yrs −17.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	4.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.3	+28.7%	Cons. · Japanese GAAP
FYE Mar 2019	1.0	−80.9%	Cons. · Japanese GAAP
FYE Mar 2020	1.1	moved to IFRS	Cons. · IFRS
FYE Mar 2021	1.3	+20.3%	Cons. · IFRS
FYE Mar 2022	2.1	+61.3%	Cons. · IFRS
FYE Mar 2023	0.4	−79.0%	Cons. · IFRS
FYE Mar 2024	0.6	+27.2%	Cons. · IFRS
FYE Mar 2025	2.9	+410.5%	Cons. · IFRS
FYE Mar 2026	0.7	−75.0%	Cons. · IFRS

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

Ordinary profit keijo rieki

FYE Mar 2026 n/a

CAGR · 3 yrs +14.0%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	44.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	49.2	+9.6%	Cons. · Japanese GAAP
FYE Mar 2019	58.4	+18.7%	Cons. · Japanese GAAP
FYE Mar 2020	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	n/a	n/a	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Extraordinary income

FYE Mar 2026 n/a

CAGR · 3 yrs −16.2%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.9	+498.3%	Cons. · Japanese GAAP
FYE Mar 2019	3.0	−88.3%	Cons. · Japanese GAAP
FYE Mar 2020	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	n/a	n/a	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥24bn

CAGR · 10 yrs −7.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	46.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	54.4	+16.4%	Cons. · Japanese GAAP
FYE Mar 2019	43.8	−19.5%	Cons. · Japanese GAAP
FYE Mar 2020	34.6	moved to IFRS	Cons. · IFRS
FYE Mar 2021	26.6	−23.1%	Cons. · IFRS
FYE Mar 2022	37.3	+40.0%	Cons. · IFRS
FYE Mar 2023	38.2	+2.5%	Cons. · IFRS
FYE Mar 2024	29.6	−22.4%	Cons. · IFRS
FYE Mar 2025	13.4	−55.0%	Cons. · IFRS
FYE Mar 2026	23.7	+77.7%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 37.6%

Average · 10 yrs 38.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	40.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	40.9	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	40.6	moved to IFRS	Cons. · IFRS
FYE Mar 2021	38.4	−2.3pp	Cons. · IFRS
FYE Mar 2022	37.9	−0.4pp	Cons. · IFRS
FYE Mar 2023	37.9	−0.0pp	Cons. · IFRS
FYE Mar 2024	37.0	−1.0pp	Cons. · IFRS
FYE Mar 2025	38.1	+1.2pp	Cons. · IFRS
FYE Mar 2026	37.6	−0.5pp	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 6.3%

Average · 10 yrs 9.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	10.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.3	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	12.1	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	10.5	moved to IFRS	Cons. · IFRS
FYE Mar 2021	9.4	−1.1pp	Cons. · IFRS
FYE Mar 2022	12.1	+2.7pp	Cons. · IFRS
FYE Mar 2023	10.3	−1.8pp	Cons. · IFRS
FYE Mar 2024	6.3	−4.0pp	Cons. · IFRS
FYE Mar 2025	4.5	−1.8pp	Cons. · IFRS
FYE Mar 2026	6.3	+1.8pp	Cons. · IFRS

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

Ordinary margin

FYE Mar 2026 n/a

Average · 3 yrs 11.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	11.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.4	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	13.4	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2020	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	n/a	n/a	Cons. · IFRS
FYE Mar 2024	n/a	n/a	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Net margin

FYE Mar 2026 5.1%

Average · 10 yrs 8.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	11.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.6	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	10.0	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2020	8.4	moved to IFRS	Cons. · IFRS
FYE Mar 2021	7.1	−1.2pp	Cons. · IFRS
FYE Mar 2022	9.1	+2.0pp	Cons. · IFRS
FYE Mar 2023	8.5	−0.7pp	Cons. · IFRS
FYE Mar 2024	6.4	−2.1pp	Cons. · IFRS
FYE Mar 2025	2.9	−3.5pp	Cons. · IFRS
FYE Mar 2026	5.1	+2.2pp	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 62.4%

Average · 10 yrs 61.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	59.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	59.7	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	58.4	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2020	59.4	moved to IFRS	Cons. · IFRS
FYE Mar 2021	61.6	+2.3pp	Cons. · IFRS
FYE Mar 2022	62.1	+0.4pp	Cons. · IFRS
FYE Mar 2023	62.1	−0.0pp	Cons. · IFRS
FYE Mar 2024	63.0	+1.0pp	Cons. · IFRS
FYE Mar 2025	61.9	−1.2pp	Cons. · IFRS
FYE Mar 2026	62.4	+0.5pp	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 30.8%

Average · 10 yrs 29.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	29.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.0	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	28.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	29.4	moved to IFRS	Cons. · IFRS
FYE Mar 2021	27.4	−2.0pp	Cons. · IFRS
FYE Mar 2022	27.4	−0.1pp	Cons. · IFRS
FYE Mar 2023	27.8	+0.4pp	Cons. · IFRS
FYE Mar 2024	29.7	+1.9pp	Cons. · IFRS
FYE Mar 2025	30.2	+0.5pp	Cons. · IFRS
FYE Mar 2026	30.8	+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 ¥618bn

CAGR · 10 yrs +1.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	522	n/a	Cons. · Japanese GAAP
FYE Mar 2018	552	+5.7%	Cons. · Japanese GAAP
FYE Mar 2019	515	−6.8%	Cons. · Japanese GAAP
FYE Mar 2020	474	moved to IFRS	Cons. · IFRS
FYE Mar 2021	558	+17.6%	Cons. · IFRS
FYE Mar 2022	581	+4.1%	Cons. · IFRS
FYE Mar 2023	594	+2.3%	Cons. · IFRS
FYE Mar 2024	667	+12.2%	Cons. · IFRS
FYE Mar 2025	591	−11.3%	Cons. · IFRS
FYE Mar 2026	618	+4.4%	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 ¥477bn

CAGR · 10 yrs +3.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	365	n/a	Cons. · Japanese GAAP
FYE Mar 2018	387	+5.9%	Cons. · Japanese GAAP
FYE Mar 2019	382	−1.2%	Cons. · Japanese GAAP
FYE Mar 2020	324	moved to IFRS	Cons. · IFRS
FYE Mar 2021	395	+21.8%	Cons. · IFRS
FYE Mar 2022	415	+5.0%	Cons. · IFRS
FYE Mar 2023	456	+9.9%	Cons. · IFRS
FYE Mar 2024	509	+11.8%	Cons. · IFRS
FYE Mar 2025	448	−12.1%	Cons. · IFRS
FYE Mar 2026	477	+6.6%	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 ¥0.5bn

CAGR · 10 yrs −29.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	11.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.1	−0.7%	Cons. · Japanese GAAP
FYE Mar 2019	8.9	−19.7%	Cons. · Japanese GAAP
FYE Mar 2020	10.8	moved to IFRS	Cons. · IFRS
FYE Mar 2021	8.4	−22.7%	Cons. · IFRS
FYE Mar 2022	10.5	+25.8%	Cons. · IFRS
FYE Mar 2023	1.5	−85.8%	Cons. · IFRS
FYE Mar 2024	1.0	−33.6%	Cons. · IFRS
FYE Mar 2025	5.6	+459.7%	Cons. · IFRS
FYE Mar 2026	0.5	−91.2%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥0.5bn

CAGR · 10 yrs −29.3%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	11.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.1	−0.3%	Cons. · Japanese GAAP
FYE Mar 2019	8.9	−19.7%	Cons. · Japanese GAAP
FYE Mar 2020	10.8	moved to IFRS	Cons. · IFRS
FYE Mar 2021	8.0	−26.3%	Cons. · IFRS
FYE Mar 2022	10.5	+31.9%	Cons. · IFRS
FYE Mar 2023	1.5	−85.9%	Cons. · IFRS
FYE Mar 2024	1.0	−33.4%	Cons. · IFRS
FYE Mar 2025	5.6	+459.7%	Cons. · IFRS
FYE Mar 2026	0.5	−91.2%	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 n/a

Average · 9 yrs ¥55.3m

Fiscal year	Long-term borrowings ¥ m	YoY	Basis
FYE Mar 2017	70.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.0	−41.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.0	−100.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.0	moved to IFRS	Cons. · IFRS
FYE Mar 2021	387	n/a	Cons. · IFRS
FYE Mar 2022	0.0	−100.0%	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Bonds

FYE Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Bonds ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	0.0	moved to IFRS	Cons. · IFRS
FYE Mar 2021	0.0	n/a	Cons. · IFRS
FYE Mar 2022	0.0	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥5.0bn

CAGR · 10 yrs +5.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	3.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.2	+93.0%	Cons. · Japanese GAAP
FYE Mar 2019	1.3	−78.6%	Cons. · Japanese GAAP
FYE Mar 2020	1.7	moved to IFRS	Cons. · IFRS
FYE Mar 2021	2.5	+45.7%	Cons. · IFRS
FYE Mar 2022	3.0	+20.4%	Cons. · IFRS
FYE Mar 2023	6.4	+110.0%	Cons. · IFRS
FYE Mar 2024	6.2	−2.5%	Cons. · IFRS
FYE Mar 2025	5.4	−13.2%	Cons. · IFRS
FYE Mar 2026	5.0	−6.8%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥0.0bn

Average · 10 yrs ¥0.3bn

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	0.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	−100.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2020	0.2	moved to IFRS	Cons. · IFRS
FYE Mar 2021	0.2	+1.3%	Cons. · IFRS
FYE Mar 2022	0.2	+10.6%	Cons. · IFRS
FYE Mar 2023	1.1	+494.9%	Cons. · IFRS
FYE Mar 2024	1.2	+13.4%	Cons. · IFRS
FYE Mar 2025	0.0	−100.0%	Cons. · IFRS
FYE Mar 2026	0.0	n/a	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 77.2%

Average · 10 yrs 73.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	69.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	74.2	+4.2pp	Cons. · Japanese GAAP
FYE Mar 2020	68.4	moved to IFRS	Cons. · IFRS
FYE Mar 2021	70.8	+2.4pp	Cons. · IFRS
FYE Mar 2022	71.4	+0.6pp	Cons. · IFRS
FYE Mar 2023	76.7	+5.3pp	Cons. · IFRS
FYE Mar 2024	76.4	−0.3pp	Cons. · IFRS
FYE Mar 2025	75.7	−0.7pp	Cons. · IFRS
FYE Mar 2026	77.2	+1.5pp	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 0.1%

Average · 10 yrs 1.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	2.3	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	3.3	moved to IFRS	Cons. · IFRS
FYE Mar 2021	2.1	−1.2pp	Cons. · IFRS
FYE Mar 2022	2.5	+0.4pp	Cons. · IFRS
FYE Mar 2023	0.3	−2.2pp	Cons. · IFRS
FYE Mar 2024	0.2	−0.1pp	Cons. · IFRS
FYE Mar 2025	1.2	+1.0pp	Cons. · IFRS
FYE Mar 2026	0.1	−1.1pp	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 5.0%

Average · 10 yrs 8.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	12.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.1	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	11.5	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2020	10.7	moved to IFRS	Cons. · IFRS
FYE Mar 2021	6.7	−3.9pp	Cons. · IFRS
FYE Mar 2022	9.0	+2.3pp	Cons. · IFRS
FYE Mar 2023	8.4	−0.6pp	Cons. · IFRS
FYE Mar 2024	5.8	−2.6pp	Cons. · IFRS
FYE Mar 2025	3.0	−2.8pp	Cons. · IFRS
FYE Mar 2026	5.0	+2.0pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 3.8%

Average · 10 yrs 6.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	8.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.8	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	8.5	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2020	7.3	moved to IFRS	Cons. · IFRS
FYE Mar 2021	4.8	−2.5pp	Cons. · IFRS
FYE Mar 2022	6.4	+1.6pp	Cons. · IFRS
FYE Mar 2023	6.4	−0.0pp	Cons. · IFRS
FYE Mar 2024	4.4	−2.0pp	Cons. · IFRS
FYE Mar 2025	2.3	−2.2pp	Cons. · IFRS
FYE Mar 2026	3.8	+1.6pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.75×

CAGR · 10 yrs −0.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.78	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.78	+0.3%	Cons. · Japanese GAAP
FYE Mar 2019	0.85	+8.4%	Cons. · Japanese GAAP
FYE Mar 2020	0.87	moved to IFRS	Cons. · IFRS
FYE Mar 2021	0.67	−23.5%	Cons. · IFRS
FYE Mar 2022	0.70	+5.2%	Cons. · IFRS
FYE Mar 2023	0.76	+8.1%	Cons. · IFRS
FYE Mar 2024	0.69	−8.6%	Cons. · IFRS
FYE Mar 2025	0.78	+12.6%	Cons. · IFRS
FYE Mar 2026	0.75	−3.6%	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 ¥46bn

CAGR · 10 yrs +1.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	39.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.5	+21.3%	Cons. · Japanese GAAP
FYE Mar 2019	30.2	−36.3%	Cons. · Japanese GAAP
FYE Mar 2020	57.2	moved to IFRS	Cons. · IFRS
FYE Mar 2021	58.2	+1.9%	Cons. · IFRS
FYE Mar 2022	36.0	−38.1%	Cons. · IFRS
FYE Mar 2023	-14.8	−141.2%	Cons. · IFRS
FYE Mar 2024	43.8	n/a	Cons. · IFRS
FYE Mar 2025	55.3	+26.1%	Cons. · IFRS
FYE Mar 2026	45.8	−17.2%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥7.9bn

Average · 10 yrs -¥4.8bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-9.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.8	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-23.1	−584.5%	Cons. · Japanese GAAP
FYE Mar 2020	-21.1	moved to IFRS	Cons. · IFRS
FYE Mar 2021	-5.8	n/a	Cons. · IFRS
FYE Mar 2022	43.7	n/a	Cons. · IFRS
FYE Mar 2023	-21.6	−149.3%	Cons. · IFRS
FYE Mar 2024	-15.9	n/a	Cons. · IFRS
FYE Mar 2025	8.1	n/a	Cons. · IFRS
FYE Mar 2026	-7.9	−197.5%	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 -¥38bn

Average · 10 yrs -¥35bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-12.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-35.6	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-28.5	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-36.4	moved to IFRS	Cons. · IFRS
FYE Mar 2021	-20.6	n/a	Cons. · IFRS
FYE Mar 2022	-44.4	n/a	Cons. · IFRS
FYE Mar 2023	-35.3	n/a	Cons. · IFRS
FYE Mar 2024	-37.3	n/a	Cons. · IFRS
FYE Mar 2025	-63.1	n/a	Cons. · IFRS
FYE Mar 2026	-37.8	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 ¥109bn

CAGR · 10 yrs +0.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	101	n/a	Cons. · Japanese GAAP
FYE Mar 2018	117	+16.6%	Cons. · Japanese GAAP
FYE Mar 2019	95.8	−18.4%	Cons. · Japanese GAAP
FYE Mar 2020	92.7	moved to IFRS	Cons. · IFRS
FYE Mar 2021	129	+39.6%	Cons. · IFRS
FYE Mar 2022	172	+33.4%	Cons. · IFRS
FYE Mar 2023	104	−39.8%	Cons. · IFRS
FYE Mar 2024	102	−2.2%	Cons. · IFRS
FYE Mar 2025	99.8	−1.7%	Cons. · IFRS
FYE Mar 2026	109	+9.1%	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 ¥38bn

CAGR · 10 yrs +2.8%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	29.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	52.3	+77.3%	Cons. · Japanese GAAP
FYE Mar 2019	7.1	−86.3%	Cons. · Japanese GAAP
FYE Mar 2020	36.1	moved to IFRS	Cons. · IFRS
FYE Mar 2021	52.4	+45.3%	Cons. · IFRS
FYE Mar 2022	79.7	+52.0%	Cons. · IFRS
FYE Mar 2023	-36.4	−145.7%	Cons. · IFRS
FYE Mar 2024	27.9	n/a	Cons. · IFRS
FYE Mar 2025	63.4	+126.9%	Cons. · IFRS
FYE Mar 2026	37.9	−40.3%	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 9.8%

Average · 10 yrs 9.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	9.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.0	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	6.9	−4.1pp	Cons. · Japanese GAAP
FYE Mar 2020	13.8	moved to IFRS	Cons. · IFRS
FYE Mar 2021	15.6	+1.8pp	Cons. · IFRS
FYE Mar 2022	8.8	−6.8pp	Cons. · IFRS
FYE Mar 2023	-3.3	−12.1pp	Cons. · IFRS
FYE Mar 2024	9.5	+12.8pp	Cons. · IFRS
FYE Mar 2025	12.0	+2.5pp	Cons. · IFRS
FYE Mar 2026	9.8	−2.1pp	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 ¥108bn

CAGR · 10 yrs +2.2%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	89.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	106	+18.8%	Cons. · Japanese GAAP
FYE Mar 2019	86.9	−18.2%	Cons. · Japanese GAAP
FYE Mar 2020	81.8	moved to IFRS	Cons. · IFRS
FYE Mar 2021	121	+47.8%	Cons. · IFRS
FYE Mar 2022	162	+33.9%	Cons. · IFRS
FYE Mar 2023	102	−36.8%	Cons. · IFRS
FYE Mar 2024	101	−1.8%	Cons. · IFRS
FYE Mar 2025	94.3	−6.3%	Cons. · IFRS
FYE Mar 2026	108	+15.1%	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 ¥510bn

Change · 10 yrs −¥95bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	605	n/a
FYE Mar 2018	921	n/a
FYE Mar 2019	1,059	n/a
FYE Mar 2020	806	n/a
FYE Mar 2021	1,151	n/a
FYE Mar 2022	1,002	n/a
FYE Mar 2023	955	n/a
FYE Mar 2024	612	n/a
FYE Mar 2025	614	n/a
FYE Mar 2026	510	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 1,101¥

Change · 10 yrs −1,963¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	3,065	n/a
FYE Mar 2018	4,669	n/a
FYE Mar 2019	5,531	n/a
FYE Mar 2020	4,206	n/a
FYE Mar 2021	6,010	n/a
FYE Mar 2022	5,350	n/a
FYE Mar 2023	5,098	n/a
FYE Mar 2024	3,268	n/a
FYE Mar 2025	1,156	n/a
FYE Mar 2026	1,101	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 463,000,000shares

Change · 10 yrs +265,744,975 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	197,255,025	Parent
FYE Mar 2018	197,255,025	Parent
FYE Mar 2019	191,555,025	Parent
FYE Mar 2020	191,555,025	Parent
FYE Mar 2021	191,555,025	Parent
FYE Mar 2022	187,300,000	Parent
FYE Mar 2023	187,300,000	Parent
FYE Mar 2024	187,300,000	Parent
FYE Mar 2025	531,000,000	Parent
FYE Mar 2026	463,000,000	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 52.70¥

Change · 10 yrs −196.47¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	249.17	Cons.
FYE Mar 2018	291.81	Cons.
FYE Mar 2019	222.12	Cons.
FYE Mar 2020	194.71	Cons.
FYE Mar 2021	50.46	Cons.
FYE Mar 2022	71.62	Cons.
FYE Mar 2023	74.21	Cons.
FYE Mar 2024	58.56	Cons.
FYE Mar 2025	27.58	Cons.
FYE Mar 2026	52.70	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 1,030.16¥

Change · 10 yrs −820.86¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,851.02	Cons. · Japanese GAAP
FYE Mar 2018	1,959.49	Cons. · Japanese GAAP
FYE Mar 2019	1,992.64	Cons. · Japanese GAAP
FYE Mar 2020	1,693.35	Cons. · IFRS
FYE Mar 2021	2,061.90	Cons. · IFRS
FYE Mar 2022	2,213.34	Cons. · IFRS
FYE Mar 2023	2,433.16	Cons. · IFRS
FYE Mar 2024	2,719.56	Cons. · IFRS
FYE Mar 2025	842.85	Cons. · IFRS
FYE Mar 2026	1,030.16	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 20.90×

Average · 10 yrs 24.37×

Fiscal year	PER ×	Basis
FYE Mar 2017	12.30	Cons.
FYE Mar 2018	16.00	Cons.
FYE Mar 2019	24.90	Cons.
FYE Mar 2020	21.60	Cons.
FYE Mar 2021	39.70	Cons.
FYE Mar 2022	24.90	Cons.
FYE Mar 2023	22.90	Cons.
FYE Mar 2024	18.60	Cons.
FYE Mar 2025	41.90	Cons.
FYE Mar 2026	20.90	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 1.01×

Average · 10 yrs 1.90×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.57	Cons.
FYE Mar 2018	2.32	Cons.
FYE Mar 2019	2.78	Cons.
FYE Mar 2020	2.27	Cons.
FYE Mar 2021	2.67	Cons.
FYE Mar 2022	2.21	Cons.
FYE Mar 2023	1.90	Cons.
FYE Mar 2024	1.06	Cons.
FYE Mar 2025	1.17	Cons.
FYE Mar 2026	1.01	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 17,886people

Change · 10 yrs −2,289 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	20,175	n/a	Cons.
FYE Mar 2018	20,228	+0.3%	Cons.
FYE Mar 2019	20,375	+0.7%	Cons.
FYE Mar 2020	20,203	−0.8%	Cons.
FYE Mar 2021	20,021	−0.9%	Cons.
FYE Mar 2022	19,895	−0.6%	Cons.
FYE Mar 2023	20,027	+0.7%	Cons.
FYE Mar 2024	19,644	−1.9%	Cons.
FYE Mar 2025	18,949	−3.5%	Cons.
FYE Mar 2026	17,886	−5.6%	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 3,449people

Change · 10 yrs +1,089 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,360	n/a	Parent
FYE Mar 2018	2,345	−0.6%	Parent
FYE Mar 2019	2,344	−0.0%	Parent
FYE Mar 2020	2,331	−0.6%	Parent
FYE Mar 2021	2,389	+2.5%	Parent
FYE Mar 2022	2,387	−0.1%	Parent
FYE Mar 2023	2,385	−0.1%	Parent
FYE Mar 2024	2,341	−1.8%	Parent
FYE Mar 2025	3,423	+46.2%	Parent
FYE Mar 2026	3,449	+0.8%	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 ¥7.9m

Change · 10 yrs −¥1.0m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	9.0	n/a	Parent
FYE Mar 2018	9.0	+0.4%	Parent
FYE Mar 2019	9.3	+3.6%	Parent
FYE Mar 2020	9.5	+1.4%	Parent
FYE Mar 2021	8.8	−6.7%	Parent
FYE Mar 2022	8.6	−2.8%	Parent
FYE Mar 2023	8.7	+1.4%	Parent
FYE Mar 2024	8.9	+2.4%	Parent
FYE Mar 2025	7.8	−12.3%	Parent
FYE Mar 2026	7.9	+1.4%	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 43.0years

Change · 8 yrs −1.0 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	44.0	n/a	Parent
FYE Mar 2020	44.0	−0.0%	Parent
FYE Mar 2021	44.0	−0.0%	Parent
FYE Mar 2022	44.0	−0.0%	Parent
FYE Mar 2023	44.0	−0.0%	Parent
FYE Mar 2024	44.0	−0.0%	Parent
FYE Mar 2025	43.0	−2.3%	Parent
FYE Mar 2026	43.0	−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 Mar 2026 18.0years

Change · 10 yrs −2.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	20.9	n/a	Parent
FYE Mar 2018	19.5	−6.7%	Parent
FYE Mar 2019	19.0	−2.6%	Parent
FYE Mar 2020	19.0	−0.0%	Parent
FYE Mar 2021	19.0	−0.0%	Parent
FYE Mar 2022	19.0	−0.0%	Parent
FYE Mar 2023	19.0	−0.0%	Parent
FYE Mar 2024	19.0	−0.0%	Parent
FYE Mar 2025	18.0	−5.3%	Parent
FYE Mar 2026	18.0	−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 5,730people

Change · 10 yrs −2,208 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	7,938	n/a	n/a
FYE Mar 2018	7,558	−4.8%	n/a
FYE Mar 2019	7,733	+2.3%	n/a
FYE Mar 2020	8,064	+4.3%	n/a
FYE Mar 2021	8,644	+7.2%	n/a
FYE Mar 2022	8,863	+2.5%	n/a
FYE Mar 2023	8,225	−7.2%	n/a
FYE Mar 2024	6,871	−16.5%	n/a
FYE Mar 2025	5,704	−17.0%	n/a
FYE Mar 2026	5,730	+0.5%	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 ¥26.0m

Change · 10 yrs +¥5.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	20.2	n/a	Cons.
FYE Mar 2018	21.4	+5.8%	Cons.
FYE Mar 2019	21.5	+0.3%	Cons.
FYE Mar 2020	20.5	n/a	Cons.
FYE Mar 2021	18.6	−9.2%	Cons.
FYE Mar 2022	20.5	+10.2%	Cons.
FYE Mar 2023	22.5	+9.9%	Cons.
FYE Mar 2024	23.6	+4.5%	Cons.
FYE Mar 2025	24.4	+3.5%	Cons.
FYE Mar 2026	26.0	+6.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.6m

Change · 10 yrs −¥0.6m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons.
FYE Mar 2018	2.4	+9.9%	Cons.
FYE Mar 2019	2.6	+7.4%	Cons.
FYE Mar 2020	2.1	n/a	Cons.
FYE Mar 2021	1.8	−18.4%	Cons.
FYE Mar 2022	2.5	+41.7%	Cons.
FYE Mar 2023	2.3	−6.4%	Cons.
FYE Mar 2024	1.5	−36.4%	Cons.
FYE Mar 2025	1.1	−26.0%	Cons.
FYE Mar 2026	1.6	+49.9%	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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