Financials

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

FYE Mar 2026 · Revenue¥1.07tnYoY +1.6%

FYE Mar 2026 · Operating profit¥49bnYoY +15.7%

FYE Mar 2026 · Net profit¥33bnYoY +18.4%

FYE Mar 2026 · Equity ratio26.4%YoY +3.2pp

FYE Mar 2026 · Group employees8,604YoY −40

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥676bn	n/a	¥23bn	n/a	3.4%	¥8.0bn	Shimojima Masayuki	—
FYE Mar 2018Consolidated	¥715bn	+5.8%	¥26bn	+15.6%	3.7%	¥16bn	Shimojima Masayuki	—
FYE Mar 2019Consolidated	¥724bn	+1.3%	¥30bn	+16.0%	4.2%	¥17bn	Tanigawa Kaoru	“future 135” — four strong fields
FYE Mar 2020Consolidated	¥722bn	−0.3%	¥28bn	−6.6%	3.9%	¥14bn	Tanigawa Kaoru	—
FYE Mar 2021Consolidated	¥649bn	−10.1%	¥24bn	−16.6%	3.6%	¥13bn	Tanigawa Kaoru	—
FYE Mar 2022Consolidated	¥768bn	+18.3%	¥29bn	+24.2%	3.8%	¥16bn	Tanigawa Kaoru	—
FYE Mar 2023Consolidated	¥911bn	+18.7%	¥39bn	+32.5%	4.3%	¥19bn	Miyabe Yoshiya	—
FYE Mar 2024Consolidated	¥986bn	+8.2%	¥44bn	+12.8%	4.4%	¥23bn	Miyabe Yoshiya	Tender offers end 36 years of parent-subsidiary listing
FYE Mar 2025Consolidated	¥1.05tn	+6.6%	¥42bn	−4.1%	4.0%	¥27bn	Miyabe Yoshiya	“integration 1.0” — <span class="en-history_money" data-yen="60000000000" data-year="2024">$396M (¥60bn)</span> of growth investment
FYE Mar 2026Consolidated	¥1.07tn	+1.6%	¥49bn	+15.7%	4.6%	¥33bn	Miyabe Yoshiya	—

How it compares

Toyota Tsusho¥11.6tnFY2025Operating margin 4.7%

Nissho Iwai CorporationDelisted 2003

Nichimen CorporationDelisted 2003

Sojitz¥2.76tnFY2025Operating margin 4.2%

TOMEN CorporationDelisted 2006

Ataka & Co.Delisted 1977

Kanematsu¥1.07tnFY2025Operating margin 4.6%

Itoman & Co., Ltd.Delisted 1993

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 ¥1.07tn

CAGR · 10 yrs +5.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	676	n/a	Cons. · IFRS
FYE Mar 2018	715	+5.8%	Cons. · IFRS
FYE Mar 2019	724	+1.3%	Cons. · IFRS
FYE Mar 2020	722	−0.3%	Cons. · IFRS
FYE Mar 2021	649	−10.1%	Cons. · IFRS
FYE Mar 2022	768	+18.3%	Cons. · IFRS
FYE Mar 2023	911	+18.7%	Cons. · IFRS
FYE Mar 2024	986	+8.2%	Cons. · IFRS
FYE Mar 2025	1,051	+6.6%	Cons. · IFRS
FYE Mar 2026	1,068	+1.6%	Cons. · IFRS

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

Cost of sales

FYE Mar 2026 ¥899bn

CAGR · 10 yrs +5.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	575	n/a	Cons. · IFRS
FYE Mar 2018	608	+5.7%	Cons. · IFRS
FYE Mar 2019	614	+0.9%	Cons. · IFRS
FYE Mar 2020	611	−0.5%	Cons. · IFRS
FYE Mar 2021	548	−10.4%	Cons. · IFRS
FYE Mar 2022	656	+19.8%	Cons. · IFRS
FYE Mar 2023	781	+19.0%	Cons. · IFRS
FYE Mar 2024	843	+8.1%	Cons. · IFRS
FYE Mar 2025	896	+6.2%	Cons. · IFRS
FYE Mar 2026	899	+0.3%	Cons. · IFRS

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

Gross profit

FYE Mar 2026 ¥169bn

CAGR · 10 yrs +6.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	100	n/a	Cons. · IFRS
FYE Mar 2018	106	+6.2%	Cons. · IFRS
FYE Mar 2019	110	+3.4%	Cons. · IFRS
FYE Mar 2020	111	+0.8%	Cons. · IFRS
FYE Mar 2021	102	−8.5%	Cons. · IFRS
FYE Mar 2022	112	+10.1%	Cons. · IFRS
FYE Mar 2023	131	+17.1%	Cons. · IFRS
FYE Mar 2024	143	+8.9%	Cons. · IFRS
FYE Mar 2025	155	+8.7%	Cons. · IFRS
FYE Mar 2026	169	+9.0%	Cons. · IFRS

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

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥123bn

CAGR · 10 yrs +5.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	76.2	n/a	Cons. · IFRS
FYE Mar 2018	78.4	+3.0%	Cons. · IFRS
FYE Mar 2019	80.4	+2.5%	Cons. · IFRS
FYE Mar 2020	82.7	+2.9%	Cons. · IFRS
FYE Mar 2021	78.9	−4.6%	Cons. · IFRS
FYE Mar 2022	85.1	+7.9%	Cons. · IFRS
FYE Mar 2023	96.3	+13.2%	Cons. · IFRS
FYE Mar 2024	106	+10.3%	Cons. · IFRS
FYE Mar 2025	115	+8.4%	Cons. · IFRS
FYE Mar 2026	123	+6.9%	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 ¥49bn

CAGR · 10 yrs +8.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	22.6	n/a	Cons. · IFRS
FYE Mar 2018	26.2	+15.6%	Cons. · IFRS
FYE Mar 2019	30.3	+16.0%	Cons. · IFRS
FYE Mar 2020	28.4	−6.6%	Cons. · IFRS
FYE Mar 2021	23.6	−16.6%	Cons. · IFRS
FYE Mar 2022	29.3	+24.2%	Cons. · IFRS
FYE Mar 2023	38.9	+32.5%	Cons. · IFRS
FYE Mar 2024	43.9	+12.8%	Cons. · IFRS
FYE Mar 2025	42.1	−4.1%	Cons. · IFRS
FYE Mar 2026	48.7	+15.7%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥1.9bn

CAGR · 9 yrs +3.4%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1.4	n/a	Cons. · IFRS
FYE Mar 2019	1.6	+7.9%	Cons. · IFRS
FYE Mar 2020	1.4	−9.4%	Cons. · IFRS
FYE Mar 2021	1.3	−9.5%	Cons. · IFRS
FYE Mar 2022	1.3	+5.2%	Cons. · IFRS
FYE Mar 2023	1.8	+34.9%	Cons. · IFRS
FYE Mar 2024	2.5	+38.4%	Cons. · IFRS
FYE Mar 2025	2.1	−17.0%	Cons. · IFRS
FYE Mar 2026	1.9	−9.6%	Cons. · IFRS

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

Non-operating expenses

FYE Mar 2026 ¥5.0bn

CAGR · 9 yrs +6.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	3.1	n/a	Cons. · IFRS
FYE Mar 2019	3.1	−1.5%	Cons. · IFRS
FYE Mar 2020	3.2	+3.8%	Cons. · IFRS
FYE Mar 2021	2.0	−36.9%	Cons. · IFRS
FYE Mar 2022	3.4	+66.6%	Cons. · IFRS
FYE Mar 2023	4.5	+33.0%	Cons. · IFRS
FYE Mar 2024	6.6	+46.5%	Cons. · IFRS
FYE Mar 2025	6.0	−9.0%	Cons. · IFRS
FYE Mar 2026	5.0	−16.2%	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 ¥33bn

CAGR · 10 yrs +16.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · IFRS
FYE Mar 2018	16.3	+102.7%	Cons. · IFRS
FYE Mar 2019	16.6	+1.8%	Cons. · IFRS
FYE Mar 2020	14.4	−13.3%	Cons. · IFRS
FYE Mar 2021	13.3	−7.5%	Cons. · IFRS
FYE Mar 2022	16.0	+20.1%	Cons. · IFRS
FYE Mar 2023	18.6	+16.2%	Cons. · IFRS
FYE Mar 2024	23.2	+25.0%	Cons. · IFRS
FYE Mar 2025	27.5	+18.3%	Cons. · IFRS
FYE Mar 2026	32.5	+18.4%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 15.8%

Average · 10 yrs 15.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	14.8	n/a	Cons. · IFRS
FYE Mar 2018	14.9	+0.1pp	Cons. · IFRS
FYE Mar 2019	15.2	+0.3pp	Cons. · IFRS
FYE Mar 2020	15.4	+0.2pp	Cons. · IFRS
FYE Mar 2021	15.6	+0.3pp	Cons. · IFRS
FYE Mar 2022	14.6	−1.1pp	Cons. · IFRS
FYE Mar 2023	14.4	−0.2pp	Cons. · IFRS
FYE Mar 2024	14.5	+0.1pp	Cons. · IFRS
FYE Mar 2025	14.7	+0.3pp	Cons. · IFRS
FYE Mar 2026	15.8	+1.1pp	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 4.6%

Average · 10 yrs 4.0%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons. · IFRS
FYE Mar 2018	3.7	+0.3pp	Cons. · IFRS
FYE Mar 2019	4.2	+0.5pp	Cons. · IFRS
FYE Mar 2020	3.9	−0.3pp	Cons. · IFRS
FYE Mar 2021	3.6	−0.3pp	Cons. · IFRS
FYE Mar 2022	3.8	+0.2pp	Cons. · IFRS
FYE Mar 2023	4.3	+0.4pp	Cons. · IFRS
FYE Mar 2024	4.4	+0.2pp	Cons. · IFRS
FYE Mar 2025	4.0	−0.4pp	Cons. · IFRS
FYE Mar 2026	4.6	+0.6pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 3.0%

Average · 10 yrs 2.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons. · IFRS
FYE Mar 2018	2.3	+1.1pp	Cons. · IFRS
FYE Mar 2019	2.3	−0.0pp	Cons. · IFRS
FYE Mar 2020	2.0	−0.3pp	Cons. · IFRS
FYE Mar 2021	2.1	+0.1pp	Cons. · IFRS
FYE Mar 2022	2.1	−0.0pp	Cons. · IFRS
FYE Mar 2023	2.0	−0.0pp	Cons. · IFRS
FYE Mar 2024	2.4	+0.3pp	Cons. · IFRS
FYE Mar 2025	2.6	+0.3pp	Cons. · IFRS
FYE Mar 2026	3.0	+0.4pp	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 84.2%

Average · 10 yrs 85.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	85.2	n/a	Cons. · IFRS
FYE Mar 2018	85.1	−0.1pp	Cons. · IFRS
FYE Mar 2019	84.8	−0.3pp	Cons. · IFRS
FYE Mar 2020	84.6	−0.2pp	Cons. · IFRS
FYE Mar 2021	84.4	−0.3pp	Cons. · IFRS
FYE Mar 2022	85.4	+1.1pp	Cons. · IFRS
FYE Mar 2023	85.6	+0.2pp	Cons. · IFRS
FYE Mar 2024	85.5	−0.1pp	Cons. · IFRS
FYE Mar 2025	85.3	−0.3pp	Cons. · IFRS
FYE Mar 2026	84.2	−1.1pp	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 11.5%

Average · 10 yrs 11.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	11.3	n/a	Cons. · IFRS
FYE Mar 2018	11.0	−0.3pp	Cons. · IFRS
FYE Mar 2019	11.1	+0.1pp	Cons. · IFRS
FYE Mar 2020	11.5	+0.4pp	Cons. · IFRS
FYE Mar 2021	12.2	+0.7pp	Cons. · IFRS
FYE Mar 2022	11.1	−1.1pp	Cons. · IFRS
FYE Mar 2023	10.6	−0.5pp	Cons. · IFRS
FYE Mar 2024	10.8	+0.2pp	Cons. · IFRS
FYE Mar 2025	11.0	+0.2pp	Cons. · IFRS
FYE Mar 2026	11.5	+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 ¥733bn

CAGR · 10 yrs +4.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	480	n/a	Cons. · IFRS
FYE Mar 2018	520	+8.4%	Cons. · IFRS
FYE Mar 2019	549	+5.7%	Cons. · IFRS
FYE Mar 2020	552	+0.4%	Cons. · IFRS
FYE Mar 2021	557	+1.1%	Cons. · IFRS
FYE Mar 2022	634	+13.8%	Cons. · IFRS
FYE Mar 2023	678	+6.8%	Cons. · IFRS
FYE Mar 2024	725	+7.0%	Cons. · IFRS
FYE Mar 2025	689	−5.0%	Cons. · IFRS
FYE Mar 2026	733	+6.3%	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 ¥193bn

CAGR · 10 yrs +7.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	100	n/a	Cons. · IFRS
FYE Mar 2018	85.0	−15.3%	Cons. · IFRS
FYE Mar 2019	91.8	+8.0%	Cons. · IFRS
FYE Mar 2020	95.5	+4.0%	Cons. · IFRS
FYE Mar 2021	107	+12.4%	Cons. · IFRS
FYE Mar 2022	120	+11.5%	Cons. · IFRS
FYE Mar 2023	114	−5.1%	Cons. · IFRS
FYE Mar 2024	143	+25.5%	Cons. · IFRS
FYE Mar 2025	160	+12.0%	Cons. · IFRS
FYE Mar 2026	193	+21.0%	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 ¥155bn

CAGR · 9 yrs +1.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	137	n/a	Cons. · IFRS
FYE Mar 2019	140	+1.6%	Cons. · IFRS
FYE Mar 2020	143	+2.8%	Cons. · IFRS
FYE Mar 2021	122	−14.8%	Cons. · IFRS
FYE Mar 2022	143	+17.4%	Cons. · IFRS
FYE Mar 2023	228	+58.9%	Cons. · IFRS
FYE Mar 2024	215	−5.9%	Cons. · IFRS
FYE Mar 2025	179	−16.6%	Cons. · IFRS
FYE Mar 2026	155	−13.4%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥66bn

CAGR · 9 yrs +1.0%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	61.2	n/a	Cons. · IFRS
FYE Mar 2019	74.3	+21.4%	Cons. · IFRS
FYE Mar 2020	68.2	−8.3%	Cons. · IFRS
FYE Mar 2021	57.7	−15.3%	Cons. · IFRS
FYE Mar 2022	73.7	+27.7%	Cons. · IFRS
FYE Mar 2023	162	+120.0%	Cons. · IFRS
FYE Mar 2024	117	−27.8%	Cons. · IFRS
FYE Mar 2025	77.3	−34.0%	Cons. · IFRS
FYE Mar 2026	66.2	−14.3%	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 ¥89bn

CAGR · 9 yrs +1.9%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	76.1	n/a	Cons. · IFRS
FYE Mar 2019	65.2	−14.4%	Cons. · IFRS
FYE Mar 2020	75.2	+15.4%	Cons. · IFRS
FYE Mar 2021	64.4	−14.3%	Cons. · IFRS
FYE Mar 2022	69.7	+8.2%	Cons. · IFRS
FYE Mar 2023	65.7	−5.8%	Cons. · IFRS
FYE Mar 2024	97.5	+48.4%	Cons. · IFRS
FYE Mar 2025	102	+4.3%	Cons. · IFRS
FYE Mar 2026	88.7	−12.8%	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥33bn

CAGR · 9 yrs +6.3%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	20.4	n/a	Cons. · IFRS
FYE Mar 2019	23.1	+13.1%	Cons. · IFRS
FYE Mar 2020	23.4	+1.4%	Cons. · IFRS
FYE Mar 2021	24.9	+6.6%	Cons. · IFRS
FYE Mar 2022	24.9	−0.1%	Cons. · IFRS
FYE Mar 2023	28.1	+12.6%	Cons. · IFRS
FYE Mar 2024	29.6	+5.6%	Cons. · IFRS
FYE Mar 2025	28.2	−4.8%	Cons. · IFRS
FYE Mar 2026	33.3	+18.1%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥17bn

CAGR · 9 yrs +12.6%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	6.6	n/a	Cons. · IFRS
FYE Mar 2019	8.8	+34.1%	Cons. · IFRS
FYE Mar 2020	10.3	+17.0%	Cons. · IFRS
FYE Mar 2021	10.3	−0.1%	Cons. · IFRS
FYE Mar 2022	10.6	+3.2%	Cons. · IFRS
FYE Mar 2023	14.5	+36.3%	Cons. · IFRS
FYE Mar 2024	17.0	+17.1%	Cons. · IFRS
FYE Mar 2025	13.8	−18.8%	Cons. · IFRS
FYE Mar 2026	17.0	+23.5%	Cons. · IFRS

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

Equity ratio

FYE Mar 2026 26.4%

Average · 10 yrs 19.5%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	20.9	n/a	Cons. · IFRS
FYE Mar 2018	16.3	−4.6pp	Cons. · IFRS
FYE Mar 2019	16.7	+0.4pp	Cons. · IFRS
FYE Mar 2020	17.3	+0.6pp	Cons. · IFRS
FYE Mar 2021	19.3	+1.9pp	Cons. · IFRS
FYE Mar 2022	18.9	−0.4pp	Cons. · IFRS
FYE Mar 2023	16.8	−2.1pp	Cons. · IFRS
FYE Mar 2024	19.7	+2.9pp	Cons. · IFRS
FYE Mar 2025	23.2	+3.5pp	Cons. · IFRS
FYE Mar 2026	26.4	+3.2pp	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 80.1%

Average · 9 yrs 137.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	161.6	n/a	Cons. · IFRS
FYE Mar 2019	152.0	−9.6pp	Cons. · IFRS
FYE Mar 2020	150.2	−1.8pp	Cons. · IFRS
FYE Mar 2021	113.8	−36.4pp	Cons. · IFRS
FYE Mar 2022	119.9	+6.1pp	Cons. · IFRS
FYE Mar 2023	200.6	+80.7pp	Cons. · IFRS
FYE Mar 2024	150.4	−50.1pp	Cons. · IFRS
FYE Mar 2025	112.0	−38.4pp	Cons. · IFRS
FYE Mar 2026	80.1	−31.9pp	Cons. · IFRS

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

ROE return on equity

FYE Mar 2026 16.8%

Average · 10 yrs 15.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · IFRS
FYE Mar 2018	19.2	+11.2pp	Cons. · IFRS
FYE Mar 2019	18.1	−1.1pp	Cons. · IFRS
FYE Mar 2020	15.1	−3.0pp	Cons. · IFRS
FYE Mar 2021	12.4	−2.7pp	Cons. · IFRS
FYE Mar 2022	13.4	+1.0pp	Cons. · IFRS
FYE Mar 2023	16.3	+3.0pp	Cons. · IFRS
FYE Mar 2024	16.3	−0.1pp	Cons. · IFRS
FYE Mar 2025	17.2	+0.9pp	Cons. · IFRS
FYE Mar 2026	16.8	−0.4pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 4.4%

Average · 10 yrs 3.0%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	1.7	n/a	Cons. · IFRS
FYE Mar 2018	3.1	+1.5pp	Cons. · IFRS
FYE Mar 2019	3.0	−0.1pp	Cons. · IFRS
FYE Mar 2020	2.6	−0.4pp	Cons. · IFRS
FYE Mar 2021	2.4	−0.2pp	Cons. · IFRS
FYE Mar 2022	2.5	+0.1pp	Cons. · IFRS
FYE Mar 2023	2.7	+0.2pp	Cons. · IFRS
FYE Mar 2024	3.2	+0.5pp	Cons. · IFRS
FYE Mar 2025	4.0	+0.8pp	Cons. · IFRS
FYE Mar 2026	4.4	+0.5pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 1.46×

CAGR · 10 yrs +0.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.41	n/a	Cons. · IFRS
FYE Mar 2018	1.37	−2.4%	Cons. · IFRS
FYE Mar 2019	1.32	−4.2%	Cons. · IFRS
FYE Mar 2020	1.31	−0.7%	Cons. · IFRS
FYE Mar 2021	1.16	−11.0%	Cons. · IFRS
FYE Mar 2022	1.21	+4.0%	Cons. · IFRS
FYE Mar 2023	1.35	+11.1%	Cons. · IFRS
FYE Mar 2024	1.36	+1.1%	Cons. · IFRS
FYE Mar 2025	1.52	+12.2%	Cons. · IFRS
FYE Mar 2026	1.46	−4.5%	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 ¥58bn

CAGR · 10 yrs +19.2%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	11.9	n/a	Cons. · IFRS
FYE Mar 2018	0.4	−96.3%	Cons. · IFRS
FYE Mar 2019	24.7	+5590.8%	Cons. · IFRS
FYE Mar 2020	24.3	−1.8%	Cons. · IFRS
FYE Mar 2021	37.0	+52.5%	Cons. · IFRS
FYE Mar 2022	15.4	−58.4%	Cons. · IFRS
FYE Mar 2023	-0.3	−101.9%	Cons. · IFRS
FYE Mar 2024	35.6	n/a	Cons. · IFRS
FYE Mar 2025	58.3	+63.9%	Cons. · IFRS
FYE Mar 2026	57.7	−1.1%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥12bn

Average · 10 yrs -¥9.1bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-14.7	n/a	Cons. · IFRS
FYE Mar 2018	1.1	n/a	Cons. · IFRS
FYE Mar 2019	-6.6	−696.1%	Cons. · IFRS
FYE Mar 2020	-10.2	n/a	Cons. · IFRS
FYE Mar 2021	-9.9	n/a	Cons. · IFRS
FYE Mar 2022	-10.5	n/a	Cons. · IFRS
FYE Mar 2023	-16.7	n/a	Cons. · IFRS
FYE Mar 2024	-12.4	n/a	Cons. · IFRS
FYE Mar 2025	1.4	n/a	Cons. · IFRS
FYE Mar 2026	-11.9	−975.2%	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 -¥47bn

Average · 10 yrs -¥21bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-6.9	n/a	Cons. · IFRS
FYE Mar 2018	-0.8	n/a	Cons. · IFRS
FYE Mar 2019	-7.2	n/a	Cons. · IFRS
FYE Mar 2020	-11.6	n/a	Cons. · IFRS
FYE Mar 2021	-37.5	n/a	Cons. · IFRS
FYE Mar 2022	4.2	n/a	Cons. · IFRS
FYE Mar 2023	4.8	+11.9%	Cons. · IFRS
FYE Mar 2024	-50.1	−1154.6%	Cons. · IFRS
FYE Mar 2025	-54.7	n/a	Cons. · IFRS
FYE Mar 2026	-46.9	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 ¥58bn

CAGR · 10 yrs −3.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	77.6	n/a	Cons. · IFRS
FYE Mar 2018	77.7	+0.2%	Cons. · IFRS
FYE Mar 2019	88.9	+14.4%	Cons. · IFRS
FYE Mar 2020	91.1	+2.4%	Cons. · IFRS
FYE Mar 2021	81.0	−11.0%	Cons. · IFRS
FYE Mar 2022	91.4	+12.8%	Cons. · IFRS
FYE Mar 2023	79.5	−13.1%	Cons. · IFRS
FYE Mar 2024	53.4	−32.8%	Cons. · IFRS
FYE Mar 2025	56.8	+6.3%	Cons. · IFRS
FYE Mar 2026	58.4	+2.9%	Cons. · IFRS

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

Free cash flow

FYE Mar 2026 ¥46bn

Average · 10 yrs ¥17bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-2.8	n/a	Cons. · IFRS
FYE Mar 2018	1.5	n/a	Cons. · IFRS
FYE Mar 2019	18.1	+1079.1%	Cons. · IFRS
FYE Mar 2020	14.0	−22.5%	Cons. · IFRS
FYE Mar 2021	27.1	+92.7%	Cons. · IFRS
FYE Mar 2022	4.8	−82.1%	Cons. · IFRS
FYE Mar 2023	-17.0	−451.2%	Cons. · IFRS
FYE Mar 2024	23.2	n/a	Cons. · IFRS
FYE Mar 2025	59.7	+157.7%	Cons. · IFRS
FYE Mar 2026	45.7	−23.4%	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 5.4%

Average · 10 yrs 3.1%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons. · IFRS
FYE Mar 2018	0.1	−1.7pp	Cons. · IFRS
FYE Mar 2019	3.4	+3.4pp	Cons. · IFRS
FYE Mar 2020	3.4	−0.1pp	Cons. · IFRS
FYE Mar 2021	5.7	+2.3pp	Cons. · IFRS
FYE Mar 2022	2.0	−3.7pp	Cons. · IFRS
FYE Mar 2023	-0.0	−2.0pp	Cons. · IFRS
FYE Mar 2024	3.6	+3.6pp	Cons. · IFRS
FYE Mar 2025	5.6	+1.9pp	Cons. · IFRS
FYE Mar 2026	5.4	−0.1pp	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 -¥96bn

Average · 9 yrs -¥87bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-59.6	n/a	Cons. · IFRS
FYE Mar 2019	-50.6	n/a	Cons. · IFRS
FYE Mar 2020	-52.3	n/a	Cons. · IFRS
FYE Mar 2021	-41.1	n/a	Cons. · IFRS
FYE Mar 2022	-52.0	n/a	Cons. · IFRS
FYE Mar 2023	-148	n/a	Cons. · IFRS
FYE Mar 2024	-161	n/a	Cons. · IFRS
FYE Mar 2025	-122	n/a	Cons. · IFRS
FYE Mar 2026	-96.4	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 ¥373bn

Change · 10 yrs +¥288bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	84.5	n/a
FYE Mar 2018	123	n/a
FYE Mar 2019	107	n/a
FYE Mar 2020	93.7	n/a
FYE Mar 2021	126	n/a
FYE Mar 2022	113	n/a
FYE Mar 2023	139	n/a
FYE Mar 2024	219	n/a
FYE Mar 2025	213	n/a
FYE Mar 2026	373	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 2,205¥

Change · 10 yrs +2,006¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	200	n/a
FYE Mar 2018	1,461	n/a
FYE Mar 2019	1,265	n/a
FYE Mar 2020	1,109	n/a
FYE Mar 2021	1,486	n/a
FYE Mar 2022	1,342	n/a
FYE Mar 2023	1,641	n/a
FYE Mar 2024	2,593	n/a
FYE Mar 2025	2,517	n/a
FYE Mar 2026	2,205	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 169,000,000shares

Change · 10 yrs −253,501,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	422,501,000	Parent
FYE Mar 2018	84,500,000	Parent
FYE Mar 2019	84,500,000	Parent
FYE Mar 2020	84,500,000	Parent
FYE Mar 2021	84,500,000	Parent
FYE Mar 2022	84,500,000	Parent
FYE Mar 2023	84,500,000	Parent
FYE Mar 2024	84,500,000	Parent
FYE Mar 2025	84,500,000	Parent
FYE Mar 2026	169,000,000	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 195.52¥

Change · 10 yrs +99.88¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	95.64	Cons.
FYE Mar 2018	193.79	Cons.
FYE Mar 2019	198.22	Cons.
FYE Mar 2020	172.43	Cons.
FYE Mar 2021	159.44	Cons.
FYE Mar 2022	95.71	Cons.
FYE Mar 2023	111.19	Cons.
FYE Mar 2024	138.95	Cons.
FYE Mar 2025	164.48	Cons.
FYE Mar 2026	195.52	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 1,143.83¥

Change · 10 yrs +906.30¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	237.53	Cons. · IFRS
FYE Mar 2018	1,005.62	Cons. · IFRS
FYE Mar 2019	1,086.33	Cons. · IFRS
FYE Mar 2020	1,130.00	Cons. · IFRS
FYE Mar 2021	1,270.53	Cons. · IFRS
FYE Mar 2022	1,416.40	Cons. · IFRS
FYE Mar 2023	1,344.70	Cons. · IFRS
FYE Mar 2024	1,688.01	Cons. · IFRS
FYE Mar 2025	1,890.62	Cons. · IFRS
FYE Mar 2026	1,143.83	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 11.28×

Average · 10 yrs 8.28×

Fiscal year	PER ×	Basis
FYE Mar 2017	10.45	Cons.
FYE Mar 2018	7.54	Cons.
FYE Mar 2019	6.38	Cons.
FYE Mar 2020	6.43	Cons.
FYE Mar 2021	9.32	Cons.
FYE Mar 2022	7.01	Cons.
FYE Mar 2023	7.38	Cons.
FYE Mar 2024	9.33	Cons.
FYE Mar 2025	7.65	Cons.
FYE Mar 2026	11.28	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 1.76×

Average · 10 yrs 1.04×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.84	Cons.
FYE Mar 2018	1.06	Cons.
FYE Mar 2019	0.84	Cons.
FYE Mar 2020	0.71	Cons.
FYE Mar 2021	0.86	Cons.
FYE Mar 2022	0.70	Cons.
FYE Mar 2023	1.07	Cons.
FYE Mar 2024	1.36	Cons.
FYE Mar 2025	1.20	Cons.
FYE Mar 2026	1.76	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 8,604people

Change · 10 yrs +1,877 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	6,727	n/a	Cons.
FYE Mar 2018	6,666	−0.9%	Cons.
FYE Mar 2019	6,915	+3.7%	Cons.
FYE Mar 2020	7,182	+3.9%	Cons.
FYE Mar 2021	7,296	+1.6%	Cons.
FYE Mar 2022	7,446	+2.1%	Cons.
FYE Mar 2023	7,866	+5.6%	Cons.
FYE Mar 2024	8,353	+6.2%	Cons.
FYE Mar 2025	8,644	+3.5%	Cons.
FYE Mar 2026	8,604	−0.5%	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 861people

Change · 10 yrs +150 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	711	n/a	Parent
FYE Mar 2018	842	+18.4%	Parent
FYE Mar 2019	765	−9.1%	Parent
FYE Mar 2020	775	+1.3%	Parent
FYE Mar 2021	795	+2.6%	Parent
FYE Mar 2022	788	−0.9%	Parent
FYE Mar 2023	798	+1.3%	Parent
FYE Mar 2024	812	+1.8%	Parent
FYE Mar 2025	821	+1.1%	Parent
FYE Mar 2026	861	+4.9%	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 ¥12.0m

Change · 8 yrs +¥2.6m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	9.4	n/a	Parent
FYE Mar 2020	9.0	−4.2%	Parent
FYE Mar 2021	8.6	−5.1%	Parent
FYE Mar 2022	9.3	+8.6%	Parent
FYE Mar 2023	12.0	+29.3%	Parent
FYE Mar 2024	10.1	−16.2%	Parent
FYE Mar 2025	11.4	+13.3%	Parent
FYE Mar 2026	12.0	+5.1%	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 37.7years

Change · 8 yrs −1.3 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	39.0	n/a	Parent
FYE Mar 2020	38.8	−0.5%	Parent
FYE Mar 2021	38.5	−0.8%	Parent
FYE Mar 2022	38.7	+0.5%	Parent
FYE Mar 2023	38.5	−0.5%	Parent
FYE Mar 2024	38.4	−0.3%	Parent
FYE Mar 2025	38.2	−0.5%	Parent
FYE Mar 2026	37.7	−1.3%	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 12.1years

Change · 8 yrs −2.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	15.0	n/a	Parent
FYE Mar 2020	14.0	−6.7%	Parent
FYE Mar 2021	13.8	−1.4%	Parent
FYE Mar 2022	15.0	+8.7%	Parent
FYE Mar 2023	13.7	−8.7%	Parent
FYE Mar 2024	13.2	−3.6%	Parent
FYE Mar 2025	12.7	−3.8%	Parent
FYE Mar 2026	12.1	−4.7%	Parent

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

Temporary employees

FYE Mar 2026 2,718people

Change · 10 yrs +876 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	1,842	n/a	n/a
FYE Mar 2018	1,856	+0.8%	n/a
FYE Mar 2019	1,926	+3.8%	n/a
FYE Mar 2020	1,842	−4.4%	n/a
FYE Mar 2021	1,829	−0.7%	n/a
FYE Mar 2022	1,881	+2.8%	n/a
FYE Mar 2023	1,917	+1.9%	n/a
FYE Mar 2024	2,317	+20.9%	n/a
FYE Mar 2025	2,441	+5.4%	n/a
FYE Mar 2026	2,718	+11.3%	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 ¥124m

Change · 10 yrs +¥23.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	100	n/a	Cons.
FYE Mar 2018	107	+6.8%	Cons.
FYE Mar 2019	105	−2.4%	Cons.
FYE Mar 2020	101	−4.0%	Cons.
FYE Mar 2021	89.0	−11.5%	Cons.
FYE Mar 2022	103	+15.9%	Cons.
FYE Mar 2023	116	+12.3%	Cons.
FYE Mar 2024	118	+1.9%	Cons.
FYE Mar 2025	122	+3.0%	Cons.
FYE Mar 2026	124	+2.1%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥5.7m

Change · 10 yrs +¥2.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons.
FYE Mar 2018	3.9	+16.6%	Cons.
FYE Mar 2019	4.4	+11.8%	Cons.
FYE Mar 2020	3.9	−10.1%	Cons.
FYE Mar 2021	3.2	−17.9%	Cons.
FYE Mar 2022	3.9	+21.7%	Cons.
FYE Mar 2023	4.9	+25.5%	Cons.
FYE Mar 2024	5.3	+6.2%	Cons.
FYE Mar 2025	4.9	−7.4%	Cons.
FYE Mar 2026	5.7	+16.3%	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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