Financials

Iwatani: FYE Mar 2026 and ten years of results (49 metrics)

FYE Mar 2026 · Revenue¥909bnYoY +2.9%

FYE Mar 2026 · Operating profit¥38bnYoY −17.1%

FYE Mar 2026 · Net profit¥48bnYoY +17.8%

FYE Mar 2026 · Equity ratio48.6%YoY +4.3pp

FYE Mar 2026 · Group employees12,113YoY +254

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥588bn	n/a	¥25bn	n/a	4.3%	¥17bn	Nomura Masao	—
FYE Mar 2018Consolidated	¥671bn	+14.1%	¥27bn	+8.6%	4.1%	¥18bn	Nomura Masao	—
FYE Mar 2019Consolidated	¥715bn	+6.6%	¥26bn	−2.7%	3.7%	¥19bn	Tanimoto Mitsuhiro	—
FYE Mar 2020Consolidated	¥687bn	−4.0%	¥29bn	+8.6%	4.2%	¥21bn	Tanimoto Mitsuhiro	—
FYE Mar 2021Consolidated	¥562bn	−18.1%	¥29bn	+2.2%	5.2%	¥23bn	Tanimoto Mitsuhiro	—
FYE Mar 2022Consolidated	¥690bn	+22.8%	¥40bn	+36.5%	5.8%	¥30bn	Majima Hiroshi	—
FYE Mar 2023Consolidated	¥906bn	+31.3%	¥40bn	−0.1%	4.4%	¥32bn	Majima Hiroshi	Toki Systems Solutions acquired — hydrogen dispensers brought in-house
FYE Mar 2024Consolidated	¥848bn	−6.4%	¥51bn	+26.5%	6.0%	¥43bn	Majima Hiroshi	Becomes largest shareholder of Cosmo Energy Holdings
FYE Mar 2025Consolidated	¥883bn	+4.1%	¥46bn	−8.7%	5.2%	¥40bn	Majima Hiroshi	—
FYE Mar 2026Consolidated	¥909bn	+2.9%	¥38bn	−17.1%	4.2%	¥48bn	Majima Hiroshi	Withdrawal from the Australian CQ-H2 hydrogen project

How it compares

Hanwa¥2.66tnFY2025Operating margin 2.2%

Nagase¥973bnFY2025Operating margin 4.6%

Iwatani¥909bnFY2025Operating margin 4.2%

Itochu Enex¥851bnFY2025Operating margin 2.8%Inabata¥833bnFY2025Operating margin 3.1%

Sanaioburi¥654bnFY2024Operating margin 1.8%

Japan Pulp & Paper¥607bnFY2025Operating margin 1.8%

Kamei¥574bnFY2024Operating margin 2.8%

Yuasashouji¥528bnFY2024Operating margin 3.0%

Yamazen¥516bnFY2024Operating margin 1.8%

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 Mar 2026 ¥909bn

CAGR · 10 yrs +5.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	588	n/a	Cons. · Japanese GAAP
FYE Mar 2018	671	+14.1%	Cons. · Japanese GAAP
FYE Mar 2019	715	+6.6%	Cons. · Japanese GAAP
FYE Mar 2020	687	−4.0%	Cons. · Japanese GAAP
FYE Mar 2021	562	−18.1%	Cons. · Japanese GAAP
FYE Mar 2022	690	+22.8%	Cons. · Japanese GAAP
FYE Mar 2023	906	+31.3%	Cons. · Japanese GAAP
FYE Mar 2024	848	−6.4%	Cons. · Japanese GAAP
FYE Mar 2025	883	+4.1%	Cons. · Japanese GAAP
FYE Mar 2026	909	+2.9%	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 Mar 2026 ¥673bn

CAGR · 10 yrs +5.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	426	n/a	Cons. · Japanese GAAP
FYE Mar 2018	503	+17.9%	Cons. · Japanese GAAP
FYE Mar 2019	544	+8.3%	Cons. · Japanese GAAP
FYE Mar 2020	511	−6.2%	Cons. · Japanese GAAP
FYE Mar 2021	386	−24.4%	Cons. · Japanese GAAP
FYE Mar 2022	499	+29.2%	Cons. · Japanese GAAP
FYE Mar 2023	693	+39.0%	Cons. · Japanese GAAP
FYE Mar 2024	618	−10.8%	Cons. · Japanese GAAP
FYE Mar 2025	649	+4.9%	Cons. · Japanese GAAP
FYE Mar 2026	673	+3.7%	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 Mar 2026 ¥236bn

CAGR · 10 yrs +4.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	162	n/a	Cons. · Japanese GAAP
FYE Mar 2018	168	+4.0%	Cons. · Japanese GAAP
FYE Mar 2019	171	+1.5%	Cons. · Japanese GAAP
FYE Mar 2020	176	+3.3%	Cons. · Japanese GAAP
FYE Mar 2021	176	−0.0%	Cons. · Japanese GAAP
FYE Mar 2022	192	+8.8%	Cons. · Japanese GAAP
FYE Mar 2023	213	+11.0%	Cons. · Japanese GAAP
FYE Mar 2024	229	+7.8%	Cons. · Japanese GAAP
FYE Mar 2025	234	+2.1%	Cons. · Japanese GAAP
FYE Mar 2026	236	+0.7%	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 Mar 2026 ¥198bn

CAGR · 10 yrs +4.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	137	n/a	Cons. · Japanese GAAP
FYE Mar 2018	141	+3.1%	Cons. · Japanese GAAP
FYE Mar 2019	144	+2.4%	Cons. · Japanese GAAP
FYE Mar 2020	148	+2.3%	Cons. · Japanese GAAP
FYE Mar 2021	147	−0.4%	Cons. · Japanese GAAP
FYE Mar 2022	152	+3.3%	Cons. · Japanese GAAP
FYE Mar 2023	173	+14.0%	Cons. · Japanese GAAP
FYE Mar 2024	179	+3.4%	Cons. · Japanese GAAP
FYE Mar 2025	188	+5.2%	Cons. · Japanese GAAP
FYE Mar 2026	198	+5.0%	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 Mar 2026 ¥38bn

CAGR · 10 yrs +4.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	25.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	27.2	+8.6%	Cons. · Japanese GAAP
FYE Mar 2019	26.5	−2.7%	Cons. · Japanese GAAP
FYE Mar 2020	28.7	+8.6%	Cons. · Japanese GAAP
FYE Mar 2021	29.4	+2.2%	Cons. · Japanese GAAP
FYE Mar 2022	40.1	+36.5%	Cons. · Japanese GAAP
FYE Mar 2023	40.0	−0.1%	Cons. · Japanese GAAP
FYE Mar 2024	50.6	+26.5%	Cons. · Japanese GAAP
FYE Mar 2025	46.2	−8.7%	Cons. · Japanese GAAP
FYE Mar 2026	38.3	−17.1%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥21bn

CAGR · 10 yrs +19.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	+6.0%	Cons. · Japanese GAAP
FYE Mar 2019	5.7	+29.5%	Cons. · Japanese GAAP
FYE Mar 2020	5.8	+0.6%	Cons. · Japanese GAAP
FYE Mar 2021	6.4	+11.3%	Cons. · Japanese GAAP
FYE Mar 2022	7.7	+19.7%	Cons. · Japanese GAAP
FYE Mar 2023	8.9	+16.0%	Cons. · Japanese GAAP
FYE Mar 2024	14.4	+61.9%	Cons. · Japanese GAAP
FYE Mar 2025	19.5	+35.0%	Cons. · Japanese GAAP
FYE Mar 2026	21.2	+8.9%	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 Mar 2026 ¥4.3bn

CAGR · 10 yrs +6.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	2.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.2	−7.0%	Cons. · Japanese GAAP
FYE Mar 2019	2.2	+1.1%	Cons. · Japanese GAAP
FYE Mar 2020	2.2	−0.5%	Cons. · Japanese GAAP
FYE Mar 2021	1.6	−27.1%	Cons. · Japanese GAAP
FYE Mar 2022	1.4	−16.7%	Cons. · Japanese GAAP
FYE Mar 2023	1.9	+43.4%	Cons. · Japanese GAAP
FYE Mar 2024	2.8	+42.4%	Cons. · Japanese GAAP
FYE Mar 2025	4.2	+53.0%	Cons. · Japanese GAAP
FYE Mar 2026	4.3	+2.3%	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 Mar 2026 ¥55bn

CAGR · 10 yrs +8.3%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	26.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.4	+9.6%	Cons. · Japanese GAAP
FYE Mar 2019	30.0	+1.9%	Cons. · Japanese GAAP
FYE Mar 2020	32.3	+7.7%	Cons. · Japanese GAAP
FYE Mar 2021	34.2	+5.8%	Cons. · Japanese GAAP
FYE Mar 2022	46.4	+35.9%	Cons. · Japanese GAAP
FYE Mar 2023	47.0	+1.3%	Cons. · Japanese GAAP
FYE Mar 2024	62.3	+32.5%	Cons. · Japanese GAAP
FYE Mar 2025	61.5	−1.3%	Cons. · Japanese GAAP
FYE Mar 2026	55.2	−10.2%	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 Mar 2026 ¥19bn

CAGR · 10 yrs +29.7%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.2	−33.3%	Cons. · Japanese GAAP
FYE Mar 2019	0.5	−59.2%	Cons. · Japanese GAAP
FYE Mar 2020	1.1	+119.7%	Cons. · Japanese GAAP
FYE Mar 2021	2.3	+114.6%	Cons. · Japanese GAAP
FYE Mar 2022	1.0	−59.3%	Cons. · Japanese GAAP
FYE Mar 2023	2.1	+118.2%	Cons. · Japanese GAAP
FYE Mar 2024	3.2	+51.9%	Cons. · Japanese GAAP
FYE Mar 2025	8.5	+167.7%	Cons. · Japanese GAAP
FYE Mar 2026	19.0	+124.2%	Cons. · Japanese GAAP

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥48bn

CAGR · 10 yrs +12.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	16.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.6	+6.2%	Cons. · Japanese GAAP
FYE Mar 2019	19.2	+9.4%	Cons. · Japanese GAAP
FYE Mar 2020	21.0	+9.2%	Cons. · Japanese GAAP
FYE Mar 2021	23.0	+9.7%	Cons. · Japanese GAAP
FYE Mar 2022	30.0	+30.1%	Cons. · Japanese GAAP
FYE Mar 2023	32.0	+6.9%	Cons. · Japanese GAAP
FYE Mar 2024	43.5	+35.7%	Cons. · Japanese GAAP
FYE Mar 2025	40.4	−6.9%	Cons. · Japanese GAAP
FYE Mar 2026	47.7	+17.8%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 26.0%

Average · 10 yrs 26.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	27.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.0	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2019	23.9	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	25.7	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	31.3	+5.7pp	Cons. · Japanese GAAP
FYE Mar 2022	27.8	−3.6pp	Cons. · Japanese GAAP
FYE Mar 2023	23.5	−4.3pp	Cons. · Japanese GAAP
FYE Mar 2024	27.1	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2025	26.5	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	26.0	−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 Mar 2026 4.2%

Average · 10 yrs 4.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.1	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	3.7	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	4.2	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	5.2	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	5.8	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2023	4.4	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	6.0	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	5.2	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	4.2	−1.0pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 6.1%

Average · 10 yrs 5.6%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	4.2	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	4.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	6.1	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2022	6.7	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2023	5.2	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2024	7.3	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2025	7.0	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	6.1	−0.9pp	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 Mar 2026 5.2%

Average · 10 yrs 3.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.6	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	2.7	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	3.1	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	4.1	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	4.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	3.5	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2024	5.1	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	4.6	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	5.2	+0.7pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 74.0%

Average · 10 yrs 73.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	72.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	75.0	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2019	76.1	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	74.3	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	68.7	−5.7pp	Cons. · Japanese GAAP
FYE Mar 2022	72.2	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2023	76.5	+4.3pp	Cons. · Japanese GAAP
FYE Mar 2024	72.9	−3.6pp	Cons. · Japanese GAAP
FYE Mar 2025	73.5	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	74.0	+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 Mar 2026 21.7%

Average · 10 yrs 21.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	23.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.0	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2019	20.2	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	21.5	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2021	26.1	+4.6pp	Cons. · Japanese GAAP
FYE Mar 2022	22.0	−4.2pp	Cons. · Japanese GAAP
FYE Mar 2023	19.1	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2024	21.1	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2025	21.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	21.7	+0.4pp	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 Mar 2026 ¥900bn

CAGR · 10 yrs +8.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	435	n/a	Cons. · Japanese GAAP
FYE Mar 2018	454	+4.3%	Cons. · Japanese GAAP
FYE Mar 2019	458	+0.9%	Cons. · Japanese GAAP
FYE Mar 2020	470	+2.6%	Cons. · Japanese GAAP
FYE Mar 2021	512	+9.0%	Cons. · Japanese GAAP
FYE Mar 2022	558	+9.1%	Cons. · Japanese GAAP
FYE Mar 2023	656	+17.5%	Cons. · Japanese GAAP
FYE Mar 2024	830	+26.6%	Cons. · Japanese GAAP
FYE Mar 2025	872	+5.0%	Cons. · Japanese GAAP
FYE Mar 2026	900	+3.2%	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 Mar 2026 ¥437bn

CAGR · 10 yrs +14.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	134	n/a	Cons. · Japanese GAAP
FYE Mar 2018	154	+14.9%	Cons. · Japanese GAAP
FYE Mar 2019	165	+7.1%	Cons. · Japanese GAAP
FYE Mar 2020	182	+10.2%	Cons. · Japanese GAAP
FYE Mar 2021	244	+34.0%	Cons. · Japanese GAAP
FYE Mar 2022	270	+10.6%	Cons. · Japanese GAAP
FYE Mar 2023	302	+11.8%	Cons. · Japanese GAAP
FYE Mar 2024	358	+18.7%	Cons. · Japanese GAAP
FYE Mar 2025	386	+7.7%	Cons. · Japanese GAAP
FYE Mar 2026	437	+13.2%	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 Mar 2026 ¥158bn

CAGR · 10 yrs +9.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	68.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	75.4	+10.1%	Cons. · Japanese GAAP
FYE Mar 2019	75.7	+0.4%	Cons. · Japanese GAAP
FYE Mar 2020	84.2	+11.2%	Cons. · Japanese GAAP
FYE Mar 2021	83.7	−0.6%	Cons. · Japanese GAAP
FYE Mar 2022	87.4	+4.5%	Cons. · Japanese GAAP
FYE Mar 2023	94.2	+7.7%	Cons. · Japanese GAAP
FYE Mar 2024	199	+111.5%	Cons. · Japanese GAAP
FYE Mar 2025	136	−31.7%	Cons. · Japanese GAAP
FYE Mar 2026	158	+16.4%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥38bn

CAGR · 10 yrs +5.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	23.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	26.7	+12.3%	Cons. · Japanese GAAP
FYE Mar 2019	23.1	−13.5%	Cons. · Japanese GAAP
FYE Mar 2020	19.4	−15.7%	Cons. · Japanese GAAP
FYE Mar 2021	24.2	+24.6%	Cons. · Japanese GAAP
FYE Mar 2022	32.3	+33.6%	Cons. · Japanese GAAP
FYE Mar 2023	25.7	−20.4%	Cons. · Japanese GAAP
FYE Mar 2024	129	+401.7%	Cons. · Japanese GAAP
FYE Mar 2025	24.4	−81.1%	Cons. · Japanese GAAP
FYE Mar 2026	38.0	+55.8%	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 Mar 2026 ¥120bn

CAGR · 10 yrs +11.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	44.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.8	+9.0%	Cons. · Japanese GAAP
FYE Mar 2019	52.6	+7.9%	Cons. · Japanese GAAP
FYE Mar 2020	64.7	+23.0%	Cons. · Japanese GAAP
FYE Mar 2021	59.4	−8.2%	Cons. · Japanese GAAP
FYE Mar 2022	55.1	−7.3%	Cons. · Japanese GAAP
FYE Mar 2023	68.5	+24.3%	Cons. · Japanese GAAP
FYE Mar 2024	70.1	+2.4%	Cons. · Japanese GAAP
FYE Mar 2025	112	+59.2%	Cons. · Japanese GAAP
FYE Mar 2026	120	+7.7%	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 Mar 2026 ¥36bn

CAGR · 10 yrs +9.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	15.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.7	+12.6%	Cons. · Japanese GAAP
FYE Mar 2019	17.7	+0.4%	Cons. · Japanese GAAP
FYE Mar 2020	16.8	−5.4%	Cons. · Japanese GAAP
FYE Mar 2021	17.5	+4.3%	Cons. · Japanese GAAP
FYE Mar 2022	16.2	−7.5%	Cons. · Japanese GAAP
FYE Mar 2023	36.9	+127.9%	Cons. · Japanese GAAP
FYE Mar 2024	36.5	−1.0%	Cons. · Japanese GAAP
FYE Mar 2025	47.8	+30.8%	Cons. · Japanese GAAP
FYE Mar 2026	35.6	−25.5%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2026 ¥20bn

CAGR · 10 yrs +5.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	12.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.3	+12.9%	Cons. · Japanese GAAP
FYE Mar 2019	14.1	−1.2%	Cons. · Japanese GAAP
FYE Mar 2020	12.9	−8.7%	Cons. · Japanese GAAP
FYE Mar 2021	13.8	+6.9%	Cons. · Japanese GAAP
FYE Mar 2022	12.2	−11.3%	Cons. · Japanese GAAP
FYE Mar 2023	24.0	+95.9%	Cons. · Japanese GAAP
FYE Mar 2024	19.6	−18.3%	Cons. · Japanese GAAP
FYE Mar 2025	22.9	+17.0%	Cons. · Japanese GAAP
FYE Mar 2026	20.0	−12.5%	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 Mar 2026 48.6%

Average · 10 yrs 41.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	30.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.0	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2019	36.1	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2020	38.8	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2021	47.7	+8.9pp	Cons. · Japanese GAAP
FYE Mar 2022	48.4	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	46.0	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2024	43.2	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2025	44.3	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2026	48.6	+4.3pp	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 Mar 2026 36.2%

Average · 10 yrs 41.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	50.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.8	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	45.8	−3.1pp	Cons. · Japanese GAAP
FYE Mar 2020	46.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	34.3	−11.9pp	Cons. · Japanese GAAP
FYE Mar 2022	32.4	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2023	31.2	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2024	55.6	+24.4pp	Cons. · Japanese GAAP
FYE Mar 2025	35.2	−20.4pp	Cons. · Japanese GAAP
FYE Mar 2026	36.2	+1.0pp	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 Mar 2026 10.9%

Average · 10 yrs 11.1%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	12.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.4	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	11.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	11.5	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	9.4	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2022	11.1	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	10.6	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	12.1	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2025	10.5	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2026	10.9	+0.4pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 5.3%

Average · 10 yrs 4.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.9	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	4.2	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	4.5	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	4.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	5.4	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	4.9	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	5.2	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2025	4.6	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	5.3	+0.7pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 1.01×

CAGR · 10 yrs −3.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.35	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.48	+9.3%	Cons. · Japanese GAAP
FYE Mar 2019	1.56	+5.7%	Cons. · Japanese GAAP
FYE Mar 2020	1.46	−6.4%	Cons. · Japanese GAAP
FYE Mar 2021	1.10	−24.9%	Cons. · Japanese GAAP
FYE Mar 2022	1.24	+12.6%	Cons. · Japanese GAAP
FYE Mar 2023	1.38	+11.8%	Cons. · Japanese GAAP
FYE Mar 2024	1.02	−26.1%	Cons. · Japanese GAAP
FYE Mar 2025	1.01	−0.8%	Cons. · Japanese GAAP
FYE Mar 2026	1.01	−0.3%	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 Mar 2026 ¥59bn

CAGR · 10 yrs +5.3%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	37.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.5	−23.4%	Cons. · Japanese GAAP
FYE Mar 2019	39.1	+37.2%	Cons. · Japanese GAAP
FYE Mar 2020	40.3	+2.9%	Cons. · Japanese GAAP
FYE Mar 2021	48.8	+21.1%	Cons. · Japanese GAAP
FYE Mar 2022	13.1	−73.2%	Cons. · Japanese GAAP
FYE Mar 2023	51.5	+293.7%	Cons. · Japanese GAAP
FYE Mar 2024	54.9	+6.6%	Cons. · Japanese GAAP
FYE Mar 2025	52.4	−4.4%	Cons. · Japanese GAAP
FYE Mar 2026	59.1	+12.8%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥24bn

Average · 10 yrs -¥48bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-30.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-26.4	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-23.7	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-30.9	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-28.8	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-31.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-60.3	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-161	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-58.4	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-23.8	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 Mar 2026 -¥37bn

Average · 10 yrs ¥4.7bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-8.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-6.3	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-13.6	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-3.6	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-7.1	n/a	Cons. · Japanese GAAP
FYE Mar 2022	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	11.0	+37.2%	Cons. · Japanese GAAP
FYE Mar 2024	105	+855.7%	Cons. · Japanese GAAP
FYE Mar 2025	-2.0	−101.9%	Cons. · Japanese GAAP
FYE Mar 2026	-37.1	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 Mar 2026 ¥28bn

CAGR · 10 yrs +3.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	21.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.8	−16.2%	Cons. · Japanese GAAP
FYE Mar 2019	19.5	+9.8%	Cons. · Japanese GAAP
FYE Mar 2020	25.1	+28.8%	Cons. · Japanese GAAP
FYE Mar 2021	38.4	+53.0%	Cons. · Japanese GAAP
FYE Mar 2022	29.6	−23.1%	Cons. · Japanese GAAP
FYE Mar 2023	33.3	+12.5%	Cons. · Japanese GAAP
FYE Mar 2024	33.6	+1.1%	Cons. · Japanese GAAP
FYE Mar 2025	27.6	−17.9%	Cons. · Japanese GAAP
FYE Mar 2026	27.7	+0.3%	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 Mar 2026 ¥35bn

CAGR · 10 yrs +20.0%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	6.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.1	−69.6%	Cons. · Japanese GAAP
FYE Mar 2019	15.4	+640.5%	Cons. · Japanese GAAP
FYE Mar 2020	9.4	−39.2%	Cons. · Japanese GAAP
FYE Mar 2021	19.9	+112.7%	Cons. · Japanese GAAP
FYE Mar 2022	-18.9	−194.6%	Cons. · Japanese GAAP
FYE Mar 2023	-8.8	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-106	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-6.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	35.3	n/a	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 Mar 2026 6.5%

Average · 10 yrs 5.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	6.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.3	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	5.5	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	5.9	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	8.7	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2022	1.9	−6.8pp	Cons. · Japanese GAAP
FYE Mar 2023	5.7	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2024	6.5	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2025	5.9	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	6.5	+0.6pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 -¥131bn

Average · 10 yrs -¥79bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-47.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-57.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-56.2	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-59.1	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-45.2	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-57.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-60.9	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-166	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-108	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-131	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 Mar 2026 ¥471bn

Change · 10 yrs +¥308bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	162	n/a
FYE Mar 2018	198	n/a
FYE Mar 2019	179	n/a
FYE Mar 2020	182	n/a
FYE Mar 2021	399	n/a
FYE Mar 2022	302	n/a
FYE Mar 2023	339	n/a
FYE Mar 2024	500	n/a
FYE Mar 2025	350	n/a
FYE Mar 2026	471	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 2,009¥

Change · 10 yrs +1,363¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	646	n/a
FYE Mar 2018	3,929	n/a
FYE Mar 2019	3,555	n/a
FYE Mar 2020	3,626	n/a
FYE Mar 2021	6,811	n/a
FYE Mar 2022	5,158	n/a
FYE Mar 2023	5,789	n/a
FYE Mar 2024	8,538	n/a
FYE Mar 2025	1,495	n/a
FYE Mar 2026	2,009	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 234,246,000shares

Change · 10 yrs −17,119,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	251,365,000	Parent
FYE Mar 2018	50,273,000	Parent
FYE Mar 2019	50,273,000	Parent
FYE Mar 2020	50,273,000	Parent
FYE Mar 2021	58,561,000	Parent
FYE Mar 2022	58,561,000	Parent
FYE Mar 2023	58,561,000	Parent
FYE Mar 2024	58,561,000	Parent
FYE Mar 2025	234,246,000	Parent
FYE Mar 2026	234,246,000	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 207.10¥

Change · 10 yrs −129.12¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	336.22	Cons.
FYE Mar 2018	357.20	Cons.
FYE Mar 2019	390.62	Cons.
FYE Mar 2020	426.63	Cons.
FYE Mar 2021	107.09	Cons.
FYE Mar 2022	130.24	Cons.
FYE Mar 2023	139.17	Cons.
FYE Mar 2024	188.90	Cons.
FYE Mar 2025	175.84	Cons.
FYE Mar 2026	207.10	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 1,865.98¥

Change · 10 yrs +1,331.24¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	534.74	Cons. · Japanese GAAP
FYE Mar 2018	3,071.43	Cons. · Japanese GAAP
FYE Mar 2019	3,290.22	Cons. · Japanese GAAP
FYE Mar 2020	3,625.54	Cons. · Japanese GAAP
FYE Mar 2021	4,169.33	Cons. · Japanese GAAP
FYE Mar 2022	4,612.76	Cons. · Japanese GAAP
FYE Mar 2023	5,156.61	Cons. · Japanese GAAP
FYE Mar 2024	6,120.68	Cons. · Japanese GAAP
FYE Mar 2025	1,647.99	Cons. · Japanese GAAP
FYE Mar 2026	1,865.98	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 9.70×

Average · 10 yrs 10.39×

Fiscal year	PER ×	Basis
FYE Mar 2017	9.60	Cons.
FYE Mar 2018	11.00	Cons.
FYE Mar 2019	9.10	Cons.
FYE Mar 2020	8.50	Cons.
FYE Mar 2021	15.90	Cons.
FYE Mar 2022	9.90	Cons.
FYE Mar 2023	10.40	Cons.
FYE Mar 2024	11.30	Cons.
FYE Mar 2025	8.50	Cons.
FYE Mar 2026	9.70	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 Mar 2026 1.06×

Average · 10 yrs 1.16×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.18	Cons.
FYE Mar 2018	1.25	Cons.
FYE Mar 2019	1.06	Cons.
FYE Mar 2020	0.98	Cons.
FYE Mar 2021	1.60	Cons.
FYE Mar 2022	1.10	Cons.
FYE Mar 2023	1.10	Cons.
FYE Mar 2024	1.37	Cons.
FYE Mar 2025	0.89	Cons.
FYE Mar 2026	1.06	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 12,113people

Change · 10 yrs +2,939 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	9,174	n/a	Cons.
FYE Mar 2018	9,453	+3.0%	Cons.
FYE Mar 2019	9,749	+3.1%	Cons.
FYE Mar 2020	9,849	+1.0%	Cons.
FYE Mar 2021	10,130	+2.9%	Cons.
FYE Mar 2022	10,163	+0.3%	Cons.
FYE Mar 2023	11,351	+11.7%	Cons.
FYE Mar 2024	11,332	−0.2%	Cons.
FYE Mar 2025	11,859	+4.7%	Cons.
FYE Mar 2026	12,113	+2.1%	Cons.

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

Parent-company employees

FYE Mar 2026 1,384people

Change · 10 yrs +178 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,206	n/a	Parent
FYE Mar 2018	1,236	+2.5%	Parent
FYE Mar 2019	1,243	+0.6%	Parent
FYE Mar 2020	1,275	+2.6%	Parent
FYE Mar 2021	1,306	+2.4%	Parent
FYE Mar 2022	1,319	+1.0%	Parent
FYE Mar 2023	1,351	+2.4%	Parent
FYE Mar 2024	1,321	−2.2%	Parent
FYE Mar 2025	1,368	+3.6%	Parent
FYE Mar 2026	1,384	+1.2%	Parent

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

Average annual pay parent company

FYE Mar 2026 1,021万円

Change · 8 yrs +114万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	907	n/a	Parent
FYE Mar 2020	917	+1.2%	Parent
FYE Mar 2021	896	−2.3%	Parent
FYE Mar 2022	900	+0.5%	Parent
FYE Mar 2023	941	+4.6%	Parent
FYE Mar 2024	970	+3.1%	Parent
FYE Mar 2025	1,025	+5.7%	Parent
FYE Mar 2026	1,021	−0.5%	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 39.8years

Change · 8 yrs +0.7 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	39.1	n/a	Parent
FYE Mar 2020	39.3	+0.5%	Parent
FYE Mar 2021	39.3	−0.0%	Parent
FYE Mar 2022	39.6	+0.8%	Parent
FYE Mar 2023	39.7	+0.3%	Parent
FYE Mar 2024	39.6	−0.3%	Parent
FYE Mar 2025	39.9	+0.8%	Parent
FYE Mar 2026	39.8	−0.3%	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 15.3years

Change · 8 yrs +0.1 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	15.2	n/a	Parent
FYE Mar 2020	15.5	+2.0%	Parent
FYE Mar 2021	15.5	−0.0%	Parent
FYE Mar 2022	15.7	+1.3%	Parent
FYE Mar 2023	15.5	−1.3%	Parent
FYE Mar 2024	15.3	−1.3%	Parent
FYE Mar 2025	15.3	−0.0%	Parent
FYE Mar 2026	15.3	−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)

Revenue per employee

FYE Mar 2026 ¥75.0m

Change · 10 yrs +¥10.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	64.1	n/a	Cons.
FYE Mar 2018	71.0	+10.7%	Cons.
FYE Mar 2019	73.3	+3.4%	Cons.
FYE Mar 2020	69.7	−4.9%	Cons.
FYE Mar 2021	55.5	−20.4%	Cons.
FYE Mar 2022	67.9	+22.4%	Cons.
FYE Mar 2023	79.8	+17.5%	Cons.
FYE Mar 2024	74.8	−6.3%	Cons.
FYE Mar 2025	74.5	−0.5%	Cons.
FYE Mar 2026	75.0	+0.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥3.2m

Change · 10 yrs +¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.7	n/a	Cons.
FYE Mar 2018	2.9	+5.4%	Cons.
FYE Mar 2019	2.7	−5.7%	Cons.
FYE Mar 2020	2.9	+7.5%	Cons.
FYE Mar 2021	2.9	−0.7%	Cons.
FYE Mar 2022	3.9	+36.1%	Cons.
FYE Mar 2023	3.5	−10.6%	Cons.
FYE Mar 2024	4.5	+26.7%	Cons.
FYE Mar 2025	3.9	−12.8%	Cons.
FYE Mar 2026	3.2	−18.8%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

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