Financials

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

FYE Mar 2026 · Revenue¥138bnYoY +3.9%

FYE Mar 2026 · Operating profit¥26bnYoY +18.1%

FYE Mar 2026 · Net profit¥24bnYoY −1.4%

FYE Mar 2026 · Equity ratio76.9%YoY +3.8pp

FYE Mar 2026 · Group employees1,536YoY +76

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥61bn	n/a	¥3.9bn	n/a	6.4%	¥3.4bn	Nishida Akio	—
FYE Mar 2018Consolidated	¥70bn	+15.6%	¥7.1bn	+81.6%	10.1%	¥5.2bn	Nishida Akio	—
FYE Mar 2019Consolidated	¥85bn	+20.6%	¥12bn	+67.0%	14.0%	¥9.2bn	Nishida Akio	—
FYE Mar 2020Consolidated	¥98bn	+15.3%	¥17bn	+47.4%	17.9%	¥11bn	Nishida Akio	Moon Parka — first artificial-protein garment
FYE Mar 2021Consolidated	¥90bn	−7.6%	¥15bn	−15.1%	16.4%	¥11bn	Nishida Akio	<a class="en-history_person" href="/tse/8111/executives/ceo/watanabe-takao/" hreflang="ja">Watanabe Takao</a>, first president from outside the family
FYE Mar 2022Consolidated	¥98bn	+8.6%	¥17bn	+11.2%	16.8%	¥14bn	Watanabe Takao	—
FYE Mar 2023Consolidated	¥115bn	+17.1%	¥22bn	+32.7%	19.0%	¥21bn	Watanabe Takao	—
FYE Mar 2024Consolidated	¥127bn	+10.3%	¥24bn	+8.9%	18.8%	¥24bn	Watanabe Takao	—
FYE Mar 2025Consolidated	¥132bn	+4.3%	¥22bn	−8.1%	16.6%	¥24bn	Watanabe Takao	Five-year plan: ¥188.5bn sales by FY2029, own-brand global push
FYE Mar 2026Consolidated	¥138bn	+3.9%	¥26bn	+18.1%	18.8%	¥24bn	Watanabe Takao	Goldwin London established; Alpine Tour Service acquired

How it compares

Asics¥811bnFY2025Operating margin 17.6%

Arupen¥269bnFY2025Operating margin 3.2%

MIZUNO Corporation¥259bnFY2025Operating margin 8.7%

Zebiohorudingusu¥251bnFY2024Operating margin 2.8%

Yonex¥164bnFY2025Operating margin 10.1%

Goldwin¥138bnFY2025Operating margin 18.8%

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 ¥138bn

CAGR · 10 yrs +9.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	60.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.4	+15.6%	Cons. · Japanese GAAP
FYE Mar 2019	84.9	+20.6%	Cons. · Japanese GAAP
FYE Mar 2020	97.9	+15.3%	Cons. · Japanese GAAP
FYE Mar 2021	90.5	−7.6%	Cons. · Japanese GAAP
FYE Mar 2022	98.2	+8.6%	Cons. · Japanese GAAP
FYE Mar 2023	115	+17.1%	Cons. · Japanese GAAP
FYE Mar 2024	127	+10.3%	Cons. · Japanese GAAP
FYE Mar 2025	132	+4.3%	Cons. · Japanese GAAP
FYE Mar 2026	138	+3.9%	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 ¥65bn

CAGR · 10 yrs +7.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	32.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	36.3	+11.4%	Cons. · Japanese GAAP
FYE Mar 2019	41.9	+15.4%	Cons. · Japanese GAAP
FYE Mar 2020	45.5	+8.5%	Cons. · Japanese GAAP
FYE Mar 2021	42.5	−6.6%	Cons. · Japanese GAAP
FYE Mar 2022	46.5	+9.5%	Cons. · Japanese GAAP
FYE Mar 2023	55.0	+18.3%	Cons. · Japanese GAAP
FYE Mar 2024	59.7	+8.6%	Cons. · Japanese GAAP
FYE Mar 2025	63.4	+6.1%	Cons. · Japanese GAAP
FYE Mar 2026	64.6	+1.9%	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 ¥73bn

CAGR · 10 yrs +11.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	28.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.1	+20.5%	Cons. · Japanese GAAP
FYE Mar 2019	43.0	+26.2%	Cons. · Japanese GAAP
FYE Mar 2020	52.4	+21.8%	Cons. · Japanese GAAP
FYE Mar 2021	48.0	−8.4%	Cons. · Japanese GAAP
FYE Mar 2022	51.7	+7.8%	Cons. · Japanese GAAP
FYE Mar 2023	60.0	+16.0%	Cons. · Japanese GAAP
FYE Mar 2024	67.2	+11.9%	Cons. · Japanese GAAP
FYE Mar 2025	68.9	+2.6%	Cons. · Japanese GAAP
FYE Mar 2026	72.9	+5.8%	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 ¥47bn

CAGR · 10 yrs +7.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	24.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	27.3	+11.3%	Cons. · Japanese GAAP
FYE Mar 2019	31.3	+15.0%	Cons. · Japanese GAAP
FYE Mar 2020	35.0	+11.7%	Cons. · Japanese GAAP
FYE Mar 2021	33.2	−5.3%	Cons. · Japanese GAAP
FYE Mar 2022	35.2	+6.3%	Cons. · Japanese GAAP
FYE Mar 2023	38.1	+8.2%	Cons. · Japanese GAAP
FYE Mar 2024	43.3	+13.6%	Cons. · Japanese GAAP
FYE Mar 2025	47.0	+8.5%	Cons. · Japanese GAAP
FYE Mar 2026	47.1	+0.1%	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 ¥26bn

CAGR · 10 yrs +23.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.1	+81.6%	Cons. · Japanese GAAP
FYE Mar 2019	11.9	+67.0%	Cons. · Japanese GAAP
FYE Mar 2020	17.5	+47.4%	Cons. · Japanese GAAP
FYE Mar 2021	14.8	−15.1%	Cons. · Japanese GAAP
FYE Mar 2022	16.5	+11.2%	Cons. · Japanese GAAP
FYE Mar 2023	21.9	+32.7%	Cons. · Japanese GAAP
FYE Mar 2024	23.8	+8.9%	Cons. · Japanese GAAP
FYE Mar 2025	21.9	−8.1%	Cons. · Japanese GAAP
FYE Mar 2026	25.9	+18.1%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥8.2bn

CAGR · 10 yrs +28.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.9	+10.5%	Cons. · Japanese GAAP
FYE Mar 2019	1.3	+39.5%	Cons. · Japanese GAAP
FYE Mar 2020	0.2	−87.1%	Cons. · Japanese GAAP
FYE Mar 2021	1.4	+727.6%	Cons. · Japanese GAAP
FYE Mar 2022	4.0	+184.0%	Cons. · Japanese GAAP
FYE Mar 2023	6.3	+58.4%	Cons. · Japanese GAAP
FYE Mar 2024	8.9	+39.9%	Cons. · Japanese GAAP
FYE Mar 2025	9.1	+2.5%	Cons. · Japanese GAAP
FYE Mar 2026	8.2	−9.4%	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 ¥0.2bn

CAGR · 10 yrs −0.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.2	+14.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.2	−7.4%	Cons. · Japanese GAAP
FYE Mar 2020	1.3	+540.7%	Cons. · Japanese GAAP
FYE Mar 2021	0.3	−79.5%	Cons. · Japanese GAAP
FYE Mar 2022	0.2	−18.8%	Cons. · Japanese GAAP
FYE Mar 2023	0.2	−29.2%	Cons. · Japanese GAAP
FYE Mar 2024	0.1	−32.7%	Cons. · Japanese GAAP
FYE Mar 2025	0.2	+70.3%	Cons. · Japanese GAAP
FYE Mar 2026	0.2	+1.2%	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 ¥34bn

CAGR · 10 yrs +24.9%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.8	+71.1%	Cons. · Japanese GAAP
FYE Mar 2019	13.0	+65.7%	Cons. · Japanese GAAP
FYE Mar 2020	16.4	+26.1%	Cons. · Japanese GAAP
FYE Mar 2021	16.0	−2.4%	Cons. · Japanese GAAP
FYE Mar 2022	20.3	+26.9%	Cons. · Japanese GAAP
FYE Mar 2023	28.1	+38.4%	Cons. · Japanese GAAP
FYE Mar 2024	32.6	+16.1%	Cons. · Japanese GAAP
FYE Mar 2025	30.8	−5.5%	Cons. · Japanese GAAP
FYE Mar 2026	33.9	+10.1%	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 ¥0.2bn

CAGR · 10 yrs +78.1%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	−100.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	0.1	+17.0%	Cons. · Japanese GAAP
FYE Mar 2021	0.0	−10.9%	Cons. · Japanese GAAP
FYE Mar 2022	0.1	+4.1%	Cons. · Japanese GAAP
FYE Mar 2023	0.1	+182.4%	Cons. · Japanese GAAP
FYE Mar 2024	0.5	+241.0%	Cons. · Japanese GAAP
FYE Mar 2025	1.8	+272.1%	Cons. · Japanese GAAP
FYE Mar 2026	0.2	−90.1%	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 ¥24bn

CAGR · 10 yrs +24.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.2	+51.1%	Cons. · Japanese GAAP
FYE Mar 2019	9.2	+78.6%	Cons. · Japanese GAAP
FYE Mar 2020	10.8	+16.5%	Cons. · Japanese GAAP
FYE Mar 2021	10.7	−0.3%	Cons. · Japanese GAAP
FYE Mar 2022	14.4	+33.7%	Cons. · Japanese GAAP
FYE Mar 2023	21.0	+46.2%	Cons. · Japanese GAAP
FYE Mar 2024	24.3	+15.8%	Cons. · Japanese GAAP
FYE Mar 2025	24.4	+0.7%	Cons. · Japanese GAAP
FYE Mar 2026	24.1	−1.4%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 53.0%

Average · 10 yrs 51.5%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	46.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.4	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2019	50.6	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2020	53.5	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2021	53.1	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	52.7	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	52.2	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	52.9	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2025	52.1	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	53.0	+0.9pp	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 18.8%

Average · 10 yrs 15.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.1	+3.7pp	Cons. · Japanese GAAP
FYE Mar 2019	14.0	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2020	17.9	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2021	16.4	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2022	16.8	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	19.0	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2024	18.8	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	16.6	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2026	18.8	+2.2pp	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 24.7%

Average · 10 yrs 18.7%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	7.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.1	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2019	15.3	+4.2pp	Cons. · Japanese GAAP
FYE Mar 2020	16.7	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2021	17.7	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	20.6	+3.0pp	Cons. · Japanese GAAP
FYE Mar 2023	24.4	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2024	25.7	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2025	23.3	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2026	24.7	+1.4pp	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 17.5%

Average · 10 yrs 13.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.3	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2019	10.9	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2020	11.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	11.9	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	14.6	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2023	18.2	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2024	19.1	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2025	18.5	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	17.5	−1.0pp	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 47.0%

Average · 10 yrs 48.5%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	53.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	51.6	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2019	49.4	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2020	46.5	−2.9pp	Cons. · Japanese GAAP
FYE Mar 2021	46.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	47.3	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	47.8	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	47.1	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2025	47.9	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	47.0	−0.9pp	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 34.2%

Average · 10 yrs 36.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	40.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	38.7	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	36.9	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2020	35.8	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	36.6	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	35.9	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2023	33.1	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2024	34.1	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2025	35.5	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2026	34.2	−1.3pp	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 ¥168bn

CAGR · 10 yrs +12.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	60.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.7	+16.7%	Cons. · Japanese GAAP
FYE Mar 2019	77.5	+9.7%	Cons. · Japanese GAAP
FYE Mar 2020	82.3	+6.1%	Cons. · Japanese GAAP
FYE Mar 2021	91.4	+11.0%	Cons. · Japanese GAAP
FYE Mar 2022	99.1	+8.4%	Cons. · Japanese GAAP
FYE Mar 2023	119	+19.6%	Cons. · Japanese GAAP
FYE Mar 2024	141	+19.0%	Cons. · Japanese GAAP
FYE Mar 2025	151	+7.0%	Cons. · Japanese GAAP
FYE Mar 2026	168	+11.5%	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 ¥129bn

CAGR · 10 yrs +16.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	31.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	35.4	+11.0%	Cons. · Japanese GAAP
FYE Mar 2019	39.5	+11.8%	Cons. · Japanese GAAP
FYE Mar 2020	46.8	+18.2%	Cons. · Japanese GAAP
FYE Mar 2021	52.8	+12.9%	Cons. · Japanese GAAP
FYE Mar 2022	63.3	+19.8%	Cons. · Japanese GAAP
FYE Mar 2023	79.9	+26.3%	Cons. · Japanese GAAP
FYE Mar 2024	100	+25.1%	Cons. · Japanese GAAP
FYE Mar 2025	110	+10.4%	Cons. · Japanese GAAP
FYE Mar 2026	129	+17.2%	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 ¥1.1bn

CAGR · 10 yrs −16.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.1	+31.4%	Cons. · Japanese GAAP
FYE Mar 2019	4.4	−38.4%	Cons. · Japanese GAAP
FYE Mar 2020	4.0	−8.2%	Cons. · Japanese GAAP
FYE Mar 2021	7.2	+79.5%	Cons. · Japanese GAAP
FYE Mar 2022	4.2	−42.0%	Cons. · Japanese GAAP
FYE Mar 2023	2.6	−38.3%	Cons. · Japanese GAAP
FYE Mar 2024	1.4	−46.9%	Cons. · Japanese GAAP
FYE Mar 2025	0.4	−74.2%	Cons. · Japanese GAAP
FYE Mar 2026	1.1	+202.0%	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 ¥0.0bn

CAGR · 10 yrs −39.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	0.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.3	−37.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.3	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	1.9	+484.1%	Cons. · Japanese GAAP
FYE Mar 2021	3.6	+87.9%	Cons. · Japanese GAAP
FYE Mar 2022	1.4	−60.1%	Cons. · Japanese GAAP
FYE Mar 2023	0.9	−34.6%	Cons. · Japanese GAAP
FYE Mar 2024	0.9	−0.0%	Cons. · Japanese GAAP
FYE Mar 2025	0.4	−62.3%	Cons. · Japanese GAAP
FYE Mar 2026	0.0	−98.3%	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 ¥1.1bn

CAGR · 9 yrs −17.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.8	+38.9%	Cons. · Japanese GAAP
FYE Mar 2019	4.1	−40.3%	Cons. · Japanese GAAP
FYE Mar 2020	2.1	−48.0%	Cons. · Japanese GAAP
FYE Mar 2021	3.6	+71.9%	Cons. · Japanese GAAP
FYE Mar 2022	2.8	−24.1%	Cons. · Japanese GAAP
FYE Mar 2023	1.6	−40.2%	Cons. · Japanese GAAP
FYE Mar 2024	0.4	−73.7%	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	1.1	n/a	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 ¥3.2bn

CAGR · 10 yrs −2.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	4.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.6	−8.6%	Cons. · Japanese GAAP
FYE Mar 2019	3.3	−9.0%	Cons. · Japanese GAAP
FYE Mar 2020	3.2	−4.5%	Cons. · Japanese GAAP
FYE Mar 2021	2.9	−7.6%	Cons. · Japanese GAAP
FYE Mar 2022	3.1	+6.2%	Cons. · Japanese GAAP
FYE Mar 2023	3.3	+6.4%	Cons. · Japanese GAAP
FYE Mar 2024	3.1	−4.8%	Cons. · Japanese GAAP
FYE Mar 2025	2.8	−10.3%	Cons. · Japanese GAAP
FYE Mar 2026	3.2	+12.7%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 76.9%

Average · 10 yrs 62.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	52.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50.0	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2019	51.0	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	56.8	+5.8pp	Cons. · Japanese GAAP
FYE Mar 2021	57.8	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	63.9	+6.1pp	Cons. · Japanese GAAP
FYE Mar 2023	67.4	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2024	70.9	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2025	73.2	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2026	76.9	+3.8pp	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 0.8%

Average · 10 yrs 8.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	17.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.1	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2019	11.1	−9.0pp	Cons. · Japanese GAAP
FYE Mar 2020	8.6	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2021	13.7	+5.1pp	Cons. · Japanese GAAP
FYE Mar 2022	6.6	−7.1pp	Cons. · Japanese GAAP
FYE Mar 2023	3.2	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2024	1.4	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2025	0.3	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2026	0.8	+0.5pp	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 18.6%

Average · 10 yrs 20.6%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	10.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.6	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2019	23.4	+8.8pp	Cons. · Japanese GAAP
FYE Mar 2020	23.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	20.3	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2022	22.7	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2023	26.2	+3.6pp	Cons. · Japanese GAAP
FYE Mar 2024	24.3	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2025	22.1	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2026	18.6	−3.5pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 14.3%

Average · 10 yrs 13.0%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.3	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2019	11.9	+4.6pp	Cons. · Japanese GAAP
FYE Mar 2020	13.1	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	11.7	−1.3pp	Cons. · Japanese GAAP
FYE Mar 2022	14.5	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2023	17.7	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2024	17.2	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	16.2	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2026	14.3	−1.9pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.82×

CAGR · 10 yrs −2.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.01	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.00	−1.0%	Cons. · Japanese GAAP
FYE Mar 2019	1.10	+10.0%	Cons. · Japanese GAAP
FYE Mar 2020	1.19	+8.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.99	−16.8%	Cons. · Japanese GAAP
FYE Mar 2022	0.99	+0.1%	Cons. · Japanese GAAP
FYE Mar 2023	0.97	−2.1%	Cons. · Japanese GAAP
FYE Mar 2024	0.90	−7.3%	Cons. · Japanese GAAP
FYE Mar 2025	0.88	−2.6%	Cons. · Japanese GAAP
FYE Mar 2026	0.82	−6.8%	Cons. · Japanese GAAP

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥26bn

CAGR · 10 yrs +22.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.1	+115.3%	Cons. · Japanese GAAP
FYE Mar 2019	13.2	+44.2%	Cons. · Japanese GAAP
FYE Mar 2020	13.7	+3.7%	Cons. · Japanese GAAP
FYE Mar 2021	7.4	−45.8%	Cons. · Japanese GAAP
FYE Mar 2022	18.0	+143.9%	Cons. · Japanese GAAP
FYE Mar 2023	20.2	+12.0%	Cons. · Japanese GAAP
FYE Mar 2024	18.6	−8.3%	Cons. · Japanese GAAP
FYE Mar 2025	24.4	+31.7%	Cons. · Japanese GAAP
FYE Mar 2026	26.3	+7.4%	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 -¥13bn

Average · 10 yrs -¥3.7bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-2.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-6.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-3.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-3.3	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-3.4	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-1.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-13.5	−6575.0%	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 -¥14bn

Average · 10 yrs -¥7.3bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-0.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-7.9	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-6.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-11.9	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-7.7	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-9.4	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-14.8	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-13.7	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 ¥51bn

CAGR · 10 yrs +23.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	7.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.2	+24.5%	Cons. · Japanese GAAP
FYE Mar 2019	12.4	+33.8%	Cons. · Japanese GAAP
FYE Mar 2020	16.4	+32.7%	Cons. · Japanese GAAP
FYE Mar 2021	20.3	+23.8%	Cons. · Japanese GAAP
FYE Mar 2022	25.0	+23.4%	Cons. · Japanese GAAP
FYE Mar 2023	34.2	+36.6%	Cons. · Japanese GAAP
FYE Mar 2024	42.0	+22.8%	Cons. · Japanese GAAP
FYE Mar 2025	52.0	+23.7%	Cons. · Japanese GAAP
FYE Mar 2026	51.0	−2.0%	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 ¥13bn

CAGR · 10 yrs +27.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	1.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.2	+114.6%	Cons. · Japanese GAAP
FYE Mar 2019	11.1	+251.7%	Cons. · Japanese GAAP
FYE Mar 2020	10.2	−7.9%	Cons. · Japanese GAAP
FYE Mar 2021	4.1	−59.4%	Cons. · Japanese GAAP
FYE Mar 2022	16.5	+298.1%	Cons. · Japanese GAAP
FYE Mar 2023	16.8	+2.2%	Cons. · Japanese GAAP
FYE Mar 2024	17.1	+1.3%	Cons. · Japanese GAAP
FYE Mar 2025	24.6	+44.4%	Cons. · Japanese GAAP
FYE Mar 2026	12.8	−48.1%	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 19.1%

Average · 10 yrs 14.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	7.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.0	+6.0pp	Cons. · Japanese GAAP
FYE Mar 2019	15.5	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2020	13.9	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2021	8.2	−5.8pp	Cons. · Japanese GAAP
FYE Mar 2022	18.4	+10.2pp	Cons. · Japanese GAAP
FYE Mar 2023	17.6	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2024	14.6	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2025	18.5	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2026	19.1	+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 ¥50bn

CAGR · 10 yrs +43.0%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	2.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.1	+5.8%	Cons. · Japanese GAAP
FYE Mar 2019	8.0	+276.9%	Cons. · Japanese GAAP
FYE Mar 2020	12.4	+55.1%	Cons. · Japanese GAAP
FYE Mar 2021	13.1	+5.6%	Cons. · Japanese GAAP
FYE Mar 2022	20.8	+59.6%	Cons. · Japanese GAAP
FYE Mar 2023	31.6	+51.7%	Cons. · Japanese GAAP
FYE Mar 2024	40.6	+28.5%	Cons. · Japanese GAAP
FYE Mar 2025	51.6	+27.0%	Cons. · Japanese GAAP
FYE Mar 2026	49.9	−3.4%	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 ¥315bn

Change · 10 yrs +¥246bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	69.6	n/a
FYE Mar 2018	152	n/a
FYE Mar 2019	384	n/a
FYE Mar 2020	287	n/a
FYE Mar 2021	336	n/a
FYE Mar 2022	294	n/a
FYE Mar 2023	599	n/a
FYE Mar 2024	468	n/a
FYE Mar 2025	391	n/a
FYE Mar 2026	315	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 2,215¥

Change · 10 yrs −3,628¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	5,842	n/a
FYE Mar 2018	12,773	n/a
FYE Mar 2019	16,127	n/a
FYE Mar 2020	6,019	n/a
FYE Mar 2021	7,076	n/a
FYE Mar 2022	6,199	n/a
FYE Mar 2023	12,620	n/a
FYE Mar 2024	9,865	n/a
FYE Mar 2025	8,244	n/a
FYE Mar 2026	2,215	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 142,344,000shares

Change · 10 yrs +130,432,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	11,912,000	Parent
FYE Mar 2018	11,912,000	Parent
FYE Mar 2019	23,824,000	Parent
FYE Mar 2020	47,648,000	Parent
FYE Mar 2021	47,448,000	Parent
FYE Mar 2022	47,448,000	Parent
FYE Mar 2023	47,448,000	Parent
FYE Mar 2024	47,448,000	Parent
FYE Mar 2025	47,448,000	Parent
FYE Mar 2026	142,344,000	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 175.76¥

Change · 10 yrs +26.72¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	149.04	Cons.
FYE Mar 2018	228.09	Cons.
FYE Mar 2019	203.11	Cons.
FYE Mar 2020	237.89	Cons.
FYE Mar 2021	236.64	Cons.
FYE Mar 2022	105.43	Cons.
FYE Mar 2023	155.23	Cons.
FYE Mar 2024	179.69	Cons.
FYE Mar 2025	181.99	Cons.
FYE Mar 2026	175.76	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 909.12¥

Change · 10 yrs −1,767.26¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	2,676.38	Cons. · Japanese GAAP
FYE Mar 2018	2,970.11	Cons. · Japanese GAAP
FYE Mar 2019	1,659.75	Cons. · Japanese GAAP
FYE Mar 2020	981.30	Cons. · Japanese GAAP
FYE Mar 2021	1,112.84	Cons. · Japanese GAAP
FYE Mar 2022	1,333.65	Cons. · Japanese GAAP
FYE Mar 2023	1,684.26	Cons. · Japanese GAAP
FYE Mar 2024	2,107.74	Cons. · Japanese GAAP
FYE Mar 2025	2,326.40	Cons. · Japanese GAAP
FYE Mar 2026	909.12	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 12.60×

Average · 10 yrs 23.52×

Fiscal year	PER ×	Basis
FYE Mar 2017	19.60	Cons.
FYE Mar 2018	28.00	Cons.
FYE Mar 2019	39.70	Cons.
FYE Mar 2020	25.30	Cons.
FYE Mar 2021	29.90	Cons.
FYE Mar 2022	19.60	Cons.
FYE Mar 2023	27.10	Cons.
FYE Mar 2024	18.30	Cons.
FYE Mar 2025	15.10	Cons.
FYE Mar 2026	12.60	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 2.34×

Average · 10 yrs 4.90×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.10	Cons.
FYE Mar 2018	4.15	Cons.
FYE Mar 2019	9.23	Cons.
FYE Mar 2020	5.83	Cons.
FYE Mar 2021	6.08	Cons.
FYE Mar 2022	4.43	Cons.
FYE Mar 2023	7.11	Cons.
FYE Mar 2024	4.43	Cons.
FYE Mar 2025	3.31	Cons.
FYE Mar 2026	2.34	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 1,536people

Change · 10 yrs +385 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	1,151	n/a	Cons.
FYE Mar 2018	1,199	+4.2%	Cons.
FYE Mar 2019	1,290	+7.6%	Cons.
FYE Mar 2020	1,356	+5.1%	Cons.
FYE Mar 2021	1,424	+5.0%	Cons.
FYE Mar 2022	1,510	+6.0%	Cons.
FYE Mar 2023	1,515	+0.3%	Cons.
FYE Mar 2024	1,523	+0.5%	Cons.
FYE Mar 2025	1,460	−4.1%	Cons.
FYE Mar 2026	1,536	+5.2%	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 1,287people

Change · 10 yrs +707 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	580	n/a	Parent
FYE Mar 2018	611	+5.3%	Parent
FYE Mar 2019	679	+11.1%	Parent
FYE Mar 2020	758	+11.6%	Parent
FYE Mar 2021	1,110	+46.4%	Parent
FYE Mar 2022	1,188	+7.0%	Parent
FYE Mar 2023	1,221	+2.8%	Parent
FYE Mar 2024	1,224	+0.2%	Parent
FYE Mar 2025	1,236	+1.0%	Parent
FYE Mar 2026	1,287	+4.1%	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 652万円

Change · 8 yrs +4万円

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	648	n/a	Parent
FYE Mar 2020	681	+5.0%	Parent
FYE Mar 2021	607	−10.8%	Parent
FYE Mar 2022	638	+5.0%	Parent
FYE Mar 2023	710	+11.3%	Parent
FYE Mar 2024	617	−13.0%	Parent
FYE Mar 2025	714	+15.7%	Parent
FYE Mar 2026	652	−8.7%	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 44.6years

Change · 8 yrs +1.6 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	43.0	n/a	Parent
FYE Mar 2020	43.4	+0.9%	Parent
FYE Mar 2021	44.5	+2.5%	Parent
FYE Mar 2022	44.5	−0.0%	Parent
FYE Mar 2023	45.0	+1.1%	Parent
FYE Mar 2024	45.1	+0.2%	Parent
FYE Mar 2025	44.8	−0.7%	Parent
FYE Mar 2026	44.6	−0.4%	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 15.8years

Change · 8 yrs +0.4 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	15.4	n/a	Parent
FYE Mar 2020	14.7	−4.5%	Parent
FYE Mar 2021	17.3	+17.7%	Parent
FYE Mar 2022	16.9	−2.3%	Parent
FYE Mar 2023	17.3	+2.4%	Parent
FYE Mar 2024	17.1	−1.2%	Parent
FYE Mar 2025	16.4	−4.1%	Parent
FYE Mar 2026	15.8	−3.7%	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 1,519people

Change · 8 yrs +283 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	n/a
FYE Mar 2019	1,236	n/a	n/a
FYE Mar 2020	1,323	+7.0%	n/a
FYE Mar 2021	1,406	+6.3%	n/a
FYE Mar 2022	1,487	+5.8%	n/a
FYE Mar 2023	1,462	−1.7%	n/a
FYE Mar 2024	1,474	+0.8%	n/a
FYE Mar 2025	1,470	−0.3%	n/a
FYE Mar 2026	1,519	+3.3%	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 ¥89.5m

Change · 10 yrs +¥36.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	52.9	n/a	Cons.
FYE Mar 2018	58.7	+11.0%	Cons.
FYE Mar 2019	65.8	+12.1%	Cons.
FYE Mar 2020	72.2	+9.7%	Cons.
FYE Mar 2021	63.5	−12.0%	Cons.
FYE Mar 2022	65.1	+2.4%	Cons.
FYE Mar 2023	75.9	+16.7%	Cons.
FYE Mar 2024	83.3	+9.7%	Cons.
FYE Mar 2025	90.6	+8.8%	Cons.
FYE Mar 2026	89.5	−1.2%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥16.8m

Change · 10 yrs +¥13.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons.
FYE Mar 2018	5.9	+74.4%	Cons.
FYE Mar 2019	9.2	+55.2%	Cons.
FYE Mar 2020	12.9	+40.2%	Cons.
FYE Mar 2021	10.4	−19.2%	Cons.
FYE Mar 2022	10.9	+4.9%	Cons.
FYE Mar 2023	14.5	+32.3%	Cons.
FYE Mar 2024	15.7	+8.3%	Cons.
FYE Mar 2025	15.0	−4.2%	Cons.
FYE Mar 2026	16.8	+12.2%	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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