Financials

Itochu Enex: FYE Mar 2026 and ten years of results (45 metrics)

FYE Mar 2026 · Revenue¥851bnYoY −7.9%

FYE Mar 2026 · Operating profit¥24bnYoY −10.2%

FYE Mar 2026 · Net profit¥16bnYoY −6.1%

FYE Mar 2026 · Equity ratio33.8%YoY +1.7pp

FYE Mar 2026 · Group employees5,193YoY +2

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥695bn	n/a	¥20bn	n/a	2.8%	¥10bn	Okada Kenji	—
FYE Mar 2018Consolidated	¥745bn	+7.2%	¥17bn	−12.8%	2.3%	¥11bn	Okada Kenji	—
FYE Mar 2019Consolidated	¥1.01tn	+35.2%	¥18bn	+4.1%	1.8%	¥12bn	Okada Kenji	Reorganised into four segments, car life at the centre
FYE Mar 2020Consolidated	¥897bn	−10.9%	¥19bn	+7.9%	2.1%	¥12bn	Okada Kenji	—
FYE Mar 2021Consolidated	¥739bn	−17.6%	¥19bn	+0.5%	2.6%	¥12bn	Okada Kenji	—
FYE Mar 2022Consolidated	¥936bn	+26.7%	¥21bn	+8.2%	2.2%	¥13bn	Okada Kenji	—
FYE Mar 2023Consolidated	¥1.01tn	+8.1%	¥21bn	+2.1%	2.1%	¥14bn	Okada Kenji	—
FYE Mar 2024Consolidated	¥963bn	−4.8%	¥24bn	+10.4%	2.4%	¥14bn	Yoshida Tomofumi	ENEX2030: net income above ¥20 billion, ROE above 9.0%
FYE Mar 2025Consolidated	¥924bn	−4.0%	¥27bn	+14.0%	2.9%	¥17bn	Yoshida Tomofumi	Acquires WECARS — the former Big Motor used-car network
FYE Mar 2026Consolidated	¥851bn	−7.9%	¥24bn	−10.2%	2.8%	¥16bn	Yoshida Tomofumi	Net income ¥17.1 billion; ROE 10.22%; car life 68% of revenue

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 Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥851bn

CAGR · 10 yrs +2.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	695	n/a	Cons. · IFRS
FYE Mar 2018	745	+7.2%	Cons. · IFRS
FYE Mar 2019	1,007	+35.2%	Cons. · IFRS
FYE Mar 2020	897	−10.9%	Cons. · IFRS
FYE Mar 2021	739	−17.6%	Cons. · IFRS
FYE Mar 2022	936	+26.7%	Cons. · IFRS
FYE Mar 2023	1,012	+8.1%	Cons. · IFRS
FYE Mar 2024	963	−4.8%	Cons. · IFRS
FYE Mar 2025	924	−4.0%	Cons. · IFRS
FYE Mar 2026	851	−7.9%	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 ¥760bn

CAGR · 10 yrs +2.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	601	n/a	Cons. · IFRS
FYE Mar 2018	656	+9.1%	Cons. · IFRS
FYE Mar 2019	923	+40.7%	Cons. · IFRS
FYE Mar 2020	811	−12.1%	Cons. · IFRS
FYE Mar 2021	652	−19.6%	Cons. · IFRS
FYE Mar 2022	853	+30.7%	Cons. · IFRS
FYE Mar 2023	922	+8.2%	Cons. · IFRS
FYE Mar 2024	875	−5.2%	Cons. · IFRS
FYE Mar 2025	830	−5.1%	Cons. · IFRS
FYE Mar 2026	760	−8.4%	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 ¥91bn

CAGR · 10 yrs −0.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	93.6	n/a	Cons. · IFRS
FYE Mar 2018	88.8	−5.1%	Cons. · IFRS
FYE Mar 2019	84.2	−5.2%	Cons. · IFRS
FYE Mar 2020	86.4	+2.6%	Cons. · IFRS
FYE Mar 2021	86.9	+0.5%	Cons. · IFRS
FYE Mar 2022	83.6	−3.8%	Cons. · IFRS
FYE Mar 2023	89.6	+7.1%	Cons. · IFRS
FYE Mar 2024	88.6	−1.1%	Cons. · IFRS
FYE Mar 2025	94.4	+6.6%	Cons. · IFRS
FYE Mar 2026	91.0	−3.7%	Cons. · IFRS

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

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥69bn

CAGR · 10 yrs −0.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	74.7	n/a	Cons. · IFRS
FYE Mar 2018	70.9	−5.0%	Cons. · IFRS
FYE Mar 2019	67.3	−5.1%	Cons. · IFRS
FYE Mar 2020	68.9	+2.3%	Cons. · IFRS
FYE Mar 2021	67.1	−2.5%	Cons. · IFRS
FYE Mar 2022	68.1	+1.4%	Cons. · IFRS
FYE Mar 2023	68.9	+1.2%	Cons. · IFRS
FYE Mar 2024	70.2	+1.9%	Cons. · IFRS
FYE Mar 2025	70.6	+0.6%	Cons. · IFRS
FYE Mar 2026	69.4	−1.8%	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 ¥24bn

CAGR · 10 yrs +2.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	19.7	n/a	Cons. · IFRS
FYE Mar 2018	17.2	−12.8%	Cons. · IFRS
FYE Mar 2019	17.9	+4.1%	Cons. · IFRS
FYE Mar 2020	19.3	+7.9%	Cons. · IFRS
FYE Mar 2021	19.3	+0.5%	Cons. · IFRS
FYE Mar 2022	20.9	+8.2%	Cons. · IFRS
FYE Mar 2023	21.4	+2.1%	Cons. · IFRS
FYE Mar 2024	23.6	+10.4%	Cons. · IFRS
FYE Mar 2025	26.9	+14.0%	Cons. · IFRS
FYE Mar 2026	24.1	−10.2%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥16bn

CAGR · 10 yrs +4.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	10.4	n/a	Cons. · IFRS
FYE Mar 2018	11.0	+6.0%	Cons. · IFRS
FYE Mar 2019	11.6	+4.8%	Cons. · IFRS
FYE Mar 2020	12.1	+4.3%	Cons. · IFRS
FYE Mar 2021	12.2	+0.9%	Cons. · IFRS
FYE Mar 2022	13.2	+8.4%	Cons. · IFRS
FYE Mar 2023	13.8	+4.8%	Cons. · IFRS
FYE Mar 2024	13.9	+0.4%	Cons. · IFRS
FYE Mar 2025	17.1	+23.2%	Cons. · IFRS
FYE Mar 2026	16.1	−6.1%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 10.7%

Average · 10 yrs 10.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	13.5	n/a	Cons. · IFRS
FYE Mar 2018	11.9	−1.5pp	Cons. · IFRS
FYE Mar 2019	8.4	−3.6pp	Cons. · IFRS
FYE Mar 2020	9.6	+1.3pp	Cons. · IFRS
FYE Mar 2021	11.8	+2.1pp	Cons. · IFRS
FYE Mar 2022	8.9	−2.8pp	Cons. · IFRS
FYE Mar 2023	8.8	−0.1pp	Cons. · IFRS
FYE Mar 2024	9.2	+0.3pp	Cons. · IFRS
FYE Mar 2025	10.2	+1.0pp	Cons. · IFRS
FYE Mar 2026	10.7	+0.5pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 2.8%

Average · 10 yrs 2.4%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	2.8	n/a	Cons. · IFRS
FYE Mar 2018	2.3	−0.5pp	Cons. · IFRS
FYE Mar 2019	1.8	−0.5pp	Cons. · IFRS
FYE Mar 2020	2.1	+0.4pp	Cons. · IFRS
FYE Mar 2021	2.6	+0.5pp	Cons. · IFRS
FYE Mar 2022	2.2	−0.4pp	Cons. · IFRS
FYE Mar 2023	2.1	−0.1pp	Cons. · IFRS
FYE Mar 2024	2.4	+0.3pp	Cons. · IFRS
FYE Mar 2025	2.9	+0.5pp	Cons. · IFRS
FYE Mar 2026	2.8	−0.1pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 1.9%

Average · 10 yrs 1.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	1.5	n/a	Cons. · IFRS
FYE Mar 2018	1.5	−0.0pp	Cons. · IFRS
FYE Mar 2019	1.1	−0.3pp	Cons. · IFRS
FYE Mar 2020	1.3	+0.2pp	Cons. · IFRS
FYE Mar 2021	1.6	+0.3pp	Cons. · IFRS
FYE Mar 2022	1.4	−0.2pp	Cons. · IFRS
FYE Mar 2023	1.4	−0.0pp	Cons. · IFRS
FYE Mar 2024	1.4	+0.1pp	Cons. · IFRS
FYE Mar 2025	1.8	+0.4pp	Cons. · IFRS
FYE Mar 2026	1.9	−0.0pp	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 89.3%

Average · 10 yrs 89.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	86.5	n/a	Cons. · IFRS
FYE Mar 2018	88.1	+1.5pp	Cons. · IFRS
FYE Mar 2019	91.6	+3.6pp	Cons. · IFRS
FYE Mar 2020	90.4	−1.3pp	Cons. · IFRS
FYE Mar 2021	88.2	−2.1pp	Cons. · IFRS
FYE Mar 2022	91.1	+2.8pp	Cons. · IFRS
FYE Mar 2023	91.2	+0.1pp	Cons. · IFRS
FYE Mar 2024	90.8	−0.3pp	Cons. · IFRS
FYE Mar 2025	89.8	−1.0pp	Cons. · IFRS
FYE Mar 2026	89.3	−0.5pp	Cons. · IFRS

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

SG&A ratio

FYE Mar 2026 8.1%

Average · 10 yrs 8.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	10.7	n/a	Cons. · IFRS
FYE Mar 2018	9.5	−1.2pp	Cons. · IFRS
FYE Mar 2019	6.7	−2.8pp	Cons. · IFRS
FYE Mar 2020	7.7	+1.0pp	Cons. · IFRS
FYE Mar 2021	9.1	+1.4pp	Cons. · IFRS
FYE Mar 2022	7.3	−1.8pp	Cons. · IFRS
FYE Mar 2023	6.8	−0.5pp	Cons. · IFRS
FYE Mar 2024	7.3	+0.5pp	Cons. · IFRS
FYE Mar 2025	7.6	+0.4pp	Cons. · IFRS
FYE Mar 2026	8.1	+0.5pp	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 ¥453bn

CAGR · 10 yrs +3.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	345	n/a	Cons. · IFRS
FYE Mar 2018	383	+11.0%	Cons. · IFRS
FYE Mar 2019	374	−2.2%	Cons. · IFRS
FYE Mar 2020	388	+3.5%	Cons. · IFRS
FYE Mar 2021	408	+5.3%	Cons. · IFRS
FYE Mar 2022	447	+9.5%	Cons. · IFRS
FYE Mar 2023	433	−3.1%	Cons. · IFRS
FYE Mar 2024	444	+2.6%	Cons. · IFRS
FYE Mar 2025	442	−0.5%	Cons. · IFRS
FYE Mar 2026	453	+2.4%	Cons. · IFRS

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

Equity net assets, shareholders' equity

FYE Mar 2026 ¥153bn

CAGR · 10 yrs +3.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	109	n/a	Cons. · IFRS
FYE Mar 2018	95.1	−12.3%	Cons. · IFRS
FYE Mar 2019	100	+5.1%	Cons. · IFRS
FYE Mar 2020	105	+4.8%	Cons. · IFRS
FYE Mar 2021	111	+6.0%	Cons. · IFRS
FYE Mar 2022	117	+5.7%	Cons. · IFRS
FYE Mar 2023	126	+7.0%	Cons. · IFRS
FYE Mar 2024	133	+5.8%	Cons. · IFRS
FYE Mar 2025	142	+6.7%	Cons. · IFRS
FYE Mar 2026	153	+7.9%	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 ¥2.2bn

CAGR · 9 yrs −30.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	42.7	n/a	Cons. · IFRS
FYE Mar 2019	34.1	−20.1%	Cons. · IFRS
FYE Mar 2020	25.2	−26.2%	Cons. · IFRS
FYE Mar 2021	17.5	−30.7%	Cons. · IFRS
FYE Mar 2022	32.9	+88.6%	Cons. · IFRS
FYE Mar 2023	14.1	−57.1%	Cons. · IFRS
FYE Mar 2024	2.2	−84.6%	Cons. · IFRS
FYE Mar 2025	2.5	+14.1%	Cons. · IFRS
FYE Mar 2026	2.2	−10.3%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥1.2bn

CAGR · 9 yrs −25.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	12.4	n/a	Cons. · IFRS
FYE Mar 2019	11.2	−9.8%	Cons. · IFRS
FYE Mar 2020	7.0	−37.4%	Cons. · IFRS
FYE Mar 2021	3.0	−56.7%	Cons. · IFRS
FYE Mar 2022	23.1	+659.3%	Cons. · IFRS
FYE Mar 2023	7.0	−69.6%	Cons. · IFRS
FYE Mar 2024	1.2	−83.3%	Cons. · IFRS
FYE Mar 2025	1.5	+26.1%	Cons. · IFRS
FYE Mar 2026	1.2	−17.2%	Cons. · IFRS

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

Long-term borrowings

FYE Mar 2026 ¥1.0bn

CAGR · 9 yrs −34.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	30.3	n/a	Cons. · IFRS
FYE Mar 2019	22.9	−24.4%	Cons. · IFRS
FYE Mar 2020	18.2	−20.7%	Cons. · IFRS
FYE Mar 2021	14.4	−20.6%	Cons. · IFRS
FYE Mar 2022	9.8	−31.8%	Cons. · IFRS
FYE Mar 2023	7.1	−27.8%	Cons. · IFRS
FYE Mar 2024	1.0	−85.9%	Cons. · IFRS
FYE Mar 2025	1.0	−0.0%	Cons. · IFRS
FYE Mar 2026	1.0	−0.0%	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 ¥22bn

CAGR · 9 yrs +0.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	20.8	n/a	Cons. · IFRS
FYE Mar 2019	20.1	−3.4%	Cons. · IFRS
FYE Mar 2020	20.0	−0.4%	Cons. · IFRS
FYE Mar 2021	19.7	−1.6%	Cons. · IFRS
FYE Mar 2022	19.2	−2.3%	Cons. · IFRS
FYE Mar 2023	20.2	+5.2%	Cons. · IFRS
FYE Mar 2024	22.2	+9.9%	Cons. · IFRS
FYE Mar 2025	22.7	+2.1%	Cons. · IFRS
FYE Mar 2026	22.0	−3.0%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥706m

CAGR · 9 yrs +0.3%

Fiscal year	Goodwill ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	692	n/a	Cons. · IFRS
FYE Mar 2019	521	−24.7%	Cons. · IFRS
FYE Mar 2020	521	−0.0%	Cons. · IFRS
FYE Mar 2021	521	−0.0%	Cons. · IFRS
FYE Mar 2022	521	−0.0%	Cons. · IFRS
FYE Mar 2023	521	−0.0%	Cons. · IFRS
FYE Mar 2024	521	−0.0%	Cons. · IFRS
FYE Mar 2025	521	−0.0%	Cons. · IFRS
FYE Mar 2026	706	+35.5%	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 33.8%

Average · 10 yrs 28.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	31.5	n/a	Cons. · IFRS
FYE Mar 2018	24.9	−6.6pp	Cons. · IFRS
FYE Mar 2019	26.7	+1.8pp	Cons. · IFRS
FYE Mar 2020	27.0	+0.3pp	Cons. · IFRS
FYE Mar 2021	27.2	+0.2pp	Cons. · IFRS
FYE Mar 2022	26.3	−0.9pp	Cons. · IFRS
FYE Mar 2023	29.0	+2.7pp	Cons. · IFRS
FYE Mar 2024	29.9	+0.9pp	Cons. · IFRS
FYE Mar 2025	32.1	+2.2pp	Cons. · IFRS
FYE Mar 2026	33.8	+1.7pp	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 1.5%

Average · 9 yrs 18.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	44.9	n/a	Cons. · IFRS
FYE Mar 2019	34.1	−10.8pp	Cons. · IFRS
FYE Mar 2020	24.0	−10.1pp	Cons. · IFRS
FYE Mar 2021	15.7	−8.3pp	Cons. · IFRS
FYE Mar 2022	28.0	+12.3pp	Cons. · IFRS
FYE Mar 2023	11.2	−16.8pp	Cons. · IFRS
FYE Mar 2024	1.6	−9.6pp	Cons. · IFRS
FYE Mar 2025	1.7	+0.1pp	Cons. · IFRS
FYE Mar 2026	1.5	−0.3pp	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 10.5%

Average · 10 yrs 11.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	9.6	n/a	Cons. · IFRS
FYE Mar 2018	11.6	+2.0pp	Cons. · IFRS
FYE Mar 2019	11.6	−0.0pp	Cons. · IFRS
FYE Mar 2020	11.5	−0.1pp	Cons. · IFRS
FYE Mar 2021	11.0	−0.6pp	Cons. · IFRS
FYE Mar 2022	11.2	+0.3pp	Cons. · IFRS
FYE Mar 2023	11.0	−0.2pp	Cons. · IFRS
FYE Mar 2024	10.5	−0.6pp	Cons. · IFRS
FYE Mar 2025	12.1	+1.6pp	Cons. · IFRS
FYE Mar 2026	10.5	−1.6pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 3.5%

Average · 10 yrs 3.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.0	n/a	Cons. · IFRS
FYE Mar 2018	2.9	−0.1pp	Cons. · IFRS
FYE Mar 2019	3.1	+0.2pp	Cons. · IFRS
FYE Mar 2020	3.1	−0.0pp	Cons. · IFRS
FYE Mar 2021	3.0	−0.1pp	Cons. · IFRS
FYE Mar 2022	3.0	−0.0pp	Cons. · IFRS
FYE Mar 2023	3.2	+0.2pp	Cons. · IFRS
FYE Mar 2024	3.1	−0.1pp	Cons. · IFRS
FYE Mar 2025	3.9	+0.7pp	Cons. · IFRS
FYE Mar 2026	3.5	−0.3pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 1.88×

CAGR · 10 yrs −0.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	2.02	n/a	Cons. · IFRS
FYE Mar 2018	1.95	−3.5%	Cons. · IFRS
FYE Mar 2019	2.69	+38.2%	Cons. · IFRS
FYE Mar 2020	2.32	−13.9%	Cons. · IFRS
FYE Mar 2021	1.81	−21.8%	Cons. · IFRS
FYE Mar 2022	2.09	+15.7%	Cons. · IFRS
FYE Mar 2023	2.34	+11.6%	Cons. · IFRS
FYE Mar 2024	2.17	−7.2%	Cons. · IFRS
FYE Mar 2025	2.09	−3.6%	Cons. · IFRS
FYE Mar 2026	1.88	−10.1%	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 ¥45bn

CAGR · 10 yrs +10.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	17.8	n/a	Cons. · IFRS
FYE Mar 2018	24.2	+35.9%	Cons. · IFRS
FYE Mar 2019	25.4	+4.8%	Cons. · IFRS
FYE Mar 2020	28.1	+10.6%	Cons. · IFRS
FYE Mar 2021	40.2	+43.1%	Cons. · IFRS
FYE Mar 2022	40.0	−0.6%	Cons. · IFRS
FYE Mar 2023	34.8	−12.9%	Cons. · IFRS
FYE Mar 2024	34.5	−0.8%	Cons. · IFRS
FYE Mar 2025	31.7	−8.2%	Cons. · IFRS
FYE Mar 2026	45.1	+42.1%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥15bn

Average · 10 yrs -¥12bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-14.7	n/a	Cons. · IFRS
FYE Mar 2018	-18.5	n/a	Cons. · IFRS
FYE Mar 2019	-13.4	n/a	Cons. · IFRS
FYE Mar 2020	-1.4	n/a	Cons. · IFRS
FYE Mar 2021	-0.1	n/a	Cons. · IFRS
FYE Mar 2022	-19.1	n/a	Cons. · IFRS
FYE Mar 2023	-3.2	n/a	Cons. · IFRS
FYE Mar 2024	-6.6	n/a	Cons. · IFRS
FYE Mar 2025	-28.3	n/a	Cons. · IFRS
FYE Mar 2026	-14.9	n/a	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 -¥22bn

Average · 10 yrs -¥20bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-1.2	n/a	Cons. · IFRS
FYE Mar 2018	-5.9	n/a	Cons. · IFRS
FYE Mar 2019	-15.9	n/a	Cons. · IFRS
FYE Mar 2020	-26.2	n/a	Cons. · IFRS
FYE Mar 2021	-24.5	n/a	Cons. · IFRS
FYE Mar 2022	-17.6	n/a	Cons. · IFRS
FYE Mar 2023	-37.7	n/a	Cons. · IFRS
FYE Mar 2024	-29.9	n/a	Cons. · IFRS
FYE Mar 2025	-19.4	n/a	Cons. · IFRS
FYE Mar 2026	-22.2	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 ¥22bn

CAGR · 10 yrs −0.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	22.7	n/a	Cons. · IFRS
FYE Mar 2018	22.6	−0.7%	Cons. · IFRS
FYE Mar 2019	18.7	−17.0%	Cons. · IFRS
FYE Mar 2020	19.2	+2.8%	Cons. · IFRS
FYE Mar 2021	34.8	+81.1%	Cons. · IFRS
FYE Mar 2022	38.1	+9.5%	Cons. · IFRS
FYE Mar 2023	32.0	−16.1%	Cons. · IFRS
FYE Mar 2024	30.1	−6.0%	Cons. · IFRS
FYE Mar 2025	13.9	−53.7%	Cons. · IFRS
FYE Mar 2026	21.9	+57.4%	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 ¥30bn

CAGR · 10 yrs +28.7%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · IFRS
FYE Mar 2018	5.8	+85.3%	Cons. · IFRS
FYE Mar 2019	12.0	+107.5%	Cons. · IFRS
FYE Mar 2020	26.7	+122.6%	Cons. · IFRS
FYE Mar 2021	40.1	+50.2%	Cons. · IFRS
FYE Mar 2022	20.8	−48.0%	Cons. · IFRS
FYE Mar 2023	31.6	+51.7%	Cons. · IFRS
FYE Mar 2024	27.9	−11.6%	Cons. · IFRS
FYE Mar 2025	3.4	−87.9%	Cons. · IFRS
FYE Mar 2026	30.1	+793.3%	Cons. · IFRS

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

Operating cash flow margin

FYE Mar 2026 5.3%

Average · 10 yrs 3.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons. · IFRS
FYE Mar 2018	3.3	+0.7pp	Cons. · IFRS
FYE Mar 2019	2.5	−0.7pp	Cons. · IFRS
FYE Mar 2020	3.1	+0.6pp	Cons. · IFRS
FYE Mar 2021	5.4	+2.3pp	Cons. · IFRS
FYE Mar 2022	4.3	−1.2pp	Cons. · IFRS
FYE Mar 2023	3.4	−0.8pp	Cons. · IFRS
FYE Mar 2024	3.6	+0.1pp	Cons. · IFRS
FYE Mar 2025	3.4	−0.2pp	Cons. · IFRS
FYE Mar 2026	5.3	+1.9pp	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 ¥20bn

Average · 9 yrs ¥6.5bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-20.1	n/a	Cons. · IFRS
FYE Mar 2019	-15.4	n/a	Cons. · IFRS
FYE Mar 2020	-5.9	n/a	Cons. · IFRS
FYE Mar 2021	17.4	n/a	Cons. · IFRS
FYE Mar 2022	5.2	−70.0%	Cons. · IFRS
FYE Mar 2023	17.9	+242.9%	Cons. · IFRS
FYE Mar 2024	27.9	+56.2%	Cons. · IFRS
FYE Mar 2025	11.5	−59.0%	Cons. · IFRS
FYE Mar 2026	19.7	+72.0%	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 ¥233bn

Change · 10 yrs +¥125bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	108	n/a
FYE Mar 2018	117	n/a
FYE Mar 2019	104	n/a
FYE Mar 2020	98.6	n/a
FYE Mar 2021	128	n/a
FYE Mar 2022	120	n/a
FYE Mar 2023	132	n/a
FYE Mar 2024	183	n/a
FYE Mar 2025	187	n/a
FYE Mar 2026	233	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Mar 2026 1,991¥

Change · 10 yrs +1,071¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	920	n/a
FYE Mar 2018	999	n/a
FYE Mar 2019	892	n/a
FYE Mar 2020	844	n/a
FYE Mar 2021	1,092	n/a
FYE Mar 2022	1,027	n/a
FYE Mar 2023	1,129	n/a
FYE Mar 2024	1,570	n/a
FYE Mar 2025	1,603	n/a
FYE Mar 2026	1,991	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 116,881,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	116,881,000	Parent
FYE Mar 2018	116,881,000	Parent
FYE Mar 2019	116,881,000	Parent
FYE Mar 2020	116,881,000	Parent
FYE Mar 2021	116,881,000	Parent
FYE Mar 2022	116,881,000	Parent
FYE Mar 2023	116,881,000	Parent
FYE Mar 2024	116,881,000	Parent
FYE Mar 2025	116,881,000	Parent
FYE Mar 2026	116,881,000	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 142.28¥

Change · 10 yrs +50.19¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	92.09	Cons.
FYE Mar 2018	97.63	Cons.
FYE Mar 2019	102.40	Cons.
FYE Mar 2020	106.81	Cons.
FYE Mar 2021	107.79	Cons.
FYE Mar 2022	116.89	Cons.
FYE Mar 2023	122.54	Cons.
FYE Mar 2024	123.03	Cons.
FYE Mar 2025	151.63	Cons.
FYE Mar 2026	142.28	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 1,309.10¥

Change · 10 yrs +380.71¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	928.39	Cons. · IFRS
FYE Mar 2018	814.01	Cons. · IFRS
FYE Mar 2019	855.69	Cons. · IFRS
FYE Mar 2020	896.48	Cons. · IFRS
FYE Mar 2021	950.27	Cons. · IFRS
FYE Mar 2022	1,004.41	Cons. · IFRS
FYE Mar 2023	1,074.55	Cons. · IFRS
FYE Mar 2024	1,136.86	Cons. · IFRS
FYE Mar 2025	1,213.40	Cons. · IFRS
FYE Mar 2026	1,309.10	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 13.99×

Average · 10 yrs 10.23×

Fiscal year	PER ×	Basis
FYE Mar 2017	9.99	Cons.
FYE Mar 2018	10.23	Cons.
FYE Mar 2019	8.71	Cons.
FYE Mar 2020	7.90	Cons.
FYE Mar 2021	10.13	Cons.
FYE Mar 2022	8.79	Cons.
FYE Mar 2023	9.21	Cons.
FYE Mar 2024	12.76	Cons.
FYE Mar 2025	10.57	Cons.
FYE Mar 2026	13.99	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 1.24×

Average · 10 yrs 0.94×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.96	Cons.
FYE Mar 2018	0.97	Cons.
FYE Mar 2019	0.82	Cons.
FYE Mar 2020	0.74	Cons.
FYE Mar 2021	0.90	Cons.
FYE Mar 2022	0.80	Cons.
FYE Mar 2023	0.83	Cons.
FYE Mar 2024	1.09	Cons.
FYE Mar 2025	1.05	Cons.
FYE Mar 2026	1.24	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 5,193people

Change · 10 yrs −765 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	5,958	n/a	Cons.
FYE Mar 2018	5,613	−5.8%	Cons.
FYE Mar 2019	5,619	+0.1%	Cons.
FYE Mar 2020	5,583	−0.6%	Cons.
FYE Mar 2021	5,558	−0.4%	Cons.
FYE Mar 2022	5,641	+1.5%	Cons.
FYE Mar 2023	5,461	−3.2%	Cons.
FYE Mar 2024	5,365	−1.8%	Cons.
FYE Mar 2025	5,191	−3.2%	Cons.
FYE Mar 2026	5,193	−0.0%	Cons.

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

Parent-company employees

FYE Mar 2026 421people

Change · 10 yrs −89 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	510	n/a	Parent
FYE Mar 2018	480	−5.9%	Parent
FYE Mar 2019	482	+0.4%	Parent
FYE Mar 2020	556	+15.4%	Parent
FYE Mar 2021	580	+4.3%	Parent
FYE Mar 2022	564	−2.8%	Parent
FYE Mar 2023	490	−13.1%	Parent
FYE Mar 2024	505	+3.1%	Parent
FYE Mar 2025	449	−11.1%	Parent
FYE Mar 2026	421	−6.2%	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 1,001万円

Change · 8 yrs +93万円

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	908	n/a	Parent
FYE Mar 2020	915	+0.7%	Parent
FYE Mar 2021	917	+0.2%	Parent
FYE Mar 2022	937	+2.2%	Parent
FYE Mar 2023	953	+1.6%	Parent
FYE Mar 2024	994	+4.3%	Parent
FYE Mar 2025	991	−0.3%	Parent
FYE Mar 2026	1,001	+1.0%	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 41.3years

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	40.0	n/a	Parent
FYE Mar 2020	40.8	+2.0%	Parent
FYE Mar 2021	40.9	+0.2%	Parent
FYE Mar 2022	41.3	+1.0%	Parent
FYE Mar 2023	41.7	+1.0%	Parent
FYE Mar 2024	41.8	+0.2%	Parent
FYE Mar 2025	41.0	−1.9%	Parent
FYE Mar 2026	41.3	+0.7%	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 15.7years

Change · 8 yrs +1.7 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	14.0	n/a	Parent
FYE Mar 2020	13.4	−4.3%	Parent
FYE Mar 2021	13.5	+0.7%	Parent
FYE Mar 2022	14.1	+4.4%	Parent
FYE Mar 2023	15.7	+11.3%	Parent
FYE Mar 2024	16.0	+1.9%	Parent
FYE Mar 2025	14.8	−7.5%	Parent
FYE Mar 2026	15.7	+6.1%	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 2,278people

Change · 10 yrs +67 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	2,211	n/a	n/a
FYE Mar 2018	2,141	−3.2%	n/a
FYE Mar 2019	2,050	−4.3%	n/a
FYE Mar 2020	2,145	+4.6%	n/a
FYE Mar 2021	2,105	−1.9%	n/a
FYE Mar 2022	2,096	−0.4%	n/a
FYE Mar 2023	2,027	−3.3%	n/a
FYE Mar 2024	2,178	+7.4%	n/a
FYE Mar 2025	2,259	+3.7%	n/a
FYE Mar 2026	2,278	+0.8%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥164m

Change · 10 yrs +¥47.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	117	n/a	Cons.
FYE Mar 2018	133	+13.7%	Cons.
FYE Mar 2019	179	+35.1%	Cons.
FYE Mar 2020	161	−10.3%	Cons.
FYE Mar 2021	133	−17.3%	Cons.
FYE Mar 2022	166	+24.8%	Cons.
FYE Mar 2023	185	+11.6%	Cons.
FYE Mar 2024	180	−3.1%	Cons.
FYE Mar 2025	178	−0.8%	Cons.
FYE Mar 2026	164	−8.0%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.6m

Change · 10 yrs +¥1.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons.
FYE Mar 2018	3.1	−7.5%	Cons.
FYE Mar 2019	3.2	+4.0%	Cons.
FYE Mar 2020	3.4	+8.6%	Cons.
FYE Mar 2021	3.5	+0.9%	Cons.
FYE Mar 2022	3.7	+6.6%	Cons.
FYE Mar 2023	3.9	+5.5%	Cons.
FYE Mar 2024	4.4	+12.4%	Cons.
FYE Mar 2025	5.2	+17.9%	Cons.
FYE Mar 2026	4.6	−10.3%	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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