Financials

ROYAL HOLDINGS: FYE Dec 2025 and ten years of results (50 metrics)

FYE Dec 2025 · Revenue¥165bnYoY +8.8%

FYE Dec 2025 · Operating profit¥7.7bnYoY +4.3%

FYE Dec 2025 · Net profit¥5.7bnYoY −4.5%

FYE Dec 2025 · Equity ratio39.2%YoY −0.2pp

FYE Dec 2025 · Group employees2,383YoY +327

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥130bn	n/a	¥5.2bn	n/a	4.0%	¥2.4bn	Kikuchi Tadao	—
FYE Dec 2017Consolidated	¥132bn	+1.8%	¥6.0bn	+14.0%	4.5%	¥3.5bn	Kurosu Yasuhiro	—
FYE Dec 2018Consolidated	¥134bn	+1.4%	¥5.7bn	−4.1%	4.3%	¥2.8bn	Kurosu Yasuhiro	—
FYE Dec 2019Consolidated	¥137bn	+2.0%	¥4.6bn	−18.6%	3.4%	¥1.9bn	Kurosu Yasuhiro	—
FYE Dec 2020Consolidated	¥84bn	−38.3%	-¥19bn	−514.6%	-22.9%	-¥28bn	Kurosu Yasuhiro	Net loss of <span class="en-history_money" data-yen="27500000000" data-year="2020">$257.5M (¥28bn)</span>; all four segments in the red
FYE Dec 2021Consolidated	¥84bn	−0.4%	-¥7.4bn	n/a	-8.8%	-¥2.9bn	Kurosu Yasuhiro	Capital alliance with Sojitz; in-flight catering deconsolidated
FYE Dec 2022Consolidated	¥104bn	+23.9%	¥2.2bn	n/a	2.1%	¥2.8bn	Kurosu Yasuhiro	First full-year profit since the pandemic
FYE Dec 2023Consolidated	¥139bn	+33.6%	¥6.1bn	+177.1%	4.4%	¥4.0bn	Abe Masataka	Expressway restaurant business consolidated
FYE Dec 2024Consolidated	¥152bn	+9.5%	¥7.4bn	+21.3%	4.8%	¥5.9bn	Abe Masataka	—
FYE Dec 2025Consolidated	¥165bn	+8.8%	¥7.7bn	+4.3%	4.6%	¥5.7bn	Abe Masataka	Record sales of ¥165.5bn; hotels supply most of the profit

How it compares

Zensho Holdings¥1.26tnFY2025Operating margin 6.4%Skylark Holdings¥458bnFY2025Operating margin 6.5%Food & Life Companies (Sushiro)¥430bnFY2025Operating margin 8.4%McDonald's Japan¥417bnFY2025Operating margin 12.8%Colowide¥300bnFY2025Operating margin 3.1%トリドールホールディングス¥279bnFY2025Operating margin 3.8%Saizeriya¥257bnFY2025Operating margin 6.0%

Kurasushi¥245bnFY2025Operating margin 2.2%

吉野家ホールディングス¥226bnFY2025Operating margin 3.6%

ROYAL HOLDINGS¥165bnFY2025Operating margin 4.6%

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 Dec 2025 ¥165bn

CAGR · 10 yrs +2.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	130	n/a	Cons. · Japanese GAAP
FYE Dec 2017	132	+1.8%	Cons. · Japanese GAAP
FYE Dec 2018	134	+1.4%	Cons. · Japanese GAAP
FYE Dec 2019	137	+2.0%	Cons. · Japanese GAAP
FYE Dec 2020	84.3	−38.3%	Cons. · Japanese GAAP
FYE Dec 2021	84.0	−0.4%	Cons. · Japanese GAAP
FYE Dec 2022	104	+23.9%	Cons. · Japanese GAAP
FYE Dec 2023	139	+33.6%	Cons. · Japanese GAAP
FYE Dec 2024	152	+9.5%	Cons. · Japanese GAAP
FYE Dec 2025	165	+8.8%	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 Dec 2025 ¥48bn

CAGR · 10 yrs +1.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	41.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	42.3	+1.2%	Cons. · Japanese GAAP
FYE Dec 2018	42.6	+0.8%	Cons. · Japanese GAAP
FYE Dec 2019	43.0	+1.0%	Cons. · Japanese GAAP
FYE Dec 2020	27.7	−35.5%	Cons. · Japanese GAAP
FYE Dec 2021	25.8	−7.0%	Cons. · Japanese GAAP
FYE Dec 2022	30.3	+17.7%	Cons. · Japanese GAAP
FYE Dec 2023	42.4	+39.6%	Cons. · Japanese GAAP
FYE Dec 2024	45.6	+7.5%	Cons. · Japanese GAAP
FYE Dec 2025	47.9	+5.0%	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 Dec 2025 ¥118bn

CAGR · 10 yrs +3.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	88.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	89.8	+2.1%	Cons. · Japanese GAAP
FYE Dec 2018	91.3	+1.7%	Cons. · Japanese GAAP
FYE Dec 2019	93.5	+2.4%	Cons. · Japanese GAAP
FYE Dec 2020	52.6	−43.7%	Cons. · Japanese GAAP
FYE Dec 2021	54.1	+2.8%	Cons. · Japanese GAAP
FYE Dec 2022	73.7	+36.2%	Cons. · Japanese GAAP
FYE Dec 2023	96.6	+31.1%	Cons. · Japanese GAAP
FYE Dec 2024	107	+10.4%	Cons. · Japanese GAAP
FYE Dec 2025	118	+10.4%	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 Dec 2025 ¥110bn

CAGR · 10 yrs +2.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	86.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	87.4	+1.5%	Cons. · Japanese GAAP
FYE Dec 2018	89.4	+2.3%	Cons. · Japanese GAAP
FYE Dec 2019	92.9	+3.9%	Cons. · Japanese GAAP
FYE Dec 2020	75.9	−18.4%	Cons. · Japanese GAAP
FYE Dec 2021	65.6	−13.6%	Cons. · Japanese GAAP
FYE Dec 2022	71.5	+9.0%	Cons. · Japanese GAAP
FYE Dec 2023	90.5	+26.6%	Cons. · Japanese GAAP
FYE Dec 2024	99.2	+9.7%	Cons. · Japanese GAAP
FYE Dec 2025	110	+10.8%	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 Dec 2025 ¥7.7bn

CAGR · 10 yrs +4.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	5.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.0	+14.0%	Cons. · Japanese GAAP
FYE Dec 2018	5.7	−4.1%	Cons. · Japanese GAAP
FYE Dec 2019	4.6	−18.6%	Cons. · Japanese GAAP
FYE Dec 2020	-19.3	−514.6%	Cons. · Japanese GAAP
FYE Dec 2021	-7.4	n/a	Cons. · Japanese GAAP
FYE Dec 2022	2.2	n/a	Cons. · Japanese GAAP
FYE Dec 2023	6.1	+177.1%	Cons. · Japanese GAAP
FYE Dec 2024	7.4	+21.3%	Cons. · Japanese GAAP
FYE Dec 2025	7.7	+4.3%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥1.5bn

CAGR · 10 yrs +8.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	0.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.8	+14.4%	Cons. · Japanese GAAP
FYE Dec 2018	0.9	+5.3%	Cons. · Japanese GAAP
FYE Dec 2019	0.9	+4.8%	Cons. · Japanese GAAP
FYE Dec 2020	2.0	+120.4%	Cons. · Japanese GAAP
FYE Dec 2021	5.9	+195.6%	Cons. · Japanese GAAP
FYE Dec 2022	2.0	−66.3%	Cons. · Japanese GAAP
FYE Dec 2023	0.5	−76.4%	Cons. · Japanese GAAP
FYE Dec 2024	1.2	+152.5%	Cons. · Japanese GAAP
FYE Dec 2025	1.5	+30.7%	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 Dec 2025 ¥1.3bn

CAGR · 10 yrs +6.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	0.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.7	−2.5%	Cons. · Japanese GAAP
FYE Dec 2018	0.8	+12.8%	Cons. · Japanese GAAP
FYE Dec 2019	0.9	+13.2%	Cons. · Japanese GAAP
FYE Dec 2020	2.6	+182.7%	Cons. · Japanese GAAP
FYE Dec 2021	3.0	+16.7%	Cons. · Japanese GAAP
FYE Dec 2022	2.0	−32.8%	Cons. · Japanese GAAP
FYE Dec 2023	1.3	−36.8%	Cons. · Japanese GAAP
FYE Dec 2024	1.2	−3.6%	Cons. · Japanese GAAP
FYE Dec 2025	1.3	+6.5%	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 Dec 2025 ¥7.9bn

CAGR · 10 yrs +4.8%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	5.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.1	+16.3%	Cons. · Japanese GAAP
FYE Dec 2018	5.8	−4.8%	Cons. · Japanese GAAP
FYE Dec 2019	4.6	−19.5%	Cons. · Japanese GAAP
FYE Dec 2020	-19.9	−528.0%	Cons. · Japanese GAAP
FYE Dec 2021	-4.5	n/a	Cons. · Japanese GAAP
FYE Dec 2022	2.2	n/a	Cons. · Japanese GAAP
FYE Dec 2023	5.3	+144.2%	Cons. · Japanese GAAP
FYE Dec 2024	7.3	+38.9%	Cons. · Japanese GAAP
FYE Dec 2025	7.9	+8.2%	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 Dec 2025 ¥0.2bn

CAGR · 10 yrs +1.8%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	0.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.5	+167.3%	Cons. · Japanese GAAP
FYE Dec 2018	0.0	−94.1%	Cons. · Japanese GAAP
FYE Dec 2019	0.2	+650.0%	Cons. · Japanese GAAP
FYE Dec 2020	0.4	+71.3%	Cons. · Japanese GAAP
FYE Dec 2021	2.9	+599.0%	Cons. · Japanese GAAP
FYE Dec 2022	0.9	−68.3%	Cons. · Japanese GAAP
FYE Dec 2023	0.1	−85.7%	Cons. · Japanese GAAP
FYE Dec 2024	0.1	+13.1%	Cons. · Japanese GAAP
FYE Dec 2025	0.2	+61.9%	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 Dec 2025 ¥5.7bn

CAGR · 10 yrs +10.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	2.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.5	+48.6%	Cons. · Japanese GAAP
FYE Dec 2018	2.8	−21.0%	Cons. · Japanese GAAP
FYE Dec 2019	1.9	−31.1%	Cons. · Japanese GAAP
FYE Dec 2020	-27.5	−1531.7%	Cons. · Japanese GAAP
FYE Dec 2021	-2.9	n/a	Cons. · Japanese GAAP
FYE Dec 2022	2.8	n/a	Cons. · Japanese GAAP
FYE Dec 2023	4.0	+46.5%	Cons. · Japanese GAAP
FYE Dec 2024	5.9	+46.9%	Cons. · Japanese GAAP
FYE Dec 2025	5.7	−4.5%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 71.1%

Average · 10 yrs 68.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	67.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	68.0	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	68.2	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2019	68.5	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2020	62.4	−6.1pp	Cons. · Japanese GAAP
FYE Dec 2021	64.4	+2.0pp	Cons. · Japanese GAAP
FYE Dec 2022	70.8	+6.4pp	Cons. · Japanese GAAP
FYE Dec 2023	69.5	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2024	70.1	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2025	71.1	+1.0pp	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 Dec 2025 4.6%

Average · 10 yrs 0.1%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	4.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.5	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2018	4.3	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2019	3.4	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2020	-22.9	−26.3pp	Cons. · Japanese GAAP
FYE Dec 2021	-8.8	+14.1pp	Cons. · Japanese GAAP
FYE Dec 2022	2.1	+10.9pp	Cons. · Japanese GAAP
FYE Dec 2023	4.4	+2.3pp	Cons. · Japanese GAAP
FYE Dec 2024	4.8	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2025	4.6	−0.2pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Dec 2025 4.8%

Average · 10 yrs 0.3%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	4.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.6	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2018	4.3	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	3.4	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2020	-23.6	−26.9pp	Cons. · Japanese GAAP
FYE Dec 2021	-5.4	+18.2pp	Cons. · Japanese GAAP
FYE Dec 2022	2.1	+7.4pp	Cons. · Japanese GAAP
FYE Dec 2023	3.8	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2024	4.8	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	4.8	−0.0pp	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 Dec 2025 3.4%

Average · 10 yrs -1.5%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	1.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.7	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2018	2.1	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2019	1.4	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2020	-32.7	−34.1pp	Cons. · Japanese GAAP
FYE Dec 2021	-3.4	+29.2pp	Cons. · Japanese GAAP
FYE Dec 2022	2.6	+6.1pp	Cons. · Japanese GAAP
FYE Dec 2023	2.9	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2024	3.9	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	3.4	−0.5pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Dec 2025 28.9%

Average · 10 yrs 31.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	32.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	32.0	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	31.8	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2019	31.5	−0.3pp	Cons. · Japanese GAAP
FYE Dec 2020	32.9	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2021	30.7	−2.2pp	Cons. · Japanese GAAP
FYE Dec 2022	29.2	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2023	30.5	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2024	29.9	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2025	28.9	−1.0pp	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 Dec 2025 66.4%

Average · 10 yrs 70.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	66.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	66.1	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	66.8	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2019	68.1	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2020	90.0	+21.9pp	Cons. · Japanese GAAP
FYE Dec 2021	78.1	−11.9pp	Cons. · Japanese GAAP
FYE Dec 2022	68.7	−9.4pp	Cons. · Japanese GAAP
FYE Dec 2023	65.1	−3.6pp	Cons. · Japanese GAAP
FYE Dec 2024	65.2	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2025	66.4	+1.2pp	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 Dec 2025 ¥140bn

CAGR · 10 yrs +4.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	94.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	97.1	+3.3%	Cons. · Japanese GAAP
FYE Dec 2018	99.3	+2.2%	Cons. · Japanese GAAP
FYE Dec 2019	103	+3.3%	Cons. · Japanese GAAP
FYE Dec 2020	106	+3.3%	Cons. · Japanese GAAP
FYE Dec 2021	110	+3.7%	Cons. · Japanese GAAP
FYE Dec 2022	124	+12.6%	Cons. · Japanese GAAP
FYE Dec 2023	126	+1.9%	Cons. · Japanese GAAP
FYE Dec 2024	128	+1.5%	Cons. · Japanese GAAP
FYE Dec 2025	140	+9.4%	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 Dec 2025 ¥55bn

CAGR · 10 yrs +1.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	47.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	51.0	+7.7%	Cons. · Japanese GAAP
FYE Dec 2018	49.9	−2.2%	Cons. · Japanese GAAP
FYE Dec 2019	50.8	+1.9%	Cons. · Japanese GAAP
FYE Dec 2020	20.9	−58.9%	Cons. · Japanese GAAP
FYE Dec 2021	34.0	+62.7%	Cons. · Japanese GAAP
FYE Dec 2022	44.3	+30.3%	Cons. · Japanese GAAP
FYE Dec 2023	47.8	+8.0%	Cons. · Japanese GAAP
FYE Dec 2024	50.2	+5.1%	Cons. · Japanese GAAP
FYE Dec 2025	54.7	+8.9%	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 Dec 2025 ¥27bn

CAGR · 10 yrs +17.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	6.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.8	−38.9%	Cons. · Japanese GAAP
FYE Dec 2018	5.4	+42.0%	Cons. · Japanese GAAP
FYE Dec 2019	2.4	−54.9%	Cons. · Japanese GAAP
FYE Dec 2020	27.2	+1011.4%	Cons. · Japanese GAAP
FYE Dec 2021	22.4	−17.6%	Cons. · Japanese GAAP
FYE Dec 2022	19.4	−13.4%	Cons. · Japanese GAAP
FYE Dec 2023	22.6	+16.5%	Cons. · Japanese GAAP
FYE Dec 2024	21.7	−4.0%	Cons. · Japanese GAAP
FYE Dec 2025	26.5	+22.1%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Dec 2025 ¥8.5bn

CAGR · 10 yrs +22.6%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	1.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.3	−77.9%	Cons. · Japanese GAAP
FYE Dec 2018	2.2	+639.0%	Cons. · Japanese GAAP
FYE Dec 2019	0.4	−84.2%	Cons. · Japanese GAAP
FYE Dec 2020	24.5	+6900.0%	Cons. · Japanese GAAP
FYE Dec 2021	6.6	−72.9%	Cons. · Japanese GAAP
FYE Dec 2022	8.5	+28.5%	Cons. · Japanese GAAP
FYE Dec 2023	7.7	−9.8%	Cons. · Japanese GAAP
FYE Dec 2024	8.9	+14.9%	Cons. · Japanese GAAP
FYE Dec 2025	8.5	−3.7%	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 Dec 2025 ¥18bn

CAGR · 10 yrs +15.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	4.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.5	−28.0%	Cons. · Japanese GAAP
FYE Dec 2018	3.2	−8.9%	Cons. · Japanese GAAP
FYE Dec 2019	2.1	−34.5%	Cons. · Japanese GAAP
FYE Dec 2020	2.7	+28.5%	Cons. · Japanese GAAP
FYE Dec 2021	15.8	+485.5%	Cons. · Japanese GAAP
FYE Dec 2022	10.9	−31.1%	Cons. · Japanese GAAP
FYE Dec 2023	14.9	+37.0%	Cons. · Japanese GAAP
FYE Dec 2024	12.9	−13.8%	Cons. · Japanese GAAP
FYE Dec 2025	18.0	+39.9%	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 Dec 2025 ¥22bn

CAGR · 10 yrs +46.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	0.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.7	+3.7%	Cons. · Japanese GAAP
FYE Dec 2018	0.8	+8.5%	Cons. · Japanese GAAP
FYE Dec 2019	0.7	−10.1%	Cons. · Japanese GAAP
FYE Dec 2020	0.7	−5.6%	Cons. · Japanese GAAP
FYE Dec 2021	0.5	−23.8%	Cons. · Japanese GAAP
FYE Dec 2022	17.5	+3332.1%	Cons. · Japanese GAAP
FYE Dec 2023	17.2	−2.1%	Cons. · Japanese GAAP
FYE Dec 2024	16.8	−1.9%	Cons. · Japanese GAAP
FYE Dec 2025	22.3	+32.4%	Cons. · Japanese GAAP

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

Goodwill

FYE Dec 2025 ¥8.8bn

CAGR · 5 yrs +183.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2018	0.1	n/a	Cons. · Japanese GAAP
FYE Dec 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2022	5.2	n/a	Cons. · Japanese GAAP
FYE Dec 2023	5.2	+0.3%	Cons. · Japanese GAAP
FYE Dec 2024	4.9	−5.3%	Cons. · Japanese GAAP
FYE Dec 2025	8.8	+77.8%	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 Dec 2025 39.2%

Average · 10 yrs 40.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	50.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	52.5	+2.2pp	Cons. · Japanese GAAP
FYE Dec 2018	50.3	−2.2pp	Cons. · Japanese GAAP
FYE Dec 2019	49.6	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2020	19.7	−29.8pp	Cons. · Japanese GAAP
FYE Dec 2021	31.0	+11.2pp	Cons. · Japanese GAAP
FYE Dec 2022	35.8	+4.9pp	Cons. · Japanese GAAP
FYE Dec 2023	38.0	+2.1pp	Cons. · Japanese GAAP
FYE Dec 2024	39.3	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2025	39.2	−0.2pp	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 Dec 2025 48.4%

Average · 10 yrs 41.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	13.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.5	−5.7pp	Cons. · Japanese GAAP
FYE Dec 2018	10.9	+3.4pp	Cons. · Japanese GAAP
FYE Dec 2019	4.8	−6.0pp	Cons. · Japanese GAAP
FYE Dec 2020	130.1	+125.3pp	Cons. · Japanese GAAP
FYE Dec 2021	65.9	−64.2pp	Cons. · Japanese GAAP
FYE Dec 2022	43.8	−22.1pp	Cons. · Japanese GAAP
FYE Dec 2023	47.3	+3.4pp	Cons. · Japanese GAAP
FYE Dec 2024	43.2	−4.1pp	Cons. · Japanese GAAP
FYE Dec 2025	48.4	+5.2pp	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 Dec 2025 10.3%

Average · 10 yrs -8.2%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	5.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	6.9	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2018	5.6	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2019	3.8	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2020	-131.8	−135.5pp	Cons. · Japanese GAAP
FYE Dec 2021	-8.5	+123.3pp	Cons. · Japanese GAAP
FYE Dec 2022	6.2	+14.7pp	Cons. · Japanese GAAP
FYE Dec 2023	8.4	+2.2pp	Cons. · Japanese GAAP
FYE Dec 2024	11.8	+3.4pp	Cons. · Japanese GAAP
FYE Dec 2025	10.3	−1.5pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 4.0%

Average · 10 yrs -0.4%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	2.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.6	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2018	2.8	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2019	1.9	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2020	-26.0	−27.9pp	Cons. · Japanese GAAP
FYE Dec 2021	-2.6	+23.4pp	Cons. · Japanese GAAP
FYE Dec 2022	2.2	+4.8pp	Cons. · Japanese GAAP
FYE Dec 2023	3.2	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2024	4.6	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2025	4.0	−0.6pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 1.18×

CAGR · 10 yrs −1.7%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	1.38	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.36	−1.4%	Cons. · Japanese GAAP
FYE Dec 2018	1.35	−0.8%	Cons. · Japanese GAAP
FYE Dec 2019	1.33	−1.3%	Cons. · Japanese GAAP
FYE Dec 2020	0.80	−40.2%	Cons. · Japanese GAAP
FYE Dec 2021	0.77	−3.9%	Cons. · Japanese GAAP
FYE Dec 2022	0.84	+10.0%	Cons. · Japanese GAAP
FYE Dec 2023	1.10	+31.1%	Cons. · Japanese GAAP
FYE Dec 2024	1.19	+7.9%	Cons. · Japanese GAAP
FYE Dec 2025	1.18	−0.6%	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 Dec 2025 ¥16bn

CAGR · 10 yrs +6.2%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	9.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.4	+1.5%	Cons. · Japanese GAAP
FYE Dec 2018	8.5	−9.3%	Cons. · Japanese GAAP
FYE Dec 2019	9.8	+16.2%	Cons. · Japanese GAAP
FYE Dec 2020	-7.2	−173.4%	Cons. · Japanese GAAP
FYE Dec 2021	-1.9	n/a	Cons. · Japanese GAAP
FYE Dec 2022	7.4	n/a	Cons. · Japanese GAAP
FYE Dec 2023	12.5	+69.7%	Cons. · Japanese GAAP
FYE Dec 2024	10.4	−17.3%	Cons. · Japanese GAAP
FYE Dec 2025	15.8	+52.2%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Dec 2025 -¥17bn

Average · 10 yrs -¥7.2bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-6.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-4.3	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-6.1	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-5.9	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-9.9	n/a	Cons. · Japanese GAAP
FYE Dec 2021	2.1	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-8.6	−514.9%	Cons. · Japanese GAAP
FYE Dec 2023	-6.6	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-9.8	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-16.7	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 Dec 2025 ¥0.8bn

Average · 10 yrs ¥1.3bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-2.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-2.6	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-4.6	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-4.8	n/a	Cons. · Japanese GAAP
FYE Dec 2020	26.6	n/a	Cons. · Japanese GAAP
FYE Dec 2021	9.1	−65.9%	Cons. · Japanese GAAP
FYE Dec 2022	3.7	−59.2%	Cons. · Japanese GAAP
FYE Dec 2023	-5.2	−240.4%	Cons. · Japanese GAAP
FYE Dec 2024	-7.7	n/a	Cons. · Japanese GAAP
FYE Dec 2025	0.8	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 Dec 2025 ¥20bn

CAGR · 10 yrs +16.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	5.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.6	+49.2%	Cons. · Japanese GAAP
FYE Dec 2018	5.3	−29.7%	Cons. · Japanese GAAP
FYE Dec 2019	4.4	−16.2%	Cons. · Japanese GAAP
FYE Dec 2020	13.9	+212.2%	Cons. · Japanese GAAP
FYE Dec 2021	23.1	+66.5%	Cons. · Japanese GAAP
FYE Dec 2022	25.7	+11.0%	Cons. · Japanese GAAP
FYE Dec 2023	26.4	+2.9%	Cons. · Japanese GAAP
FYE Dec 2024	19.4	−26.7%	Cons. · Japanese GAAP
FYE Dec 2025	19.6	+1.1%	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 Dec 2025 -¥0.9bn

Average · 10 yrs ¥0.2bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	3.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.1	+56.0%	Cons. · Japanese GAAP
FYE Dec 2018	2.4	−53.5%	Cons. · Japanese GAAP
FYE Dec 2019	3.9	+65.8%	Cons. · Japanese GAAP
FYE Dec 2020	-17.2	−538.9%	Cons. · Japanese GAAP
FYE Dec 2021	0.2	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-1.2	−764.6%	Cons. · Japanese GAAP
FYE Dec 2023	5.9	n/a	Cons. · Japanese GAAP
FYE Dec 2024	0.5	−91.2%	Cons. · Japanese GAAP
FYE Dec 2025	-0.9	−270.1%	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 Dec 2025 9.5%

Average · 10 yrs 4.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	7.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.1	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2018	6.3	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2019	7.2	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2020	-8.6	−15.8pp	Cons. · Japanese GAAP
FYE Dec 2021	-2.2	+6.3pp	Cons. · Japanese GAAP
FYE Dec 2022	7.1	+9.3pp	Cons. · Japanese GAAP
FYE Dec 2023	9.0	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2024	6.8	−2.2pp	Cons. · Japanese GAAP
FYE Dec 2025	9.5	+2.7pp	Cons. · Japanese GAAP

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

Net cash

FYE Dec 2025 -¥6.9bn

Average · 10 yrs -¥0.7bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	-1.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.7	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-0.1	−102.9%	Cons. · Japanese GAAP
FYE Dec 2019	2.0	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-13.3	−764.6%	Cons. · Japanese GAAP
FYE Dec 2021	0.7	n/a	Cons. · Japanese GAAP
FYE Dec 2022	6.3	+793.3%	Cons. · Japanese GAAP
FYE Dec 2023	3.8	−39.1%	Cons. · Japanese GAAP
FYE Dec 2024	-2.3	−161.5%	Cons. · Japanese GAAP
FYE Dec 2025	-6.9	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 Dec 2025 ¥131bn

Change · 8 yrs +¥56bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	75.2	n/a
FYE Dec 2017	125	n/a
FYE Dec 2018	101	n/a
FYE Dec 2019	97.9	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	n/a	n/a
FYE Dec 2022	57.9	n/a
FYE Dec 2023	64.4	n/a
FYE Dec 2024	119	n/a
FYE Dec 2025	131	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 Dec 2025 2,633¥

Change · 8 yrs +761¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,872	n/a
FYE Dec 2017	3,108	n/a
FYE Dec 2018	2,550	n/a
FYE Dec 2019	2,474	n/a
FYE Dec 2020	n/a	n/a
FYE Dec 2021	n/a	n/a
FYE Dec 2022	1,160	n/a
FYE Dec 2023	1,291	n/a
FYE Dec 2024	2,396	n/a
FYE Dec 2025	2,633	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 Dec 2025 49,861,862shares

Change · 10 yrs +9,657,673 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	40,204,189	Parent
FYE Dec 2017	40,204,189	Parent
FYE Dec 2018	39,554,189	Parent
FYE Dec 2019	39,554,189	Parent
FYE Dec 2020	39,554,189	Parent
FYE Dec 2021	45,374,889	Parent
FYE Dec 2022	49,861,862	Parent
FYE Dec 2023	49,861,862	Parent
FYE Dec 2024	49,861,862	Parent
FYE Dec 2025	49,861,862	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 Dec 2025 57.48¥

Change · 10 yrs −4.70¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	62.18	Cons.
FYE Dec 2017	93.06	Cons.
FYE Dec 2018	73.71	Cons.
FYE Dec 2019	51.54	Cons.
FYE Dec 2020	-737.44	Cons.
FYE Dec 2021	-34.30	Cons.
FYE Dec 2022	26.43	Cons.
FYE Dec 2023	38.41	Cons.
FYE Dec 2024	60.20	Cons.
FYE Dec 2025	57.48	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Dec 2025 1,097.53¥

Change · 10 yrs −80.28¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,177.81	Cons. · Japanese GAAP
FYE Dec 2017	1,268.28	Cons. · Japanese GAAP
FYE Dec 2018	1,261.31	Cons. · Japanese GAAP
FYE Dec 2019	1,284.95	Cons. · Japanese GAAP
FYE Dec 2020	528.31	Cons. · Japanese GAAP
FYE Dec 2021	749.29	Cons. · Japanese GAAP
FYE Dec 2022	888.31	Cons. · Japanese GAAP
FYE Dec 2023	959.07	Cons. · Japanese GAAP
FYE Dec 2024	1,007.76	Cons. · Japanese GAAP
FYE Dec 2025	1,097.53	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 22.90×

Average · 8 yrs 33.30×

Fiscal year	PER ×	Basis
FYE Dec 2016	30.10	Cons.
FYE Dec 2017	33.40	Cons.
FYE Dec 2018	34.60	Cons.
FYE Dec 2019	48.00	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	n/a	Cons.
FYE Dec 2022	43.90	Cons.
FYE Dec 2023	33.60	Cons.
FYE Dec 2024	19.90	Cons.
FYE Dec 2025	22.90	Cons.

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

PBR price-to-book ratio

FYE Dec 2025 2.37×

Average · 8 yrs 2.24×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.50	Cons.
FYE Dec 2017	2.31	Cons.
FYE Dec 2018	1.91	Cons.
FYE Dec 2019	1.82	Cons.
FYE Dec 2020	n/a	Cons.
FYE Dec 2021	n/a	Cons.
FYE Dec 2022	2.78	Cons.
FYE Dec 2023	2.85	Cons.
FYE Dec 2024	2.35	Cons.
FYE Dec 2025	2.37	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 Dec 2025 2,383people

Change · 10 yrs −234 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	2,617	n/a	Cons.
FYE Dec 2017	2,646	+1.1%	Cons.
FYE Dec 2018	2,686	+1.5%	Cons.
FYE Dec 2019	2,706	+0.7%	Cons.
FYE Dec 2020	2,680	−1.0%	Cons.
FYE Dec 2021	1,894	−29.3%	Cons.
FYE Dec 2022	1,875	−1.0%	Cons.
FYE Dec 2023	1,855	−1.1%	Cons.
FYE Dec 2024	2,056	+10.8%	Cons.
FYE Dec 2025	2,383	+15.9%	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 Dec 2025 106people

Change · 10 yrs −18 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	124	n/a	Parent
FYE Dec 2017	117	−5.6%	Parent
FYE Dec 2018	127	+8.5%	Parent
FYE Dec 2019	72	−43.3%	Parent
FYE Dec 2020	81	+12.5%	Parent
FYE Dec 2021	111	+37.0%	Parent
FYE Dec 2022	87	−21.6%	Parent
FYE Dec 2023	63	−27.6%	Parent
FYE Dec 2024	97	+54.0%	Parent
FYE Dec 2025	106	+9.3%	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 Dec 2025 761万円

Change · 7 yrs +53万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	708	n/a	Parent
FYE Dec 2020	619	−12.6%	Parent
FYE Dec 2021	620	+0.1%	Parent
FYE Dec 2022	643	+3.8%	Parent
FYE Dec 2023	721	+12.1%	Parent
FYE Dec 2024	765	+6.1%	Parent
FYE Dec 2025	761	−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 Dec 2025 46.9years

Change · 7 yrs +0.2 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	46.7	n/a	Parent
FYE Dec 2020	44.4	−4.9%	Parent
FYE Dec 2021	46.6	+5.0%	Parent
FYE Dec 2022	48.1	+3.2%	Parent
FYE Dec 2023	46.2	−4.0%	Parent
FYE Dec 2024	47.1	+1.9%	Parent
FYE Dec 2025	46.9	−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 Dec 2025 5.6years

Change · 7 yrs −3.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	9.1	n/a	Parent
FYE Dec 2020	8.3	−8.8%	Parent
FYE Dec 2021	5.3	−36.1%	Parent
FYE Dec 2022	6.4	+20.8%	Parent
FYE Dec 2023	7.6	+18.7%	Parent
FYE Dec 2024	5.6	−26.3%	Parent
FYE Dec 2025	5.6	−0.0%	Parent

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

Temporary employees

FYE Dec 2025 7,819people

Change · 10 yrs −2,029 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	9,848	n/a	n/a
FYE Dec 2017	9,570	−2.8%	n/a
FYE Dec 2018	9,252	−3.3%	n/a
FYE Dec 2019	9,071	−2.0%	n/a
FYE Dec 2020	6,593	−27.3%	n/a
FYE Dec 2021	5,983	−9.3%	n/a
FYE Dec 2022	6,825	+14.1%	n/a
FYE Dec 2023	7,488	+9.7%	n/a
FYE Dec 2024	7,717	+3.1%	n/a
FYE Dec 2025	7,819	+1.3%	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 Dec 2025 ¥69.4m

Change · 10 yrs +¥19.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	49.6	n/a	Cons.
FYE Dec 2017	49.9	+0.7%	Cons.
FYE Dec 2018	49.8	−0.1%	Cons.
FYE Dec 2019	50.5	+1.2%	Cons.
FYE Dec 2020	31.5	−37.7%	Cons.
FYE Dec 2021	44.3	+40.9%	Cons.
FYE Dec 2022	55.5	+25.1%	Cons.
FYE Dec 2023	74.9	+35.0%	Cons.
FYE Dec 2024	74.0	−1.2%	Cons.
FYE Dec 2025	69.4	−6.2%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥3.2m

Change · 10 yrs +¥1.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	2.0	n/a	Cons.
FYE Dec 2017	2.2	+12.7%	Cons.
FYE Dec 2018	2.1	−5.5%	Cons.
FYE Dec 2019	1.7	−19.2%	Cons.
FYE Dec 2020	-7.2	−518.6%	Cons.
FYE Dec 2021	-3.9	n/a	Cons.
FYE Dec 2022	1.2	n/a	Cons.
FYE Dec 2023	3.3	+180.1%	Cons.
FYE Dec 2024	3.6	+9.4%	Cons.
FYE Dec 2025	3.2	−10.0%	Cons.

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

Disclaimer

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

Accuracy, liability, reuse and privacy — the full disclaimer →

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