Financials

Tosei: FYE Nov 2025 and ten years of results (46 metrics)

FYE Nov 2025 · Revenue¥95bnYoY +15.2%

FYE Nov 2025 · Operating profit¥22bnYoY +20.8%

FYE Nov 2025 · Net profit¥15bnYoY +23.1%

FYE Nov 2018 · Equity ratio37.5%YoY −0.2pp

FYE Nov 2025 · Group employees875YoY +66

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Nov 2016Consolidated	¥50bn	n/a	¥9.3bn	n/a	18.6%	¥5.5bn	Yamaguchi Seiichiro	—
FYE Nov 2017Consolidated	¥58bn	+15.9%	¥9.8bn	+6.0%	17.0%	¥6.2bn	Yamaguchi Seiichiro	Hotel business opens with <em>Cocone</em> Kanda
FYE Nov 2018Consolidated	¥62bn	+6.6%	¥11bn	+10.6%	17.7%	¥6.9bn	Yamaguchi Seiichiro	—
FYE Nov 2019Consolidated	¥61bn	−1.3%	¥13bn	+16.7%	20.9%	¥8.4bn	Yamaguchi Seiichiro	—
FYE Nov 2020Consolidated	¥64bn	+5.3%	¥6.4bn	−49.4%	10.1%	¥3.6bn	Yamaguchi Seiichiro	Logistics development and crowdfunding added
FYE Nov 2021Consolidated	¥62bn	−3.5%	¥11bn	+70.6%	17.8%	¥6.7bn	Yamaguchi Seiichiro	—
FYE Nov 2022Consolidated	¥71bn	+14.9%	¥14bn	+23.2%	19.0%	¥8.6bn	Yamaguchi Seiichiro	—
FYE Nov 2023Consolidated	¥79bn	+12.0%	¥16bn	+20.3%	20.5%	¥11bn	Yamaguchi Seiichiro	—
FYE Nov 2024Consolidated	¥82bn	+3.5%	¥18bn	+13.7%	22.5%	¥12bn	Yamaguchi Seiichiro	Meitetsu alliance — a new largest shareholder at 15.47%
FYE Nov 2025Consolidated	¥95bn	+15.2%	¥22bn	+20.8%	23.6%	¥15bn	Yamaguchi Seiichiro	Record results; two-for-one share split

How it compares

Mitsui Fudosan¥2.71tnFY2025Operating margin 14.7%Mitsubishi Estate¥1.75tnFY2025Operating margin 18.9%Tokyu Fudosan Holdings¥1.25tnFY2025Operating margin 13.4%Sumitomo Realty & Development¥1.06tnFY2025Operating margin 28.3%Nomura Real Estate Holdings¥943bnFY2025Operating margin 14.7%Hulic¥727bnFY2025Operating margin 25.7%Tokyo Tatemono¥475bnFY2025Operating margin 20.2%Mori Building Co., Ltd.¥411bnFY2025Operating margin 23.8%

DAIKYO INCORPORATEDDelisted 2019

Nihonkuukoubirudengu¥290bnFY2025Operating margin 15.5%

Tosei¥95bnFY2025Operating margin 23.6%

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 Nov 2025 ¥95bn

CAGR · 10 yrs +7.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Nov 2016	49.8	n/a	Cons. · IFRS
FYE Nov 2017	57.8	+15.9%	Cons. · IFRS
FYE Nov 2018	61.5	+6.6%	Cons. · IFRS
FYE Nov 2019	60.7	−1.3%	Cons. · IFRS
FYE Nov 2020	63.9	+5.3%	Cons. · IFRS
FYE Nov 2021	61.7	−3.5%	Cons. · IFRS
FYE Nov 2022	71.0	+14.9%	Cons. · IFRS
FYE Nov 2023	79.4	+12.0%	Cons. · IFRS
FYE Nov 2024	82.2	+3.5%	Cons. · IFRS
FYE Nov 2025	94.7	+15.2%	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 Nov 2025 ¥55bn

CAGR · 10 yrs +5.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Nov 2016	33.5	n/a	Cons. · IFRS
FYE Nov 2017	40.9	+22.3%	Cons. · IFRS
FYE Nov 2018	42.8	+4.6%	Cons. · IFRS
FYE Nov 2019	39.9	−6.9%	Cons. · IFRS
FYE Nov 2020	49.1	+23.2%	Cons. · IFRS
FYE Nov 2021	41.0	−16.5%	Cons. · IFRS
FYE Nov 2022	45.7	+11.4%	Cons. · IFRS
FYE Nov 2023	49.2	+7.6%	Cons. · IFRS
FYE Nov 2024	47.0	−4.4%	Cons. · IFRS
FYE Nov 2025	54.8	+16.6%	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 Nov 2025 ¥40bn

CAGR · 10 yrs +10.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Nov 2016	16.3	n/a	Cons. · IFRS
FYE Nov 2017	16.8	+2.9%	Cons. · IFRS
FYE Nov 2018	18.7	+11.3%	Cons. · IFRS
FYE Nov 2019	20.8	+11.3%	Cons. · IFRS
FYE Nov 2020	14.8	−29.0%	Cons. · IFRS
FYE Nov 2021	20.7	+39.9%	Cons. · IFRS
FYE Nov 2022	25.3	+22.1%	Cons. · IFRS
FYE Nov 2023	30.3	+19.9%	Cons. · IFRS
FYE Nov 2024	35.2	+16.2%	Cons. · IFRS
FYE Nov 2025	39.9	+13.4%	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 Nov 2025 ¥18bn

CAGR · 10 yrs +10.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Nov 2016	7.0	n/a	Cons. · IFRS
FYE Nov 2017	7.2	+1.9%	Cons. · IFRS
FYE Nov 2018	7.9	+9.9%	Cons. · IFRS
FYE Nov 2019	8.2	+4.4%	Cons. · IFRS
FYE Nov 2020	8.4	+2.4%	Cons. · IFRS
FYE Nov 2021	9.8	+16.4%	Cons. · IFRS
FYE Nov 2022	12.1	+23.8%	Cons. · IFRS
FYE Nov 2023	14.2	+17.7%	Cons. · IFRS
FYE Nov 2024	16.2	+13.6%	Cons. · IFRS
FYE Nov 2025	17.7	+9.1%	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 Nov 2025 ¥22bn

CAGR · 10 yrs +10.3%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Nov 2016	9.3	n/a	Cons. · IFRS
FYE Nov 2017	9.8	+6.0%	Cons. · IFRS
FYE Nov 2018	10.9	+10.6%	Cons. · IFRS
FYE Nov 2019	12.7	+16.7%	Cons. · IFRS
FYE Nov 2020	6.4	−49.4%	Cons. · IFRS
FYE Nov 2021	11.0	+70.6%	Cons. · IFRS
FYE Nov 2022	13.5	+23.2%	Cons. · IFRS
FYE Nov 2023	16.3	+20.3%	Cons. · IFRS
FYE Nov 2024	18.5	+13.7%	Cons. · IFRS
FYE Nov 2025	22.3	+20.8%	Cons. · IFRS

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

Non-operating income

FYE Nov 2025 ¥694m

CAGR · 10 yrs +30.5%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Nov 2016	63.1	n/a	Cons. · IFRS
FYE Nov 2017	76.9	+21.9%	Cons. · IFRS
FYE Nov 2018	85.7	+11.5%	Cons. · IFRS
FYE Nov 2019	154	+80.2%	Cons. · IFRS
FYE Nov 2020	268	+73.5%	Cons. · IFRS
FYE Nov 2021	250	−6.9%	Cons. · IFRS
FYE Nov 2022	378	+51.3%	Cons. · IFRS
FYE Nov 2023	404	+7.0%	Cons. · IFRS
FYE Nov 2024	621	+53.7%	Cons. · IFRS
FYE Nov 2025	694	+11.8%	Cons. · IFRS

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

Non-operating expenses

FYE Nov 2025 ¥2.4bn

CAGR · 10 yrs +11.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Nov 2016	0.9	n/a	Cons. · IFRS
FYE Nov 2017	0.9	−3.5%	Cons. · IFRS
FYE Nov 2018	0.8	−8.2%	Cons. · IFRS
FYE Nov 2019	0.8	−4.5%	Cons. · IFRS
FYE Nov 2020	0.8	+5.2%	Cons. · IFRS
FYE Nov 2021	0.9	+14.9%	Cons. · IFRS
FYE Nov 2022	1.1	+24.7%	Cons. · IFRS
FYE Nov 2023	1.3	+18.4%	Cons. · IFRS
FYE Nov 2024	1.7	+29.4%	Cons. · IFRS
FYE Nov 2025	2.4	+37.6%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Nov 2025 ¥15bn

CAGR · 10 yrs +11.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Nov 2016	5.5	n/a	Cons. · IFRS
FYE Nov 2017	6.2	+11.0%	Cons. · IFRS
FYE Nov 2018	6.9	+11.3%	Cons. · IFRS
FYE Nov 2019	8.4	+23.3%	Cons. · IFRS
FYE Nov 2020	3.6	−57.4%	Cons. · IFRS
FYE Nov 2021	6.7	+86.6%	Cons. · IFRS
FYE Nov 2022	8.6	+28.1%	Cons. · IFRS
FYE Nov 2023	10.5	+22.1%	Cons. · IFRS
FYE Nov 2024	12.0	+14.1%	Cons. · IFRS
FYE Nov 2025	14.8	+23.1%	Cons. · IFRS

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

Gross margin

FYE Nov 2025 42.1%

Average · 10 yrs 34.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Nov 2016	32.8	n/a	Cons. · IFRS
FYE Nov 2017	29.1	−3.7pp	Cons. · IFRS
FYE Nov 2018	30.4	+1.3pp	Cons. · IFRS
FYE Nov 2019	34.3	+3.9pp	Cons. · IFRS
FYE Nov 2020	23.1	−11.2pp	Cons. · IFRS
FYE Nov 2021	33.5	+10.4pp	Cons. · IFRS
FYE Nov 2022	35.6	+2.1pp	Cons. · IFRS
FYE Nov 2023	38.1	+2.5pp	Cons. · IFRS
FYE Nov 2024	42.8	+4.7pp	Cons. · IFRS
FYE Nov 2025	42.1	−0.7pp	Cons. · IFRS

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

Operating margin

FYE Nov 2025 23.6%

Average · 10 yrs 18.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Nov 2016	18.6	n/a	Cons. · IFRS
FYE Nov 2017	17.0	−1.6pp	Cons. · IFRS
FYE Nov 2018	17.7	+0.6pp	Cons. · IFRS
FYE Nov 2019	20.9	+3.2pp	Cons. · IFRS
FYE Nov 2020	10.1	−10.8pp	Cons. · IFRS
FYE Nov 2021	17.8	+7.7pp	Cons. · IFRS
FYE Nov 2022	19.0	+1.3pp	Cons. · IFRS
FYE Nov 2023	20.5	+1.4pp	Cons. · IFRS
FYE Nov 2024	22.5	+2.0pp	Cons. · IFRS
FYE Nov 2025	23.6	+1.1pp	Cons. · IFRS

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

Net margin

FYE Nov 2025 15.6%

Average · 10 yrs 11.9%

Fiscal year	Net margin %	YoY	Basis
FYE Nov 2016	11.1	n/a	Cons. · IFRS
FYE Nov 2017	10.7	−0.5pp	Cons. · IFRS
FYE Nov 2018	11.1	+0.5pp	Cons. · IFRS
FYE Nov 2019	13.9	+2.8pp	Cons. · IFRS
FYE Nov 2020	5.6	−8.3pp	Cons. · IFRS
FYE Nov 2021	10.9	+5.3pp	Cons. · IFRS
FYE Nov 2022	12.1	+1.2pp	Cons. · IFRS
FYE Nov 2023	13.2	+1.1pp	Cons. · IFRS
FYE Nov 2024	14.6	+1.4pp	Cons. · IFRS
FYE Nov 2025	15.6	+1.0pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Nov 2025 57.9%

Average · 10 yrs 65.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Nov 2016	67.2	n/a	Cons. · IFRS
FYE Nov 2017	70.9	+3.7pp	Cons. · IFRS
FYE Nov 2018	69.6	−1.3pp	Cons. · IFRS
FYE Nov 2019	65.7	−3.9pp	Cons. · IFRS
FYE Nov 2020	76.9	+11.2pp	Cons. · IFRS
FYE Nov 2021	66.5	−10.4pp	Cons. · IFRS
FYE Nov 2022	64.4	−2.1pp	Cons. · IFRS
FYE Nov 2023	61.9	−2.5pp	Cons. · IFRS
FYE Nov 2024	57.2	−4.7pp	Cons. · IFRS
FYE Nov 2025	57.9	+0.7pp	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 Nov 2025 18.6%

Average · 10 yrs 15.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Nov 2016	14.1	n/a	Cons. · IFRS
FYE Nov 2017	12.4	−1.7pp	Cons. · IFRS
FYE Nov 2018	12.8	+0.4pp	Cons. · IFRS
FYE Nov 2019	13.5	+0.7pp	Cons. · IFRS
FYE Nov 2020	13.1	−0.4pp	Cons. · IFRS
FYE Nov 2021	15.8	+2.7pp	Cons. · IFRS
FYE Nov 2022	17.1	+1.2pp	Cons. · IFRS
FYE Nov 2023	17.9	+0.9pp	Cons. · IFRS
FYE Nov 2024	19.7	+1.8pp	Cons. · IFRS
FYE Nov 2025	18.6	−1.0pp	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 Nov 2025 ¥307bn

CAGR · 10 yrs +10.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Nov 2016	121	n/a	Cons. · IFRS
FYE Nov 2017	123	+1.1%	Cons. · IFRS
FYE Nov 2018	139	+13.2%	Cons. · IFRS
FYE Nov 2019	162	+16.7%	Cons. · IFRS
FYE Nov 2020	162	−0.1%	Cons. · IFRS
FYE Nov 2021	195	+20.6%	Cons. · IFRS
FYE Nov 2022	211	+8.2%	Cons. · IFRS
FYE Nov 2023	245	+16.3%	Cons. · IFRS
FYE Nov 2024	277	+12.8%	Cons. · IFRS
FYE Nov 2025	307	+11.1%	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 Nov 2025 n/a

CAGR · 3 yrs +12.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Nov 2016	41.0	n/a	Cons. · IFRS
FYE Nov 2017	46.2	+12.6%	Cons. · IFRS
FYE Nov 2018	52.0	+12.7%	Cons. · IFRS
FYE Nov 2019	n/a	n/a	Cons. · IFRS
FYE Nov 2020	n/a	n/a	Cons. · IFRS
FYE Nov 2021	n/a	n/a	Cons. · IFRS
FYE Nov 2022	n/a	n/a	Cons. · IFRS
FYE Nov 2023	n/a	n/a	Cons. · IFRS
FYE Nov 2024	n/a	n/a	Cons. · IFRS
FYE Nov 2025	n/a	n/a	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 Nov 2025 ¥183bn

CAGR · 8 yrs +13.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · IFRS
FYE Nov 2017	n/a	n/a	Cons. · IFRS
FYE Nov 2018	75.0	n/a	Cons. · IFRS
FYE Nov 2019	89.8	+19.8%	Cons. · IFRS
FYE Nov 2020	91.0	+1.3%	Cons. · IFRS
FYE Nov 2021	115	+26.3%	Cons. · IFRS
FYE Nov 2022	125	+8.6%	Cons. · IFRS
FYE Nov 2023	147	+17.4%	Cons. · IFRS
FYE Nov 2024	166	+13.2%	Cons. · IFRS
FYE Nov 2025	183	+10.1%	Cons. · IFRS

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

Short-term borrowings

FYE Nov 2025 ¥28bn

CAGR · 8 yrs +20.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · IFRS
FYE Nov 2017	n/a	n/a	Cons. · IFRS
FYE Nov 2018	7.3	n/a	Cons. · IFRS
FYE Nov 2019	16.3	+122.9%	Cons. · IFRS
FYE Nov 2020	11.8	−27.6%	Cons. · IFRS
FYE Nov 2021	11.4	−3.1%	Cons. · IFRS
FYE Nov 2022	13.7	+20.2%	Cons. · IFRS
FYE Nov 2023	13.8	+0.3%	Cons. · IFRS
FYE Nov 2024	20.8	+50.8%	Cons. · IFRS
FYE Nov 2025	27.6	+32.9%	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 Nov 2025 ¥155bn

CAGR · 8 yrs +12.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · IFRS
FYE Nov 2017	n/a	n/a	Cons. · IFRS
FYE Nov 2018	67.7	n/a	Cons. · IFRS
FYE Nov 2019	73.6	+8.6%	Cons. · IFRS
FYE Nov 2020	79.2	+7.7%	Cons. · IFRS
FYE Nov 2021	104	+30.7%	Cons. · IFRS
FYE Nov 2022	111	+7.3%	Cons. · IFRS
FYE Nov 2023	133	+19.5%	Cons. · IFRS
FYE Nov 2024	145	+9.3%	Cons. · IFRS
FYE Nov 2025	155	+6.8%	Cons. · IFRS

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

Intangible assets

FYE Nov 2025 ¥90.0m

CAGR · 8 yrs +0.3%

Fiscal year	Intangible assets ¥ m	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · IFRS
FYE Nov 2017	n/a	n/a	Cons. · IFRS
FYE Nov 2018	88.0	n/a	Cons. · IFRS
FYE Nov 2019	87.8	−0.2%	Cons. · IFRS
FYE Nov 2020	210	+138.9%	Cons. · IFRS
FYE Nov 2021	192	−8.5%	Cons. · IFRS
FYE Nov 2022	205	+7.1%	Cons. · IFRS
FYE Nov 2023	139	−32.4%	Cons. · IFRS
FYE Nov 2024	118	−15.2%	Cons. · IFRS
FYE Nov 2025	90.0	−23.6%	Cons. · IFRS

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

Goodwill

FYE Nov 2025 ¥1.4bn

CAGR · 5 yrs −0.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · IFRS
FYE Nov 2017	n/a	n/a	Cons. · IFRS
FYE Nov 2018	n/a	n/a	Cons. · IFRS
FYE Nov 2019	n/a	n/a	Cons. · IFRS
FYE Nov 2020	n/a	n/a	Cons. · IFRS
FYE Nov 2021	1.4	n/a	Cons. · IFRS
FYE Nov 2022	1.4	−0.0%	Cons. · IFRS
FYE Nov 2023	1.4	−0.0%	Cons. · IFRS
FYE Nov 2024	1.4	−0.0%	Cons. · IFRS
FYE Nov 2025	1.4	−0.0%	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 Nov 2025 n/a

Average · 3 yrs 36.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Nov 2016	33.8	n/a	Cons. · IFRS
FYE Nov 2017	37.7	+3.8pp	Cons. · IFRS
FYE Nov 2018	37.5	−0.2pp	Cons. · IFRS
FYE Nov 2019	n/a	n/a	Cons. · IFRS
FYE Nov 2020	n/a	n/a	Cons. · IFRS
FYE Nov 2021	n/a	n/a	Cons. · IFRS
FYE Nov 2022	n/a	n/a	Cons. · IFRS
FYE Nov 2023	n/a	n/a	Cons. · IFRS
FYE Nov 2024	n/a	n/a	Cons. · IFRS
FYE Nov 2025	n/a	n/a	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

ROE return on equity

FYE Nov 2025 n/a

Average · 3 yrs 13.3%

Fiscal year	ROE %	YoY	Basis
FYE Nov 2016	13.5	n/a	Cons. · IFRS
FYE Nov 2017	13.3	−0.2pp	Cons. · IFRS
FYE Nov 2018	13.2	−0.2pp	Cons. · IFRS
FYE Nov 2019	n/a	n/a	Cons. · IFRS
FYE Nov 2020	n/a	n/a	Cons. · IFRS
FYE Nov 2021	n/a	n/a	Cons. · IFRS
FYE Nov 2022	n/a	n/a	Cons. · IFRS
FYE Nov 2023	n/a	n/a	Cons. · IFRS
FYE Nov 2024	n/a	n/a	Cons. · IFRS
FYE Nov 2025	n/a	n/a	Cons. · IFRS

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

ROA return on assets

FYE Nov 2025 4.8%

Average · 10 yrs 4.3%

Fiscal year	ROA %	YoY	Basis
FYE Nov 2016	4.6	n/a	Cons. · IFRS
FYE Nov 2017	5.0	+0.4pp	Cons. · IFRS
FYE Nov 2018	4.9	−0.1pp	Cons. · IFRS
FYE Nov 2019	5.2	+0.3pp	Cons. · IFRS
FYE Nov 2020	2.2	−3.0pp	Cons. · IFRS
FYE Nov 2021	3.4	+1.2pp	Cons. · IFRS
FYE Nov 2022	4.1	+0.6pp	Cons. · IFRS
FYE Nov 2023	4.3	+0.2pp	Cons. · IFRS
FYE Nov 2024	4.3	−0.0pp	Cons. · IFRS
FYE Nov 2025	4.8	+0.5pp	Cons. · IFRS

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

Asset turnover

FYE Nov 2025 0.31×

CAGR · 10 yrs −3.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Nov 2016	0.41	n/a	Cons. · IFRS
FYE Nov 2017	0.47	+14.7%	Cons. · IFRS
FYE Nov 2018	0.44	−5.9%	Cons. · IFRS
FYE Nov 2019	0.38	−15.4%	Cons. · IFRS
FYE Nov 2020	0.40	+5.4%	Cons. · IFRS
FYE Nov 2021	0.32	−20.0%	Cons. · IFRS
FYE Nov 2022	0.34	+6.3%	Cons. · IFRS
FYE Nov 2023	0.32	−3.7%	Cons. · IFRS
FYE Nov 2024	0.30	−8.3%	Cons. · IFRS
FYE Nov 2025	0.31	+3.7%	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 Nov 2025 -¥1.7bn

Average · 10 yrs ¥0.8bn

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Nov 2016	-7.5	n/a	Cons. · IFRS
FYE Nov 2017	7.1	n/a	Cons. · IFRS
FYE Nov 2018	7.6	+7.4%	Cons. · IFRS
FYE Nov 2019	-3.8	−149.9%	Cons. · IFRS
FYE Nov 2020	12.5	n/a	Cons. · IFRS
FYE Nov 2021	1.0	−92.2%	Cons. · IFRS
FYE Nov 2022	-0.2	−120.2%	Cons. · IFRS
FYE Nov 2023	5.7	n/a	Cons. · IFRS
FYE Nov 2024	-13.0	−328.0%	Cons. · IFRS
FYE Nov 2025	-1.7	n/a	Cons. · IFRS

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

Investing cash flow

FYE Nov 2025 -¥3.5bn

Average · 10 yrs -¥7.5bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Nov 2016	-8.2	n/a	Cons. · IFRS
FYE Nov 2017	-0.0	n/a	Cons. · IFRS
FYE Nov 2018	-10.8	n/a	Cons. · IFRS
FYE Nov 2019	-2.1	n/a	Cons. · IFRS
FYE Nov 2020	-4.1	n/a	Cons. · IFRS
FYE Nov 2021	-15.4	n/a	Cons. · IFRS
FYE Nov 2022	-9.1	n/a	Cons. · IFRS
FYE Nov 2023	-16.1	n/a	Cons. · IFRS
FYE Nov 2024	-5.6	n/a	Cons. · IFRS
FYE Nov 2025	-3.5	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 Nov 2025 ¥9.9bn

CAGR · 10 yrs −6.7%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Nov 2016	18.5	n/a	Cons. · IFRS
FYE Nov 2017	-5.0	−126.8%	Cons. · IFRS
FYE Nov 2018	5.9	n/a	Cons. · IFRS
FYE Nov 2019	11.4	+92.1%	Cons. · IFRS
FYE Nov 2020	-3.4	−129.9%	Cons. · IFRS
FYE Nov 2021	11.0	n/a	Cons. · IFRS
FYE Nov 2022	7.5	−32.0%	Cons. · IFRS
FYE Nov 2023	17.8	+138.1%	Cons. · IFRS
FYE Nov 2024	14.3	−19.5%	Cons. · IFRS
FYE Nov 2025	9.9	−30.6%	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 Nov 2025 ¥40bn

CAGR · 10 yrs +6.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Nov 2016	21.6	n/a	Cons. · IFRS
FYE Nov 2017	23.8	+9.7%	Cons. · IFRS
FYE Nov 2018	26.5	+11.7%	Cons. · IFRS
FYE Nov 2019	32.0	+20.7%	Cons. · IFRS
FYE Nov 2020	37.0	+15.8%	Cons. · IFRS
FYE Nov 2021	33.6	−9.4%	Cons. · IFRS
FYE Nov 2022	31.8	−5.3%	Cons. · IFRS
FYE Nov 2023	39.2	+23.4%	Cons. · IFRS
FYE Nov 2024	34.9	−11.0%	Cons. · IFRS
FYE Nov 2025	39.6	+13.6%	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 Nov 2025 -¥5.2bn

Average · 10 yrs -¥6.7bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Nov 2016	-15.7	n/a	Cons. · IFRS
FYE Nov 2017	7.1	n/a	Cons. · IFRS
FYE Nov 2018	-3.2	−144.9%	Cons. · IFRS
FYE Nov 2019	-5.9	n/a	Cons. · IFRS
FYE Nov 2020	8.5	n/a	Cons. · IFRS
FYE Nov 2021	-14.5	−271.2%	Cons. · IFRS
FYE Nov 2022	-9.3	n/a	Cons. · IFRS
FYE Nov 2023	-10.4	n/a	Cons. · IFRS
FYE Nov 2024	-18.7	n/a	Cons. · IFRS
FYE Nov 2025	-5.2	n/a	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 Nov 2025 -1.8%

Average · 10 yrs 1.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Nov 2016	-15.0	n/a	Cons. · IFRS
FYE Nov 2017	12.3	+27.3pp	Cons. · IFRS
FYE Nov 2018	12.4	+0.1pp	Cons. · IFRS
FYE Nov 2019	-6.3	−18.6pp	Cons. · IFRS
FYE Nov 2020	19.6	+25.8pp	Cons. · IFRS
FYE Nov 2021	1.6	−18.0pp	Cons. · IFRS
FYE Nov 2022	-0.3	−1.9pp	Cons. · IFRS
FYE Nov 2023	7.2	+7.5pp	Cons. · IFRS
FYE Nov 2024	-15.9	−23.1pp	Cons. · IFRS
FYE Nov 2025	-1.8	+14.0pp	Cons. · IFRS

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

Net cash

FYE Nov 2025 -¥143bn

Average · 8 yrs -¥90bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Nov 2016	n/a	n/a	Cons. · IFRS
FYE Nov 2017	n/a	n/a	Cons. · IFRS
FYE Nov 2018	-48.5	n/a	Cons. · IFRS
FYE Nov 2019	-57.8	n/a	Cons. · IFRS
FYE Nov 2020	-53.9	n/a	Cons. · IFRS
FYE Nov 2021	-81.4	n/a	Cons. · IFRS
FYE Nov 2022	-93.1	n/a	Cons. · IFRS
FYE Nov 2023	-107	n/a	Cons. · IFRS
FYE Nov 2024	-131	n/a	Cons. · IFRS
FYE Nov 2025	-143	n/a	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Nov 2025 ¥161bn

Change · 10 yrs +¥121bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Nov 2016	40.1	n/a
FYE Nov 2017	52.9	n/a
FYE Nov 2018	50.0	n/a
FYE Nov 2019	64.7	n/a
FYE Nov 2020	56.6	n/a
FYE Nov 2021	46.9	n/a
FYE Nov 2022	68.3	n/a
FYE Nov 2023	87.7	n/a
FYE Nov 2024	119	n/a
FYE Nov 2025	161	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 Nov 2025 3,311¥

Change · 10 yrs +2,481¥

Fiscal year	Share price ¥	Basis
FYE Nov 2016	831	n/a
FYE Nov 2017	1,095	n/a
FYE Nov 2018	1,029	n/a
FYE Nov 2019	1,332	n/a
FYE Nov 2020	1,163	n/a
FYE Nov 2021	964	n/a
FYE Nov 2022	1,402	n/a
FYE Nov 2023	1,802	n/a
FYE Nov 2024	2,440	n/a
FYE Nov 2025	3,311	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 Nov 2025 48,683,800shares

Change · 10 yrs +399,800 shares

Fiscal year	Shares outstanding shares	Basis
FYE Nov 2016	48,284,000	Parent
FYE Nov 2017	48,284,000	Parent
FYE Nov 2018	48,544,800	Parent
FYE Nov 2019	48,595,300	Parent
FYE Nov 2020	48,683,800	Parent
FYE Nov 2021	48,683,800	Parent
FYE Nov 2022	48,683,800	Parent
FYE Nov 2023	48,683,800	Parent
FYE Nov 2024	48,683,800	Parent
FYE Nov 2025	48,683,800	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 Nov 2025 152.18¥

Change · 10 yrs +37.29¥

Fiscal year	EPS ¥	Basis
FYE Nov 2016	114.89	Cons.
FYE Nov 2017	127.48	Cons.
FYE Nov 2018	141.36	Cons.
FYE Nov 2019	176.40	Cons.
FYE Nov 2020	76.05	Cons.
FYE Nov 2021	71.28	Cons.
FYE Nov 2022	90.83	Cons.
FYE Nov 2023	109.87	Cons.
FYE Nov 2024	123.72	Cons.
FYE Nov 2025	152.18	Cons.

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

BPS book value per share

FYE Nov 2025 n/a

Change · 3 yrs +222.27¥

Fiscal year	BPS ¥	Basis
FYE Nov 2016	849.35	Cons. · IFRS
FYE Nov 2017	955.99	Cons. · IFRS
FYE Nov 2018	1,071.62	Cons. · IFRS
FYE Nov 2019	n/a	Cons. · IFRS
FYE Nov 2020	n/a	Cons. · IFRS
FYE Nov 2021	n/a	Cons. · IFRS
FYE Nov 2022	n/a	Cons. · IFRS
FYE Nov 2023	n/a	Cons. · IFRS
FYE Nov 2024	n/a	Cons. · IFRS
FYE Nov 2025	n/a	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Nov 2025 10.88×

Average · 10 yrs 8.94×

Fiscal year	PER ×	Basis
FYE Nov 2016	7.23	Cons.
FYE Nov 2017	8.59	Cons.
FYE Nov 2018	7.28	Cons.
FYE Nov 2019	7.55	Cons.
FYE Nov 2020	15.29	Cons.
FYE Nov 2021	6.76	Cons.
FYE Nov 2022	7.72	Cons.
FYE Nov 2023	8.20	Cons.
FYE Nov 2024	9.86	Cons.
FYE Nov 2025	10.88	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 Nov 2025 1.56×

Average · 10 yrs 1.07×

Fiscal year	PBR ×	Basis
FYE Nov 2016	0.98	Cons.
FYE Nov 2017	1.15	Cons.
FYE Nov 2018	0.96	Cons.
FYE Nov 2019	1.09	Cons.
FYE Nov 2020	0.93	Cons.
FYE Nov 2021	0.70	Cons.
FYE Nov 2022	0.92	Cons.
FYE Nov 2023	1.06	Cons.
FYE Nov 2024	1.31	Cons.
FYE Nov 2025	1.56	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 Nov 2025 875people

Change · 10 yrs +507 people

Fiscal year	Group employees people	YoY	Basis
FYE Nov 2016	368	n/a	Cons.
FYE Nov 2017	386	+4.9%	Cons.
FYE Nov 2018	431	+11.7%	Cons.
FYE Nov 2019	457	+6.0%	Cons.
FYE Nov 2020	509	+11.4%	Cons.
FYE Nov 2021	638	+25.3%	Cons.
FYE Nov 2022	663	+3.9%	Cons.
FYE Nov 2023	727	+9.7%	Cons.
FYE Nov 2024	809	+11.3%	Cons.
FYE Nov 2025	875	+8.2%	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 Nov 2025 302people

Change · 10 yrs +150 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Nov 2016	152	n/a	Parent
FYE Nov 2017	159	+4.6%	Parent
FYE Nov 2018	181	+13.8%	Parent
FYE Nov 2019	191	+5.5%	Parent
FYE Nov 2020	195	+2.1%	Parent
FYE Nov 2021	215	+10.3%	Parent
FYE Nov 2022	244	+13.5%	Parent
FYE Nov 2023	268	+9.8%	Parent
FYE Nov 2024	282	+5.2%	Parent
FYE Nov 2025	302	+7.1%	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 Nov 2025 944万円

Change · 7 yrs +152万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	792	n/a	Parent
FYE Nov 2020	705	−11.0%	Parent
FYE Nov 2021	773	+9.7%	Parent
FYE Nov 2022	804	+3.9%	Parent
FYE Nov 2023	848	+5.5%	Parent
FYE Nov 2024	904	+6.6%	Parent
FYE Nov 2025	944	+4.5%	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 Nov 2025 35.7years

Change · 7 yrs −1.5 years

Fiscal year	Average age years	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	37.2	n/a	Parent
FYE Nov 2020	37.9	+1.9%	Parent
FYE Nov 2021	38.7	+2.1%	Parent
FYE Nov 2022	36.1	−6.7%	Parent
FYE Nov 2023	36.6	+1.4%	Parent
FYE Nov 2024	36.6	−0.0%	Parent
FYE Nov 2025	35.7	−2.5%	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 Nov 2025 5.6years

Change · 7 yrs −0.2 years

Fiscal year	Average length of service years	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	5.8	n/a	Parent
FYE Nov 2020	5.7	−1.7%	Parent
FYE Nov 2021	5.4	−5.3%	Parent
FYE Nov 2022	5.2	−3.7%	Parent
FYE Nov 2023	5.6	+7.7%	Parent
FYE Nov 2024	5.7	+1.8%	Parent
FYE Nov 2025	5.6	−1.8%	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 Nov 2025 197people

Change · 10 yrs +42 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Nov 2016	155	n/a	n/a
FYE Nov 2017	156	+0.6%	n/a
FYE Nov 2018	139	−10.9%	n/a
FYE Nov 2019	124	−10.8%	n/a
FYE Nov 2020	141	+13.7%	n/a
FYE Nov 2021	175	+24.1%	n/a
FYE Nov 2022	193	+10.3%	n/a
FYE Nov 2023	216	+11.9%	n/a
FYE Nov 2024	231	+6.9%	n/a
FYE Nov 2025	197	−14.7%	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 Nov 2025 ¥108m

Change · 10 yrs −¥27.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Nov 2016	135	n/a	Cons.
FYE Nov 2017	150	+10.5%	Cons.
FYE Nov 2018	143	−4.6%	Cons.
FYE Nov 2019	133	−6.9%	Cons.
FYE Nov 2020	126	−5.5%	Cons.
FYE Nov 2021	96.7	−23.0%	Cons.
FYE Nov 2022	107	+10.6%	Cons.
FYE Nov 2023	109	+2.1%	Cons.
FYE Nov 2024	102	−7.0%	Cons.
FYE Nov 2025	108	+6.5%	Cons.

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

Operating profit per employee

FYE Nov 2025 ¥25.5m

Change · 10 yrs +¥0.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Nov 2016	25.2	n/a	Cons.
FYE Nov 2017	25.5	+1.0%	Cons.
FYE Nov 2018	25.2	−1.0%	Cons.
FYE Nov 2019	27.8	+10.1%	Cons.
FYE Nov 2020	12.6	−54.5%	Cons.
FYE Nov 2021	17.2	+36.1%	Cons.
FYE Nov 2022	20.4	+18.6%	Cons.
FYE Nov 2023	22.4	+9.7%	Cons.
FYE Nov 2024	22.9	+2.2%	Cons.
FYE Nov 2025	25.5	+11.7%	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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