Financials

SG Holdings (Sagawa): FYE Mar 2026 and ten years of results (51 metrics)

FYE Mar 2026 · Revenue¥1.64tnYoY +11.2%

FYE Mar 2026 · Operating profit¥90bnYoY +2.7%

FYE Mar 2026 · Net profit¥59bnYoY +1.6%

FYE Mar 2026 · Equity ratio44.4%YoY −11.3pp

FYE Mar 2026 · Group employees60,483YoY +2,212

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥930bn	n/a	¥49bn	n/a	5.3%	¥28bn	Machida Tadashi	Capital alliance with Hitachi Transport System
FYE Mar 2018Consolidated	¥1.05tn	+12.3%	¥63bn	+26.8%	6.0%	¥36bn	Machida Tadashi	Lists on the TSE First Section — Japan’s largest IPO of the year
FYE Mar 2019Consolidated	¥1.12tn	+7.0%	¥70bn	+12.2%	6.3%	¥43bn	Machida Tadashi	—
FYE Mar 2020Consolidated	¥1.17tn	+5.0%	¥75bn	+7.2%	6.4%	¥47bn	Araki Hideo	—
FYE Mar 2021Consolidated	¥1.31tn	+11.8%	¥102bn	+34.8%	7.8%	¥74bn	Araki Hideo	—
FYE Mar 2022Consolidated	¥1.59tn	+21.1%	¥156bn	+53.1%	9.8%	¥107bn	Araki Hideo	Record profits on e-commerce; Kuriwada returns as president
FYE Mar 2023Consolidated	¥1.43tn	−9.7%	¥135bn	−13.1%	9.4%	¥127bn	Kuriwada Eiichi	—
FYE Mar 2024Consolidated	¥1.32tn	−8.2%	¥89bn	−34.1%	6.8%	¥58bn	Kuriwada Eiichi	Matsumoto Shuichi becomes president
FYE Mar 2025Consolidated	¥1.48tn	+12.3%	¥88bn	−1.5%	5.9%	¥58bn	Matsumoto Hidekazu	Acquires C&F Logi Holdings for ¥123.7bn
FYE Mar 2026Consolidated	¥1.64tn	+11.2%	¥90bn	+2.7%	5.5%	¥59bn	Matsumoto Hidekazu	Acquires Morrison Express; SGH Story 2027

How it compares

Japan Post Holdings¥11.4tnFY2025Operating margin 9.4%Yamato Holdings¥1.87tnFY2025Operating margin 1.5%

SG Holdings (Sagawa)¥1.64tnFY2025Operating margin 5.5%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.64tn

CAGR · 10 yrs +6.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	930	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,045	+12.3%	Cons. · Japanese GAAP
FYE Mar 2019	1,118	+7.0%	Cons. · Japanese GAAP
FYE Mar 2020	1,173	+5.0%	Cons. · Japanese GAAP
FYE Mar 2021	1,312	+11.8%	Cons. · Japanese GAAP
FYE Mar 2022	1,588	+21.1%	Cons. · Japanese GAAP
FYE Mar 2023	1,435	−9.7%	Cons. · Japanese GAAP
FYE Mar 2024	1,317	−8.2%	Cons. · Japanese GAAP
FYE Mar 2025	1,479	+12.3%	Cons. · Japanese GAAP
FYE Mar 2026	1,645	+11.2%	Cons. · Japanese GAAP

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥1.45tn

CAGR · 10 yrs +6.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	844	n/a	Cons. · Japanese GAAP
FYE Mar 2018	937	+11.1%	Cons. · Japanese GAAP
FYE Mar 2019	1,002	+6.9%	Cons. · Japanese GAAP
FYE Mar 2020	1,053	+5.1%	Cons. · Japanese GAAP
FYE Mar 2021	1,163	+10.5%	Cons. · Japanese GAAP
FYE Mar 2022	1,376	+18.3%	Cons. · Japanese GAAP
FYE Mar 2023	1,238	−10.1%	Cons. · Japanese GAAP
FYE Mar 2024	1,163	−6.0%	Cons. · Japanese GAAP
FYE Mar 2025	1,319	+13.4%	Cons. · Japanese GAAP
FYE Mar 2026	1,455	+10.3%	Cons. · Japanese GAAP

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥190bn

CAGR · 10 yrs +9.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	86.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	108	+24.8%	Cons. · Japanese GAAP
FYE Mar 2019	116	+7.7%	Cons. · Japanese GAAP
FYE Mar 2020	120	+3.5%	Cons. · Japanese GAAP
FYE Mar 2021	149	+23.7%	Cons. · Japanese GAAP
FYE Mar 2022	212	+42.4%	Cons. · Japanese GAAP
FYE Mar 2023	197	−7.1%	Cons. · Japanese GAAP
FYE Mar 2024	154	−21.8%	Cons. · Japanese GAAP
FYE Mar 2025	160	+4.2%	Cons. · Japanese GAAP
FYE Mar 2026	190	+18.4%	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 Mar 2026 ¥100bn

CAGR · 10 yrs +11.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	37.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	45.3	+22.2%	Cons. · Japanese GAAP
FYE Mar 2019	46.0	+1.5%	Cons. · Japanese GAAP
FYE Mar 2020	44.9	−2.3%	Cons. · Japanese GAAP
FYE Mar 2021	47.2	+4.9%	Cons. · Japanese GAAP
FYE Mar 2022	56.4	+19.5%	Cons. · Japanese GAAP
FYE Mar 2023	61.8	+9.6%	Cons. · Japanese GAAP
FYE Mar 2024	64.8	+4.9%	Cons. · Japanese GAAP
FYE Mar 2025	72.6	+12.0%	Cons. · Japanese GAAP
FYE Mar 2026	99.6	+37.3%	Cons. · Japanese GAAP

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥90bn

CAGR · 10 yrs +6.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	49.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	62.7	+26.8%	Cons. · Japanese GAAP
FYE Mar 2019	70.4	+12.2%	Cons. · Japanese GAAP
FYE Mar 2020	75.4	+7.2%	Cons. · Japanese GAAP
FYE Mar 2021	102	+34.8%	Cons. · Japanese GAAP
FYE Mar 2022	156	+53.1%	Cons. · Japanese GAAP
FYE Mar 2023	135	−13.1%	Cons. · Japanese GAAP
FYE Mar 2024	89.2	−34.1%	Cons. · Japanese GAAP
FYE Mar 2025	87.8	−1.5%	Cons. · Japanese GAAP
FYE Mar 2026	90.2	+2.7%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥7.2bn

CAGR · 10 yrs +4.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.9	+21.8%	Cons. · Japanese GAAP
FYE Mar 2019	7.0	+17.3%	Cons. · Japanese GAAP
FYE Mar 2020	7.3	+4.2%	Cons. · Japanese GAAP
FYE Mar 2021	3.8	−47.6%	Cons. · Japanese GAAP
FYE Mar 2022	6.7	+75.6%	Cons. · Japanese GAAP
FYE Mar 2023	4.6	−31.4%	Cons. · Japanese GAAP
FYE Mar 2024	4.5	−0.7%	Cons. · Japanese GAAP
FYE Mar 2025	4.8	+4.6%	Cons. · Japanese GAAP
FYE Mar 2026	7.2	+52.0%	Cons. · Japanese GAAP

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

Non-operating expenses

FYE Mar 2026 ¥5.7bn

CAGR · 10 yrs +6.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	+20.3%	Cons. · Japanese GAAP
FYE Mar 2019	2.6	−32.3%	Cons. · Japanese GAAP
FYE Mar 2020	2.2	−15.1%	Cons. · Japanese GAAP
FYE Mar 2021	1.9	−14.2%	Cons. · Japanese GAAP
FYE Mar 2022	2.1	+12.7%	Cons. · Japanese GAAP
FYE Mar 2023	1.9	−8.8%	Cons. · Japanese GAAP
FYE Mar 2024	2.9	+51.6%	Cons. · Japanese GAAP
FYE Mar 2025	3.7	+28.8%	Cons. · Japanese GAAP
FYE Mar 2026	5.7	+52.4%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Mar 2026 ¥92bn

CAGR · 10 yrs +6.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	51.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	64.9	+26.7%	Cons. · Japanese GAAP
FYE Mar 2019	74.8	+15.3%	Cons. · Japanese GAAP
FYE Mar 2020	80.5	+7.7%	Cons. · Japanese GAAP
FYE Mar 2021	104	+28.7%	Cons. · Japanese GAAP
FYE Mar 2022	160	+54.6%	Cons. · Japanese GAAP
FYE Mar 2023	138	−13.9%	Cons. · Japanese GAAP
FYE Mar 2024	90.9	−34.1%	Cons. · Japanese GAAP
FYE Mar 2025	88.9	−2.2%	Cons. · Japanese GAAP
FYE Mar 2026	91.8	+3.3%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE Mar 2026 ¥5.6bn

CAGR · 10 yrs +28.6%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	−19.6%	Cons. · Japanese GAAP
FYE Mar 2019	0.1	−69.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.0	−69.7%	Cons. · Japanese GAAP
FYE Mar 2021	11.5	+26013.6%	Cons. · Japanese GAAP
FYE Mar 2022	3.0	−73.5%	Cons. · Japanese GAAP
FYE Mar 2023	49.8	+1539.5%	Cons. · Japanese GAAP
FYE Mar 2024	0.1	−99.8%	Cons. · Japanese GAAP
FYE Mar 2025	0.6	+400.0%	Cons. · Japanese GAAP
FYE Mar 2026	5.6	+877.5%	Cons. · Japanese GAAP

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

Extraordinary loss

FYE Mar 2026 n/a

CAGR · 3 yrs +46.8%

Fiscal year	Extraordinary loss ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	1.1	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	2.7	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	2.4	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥59bn

CAGR · 10 yrs +8.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	28.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	36.0	+26.6%	Cons. · Japanese GAAP
FYE Mar 2019	43.5	+20.7%	Cons. · Japanese GAAP
FYE Mar 2020	47.3	+8.8%	Cons. · Japanese GAAP
FYE Mar 2021	74.3	+57.2%	Cons. · Japanese GAAP
FYE Mar 2022	107	+43.6%	Cons. · Japanese GAAP
FYE Mar 2023	127	+18.5%	Cons. · Japanese GAAP
FYE Mar 2024	58.3	−53.9%	Cons. · Japanese GAAP
FYE Mar 2025	58.1	−0.3%	Cons. · Japanese GAAP
FYE Mar 2026	59.1	+1.6%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 11.5%

Average · 10 yrs 11.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	9.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.3	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	10.4	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	10.3	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	11.3	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	13.4	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2023	13.7	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	11.7	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2025	10.8	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	11.5	+0.7pp	Cons. · Japanese GAAP

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

Operating margin

FYE Mar 2026 5.5%

Average · 10 yrs 6.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	5.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.0	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	6.3	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	6.4	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	7.8	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2022	9.8	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2023	9.4	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	6.8	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2025	5.9	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	5.5	−0.5pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 5.6%

Average · 10 yrs 7.1%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	5.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.2	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	6.7	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	6.9	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	7.9	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	10.1	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2023	9.6	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2024	6.9	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2025	6.0	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2026	5.6	−0.4pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 3.6%

Average · 10 yrs 4.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.4	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	3.9	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	4.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	5.7	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2022	6.7	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2023	8.8	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2024	4.4	−4.4pp	Cons. · Japanese GAAP
FYE Mar 2025	3.9	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	3.6	−0.3pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 88.5%

Average · 10 yrs 88.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	90.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	89.7	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	89.6	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	89.7	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	88.7	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	86.6	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2023	86.3	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	88.3	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2025	89.2	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	88.5	−0.7pp	Cons. · Japanese GAAP

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

SG&A ratio

FYE Mar 2026 6.1%

Average · 10 yrs 4.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	4.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.3	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	4.1	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	3.8	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	3.6	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2022	3.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2023	4.3	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2024	4.9	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	4.9	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2026	6.1	+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 Mar 2026 ¥1.23tn

CAGR · 10 yrs +7.3%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	651	n/a	Cons. · Japanese GAAP
FYE Mar 2018	711	+9.2%	Cons. · Japanese GAAP
FYE Mar 2019	763	+7.3%	Cons. · Japanese GAAP
FYE Mar 2020	773	+1.3%	Cons. · Japanese GAAP
FYE Mar 2021	790	+2.3%	Cons. · Japanese GAAP
FYE Mar 2022	922	+16.6%	Cons. · Japanese GAAP
FYE Mar 2023	905	−1.8%	Cons. · Japanese GAAP
FYE Mar 2024	897	−0.9%	Cons. · Japanese GAAP
FYE Mar 2025	1,041	+16.0%	Cons. · Japanese GAAP
FYE Mar 2026	1,229	+18.1%	Cons. · Japanese GAAP

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

Equity net assets, shareholders' equity

FYE Mar 2026 ¥546bn

CAGR · 10 yrs +7.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	285	n/a	Cons. · Japanese GAAP
FYE Mar 2018	330	+15.5%	Cons. · Japanese GAAP
FYE Mar 2019	356	+7.9%	Cons. · Japanese GAAP
FYE Mar 2020	384	+7.9%	Cons. · Japanese GAAP
FYE Mar 2021	398	+3.7%	Cons. · Japanese GAAP
FYE Mar 2022	496	+24.6%	Cons. · Japanese GAAP
FYE Mar 2023	554	+11.6%	Cons. · Japanese GAAP
FYE Mar 2024	578	+4.3%	Cons. · Japanese GAAP
FYE Mar 2025	580	+0.5%	Cons. · Japanese GAAP
FYE Mar 2026	546	−5.9%	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 Mar 2026 ¥331bn

CAGR · 10 yrs +14.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	100	n/a	Cons. · Japanese GAAP
FYE Mar 2018	90.3	−9.8%	Cons. · Japanese GAAP
FYE Mar 2019	95.6	+5.8%	Cons. · Japanese GAAP
FYE Mar 2020	96.5	+1.0%	Cons. · Japanese GAAP
FYE Mar 2021	86.2	−10.7%	Cons. · Japanese GAAP
FYE Mar 2022	90.5	+5.0%	Cons. · Japanese GAAP
FYE Mar 2023	57.0	−37.0%	Cons. · Japanese GAAP
FYE Mar 2024	28.1	−50.7%	Cons. · Japanese GAAP
FYE Mar 2025	144	+412.6%	Cons. · Japanese GAAP
FYE Mar 2026	331	+129.7%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥205bn

CAGR · 10 yrs +74.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.4	+4.3%	Cons. · Japanese GAAP
FYE Mar 2019	1.3	−4.0%	Cons. · Japanese GAAP
FYE Mar 2020	18.5	+1281.3%	Cons. · Japanese GAAP
FYE Mar 2021	13.7	−26.0%	Cons. · Japanese GAAP
FYE Mar 2022	30.4	+122.3%	Cons. · Japanese GAAP
FYE Mar 2023	15.4	−49.4%	Cons. · Japanese GAAP
FYE Mar 2024	14.9	−3.1%	Cons. · Japanese GAAP
FYE Mar 2025	4.9	−67.1%	Cons. · Japanese GAAP
FYE Mar 2026	205	+4075.1%	Cons. · Japanese GAAP

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

Long-term borrowings

FYE Mar 2026 ¥126bn

CAGR · 10 yrs +2.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	98.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	88.9	−10.0%	Cons. · Japanese GAAP
FYE Mar 2019	94.2	+5.9%	Cons. · Japanese GAAP
FYE Mar 2020	78.0	−17.2%	Cons. · Japanese GAAP
FYE Mar 2021	72.5	−7.0%	Cons. · Japanese GAAP
FYE Mar 2022	60.1	−17.1%	Cons. · Japanese GAAP
FYE Mar 2023	41.7	−30.7%	Cons. · Japanese GAAP
FYE Mar 2024	13.2	−68.4%	Cons. · Japanese GAAP
FYE Mar 2025	139	+955.5%	Cons. · Japanese GAAP
FYE Mar 2026	126	−9.4%	Cons. · Japanese GAAP

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

Intangible assets

FYE Mar 2026 ¥217bn

CAGR · 10 yrs +27.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	24.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	26.0	+8.4%	Cons. · Japanese GAAP
FYE Mar 2019	23.0	−11.6%	Cons. · Japanese GAAP
FYE Mar 2020	25.5	+10.9%	Cons. · Japanese GAAP
FYE Mar 2021	24.9	−2.2%	Cons. · Japanese GAAP
FYE Mar 2022	24.5	−1.6%	Cons. · Japanese GAAP
FYE Mar 2023	37.9	+54.7%	Cons. · Japanese GAAP
FYE Mar 2024	40.9	+8.1%	Cons. · Japanese GAAP
FYE Mar 2025	105	+156.2%	Cons. · Japanese GAAP
FYE Mar 2026	217	+107.1%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2026 ¥146bn

CAGR · 10 yrs +43.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	5.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	−35.0%	Cons. · Japanese GAAP
FYE Mar 2019	2.7	−29.7%	Cons. · Japanese GAAP
FYE Mar 2020	4.0	+51.0%	Cons. · Japanese GAAP
FYE Mar 2021	4.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2022	2.3	−41.6%	Cons. · Japanese GAAP
FYE Mar 2023	7.2	+207.2%	Cons. · Japanese GAAP
FYE Mar 2024	8.4	+16.3%	Cons. · Japanese GAAP
FYE Mar 2025	64.7	+673.2%	Cons. · Japanese GAAP
FYE Mar 2026	146	+125.0%	Cons. · Japanese GAAP

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2026 44.4%

Average · 10 yrs 51.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	43.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	46.4	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2019	46.6	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	49.7	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2021	50.4	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	53.8	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2023	61.2	+7.4pp	Cons. · Japanese GAAP
FYE Mar 2024	64.4	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2025	55.8	−8.6pp	Cons. · Japanese GAAP
FYE Mar 2026	44.4	−11.3pp	Cons. · Japanese GAAP

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

Debt-to-equity ratio D/E ratio

FYE Mar 2026 60.6%

Average · 10 yrs 25.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	35.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	27.4	−7.7pp	Cons. · Japanese GAAP
FYE Mar 2019	26.9	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	25.1	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2021	21.6	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2022	18.2	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2023	10.3	−7.9pp	Cons. · Japanese GAAP
FYE Mar 2024	4.9	−5.4pp	Cons. · Japanese GAAP
FYE Mar 2025	24.8	+20.0pp	Cons. · Japanese GAAP
FYE Mar 2026	60.6	+35.7pp	Cons. · Japanese GAAP

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 10.8%

Average · 10 yrs 13.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	10.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.9	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	12.2	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2020	12.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	18.7	+6.3pp	Cons. · Japanese GAAP
FYE Mar 2022	21.5	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2023	22.8	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2024	10.1	−12.8pp	Cons. · Japanese GAAP
FYE Mar 2025	10.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	10.8	+0.8pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 4.8%

Average · 10 yrs 7.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.1	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	5.7	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	6.1	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	9.4	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2022	11.6	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2023	14.0	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2024	6.5	−7.5pp	Cons. · Japanese GAAP
FYE Mar 2025	5.6	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2026	4.8	−0.8pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 1.34×

CAGR · 10 yrs −0.7%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.43	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.47	+2.9%	Cons. · Japanese GAAP
FYE Mar 2019	1.47	−0.3%	Cons. · Japanese GAAP
FYE Mar 2020	1.52	+3.6%	Cons. · Japanese GAAP
FYE Mar 2021	1.66	+9.3%	Cons. · Japanese GAAP
FYE Mar 2022	1.72	+3.8%	Cons. · Japanese GAAP
FYE Mar 2023	1.59	−8.0%	Cons. · Japanese GAAP
FYE Mar 2024	1.47	−7.4%	Cons. · Japanese GAAP
FYE Mar 2025	1.42	−3.2%	Cons. · Japanese GAAP
FYE Mar 2026	1.34	−5.9%	Cons. · Japanese GAAP

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥125bn

CAGR · 10 yrs +12.3%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	43.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	101	+130.1%	Cons. · Japanese GAAP
FYE Mar 2019	86.8	−14.1%	Cons. · Japanese GAAP
FYE Mar 2020	53.6	−38.2%	Cons. · Japanese GAAP
FYE Mar 2021	121	+126.3%	Cons. · Japanese GAAP
FYE Mar 2022	81.8	−32.5%	Cons. · Japanese GAAP
FYE Mar 2023	165	+102.1%	Cons. · Japanese GAAP
FYE Mar 2024	77.6	−53.1%	Cons. · Japanese GAAP
FYE Mar 2025	119	+52.8%	Cons. · Japanese GAAP
FYE Mar 2026	125	+5.2%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥217bn

Average · 10 yrs -¥71bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-112	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-34.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-66.3	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-61.5	n/a	Cons. · Japanese GAAP
FYE Mar 2021	0.5	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-45.3	−9082.1%	Cons. · Japanese GAAP
FYE Mar 2023	28.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-41.4	−247.6%	Cons. · Japanese GAAP
FYE Mar 2025	-165	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-217	n/a	Cons. · Japanese GAAP

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2026 ¥66bn

CAGR · 10 yrs +2.9%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	51.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-28.4	−155.7%	Cons. · Japanese GAAP
FYE Mar 2019	-27.5	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-24.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-122	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-25.4	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-105	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-70.3	n/a	Cons. · Japanese GAAP
FYE Mar 2025	14.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	65.8	+370.0%	Cons. · Japanese GAAP

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥93bn

CAGR · 10 yrs +3.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	71.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	109	+52.9%	Cons. · Japanese GAAP
FYE Mar 2019	102	−6.3%	Cons. · Japanese GAAP
FYE Mar 2020	68.7	−32.4%	Cons. · Japanese GAAP
FYE Mar 2021	69.2	+0.7%	Cons. · Japanese GAAP
FYE Mar 2022	87.4	+26.4%	Cons. · Japanese GAAP
FYE Mar 2023	178	+104.0%	Cons. · Japanese GAAP
FYE Mar 2024	147	−17.4%	Cons. · Japanese GAAP
FYE Mar 2025	117	−20.6%	Cons. · Japanese GAAP
FYE Mar 2026	92.9	−20.5%	Cons. · Japanese GAAP

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 -¥92bn

Average · 10 yrs ¥26bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-67.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	66.4	n/a	Cons. · Japanese GAAP
FYE Mar 2019	20.5	−69.1%	Cons. · Japanese GAAP
FYE Mar 2020	-7.9	−138.8%	Cons. · Japanese GAAP
FYE Mar 2021	122	n/a	Cons. · Japanese GAAP
FYE Mar 2022	36.6	−70.0%	Cons. · Japanese GAAP
FYE Mar 2023	193	+429.1%	Cons. · Japanese GAAP
FYE Mar 2024	36.3	−81.2%	Cons. · Japanese GAAP
FYE Mar 2025	-46.1	−227.2%	Cons. · Japanese GAAP
FYE Mar 2026	-91.9	n/a	Cons. · Japanese GAAP

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

Operating cash flow margin

FYE Mar 2026 7.6%

Average · 10 yrs 7.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	4.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.7	+4.9pp	Cons. · Japanese GAAP
FYE Mar 2019	7.8	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2020	4.6	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2021	9.2	+4.7pp	Cons. · Japanese GAAP
FYE Mar 2022	5.2	−4.1pp	Cons. · Japanese GAAP
FYE Mar 2023	11.5	+6.4pp	Cons. · Japanese GAAP
FYE Mar 2024	5.9	−5.6pp	Cons. · Japanese GAAP
FYE Mar 2025	8.0	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2026	7.6	−0.4pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 -¥238bn

Average · 10 yrs -¥7.7bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-29.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	6.1	−66.3%	Cons. · Japanese GAAP
FYE Mar 2020	-27.8	−553.0%	Cons. · Japanese GAAP
FYE Mar 2021	-17.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2023	121	n/a	Cons. · Japanese GAAP
FYE Mar 2024	119	−1.7%	Cons. · Japanese GAAP
FYE Mar 2025	-27.2	−122.8%	Cons. · Japanese GAAP
FYE Mar 2026	-238	n/a	Cons. · Japanese GAAP

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

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

Market capitalisation

FYE Mar 2026 ¥947bn

Change · 9 yrs +¥202bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	744	n/a
FYE Mar 2019	1,032	n/a
FYE Mar 2020	824	n/a
FYE Mar 2021	1,625	n/a
FYE Mar 2022	1,481	n/a
FYE Mar 2023	1,255	n/a
FYE Mar 2024	1,219	n/a
FYE Mar 2025	958	n/a
FYE Mar 2026	947	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 1,478¥

Change · 9 yrs −846¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	n/a	n/a
FYE Mar 2018	2,325	n/a
FYE Mar 2019	3,224	n/a
FYE Mar 2020	2,573	n/a
FYE Mar 2021	2,537	n/a
FYE Mar 2022	2,312	n/a
FYE Mar 2023	1,960	n/a
FYE Mar 2024	1,903	n/a
FYE Mar 2025	1,496	n/a
FYE Mar 2026	1,478	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 640,394,000shares

Change · 10 yrs +533,662,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	106,732,000	Parent
FYE Mar 2018	320,197,000	Parent
FYE Mar 2019	320,197,000	Parent
FYE Mar 2020	320,197,000	Parent
FYE Mar 2021	640,394,000	Parent
FYE Mar 2022	640,394,000	Parent
FYE Mar 2023	640,394,000	Parent
FYE Mar 2024	640,394,000	Parent
FYE Mar 2025	640,394,000	Parent
FYE Mar 2026	640,394,000	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 98.17¥

Change · 10 yrs +52.34¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	45.83	Cons.
FYE Mar 2018	57.74	Cons.
FYE Mar 2019	68.43	Cons.
FYE Mar 2020	74.45	Cons.
FYE Mar 2021	117.03	Cons.
FYE Mar 2022	168.02	Cons.
FYE Mar 2023	199.56	Cons.
FYE Mar 2024	92.98	Cons.
FYE Mar 2025	92.92	Cons.
FYE Mar 2026	98.17	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 852.91¥

Change · 10 yrs −1,821.35¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	2,674.26	Cons. · Japanese GAAP
FYE Mar 2018	1,029.17	Cons. · Japanese GAAP
FYE Mar 2019	1,110.92	Cons. · Japanese GAAP
FYE Mar 2020	1,199.19	Cons. · Japanese GAAP
FYE Mar 2021	622.03	Cons. · Japanese GAAP
FYE Mar 2022	775.06	Cons. · Japanese GAAP
FYE Mar 2023	864.87	Cons. · Japanese GAAP
FYE Mar 2024	901.80	Cons. · Japanese GAAP
FYE Mar 2025	905.92	Cons. · Japanese GAAP
FYE Mar 2026	852.91	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 15.06×

Average · 9 yrs 17.54×

Fiscal year	PER ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	20.13	Cons.
FYE Mar 2019	23.56	Cons.
FYE Mar 2020	17.28	Cons.
FYE Mar 2021	21.68	Cons.
FYE Mar 2022	13.76	Cons.
FYE Mar 2023	9.82	Cons.
FYE Mar 2024	20.47	Cons.
FYE Mar 2025	16.10	Cons.
FYE Mar 2026	15.06	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 1.62×

Average · 9 yrs 2.42×

Fiscal year	PBR ×	Basis
FYE Mar 2017	n/a	Cons.
FYE Mar 2018	2.24	Cons.
FYE Mar 2019	2.88	Cons.
FYE Mar 2020	2.13	Cons.
FYE Mar 2021	4.05	Cons.
FYE Mar 2022	2.96	Cons.
FYE Mar 2023	2.23	Cons.
FYE Mar 2024	2.06	Cons.
FYE Mar 2025	1.61	Cons.
FYE Mar 2026	1.62	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 60,483people

Change · 10 yrs +15,289 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	45,194	n/a	Cons.
FYE Mar 2018	47,058	+4.1%	Cons.
FYE Mar 2019	49,260	+4.7%	Cons.
FYE Mar 2020	51,363	+4.3%	Cons.
FYE Mar 2021	52,021	+1.3%	Cons.
FYE Mar 2022	52,325	+0.6%	Cons.
FYE Mar 2023	52,268	−0.1%	Cons.
FYE Mar 2024	52,309	+0.1%	Cons.
FYE Mar 2025	58,271	+11.4%	Cons.
FYE Mar 2026	60,483	+3.8%	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 242people

Change · 10 yrs +51 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	191	n/a	Parent
FYE Mar 2018	211	+10.5%	Parent
FYE Mar 2019	219	+3.8%	Parent
FYE Mar 2020	211	−3.7%	Parent
FYE Mar 2021	220	+4.3%	Parent
FYE Mar 2022	231	+5.0%	Parent
FYE Mar 2023	294	+27.3%	Parent
FYE Mar 2024	234	−20.4%	Parent
FYE Mar 2025	236	+0.9%	Parent
FYE Mar 2026	242	+2.5%	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 786万円

Change · 8 yrs +102万円

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	684	n/a	Parent
FYE Mar 2020	667	−2.5%	Parent
FYE Mar 2021	705	+5.6%	Parent
FYE Mar 2022	729	+3.4%	Parent
FYE Mar 2023	763	+4.6%	Parent
FYE Mar 2024	739	−3.1%	Parent
FYE Mar 2025	769	+4.1%	Parent
FYE Mar 2026	786	+2.2%	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 38.5years

Change · 8 yrs +1.1 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	37.4	n/a	Parent
FYE Mar 2020	37.8	+1.1%	Parent
FYE Mar 2021	37.6	−0.5%	Parent
FYE Mar 2022	37.6	−0.0%	Parent
FYE Mar 2023	36.3	−3.5%	Parent
FYE Mar 2024	37.6	+3.6%	Parent
FYE Mar 2025	38.8	+3.2%	Parent
FYE Mar 2026	38.5	−0.8%	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 9.9years

Change · 8 yrs +0.2 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	9.7	n/a	Parent
FYE Mar 2020	10.0	+3.1%	Parent
FYE Mar 2021	9.4	−6.0%	Parent
FYE Mar 2022	9.3	−1.1%	Parent
FYE Mar 2023	8.4	−9.7%	Parent
FYE Mar 2024	8.6	+2.4%	Parent
FYE Mar 2025	9.8	+14.0%	Parent
FYE Mar 2026	9.9	+1.0%	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 Mar 2026 45,281people

Change · 10 yrs +9,428 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	35,853	n/a	n/a
FYE Mar 2018	38,843	+8.3%	n/a
FYE Mar 2019	43,722	+12.6%	n/a
FYE Mar 2020	43,928	+0.5%	n/a
FYE Mar 2021	45,753	+4.2%	n/a
FYE Mar 2022	44,211	−3.4%	n/a
FYE Mar 2023	41,819	−5.4%	n/a
FYE Mar 2024	41,094	−1.7%	n/a
FYE Mar 2025	46,324	+12.7%	n/a
FYE Mar 2026	45,281	−2.3%	n/a

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

Revenue per employee

FYE Mar 2026 ¥27.2m

Change · 10 yrs +¥6.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	20.6	n/a	Cons.
FYE Mar 2018	22.2	+7.9%	Cons.
FYE Mar 2019	22.7	+2.2%	Cons.
FYE Mar 2020	22.8	+0.7%	Cons.
FYE Mar 2021	25.2	+10.4%	Cons.
FYE Mar 2022	30.4	+20.4%	Cons.
FYE Mar 2023	27.4	−9.6%	Cons.
FYE Mar 2024	25.2	−8.3%	Cons.
FYE Mar 2025	25.4	+0.8%	Cons.
FYE Mar 2026	27.2	+7.1%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.5m

Change · 10 yrs +¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons.
FYE Mar 2018	1.3	+21.7%	Cons.
FYE Mar 2019	1.4	+7.2%	Cons.
FYE Mar 2020	1.5	+2.8%	Cons.
FYE Mar 2021	2.0	+33.1%	Cons.
FYE Mar 2022	3.0	+52.2%	Cons.
FYE Mar 2023	2.6	−13.0%	Cons.
FYE Mar 2024	1.7	−34.1%	Cons.
FYE Mar 2025	1.5	−11.6%	Cons.
FYE Mar 2026	1.5	−1.0%	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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