Financials

GMO Internet Group: FYE Dec 2025 and ten years of results (50 metrics)

FYE Dec 2025 · Revenue¥286bnYoY +3.0%

FYE Dec 2025 · Operating profit¥59bnYoY +19.5%

FYE Dec 2025 · Net profit¥16bnYoY +20.4%

FYE Dec 2025 · Equity ratio3.9%YoY +1.3pp

FYE Dec 2025 · Group employees6,484YoY +151

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥135bn	n/a	¥17bn	n/a	12.6%	¥7.2bn	Kumagai Masatoshi	—
FYE Dec 2017Consolidated	¥154bn	+14.2%	¥18bn	+3.7%	11.4%	¥8.0bn	Kumagai Masatoshi	Crypto exchange, then crypto mining
FYE Dec 2018Consolidated	¥185bn	+20.0%	¥22bn	+23.5%	11.8%	-¥21bn	Kumagai Masatoshi	GMO Aozora Net Bank opens; <span class="en-history_money" data-yen="37285000000" data-year="2018">$337.7M (¥37bn)</span> mining write-off
FYE Dec 2019Consolidated	¥196bn	+5.9%	¥25bn	+16.0%	12.9%	¥8.3bn	Kumagai Masatoshi	—
FYE Dec 2020Consolidated	¥211bn	+7.3%	¥28bn	+10.3%	13.2%	¥10bn	Kumagai Masatoshi	—
FYE Dec 2021Consolidated	¥242bn	+14.7%	¥41bn	+47.6%	17.0%	¥18bn	Kumagai Masatoshi	—
FYE Dec 2022Consolidated	¥246bn	+1.7%	¥44bn	+6.3%	17.8%	¥13bn	Kumagai Masatoshi	Renamed GMO Internet Group; parent moves to the TSE Prime Market
FYE Dec 2023Consolidated	¥259bn	+5.3%	¥42bn	−2.9%	16.4%	¥14bn	Kumagai Masatoshi	—
FYE Dec 2024Consolidated	¥277bn	+7.3%	¥49bn	+16.5%	17.8%	¥13bn	Kumagai Masatoshi	GMO AI & Robotics Shoji founded
FYE Dec 2025Consolidated	¥286bn	+3.0%	¥59bn	+19.5%	20.7%	¥16bn	Kumagai Masatoshi	Operating businesses hived off; the parent becomes a holding company

How it compares

Internet Initiative Japan¥345bnFY2025Operating margin 10.1%

GMO Internet Group¥286bnFY2025Operating margin 20.7%

SAKURA internet¥35bnFY2025Operating margin −1.1%

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 Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥286bn

CAGR · 10 yrs +8.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	135	n/a	Cons. · Japanese GAAP
FYE Dec 2017	154	+14.2%	Cons. · Japanese GAAP
FYE Dec 2018	185	+20.0%	Cons. · Japanese GAAP
FYE Dec 2019	196	+5.9%	Cons. · Japanese GAAP
FYE Dec 2020	211	+7.3%	Cons. · Japanese GAAP
FYE Dec 2021	242	+14.7%	Cons. · Japanese GAAP
FYE Dec 2022	246	+1.7%	Cons. · Japanese GAAP
FYE Dec 2023	259	+5.3%	Cons. · Japanese GAAP
FYE Dec 2024	277	+7.3%	Cons. · Japanese GAAP
FYE Dec 2025	286	moved to IFRS	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 Dec 2025 ¥114bn

CAGR · 10 yrs +6.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	66.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	78.3	+17.3%	Cons. · Japanese GAAP
FYE Dec 2018	94.9	+21.1%	Cons. · Japanese GAAP
FYE Dec 2019	100	+5.8%	Cons. · Japanese GAAP
FYE Dec 2020	105	+4.5%	Cons. · Japanese GAAP
FYE Dec 2021	113	+7.5%	Cons. · Japanese GAAP
FYE Dec 2022	95.8	−15.0%	Cons. · Japanese GAAP
FYE Dec 2023	106	+10.1%	Cons. · Japanese GAAP
FYE Dec 2024	109	+3.6%	Cons. · Japanese GAAP
FYE Dec 2025	114	moved to IFRS	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 Dec 2025 ¥171bn

CAGR · 10 yrs +10.8%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	68.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	75.9	+11.2%	Cons. · Japanese GAAP
FYE Dec 2018	90.3	+18.9%	Cons. · Japanese GAAP
FYE Dec 2019	95.8	+6.1%	Cons. · Japanese GAAP
FYE Dec 2020	106	+10.3%	Cons. · Japanese GAAP
FYE Dec 2021	129	+22.0%	Cons. · Japanese GAAP
FYE Dec 2022	150	+16.3%	Cons. · Japanese GAAP
FYE Dec 2023	153	+2.2%	Cons. · Japanese GAAP
FYE Dec 2024	170	+11.0%	Cons. · Japanese GAAP
FYE Dec 2025	171	moved to IFRS	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 Dec 2025 ¥110bn

CAGR · 10 yrs +8.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	51.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	58.3	+13.8%	Cons. · Japanese GAAP
FYE Dec 2018	68.5	+17.5%	Cons. · Japanese GAAP
FYE Dec 2019	70.5	+2.9%	Cons. · Japanese GAAP
FYE Dec 2020	77.8	+10.3%	Cons. · Japanese GAAP
FYE Dec 2021	87.7	+12.8%	Cons. · Japanese GAAP
FYE Dec 2022	106	+21.0%	Cons. · Japanese GAAP
FYE Dec 2023	111	+4.3%	Cons. · Japanese GAAP
FYE Dec 2024	117	+6.1%	Cons. · Japanese GAAP
FYE Dec 2025	110	moved to IFRS	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 Dec 2025 ¥59bn

CAGR · 10 yrs +14.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	17.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	17.6	+3.7%	Cons. · Japanese GAAP
FYE Dec 2018	21.8	+23.5%	Cons. · Japanese GAAP
FYE Dec 2019	25.3	+16.0%	Cons. · Japanese GAAP
FYE Dec 2020	27.9	+10.3%	Cons. · Japanese GAAP
FYE Dec 2021	41.2	+47.6%	Cons. · Japanese GAAP
FYE Dec 2022	43.7	+6.3%	Cons. · Japanese GAAP
FYE Dec 2023	42.5	−2.9%	Cons. · Japanese GAAP
FYE Dec 2024	49.5	+16.5%	Cons. · Japanese GAAP
FYE Dec 2025	59.1	moved to IFRS	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥3.0bn

CAGR · 10 yrs +26.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	0.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.4	+17.2%	Cons. · Japanese GAAP
FYE Dec 2018	0.8	+81.4%	Cons. · Japanese GAAP
FYE Dec 2019	0.8	−1.9%	Cons. · Japanese GAAP
FYE Dec 2020	1.2	+63.2%	Cons. · Japanese GAAP
FYE Dec 2021	4.0	+223.1%	Cons. · Japanese GAAP
FYE Dec 2022	5.1	+27.5%	Cons. · Japanese GAAP
FYE Dec 2023	8.3	+62.2%	Cons. · Japanese GAAP
FYE Dec 2024	4.5	−45.7%	Cons. · Japanese GAAP
FYE Dec 2025	3.0	moved to IFRS	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 Dec 2025 ¥9.3bn

CAGR · 10 yrs +33.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	0.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.8	+8.6%	Cons. · Japanese GAAP
FYE Dec 2018	3.4	+353.7%	Cons. · Japanese GAAP
FYE Dec 2019	1.5	−55.2%	Cons. · Japanese GAAP
FYE Dec 2020	2.0	+30.4%	Cons. · Japanese GAAP
FYE Dec 2021	1.8	−10.4%	Cons. · Japanese GAAP
FYE Dec 2022	2.9	+58.9%	Cons. · Japanese GAAP
FYE Dec 2023	4.8	+69.9%	Cons. · Japanese GAAP
FYE Dec 2024	5.4	+11.0%	Cons. · Japanese GAAP
FYE Dec 2025	9.3	moved to IFRS	Cons. · IFRS

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 n/a

CAGR · 9 yrs +13.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	16.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	17.3	+3.8%	Cons. · Japanese GAAP
FYE Dec 2018	19.1	+10.5%	Cons. · Japanese GAAP
FYE Dec 2019	24.5	+28.1%	Cons. · Japanese GAAP
FYE Dec 2020	27.1	+10.7%	Cons. · Japanese GAAP
FYE Dec 2021	43.4	+59.9%	Cons. · Japanese GAAP
FYE Dec 2022	46.0	+6.1%	Cons. · Japanese GAAP
FYE Dec 2023	45.9	−0.2%	Cons. · Japanese GAAP
FYE Dec 2024	46.6	+1.3%	Cons. · Japanese GAAP
FYE Dec 2025	n/a	moved to IFRS	Cons. · IFRS

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 n/a

CAGR · 9 yrs +7.3%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	1.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.7	−31.3%	Cons. · Japanese GAAP
FYE Dec 2018	1.2	+76.0%	Cons. · Japanese GAAP
FYE Dec 2019	1.9	+64.7%	Cons. · Japanese GAAP
FYE Dec 2020	9.2	+374.0%	Cons. · Japanese GAAP
FYE Dec 2021	1.1	−87.6%	Cons. · Japanese GAAP
FYE Dec 2022	22.2	+1847.9%	Cons. · Japanese GAAP
FYE Dec 2023	0.1	−99.5%	Cons. · Japanese GAAP
FYE Dec 2024	1.7	+1380.9%	Cons. · Japanese GAAP
FYE Dec 2025	n/a	moved to IFRS	Cons. · IFRS

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 ¥16bn

CAGR · 10 yrs +9.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	7.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	8.0	+11.0%	Cons. · Japanese GAAP
FYE Dec 2018	-20.7	−357.9%	Cons. · Japanese GAAP
FYE Dec 2019	8.3	n/a	Cons. · Japanese GAAP
FYE Dec 2020	10.3	+23.4%	Cons. · Japanese GAAP
FYE Dec 2021	17.5	+70.4%	Cons. · Japanese GAAP
FYE Dec 2022	13.2	−24.6%	Cons. · Japanese GAAP
FYE Dec 2023	14.2	+7.4%	Cons. · Japanese GAAP
FYE Dec 2024	13.4	−5.8%	Cons. · Japanese GAAP
FYE Dec 2025	16.1	moved to IFRS	Cons. · IFRS

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

Gross margin

FYE Dec 2025 59.9%

Average · 10 yrs 54.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	50.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	49.2	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2018	48.8	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2019	48.8	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2020	50.2	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2021	53.3	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2022	61.0	+7.7pp	Cons. · Japanese GAAP
FYE Dec 2023	59.2	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2024	61.3	+2.1pp	Cons. · Japanese GAAP
FYE Dec 2025	59.9	moved to IFRS	Cons. · IFRS

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

Operating margin

FYE Dec 2025 20.7%

Average · 10 yrs 15.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	12.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.4	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2018	11.8	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2019	12.9	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2020	13.2	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	17.0	+3.8pp	Cons. · Japanese GAAP
FYE Dec 2022	17.8	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2023	16.4	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2024	17.8	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2025	20.7	moved to IFRS	Cons. · IFRS

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

Ordinary margin

FYE Dec 2025 n/a

Average · 9 yrs 14.5%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	12.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	11.2	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2018	10.3	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2019	12.5	+2.2pp	Cons. · Japanese GAAP
FYE Dec 2020	12.9	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	18.0	+5.1pp	Cons. · Japanese GAAP
FYE Dec 2022	18.7	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2023	17.8	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2024	16.8	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	n/a	moved to IFRS	Cons. · IFRS

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

Net margin

FYE Dec 2025 5.6%

Average · 10 yrs 3.7%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	5.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.2	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	-11.2	−16.4pp	Cons. · Japanese GAAP
FYE Dec 2019	4.2	+15.4pp	Cons. · Japanese GAAP
FYE Dec 2020	4.9	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2021	7.3	+2.4pp	Cons. · Japanese GAAP
FYE Dec 2022	5.4	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2023	5.5	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2024	4.8	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2025	5.6	moved to IFRS	Cons. · IFRS

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

Cost-of-sales ratio

FYE Dec 2025 40.0%

Average · 10 yrs 45.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	49.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	50.8	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2018	51.2	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2019	51.2	−0.1pp	Cons. · Japanese GAAP
FYE Dec 2020	49.8	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2021	46.7	−3.2pp	Cons. · Japanese GAAP
FYE Dec 2022	39.0	−7.7pp	Cons. · Japanese GAAP
FYE Dec 2023	40.8	+1.8pp	Cons. · Japanese GAAP
FYE Dec 2024	39.4	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2025	40.0	moved to IFRS	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 Dec 2025 38.5%

Average · 10 yrs 38.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	37.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	37.8	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	37.0	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2019	35.9	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2020	36.9	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2021	36.3	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2022	43.2	+6.9pp	Cons. · Japanese GAAP
FYE Dec 2023	42.8	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2024	42.3	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2025	38.5	moved to IFRS	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 Dec 2025 ¥2.27tn

CAGR · 10 yrs +16.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	589	n/a	Cons. · Japanese GAAP
FYE Dec 2017	749	+27.2%	Cons. · Japanese GAAP
FYE Dec 2018	752	+0.4%	Cons. · Japanese GAAP
FYE Dec 2019	871	+15.8%	Cons. · Japanese GAAP
FYE Dec 2020	1,071	+22.9%	Cons. · Japanese GAAP
FYE Dec 2021	1,419	+32.5%	Cons. · Japanese GAAP
FYE Dec 2022	1,543	+8.7%	Cons. · Japanese GAAP
FYE Dec 2023	1,758	+13.9%	Cons. · Japanese GAAP
FYE Dec 2024	2,151	+22.4%	Cons. · Japanese GAAP
FYE Dec 2025	2,272	moved to IFRS	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 Dec 2025 ¥89bn

CAGR · 10 yrs +9.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	39.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	43.8	+10.5%	Cons. · Japanese GAAP
FYE Dec 2018	52.5	+19.9%	Cons. · Japanese GAAP
FYE Dec 2019	53.9	+2.6%	Cons. · Japanese GAAP
FYE Dec 2020	51.0	−5.4%	Cons. · Japanese GAAP
FYE Dec 2021	73.6	+44.4%	Cons. · Japanese GAAP
FYE Dec 2022	72.2	−1.9%	Cons. · Japanese GAAP
FYE Dec 2023	82.6	+14.4%	Cons. · Japanese GAAP
FYE Dec 2024	56.6	−31.5%	Cons. · Japanese GAAP
FYE Dec 2025	88.6	moved to IFRS	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 Dec 2025 ¥601bn

CAGR · 10 yrs +27.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	69.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	111	+60.3%	Cons. · Japanese GAAP
FYE Dec 2018	84.6	−23.4%	Cons. · Japanese GAAP
FYE Dec 2019	129	+52.9%	Cons. · Japanese GAAP
FYE Dec 2020	181	+39.9%	Cons. · Japanese GAAP
FYE Dec 2021	219	+21.0%	Cons. · Japanese GAAP
FYE Dec 2022	299	+36.3%	Cons. · Japanese GAAP
FYE Dec 2023	329	+10.2%	Cons. · Japanese GAAP
FYE Dec 2024	554	+68.2%	Cons. · Japanese GAAP
FYE Dec 2025	601	moved to IFRS	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥291bn

CAGR · 10 yrs +19.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	60.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	88.8	+47.5%	Cons. · Japanese GAAP
FYE Dec 2018	75.1	−15.4%	Cons. · Japanese GAAP
FYE Dec 2019	118	+56.5%	Cons. · Japanese GAAP
FYE Dec 2020	169	+44.1%	Cons. · Japanese GAAP
FYE Dec 2021	163	−3.5%	Cons. · Japanese GAAP
FYE Dec 2022	201	+23.2%	Cons. · Japanese GAAP
FYE Dec 2023	184	−8.5%	Cons. · Japanese GAAP
FYE Dec 2024	198	+7.6%	Cons. · Japanese GAAP
FYE Dec 2025	291	moved to IFRS	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 Dec 2025 ¥310bn

CAGR · 10 yrs +48.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	8.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	21.7	+148.6%	Cons. · Japanese GAAP
FYE Dec 2018	9.5	−56.2%	Cons. · Japanese GAAP
FYE Dec 2019	11.9	+24.6%	Cons. · Japanese GAAP
FYE Dec 2020	11.7	−1.1%	Cons. · Japanese GAAP
FYE Dec 2021	55.7	+374.3%	Cons. · Japanese GAAP
FYE Dec 2022	97.4	+74.9%	Cons. · Japanese GAAP
FYE Dec 2023	145	+48.9%	Cons. · Japanese GAAP
FYE Dec 2024	188	+29.8%	Cons. · Japanese GAAP
FYE Dec 2025	310	moved to IFRS	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 Dec 2025 ¥34bn

CAGR · 10 yrs +9.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	15.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	20.4	+30.6%	Cons. · Japanese GAAP
FYE Dec 2018	16.1	−21.0%	Cons. · Japanese GAAP
FYE Dec 2019	16.6	+3.0%	Cons. · Japanese GAAP
FYE Dec 2020	15.0	−9.6%	Cons. · Japanese GAAP
FYE Dec 2021	39.6	+163.8%	Cons. · Japanese GAAP
FYE Dec 2022	45.9	+16.1%	Cons. · Japanese GAAP
FYE Dec 2023	44.3	−3.6%	Cons. · Japanese GAAP
FYE Dec 2024	46.0	+3.7%	Cons. · Japanese GAAP
FYE Dec 2025	34.1	moved to IFRS	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥25bn

CAGR · 10 yrs +23.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	3.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	2.3	−40.1%	Cons. · Japanese GAAP
FYE Dec 2018	1.8	−20.2%	Cons. · Japanese GAAP
FYE Dec 2019	2.8	+50.7%	Cons. · Japanese GAAP
FYE Dec 2020	0.7	−76.3%	Cons. · Japanese GAAP
FYE Dec 2021	14.3	+2069.1%	Cons. · Japanese GAAP
FYE Dec 2022	17.7	+24.3%	Cons. · Japanese GAAP
FYE Dec 2023	16.0	−9.9%	Cons. · Japanese GAAP
FYE Dec 2024	19.7	+23.8%	Cons. · Japanese GAAP
FYE Dec 2025	25.5	moved to IFRS	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 Dec 2025 3.9%

Average · 10 yrs 5.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	6.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.8	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2018	7.0	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2019	6.2	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2020	4.8	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2021	5.2	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2022	4.7	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2023	4.7	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2024	2.6	−2.1pp	Cons. · Japanese GAAP
FYE Dec 2025	3.9	moved to IFRS	Cons. · IFRS

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

Debt-to-equity ratio D/E ratio

FYE Dec 2025 678.6%

Average · 10 yrs 395.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	174.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	252.6	+78.5pp	Cons. · Japanese GAAP
FYE Dec 2018	161.2	−91.4pp	Cons. · Japanese GAAP
FYE Dec 2019	240.2	+79.0pp	Cons. · Japanese GAAP
FYE Dec 2020	355.2	+115.0pp	Cons. · Japanese GAAP
FYE Dec 2021	297.7	−57.4pp	Cons. · Japanese GAAP
FYE Dec 2022	413.6	+115.9pp	Cons. · Japanese GAAP
FYE Dec 2023	398.5	−15.1pp	Cons. · Japanese GAAP
FYE Dec 2024	978.1	+579.6pp	Cons. · Japanese GAAP
FYE Dec 2025	678.6	moved to IFRS	Cons. · IFRS

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

ROE return on equity

FYE Dec 2025 18.2%

Average · 10 yrs 13.4%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	18.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	18.3	+0.1pp	Cons. · Japanese GAAP
FYE Dec 2018	-39.4	−57.8pp	Cons. · Japanese GAAP
FYE Dec 2019	15.5	+54.9pp	Cons. · Japanese GAAP
FYE Dec 2020	20.2	+4.7pp	Cons. · Japanese GAAP
FYE Dec 2021	23.8	+3.6pp	Cons. · Japanese GAAP
FYE Dec 2022	18.3	−5.5pp	Cons. · Japanese GAAP
FYE Dec 2023	17.2	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2024	23.6	+6.4pp	Cons. · Japanese GAAP
FYE Dec 2025	18.2	moved to IFRS	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 0.7%

Average · 10 yrs 0.6%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	1.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	1.1	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	-2.8	−3.8pp	Cons. · Japanese GAAP
FYE Dec 2019	1.0	+3.7pp	Cons. · Japanese GAAP
FYE Dec 2020	1.0	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2021	1.2	+0.3pp	Cons. · Japanese GAAP
FYE Dec 2022	0.9	−0.4pp	Cons. · Japanese GAAP
FYE Dec 2023	0.8	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2024	0.6	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2025	0.7	moved to IFRS	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.13×

CAGR · 10 yrs −6.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.23	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.21	−10.2%	Cons. · Japanese GAAP
FYE Dec 2018	0.25	+19.5%	Cons. · Japanese GAAP
FYE Dec 2019	0.23	−8.5%	Cons. · Japanese GAAP
FYE Dec 2020	0.20	−12.7%	Cons. · Japanese GAAP
FYE Dec 2021	0.17	−13.4%	Cons. · Japanese GAAP
FYE Dec 2022	0.16	−6.5%	Cons. · Japanese GAAP
FYE Dec 2023	0.15	−7.6%	Cons. · Japanese GAAP
FYE Dec 2024	0.13	−12.4%	Cons. · Japanese GAAP
FYE Dec 2025	0.13	moved to IFRS	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 Dec 2025 ¥66bn

CAGR · 10 yrs +40.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	3.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.5	+75.8%	Cons. · Japanese GAAP
FYE Dec 2018	13.1	+139.5%	Cons. · Japanese GAAP
FYE Dec 2019	7.5	−42.9%	Cons. · Japanese GAAP
FYE Dec 2020	38.3	+410.2%	Cons. · Japanese GAAP
FYE Dec 2021	-23.8	−162.1%	Cons. · Japanese GAAP
FYE Dec 2022	25.6	n/a	Cons. · Japanese GAAP
FYE Dec 2023	14.9	−41.8%	Cons. · Japanese GAAP
FYE Dec 2024	84.7	+468.2%	Cons. · Japanese GAAP
FYE Dec 2025	66.0	moved to IFRS	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥9.9bn

Average · 10 yrs -¥24bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-11.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-13.2	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-29.9	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-21.6	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-16.0	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-51.8	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-2.8	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-16.4	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-71.5	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-9.9	moved to IFRS	Cons. · IFRS

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

Financing cash flow

FYE Dec 2025 ¥42bn

CAGR · 10 yrs +6.5%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	23.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	35.1	+47.7%	Cons. · Japanese GAAP
FYE Dec 2018	44.0	+25.3%	Cons. · Japanese GAAP
FYE Dec 2019	30.3	−31.0%	Cons. · Japanese GAAP
FYE Dec 2020	37.5	+23.7%	Cons. · Japanese GAAP
FYE Dec 2021	89.9	+139.6%	Cons. · Japanese GAAP
FYE Dec 2022	62.4	−30.5%	Cons. · Japanese GAAP
FYE Dec 2023	65.0	+4.1%	Cons. · Japanese GAAP
FYE Dec 2024	60.8	−6.5%	Cons. · Japanese GAAP
FYE Dec 2025	41.7	moved to IFRS	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 Dec 2025 ¥568bn

CAGR · 10 yrs +22.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	90.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	118	+30.7%	Cons. · Japanese GAAP
FYE Dec 2018	144	+21.9%	Cons. · Japanese GAAP
FYE Dec 2019	160	+11.2%	Cons. · Japanese GAAP
FYE Dec 2020	219	+36.9%	Cons. · Japanese GAAP
FYE Dec 2021	234	+7.0%	Cons. · Japanese GAAP
FYE Dec 2022	322	+37.7%	Cons. · Japanese GAAP
FYE Dec 2023	389	+20.7%	Cons. · Japanese GAAP
FYE Dec 2024	467	+20.0%	Cons. · Japanese GAAP
FYE Dec 2025	568	moved to IFRS	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 Dec 2025 ¥56bn

Average · 10 yrs -¥0.9bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	-8.1	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-7.7	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-16.8	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-14.1	n/a	Cons. · Japanese GAAP
FYE Dec 2020	22.3	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-75.5	−439.1%	Cons. · Japanese GAAP
FYE Dec 2022	22.8	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-1.4	−106.4%	Cons. · Japanese GAAP
FYE Dec 2024	13.2	n/a	Cons. · Japanese GAAP
FYE Dec 2025	56.1	moved to IFRS	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 Dec 2025 23.1%

Average · 10 yrs 9.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	2.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.6	+1.2pp	Cons. · Japanese GAAP
FYE Dec 2018	7.1	+3.5pp	Cons. · Japanese GAAP
FYE Dec 2019	3.8	−3.3pp	Cons. · Japanese GAAP
FYE Dec 2020	18.2	+14.4pp	Cons. · Japanese GAAP
FYE Dec 2021	-9.8	−28.0pp	Cons. · Japanese GAAP
FYE Dec 2022	10.4	+20.3pp	Cons. · Japanese GAAP
FYE Dec 2023	5.8	−4.7pp	Cons. · Japanese GAAP
FYE Dec 2024	30.5	+24.8pp	Cons. · Japanese GAAP
FYE Dec 2025	23.1	moved to IFRS	Cons. · IFRS

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

Net cash

FYE Dec 2025 -¥34bn

Average · 10 yrs ¥13bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	21.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.3	−65.7%	Cons. · Japanese GAAP
FYE Dec 2018	59.0	+712.9%	Cons. · Japanese GAAP
FYE Dec 2019	30.3	−48.6%	Cons. · Japanese GAAP
FYE Dec 2020	37.6	+24.0%	Cons. · Japanese GAAP
FYE Dec 2021	14.9	−60.4%	Cons. · Japanese GAAP
FYE Dec 2022	23.5	+58.0%	Cons. · Japanese GAAP
FYE Dec 2023	59.8	+154.1%	Cons. · Japanese GAAP
FYE Dec 2024	-87.2	−245.8%	Cons. · Japanese GAAP
FYE Dec 2025	-33.6	moved to IFRS	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 Dec 2025 ¥424bn

Change · 10 yrs +¥251bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	173	n/a
FYE Dec 2017	221	n/a
FYE Dec 2018	170	n/a
FYE Dec 2019	235	n/a
FYE Dec 2020	335	n/a
FYE Dec 2021	304	n/a
FYE Dec 2022	273	n/a
FYE Dec 2023	282	n/a
FYE Dec 2024	293	n/a
FYE Dec 2025	424	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 3,917¥

Change · 10 yrs +2,423¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,494	n/a
FYE Dec 2017	1,917	n/a
FYE Dec 2018	1,475	n/a
FYE Dec 2019	2,078	n/a
FYE Dec 2020	2,957	n/a
FYE Dec 2021	2,715	n/a
FYE Dec 2022	2,464	n/a
FYE Dec 2023	2,560	n/a
FYE Dec 2024	2,683	n/a
FYE Dec 2025	3,917	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 108,273,680shares

Change · 10 yrs −7,670,997 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	115,944,677	Parent
FYE Dec 2017	115,096,887	Parent
FYE Dec 2018	115,096,887	Parent
FYE Dec 2019	113,242,987	Parent
FYE Dec 2020	113,242,987	Parent
FYE Dec 2021	111,893,046	Parent
FYE Dec 2022	110,704,401	Parent
FYE Dec 2023	110,113,337	Parent
FYE Dec 2024	109,176,555	Parent
FYE Dec 2025	108,273,680	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 163.89¥

Change · 10 yrs +101.63¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	62.26	Cons.
FYE Dec 2017	69.44	Cons.
FYE Dec 2018	-179.92	Cons.
FYE Dec 2019	73.16	Cons.
FYE Dec 2020	93.00	Cons.
FYE Dec 2021	159.69	Cons.
FYE Dec 2022	123.21	Cons.
FYE Dec 2023	133.33	Cons.
FYE Dec 2024	140.49	Cons.
FYE Dec 2025	163.89	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 818.62¥

Change · 10 yrs +477.01¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	341.61	Cons. · Japanese GAAP
FYE Dec 2017	380.31	Cons. · Japanese GAAP
FYE Dec 2018	456.15	Cons. · Japanese GAAP
FYE Dec 2019	475.65	Cons. · Japanese GAAP
FYE Dec 2020	450.13	Cons. · Japanese GAAP
FYE Dec 2021	657.77	Cons. · Japanese GAAP
FYE Dec 2022	652.36	Cons. · Japanese GAAP
FYE Dec 2023	750.11	Cons. · Japanese GAAP
FYE Dec 2024	518.52	Cons. · Japanese GAAP
FYE Dec 2025	818.62	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 23.90×

Average · 10 yrs 20.28×

Fiscal year	PER ×	Basis
FYE Dec 2016	23.99	Cons.
FYE Dec 2017	27.61	Cons.
FYE Dec 2018	-8.20	Cons.
FYE Dec 2019	28.40	Cons.
FYE Dec 2020	31.80	Cons.
FYE Dec 2021	17.00	Cons.
FYE Dec 2022	20.00	Cons.
FYE Dec 2023	19.20	Cons.
FYE Dec 2024	19.10	Cons.
FYE Dec 2025	23.90	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 3.53×

Average · 10 yrs 4.07×

Fiscal year	PBR ×	Basis
FYE Dec 2016	4.38	Cons.
FYE Dec 2017	5.05	Cons.
FYE Dec 2018	3.24	Cons.
FYE Dec 2019	4.37	Cons.
FYE Dec 2020	6.35	Cons.
FYE Dec 2021	4.05	Cons.
FYE Dec 2022	3.64	Cons.
FYE Dec 2023	3.11	Cons.
FYE Dec 2024	3.00	Cons.
FYE Dec 2025	3.53	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 6,484people

Change · 10 yrs +2,013 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	4,471	n/a	Cons.
FYE Dec 2017	4,662	+4.3%	Cons.
FYE Dec 2018	4,975	+6.7%	Cons.
FYE Dec 2019	5,238	+5.3%	Cons.
FYE Dec 2020	5,225	−0.2%	Cons.
FYE Dec 2021	5,758	+10.2%	Cons.
FYE Dec 2022	6,159	+7.0%	Cons.
FYE Dec 2023	6,253	+1.5%	Cons.
FYE Dec 2024	6,333	+1.3%	Cons.
FYE Dec 2025	6,484	+2.4%	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 197people

Change · 10 yrs −327 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	524	n/a	Parent
FYE Dec 2017	617	+17.7%	Parent
FYE Dec 2018	690	+11.8%	Parent
FYE Dec 2019	715	+3.6%	Parent
FYE Dec 2020	721	+0.8%	Parent
FYE Dec 2021	752	+4.3%	Parent
FYE Dec 2022	764	+1.6%	Parent
FYE Dec 2023	737	−3.5%	Parent
FYE Dec 2024	723	−1.9%	Parent
FYE Dec 2025	197	−72.8%	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 841万円

Change · 7 yrs +244万円

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	597	n/a	Parent
FYE Dec 2020	624	+4.5%	Parent
FYE Dec 2021	638	+2.3%	Parent
FYE Dec 2022	660	+3.4%	Parent
FYE Dec 2023	677	+2.6%	Parent
FYE Dec 2024	694	+2.4%	Parent
FYE Dec 2025	841	+21.3%	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 39.0years

Change · 7 yrs +3.7 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	35.3	n/a	Parent
FYE Dec 2020	35.5	+0.6%	Parent
FYE Dec 2021	35.1	−1.1%	Parent
FYE Dec 2022	35.5	+1.1%	Parent
FYE Dec 2023	36.1	+1.7%	Parent
FYE Dec 2024	37.9	+5.0%	Parent
FYE Dec 2025	39.0	+2.9%	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 6.4years

Change · 7 yrs +0.5 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	5.9	n/a	Parent
FYE Dec 2020	5.5	−6.8%	Parent
FYE Dec 2021	5.6	+1.8%	Parent
FYE Dec 2022	5.5	−1.8%	Parent
FYE Dec 2023	6.4	+16.4%	Parent
FYE Dec 2024	8.2	+28.1%	Parent
FYE Dec 2025	6.4	−22.0%	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 1,128people

Change · 10 yrs +399 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	729	n/a	n/a
FYE Dec 2017	570	−21.8%	n/a
FYE Dec 2018	445	−21.9%	n/a
FYE Dec 2019	370	−16.9%	n/a
FYE Dec 2020	436	+17.8%	n/a
FYE Dec 2021	601	+37.8%	n/a
FYE Dec 2022	729	+21.3%	n/a
FYE Dec 2023	694	−4.8%	n/a
FYE Dec 2024	729	+5.0%	n/a
FYE Dec 2025	1,128	+54.7%	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 Dec 2025 ¥44.1m

Change · 10 yrs +¥13.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	30.2	n/a	Cons.
FYE Dec 2017	33.1	+9.6%	Cons.
FYE Dec 2018	37.2	+12.5%	Cons.
FYE Dec 2019	37.5	+0.6%	Cons.
FYE Dec 2020	40.3	+7.6%	Cons.
FYE Dec 2021	42.0	+4.1%	Cons.
FYE Dec 2022	39.9	−4.9%	Cons.
FYE Dec 2023	41.4	+3.7%	Cons.
FYE Dec 2024	43.8	+5.9%	Cons.
FYE Dec 2025	44.1	n/a	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥9.1m

Change · 10 yrs +¥5.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	3.8	n/a	Cons.
FYE Dec 2017	3.8	−0.6%	Cons.
FYE Dec 2018	4.4	+15.7%	Cons.
FYE Dec 2019	4.8	+10.2%	Cons.
FYE Dec 2020	5.3	+10.6%	Cons.
FYE Dec 2021	7.1	+33.9%	Cons.
FYE Dec 2022	7.1	−0.6%	Cons.
FYE Dec 2023	6.8	−4.4%	Cons.
FYE Dec 2024	7.8	+15.1%	Cons.
FYE Dec 2025	9.1	n/a	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 →

Data API

GMO Internet Group’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/9449/company.json ·/api/9449/history.json ·/api/9449/ceo.json ·/api/9449/financials.json ·/api/9449/financials/segment.json ·/api/9449/financials/pl.json ·/api/9449/financials/cf.json ·/api/9449/financials/bs.json ·/api/9449/financials/employee.json ·/api/9449/financials/stock.json ·/api/9449/financials.csv ·/api/9449/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json