# ASAHI GROUP HOLDINGS,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第102期(2025/01/01－2025/12/31) (S100YVTZ)
> Page: https://vizora.meequs.com/en/company/asahi-group-holdings
> Retrieved: 2026-09-30T17:52:43.999Z

## Company

Asahi, founded in 1906, is a company in Alcoholic Beverages listed on TSE Prime. It has 28,560 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Asahi Group Holdings, Ltd. |
| Ticker | 2502 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2502.T) |
| Listing | TSE Prime |
| Head office | 東京都墨田区吾妻橋一丁目23番1号 |
| Representative (per filing) | 取締役 兼 代表執行役社長 Group CEO 勝木 敦志 |
| Founded | Mar 1906 |
| Share capital | ¥220B |
| Employees (consolidated) | 28,560 |
| Average salary (parent only) | ¥13.4M |
| Fiscal year end | December |
| Website | www.asahigroup-holdings.com (https://www.asahigroup-holdings.com/) |
| Corporate number | 6010601036386 |
| EDINET | E00394 |
| Industries (Vizora) | Alcoholic Beverages, Beverages & Dairy |

> Profile source: annual securities report (S100YVTZ, filed 2026-08-12). As of filing

## Five-axis industry profile

Primary industry: Alcoholic Beverages (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 7 |
| Profitability | 50 | 7 |
| Cash conversion | 21.4 | 7 |
| Efficiency | 21.4 | 7 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 46% of Asahi's sales come from Japan East Asia, with Asia Pacific and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -1.5% from the prior year, operating profit -30.9%.

## Company structure

- Segment revenue mix: Japan East Asia 45.6%、Asia Pacific 27.0%、Europe 26.5%、Other 0.9%
- Revenue → net income: ¥2894676000000 → ¥122767000000
- Net income → operating cash flow: ¥122767000000 → ¥104816000000（difference ¥-17951000000）
- Main uses of operating cash flow: CapEx ¥154707000000 / dividends ¥79655000000 / buybacks ¥70006000000
- Change in cash: ¥72418000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.89T |  |
| Operating income | ¥185.9B | Margin 6.4% |
| Net income | ¥121.6B | Margin 4.2% |
| Free cash flow | -¥49.9B |  |
| Largest business | Japan East Asia | of segment revenue 45.6% |
| Employees (consolidated) | 28,560 |  |
| EPS | ¥81.29 |  |
| Diluted EPS | ¥81.26 |  |
| Book value per share | ¥773.07 |  |
| Equity ratio | 49.8% | Derived from disclosed figures |
| Shares outstanding | 1,521,010,000 |  |
| Treasury shares | 58,171,300 |  |
| Shareholders | 215,204 |  |
| Average salary (parent only) | ¥13.4M | Filing company only |
| Cash ratio | 2.6% | Cash ÷ revenue 5.4% |
| Vs. industry median margin | 0 pp | Alcoholic Beverages |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2027762000000 | ¥2894676000000 | +42.8% |
| Operating income | ¥135167000000 | ¥185870000000 | +37.5% |
| Operating margin | 6.7% | 6.4% | -0.2 pp |
| Employees | 29,850 people | 28,560 people | -4.3% |
| Cash and equivalents | ¥48460000000 | ¥156380000000 | +222.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 酒類 → 事業再編・廃止 | 35.6% |
| 飲料 → 事業再編・廃止 | 17.0% |
| 食品 → 事業再編・廃止 | 6.0% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 1.3% |
| 国際 → 事業再編・廃止 | 39.1% |
| 新設・再編 → 日本・東アジア | 45.6% |
| 新設・再編 → 欧州 | 26.5% |
| 新設・再編 → アジアパシフィック | 27.0% |

Segment revenue source references: 9 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan East Asia | — | — | ¥1320740000000 | 4.7% | 2 |
| Asia Pacific | — | — | ¥781546000000 | 8.1% | 2 |
| Europe | 4 years | +12.8% | ¥765736000000 | 10.4% | 2 |
| Other | 5 years | -10.3% | ¥26653000000 | 16.0% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,894,676 | 100.0% | S100YVTZ |
| Cost of revenue | 1,801,835 | 62.2% | S100YVTZ |
| Gross profit | 1,092,841 | 37.8% | S100YVTZ |
| SG&A | 829,843 | 28.7% | S100YVTZ |
| Operating income | 185,870 | 6.4% | S100YVTZ |
| Pretax income | 179,281 | 6.2% | S100YVTZ |
| Income tax | 56,513 | 2.0% | S100YVTZ |
| Net income | 122,767 | 4.2% | S100YVTZ |
| Net income attributable to owners | 121,574 | 4.2% | S100YVTZ |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 29 |
| Other operating | 3 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 37.8% → Operating margin 6.4% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.5%; Core profit growth: -30.9%
Operating leverage (core profit growth ÷ revenue growth): 20.31×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,939,422 | 2,894,676 | -44,746 | -1.5% |
| Gross profit | 1,097,681 | 1,092,841 | -4,840 | -0.4% |
| Operating income | 269,052 | 185,870 | -83,182 | -30.9% |
| Net income attributable to owners | 192,080 | 121,574 | -70,506 | -36.7% |
| Operating cash flow | 403,723 | 104,816 | -298,907 | -74.0% |
| Free cash flow | 267,466 | -49,891 | -317,357 | -118.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 1,706,901 | — | — | 89,221 | 154,452 | — | S100L1BN |
| FY ending Dec 2017 | 2,084,877 | — | — | 141,003 | 231,712 | — | S100P9NU |
| FY ending Dec 2018 | 2,120,291 | — | — | 151,077 | 252,441 | — | S100QG09 |
| FY ending Dec 2019 | 2,089,048 | 201,436 | 9.6% | 142,207 | 253,469 | 168,148 | S100L1BN |
| FY ending Dec 2020 | 2,027,762 | 135,167 | 6.7% | 92,826 | 275,859 | 185,116 | S100P9NU |
| FY ending Dec 2021 | 2,236,076 | 211,900 | 9.5% | 153,500 | 337,812 | 245,177 | S100QG09 |
| FY ending Dec 2022 | 2,511,108 | 217,048 | 8.6% | 151,555 | 265,991 | 166,146 | S100T4G7 |
| FY ending Dec 2023 | 2,769,091 | 244,999 | 8.8% | 164,073 | 347,547 | 237,719 | S100VHC1 |
| FY ending Dec 2024 | 2,939,422 | 269,052 | 9.2% | 192,080 | 403,723 | 267,466 | S100YVTZ |
| FY ending Dec 2025 | 2,894,676 | 185,870 | 6.4% | 121,574 | 104,816 | -49,891 | S100YVTZ |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥101.4M |
| Operating income per employee (consolidated) | ¥6.5M |
| Net income per employee (consolidated) | ¥4.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 30,020 | 29,920 | 28,639 | 28,173 | 28,560 |
| Average salary (parent company) | ¥11.1M | ¥12.3M | ¥12.3M | ¥12.2M | ¥13.4M |
| Average age (parent company) | 46.2 years | 41.3 years | 42.8 years | 44.6 years | 44.9 years |
| Average tenure (parent company) | 17.0 years | 11.9 years | 2.7 years | 1.0 years | 13.6 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) -1.5%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan East Asia | 1,320,740 | 45.6% | 62,584 | 4.7% |
| Europe | 765,736 | 26.5% | 79,386 | 10.4% |
| Asia Pacific | 781,546 | 27.0% | 63,214 | 8.1% |
| Other | 26,653 | 0.9% | 4,277 | 16.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Japan East Asia | 45.6% | 29.9% | -15.7 | 4.7% |
| Europe | 26.5% | 37.9% | 11.4 | 10.4% |
| Asia Pacific | 27.0% | 30.2% | 3.2 | 8.1% |
| Other | 0.9% | 2.0% | 1.1 | 16.0% |

Segment → industry: Asia Pacific → Alcoholic Beverages / Europe → Alcoholic Beverages / Japan East Asia → Alcoholic Beverages / Asia Pacific → Beverages & Dairy / Japan East Asia → Beverages & Dairy

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 104,816 | 3.6% | S100YVTZ |
| Capital expenditure | 154,707 | 5.3% | S100YVTZ |
| Free cash flow | -49,891 | -1.7% | 算出 |
| Investing cash flow | -200,468 | -6.9% | S100YVTZ |
| Financing cash flow | 125,939 | 4.4% | S100YVTZ |
| Dividends paid | 79,655 | 2.8% | S100YVTZ |
| Share buyback | 70,006 | 2.4% | S100YVTZ |
| Change in cash | 72,418 | 2.5% | S100YVTZ |
| Cash and equivalents | 156,380 | 5.4% | S100YVTZ |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 52,743 | 37,438 | 59,945 | 83,961 | 156,380 | S100T4G7, S100VHC1, S100YVTZ |
| Total assets | 4,547,748 | 4,830,344 | 5,285,913 | 5,403,405 | 6,028,414 | S100QG09, S100T4G7, S100VHC1, S100YVTZ |
| Net assets | 1,759,148 | 2,062,945 | 2,465,781 | 2,674,051 | 3,008,543 | S100T4G7, S100VHC1, S100YVTZ |
| Share capital | 220,044 | 220,044 | 220,044 | 220,044 | 220,044 | S100QG09, S100T4G7, S100VHC1, S100YVTZ |
| Property, plant and equipment | 818,398 | 834,721 | 888,070 | 935,441 | 1,031,195 | S100QG09, S100T4G7, S100VHC1, S100YVTZ |
| Goodwill | 1,816,862 | 1,966,971 | 2,147,139 | 2,203,425 | 2,410,719 | S100QG09, S100T4G7, S100VHC1, S100YVTZ |
| Current assets | 700,176 | 737,529 | 846,953 | 857,891 | 1,027,725 | S100QG09, S100T4G7, S100VHC1, S100YVTZ |
| Total liabilities | 2,788,600 | 2,767,399 | 2,820,131 | 2,729,353 | 3,019,870 | S100QG09, S100T4G7, S100VHC1, S100YVTZ |
| Equity attributable to owners of parent | 1,757,104 | 2,060,734 | 2,460,548 | 2,668,801 | 3,003,052 | S100QG09, S100T4G7, S100VHC1, S100YVTZ |
| Retained earnings | 1,064,644 | 1,165,542 | 1,282,432 | 1,418,660 | 1,455,235 | S100QG09, S100T4G7, S100VHC1, S100YVTZ |
| Treasury stock | -923 | -1,178 | -1,190 | -31,214 | -100,944 | S100QG09, S100T4G7, S100VHC1, S100YVTZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YVTZ |
| Property, plant and equipment | 17% | S100YVTZ |
| Intangibles and goodwill | 40% | — |
| Other assets | 40% | S100YVTZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YVTZ |
| Equity | 50% | S100YVTZ |
| Other liabilities | 0% | S100YVTZ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,547,748 | 4,830,344 | 5,285,913 | 5,403,405 | 6,028,414 |
| Equity | 1,759,148 | 2,062,945 | 2,465,781 | 2,674,051 | 3,008,543 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 52,743 | 37,438 | 59,945 | 83,961 | 156,380 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 35.6% | S100YVTZ |
| Fixed assets ÷ total assets | 17.1% | S100YVTZ |
| Goodwill ÷ parent equity | 80.3% | S100YVTZ |

Goodwill over 4 years: 1,816,862 → 2,410,719 JPY; total investing cash flow: -520,380 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 2.6% |
| Cash ÷ revenue | 5.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 56.4% |
| Cash vs. profit gap | -16,758 JPY mn (of net income -13.8%) |
| Shareholder returns / net income | 123.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 65.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 191.3% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.9% | 0.49× | 3.4% | 2.59× | 8.7% | S100QG09 |
| 2022 | 6.0% | 0.54× | 3.2% | 2.46× | 7.9% | S100T4G7 |
| 2023 | 5.9% | 0.55× | 3.2% | 2.24× | 7.3% | S100VHC1 |
| 2024 | 6.5% | 0.55× | 3.6% | 2.08× | 7.5% | S100YVTZ |
| 2025 | 4.2% | 0.51× | 2.1% | 2.02× | 4.3% | S100YVTZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 18.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.5% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2025-12-31 |
| NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.0% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2025-12-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| JP MORGAN CHASE BANK 385864 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2025-12-31 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 dipped 1.5%, from ¥2.94T to ¥2.89T.
- Profit fell much harder: operating income dropped 30.9% to ¥185.9B, and net income attributable to owners fell 36.7% to ¥121.6B.
- Operating cash flow shrank 74.0% to ¥104.8B, and free cash flow turned negative at -¥49.9B.

### Drivers

- A cyberattack in Japan shut down the ordering and shipping systems, limiting product supply. The company says only systems managed in Japan were hit, not Europe or Asia Pacific.
- In Japan East Asia, leaving the restaurant business and higher raw material costs also weighed on results.
- In Europe, bad weather cut volumes, but higher prices per unit and cost savings still lifted business profit.

### Risks

- The business relies heavily on IT systems, so outages or attacks could halt operations and bring damage claims and extra security costs.
- Goodwill and intangible assets from past acquisitions are large, and a weaker business outlook could force impairment losses.
- Rising prices or delays for key raw materials could push up production costs.

Cited: Amended Annual Securities Report (102nd term) (MD&A); Amended Annual Securities Report (102nd term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第102期(2025/01/01－2025/12/31) | S100YVTZ | 2026-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YVTZ,, |
| 有価証券報告書－第101期(2024/01/01－2024/12/31) | S100VHC1 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHC1,, |
| 有価証券報告書－第100期(2023/01/01－2023/12/31) | S100T4G7 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4G7,, |
| 有価証券報告書－第99期(2022/01/01－2022/12/31) | S100QG09 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG09,, |
| 訂正有価証券報告書－第98期(令和3年1月1日－令和3年12月31日) | S100P9NU | 2022-10-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9NU,, |
| 有価証券報告書－第97期(令和2年1月1日－令和2年12月31日) | S100L1BN | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1BN,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 青島酒股份有限公司 | Joint venture | 中国で「アサヒスーパードライ」等を製造する合弁会社「深圳青島酒朝日有限公司」（伊藤忠商事・日鉄物産も参加） | S100YVTZ |
| 伊藤忠 | Joint venture | 中国の合弁会社「深圳青島酒朝日有限公司」の合弁契約の相手 | S100YVTZ |
| オリオンビール | Supply/OEM | アサヒビールがオリオンビールの「アサヒ　オリオンドラフト」等を沖縄・奄美以外で販売。沖縄では「アサヒスーパードライ」等の製造販売ライセンスをオリオンに供与 | S100YVTZ |
| カゴメ | Alliance | 飲料・チルド・食品・海外事業、調達・物流での業務提携 | S100YVTZ |
| 株式会社シャンソン化粧品 | Supply/OEM | シャンソン化粧品がアサヒ飲料に「十六茶」の原料茶葉を供給し、商標の使用を許諾 | S100YVTZ |
| Fuller, Smith & Turner plc | Supply/OEM | アサヒ（英国）が Fuller, Smith & Turner の運営するパブにビール等を供給 | S100YVTZ |
| ANHEUSER-BUSCH INBEV SA/NV | Supply/OEM | AB InBev が豪州の CUB に Corona・Lowenbrau 等のビールを供給し、ブランドの使用を許諾 | S100YVTZ |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).