{
  "as_of": "2026-11-05",
  "target": "2030-03-31",
  "basis": "Independent financial proxies on constant pre-FY28-adoption lease economics; not a statutory new-lease-GAAP EPS forecast. No unannounced M&A profit, relay fees or subsidy income",
  "anchors": {
    "reported_FY26_eps": 144.83,
    "normalized_FY26_parent": 9992.484926535151,
    "normalized_FY26_eps": 135.00884792692776,
    "signed_parent_normalization": -727.5150734648481,
    "normalization_components": [
      {
        "label": "Remove exceptional fixed-asset gain at parent company",
        "pretax": -941,
        "tax_offset": 292.11046069191593,
        "parent_aftertax": -648.8895393080841,
        "nci_aftertax": 0
      },
      {
        "label": "Remove negative goodwill, assumed tax-free",
        "pretax": -120,
        "tax_offset": 0,
        "parent_aftertax": -120,
        "nci_aftertax": 0
      },
      {
        "label": "Remove investment-security gain",
        "pretax": -54,
        "tax_offset": 16.76298074108763,
        "parent_aftertax": -37.23701925891237,
        "nci_aftertax": 0
      },
      {
        "label": "Remove other exceptional gain",
        "pretax": -12,
        "tax_offset": 3.725106831352807,
        "parent_aftertax": -8.274893168647193,
        "nci_aftertax": 0
      },
      {
        "label": "Add back exceptional losses",
        "pretax": 126,
        "tax_offset": -39.113621729204475,
        "parent_aftertax": 86.88637827079553,
        "nci_aftertax": 0
      }
    ],
    "normalization_basis": "after-tax parent approximation: observed FY26 ETR, negative goodwill tax-free; all adjustments100% parent except exact fixed-asset parent ownership verified; other attribution uncertain",
    "uncertain_normalization_parent_attribution_gross_bound_eps": 1.589135961328942,
    "ttm_parent": 10973,
    "ttm_weighted_shares": 74027643.49041095,
    "ttm_eps": 148.22841147741477,
    "ttm_period": "2025-10-01 to 2026-09-30"
  },
  "cases": {
    "bear": [
      {
        "year": 2027,
        "label": "FY0",
        "period_end": "2027-03-31",
        "sales": 170613.90771847352,
        "op": 15339.930694598355,
        "da": 7368.5,
        "parent_recurring": 9295.622249009388,
        "parent_reported_like": 9175.917692988933,
        "eps": 125.54225544588671,
        "reported_like_eps": 123.92558261351577,
        "segments": {
          "center": {
            "sales": 113948.94814390139,
            "op": 13179.879702952543,
            "da": 3954.980633802817,
            "cash_cost": 96814.08780714602
          },
          "truck": {
            "sales": 56664.95957457212,
            "op": 2138.5509916458122,
            "da": 3413.519366197183,
            "cash_cost": 51112.88921672913
          }
        },
        "funding_period": "2026-10-01 to 2027-03-31 only; H1 cash flow unavailable at cutoff",
        "funding": {
          "interest": 415.19908999999996,
          "recurring_other_nonop": 399.411,
          "pbt": 7164.142604598355,
          "tax": 2507.4499116094244,
          "group_net": 4656.692692988931,
          "nci": 564.775,
          "parent": 4091.9176929889313,
          "dividends": 1703.155106,
          "nci_dividends": 158.137,
          "cfo": 7199.899093625367,
          "cash": 20549.60698762537,
          "debt": 39777.0,
          "new_borrowing": 0.0,
          "debt_repayment": 1750.0,
          "lease_debt": 6702.0,
          "new_leases": 1050.0,
          "lease_principal": 1050.0,
          "receivables": 20286.69478077192,
          "payables": 8180.118863214483,
          "inventory": 233.7176818061281,
          "wc_outflow": 1167.2935993635638,
          "capex": 6400,
          "business_fcf_after_leases": -250.10090637463327,
          "parent_equity": 104017.76258698893,
          "nci_equity": 13946.637999999999,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.08760248927369067,
          "annualized_op_capital_proxy": 14359.86138919671
        },
        "shares": 74043772.87945205,
        "unallocated_op_adjustment": 21.5,
        "fiscal_capex_envelope_not_actual": 12800
      },
      {
        "year": 2028,
        "label": "FY1",
        "period_end": "2028-03-31",
        "sales": 171380.84238534907,
        "op": 13317.980959211134,
        "da": 7333.691111111111,
        "parent_recurring": 7499.291932296914,
        "parent_reported_like": 7499.291932296914,
        "eps": 101.27305131235008,
        "reported_like_eps": 101.27305131235008,
        "segments": {
          "center": {
            "sales": 114728.63242668123,
            "op": 11629.105838403768,
            "da": 3936.2972543579162,
            "cash_cost": 99163.22933391955,
            "new_contract_revenue_proxy": 2848.723703597535,
            "variable_cash_cost": 68698.06385823536,
            "fixed_cash_cost": 30351.216527540277,
            "startup_cost": 113.9489481439014,
            "activity_proxy": 0.9952,
            "price": 0.012
          },
          "truck": {
            "sales": 56652.20995866784,
            "op": 1707.8751208073663,
            "da": 3397.393856753195,
            "cash_cost": 51546.94098110728,
            "new_contract_revenue_proxy": 0,
            "variable_cash_cost": 33299.63953073498,
            "fixed_cash_cost": 18247.301450372295,
            "startup_cost": 0.0,
            "activity_proxy": 0.985,
            "price": 0.015
          }
        },
        "funding_period": "full fiscal year",
        "funding": {
          "interest": 779.758546575749,
          "recurring_other_nonop": 791.0992139752508,
          "pbt": 13329.321626610636,
          "tax": 4665.262569313722,
          "group_net": 8664.059057296914,
          "nci": 1164.767125,
          "parent": 7499.291932296914,
          "dividends": 2249.787579689074,
          "nci_dividends": 326.13479500000005,
          "cfo": 15742.278729488806,
          "cash": 15000.000000000004,
          "debt": 36463.0366575749,
          "new_borrowing": 186.03665757490003,
          "debt_repayment": 3500,
          "lease_debt": 6702.0,
          "new_leases": 2100,
          "lease_principal": 2100,
          "receivables": 20377.886464449726,
          "payables": 8216.889703407147,
          "inventory": 234.7682772402042,
          "wc_outflow": 255.47143891921957,
          "capex": 13302.0,
          "business_fcf_after_leases": 340.27872948880577,
          "parent_equity": 109267.26693959677,
          "nci_equity": 14785.27033,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.08031081123560113,
          "annualized_op_capital_proxy": 13317.980959211134,
          "kinbutsu_entity_net_proxy": 367.0,
          "other_nci_claim_pool": 1065.6771250000002
        },
        "shares": 74050222,
        "unallocated_op_adjustment": -19,
        "maintenance_cash_capex": 6000.0,
        "growth_cash_capex": 7302.0,
        "committed_project_cash": 7302,
        "committed_project_da": 82.8111111111111,
        "finance_lease_asset_da": 2100.0
      },
      {
        "year": 2029,
        "label": "FY2",
        "period_end": "2029-03-31",
        "sales": 172153.11483262468,
        "op": 10719.51880526212,
        "da": 7979.11076111111,
        "parent_recurring": 5798.267434046698,
        "parent_reported_like": 5798.267434046698,
        "eps": 78.30182378179364,
        "reported_like_eps": 78.30182378179364,
        "segments": {
          "center": {
            "sales": 115513.65162119754,
            "op": 9780.124233956318,
            "da": 4282.720843477247,
            "cash_cost": 101450.80654376397,
            "new_contract_revenue_proxy": 2868.215810667031,
            "variable_cash_cost": 70284.12851039664,
            "fixed_cash_cost": 31051.949400940663,
            "startup_cost": 114.72863242668123,
            "activity_proxy": 0.9952,
            "price": 0.012
          },
          "truck": {
            "sales": 56639.46321142713,
            "op": 958.394571305802,
            "da": 3696.3899176338637,
            "cash_cost": 51984.678722487464,
            "new_contract_revenue_proxy": 0,
            "variable_cash_cost": 33582.420792232166,
            "fixed_cash_cost": 18402.2579302553,
            "startup_cost": 0.0,
            "activity_proxy": 0.985,
            "price": 0.015
          }
        },
        "funding_period": "full fiscal year",
        "funding": {
          "interest": 746.1703634595071,
          "recurring_other_nonop": 780.0,
          "pbt": 10753.348441802613,
          "tax": 3763.671954630914,
          "group_net": 6989.676487171699,
          "nci": 1191.4090531250001,
          "parent": 5798.267434046698,
          "dividends": 1739.4802302140095,
          "nci_dividends": 333.5945348750001,
          "cfo": 14712.929734288082,
          "cash": 15000.000000000002,
          "debt": 36418.18168837582,
          "new_borrowing": 3455.145030800925,
          "debt_repayment": 3500,
          "lease_debt": 6702.0,
          "new_leases": 2100,
          "lease_principal": 2100,
          "receivables": 20469.71283215318,
          "payables": 8253.916464577896,
          "inventory": 235.8261847022256,
          "wc_outflow": 255.85751399472747,
          "capex": 10495.0,
          "business_fcf_after_leases": 2117.929734288082,
          "parent_equity": 113326.05414342944,
          "nci_equity": 15643.08484825,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.06318479804349843,
          "annualized_op_capital_proxy": 10719.51880526212,
          "kinbutsu_entity_net_proxy": 367.0,
          "other_nci_claim_pool": 1092.3190531250002
        },
        "shares": 74050222,
        "unallocated_op_adjustment": -19,
        "maintenance_cash_capex": 6120.0,
        "growth_cash_capex": 4375.0,
        "committed_project_cash": 1000,
        "committed_project_da": 314.5111111111111,
        "finance_lease_asset_da": 2184.0
      },
      {
        "year": 2030,
        "label": "FY3",
        "period_end": "2030-03-31",
        "sales": 172930.76156325496,
        "op": 8038.592079082568,
        "da": 8655.850278666667,
        "parent_recurring": 4023.7822743688653,
        "parent_reported_like": 4023.7822743688653,
        "eps": 54.338557882633566,
        "reported_like_eps": 54.338557882633566,
        "segments": {
          "center": {
            "sales": 116304.04223105041,
            "op": 7866.901658735465,
            "da": 4645.955109075576,
            "cash_cost": 103791.18546323937,
            "new_contract_revenue_proxy": 2887.8412905299388,
            "variable_cash_cost": 71906.81138641393,
            "fixed_cash_cost": 31768.860425204242,
            "startup_cost": 115.51365162119755,
            "activity_proxy": 0.9952,
            "price": 0.012
          },
          "truck": {
            "sales": 56626.71933220455,
            "op": 190.69042034710264,
            "da": 4009.8951695910905,
            "cash_cost": 52426.13374226636,
            "new_contract_revenue_proxy": 0,
            "variable_cash_cost": 33867.60343833833,
            "fixed_cash_cost": 18558.530303928026,
            "startup_cost": 0.0,
            "activity_proxy": 0.985,
            "price": 0.015
          }
        },
        "funding_period": "full fiscal year",
        "funding": {
          "interest": 753.2085347410447,
          "recurring_other_nonop": 780.0,
          "pbt": 8065.383544341523,
          "tax": 2822.884240519533,
          "group_net": 5242.49930382199,
          "nci": 1218.7170294531247,
          "parent": 4023.7822743688653,
          "dividends": 1207.1346823106596,
          "nci_dividends": 341.24076824687495,
          "cfo": 13642.103353204713,
          "cash": 15000.000000000002,
          "debt": 37166.85378572864,
          "new_borrowing": 4248.672097352823,
          "debt_repayment": 3500,
          "lease_debt": 6702.0,
          "new_leases": 2100,
          "lease_principal": 2100,
          "receivables": 20562.1782242336,
          "payables": 8291.200896868388,
          "inventory": 236.89145419623966,
          "wc_outflow": 256.2462292839423,
          "capex": 10742.4,
          "business_fcf_after_leases": 799.7033532047135,
          "parent_equity": 116142.70173548764,
          "nci_equity": 16520.56110945625,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.04611645308499911,
          "annualized_op_capital_proxy": 8038.592079082568,
          "kinbutsu_entity_net_proxy": 367.0,
          "other_nci_claim_pool": 1119.6270294531248
        },
        "shares": 74050222,
        "unallocated_op_adjustment": -19,
        "maintenance_cash_capex": 6242.4,
        "growth_cash_capex": 4500.0,
        "committed_project_cash": 0,
        "committed_project_da": 390.06666666666666,
        "finance_lease_asset_da": 2335.2000000000003
      }
    ],
    "base": [
      {
        "year": 2027,
        "label": "FY0",
        "period_end": "2027-03-31",
        "sales": 172687.73478083842,
        "op": 16494.358400816865,
        "da": 7368.5,
        "parent_recurring": 10230.09776271367,
        "parent_reported_like": 10110.393206693216,
        "eps": 138.16283753353463,
        "reported_like_eps": 136.5461647011637,
        "segments": {
          "center": {
            "sales": 115137.49810602181,
            "op": 13860.172436584979,
            "da": 3954.980633802817,
            "cash_cost": 97322.34503563402
          },
          "truck": {
            "sales": 57550.236674816624,
            "op": 2612.6859642318796,
            "da": 3413.519366197183,
            "cash_cost": 51524.031344387564
          }
        },
        "funding_period": "2026-10-01 to 2027-03-31 only; H1 cash flow unavailable at cutoff",
        "funding": {
          "interest": 313.56908999999996,
          "recurring_other_nonop": 399.411,
          "pbt": 8420.200310816865,
          "tax": 2820.76710412365,
          "group_net": 5599.433206693216,
          "nci": 573.04,
          "parent": 5026.393206693216,
          "dividends": 1703.155106,
          "nci_dividends": 160.4512,
          "cfo": 7992.642252681886,
          "cash": 21340.035946681888,
          "debt": 39777.0,
          "new_borrowing": 0.0,
          "debt_repayment": 1750.0,
          "lease_debt": 6702.0,
          "new_leases": 1050.0,
          "lease_principal": 1050.0,
          "receivables": 20533.281341064077,
          "payables": 8279.548927848418,
          "inventory": 236.55854079566907,
          "wc_outflow": 1317.2909540113283,
          "capex": 6400,
          "business_fcf_after_leases": 542.642252681886,
          "parent_equity": 104952.23810069321,
          "nci_equity": 13952.588800000001,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.10139682572339027,
          "annualized_op_capital_proxy": 16668.71680163373
        },
        "shares": 74043772.87945205,
        "unallocated_op_adjustment": 21.5,
        "fiscal_capex_envelope_not_actual": 12800
      },
      {
        "year": 2028,
        "label": "FY1",
        "period_end": "2028-03-31",
        "sales": 180263.3748838944,
        "op": 18518.09723555694,
        "da": 7333.691111111111,
        "parent_recurring": 11256.842349754452,
        "parent_reported_like": 11256.842349754452,
        "eps": 152.01632143323556,
        "reported_like_eps": 152.01632143323556,
        "segments": {
          "center": {
            "sales": 121447.03300223181,
            "op": 15190.697664122745,
            "da": 3936.2972543579162,
            "cash_cost": 102320.03808375115,
            "new_contract_revenue_proxy": 5181.187414770981,
            "variable_cash_cost": 71121.92509657066,
            "fixed_cash_cost": 31094.489238885068,
            "startup_cost": 103.62374829541963,
            "activity_proxy": 1.035,
            "price": 0.02
          },
          "truck": {
            "sales": 58816.34188166259,
            "op": 3346.3995714341945,
            "da": 3397.393856753195,
            "cash_cost": 52072.5484534752,
            "new_contract_revenue_proxy": 0,
            "variable_cash_cost": 33678.469263528845,
            "fixed_cash_cost": 18394.07918994636,
            "startup_cost": 0.0,
            "activity_proxy": 1.0,
            "price": 0.022
          }
        },
        "funding_period": "full fiscal year",
        "funding": {
          "interest": 587.7631799999999,
          "recurring_other_nonop": 792.6800718933638,
          "pbt": 18723.014127450304,
          "tax": 6272.209732695852,
          "group_net": 12450.804394754452,
          "nci": 1193.962045,
          "parent": 11256.842349754452,
          "dividends": 3377.0527049263355,
          "nci_dividends": 334.3093726,
          "cfo": 19036.55879704179,
          "cash": 17763.23266619734,
          "debt": 36277.0,
          "new_borrowing": 0.0,
          "debt_repayment": 3500,
          "lease_debt": 6702.0,
          "new_leases": 2100,
          "lease_principal": 2100,
          "receivables": 21434.056082084975,
          "payables": 8642.764549227813,
          "inventory": 246.93612997793753,
          "wc_outflow": 747.936708823771,
          "capex": 13302.0,
          "business_fcf_after_leases": 3634.558797041791,
          "parent_equity": 112832.02774552134,
          "nci_equity": 14812.241472400001,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.11022444138512973,
          "annualized_op_capital_proxy": 18518.09723555694,
          "kinbutsu_entity_net_proxy": 404.61750000000006,
          "other_nci_claim_pool": 1084.71532
        },
        "shares": 74050222,
        "unallocated_op_adjustment": -19,
        "maintenance_cash_capex": 6000.0,
        "growth_cash_capex": 7302.0,
        "committed_project_cash": 7302,
        "committed_project_da": 82.8111111111111,
        "finance_lease_asset_da": 2100.0
      },
      {
        "year": 2029,
        "label": "FY2",
        "period_end": "2029-03-31",
        "sales": 188212.6318138133,
        "op": 20100.627248765315,
        "da": 8000.20451111111,
        "parent_recurring": 12290.529211124976,
        "parent_reported_like": 12290.529211124976,
        "eps": 165.97558898776802,
        "reported_like_eps": 165.97558898776802,
        "segments": {
          "center": {
            "sales": 128102.3304107541,
            "op": 16342.3926132022,
            "da": 4294.042737043683,
            "cash_cost": 107465.89506050822,
            "new_contract_revenue_proxy": 5465.116485100431,
            "variable_cash_cost": 74698.4483506281,
            "fixed_cash_cost": 32658.144380178106,
            "startup_cost": 109.30232970200863,
            "activity_proxy": 1.035,
            "price": 0.02
          },
          "truck": {
            "sales": 60110.30140305917,
            "op": 3777.2346355631144,
            "da": 3706.1617740674283,
            "cash_cost": 52626.90499342863,
            "new_contract_revenue_proxy": 0,
            "variable_cash_cost": 34037.00519553798,
            "fixed_cash_cost": 18589.899797890645,
            "startup_cost": 0.0,
            "activity_proxy": 1.0,
            "price": 0.022
          }
        },
        "funding_period": "full fiscal year",
        "funding": {
          "interest": 535.2631799999999,
          "recurring_other_nonop": 785.5264653323947,
          "pbt": 20350.890534097707,
          "tax": 6817.548328922732,
          "group_net": 13533.342205174977,
          "nci": 1242.8129940500003,
          "parent": 12290.529211124976,
          "dividends": 3687.158763337493,
          "nci_dividends": 347.9876383340001,
          "cfo": 20758.586762998802,
          "cash": 17266.673027524645,
          "debt": 32777.0,
          "new_borrowing": 0.0,
          "debt_repayment": 3500,
          "lease_debt": 6702.0,
          "new_leases": 2100,
          "lease_principal": 2100,
          "receivables": 22379.255399231497,
          "payables": 9023.893306141734,
          "inventory": 257.82552303262094,
          "wc_outflow": 774.959953287285,
          "capex": 11620.0,
          "business_fcf_after_leases": 7038.586762998802,
          "parent_equity": 121435.39819330882,
          "nci_equity": 15707.066828116001,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.1157721069135667,
          "annualized_op_capital_proxy": 20100.627248765315,
          "kinbutsu_entity_net_proxy": 424.84837500000003,
          "other_nci_claim_pool": 1128.1039328000002
        },
        "shares": 74050222,
        "unallocated_op_adjustment": -19,
        "maintenance_cash_capex": 6120.0,
        "growth_cash_capex": 5500.0,
        "committed_project_cash": 1000,
        "committed_project_da": 314.5111111111111,
        "finance_lease_asset_da": 2184.0
      },
      {
        "year": 2030,
        "label": "FY3",
        "period_end": "2030-03-31",
        "sales": 196555.0661511899,
        "op": 21752.19178349936,
        "da": 8726.162778666667,
        "parent_recurring": 13372.21209202918,
        "parent_reported_like": 13372.21209202918,
        "eps": 180.58301151385044,
        "reported_like_eps": 180.58301151385044,
        "segments": {
          "center": {
            "sales": 135122.33811726343,
            "op": 17568.09490389543,
            "da": 4683.694754297027,
            "cash_cost": 112870.54845907097,
            "new_contract_revenue_proxy": 5764.604868483934,
            "variable_cash_cost": 78454.82498420872,
            "fixed_cash_cost": 34300.431377492576,
            "startup_cost": 115.29209736967869,
            "activity_proxy": 1.035,
            "price": 0.02
          },
          "truck": {
            "sales": 61432.728033926476,
            "op": 4203.096879603925,
            "da": 4042.46802436964,
            "cash_cost": 53187.16312995291,
            "new_contract_revenue_proxy": 0,
            "variable_cash_cost": 34399.35804729889,
            "fixed_cash_cost": 18787.80508265402,
            "startup_cost": 0.0,
            "activity_proxy": 1.0,
            "price": 0.022
          }
        },
        "funding_period": "full fiscal year",
        "funding": {
          "interest": 482.76318,
          "recurring_other_nonop": 784.5333460550493,
          "pbt": 22053.961949554407,
          "tax": 7388.077253100727,
          "group_net": 14665.88469645368,
          "nci": 1293.6726044245002,
          "parent": 13372.21209202918,
          "dividends": 4011.663627608754,
          "nci_dividends": 362.22832923886006,
          "cfo": 22588.64948469091,
          "cash": 17639.030555367943,
          "debt": 29277.0,
          "new_borrowing": 0.0,
          "debt_repayment": 3500,
          "lease_debt": 6702.0,
          "new_leases": 2100,
          "lease_principal": 2100,
          "receivables": 23371.205125922308,
          "payables": 9423.873034646092,
          "inventory": 269.25351527560264,
          "wc_outflow": 803.397990429434,
          "capex": 12242.4,
          "business_fcf_after_leases": 8246.249484690912,
          "parent_equity": 130795.94665772926,
          "nci_equity": 16638.51110330164,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.12083378809695475,
          "annualized_op_capital_proxy": 21752.19178349936,
          "kinbutsu_entity_net_proxy": 446.0907937500001,
          "other_nci_claim_pool": 1173.228090112
        },
        "shares": 74050222,
        "unallocated_op_adjustment": -19,
        "maintenance_cash_capex": 6242.4,
        "growth_cash_capex": 6000.0,
        "committed_project_cash": 0,
        "committed_project_da": 390.06666666666666,
        "finance_lease_asset_da": 2335.2000000000003
      }
    ],
    "bull": [
      {
        "year": 2027,
        "label": "FY0",
        "period_end": "2027-03-31",
        "sales": 174466.4694764552,
        "op": 17456.449446122297,
        "da": 7368.5,
        "parent_recurring": 10952.691221403005,
        "parent_reported_like": 10832.98666538255,
        "eps": 147.92184130372016,
        "reported_like_eps": 146.3051684713492,
        "segments": {
          "center": {
            "sales": 116326.04806814226,
            "op": 14495.002256681522,
            "da": 3954.980633802817,
            "cash_cost": 97876.06517765793
          },
          "truck": {
            "sales": 58140.421408312955,
            "op": 2939.9471894407816,
            "da": 3413.519366197183,
            "cash_cost": 51786.954852674986
          }
        },
        "funding_period": "2026-10-01 to 2027-03-31 only; H1 cash flow unavailable at cutoff",
        "funding": {
          "interest": 313.56908999999996,
          "recurring_other_nonop": 399.411,
          "pbt": 9382.291356122296,
          "tax": 3049.244690739746,
          "group_net": 6333.04666538255,
          "nci": 584.0600000000001,
          "parent": 5748.986665382549,
          "dividends": 1703.155106,
          "nci_dividends": 163.53680000000003,
          "cfo": 8597.602023797846,
          "cash": 21941.910117797845,
          "debt": 39777.0,
          "new_borrowing": 0.0,
          "debt_repayment": 1750.0,
          "lease_debt": 6702.0,
          "new_leases": 1050.0,
          "lease_principal": 1050.0,
          "receivables": 20744.78020624152,
          "payables": 8364.830728323195,
          "inventory": 238.995163666377,
          "wc_outflow": 1445.9446415847028,
          "capex": 6400,
          "business_fcf_after_leases": 1147.6020237978464,
          "parent_equity": 105674.83155938254,
          "nci_equity": 13960.5232,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.1128509970791326,
          "annualized_op_capital_proxy": 18592.898892244593
        },
        "shares": 74043772.87945205,
        "unallocated_op_adjustment": 21.5,
        "fiscal_capex_envelope_not_actual": 12800
      },
      {
        "year": 2028,
        "label": "FY1",
        "period_end": "2028-03-31",
        "sales": 186518.09621315333,
        "op": 21855.839101195554,
        "da": 7333.691111111111,
        "parent_recurring": 13657.620377466028,
        "parent_reported_like": 13657.620377466028,
        "eps": 184.43726444825552,
        "reported_like_eps": 184.43726444825552,
        "segments": {
          "center": {
            "sales": 126210.78129895257,
            "op": 17502.571959034867,
            "da": 3936.2972543579162,
            "cash_cost": 104771.91208555979,
            "new_contract_revenue_proxy": 6979.562884088536,
            "variable_cash_cost": 72955.37352473728,
            "fixed_cash_cost": 31711.84511756117,
            "startup_cost": 104.69344326132803,
            "activity_proxy": 1.059975,
            "price": 0.025
          },
          "truck": {
            "sales": 60307.314914200775,
            "op": 4372.2671421606865,
            "da": 3397.393856753195,
            "cash_cost": 52537.65391528689,
            "new_contract_revenue_proxy": 0,
            "variable_cash_cost": 34049.711032881925,
            "fixed_cash_cost": 18487.94288240497,
            "startup_cost": 0.0,
            "activity_proxy": 1.01,
            "price": 0.027
          }
        },
        "funding_period": "full fiscal year",
        "funding": {
          "interest": 587.7631799999999,
          "recurring_other_nonop": 793.8838202355957,
          "pbt": 22061.95974143115,
          "tax": 7170.136915965124,
          "group_net": 14891.822825466028,
          "nci": 1234.202448,
          "parent": 13657.620377466028,
          "dividends": 4097.286113239808,
          "nci_dividends": 345.57668544,
          "cfo": 21153.834632881713,
          "cash": 19750.88195199975,
          "debt": 36277.0,
          "new_borrowing": 0.0,
          "debt_repayment": 3500,
          "lease_debt": 6702.0,
          "new_leases": 2100,
          "lease_principal": 2100,
          "receivables": 22177.768152468092,
          "payables": 8942.648448575845,
          "inventory": 255.50424138788128,
          "wc_outflow": 1071.6793036954257,
          "capex": 13302.0,
          "business_fcf_after_leases": 5751.834632881713,
          "parent_equity": 115235.16582360875,
          "nci_equity": 14849.148962559999,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.12887546005301115,
          "annualized_op_capital_proxy": 21855.839101195554,
          "kinbutsu_entity_net_proxy": 460.36480000000006,
          "other_nci_claim_pool": 1109.903952
        },
        "shares": 74050222,
        "unallocated_op_adjustment": -19,
        "maintenance_cash_capex": 6000.0,
        "growth_cash_capex": 7302.0,
        "committed_project_cash": 7302,
        "committed_project_da": 82.8111111111111,
        "finance_lease_asset_da": 2100.0
      },
      {
        "year": 2029,
        "label": "FY2",
        "period_end": "2029-03-31",
        "sales": 199490.43209914575,
        "op": 26099.293726643835,
        "da": 8029.73576111111,
        "parent_recurring": 16472.92180497979,
        "parent_reported_like": 16472.92180497979,
        "eps": 222.4560758910323,
        "reported_like_eps": 222.4560758910323,
        "segments": {
          "center": {
            "sales": 136935.4635580927,
            "op": 20582.40260298808,
            "da": 4309.893388036692,
            "cash_cost": 112043.16756706794,
            "new_contract_revenue_proxy": 7572.6468779371535,
            "variable_cash_cost": 78017.39902379419,
            "fixed_cash_cost": 33912.178840104694,
            "startup_cost": 113.5897031690573,
            "activity_proxy": 1.059975,
            "price": 0.025
          },
          "truck": {
            "sales": 62554.96854105304,
            "op": 5535.891123655753,
            "da": 3719.842373074419,
            "cash_cost": 53299.235044322864,
            "new_contract_revenue_proxy": 0,
            "variable_cash_cost": 34543.29259656544,
            "fixed_cash_cost": 18755.942447757418,
            "startup_cost": 0.0,
            "activity_proxy": 1.01,
            "price": 0.027
          }
        },
        "funding_period": "full fiscal year",
        "funding": {
          "interest": 535.2631799999999,
          "recurring_other_nonop": 789.5017639039995,
          "pbt": 26353.53231054783,
          "tax": 8564.898000928046,
          "group_net": 17788.63430961979,
          "nci": 1315.7125046400001,
          "parent": 16472.92180497979,
          "dividends": 4941.876541493936,
          "nci_dividends": 368.3995012992001,
          "cfo": 24680.097009387886,
          "cash": 20325.702918594496,
          "debt": 32777.0,
          "new_borrowing": 0.0,
          "debt_repayment": 3500,
          "lease_debt": 6702.0,
          "new_leases": 2100,
          "lease_principal": 2100,
          "receivables": 23720.232200281986,
          "payables": 9564.609758178221,
          "inventory": 273.27456451937775,
          "wc_outflow": 1138.2730613430133,
          "capex": 13195.0,
          "business_fcf_after_leases": 9385.097009387886,
          "parent_equity": 126766.2110870946,
          "nci_equity": 15796.461965900799,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.1469948022158723,
          "annualized_op_capital_proxy": 26099.293726643835,
          "kinbutsu_entity_net_proxy": 515.6085760000001,
          "other_nci_claim_pool": 1176.49818912
        },
        "shares": 74050222,
        "unallocated_op_adjustment": -19,
        "maintenance_cash_capex": 6120.0,
        "growth_cash_capex": 7075.0,
        "committed_project_cash": 1000,
        "committed_project_da": 314.5111111111111,
        "finance_lease_asset_da": 2184.0
      },
      {
        "year": 2030,
        "label": "FY3",
        "period_end": "2030-03-31",
        "sales": 213457.86120785496,
        "op": 30723.32546363667,
        "da": 8824.600278666667,
        "parent_recurring": 19543.061126545257,
        "parent_reported_like": 19543.061126545257,
        "eps": 263.9163070509803,
        "reported_like_eps": 263.9163070509803,
        "segments": {
          "center": {
            "sales": 148571.46898927688,
            "op": 24015.85925136202,
            "da": 4736.530257607058,
            "cash_cost": 119819.0794803078,
            "new_contract_revenue_proxy": 8216.127813485562,
            "variable_cash_cost": 83430.65433520229,
            "fixed_cash_cost": 36265.18322790324,
            "startup_cost": 123.24191720228343,
            "activity_proxy": 1.059975,
            "price": 0.025
          },
          "truck": {
            "sales": 64886.392218578076,
            "op": 6726.466212274648,
            "da": 4088.0700210596087,
            "cash_cost": 54071.85598524382,
            "new_contract_revenue_proxy": 0,
            "variable_cash_cost": 35044.02907442056,
            "fixed_cash_cost": 19027.82691082326,
            "startup_cost": 0.0,
            "activity_proxy": 1.01,
            "price": 0.027
          }
        },
        "funding_period": "full fiscal year",
        "funding": {
          "interest": 482.76318,
          "recurring_other_nonop": 790.651405837189,
          "pbt": 31031.213689473858,
          "tax": 10085.144449079004,
          "group_net": 20946.069240394856,
          "nci": 1403.0081138496,
          "parent": 19543.061126545257,
          "dividends": 5862.918337963577,
          "nci_dividends": 392.84227187788804,
          "cfo": 28560.42259174666,
          "cash": 22687.964900499686,
          "debt": 29277.0,
          "new_borrowing": 0.0,
          "debt_repayment": 3500,
          "lease_debt": 6702.0,
          "new_leases": 2100,
          "lease_principal": 2100,
          "receivables": 25381.01692170111,
          "payables": 10234.281016814964,
          "inventory": 292.4080290518561,
          "wc_outflow": 1210.2469273148595,
          "capex": 14342.400000000001,
          "business_fcf_after_leases": 12118.02259174666,
          "parent_equity": 140446.3538756763,
          "nci_equity": 16806.627807872508,
          "cash_roll_error": 0.0,
          "cash_inclusive_roic_proxy": 0.16373824848006216,
          "annualized_op_capital_proxy": 30723.32546363667,
          "kinbutsu_entity_net_proxy": 577.4816051200002,
          "other_nci_claim_pool": 1247.0880804672
        },
        "shares": 74050222,
        "unallocated_op_adjustment": -19,
        "maintenance_cash_capex": 6242.4,
        "growth_cash_capex": 8100.000000000001,
        "committed_project_cash": 0,
        "committed_project_da": 390.06666666666666,
        "finance_lease_asset_da": 2335.2000000000003
      }
    ]
  },
  "sensitivities": [
    {
      "label": "Center price recovery -1 percentage point each year",
      "eps": 146.6954783139421,
      "delta_eps": -33.88753319990835,
      "op_delta": -3766.88782992051,
      "cash_delta": -2639.0305553679536,
      "debt_delta": 489.5821040424489,
      "capital_return_delta": -0.019644559276662282
    },
    {
      "label": "Center variable productivity -1 percentage point",
      "eps": 158.97586570570235,
      "delta_eps": -21.60714580814809,
      "op_delta": -2403.948222602936,
      "cash_delta": -2163.9013763410985,
      "debt_delta": 0.0,
      "capital_return_delta": -0.01238775389402448
    },
    {
      "label": "Cash capex +JPY3bn per year and useful-life link",
      "eps": 177.35832079235863,
      "delta_eps": -3.224690721491811,
      "op_delta": -281.25,
      "cash_delta": -2639.0305553679427,
      "debt_delta": 6143.302602015261,
      "capital_return_delta": -0.004585494528779072
    },
    {
      "label": "Receivables +10 days",
      "eps": 180.14865043951036,
      "delta_eps": -0.43436107434007454,
      "op_delta": 0.0,
      "cash_delta": -2517.7480461724044,
      "debt_delta": 2922.2916146798816,
      "capital_return_delta": -0.001901789151949787
    },
    {
      "label": "Higher minority attribution at fixed consolidated earnings",
      "eps": 174.45667114242468,
      "delta_eps": -6.126340371425755,
      "op_delta": 0.0,
      "cash_delta": 2.9355274645786267,
      "debt_delta": 0.0,
      "capital_return_delta": 1.0727116723369123e-06
    },
    {
      "label": "No nonlease legacy depreciation runoff",
      "eps": 171.4290296667632,
      "delta_eps": -9.153981847087238,
      "op_delta": -1020.4738880000004,
      "cash_delta": 1117.9664624592951,
      "debt_delta": 0.0,
      "capital_return_delta": -0.005196571429636199
    },
    {
      "label": "Unavailable Sep deposits JPY5bn rather than JPY1.721bn",
      "eps": 180.4039072030028,
      "delta_eps": -0.17910431084763445,
      "op_delta": 0.0,
      "cash_delta": -2275.956927310246,
      "debt_delta": 1027.3723160718946,
      "capital_return_delta": -0.0006726269852524863
    },
    {
      "label": "Opening leases +JPY5bn and annual principal +JPY1bn",
      "eps": 180.41944944283782,
      "delta_eps": -0.16356207101262044,
      "op_delta": 0.0,
      "cash_delta": -2639.0305553679536,
      "debt_delta": 884.7202727883378,
      "capital_return_delta": -0.0016858774959650352
    },
    {
      "label": "Finance-lease assets depreciate over4 rather than5 years",
      "eps": 179.4543722310911,
      "delta_eps": -1.1286392827593374,
      "op_delta": -125.73750000000291,
      "cash_delta": 96.89449817991044,
      "debt_delta": 0.0,
      "capital_return_delta": -0.000658441773000909
    },
    {
      "label": "FY27 H2 extra commissioned growth capex +JPY3bn",
      "eps": 180.24400367216506,
      "delta_eps": -0.33900784168537257,
      "op_delta": -22.62254062500142,
      "cash_delta": -2261.623011055228,
      "debt_delta": 706.2597788781932,
      "capital_return_delta": -0.000557241882209833
    }
  ],
  "base_sequential_eps_bridge": [
    {
      "label": "FY0 recurring starting EPS",
      "eps": 138.16283753353463,
      "delta_eps": 0,
      "op": 16494.358400816865
    },
    {
      "label": "Capital/D&A, funding, tax/NCI and time; no operating growth",
      "eps": 120.9061296377831,
      "delta_eps": -17.256707895751532,
      "op": 15120.315622150189,
      "delta_vs_reported_FY26_pct_of_baseline": -0.11915147342229877
    },
    {
      "label": "Volume, churn and new customer-contract revenue",
      "eps": 128.83928314774818,
      "delta_eps": 7.933153509965081,
      "op": 16005.127394812258,
      "delta_vs_reported_FY26_pct_of_baseline": 0.054775623213181523
    },
    {
      "label": "Contract price recovery",
      "eps": 230.90630563271122,
      "delta_eps": 102.06702248496305,
      "op": 27350.66689065858,
      "delta_vs_reported_FY26_pct_of_baseline": 0.7047367429742667
    },
    {
      "label": "Wage, subcontract and fixed cost inflation",
      "eps": 133.88557543800613,
      "delta_eps": -97.0207301947051,
      "op": 16572.434045386915,
      "delta_vs_reported_FY26_pct_of_baseline": -0.669893876922634
    },
    {
      "label": "Productivity",
      "eps": 180.58301151385044,
      "delta_eps": 46.69743607584431,
      "op": 21752.19178349936,
      "delta_vs_reported_FY26_pct_of_baseline": 0.3224293038448133
    }
  ],
  "lease_accounting_illustration": {
    "basis": "Observed FY26 lessee noncancellable rent within one year3680m; assume four years flat and3% discount. Not statutory forecast: complete durations, exemptions, renewals and subsidiary allocation unavailable; issuer adopting FYMar2028. Annual report printed59/companyPDF62.",
    "initial_liability": 13678.922122342177,
    "rows": [
      {
        "year": 2028,
        "op_delta": 260.26946941445567,
        "pbt_delta": -150.09819425580963,
        "eps_delta": -1.347940579842062,
        "lease_interest": 410.3676636702653,
        "lease_principal": 3269.6323363297347,
        "lease_liability_opening": 13678.922122342177,
        "lease_liability_closing": 10409.289786012443,
        "pretax_total_cash_change": 0
      },
      {
        "year": 2029,
        "op_delta": 260.26946941445567,
        "pbt_delta": -52.0092241659176,
        "eps_delta": -0.4670632057029512,
        "lease_interest": 312.2786935803733,
        "lease_principal": 3367.7213064196267,
        "lease_liability_opening": 10409.289786012443,
        "lease_liability_closing": 7041.568479592816,
        "pretax_total_cash_change": 0
      },
      {
        "year": 2030,
        "op_delta": 260.26946941445567,
        "pbt_delta": 49.02241502667118,
        "eps_delta": 0.4402404896603327,
        "lease_interest": 211.2470543877845,
        "lease_principal": 3468.7529456122156,
        "lease_liability_opening": 7041.568479592816,
        "lease_liability_closing": 3572.815533980601,
        "pretax_total_cash_change": 0
      }
    ]
  },
  "growth": {
    "bear": {
      "fy0_fy3_cagr": -0.24356306338619826,
      "target_vs_FY26_reported": -0.6248114487148135,
      "target_vs_FY26_annualized": -0.2173593622686658,
      "actual_baseline_to_target_years": 4
    },
    "base": {
      "fy0_fy3_cagr": 0.09335672975068521,
      "target_vs_FY26_reported": 0.24686191751605624,
      "target_vs_FY26_annualized": 0.05670701412418211,
      "actual_baseline_to_target_years": 4
    },
    "bull": {
      "fy0_fy3_cagr": 0.2128617700630313,
      "target_vs_FY26_reported": 0.8222488921561852,
      "target_vs_FY26_annualized": 0.16185497971611285,
      "actual_baseline_to_target_years": 4
    }
  }
}
