Decline in the target user base due to the declining birth rate
First written in FY2022. 1 of 2 entries say "Restated". Latest entry: FY2025.
The whole theme swung hardest in 2025: 4 of 14 companies on the "Worse" side.
13 other companies' latest entry also says "Restated".
- FY2025RestatedAnnual report
「We believe that the impact of the declining birthrate over the medium term, approximately the next 5 to 10 years, will be limited. However, if the declining birthrate progresses further and the population of target users, such as students, declines sharply contrary to the group’s expectations, this may affect the group’s business results and financial position.」
Continues to state that the medium-term impact of the declining birthrate is expected to be limited while maintaining the risk of a sharp decline in the target-user population. - FY2022First statedAnnual report
「We believe that the impact of the declining birthrate over the medium term, roughly the next 5 to 10 years, will be limited. However, if the declining birthrate progresses further and the population of students and others comprising our target users declines sharply contrary to our expectations, this may affect the Group’s operating results and financial position.」
While stating that the medium-term impact over approximately 5 to 10 years is expected to be limited, for the first time identifies the risk of a sharp decline in the target population, including students.