Nippon Television (9404) Q4 2025 earnings summary

Executive summary

• FY2024 saw higher sales and profit, driven by a recovery in broadcasting revenue, business revenue growth, and the full-year consolidation of Studio Ghibli.

• Group companies achieved record sales, with notable contributions from BS Nippon, Nippon TV Events, and Nippon Television Music.

• Net sales rose 9.1% year-over-year to ¥461,915 million, with operating profit up 31.1% to ¥54,917 million and net income attributable to owners of parent up 32.7% to ¥46,000 million.

• A gain of ¥9.8 billion was recorded from the sale of cross-shareholdings.

• Comprehensive income declined to ¥58,300 million from ¥98,101 million in FY2023, mainly due to lower other comprehensive income.

Financial highlights

• Consolidated net sales rose 9.1% year-over-year to ¥461.9 billion.

• Operating profit increased 31.1% to ¥54.9 billion; recurring profit up 32.8% to ¥65.7 billion.

• Net income attributable to owners of the parent grew 32.7% to ¥46.0 billion.

• Gross profit increased to ¥162,970 million, with operating profit margin improving to 11.9%.

• Cash and cash equivalents at year-end increased to ¥118,239 million from ¥112,471 million.

Outlook and guidance

• FY2025 net sales forecast at ¥466.0 billion (+0.9%), operating profit at ¥55.0 billion (+0.2%), and net income at ¥47.0 billion (+2.2%).

• Annual dividend forecast maintained at ¥40 per share.

• Terrestrial TV advertising revenue expected to grow 1.5% (time) and 2.3% (spot) year-over-year.