NTT (9432) Q2 2026 (Media) earnings summary

Executive summary

• Operating revenues and profits increased year-over-year, with operating revenues reaching ¥6,772.7 billion and operating profit up to ¥945.0 billion for the six months ended September 30, 2025, driven by strong orders, data center REIT gains, and robust ICT and enterprise performance.

• Profit attributable to the company rose to ¥595.7 billion, up 7.4% year-over-year, and comprehensive income more than doubled to ¥833.6 billion.

• Major business initiatives included the establishment of NTT Mobility, Inc. for autonomous driving, leveraging Expo 2025 Osaka, Kansai, and the acquisition of SBI Sumishin Net Bank, Ltd.

• The transfer of fixed assets to NTT DC REIT in July contributed significantly to net sales and operating profit, supporting sustainable growth.

• Launch of a new AI-focused company in Silicon Valley and strategic alliances with OpenAI, Mistral AI, and Google Cloud to expand AI and cloud offerings.

Financial highlights

• Operating revenues: ¥6,772.7 billion, up ¥182.1 billion (+2.8%) year-over-year.

• Operating profit: ¥945.0 billion, up ¥24.8 billion (+2.7%) year-over-year.

• Profit attributable to the company: ¥595.7 billion, up ¥40.9 billion (+7.4%) year-over-year.

• EBITDA: ¥1,740.5 billion, up ¥54.9 billion (+3.3%) year-over-year.

• Data center business net sales and operating profit each at $880 million in Q2.

Outlook and guidance

• Full-year forecast: operating revenues of ¥14,190.0 billion (+3.5%), operating profit of ¥1,770.0 billion (+7.3%), and profit attributable to the company of ¥1,040.0 billion (+4.0%).

• Interim dividend per share set at ¥2.65, with total annual dividends forecasted at ¥5.30, marking the 15th consecutive year of increases.

• Share buyback program up to ¥200 billion through March 31, 2026, with ¥82.6 billion repurchased as of October 2025.

• The company aims to achieve full-year targets in Japan despite some segments lagging, focusing on cost control and order growth.

• Investment in data centers will continue at current levels, with cash recycling via REITs and potential joint ventures for future growth.