NTT (9432) Q3 2026 (Media) earnings summary

Executive summary

• Consolidated revenue and profit increased year-over-year for the nine months ended December 31, 2025, with operating revenue reaching a record high despite a JPY 55 billion negative FX impact.

• EBITDA rose by JPY 104.8 billion to JPY 2,657.3 billion, and operating profit increased by JPY 57.9 billion to JPY 1,457.1 billion year-over-year.

• Profit attributable to owners increased by JPY 75.4 billion to JPY 926.1 billion year-over-year.

• Comprehensive income attributable to shareholders increased significantly to JPY 1,448.8 billion from JPY 904.1 billion year-over-year.

• Basic earnings per share improved to JPY 11.23 from JPY 10.15 in the prior year period.

Financial highlights

• Operating revenue increased by JPY 371.3 billion year-over-year to JPY 10,421 billion, driven by enterprise business expansion and data center transfers for REIT.

• Total assets increased to JPY 46,834.8 billion as of December 31, 2025, up from JPY 30,062.5 billion at March 31, 2025.

• Net cash provided by operating activities was JPY 957.4 billion, while investing activities used JPY 474.0 billion and financing activities provided JPY 1,313.9 billion.

• Annual dividend forecast for the year ending March 31, 2026, is JPY 5.30 per share, up from JPY 5.20 in the previous year.

• Net adds in fiber optic services increased, supported by strong sales of high-speed plans and bundled services.

Outlook and guidance

• Full-year consolidated forecast revised downward, reflecting lower profit expectations at DOCOMO and NTT DATA Group due to intensified competition and FX impacts.

• Full-year operating revenues are forecast at JPY 14,164 billion, up 3.4% year-over-year, with profit attributable to shareholders expected at JPY 965 billion, a 3.5% increase.

• DOCOMO's operating profit guidance revised down by JPY 83 billion; NTT DATA Group's by JPY 26 billion.

• Basic earnings per share for the full year are projected at JPY 11.70.

• Continued focus on customer base reinforcement, network quality, and cost reduction to recover performance.