SKY Perfect JSAT Holdings (9412) Q4 2025 earnings summary

Executive summary

• Achieved record-high net income of ¥19.1B for FY2024, driven by Space Intelligence growth, while operating revenues rose 1.5% to ¥123.7B and operating profit increased 3.6% to ¥27.5B.

• Net income grew 7.7% year-over-year to ¥19.1B, with comprehensive income declining 31.8% to ¥17.9B due to negative securities valuation.

• FY2025 targets proactive investments in revenue base, innovation, and new business fields, with a net profit forecast of ¥21B.

• Dividend policy revised to a payout ratio of 50% or more and a minimum annual dividend per share of ¥38 from FY2026.

• Established JSAT Beyond Innovation LLC in Delaware to own and operate a next-generation satellite constellation, with capital expected to reach $230M by end of fiscal 2026.

Financial highlights

• FY2024 revenue rose 1.5% year-over-year to ¥123.7B; operating income increased 3.6% to ¥27.5B; ordinary profit was ¥27.3B, up 0.6%.

• Net income grew 7.7% year-over-year to ¥19.1B, surpassing forecasts.

• EBITDA slightly decreased by 1.3% to ¥47.4B.

• Basic earnings per share increased to ¥67.43 from ¥61.69 year-over-year.

• Total assets stood at ¥403.4B, with net assets at ¥284.2B as of March 31, 2025.

Outlook and guidance

• FY2025 revenue forecast at ¥127.6B (+3.1%), operating income at ¥30.8B (+12%), and net income at ¥21B (+9.9%).

• Basic EPS forecast at ¥74.11 for FY2025.

• Plans for ¥70B in investments in FY2025, focusing on satellite launches, ground stations, and new business fields.

• Targeting net income of over ¥28B by FY2030, with EBITDA expected to exceed ¥74B.