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NTT (9432) investor relations material
NTT Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operating revenues, operating profit, and profit all increased year-over-year, with operating revenues reaching a record high for the six months ended September 30, 2025, despite Q2 profit declining by JPY 80 billion due to intensified competition and higher sales promotion costs.
Comprehensive income attributable to NTT more than doubled year-over-year, reaching ¥833,557 million, a 104.6% increase.
Major strategic initiatives include the establishment of NTT Mobility, Inc. for autonomous driving and leveraging Expo 2025 Osaka, Kansai for business development.
The company is prioritizing reinforcement of the customer base, with MNP turning positive in October after a negative Q2, and is focusing on ARPU growth through new plans like Docomo Max.
Enterprise and Smart Life segments are performing well, with Smart Life showing steady organic growth and enterprise profit on track.
Financial highlights
Operating revenues: ¥6,772.7B, up ¥182.1B (+2.8%) year-over-year; operating profit: ¥945.0B, up ¥24.8B (+2.7%); profit attributable to the company: ¥595.7B, up ¥40.9B (+7.4%).
EBITDA: ¥1,740.5B, up ¥54.9B (+3.3%) year-over-year.
ARPU rose 30% year-on-year to JPY 390,060, driven by new plans, with Docomo Max migration rate at 60% and over 1.5 million subscribers.
Basic earnings per share increased to ¥7.20 from ¥6.60 year-over-year.
Smart Life and enterprise segments are in line with annual plans, with enterprise profit expected to grow JPY 20-30 billion annually.
Outlook and guidance
Full-year operating revenues are forecast to rise 3.5% to ¥14,190,000 million, with operating profit expected to increase 7.3% to ¥1,770,000 million and profit attributable to NTT to grow 4.0% to ¥1,040,000 million.
Interim dividend per share set at ¥2.65, up 1.9% from FY2024; total annual dividend forecasted at ¥5.3, marking the 15th consecutive year of increases.
Share buyback program up to ¥200B through March 2026, with ¥82.6B repurchased as of October 2025.
Organic profit growth is targeted for the next fiscal year, with further color on outlook to be provided after Q3.
Sales promotion expenses are likely to increase in the second half if competition remains intense, with cost reductions and asset utilization being considered to offset these costs.
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