NTT (9432) investor relations material

Executive summary

• Operating revenues, operating profit, and profit all increased year-over-year for the nine months ended December 31, 2025, with operating revenues reaching record-high levels.

• The full-year consolidated earnings forecast was revised downward due to underperformance and accelerated customer base reinforcement at DOCOMO, continuing a trend from the previous fiscal year.

• Management emphasized more conservative planning, especially for DOCOMO and network-related expenses, while maintaining a group-wide focus on digitalization, AI, data centers, and Smart Life business.

• Significant progress was made in mass production of photonics-electronics convergence devices and the social implementation of AI integrating digital and physical domains.

• The acquisition of SBI Sumishin Net Bank expanded the group’s financial business capabilities and know-how.

Financial highlights

• Operating revenues: ¥10,421.0B (+3.7% year-over-year); EBITDA: ¥2,657.3B (+4.1%); operating profit: ¥1,457.1B (+4.1%); profit attributable to the company: ¥926.1B (+8.9%).

• Q3 operating profit for NTT East and West increased year-on-year, with no significant one-off factors; profit recovery trend is stable.

• Data center segment saw one-off positive factors, including JPY 5 billion in Q3 and JPY 10 billion for the nine months.

• Asset sales, including real estate and data centers, are used for capital recycling and not solely to fill performance gaps.

• Total assets as of December 31, 2025, reached ¥46,834,791 million, up from ¥30,062,483 million at March 31, 2025.

Outlook and guidance

• Full-year operating revenues are forecast at ¥14,164,000 million, up 3.4% year-over-year, with profit attributable to shareholders expected at ¥965,000 million, a 3.5% increase.

• FY2025 operating revenues forecast revised down by ¥26.0B; EBITDA forecast: ¥3,280.0B (down ¥110.0B); operating profit forecast: ¥1,660.0B (down ¥110.0B); profit forecast: ¥965.0B (down ¥75.0B).

• Next fiscal year plans are not finalized, but the aim is for profit improvement, especially in DOCOMO, Smart Life, and Enterprise segments.

• Sales promotion expenses are expected to remain at current levels if competition persists; network costs will peak in FY2025–2026 and decline from FY2027.

• Data center investment will continue, with over JPY 1.5 trillion planned from FY2023–2027.