NTT (9432) Q3 2026 earnings summary

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.

• Q3 and nine-month results show stable performance across segments, with some one-off positive factors in data centers and subsidies in North America.

• The financial results forecast for FY2025 was revised downward due to accelerated customer base reinforcement at DOCOMO, higher sales promotion expenses, and realized profits from the transfer of Data Centers for REIT at DATA Group.

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

• Comprehensive income attributable to shareholders increased significantly to ¥1,448,816 million from ¥904,080 million in the prior year period.

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%).

• Data center segment saw one-off gains of about JPY 5 billion in Q3 and JPY 10 billion for the nine months.

• North America received a government subsidy of about JPY 3 billion.

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

• Q3 profit margin improved by 2-3 percentage points, driven by underlying regional improvements and one-off factors.

Outlook and guidance

• FY2025 operating revenues forecast: ¥14,164.0B, revised down by ¥26.0B from initial forecast; EBITDA forecast: ¥3,280.0B (down ¥110.0B); operating profit forecast: ¥1,660.0B (down ¥110.0B); profit forecast: ¥965.0B (down ¥75.0B).

• Management aims for profit growth next fiscal year, but details by segment are still being finalized.

• No large one-off factors expected to carry over into next fiscal year; reactionary declines in public sector are not anticipated to persist.

• Data center investment to continue, with over JPY 1.5 trillion planned from FY 2023 to 2027.

• The company revised its consolidated financial results forecasts during the period.