SKY Perfect JSAT Holdings (9412) Q1 2026 earnings summary

Executive summary

• Q1 FY2025 net income was JPY5.5B, over 26% of the annual target, with operating revenues at JPY29.8B, down 2.2% year-over-year, and operating profit up 7.7% to JPY8.0B.

• Comprehensive income surged 193.6% year-over-year to JPY8.5B, reflecting strong gains in other comprehensive income.

• An absorption-type merger with SKY Perfect JSAT Corporation is scheduled for April 2026 to streamline operations and accelerate decision-making.

• The company is expanding in national security and space intelligence, with significant project awards and revenue targets for FY2025 and FY2030.

Financial highlights

• Q1 FY2025 revenue was JPY29.8B, down 2.2% year-over-year; operating income rose 7.7% to JPY8.0B; net income increased 9.4% to JPY5.5B.

• Ordinary profit for Q1 FY2025 was JPY8.2B, up 10.3% year-over-year.

• EBITDA for Q1 FY2025 was JPY12.3B, a 2.9% decrease year-over-year.

• Cash and cash equivalents at the end of Q1 FY2025 were JPY84.9B, with interest-bearing debt reduced to JPY40.0B.

• Net assets as of June 30, 2025, stood at JPY288.0B, with a capital adequacy ratio of 72.2%.

Outlook and guidance

• The company targets JPY21B in net income for FY2025, with a full-year revenue forecast of JPY127.6B and operating profit of JPY30.8B.

• Full-year basic EPS is projected at JPY74.11.

• Capital allocation plans for FY2025–FY2027 include JPY250B in outflows, focusing on satellite procurement, innovation, and shareholder returns.

• External borrowing will supplement operating cash flow and cash on hand from FY2026.

• No revisions to previously announced forecasts.