SKY Perfect JSAT Holdings (9412) Q2 2025 earnings summary

Executive summary

• Consolidated net income for Q2 FY2024 was ¥9.7B, up 13.6% year-on-year, achieving 54% of the full-year forecast of ¥18B, with operating income at a record ¥13.9B and all major financial metrics showing year-on-year growth.

• Operating revenue for the six months ended September 30, 2024, increased 0.9% year-on-year to ¥61.0B.

• Space Business growth was driven by Space Intelligence and Global & Mobility segments, offsetting declines in 4K broadcasting, while Media Business remained stable with improved operational efficiency.

• Investments of ¥18B in H1 FY2024 (¥10B in core, ¥8B in new business) support medium- to long-term growth, with a full-year investment plan of ¥33B.

• Comprehensive income declined 11.4% year-on-year to ¥9.5B, mainly due to valuation losses on available-for-sale securities.

Financial highlights

• Revenue for Q2 FY2024 was ¥61.0B, up 0.9% year-on-year; operating income rose 3.5% to ¥13.9B; net income increased 13.6% to ¥9.7B; EBITDA grew 4.5% to ¥24.7B.

• Basic earnings per share for the period was ¥34.30, up from ¥29.47 in the prior year.

• Total assets as of September 30, 2024, were ¥405.5B, with net assets at ¥278.7B.

• Capital adequacy ratio improved to 68.2% from 66.7% as of March 31, 2024.

• Cash and cash equivalents at term-end were ¥115.1B, with net interest-bearing debt at -¥54.6B.

Outlook and guidance

• Full-year operating revenue forecast is ¥123.3B, up 1.2% year-on-year.

• FY2030 net income target is set at over ¥25B, with segment targets of ¥21B for Space and ¥5B for Media.

• Annual dividend forecast is ¥22.00 per share, with no changes from previous guidance.

• Investments will continue in H2 FY2024 to drive medium- to long-term growth, with a cumulative investment target of ¥300B by FY2030.

• Operating profit is projected at ¥25.8B (down 2.8%), ordinary profit at ¥26.2B (down 3.4%), and profit attributable to owners of parent at ¥18.0B (up 1.5%).