TBS Holdings (9401) Q2 2025 earnings summary

Executive summary

• Consolidated revenue for 1H FY24 reached ¥197,792 million, up 3.7% year-over-year, with net income attributable to owners of the parent surging 241.5% to ¥33,578 million, driven by extraordinary gains on sales of investment securities.

• Operating income increased 46.4% year-over-year to ¥12,801 million, and cumulative first-half revenue hit a record high, led by strong Media and Content and Lifestyle segments.

• Comprehensive income turned negative at ¥(118,757) million, mainly due to a significant loss in valuation difference on available-for-sale securities.

Financial highlights

• Gross profit improved to ¥65,440 million from ¥58,436 million year-over-year, and ordinary profit rose 14.7% to ¥18,652 million.

• Earnings per share increased to ¥207.71 from ¥59.62 year-over-year.

• Total assets decreased to ¥1,376,280 million from ¥1,567,504 million as of March 31, 2024, while equity ratio improved to 73.7%.

• Media and Content segment operating income rose 233.3% YoY; Lifestyle segment revenue up 15.2% YoY but operating income down 10.6%.

• Real Estate and others segment saw both revenue and income increase slightly.

Outlook and guidance

• Full-year forecast: revenue ¥400,000 million (+1.4% YoY), operating income ¥16,500 million (+8.7% YoY), net income attributable to owners of the parent ¥37,400 million (-1.9% YoY), and EPS forecast at ¥231.40.

• No changes to consolidated full-year forecasts since the September 3, 2024 revision.

• TBS Television's net income forecast revised upward due to gain on sales of investment securities.