TBS Holdings (9401) Q3 2025 earnings summary

Executive summary

• Consolidated revenue and income increased year-over-year, with Q3 revenue reaching a record high of ¥302,934 million, driven by strong spot ad market, streaming ad revenue in Media and Content, and significant growth in Styling Life Group's cosmetics and YARUKI Switch Group in Lifestyle.

• Operating profit rose 29.9% to ¥22,135 million and ordinary profit increased 18.8% to ¥34,152 million year-over-year.

• Profit attributable to owners of parent increased 14.1% year-over-year to ¥43,740 million, while comprehensive income turned negative at ¥(79,172) million due to valuation losses.

• Income in Lifestyle declined due to higher personnel and advertising expenses, and increased amortization of goodwill.

• Real Estate and other businesses saw both revenue and income rise due to increased lease revenue.

Financial highlights

• Q3 FY24 consolidated revenue: ¥302,934 million (+2.5% YoY); operating income: ¥22,135 million (+29.9% YoY); ordinary income: ¥34,152 million (+18.8% YoY); net income attributable to owners: ¥43,740 million (+14.1% YoY).

• Media and Content segment revenue: ¥220,191 million (+1.2% YoY); operating income: ¥12,677 million (+73.8% YoY).

• Lifestyle segment revenue: ¥70,011 million (+7.0% YoY); operating income: ¥3,314 million (-15.3% YoY).

• Real Estate and others segment revenue: ¥12,731 million (+2.2% YoY); operating income: ¥6,142 million (+5.4% YoY).

• Earnings per share for the nine months was ¥271.26, up from ¥232.56 year-over-year.

Outlook and guidance

• FY24 full-year consolidated revenue forecast revised upward to ¥404,000 million (+¥4,000 million from previous forecast); operating income to ¥18,100 million (+¥1,600 million); net income attributable to owners to ¥40,600 million (+¥3,200 million).

• Full-year forecast for the year ending March 31, 2025: net sales of ¥404,000 million (+2.5% YoY), operating profit of ¥18,100 million (+19.3%), ordinary profit of ¥30,200 million (+9.2%), and profit attributable to owners of parent of ¥40,600 million (+6.5%).

• TBS TV full-year revenue forecast revised to ¥228,400 million (+¥1,800 million); operating income to ¥7,900 million (+¥1,200 million).

• Earnings per share for the full year is projected at ¥252.41.

• Dividend forecast revised to ¥62.00 per share for the year ending March 31, 2025.