TBS Holdings (9401) Q4 2025 earnings summary

Executive summary

• Consolidated net sales reached ¥406.7 billion (+3.1% YoY) and operating profit ¥19.5 billion (+28.3% YoY) for FY2024, with profit attributable to owners up 15.2%.

• Growth was driven by strong spot ad markets in Media and Content, and significant expansion in the Lifestyle segment, especially cosmetics and educational services.

• Comprehensive income swung sharply negative to ¥(186,316) million from ¥380,105 million the prior year, mainly due to a large decline in valuation difference on available-for-sale securities.

• FY2025 forecasts project net sales of ¥425.0 billion (+4.5% YoY) and operating profit of ¥21.5 billion (+10.5% YoY), but net income is expected to decline due to special factors.

Financial highlights

• FY2024 net sales: ¥406.7 billion (+3.1% YoY); operating profit: ¥19.5 billion (+28.3% YoY); ordinary profit: ¥31.6 billion (+14.3% YoY); net income attributable to owners: ¥43.9 billion (+15.2% YoY).

• Basic earnings per share increased to ¥273.04 from ¥232.28 year-over-year.

• FY2025 forecast: net sales ¥425.0 billion (+4.5% YoY), operating profit ¥21.5 billion (+10.5% YoY), ordinary profit ¥34.5 billion (+9.2% YoY), net income ¥27.5 billion (-37.4% YoY).

• CAPEX for FY2024 was ¥23.3 billion, with depreciation and amortization at ¥14.8 billion.

• Cash and cash equivalents at year-end were ¥74.6 billion, up from ¥43.7 billion.

Outlook and guidance

• Media and Content segment expected to see continued growth in broadcasting and streaming ad revenue, and new IP monetization.

• Lifestyle segment to benefit from increased customer and student numbers, with new product launches and store expansions.

• Real Estate segment net sales to rise, but income to fall due to higher repair and other costs.

• Annual dividend per share is forecast at ¥70.00, up from ¥68.00.