Toho (9602) Q4 2025 earnings summary

Executive summary

• Achieved record highs in operating revenue (¥313.1B) and operating profit (¥64.7B) for FY2/25, driven by strong film production/distribution, licensing, and TOHO animation titles in Japan and overseas.

• Announced Mid-Term Plan 2028, targeting operating profit of ¥70B+ and ROE of 9%+.

• Established IP & Anime Business segment to enhance disclosure and focus on growth strategy; segment structure to be revised in FY2026.

Financial highlights

• Operating revenue rose 10.5% year-over-year to ¥313.1B; operating profit up 9.2% to ¥64.7B; ordinary profit up 2.3% to ¥64.5B; profit attributable to owners declined 4.3% to ¥43.4B.

• Gross profit increased to ¥144.6B; net assets rose to ¥494.8B; total assets to ¥653.1B.

• Cash and cash equivalents at year-end were ¥76.6B, down from ¥82.4B; operating cash flow ¥51.6B, investing cash flow negative ¥18.5B, financing cash flow negative ¥39.3B.

• Annual dividend per share was ¥85.00, with a payout ratio of 32.8%.

Outlook and guidance

• FY2/26 forecast: operating revenue ¥300B (-4.2% YoY), operating profit ¥57B (-11.9%), ordinary profit ¥55B (-14.7%), profit attributable to owners ¥37.5B (-13.5%).

• Decrease expected due to absence of GODZILLA MINUS ONE streaming revenue and temporary Imperial Theatre closure.

• Mid-Term Plan aims to increase overseas net operating revenue ratio from 10% to 30% by 2032.

• Capital expenditures for FY2026 are budgeted at ¥17.1B.