U-NEXT HOLDINGS (9418) Q4 2025 earnings summary

Executive summary

• Achieved record-high net sales of ¥390.4 billion (+19.5% YoY), operating income of ¥31.6 billion (+8.5% YoY), and profit attributable to owners of parent of ¥18.4 billion (+19.8% YoY).

• All four business segments contributed to growth, with notable expansion in Communication & Energy and Content Distribution.

• Subscriber and contract KPIs increased across all segments, supporting a strong foundation for future growth.

• The company reorganized its internal structure in September 2024, clarifying roles and enhancing cross-organizational synergies.

Financial highlights

• Net sales reached ¥390.4 billion (+19% YoY), operating income ¥31.6 billion (+8% YoY), and EBITDA ¥43.5 billion (+10% YoY).

• Net income attributable to owners of parent rose 20% YoY to ¥18.4 billion, aided by one-time tax benefits from loss carryforwards.

• Operating margin was 8.1% (down from 8.9% YoY); EBITDA margin was 11.1%.

• EPS (LTM) increased significantly YoY to ¥104.0; basic EPS was ¥101.99, adjusted EPS ¥120.44.

• Cash and cash equivalents at year-end were ¥56,882 million, up ¥4,143 million from the previous year.

Outlook and guidance

• FY2026 forecast: Net sales to grow 9% to ¥424 billion, operating income up 6% to ¥33.5 billion.

• EBITDA projected at ¥46.5 billion (+7%), with EBITDA-CAPEX up 27%.

• Net income growth expected to be modest (+0.6%) due to absence of prior year’s one-time tax benefits.

• Dividend policy prioritizes growth investments, with a confirmed year-end dividend of ¥8.5 for FY2025 and forecasted interim and year-end dividends of ¥8.5 each for FY2026.

• Adjusted EPS for FY2026 is projected at ¥121.97.