Nippon Television (9404) Q4 2026 earnings summary

Executive summary

• FY2025 saw record-high sales and profits at all levels, driven by strong terrestrial advertising and group company performance, including BS Nippon, Studio Ghibli, MURAYAMA, and la belle vie.

• Net sales increased by 4.9% year-over-year to ¥484,418 million for FY2025 ended March 31, 2026.

• Operating profit rose 26.2% year-over-year to ¥69,332 million, and net income attributable to owners of parent grew 23.4% to ¥56,767 million.

• KANAMEL became a wholly owned subsidiary in April 2026, enhancing global content production and IP creation capabilities.

• Strategic investments and content initiatives, including Studio Ghibli and digital expansion, supported growth.

Financial highlights

• FY2025 net sales: ¥484.4B (+4.9% YoY); operating profit: ¥69.3B (+26.2% YoY); net income: ¥56.8B (+23.4% YoY).

• FY2026 forecast: net sales ¥535B (+10.4%), operating profit ¥49B (-29.3%), net income ¥51.5B (-9.3%).

• FY2025 dividend per share: ¥45 (up ¥5 YoY); FY2026 forecast: ¥45, with a projected total return ratio of ~45%.

• Stock repurchase: 2.6M shares acquired and cancelled in FY2025; up to 5.2M shares planned for FY2026.

• Gain on sale of investment securities: ¥8.3B in FY2025; expected ¥19.5B in FY2026.

Outlook and guidance

• FY2026 expects continued sales growth but lower profits due to strategic investments and cost increases.

• Ongoing reduction of cross-shareholdings and focus on capital efficiency, with a target total return ratio of 35%+.

• Growth investments of ¥100B planned through FY2027, with additional CAPEX and human capital spending.