Transcript with Q&A session at the video conference for FY2025 PDF（3,434KB）

FY2025 Financial Results April 28, 2026

(Total: 71 minutes, Presentation: 37 minutes, Q&A: 34 minutes)

Eiichi Yonekura Representative Director, President & CEO

Isao Kubo Vice President Executive Officer, CFO Daisuke Nakagawa Board Director, Managing Executive Officer Teruo Yamashita Board Director, Managing Executive Officer

Takato Enoki Goldman Sachs Securities

Kennosuke Fujishiro Mizuho Securities

Yusuke Okamura Okasan Securities

Toshiyuki Tateno Phillip Securities

*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A or whose questions were read by moderator/company representatives.

Today's briefing was attended by Representative Director, President and CEO, Eiichi Yonekura; Vice President, Executive Officer, and CFO, Isao Kubo; Director, Executive Vice President, Daisuke Nakagawa; Director, Executive Vice President, Teruo Yamashita; and four others.

The materials for this briefing are also disclosed on our website.

Before I begin our explanation, I would like to go over a few requests and points to note. This presentation may contain forward-looking statements based on current expectations, all of which are subject to risks and uncertainties. We would like to ask for your understanding in advance that actual results may differ from the forecast.

There will be time for questions and answers at the end of the presentation. Questions can be submitted through the raised hand function on the control panel or by phone. Due to time constraints, we may not be able to answer all questions. Please understand this in advance. If you have any problems, please let us know via chat.

We will now begin the briefing.

Let me begin by explaining some of the highlights. These are the financial highlights for the full year.

The first is net income for FY2025. Net income was JPY23.3 billion, this year, we once again recorded our highest net income since listing. Operating income and net income increased by more than 20% YoY.

Next is the full-year forecast for FY2026. We plan to continue to focus on Enhancement of revenue base, Innovation in strategic businesses, and Challenging into new business fields to increase sales and profits in both space business and media business. Consolidated operating revenue is expected to be JPY135 billion, and segment profit is expected to be JPY17 billion for the space business and JPY10.5 billion for the media business, for a total consolidated net income of JPY27 billion.

In addition, we plan to increase the annual dividend per share by JPY6 to JPY48 per share for FY2026, to expand returns to shareholders while focusing on investment for growth.

Finally, we have revised upward our target for the fiscal year 2030. Driven by further growth in the space business and by maintaining profit of over 10 billion in the media business, we will raise our net income target for 2030 from JPY28 billion to more than JPY35 billion. CFO Kubo will explain the details later.

Yamashita and Nakagawa, directors in charge of the space and media businesses, will provide a detailed explanation of future initiatives in each business.

For the full year of FY2025, operating revenue was JPY127.6 billion, up 3.1% from the previous year; operating income was JPY35.3 billion, up 28.3%; and net income was JPY23.3 billion, up 22%. Both figures achieved the revised forecasts announced in February, and both operating income and net income reached record highs.

As noted in the note, the EBITDA calculation formula has been changed to operating income plus depreciation and amortization from this year to show the trend of business profitability more clearly over the medium to long term. Actual EBITDA for FY2025 is JPY50.7 billion, an increase of 10.8%.

Now, let us move on to the segmental explanation. First, I would like to discuss space business.

Business revenue was JPY69.8 billion, an increase of JPY5.1 billion from the same period last year. As we reported in the previous fiscal year, the domestic satellite communications field, including ground station services for JAXA, and the space intelligence business are progressing as planned.

Operating expenses increased by JPY3 billion to JPY45.7 billion, due to an increase in costs associated with higher revenue. As a result, operating income was JPY24.1 billion and segment profit was JPY16.1 billion, both higher than the same period last year.