Fuji Media Holdings (4676): FY2025 Results Summary — Return to Net Profit Despite Operating Loss, Dividend Raised to 125 Yen

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: Fuji Media Holdings labels the fiscal year ended March 31, 2026 as “FY3/26” in its materials; this site classifies the most recent completed fiscal year as FY2025, and the figures below follow the company’s labels as reported.

FUJI MEDIA HOLDINGS, INC. (4676) reported consolidated net sales of 551,865 million yen for FY3/26, a 0.2% increase year on year, while recording an operating loss of 8,766 million yen compared with operating income of 18,293 million yen in FY3/25. Net income attributable to owners of the parent returned to profitability at 6,499 million yen, versus a loss of 20,134 million yen a year earlier, supported by a gain on sale of investment securities of 50,021 million yen. The Media & Content segment posted an operating loss due to incident-related impacts at Fuji TV and valuation losses at Pony Canyon, but the company states the segment has been on a steady recovery trajectory since the second half, while the Urban Development, Hotels & Resorts segment achieved higher net sales and operating income.

Consolidated Results (Full-Year Actual)

Net sales edged up 0.2% to 551,865 million yen. The operating loss of 8,766 million yen reflects a 27,059 million yen deterioration from the prior year, and the ordinary loss was 2,807 million yen. At the bottom line, net income attributable to owners of the parent recovered to 6,499 million yen. Extraordinary income rose to 50,429 million yen, mainly from a gain on sale of investment securities of 50,021 million yen tied to the reduction of strategic shareholdings, while extraordinary losses declined to 7,722 million yen. Results were broadly in line with the forecast announced on April 27, 2026 (net sales 551,800 million yen, operating loss 8,700 million yen, net income 6,500 million yen).

Item (Millions of yen)	FY3/26	FY3/25	YoY
Net Sales	551,865	550,761	1,103 / 0.2%
Operating Income (Loss)	(8,766)	18,293	(27,059)
Ordinary Income (Loss)	(2,807)	25,180	(27,988)
Net Income (Loss) Attributable to Owners of the Parent	6,499	(20,134)	26,633

Segment Results

In the Media & Content segment, net sales fell 13.2% to 350,889 million yen and the segment recorded an operating loss of 30,835 million yen. Fuji TV’s net sales decreased 18.9% to 173,701 million yen with an operating loss of 32,515 million yen: time ad and spot ad revenue decreased due to the impact of the incident, but fourth-quarter broadcasting revenue recovered to approximately 90% of the pre-incident (Q4/FY3/24) level, and Fuji TV returned to profitability in the second half. Fuji TV’s content business grew, with digital revenue up 18.0% to 24,998 million yen and movie revenue up 22.5% to 9,956 million yen. Pony Canyon recorded an operating loss of 7,762 million yen due to valuation losses on investments in animation production. The Urban Development, Hotels & Resorts segment increased net sales 37.2% to 193,495 million yen with operating income of 25,185 million yen; THE SANKEI BUILDING achieved record-high net sales and profits at all levels since becoming a consolidated subsidiary.

Segment (Millions of yen)	Net Sales FY3/26	Net Sales FY3/25	Operating Income (Loss) FY3/26	Operating Income (Loss) FY3/25
Media & Content	350,889	404,376	(30,835)	(4,085)
Urban Development, Hotels & Resorts	193,495	140,990	25,185	24,490
Other	26,681	20,057	1,424	876
Adjustment	(19,200)	(14,661)	(4,540)	(2,989)
Consolidated	551,865	550,761	(8,766)	18,293

FY3/27 Forecast

For FY3/27, the first year of the Group Vision, the company forecasts net sales of 625,700 million yen (up 13.4%), operating income of 40,100 million yen (a return to operating profitability), ordinary income of 38,300 million yen, and net income attributable to owners of the parent of 26,100 million yen (up 301.6%). By segment, Media & Content is forecast at net sales of 406,700 million yen and operating income of 20,000 million yen, and Urban Development, Hotels & Resorts at net sales of 209,900 million yen and operating income of 22,400 million yen. Fuji TV’s total terrestrial broadcasting revenue is forecast at 130,000 million yen, up 54.7%. The introduction of outside capital into the Urban Development, Hotels & Resorts segment is under consideration but is not assumed in the forecast.

Item (Millions of yen)	FY3/27 Forecast	FY3/26 Results	YoY
Net Sales	625,700	551,865	73,834 / 13.4%
Operating Income (Loss)	40,100	(8,766)	48,866
Ordinary Income (Loss)	38,300	(2,807)	41,107
Net Income (Loss) Attributable to Owners of the Parent	26,100	6,499	19,600 / 301.6%

Shareholder Returns

The FY3/26 annual dividend is 125 yen per share (including an interim dividend of 25 yen), up from 50 yen in FY3/25, with a dividend payout ratio of 380.6%. For FY3/27 and FY3/28, the company forecasts annual dividends of 200 yen per share, citing profit improvement including the recovery of Fuji TV’s advertising revenue, financial flexibility from the planned introduction of outside capital to the Urban Development, Hotels & Resorts segment, and the contribution to improving ROE. In FY3/26 the company also repurchased own shares totaling 249.0 billion yen based on the Reform Action Plan, reducing fiscal year-end shareholders’ equity to 546.7 billion yen, and the total shareholder return ratio for FY3/26 was 304.6%.

Item	FY3/26	FY3/27 (Forecast)	FY3/28 (Forecast)
Annual dividend per share	125 yen	200 yen	200 yen
Dividend payout ratio	380.6%	―	―

Group Vision 2026-2030 (Medium-Term Plan)

Building on the Reform Action Plan, the Group Vision raises targets to operating income of 35.0 billion yen or more and ROE of 6% in FY3/31 (from the previous 30.0 billion yen +α and 5-6%), with ROE of 8% targeted in FY3/34. The company plans growth investments of 150.0 billion yen in the Media & Content segment by FY3/31, targeting an operating income increase of 66.0 billion yen compared with FY3/26 across three focus areas: IP development and acquisition, expanding production and distribution, and diversifying IP deployment. Human capital investment of 15.0 billion yen by FY3/31 (3.0 billion yen annually over 5 years) is also planned. On capital optimization, the company targets divestment of over 100.0 billion yen of strategic shareholdings by FY3/28, with 49.4 billion yen already divested in FY3/26, and has concluded that introducing outside capital to the Urban Development, Hotels & Resorts business and executing off-balance sheet transactions is the most appropriate course of action, with proposals from operating companies and funds currently under evaluation.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.