NTT (9432): FY2025 Results Summary — Record Revenue as Medium-Term EBITDA Target Pushed Back to FY2030

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

NTT (Nippon Telegraph and Telephone Corporation) reported FY2025 consolidated operating revenues of ¥14,409.1 billion, up ¥704.4 billion (+5.1%) year-on-year and a new record-high level, with EBITDA of ¥3,423.3 billion (+5.7%), operating profit of ¥1,706.2 billion (+3.4%), and profit (attributable to NTT) of ¥1,037.0 billion (+3.7%), all increasing year-on-year. For FY2026, NTT forecasts further growth in operating revenues, EBITDA, and operating profit, while profit is forecast to decrease. The company also revised its medium-term financial targets, now aiming for consolidated EBITDA of ¥4 trillion by FY2030 rather than the previous FY2027 goal.

Consolidated Results (Full-Year Actual)

All four headline consolidated metrics increased year-on-year in FY2025, with operating revenues, EBITDA, operating profit, and profit each rising versus FY2024, and operating revenues reaching a new record-high level.

Item	FY2025	FY2024	Change (YoY)
Operating Revenues	¥14,409.1B	¥13,704.7B	+¥704.4B [+5.1%]
EBITDA	¥3,423.3B	Not stated in the materials	+¥184.0B [+5.7%]
Operating Profit	¥1,706.2B	¥1,649.6B	+¥56.7B [+3.4%]
Profit	¥1,037.0B	Not stated in the materials	+¥37.0B [+3.7%]

Segment Results

NTT’s operating revenues and operating profit are broken down across four business segments — Integrated ICT Business Segment, Global Solutions Business Segment, Regional Communications Business Segment, and Others (Real Estate, Energy and Others) — net of the elimination of inter-segment transactions. Consolidated operating revenues increased from ¥13,704.7 billion in FY2024 to ¥14,409.1 billion in FY2025, and consolidated operating profit increased from ¥1,649.6 billion to ¥1,706.2 billion, as shown in the segment contribution chart in the materials. Individual segment-by-segment revenue and profit totals for FY2025 versus FY2024 are presented graphically in the source material without data labels that can be confirmed with certainty, so they are not reproduced here.

FY2026 Forecast

NTT forecasts operating revenues, EBITDA, and operating profit will increase year-on-year in FY2026, while profit is forecast to decrease.

Item	FY2025 Results	FY2026 Forecast	Year-on-Year
Operating Revenues	¥14,409.1B	¥15,060.0B	+¥650.9B
EBITDA	¥3,423.3B	¥3,430.0B	+¥6.7B
Operating Profit	¥1,706.2B	¥1,710.0B	+¥3.8B
Profit	¥1,037.0B	¥980.0B	¥(57.0)B

Shareholder Returns

NTT’s basic policy is to implement steady increases in dividends and to conduct share buybacks flexibly in order to improve capital efficiency. For FY2026, the company forecasts an annual dividend per share of ¥5.4, an increase of ¥0.1 from FY2025, which is expected to mark the 16th consecutive year of dividend increases. The FY2025 year-end dividend per share was ¥2.65. NTT’s Board of Directors also resolved a share buyback program of up to ¥200.0 billion, covering up to 14 billion shares, to be conducted from May 11, 2026, to March 31, 2027.

Item	Value
FY2026 Forecast Annual Dividend per Share	¥5.4 (+¥0.1 YoY; 16th consecutive year of dividend increases)
FY2025 Year-End Dividend per Share	¥2.65
Share Buyback (FY2026)	Up to ¥200.0 billion / Up to 14 billion shares (May 11, 2026 – March 31, 2027)

Medium-Term Plan / Topics

NTT revised its medium-term financial targets. While profits in Growth Areas are increasing steadily, changes in the business environment in Existing Areas have caused consolidated EBITDA to fall below expectations, making the previous target of ¥4 trillion EBITDA by FY2027 difficult to achieve. NTT now targets consolidated EBITDA of ¥4 trillion by FY2030, to be achieved by accelerating growth in Value-added Areas and transforming Connectivity Areas into an AI-native infrastructure called “AIOWN.” For FY2030, NTT targets consolidated EBITDA of ¥4 trillion and ROIC (excluding Financial Businesses) of 5.5%; for reference, the FY2026 forecast is EBITDA of ¥3.4 trillion and ROIC of 5.0%. As part of its financial policy, NTT aims to reduce interest-bearing liabilities relative to EBITDA (excluding Financial Businesses) from 4.2x in FY2025 to approximately 3.5x over the medium term.

Metric	FY2026 Forecast (Reference)	FY2030 Target
EBITDA (Consolidated)	¥3.4 Trillion	¥4 Trillion
ROIC (Excluding Financial Businesses)	5.0%	5.5%

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.