Nippon Television Holdings (9404): FY2025 Results Summary — Record Sales and Profit on Stronger Terrestrial Advertising

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Nippon Television Holdings posted higher sales and profit in FY2025, with sales and profits at all levels reaching record highs. Consolidated net sales rose 4.9% year on year to 484,418 million yen and operating profit rose 26.2% to 69,332 million yen, as Nippon TV increased sales and profit on stronger terrestrial advertising revenue. The company also cites the strong performance of group companies such as BS Nippon, Studio Ghibli, MURAYAMA and la belle vie, and notes that HJ Holdings, which recorded impairment losses in FY2024, posted higher profits. For FY2026 the company forecasts net sales of 535,000 million yen with lower profits at every level, and plans an annual dividend of 45 yen.

Consolidated Results (Full-Year Actual)

On a consolidated basis, net sales, operating profit, recurring profit and net income attributable to owners of the parent all increased year on year. Recurring profit rose 24.9% to 82,081 million yen and net income attributable to owners of the parent rose 23.4% to 56,767 million yen.

Item (Millions of Yen)	FY2024	FY2025	YoY	Change (%)
Net Sales	461,915	484,418	22,503	4.9%
Operating Profit	54,917	69,332	14,415	26.2%
Recurring Profit	65,724	82,081	16,357	24.9%
Net Income attributable to owners of the parent	46,000	56,767	10,766	23.4%

At Nippon TV on a non-consolidated basis, net sales rose 5.4% to 313,804 million yen, operating profit rose 18.1% to 42,873 million yen, recurring profit rose 20.8% to 49,599 million yen and net income rose 23.5% to 40,057 million yen. Within Nippon TV’s net sales, Program Sales were 10,986 million yen (up 2.8%), Events/Content Business Sales were 55,930 million yen (up 9.3%) and Real Estate Business was 3,168 million yen (up 0.5%). Cost of sales totalled 270,930 million yen (up 3.6%), of which production costs were 89,526 million yen (up 2.1%).

Nippon TV’s advertising revenue rose 4.7% to 243,719 million yen. Spot revenue rose 9.0% to 127,696 million yen and digital advertising rose 13.0% to 11,890 million yen, while time revenue declined 0.9% to 104,132 million yen.

Nippon TV Advertising Revenue (Millions of Yen)	FY2024	FY2025	YoY	Change (%)
Advertising Revenue	232,721	243,719	10,997	4.7%
Time	105,039	104,132	△907	△0.9%
Spot	117,159	127,696	10,537	9.0%
Digital Ad.	10,522	11,890	1,367	13.0%

Segment Results

The Content and Media Business, the group’s core segment, lifted net sales by 21,768 million yen to 452,888 million yen and operating profit by 14,924 million yen to 67,114 million yen. The Wellness Business increased net sales by 910 million yen to 27,665 million yen but recorded an operating loss of 72 million yen, a deterioration of 259 million yen. Real Estate-Related Businesses were broadly flat on sales at 11,554 million yen, with operating profit down 309 million yen to 4,136 million yen.

Segment (Millions of Yen)	Net Sales FY2024	Net Sales FY2025	Change	Operating Profit FY2024	Operating Profit FY2025	Change
Content and Media Business	431,120	452,888	21,768	52,190	67,114	14,924
Wellness Business	26,755	27,665	910	187	△72	△259
Real Estate-Related Businesses	11,530	11,554	24	4,445	4,136	△309

Among group companies in FY2025, HJ Holdings recorded net sales of 32,118 million yen (down 1.6%) and operating profit of 3,377 million yen, TIPNESS Limited net sales of 27,603 million yen (up 3.2%) and operating profit of 245 million yen (up 71.0%), MURAYAMA INC. net sales of 23,006 million yen (up 7.6%) and operating profit of 1,581 million yen (up 21.4%), BS Nippon Corp. net sales of 18,349 million yen (up 1.4%) and operating profit of 2,956 million yen (up 1.3%), and PLAY,inc. net sales of 10,352 million yen (up 12.3%) and operating profit of 1,520 million yen (up 9.6%). The company notes that where there was a loss in the previous or current fiscal year, the percentage change is shown as “-“.

FY2026 Forecast

For FY2026 the company forecasts net sales of 535,000 million yen, up 10.4%, with operating profit of 49,000 million yen (down 29.3%), recurring profit of 59,000 million yen (down 28.1%) and profit attributable to owners of parent of 51,500 million yen (down 9.3%). The forecast assumes year-on-year growth in terrestrial TV advertising revenue of 0.3% for time and minus 6.0% for spot.

Item (Millions of Yen)	FY2025 Results	FY2026 Forecast	Change (%)
Net Sales	484,418	535,000	10.4%
Operating Profit	69,332	49,000	△29.3%
Recurring Profit	82,081	59,000	△28.1%
Profit attributable to owners of parent (Net income)	56,767	51,500	△9.3%

Shareholder Returns

The FY2025 year-end dividend was increased by 5 yen from the level announced as of February 5, 2026, taking the year-end dividend to 35 yen and the annual dividend to 45 yen per share, paid from retained earnings. That corresponds to a total shareholder return ratio of approximately 38%, against approximately 30% in FY2024. For FY2026 the company plans the same 10 yen interim and 35 yen year-end dividend, an annual 45 yen, with a total shareholder return ratio of approximately 45% based on the earnings forecasts disclosed May 14, 2026.

Dividends per share (Yen)	2Q	Year-end	Annual	Total Shareholder Return ratio
FY2024	10Yen	30Yen	40Yen	Approx. 30%
FY2025	10Yen	35Yen	45Yen	Approx. 38%
FY2026 Forecast	10Yen	35Yen	45Yen	Approx. 45%

On buybacks, in FY2025 the company acquired 2,601,900 shares for a total of 9,999,767,084 yen between November 7, 2025 and December 17, 2025, and all acquired shares were cancelled. For FY2026 it resolved to acquire up to 5,200,000 shares for up to 12,000,000,000 yen between May 15, 2026 and August 31, 2026, including up to 2,300,000 shares via the off-auction treasury share repurchase trading system (ToSTNeT-3) at the closing price of May 14, 2026, with acquisition at 8:45 a.m. on May 15, 2026. All acquired shares will be cancelled. The company adds that the dividends, stock repurchases and reduction of cross-shareholdings shown on pages 4 to 6 are in line with the “Action to Implement Management that is Conscious of Cost of Capital and Stock Price.”

On cross-shareholdings, a portion of one listed security was sold in FY2025, with a gain on sales of investment securities of 8.3 billion yen. In FY2026, as of May 14, 2026, a portion of one listed security will be sold by the end of June 2026, with an expected gain on sales of investment securities of 19.5 billion yen. The company says it will continue to reduce cross-shareholdings, considering quantitative factors such as the financial performance, dividend and share price of the relevant companies.

Medium-Term Plan and Topics

Nippon Television Holdings announced the acquisition of KANAMEL’s shares for a total investment of 48.3 billion yen, making KANAMEL a wholly owned subsidiary in April 2026 — described as one of the largest M&A deals in the company’s history. KANAMEL is a holding company comprising 26 domestic and international group companies, with AOI Pro., TYO, TREE, FMX and FMS as its core entities; revenue was 78.3 billion yen for the fiscal year ending December 2025 and it had 1,956 employees as of the end of December 2025. The company states that KANAMEL holds the leading market share in Japan’s advertising film production market, and that the deal is aimed at strengthening IP creation and production capabilities, supporting Nippon TV’s transformation into a global content company under the Medium-Term Management Plan.

Total investment under the Medium-Term Management Plan 2025–2027 (including other items) is shown as ¥52.2 billion, compared with ¥36.6 billion under the 2022–2024 plan, ¥29.0 billion under the 2019–2021 plan and ¥22.0 billion under the 2016–2018 plan. Consolidated capital expenditure was 13.0 billion yen in FY2025 against depreciation and amortization of 12.3 billion yen.

In the streaming business, HJ Holdings (Hulu in Japan) recorded net sales of 32,118 million yen and operating profit of 3,377 million yen in FY2025, with the company noting that financial performance improved significantly following last year’s impairment processing. On viewer ratings, Nippon TV reported FY2025 all-day (6:00–24:00) ratings of 3.3 for individual viewers and 2.2 for the core target, prime time (19:00–23:00) of 4.7 and 3.6, and golden time (19:00–22:00) of 5.1 and 3.8, and states it has achieved a triple crown in core ratings across the all-day, prime and golden time slots for 14 consecutive years.

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