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Financial results presentation9412SKY Perfect JSAT CorporationInformation and Communications, Services and Others

Full-year Financial Results Briefing Materials for the Fiscal Year Ending March 2026

FY2025 revenue and profits increased, driven by growth in the space business and improved operating efficiency in the media business, with operating profit and net income reaching record highs. For FY2026, the company plans operating revenue of ¥135 billion and net income of ¥27 billion, while also increasing dividends and continuing growth investments, primarily in the space business.

Worth reading
74In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
37
¥100 million (year-on-year change in net income attributable to owners of the parent forecast for FY2026)
Wording
Avoiding a definitive answer
How definitive the wording is.

Contents of this document

Financial results presentationFiscal year ending March 2026, full year14 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,276 100 million+3.1%
Operating profit¥353 100 million+28.3%
Ordinary income¥354 100 million+29.7%
Net income¥233 100 million+22.0%
Results for the three months of the current quarter
Space business
Operating revenue
¥193 100 million
Operating Expenses
¥128 100 million
Operating profit
¥65 100 million
Segment profit
¥42 100 million
Media Business
Operating revenue
¥165 100 million
Operating Expenses
¥141 100 million
Operating profit
¥24 100 million
Segment profit
¥16 100 million
Full-year earnings forecast
Fiscal year ending March 2027 (fiscal 2026)
Operating revenue
¥1,350 100 million
Operating profit
¥390 100 million
Ordinary income
¥390 100 million
Profit attributable to owners of the parent
¥270 100 million
EBITDA
¥540 100 million
Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。
Actual results for the fiscal year ending March 2026
Consolidated operating revenue100.0%
Consolidated operating profit100.8%
Profit attributable to owners of the parent101.4%
Space business operating revenue99.8%
Space business operating profit101.0%
Space business segment profit100.4%
Media business operating revenue100.3%
Media business operating profit100.9%
Media business segment profit103.1%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The space business is progressing in line with plan. Investment in FY2025 is also progressing generally as planned.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Space business operating revenue
Domestic satellite communications sector31
Space intelligence business26
Global mobile sector4
Foreign Exchange Effects-2
Space business operating expenses
Increase in cost of sales accompanying revenue growth45
Depreciation and amortization-13
Media business operating revenue
Subscription fees, service fees and basic fees-23
Conversion of the customer center subsidiary into an equity-method affiliate-7
FTTH-related revenue18
Media business operating expenses
One-off factors in the current fiscal year-32
Depreciation and amortization-15
Advertising and sales promotion expenses-7
Connected TV business-related expenses-2
Media business segment profit
Impairment loss following the end of the Connected TV commercialization study-5
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Hurdle rate8%
Our WACC7.5–8% (assumption)
New initiatives
  • Transfer video network-related services to the media business from FY2026
  • Strengthen the strategic capital alliance by increasing the equity interest of the ITOCHU Corporation Group from 17% to 49%
  • Introduce a share-based compensation plan for employees
  • Invest in the development of a low-Earth-orbit satellite constellation
  • Expand the media solutions business, including video production, transmission and monitoring
Key KPIsA metric the company considers important as a management benchmark.
  • New subscriptions51.1 ten thousand items
  • Net additions-14.8 ten thousand items
  • Cumulative subscriptions245.4 ten thousand items
  • Cumulative subscribers188 ten thousand items
  • Households connected to the optical retransmission service297 ten thousand items
  • Individual consultations354 Engagements
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Households connected to the optical retransmission service
FY2025 actual297 ten thousand items
FY2026 target307.8 ten thousand items
Monthly ARPU for スカパー！ subscribers
FY2025 actual¥3,409
Monthly ARPU for スカパー！ Premium Service subscribers
FY2025 actual¥3,486
Monthly ARPU for スカパー！ Premium Service Hikari subscribers
FY2025 actual¥4,898
Segment results
Space business
Operating revenue
¥698 100 million+7.9%
Operating profit
¥241 100 million+9.9%
Segment profit
¥161 100 million+5.6%
Media Business
Operating revenue
¥643 100 million-1.9%
Operating profit
¥119 100 million+90.1%
Segment profit
¥77 100 million+74.3%
Medium-term management plan targets
FY2030 operating revenue¥185 billion
FY2030 net income¥35 billion or more
FY2030 space business operating revenue¥120 billion or more
FY2030 space business segment profit¥25 billion or more
FY2030 security-related revenue¥50 billion or more
FY2030 media business segment profitAt least ¥10 billion
Market Size / Share
Ministry of Defense space-related budget
Fiscal 2026¥2,213 100 million
Key areas under the Defense Buildup Program
Stand-off defense capabilitiesApproximately ¥5 trillion
Unmanned asset defense capabilitiesApproximately ¥1 trillion
Cross-domain operational capabilities (space)Approximately ¥1 trillion
Orders received and order backlog
Contract backlog
¥1,849 100 million as of March 2025
Capital expenditures
¥640 100 million
Annual Dividend
FY2026 forecast
¥48 per share
Payout ratio
50% or higher
Acquisition of treasury shares
The basic policy is to conduct flexible share buybacks, but the size, number of shares and period of the current buyback are not disclosed
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFiscal year ending March 2026, full year
Net Sales¥1,276 100 million (YoY +3.1%)
Operating profit¥353 100 million (YoY +28.3%)
Ordinary income¥354 100 million (YoY +29.7%)
Net income¥233 100 million (YoY +22.0%)
Results for the three months of the current quarterSpace business Operating revenue ¥193 100 million / Operating Expenses ¥128 100 million / Operating profit ¥65 100 million / Segment profit ¥42 100 million / Media Business Operating revenue ¥165 100 million / Operating Expenses ¥141 100 million / Operating profit ¥24 100 million / Segment profit ¥16 100 million
Full-year earnings forecastSubject Fiscal year ending March 2027 (fiscal 2026) / Operating revenue ¥1,350 100 million / Operating profit ¥390 100 million / Ordinary income ¥390 100 million / Profit attributable to owners of the parent ¥270 100 million / EBITDA ¥540 100 million
Progress against full-year forecastActual results for the fiscal year ending March 2026 Consolidated operating revenue 100.0% / Consolidated operating profit 100.8% / Profit attributable to owners of the parent 101.4% / Space business operating revenue 99.8% / Space business operating profit 101.0% / Space business segment profit 100.4% / Media business operating revenue 100.3% / Media business operating profit 100.9% / Media business segment profit 103.1%
Self-assessment against the planThe space business is progressing in line with plan. Investment in FY2025 is also progressing generally as planned.
Segment resultsSpace business Operating revenue ¥698 100 million (YoY +7.9%) / Operating profit ¥241 100 million (YoY +9.9%) / Segment profit ¥161 100 million (YoY +5.6%) / Media Business Operating revenue ¥643 100 million (YoY -1.9%) / Operating profit ¥119 100 million (YoY +90.1%) / Segment profit ¥77 100 million (YoY +74.3%)
Breakdown of Factors Affecting the ChangeSpace business operating revenue Domestic satellite communications sector 31 / Space intelligence business 26 / Global mobile sector 4 / Foreign Exchange Effects -2 / Space business operating expenses Increase in cost of sales accompanying revenue growth 45 / Depreciation and amortization -13 / Media business operating revenue Subscription fees, service fees and basic fees -23 / Conversion of the customer center subsidiary into an equity-method affiliate -7 / FTTH-related revenue 18 / Media business operating expenses One-off factors in the current fiscal year -32 / Depreciation and amortization -15 / Advertising and sales promotion expenses -7 / Connected TV business-related expenses -2 / Media business segment profit Impairment loss following the end of the Connected TV commercialization study -5
Key KPIsNew subscriptions 51.1 ten thousand items, Net additions -14.8 ten thousand items, Cumulative subscriptions 245.4 ten thousand items, Cumulative subscribers 188 ten thousand items, Households connected to the optical retransmission service 297 ten thousand items, Individual consultations 354 Engagements
Unit price and quantity metricsHouseholds connected to the optical retransmission service FY2025 actual 297 ten thousand items / FY2026 target 307.8 ten thousand items / Monthly ARPU for スカパー！ subscribers FY2025 actual ¥3,409 / Monthly ARPU for スカパー！ Premium Service subscribers FY2025 actual ¥3,486 / Monthly ARPU for スカパー！ Premium Service Hikari subscribers FY2025 actual ¥4,898
Assumptions Underlying the Business OutlookHurdle rate 8% / Our WACC 7.5–8% (assumption)
Medium-term management plan targetsFY2030 operating revenue ¥185 billion / FY2030 net income ¥35 billion or more / FY2030 space business operating revenue ¥120 billion or more / FY2030 space business segment profit ¥25 billion or more / FY2030 security-related revenue ¥50 billion or more / FY2030 media business segment profit At least ¥10 billion
Annual DividendFY2026 forecast ¥48 per share / Interim and Year-End Breakdown Not disclosed
Payout ratio50% or higher
Acquisition of treasury sharesThe basic policy is to conduct flexible share buybacks, but the size, number of shares and period of the current buyback are not disclosed
Capital expenditures¥640 100 million
Orders received and order backlogContract backlog ¥1,849 100 million (as of March 2025)
Market Size / ShareMinistry of Defense space-related budget Fiscal 2026 ¥2,213 100 million / Key areas under the Defense Buildup Program Stand-off defense capabilities Approximately ¥5 trillion / Unmanned asset defense capabilities Approximately ¥1 trillion / Cross-domain operational capabilities (space) Approximately ¥1 trillion
New initiativesTransfer video network-related services to the media business from FY2026, Strengthen the strategic capital alliance by increasing the equity interest of the ITOCHU Corporation Group from 17% to 49%, Introduce a share-based compensation plan for employees, Invest in the development of a low-Earth-orbit satellite constellation, Expand the media solutions business, including video production, transmission and monitoring
Items this document does not state (8)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookFinancial targetsKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

The stated reasons are steady growth in the space business, operating optimization in the media business, expansion in the domestic satellite communications and space intelligence businesses, and strong performance in the optical alliance business.

How to read this page

This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Full-year Financial Results Briefing Materials for the Fiscal Year Ending March 2026 | SKY Perfect JSAT Corporation (9412) timely disclosure | Komori