TV Asahi Holdings Corp. (TSE: 9409), the holding company for one of Japan's major commercial television networks, reported consolidated results for FY3/2026 under Japanese GAAP. Revenue increased 4.8% to ¥339,487 million, while operating profit surged 32.9% to ¥26,181 million — a notably stronger profit performance relative to revenue growth. Ordinary profit rose 28.2% to ¥36,572 million, and net profit attributable to owners of the parent gained 14.9% to ¥29,654 million. Basic earnings per share reached ¥294.33 (¥254.04 a year earlier), and the operating profit margin expanded to 7.7% from 6.1%, reflecting the operating leverage inherent in a broadcasting business recovering from cost headwinds.
Revenue growth driven by advertising and content businesses
TV Asahi Holdings operates across broadcast television, digital/streaming, content production, and other related media businesses. The 4.8% top-line advance reflected a recovery in terrestrial television advertising — the group's largest revenue source — supported by continued expansion of digital content and programme distribution revenues. The broadcasting segment benefits from a loyal prime-time audience and strong title production capabilities, with popular drama and variety formats driving both domestic viewership and international content licensing. Cost discipline contributed to the disproportionate improvement in operating profit, with management citing controlled programming spend and efficiency gains across the group.
Balance sheet: equity ratio strengthens to 80.1%
Total assets stood at ¥581,109 million (¥559,558 million a year earlier), while net assets rose to ¥467,686 million from ¥447,842 million. The equity ratio improved to 80.1% from 79.6%, reflecting continued accumulation of retained earnings and a conservatively capitalised balance sheet characteristic of established Japanese media companies. Return on equity was 6.5% (6.0% a year earlier). Operating cash flow came in at ¥24,946 million (¥26,520 million in FY25), and the group ended the year with cash and equivalents of ¥44,230 million, up from ¥39,763 million.
Dividend raised to ¥70 including ¥10 special; FY27 guidance targets revenue growth but lower operating profit
The board declared an annual dividend of ¥70.00 per share for FY3/2026 (¥30.00 interim + ¥40.00 year-end, of which ¥10.00 is a special dividend), up from ¥60.00 the previous year, representing a payout ratio of 23.8%. For FY3/2027, the company guides revenue of ¥350,000 million (+3.1%) and operating profit of ¥20,000 million (-23.6%), ordinary profit of ¥28,000 million (-23.4%), and net profit of ¥25,000 million (-15.7%), with EPS of ¥248.66. The planned annual dividend for FY27 is lifted to ¥100.00 per share (¥50 interim + ¥50 year-end). Management signalled that the step-down in operating profit guidance reflects higher planned investments in content and digital infrastructure rather than a structural deterioration in the business.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥ billion) | 339.5 | 324.1 | +4.8% |
| Operating profit (¥ billion) | 26.2 | 19.7 | +32.9% |
| Ordinary profit (¥ billion) | 36.6 | 28.5 | +28.2% |
| Net profit attrib. to owners (¥ billion) | 29.7 | 25.8 | +14.9% |
| EPS (¥) | 294.33 | 254.04 | +15.9% |
| Operating margin | 7.7% | 6.1% | +1.6pp |
| ROE | 6.5% | 6.0% | +0.5pp |
| Equity ratio | 80.1% | 79.6% | +0.5pp |
| Operating cash flow (¥ billion) | 24.9 | 26.5 | -6.0% |
| Annual dividend (¥) | 70.00 | 60.00 | +16.7% |
| FY27 revenue guidance (¥ billion) | 350.0 | — | +3.1% |
| FY27 operating profit guidance (¥ billion) | 20.0 | — | -23.6% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.