Hit films, lower distribution revenue
TOHO Co., Ltd. (TSE: 9602) reported consolidated results for the first half of FY2/2027, March 1 to August 31, 2026, on October 15, 2026 under Japanese GAAP. Operating revenue fell 3.4% to ¥185,162 million, operating profit 24.8% to ¥30,938 million and ordinary profit 21.5% to ¥33,127 million. Net profit attributable to owners of the parent fell 40.2% to ¥20,019 million, or ¥24.00 per share after a five-for-one stock split on March 1; the year-earlier half had included an ¥8,913 million gain on sales of investment securities, while this half carried ¥1,256 million of extraordinary losses, mostly demolition costs. In film, the company's co-produced and distributed titles included the big hits Detective Conan: The Fallen Angel of the Highway and the Chiikawa film, alongside Kingdom, Doraemon, SAKAMOTO DAYS and Crayon Shin-chan, and its first project co-developed with Netflix contributed income. Even so, film-distribution revenue from cinemas fell 32.1% to ¥23,015 million, while licensing of film content rose 28.7% to ¥5,249 million.
Segment results
The film segment's operating revenue fell 12.1% to ¥91,177 million and operating profit 16.4% to ¥19,400 million. Within it, cinema chain TOHO Cinemas grew revenue 2.4% to ¥55,155 million although admissions fell 4.2% to 26.23 million; it raised some ticket prices on July 1 and ran 725 screens at the end of August. The IP and anime segment grew revenue 15.6% to ¥43,132 million on streaming and licensing of TOHO animation titles such as Jujutsu Kaisen, My Hero Academia, Frieren and The Apothecary Diaries and strong sales of film and Godzilla merchandise, but its operating profit fell 44.2% to ¥5,970 million; on March 1 TOHO moved overseas licensing of its content into TOHO Global. Theatre revenue fell 10.4% to ¥9,589 million and profit 15.2% to ¥845 million, while real estate grew revenue 1.8% to ¥40,008 million with operating profit down 5.4% to ¥9,895 million.
Balance sheet, forecast and dividend
Total assets rose 2.0% to ¥716,641 million and net assets 1.6% to ¥541,635 million; the equity ratio was 73.1%, against 73.3%. TOHO revised the FY2/2027 forecast it published on April 14 and now expects operating revenue of ¥345,000 million (−4.3%), operating profit of ¥62,000 million (−8.7%), ordinary profit of ¥67,000 million (−4.5%) and net profit of ¥48,000 million (−7.3%), with capital spending budgeted at ¥29,800 million. It paid an interim dividend of ¥11 and plans ¥11 at the year-end, a total of ¥22, the same as last year's ¥110 adjusted for the split.
| Metric | H1 FY2/2027 | H1 FY2/2026 | Change |
|---|---|---|---|
| Operating revenue (¥ million) | 185,162 | 191,677 | −3.4% |
| Operating profit (¥ million) | 30,938 | 41,146 | −24.8% |
| Ordinary profit (¥ million) | 33,127 | 42,192 | −21.5% |
| Net profit attrib. to owners of parent (¥ million) | 20,019 | 33,450 | −40.2% |
| EPS (¥) | 24.00 | 39.45 | −39.2% |
| Film — revenue (¥ million) | 91,177 | 103,709 | −12.1% |
| Film — segment profit (¥ million) | 19,400 | 23,193 | −16.4% |
| IP & anime — revenue (¥ million) | 43,132 | 37,313 | +15.6% |
| IP & anime — segment profit (¥ million) | 5,970 | 10,698 | −44.2% |
| Theatre — revenue (¥ million) | 9,589 | 10,698 | −10.4% |
| Theatre — segment profit (¥ million) | 845 | 997 | −15.2% |
| Real estate — revenue (¥ million) | 40,008 | 39,314 | +1.8% |
| Real estate — segment profit (¥ million) | 9,895 | 10,463 | −5.4% |
| Total assets (¥ million) | 716,641 | 702,934 | +2.0% |
| Net assets (¥ million) | 541,635 | 532,990 | +1.6% |
| Equity ratio | 73.1% | 73.3% | −0.2 pt |
| FY2/2027 guidance — operating revenue (¥ million) | 345,000 | — | −4.3% |
| FY2/2027 guidance — operating profit (¥ million) | 62,000 | — | −8.7% |
| FY2/2027 guidance — ordinary profit (¥ million) | 67,000 | — | −4.5% |
| FY2/2027 guidance — net profit (¥ million) | 48,000 | — | −7.3% |
| Annual dividend per share (¥) | 22.00 | 22.00 | unchanged |
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.