Interim report
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Financial Results Release For the Three Months Ended June 30 , 2026 Name of registrant Code No. : NTT , Inc. / URL https://group.ntt/en/ir/ : 9432 Stock exchanges on which the Company's shares are listed : Tokyo Representative Contact Scheduled date of dividend payments Supplemental material on quarterly results Presentation on quarterly results : : - Akira Shimada , President and Chief Executive Officer Naoki Akaishi , Head of IR , Finance and Accounting Department URL https://group.ntt/en/ir/contact/ : Yes Yes ( for institutional investors and analysts ) 1. Consolidated Financial Results for the Three Months Ended June 30 , 2026 ( April 1 , 2026 - June 30 , 2026 ) Amounts are rounded to the nearest million yen . August 6 , 2026 [ IFRS ] ( 1 ) Consolidated Results of Operations ( Millions of yen ) Operating Revenues Operating Profit Profit before Taxes Profit Attributable to NTT Three months ended June 30 , 2026 3,617,707 10.9 % 425,149 4.9 % 421,411 7.6 % 274,830 5.8 % Three months ended June 30 , 2025 3,262,039 0.7 % 405,193 ( 7.0 ) % 391,769 ( 8.8 ) % 259,714 ( 5.3 ) % Notes : 1. Comprehensive income ( loss ) attributable to NTT : For the three months ended June 30 , 2026 : 345,754 million yen 12.2 % For the three months ended June 30 , 2025 : 308,159 million yen ( 12.4 ) % 2. Percentages above represent changes from the corresponding period of previous fiscal year . Basic Earnings per Share Attributable Diluted Earnings per Share Attributable to NTT Three months ended June 30 , 2026 Three months ended June 30 , 2025 ( 2 ) Consolidated Financial Position 2. Dividends June 30 , 2026 March 31 , 2026 to NTT 3.38 ( yen ) 3.14 ( yen ) ( yen ) ( yen ) ( Millions of yen , except equity ratio and per share amounts ) Equity Ratio Total Assets Total Equity ( Net Assets ) Shareholders ' Equity ( Ratio of Shareholders ' Equity to Total Assets ) Shareholders ' Equity per Share 47,459,702 10,348,007 9,858,080 20.8 % 121.07 ( yen ) 46,721,259 10,217,533 9,727,623 20.8 % 119.47 ( yen ) Annual Dividends End of the first quarter End of the second quarter End of the third quarter Year Ended March 31 , 2026 2.65 ( yen ) Year Ending March 31 , 2027 Year Ending March 31 , 2027 2.70 ( yen ) ( Forecasts ) Note : Revision to the dividend forecasts from the latest announcement : None Year - end Total 2.65 ( yen ) 5.30 ( yen ) 5.40 ( yen ) 2.70 ( yen ) 3. Consolidated Financial Results Forecasts for the Fiscal Year Ending March 31 , 2027 ( April 1 , 2026 - March 31 , 2027 ) Year Ending March 31 , 2027 Operating Revenues 15,060,000 4.5 % ( Millions of yen , except per share amount ) Basic Earnings per Share Attributable to NTT Operating Profit Profit before Taxes Profit Attributable to NTT 1,710,000 0.2 % 1,500,000 ( 5.2 ) % 980,000 ( 5.5 ) % 12.10 ( yen ) Notes : 1. Percentages above represent changes from the previous fiscal year . 2. Revision to the consolidated financial results forecasts from the latest announcement : None - 1 -
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June 30, 2026 : 90,550,316,400 shares March 31, 2026 : 90,550,316,400 shares June 30, 2026 : 9,125,733,186 shares March 31, 2026 : 9,126,691,363 shares For the three months ended June 30, 2026 : 81,423,751,267 shares For the three months ended June 30, 2025 : 82,738,469,345 shares *Notes: (1) Significant changes in the scope of consolidation during the three months ended June 30, 2026: None (2) Changes in accounting policies and accounting estimates i. Changes in accounting policies required by IFRS: None ii. Changes other than (i): None iii. Changes in accounting estimates: None (3) Number of shares outstanding (common stock) i. Number of shares outstanding (including treasury stock): ii. Number of shares of treasury stock: iii. Weighted average number of shares outstanding: Notes: The number of shares of treasury stock includes the Company’s shares held by the BIP (Board Incentive Plan) Trust (As of June 30, 2026: 30,653,234 shares; As of March 31, 2026: 31,611,838 shares) and the stock-granting ESOP (Employee Stock Ownership Plan) Trust (As of June 30, 2026: 31,733,300 shares; As of March 31, 2026: 31,733,300 shares). In addition, the Company’s shares held by the BIP Trust and the stock-granting ESOP Trust are included in the treasury stock that is deducted from the number of shares outstanding when calculating the weighted average number of shares outstanding during the period. * Review of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None * Explanation for the appropriate use of earnings forecasts and other notes: This document is a translation of the authoritative Japanese original. The forward-looking statements and projected figures concerning the future performance of NTT and its subsidiaries and affiliates contained or referred to herein are based on a series of assumptions, projections, estimates, judgments and beliefs of the management of NTT in light of information currently available to it regarding NTT and its subsidiaries and affiliates, the economy and telecommunications industry in Japan and overseas, and other factors. These projections and estimates may be affected by the future business operations of NTT and its subsidiaries and affiliates, the state of the economy in Japan and abroad, possible fluctuations in the securities markets, the pricing of services, the effects of competition, the performance of new products, services and new businesses, changes to laws and regulations affecting the telecommunications industry in Japan and elsewhere, other changes in circumstances that could cause actual results to differ materially from the forecasts contained or referred to herein and in such other materials. On Thursday, August 6, 2026, NTT will hold a presentation on its financial results for institutional investors and analysts. Shortly thereafter, NTT plans to post on its website explanatory details, along with the materials used at the presentation. - 2 -
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1. Overview of Results of Operations Please refer to the following materials disclosed on TDnet and our website on Thursday, August 6, 2026, for a summary of results of operations and financial condition during the three months ended June 30, 2026. -Presentation Material -Supplementary Data Download the latest IR materials: https://group.ntt/en/ir/library/latest/ 2. Summary Information (notes) (1) Significant changes in the scope of consolidation during the three months ended June 30, 2026: None (2) Changes in Accounting Policies and Estimates: None - 3 -
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(1) Condensed Consolidated Balance Sheets Millions of yen March 31, 2026 June 30, 2026 Increase (Decrease) ASSETS Current assets Cash and cash equivalents ¥ 1,921,882 ¥ 2,387,389 ¥ 465,507 Trade and other receivables 5,551,177 5,026,799 (524,378) Short-term loans for banking 747,054 694,787 (52,267) Other financial assets 1,446,264 1,384,374 (61,890) Inventories 624,827 715,994 91,167 Other current assets 1,053,104 1,238,925 185,821 Sub Total 11,344,308 11,448,268 103,960 Assets held for sale 392 31,406 31,014 Total current assets 11,344,700 11,479,674 134,974 Non-current assets Property, plant and equipment 11,276,887 11,412,978 136,091 Right-of-use asset 1,021,044 998,723 (22,321) Goodwill 2,079,718 2,144,370 64,652 Intangible assets 2,872,974 2,853,381 (19,593) Investment property 1,523,792 1,551,438 27,646 Investments accounted for using equity method 542,777 539,814 (2,963) Long-term loans for banking 10,123,333 10,408,373 285,040 Securities for banking 825,684 828,825 3,141 Other financial assets 3,305,980 3,443,359 137,379 Deferred tax assets 460,837 429,631 (31,206) Other non-current assets 1,343,533 1,369,136 25,603 Total non-current assets 35,376,559 35,980,028 603,469 Total assets ¥ 46,721,259 ¥ 47,459,702 ¥ 738,443 3. Condensed Consolidated Financial Statements - 4 -
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Millions of yen March 31, 2026 June 30, 2026 Increase (Decrease) LIABILITIES AND EQUITY Current liabilities Short-term borrowings ¥ 4,395,648 ¥ 5,165,229 ¥ 769,581 Trade and other payables 3,073,019 2,731,973 (341,046) Short-term deposits for banking 10,950,069 11,362,004 411,935 Lease liabilities 249,991 250,642 651 Other financial liabilities 1,351,626 1,561,589 209,963 Accrued payroll 660,108 537,200 (122,908) Income tax payables 245,392 155,284 (90,108) Other current liabilities 1,407,033 1,433,648 26,615 Sub Total 22,332,886 23,197,569 864,683 Liabilities directly associated with assets held for sale － 42 42 Total current liabilities 22,332,886 23,197,611 864,725 Non-current liabilities Long-term borrowings 11,315,960 11,089,364 (226,596) Long-term deposits for banking 55,911 101,798 45,887 Lease liabilities 957,941 920,417 (37,524) Other financial liabilities 413,094 346,447 (66,647) Defined benefit liabilities 714,718 715,499 781 Deferred tax liabilities 228,066 221,258 (6,808) Other non-current liabilities 485,150 519,301 34,151 Total non-current liabilities 14,170,840 13,914,084 (256,756) Total liabilities 36,503,726 37,111,695 607,969 Equity NTT, Inc. (“NTT”) shareholders’ equity Common stock 937,950 937,950 － Additional paid-in capital － 523 523 Retained earnings 8,926,197 8,985,549 59,352 Treasury stock (1,343,643) (1,343,517) 126 Other components of equity 1,207,119 1,277,575 70,456 Total NTT shareholders’ equity 9,727,623 9,858,080 130,457 Non-controlling interests 489,910 489,927 17 Total equity 10,217,533 10,348,007 130,474 Total liabilities and equity ¥ 46,721,259 ¥ 47,459,702 ¥ 738,443 - 5 -
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Millions of yen except per share data Three-month ended June 30, 2025 Three-month ended June 30, 2026 Increase (Decrease) Operating revenues ¥3,262,039 ¥3,617,707 ¥355,668 Operating expenses Personnel expenses 785,500 857,687 72,187 Expenses for purchase of goods and services and other expenses 1,571,049 1,812,537 241,488 Depreciation and amortization 438,778 452,493 13,715 Loss on disposal of property, plant and equipment and intangible assets 19,298 21,822 2,524 Impairment losses 1,674 3,541 1,867 Taxes and dues 40,547 44,478 3,931 Total operating expenses 2,856,846 3,192,558 335,712 Operating profit 405,193 425,149 19,956 Finance income 23,618 43,824 20,206 Finance costs 49,281 71,106 21,825 Share of profit (loss) of entities accounted for using equity method 12,239 23,544 11,305 Profit before taxes 391,769 421,411 29,642 Income taxes 119,073 137,241 18,168 Profit ¥272,696 ¥284,170 ¥11,474 Profit attributable to NTT 259,714 274,830 15,116 Profit attributable to Non-controlling interests 12,982 9,340 (3,642) Earnings per share attributable to NTT Basic earnings per share (yen) ¥ 3.14 ¥ 3.38 (2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement of Comprehensive Income Condensed Consolidated Statements of Profit or Loss - 6 -
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Consolidated Statements of Comprehensive Income Millions of yen Three-month ended June 30, 2025 Three-month ended June 30, 2026 Increase (Decrease) Profit ¥272,696 ¥284,170 ¥11,474 Other comprehensive income (net of tax) Items that will not be reclassified to profit or loss Changes in the fair value of financial assets measured at fair value through other comprehensive income 66,478 (28,173) (94,651) Share of other comprehensive income of entities accounted for using the equity method 1,241 120 (1,121) Remeasurements of defined benefit plans (708) 665 1,373 Total of items that will not be reclassified to profit or loss 67,011 (27,388) (94,399) Items that may be reclassified to profit or loss Changes in the fair value of financial assets measured at fair value through other comprehensive income － 1,838 1,838 Cash flow hedges (4,143) 43,918 48,061 Hedges cost 6,393 (1,294) (7,687) Foreign currency translation adjustments (16,336) 52,370 68,706 Share of other comprehensive income of entities accounted for using the equity method (7,979) (611) 7,368 Total of items that may be reclassified to profit or loss (22,065) 96,221 118,286 Total other comprehensive income (net of tax) 44,946 68,833 23,887 Total comprehensive income ¥317,642 ¥353,003 ¥35,361 Comprehensive income attributable to NTT 308,159 345,754 37,595 Comprehensive income attributable to Non-controlling interests 9,483 7,249 (2,234) - 7 -
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Millions of yen NTT Shareholders’ Equity Non- controlling interests Total equityCommon stock Additional paid-in capital Retained earnings Treasury stock Other equity components Total April 1, 2025 ¥937,950 ¥－ ¥9,726,370 ¥(1,139,170) ¥696,437 ¥10,221,587 ¥1,123,052 ¥11,344,639 Comprehensive income Profit － － 259,714 － － 259,714 12,982 272,696 Other comprehensive income － － － － 48,445 48,445 (3,499) 44,946 Total comprehensive income － － 259,714 － 48,445 308,159 9,483 317,642 Value of transactions with shareholders etc. Dividends of surplus － － (215,210) － － (215,210) (15,971) (231,181) Transfer to retained earnings － 910,014 (906,725) － (3,289) － － － Purchase and disposal of treasury stock － － － 119 － 119 － 119 Changes in ownership interest in subsidiaries without loss of control － (904,705) － － － (904,705) (442,791) (1,347,496) Share-based compensation transactions － (3,583) － － － (3,583) (1,070) (4,653) Put options granted to non-controlling interests － (893) － － － (893) (269) (1,162) Other － (833) 69 － － (764) 228 (536) Total value of transactions with shareholders etc. － － (1,121,866) 119 (3,289) (1,125,036) (459,873) (1,584,909) June 30, 2025 ¥937,950 ¥－ ¥8,864,218 ¥(1,139,051) ¥741,593 ¥9,404,710 ¥672,662 ¥10,077,372 (3) Condensed Consolidated Statement of Changes in Equity Three Months Ended June 30, 2025 - 8 -
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Millions of yen NTT Shareholders’ Equity Non- controlling interests Total equityCommon stock Additional paid-in capital Retained earnings Treasury stock Other equity components Total April 1, 2026 ¥937,950 ¥－ ¥8,926,197 ¥(1,343,643) ¥1,207,119 ¥9,727,623 ¥489,910 ¥10,217,533 Comprehensive income Profit － － 274,830 － － 274,830 9,340 284,170 Other comprehensive income － － － － 70,924 70,924 (2,091) 68,833 Total comprehensive income － － 274,830 － 70,924 345,754 7,249 353,003 Value of transactions with shareholders etc. Dividends of surplus － － (215,940) － － (215,940) (9,564) (225,504) Transfer to retained earnings － － 468 － (468) － － － Purchase and disposal of treasury stock － － － 126 － 126 － 126 Changes in ownership interest in subsidiaries without loss of control － 754 － － － 754 2,332 3,086 Share-based compensation transactions － 2,845 － － － 2,845 － 2,845 Put options granted to non-controlling interests － (3,076) － － － (3,076) － (3,076) Other － － (6) － － (6) － (6) Total value of transactions with shareholders etc. － 523 (215,478) 126 (468) (215,297) (7,232) (222,529) June 30, 2026 ¥937,950 ¥523 ¥8,985,549 ¥(1,343,517) ¥1,277,575 ¥9,858,080 ¥489,927 ¥10,348,007 Three Months Ended June 30, 2026 - 9 -
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Millions of yen Three Months Ended June 30, 2025 Three Months Ended June 30, 2026 Increase (Decrease) Cash flows from operating activities Profit ¥ 272,696 ¥ 284,170 ¥ 11,474 Depreciation and amortization 438,778 452,493 13,715 Impairment losses 1,674 3,541 1,867 Share of loss (profit) of entities accounted for using the equity method (12,239) (23,544) (11,305) Losses on retirement of property, plant and equipment and intangible assets 6,556 8,677 2,121 Gain on sales of property, plant and equipment and intangible assets (1,188) (7,160) (5,972) Interest expenses 42,389 65,021 22,632 Income taxes 119,073 137,241 18,168 Decrease (increase) in trade and other receivables 448,028 543,538 95,510 Decrease (increase) in inventories (60,499) (104,882) (44,383) Decrease (increase) in other current assets (163,382) (180,827) (17,445) Increase (decrease) in trade and other payables / accrued payroll (381,505) (356,258) 25,247 Increase (decrease) in other current liabilities 23 24,037 24,014 Increase (decrease) in defined benefit liabilities 186 617 431 Decrease (increase) in non-current handset installment receivables (22,265) (15,220) 7,045 Increase (decrease) in other non-current liabilities 20,670 30,032 9,362 Decrease (increase) in loans for banking － (232,772) (232,772) Increase (decrease) in deposits for banking － 457,823 457,823 Increase (decrease) in borrowings for banking － (256,273) (256,273) Other, net 19,981 (37,974) (57,955) Sub-total 728,976 792,280 63,304 Interest and dividends received 43,831 52,022 8,191 Interest paid (36,518) (47,218) (10,700) Income taxes paid (210,034) (222,590) (12,556) Net cash provided by (used in) operating activities 526,255 574,494 48,239 Cash flows from investing activities Purchase of property, plant and equipment, intangible assets and investment property (590,761) (630,294) (39,533) Proceeds from sale of property, plant and equipment, intangible assets and investment property 3,674 7,808 4,134 Proceeds from government grants － 4,000 4,000 Purchase of investments (24,344) (63,058) (38,714) Proceeds from sale or redemption of investments 21,034 70,982 49,948 Proceeds from loss of control of subsidiaries 503 228 (275) Payments for acquisition of subsidiaries (4,393) (42,863) (38,470) Proceeds from acquisition of subsidiaries － 414 414 Net decrease (increase) loan in receivables 17 1,020 1,003 Purchases of securities for banking － (71,441) (71,441) Proceeds from sale and redemption of securities for banking － 48,987 48,987 Other, net (13,915) 776 14,691 Net cash provided by (used in) investing activities (608,185) (673,441) (65,256) (4) Condensed Quarterly Consolidated Statements of Cash Flows - 10 -
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Millions of yen Three Months Ended June 30, 2025 Three Months Ended June 30, 2026 Increase (Decrease) Cash flows from financing activities Net increase (decrease) in short-term borrowings 1,797,558 1,058,146 (739,412) Proceeds from increases in long-term borrowings 1,327,138 304,380 (1,022,758) Repayment of long-term borrowings (347,466) (496,020) (148,554) Repayment of lease liabilities (83,462) (81,374) 2,088 Payments for acquisition of interests in subsidiaries from non-controlling interests (1,349,438) (6,486) 1,342,952 Dividends paid (215,210) (215,940) (730) Dividends paid to non-controlling interests (15,802) (7,354) 8,448 Purchase of treasury stock (3) (3) － Other, net 739 1,758 1,019 Net cash provided by (used in) financing activities 1,114,054 557,107 (556,947) Effect of exchange rate change on cash and cash equivalents (7,975) 7,347 15,322 Net increase (decrease) in cash and cash equivalents 1,024,149 465,507 (558,642) Cash and cash equivalents at the beginning of the year 1,000,994 1,921,882 920,888 Cash and cash equivalents at the end of the period ¥ 2,025,143 ¥ 2,387,389 ¥ 362,246 - 11 -
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(5) Going Concern Assumption None (6) Segment Information NTT Group’s business segments are as below, for which discrete financial information is available and whose operating results are utilized by NTT Group’s management to make decisions about the allocation of resources and to assess business performance. Services included in each segment are as follows: Integrated ICT Business Consumer telecommunications services (mobile phone services, optical broadband services, etc.), smart life services (financial services, content and lifestyle services, etc.), enterprise services (telecommunications services for enterprise customers, solutions services, system development services, etc.), and related services Global Solutions Business Consulting services, IT solutions services, system and software development services, maintenance and support services, data center services, and related services Regional Communications Business Optical services, enterprise services, fixed-line services, and related services Others (Real Estate, Energy and Others) Services related to real estate business and energy business, etc. - 12 -
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(Millions of yen) Three Months Ended June 30, 2025 (April 1, 2025 - June 30, 2025) Three Months Ended June 30, 2026 (April 1, 2026 - June 30, 2026) Integrated ICT Business Transactions with external customers ¥ 1,423,554 ¥ 1,542,221 Inter-segment transactions 66,594 74,810 Subtotal 1,490,148 1,617,031 Global Solutions Business Transactions with external customers 1,054,365 1,226,979 Inter-segment transactions 50,004 51,956 Subtotal 1,104,369 1,278,935 Regional Communications Business Transactions with external customers 592,234 603,603 Inter-segment transactions 165,630 160,034 Subtotal 757,864 763,637 Others (Real Estate, Energy and Others) Transactions with external customers 191,886 244,904 Inter-segment transactions 194,156 197,461 Subtotal 386,042 442,365 Elimination of inter-segment transactions (476,384) (484,261) Total ¥ 3,262,039 ¥ 3,617,707 (Millions of yen) Three Months Ended June 30, 2025 (April 1, 2025 - June 30, 2025) Three Months Ended June 30, 2026 (April 1, 2026 - June 30, 2026) Segment profit Integrated ICT Business ¥ 239,682 ¥ 246,218 Global Solutions Business 57,786 63,493 Regional Communications Business 97,909 98,522 Others (Real Estate, Energy and Others) 18,081 23,372 Total 413,458 431,605 Elimination of inter-segment transactions (8,265) (6,456) Operating profit 405,193 425,149 Finance income 23,618 43,824 Finance costs 49,281 71,106 Share of profit of entities accounted for using equity method 12,239 23,544 Profit before taxes ¥ 391,769 ¥ 421,411 Operating Revenues: Segment profit or loss During the three months ended June 30, 2025 and June 30, 2026, there are no operating revenues recorded from transactions with a single external customer that account for 10% or more of total revenue. - 13 -
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(7) Subsequent Events Issuance of unsecured bonds On July 1, 2026, NTT Group issued unsecured bonds totaling U.S.$5.5 billion, €3.85 billion and £0.4 billion in the overseas market. - 14 -