Interim report
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Financial Results Release November 4, 2026 [IFRS]For the Six Months Ended September 30, 2026 Name of registrant : NTT, Inc. / URL https://group.ntt/en/ir/ Code No. : 9432 Stock exchanges on which the Company's shares are listed : Tokyo Representative : Akira Shimada, President and Chief Executive Officer Contact : Naoki Akaishi, Head of IR, Finance and Accounting Department URL https://group.ntt/en/ir/contact/ Scheduled filing date of semi-annual securities report : November 6, 2026 Scheduled date of dividend payments : November 30, 2026 Supplemental material on quarterly results : Yes Presentation on quarterly results : Yes (for institutional investors and analysts) (1) Consolidated Results of Operations (Millions of yen) Operating Revenues Operating Profit Profit before Taxes Profit Attributable to NTT Six months ended September 30, 2026 7,362,154 8.7% 830,073 (12.2)% 766,381 (13.8)% 500,193 (16.0)% Six months ended September 30, 2025 6,772,713 2.8% 945,029 2.7% 889,305 1.2% 595,651 7.4% Basic Earnings per Share Attributable to NTT Diluted Earnings per Share Attributable to NTT Six months ended September 30, 2026 6.15 (yen) -- (yen) Six months ended September 30, 2025 7.20 (yen) -- (yen) (2) Consolidated Financial Position (Millions of yen, except equity ratio and per share amounts) Total Assets Total Equity (Net Assets) Shareholders' Equity Equity Ratio (Ratio of Shareholders' Equity to Total Assets) Shareholders' Equity per Share September 30, 2026 48,733,315 10,392,774 9,905,911 20.3％ 122.46 (yen) March 31, 2026 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-end Total Year Ended March 31, 2026 - 2.65 (yen) - 2.65 (yen) 5.30 (yen) Year Ending March 31, 2027 - 2.70 (yen) Year Ending March 31, 2027 (Forecasts) - 2.70 (yen) 5.40 (yen) (Millions of yen, except per share amount) Operating Revenues Operating Profit Profit before Taxes Profit Attributable to NTT Basic Earnings per Share Attributable to NTT Year Ending March 31, 2027 15,080,000 4.7% 1,730,000 1.4% 1,520,000 (3.9)% 994,000 (4.1)% 12.20 (yen) 1. Consolidated Financial Results for the Six Months Ended September 30, 2026 (April 1, 2026 - September 30, 2026) Amounts are rounded to the nearest million yen. Notes: 1. Comprehensive income (loss) attributable to NTT: For the Six months ended September 30, 2026: 471,350 million yen (43.5)% For the Six months ended September 30, 2025: 833,557 million yen 104.6% 2. Percentages above represent changes from the corresponding period of previous fiscal year. 2. Dividends Note: Revision to the dividend forecasts from the latest announcement: None 3. Consolidated Financial Results Forecasts for the Fiscal Year Ending March 31, 2027 (April 1, 2026 - March 31, 2027) Notes: 1. Percentages above represent changes from the previous year. 2. Revision to the consolidated financial results forecasts from the latest announcement: Yes 3. For details, please refer to page 2 of the accompanying materials, “Revision of the Consolidated Financial Forecasts.” - 1 -
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September 30, 2026 : 90,550,316,400 shares March 31, 2026 : 90,550,316,400 shares September 30, 2026 : 9,659,286,372 shares March 31, 2026 : 9,126,691,363 shares For the six months ended September 30, 2026 : 81,268,361,226 shares For the six months ended September 30, 2025 : 82,719,198,273 shares *Notes: (1) Significant changes in the scope of consolidation during the six months ended September 30, 2026: None (2) Change of accounting policy and accounting estimates i. Changes in accounting policy 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 September 30, 2026: 72,951,034 shares; As of March 31, 2026: 31,611,838 shares) and the stock-granting ESOP (Employee Stock Ownership Plan) Trust (As of September 30, 2026: 31,416,786 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. * This Financial Results Release is not subject to the review by a certified public accountant or audit firm. * 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 Wednesday, November 4, 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 Wednesday, November 4, 2026, for a summary of results of operations and financial condition during the six months ended September 30, 2026. -Presentation Material -Supplementary Data Download the latest IR materials: https://group.ntt/en/ir/library/latest/ Revision of the Consolidated Financial Forecasts With respect to the consolidated financial forecast for the fiscal year ending March 31, 2027, NTT has revised its forecast to reflect the increase in revenues resulting from, among other factors, recent strong sales in the Integrated ICT Business Segment. Operating revenues have been revised to ¥15,080.0 billion (+0.1%), operating profit to ¥1,730.0 billion (+1.2%), profit before taxes to ¥1,520.0 billion (+1.3%), profit attributable to NTT to ¥994.0 billion (+1.4%) and basic earnings per share attributable to NTT to ¥12.20 (+0.8%). (Percentages in parentheses represent changes from the previous forecasts announced on May 8, 2026.) 2. Summary Information (notes) (1) Significant changes in the scope of consolidation during the six months ended September 30, 2026: None (2) Changes in Accounting Policies and Estimates: None - 3 -
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(1) Condensed Semi-annual Consolidated Statements of Financial Position Millions of yen As of March 31, 2026 As of September 30, 2026 Increase (Decrease) ASSETS Current assets Cash and cash equivalents ¥1,921,882 ¥2,172,686 ¥250,804 Trade and other receivables 5,551,177 6,238,799 687,622 Short-term loans for banking 747,054 603,817 (143,237) Other financial assets 1,446,264 1,432,458 (13,806) Inventories 624,827 777,395 152,568 Other current assets 1,053,104 1,259,494 206,390 Subtotal 11,344,308 12,484,649 1,140,341 Assets held for sale 392 127,001 126,609 Total current assets 11,344,700 12,611,650 1,266,950 Non-current assets Property, plant and equipment 11,276,887 11,367,748 90,861 Right-of-use asset 1,021,044 1,042,966 21,922 Goodwill 2,079,718 2,094,603 14,885 Intangible assets 2,872,974 2,871,943 (1,031) Investment property 1,523,792 1,569,330 45,538 Investments accounted for using equity method 542,777 533,285 (9,492) Long-term loans for banking 10,123,333 10,655,426 532,093 Securities for banking 825,684 857,835 32,151 Other financial assets 3,305,980 3,299,659 (6,321) Deferred tax assets 460,837 419,851 (40,986) Other non-current assets 1,343,533 1,409,019 65,486 Total non-current assets 35,376,559 36,121,665 745,106 Total assets ¥46,721,259 ¥48,733,315 ¥2,012,056 3. Condensed Semi-annual Consolidated Financial Statements - 4 -
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Millions of yen As of March 31, 2026 As of September 30, 2026 Increase (Decrease) LIABILITIES AND EQUITY Current liabilities Short-term borrowings ¥4,395,648 ¥5,781,364 ¥1,385,716 Trade and other payables 3,073,019 2,771,698 (301,321) Short-term deposits for banking 10,950,069 11,217,407 267,338 Lease liabilities 249,991 251,143 1,152 Other financial liabilities 1,351,626 1,452,464 100,838 Accrued payroll 660,108 605,954 (54,154) Accrued taxes on income 245,392 235,489 (9,903) Other current liabilities 1,407,033 1,326,001 (81,032) Subtotal 22,332,886 23,641,520 1,308,634 Liabilities directly associated with assets held for sale － 9,437 9,437 Total current liabilities 22,332,886 23,650,957 1,318,071 Non-current liabilities Long-term borrowings 11,315,960 11,714,847 398,887 Long-term deposits for banking 55,911 95,071 39,160 Lease liabilities 957,941 955,273 (2,668) Other financial liabilities 413,094 431,433 18,339 Defined benefit liabilities 714,718 722,501 7,783 Deferred tax liabilities 228,066 232,075 4,009 Other non-current liabilities 485,150 538,384 53,234 Total non-current liabilities 14,170,840 14,689,584 518,744 Total liabilities 36,503,726 38,340,541 1,836,815 Equity NTT, Inc (“NTT”) shareholders’ equity Common stock 937,950 937,950 － Additional paid-in capital － 7,109 7,109 Retained earnings 8,926,197 9,211,666 285,469 Treasury stock (1,343,643) (1,427,982) (84,339) Other components of equity 1,207,119 1,177,168 (29,951) Total NTT shareholders’ equity 9,727,623 9,905,911 178,288 Non-controlling interests 489,910 486,863 (3,047) Total equity 10,217,533 10,392,774 175,241 Total liabilities and equity ¥46,721,259 ¥48,733,315 ¥2,012,056 - 5 -
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Millions of yen except per share data Six Months Ended September 30, 2025 Six Months Ended September 30, 2026 Increase (Decrease) Operating revenues ¥6,772,713 ¥7,362,154 ¥589,441 Operating expenses Personnel expenses 1,526,968 1,720,337 193,369 Expenses for purchase of goods and services and other expenses 3,297,341 3,762,494 465,153 Depreciation and amortization 879,537 910,187 30,650 Loss on disposal of property, plant and equipment and intangible assets 41,789 49,415 7,626 Impairment losses 3,973 3,740 (233) Taxes and dues 78,076 85,908 7,832 Total operating expenses 5,827,684 6,532,081 704,397 Operating profit 945,029 830,073 (114,956) Finance income 35,206 52,926 17,720 Finance costs 110,017 151,303 41,286 Share of profit (loss) of entities accounted for using equity method 19,087 34,685 15,598 Profit before taxes 889,305 766,381 (122,924) Income taxes 263,989 251,907 (12,082) Profit ¥625,316 ¥514,474 ¥(110,842) Profit attributable to NTT 595,651 500,193 (95,458) Profit attributable to Non-controlling interests 29,665 14,281 (15,384) Earnings per share attributable to NTT Basic earnings per share (yen) ¥ 7.20 ¥ 6.15 (2) Condensed Semi-annual Consolidated Statements of Profit or Loss and Condensed Semi-annual Consolidated Statements of Comprehensive Income Condensed Semi-annual Consolidated Statements of Profit or Loss - 6 -
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Condensed Semi-annual Consolidated Statements of Comprehensive Income Millions of yen Six Months Ended September 30, 2025 Six Months Ended September 30, 2026 Increase (Decrease) Profit ¥625,316 ¥514,474 ¥(110,842) Other comprehensive income (net of tax) Items that will not be reclassified to profit or loss Change in the fair value of financial assets measured at fair value through other comprehensive income 186,129 41,321 (144,808) Share of other comprehensive income of entities accounted for using the equity method 1,625 1,798 173 Remeasurements of defined benefit plans (383) 650 1,033 Total of items that will not be reclassified to profit or loss 187,371 43,769 (143,602) 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 － (8,909) (8,909) Cash flow hedges 21,204 (27,749) (48,953) Hedges cost (6,087) 13,730 19,817 Foreign currency translation adjustments 49,450 (58,748) (108,198) Share of other comprehensive income of entities accounted for using the equity method (10,035) 2,765 12,800 Total of items that may be reclassified to profit or loss 54,532 (78,911) (133,443) Total other comprehensive income (net of tax) 241,903 (35,142) (277,045) Total comprehensive income ¥867,219 ¥479,332 ¥(387,887) Comprehensive income attributable to NTT 833,557 471,350 (362,207) Comprehensive income attributable to Non-controlling interests 33,662 7,982 (25,680) - 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 components of equity 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 － － 595,651 － － 595,651 29,665 625,316 Other comprehensive income － － － － 237,906 237,906 3,997 241,903 Total comprehensive income － － 595,651 － 237,906 833,557 33,662 867,219 Value of transactions with shareholders etc. Dividends of surplus － － (215,210) － － (215,210) (18,078) (233,288) Transfer to retained earnings － 1,598,509 (1,594,683) － (3,826) － － － Purchase and disposal of treasury stock － 0 － (35,428) － (35,428) － (35,428) Changes in ownership interest in subsidiaries without loss of control － (1,585,305) － － － (1,585,305) (794,027) (2,379,332) Share-based compensation transactions － (15,719) － － － (15,719) (10,671) (26,390) Put options granted to non-controlling interests － 2,628 － － － 2,628 120 2,748 Other － (113) － － － (113) 113 － Total transactions with owners and other transactions － － (1,809,893) (35,428) (3,826) (1,849,147) (822,543) (2,671,690) September 30, 2025 ¥937,950 ¥－ ¥8,512,128 ¥(1,174,598) ¥930,517 ¥9,205,997 ¥334,171 ¥9,540,168 (3) Condensed Semi-annual Consolidated Statements of Changes in Equity Six Months Ended September 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 components of equity 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 － － 500,193 － － 500,193 14,281 514,474 Other comprehensive income － － － － (28,843) (28,843) (6,299) (35,142) Total comprehensive income － － 500,193 － (28,843) 471,350 7,982 479,332 Value of transactions with shareholders etc. Dividends of surplus － － (215,940) － － (215,940) (18,445) (234,385) Transfer to retained earnings － － 1,108 － (1,108) － － － Purchase and disposal of treasury stock － － － (84,339) － (84,339) － (84,339) Changes in ownership interest in subsidiaries without loss of control － 9,586 － － － 9,586 7,416 17,002 Share-based compensation transactions － (3,309) － － － (3,309) － (3,309) Put options granted to non-controlling interests － 832 － － － 832 － 832 Other － － 108 － － 108 － 108 Total transactions with owners and other transactions － 7,109 (214,724) (84,339) (1,108) (293,062) (11,029) (304,091) September 30, 2026 ¥937,950 ¥7,109 ¥9,211,666 ¥(1,427,982) ¥1,177,168 ¥9,905,911 ¥486,863 ¥10,392,774 Six Months Ended September 30, 2026 - 9 -
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Millions of yen Six Months Ended September 30, 2025 Six Months Ended September 30, 2026 Increase (Decrease) Cash flows from operating activities Profit ¥625,316 ¥514,474 ¥(110,842) Depreciation and amortization 879,537 910,187 30,650 Impairment losses 3,973 3,740 (233) Share of loss (profit) of entities accounted for using the equity method (19,087) (34,685) (15,598) Losses on retirement of property, plant and equipment and intangible assets 13,665 21,118 7,453 Gain on sales of property, plant and equipment and intangible assets (3,492) (11,276) (7,784) Gain on sale of shares of subsidiaries and associates (129,677) (12,648) 117,029 Interest and dividend income and interest expenses included in operating profit (loss) (1) (24,342) (75,809) (51,467) Interest expenses 100,243 139,932 39,689 Income taxes 263,989 251,907 (12,082) Decrease (increase) in trade and other receivables 217,830 (711,602) (929,432) Decrease (increase) in inventories (114,572) (180,979) (66,407) Decrease (increase) in other current assets (190,480) (185,694) 4,786 Increase (decrease) in trade and other payables / accrued payroll (374,331) (203,663) 170,668 Increase (decrease) in other current liabilities (59,169) (68,215) (9,046) Increase (decrease) in defined benefit liabilities 10,380 8,135 (2,245) Decrease (increase) in non-current handset installment receivables (38,010) (22,245) 15,765 Increase (decrease) in other non-current liabilities 32,482 49,542 17,060 Decrease (increase) in loans for banking － (388,855) (388,855) Increase (decrease) in deposits for banking － 306,499 306,499 Increase (decrease) in borrowings for banking － 13,363 13,363 Other, net (1) 22,094 (51,414) (73,508) Subtotal 1,216,349 271,812 (944,537) Interest and dividends received (1) 67,244 175,749 108,505 Interest paid (1) (83,475) (161,034) (77,559) Income taxes paid (222,368) (240,165) (17,797) Net cash provided by (used in) operating activities 977,750 46,362 (931,388) Cash flows from investing activities Purchase of property, plant and equipment, intangible assets and investment property (1,007,274) (1,218,161) (210,887) Proceeds from sale of property, plant and equipment, intangible assets and investment property 10,188 12,111 1,923 Proceeds from government grants － 4,000 4,000 Purchase of investments (426,890) (92,696) 334,194 Proceeds from sale or redemption of investments 35,113 95,159 60,046 Proceeds from loss of control of subsidiaries 180,579 826 (179,753) Payments for acquisition of subsidiaries (9,021) (44,563) (35,542) Proceeds from acquisition of subsidiaries － 347 347 Net decrease (increase) in loan receivable 25 829 804 Purchases of securities for banking － (209,794) (209,794) Proceeds from sale and redemption of securities for banking － 99,964 99,964 Other, net (9,410) (58,356) (48,946) Net cash provided by (used in) investing activities (1,226,690) (1,410,334) (183,644) (4) Condensed Semi-annual Consolidated Statement of Cash Flows - 10 -
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Millions of yen Six Months Ended September 30, 2025 Six Months Ended September 30, 2026 Increase (Decrease) Cash flows from financing activities Net increase (decrease) in short-term borrowings 1,205,905 1,113,215 (92,690) Proceeds from increases in long-term borrowings 4,105,527 2,009,120 (2,096,407) Repayment of long-term borrowings (969,960) (1,034,506) (64,546) Repayment of lease liabilities (143,063) (146,730) (3,667) Payments for acquisition of interests in subsidiaries from non-controlling interests (1,361,590) (11,671) 1,349,919 Dividends paid (215,210) (215,940) (730) Dividends paid to non-controlling interests (19,555) (16,950) 2,605 Purchase of treasury stock (35,854) (84,814) (48,960) Other, net 745 8,297 7,552 Net cash provided by (used in) financing activities 2,566,945 1,620,021 (946,924) Effect of exchange rate change on cash and cash equivalents (981) (5,245) (4,264) Net increase (decrease) in cash and cash equivalents 2,317,024 250,804 (2,066,220) 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 ¥3,318,018 ¥2,172,686 ¥(1,145,332) Notes: (1) With respect to interest and dividends of DOCOMO SMTB Net Bank, Inc. amounts received and paid were previously presented within the subtotal of cash flows from operating activities. Due to an increase in the materiality of these amounts, beginning with the six months ended September 30, 2026, receipts of ¥92,042 million and payments of ¥39,565 million are presented within “Interest and dividends received” and “Interest paid,” respectively. In addition, a net loss of ¥75,809 million relating to interest and dividends of DOCOMO SMTB Net Bank, Inc. and interest on credit card services is presented separately as “Interest and dividend income and interest expenses included in operating profit (loss)” within the subtotal of cash flows from operating activities. As a result of this change in presentation, a net loss of ¥24,342 million relating to interest on credit card services, which had previously been presented within “Other, net” in cash flows from operating activities for the six months ended September 30, 2025, has been reclassified and presented as “Interest and dividend income and interest expenses included in operating profit (loss).” Amounts received relating to interest on credit card services have previously been presented within “Interest and dividends received”; accordingly, there is no change in the amount presented for this item for the six months ended September 30, 2025. - 11 -
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(5) Going Concern Assumption None (6) Segment Information NTT Group’s business segments are as follows, 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. The main 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) Six Months Ended September 30, 2025 (April 1, 2025 - September 30, 2025) Six Months Ended September 30, 2026 (April 1, 2026 - September 30, 2026) Integrated ICT Business Transactions with external customers ¥ 2,892,807 ¥ 3,131,242 Inter-segment transactions 139,891 150,889 Subtotal 3,032,698 3,282,131 Global Solutions Business Transactions with external customers 2,247,733 2,514,919 Inter-segment transactions 112,733 101,889 Subtotal 2,360,466 2,616,808 Regional Communications Business Transactions with external customers 1,210,530 1,220,807 Inter-segment transactions 324,900 323,395 Subtotal 1,535,430 1,544,202 Others (Real Estate, Energy and Others) Transactions with external customers 421,643 495,186 Inter-segment transactions 390,706 399,635 Subtotal 812,349 894,821 Elimination of inter-segment transactions (968,230) (975,808) Total ¥ 6,772,713 ¥7,362,154 Operating Revenues - 13 -
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(Millions of yen) Six Months Ended September 30, 2025 (April 1, 2025 - September 30, 2025) Six Months Ended September 30, 2026 (April 1, 2026 - September 30, 2026) Segment profit Integrated ICT Business ¥ 474,722 ¥ 482,052 Global Solutions Business 268,977 144,167 Regional Communications Business 187,540 188,247 Others (Real Estate, Energy and Others) 34,911 29,502 Total 966,150 843,968 Elimination of inter-segment transactions (21,121) (13,895) Operating profit 945,029 830,073 Finance income 35,206 52,926 Finance costs 110,017 151,303 Share of profit of entities accounted for using equity method 19,087 34,685 Profit before taxes ¥ 889,305 ¥ 766,381 Segment profit or loss During the first six months of the previous fiscal year and of the current fiscal year, there are no operating revenues recorded from transactions with a single external customer that account for 10% or more of total operating revenues. - 14 -
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(7) Subsequent Events None - 15 -