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    Mitsunobu Tsuruo • Citigroup Global Markets Japan Inc.

    Mitsunobu Tsuruo's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership

    Mitsunobu Tsuruo's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership • Q1 2025

    Question

    Mitsunobu Tsuruo inquired about the performance and outlook for the Urban Solutions segment, including any potential asset sales, and asked about the company's flexibility for additional share buybacks amid market uncertainty.

    Answer

    An unnamed executive explained that the Urban Solutions segment is performing well, particularly in condominium sales and leasing, and is on track to meet its annual plan. However, profit will be lower than the prior year, which included a one-time asset sale that is not planned for this year. Regarding the share buyback, the executive stated that while the JPY 200 billion program is in place, the company is mindful of its responsibility to the share price and would consider necessary measures if market conditions deteriorate significantly.

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    Mitsunobu Tsuruo's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership • Q1 2025

    Question

    Mitsunobu Tsuruo asked about the performance and outlook for the Urban Solutions segment, including any potential asset sales, and inquired about the flexibility for additional share buybacks given the JPY 200 billion program and market volatility.

    Answer

    An executive confirmed that the Urban Solutions segment is performing well, particularly in condominium sales and leasing, and is expected to achieve its annual plan. However, overall profit will be lower than the prior year, which included a one-time asset sale. Regarding the share buyback, the executive stated that while it's difficult to predict market movements, the company is aware of its responsibility to shareholders and will consider taking necessary measures if the market situation deteriorates significantly.

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    Mitsunobu Tsuruo's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership • Q3 2024

    Question

    Mitsunobu Tsuruo of Citigroup Inc. focused on the fixed-line business, asking about the drivers behind the strong fiber ARPU performance at NTT East and West. He also inquired about the company's strategy for realizing optimal pricing for fixed-line services, specifically whether NTT could reflect the impact of inflation in its pricing, considering the competitive environment and its role as a public utility.

    Answer

    Executive Vice President Takashi Hiroi clarified that the fiber ARPU has been relatively flat, as it's based on conventional flat-rate services, and that revenue growth is primarily driven by expanding the subscriber base. He highlighted successful efforts in marketing to condominiums and wholesaling to mobile operators. Regarding pricing, Hiroi acknowledged the impact of inflation creates an urgency to review prices. However, he stressed that any potential price increases must be carefully considered in light of market competition and public acceptability, given the company's utility-like nature.

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    Mitsunobu Tsuruo's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership • Q3 2024

    Question

    Mitsunobu Tsuruo of Citigroup Inc. asked about the fixed-line business, inquiring about the drivers behind what he perceived as strong fiber ARPU at NTT East and West. He followed up by asking about the company's strategy for adjusting fixed-line pricing to offset rising inflationary pressures.

    Answer

    Senior Executive Vice President Takashi Hiroi clarified that FLET'S is a flat-rate service, so revenue growth is driven by subscriber additions, not ARPU increases. He noted strong subscriber growth this fiscal year from targeted sales efforts. Regarding pricing, he acknowledged the impact of inflation and the increasing urgency to review prices, but stressed that any changes must consider market competition and the company's role as a public utility-like business.

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    Mitsunobu Tsuruo's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership • Q3 2024

    Question

    Mitsunobu Tsuruo of Citigroup Inc. asked about the drivers behind the perceived strength in fiber ARPU at NTT East and West. He also inquired about the company's strategy and ability to implement price increases for fixed-line services to offset inflationary pressures.

    Answer

    Takashi Hiroi, Senior Executive Vice President, clarified that fiber ARPU is relatively flat and that revenue growth in the segment comes from expanding the subscriber base, where they are seeing positive results. Regarding pricing, Hiroi acknowledged the impact of inflation and the need to consider passing on costs, but stressed this must be balanced with market competition and the company's position as a public utility, making it a complex decision.

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    Mitsunobu Tsuruo's questions to LY Corp (YAHOY) leadership

    Mitsunobu Tsuruo's questions to LY Corp (YAHOY) leadership • Q1 2025

    Question

    Mitsunobu Tsuruo of Citigroup Inc. asked for the outlook on security measure costs, questioning if the JPY 15 billion annual forecast is still accurate and when the investment will peak. He also inquired about the subsequent timeline for the LINE and PayPay ID consolidation. Additionally, he sought details on the JPY 150 billion share buyback, including the allocation between A Holdings and ordinary shareholders and the resulting ownership structure.

    Answer

    An executive confirmed the JPY 15 billion annual security cost forecast, with spending to be steady through Q3 and Q4. Executive Idezawa added that ID consolidation will proceed after ensuring security measures are implemented, with no change in timeline. Executive Sakaue explained the buyback tender offer price of JPY 388 was based on a one-month average. He clarified that A Holdings will have a larger allocation by design to increase the free-floating share ratio and that the 50-50 ownership structure within A Holdings between SoftBank and NAVER will not change.

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    Mitsunobu Tsuruo's questions to LY Corp (YAHOY) leadership • Q4 2023

    Question

    Mitsunobu Tsuruo asked for clarification on why adjusted EPS is projected to be flat to down despite EBITDA growth in the upcoming fiscal year. He also questioned the company's stance on share buybacks in relation to TSE Prime listing requirements and the ongoing NAVER capital relationship discussions.

    Answer

    Executive Ryosuke Sakaue explained the flat EPS guidance is due to the absence of non-recurring gains from FY'23, such as a deemed sales gain from WEBTOON and fund investment valuation gains. Regarding capital policy, he stated that the priority is the ongoing negotiations between SoftBank and NAVER regarding the capital relationship, and the company is awaiting the outcome before making further decisions.

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    Mitsunobu Tsuruo's questions to LY Corp (YAHOY) leadership • Q3 2024

    Question

    Mitsunobu Tsuruo asked about the connection between the strong EPS progress and the recent dividend increase, inquiring about future dividend policy. He also sought the company's perspective on the opportunities arising from the SoftBank-OpenAI joint venture.

    Answer

    An executive explained the dividend was increased due to strong business performance and high EBITDA progress, establishing JPY 7 as a new minimum baseline for future consideration, not a fixed ceiling. CEO Takeshi Idezawa added that the relationship with OpenAI is highly beneficial, expanding options and reducing risks, and the company will accelerate the introduction of AI agents in its services.

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