Investor Presentation | Japan Telecommunications

Research evidence excerpt

Investor Presentation | Japan Telecommunications

Foundation

June 19, 2026 07:27 AM GMTM

Investor Presentation | Japan Morgan Stanley MUFG Securities Co., Ltd.+ Tetsuro Tsusaka, CFA

Equity Analyst

Telecommunications Tetsuro.Tsusaka@morganstanleymufg.comLuyuan Yang, CFA +81 3 6836-8412

Luyuan.Yang@morganstanleymufg.com +81 3 6836-8423

Keiji Nishimura

Research Associate

KDDI - OW: Earnings outlook: In addition to business growth, full contributions from price increases should support stable profit Keiji.Nishimura@morganstanleymufg.com +81 3 6836-8424

growth. While subscriber growth is structurally likely to remain sluggish due to intensifying competition and the price hikes, the

stock remains relatively attractive, supported by earnings stability and high shareholder returns (backed by a healthy balance sheet).

SoftBank - EW: Earnings outlook: Profit growth should continue as management increasingly focuses on profitability. Enterprise

should be the key driver of profit growth over both the short and medium term, supported by growth in cloud and AI. In mobile,

Telecommunications

strong competitiveness should support performance, while in finance business, increased usage should drive revenue growth.

Japan

Industry View In-Line

NTT - EW: Earnings outlook: In mobile, high-cost operations are likely to continue, with service revenue declining and promotional

activities being strengthened. Confirmation of a bottom is needed. For NTT Data, strong domestic enterprise IT investment demand

and rising overseas demand for data centers should serve as key growth drivers. In fixed-line, the key question is whether the

business can become a stable cash cow.

Exhibit 1: Coverage Summary

% from P/E EV/EBITDA Revenue EPS

current Consensus Consensus Growth Growth

Co.