Forecast Summary

Overview of FY2020 Financial Forecasts

The impact of COVID-19 is expected to be a decrease in Operating Revenues of approximately ¥350.0 billion and a decrease in Operating Income of approximately ¥70.0 billion, based on the following assumptions:
- In Japan, without taking into account any re-issuances of state of emergency declarations, economic activity is expected to gradually recover following the lifting of the state of emergency in May
- While recovery is expected to gradually occur overseas as well, the recovery is expected to be slower than in Japan, particularly in Europe and in the United States
As a result:
- Operating Revenues are expected to decrease significantly, by approximately ¥400.0 billion, compared to FY2019
- Operating Income and Operating Profit will increase compared to FY2019, covered by approximately ¥80.0 billion of reductions in capital investments, and approximately ¥100.0 billion of cost reductions

FY2020 Forecast Summary

Plan for Consolidated Revenues and Income

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	FY2019 Result	FY2020 Forecast	Year-on-Year	COVID-19 Impact
Operating Revenues	¥11,899.4B	¥11,500.0B	(¥399.4B)	(¥350.0B) (Domestic: (¥180.0B)) (Overseas: (¥170.0B))
Operating Income	¥1,562.2B	¥1,590.0B	+¥27.8B	(¥70.0B) (Domestic: (¥45.0B)) (Overseas: (¥25.0B))
Profit^*	¥855.3B	¥860.0B	+¥4.7B
EPS^**	¥231	¥232	+¥1

^*Profit represents profit attributable to NTT, excluding noncontrolling interests.

^**Amounts have been adjusted to reflect the two-for-one stock split authorized by the board of directors on November 5, 2019, with an effective date of January 1, 2020.

^***On November 6, 2020, the Board of Directors resolved that NTT may repurchase up to 120 million shares of its outstanding common stock for an amount in total not exceeding ¥250,000 million from November 11, 2020 through March 31, 2021. Based on this, the FY2020 EPS target has been revised from ¥231 to ¥232 (an increase of ¥1)

FY2020 Forecast by Segment

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	Operating Revenues		Operating Income
	Operating Revenues	Year-on-Year	Operating Income	Year-on-Year
Mobile Communications Business	¥4,570.0B	(¥81.3B)	¥880.0B	+¥25.4B
Regional Communications Business	¥3,096.0B	+¥16.1B	¥408.0B	+¥19.7B
Long Distance and International Communications Business	¥2,114.0B	(¥91.8B)	¥124.0B	+¥20.4B
Data Communications Business	¥2,170.0B	(¥96.8B)	¥120.0B	(¥10.9B)
Other Businesses	¥1,554.0B	(¥47.7B)	¥67.0B	(¥23.9B)

FY2020 Forecast by Company

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	Operating Revenues		Operating Income
	Operating Revenues	Year-on-Year	Operating Income	Year-on-Year
NTT DOCOMO	¥4,570.0B	(¥81.3B)	¥880.0B	+¥25.4B
NTT East	¥1,689.0B	+¥11.9B	¥260.0B	+¥4.0B
NTT West	¥1,438.0B	+¥3.7B	¥148.0B	+¥15.8B
Long Distance and International Communications Segment	¥2,114.0B	(¥91.8B)	¥124.0B	+¥20.4B
NTT Communications	¥1,037.0B	-	¥119.0B	-
NTT Ltd.	¥1,130.0B	-	¥5.0B	-
NTT DATA	¥2,170.0B	(¥96.8B)	¥120.0B	(¥10.9B)
NTT Urban Solutions	¥456.0B	+¥30.0B	¥43.0B	(¥5.7B)