Nippon Telegraph and Telephone : Financial Results for the Fiscal Year Ended March 31, 2024 and Financial Forecasts for the Fiscal Year Ending March 31, 2025

Financial Results

for the Fiscal Year Ended March 31, 2024

and

Financial Forecasts

for the Fiscal Year Ending March 31, 2025

May 10, 2024

This document is a translation of the Japanese original. The Japanese original is authoritative.

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, as well as other risks included in NTT's most recent Annual Securities Report and in any other

materials publicly disclosed by NTT on its website.

• "E" in this material represents that the figure is a plan or projection for operation.
• "FY" in this material indicates the fiscal year ending March 31 of the succeeding year.

Copyright 2024 NTT CORPORATION

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Table of Contents

• Overview of FY2023 Consolidated Results
• FY2024 Results Forecast
• Topics
• Appendix

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Overview of FY2023 Consolidated Results

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FY2023 Consolidated Results Highlights

• Operating Revenues, Operating Profit and Profit all increased year-over-year
• Operating Revenues, Operating Profit and Profit all reached record-high levels
• Achieved EPS under the previous medium-term financial targets, for which FY2023 was the final year

Status of Consolidated Results

⚫ Operating Revenues:	¥13,374.6B	<+¥238.4B [+1.8%] year-on-year>
⚫ Operating Profit:	¥1,922.9B	< +¥93.9B [+5.1%] year-on-year>
⚫ Profit(1):	¥1,279.5B	<	+¥66.4B	[+5.5%] year-on-year>
⚫ EBITDA(2):	¥3,418.1B	<+¥127.9B	[+3.9%] year-on-year>
⚫ EPS:	¥15.1	<	+¥1.2 [+8.4%] year-on-year>

1. Profit presented above represents the profit attributable to NTT, excluding noncontrolling interests.
2. EBITDA, and the depreciation and amortization included in its calculation, excludes all depreciation and amortization related to right-of-use assets.

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Contributing Factors by Segment for FY2023

Operating Revenues <>＋238.4>

Integrated ICT	Regional	Global Solutions
Business Segment	Communications	Business Segment
	Business Segment

	81.0			5.6		275.7
13,136.2
	〔FY2022〕
	〔6,140.0〕 〔3,183.2〕 〔4,367.4〕
FY2022
Operating Profit	<>＋93.9>
		Integrated ICT	Regional	Global Solutions
	Business Segment	Communications	Business Segment
					Business Segment

	50.5	17.2
	43.9
1,829.0

〔FY2022〕

(Billions of yen)

	Others	Elimination of
	(Real Estate,	Inter-Segment
Energy and Others)	Transactions
			50.2	13,374.6
	174.1

〔1,632.9〕

				FY2023
	Others	Elimination of
	(Real Estate,	Inter-Segment
Energy and Others)	Transactions
			10.4	1,922.9
7.4

〔1,144.4〕 〔437.7〕 〔309.6〕

FY2022

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〔59.8〕

FY2023

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FY2024 Results Forecast

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FY2024 Forecast Summary

• Operating Revenues will increase year-over-year while Operating Profit and Profit will decrease year-over-year

Consolidated Revenues and Income Plan

	FY2023 Results	FY2024 Forecast	Year-on-Year
Operating Revenues	¥13,374.6B	¥13,460.0B	+¥85.4B
Operating Profit	¥1,922.9B	¥1,810.0B	(¥112.9B)
Profit(1)	¥1,279.5B	¥1,100.0B	(¥179.5B)
EBITDA	¥3,418.1B	¥3,330.0B	(¥88.1B)

1. Profit represents profit attributable to NTT, excluding noncontrolling interests.

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FY2024 Forecast Summary by Segment

Operating Revenues <> +85.4>

Integrated ICT	Regional	Global Solutions	Others	Elimination of
Business Segment	Communications	Business Segment	(Real Estate,	Inter-Segment
	Business Segment		Energy and Others)	Transactions

(Billions of yen)

13,460.0

47.1

13,374.6

104.0

113.2

62.6

〔FY2024E〕

〔6,244.0〕

〔3,070.0〕

〔4,430.0〕 〔1,680.0〕

FY2023

Operating Profit

<> (112.9)>

Integrated ICT

Regional

Global Solutions

Others

Business Segment

Communications

Business Segment

(Real Estate,

1,922.9

Business Segment

Energy and Others)

25.6

147.7

26.4

36.8

〔FY2024E〕

〔1,170.0〕

〔290.0〕

〔336.0〕

〔23.0〕

15.1

Elimination of

Inter-Segment

Transactions

19.6

FY2024E

1,810.0

FY2023

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FY2024E

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Current Profit Levels and Initiatives to Reach Medium-Term Targets

• We actively streamlined non-core assets to achieve the previous medium-term targets, for which FY2023 was the final year, and achieved significant profit increases and reached those targets in FY2023 as a result
• Although profits are expected to temporarily decline in FY2024, we will actively work on expanding growth areas and implementing cost structure reforms in order to achieve the new medium-term targets in FY2027

Streamlining non-			EBITDA
core assets, etc.			+20％ increase
			(compared to FY2022)
			Actively investing in growth areas,
			maximizing returns
			Strengthening domestic and
			international enterprise business by
			leveraging integrated synergies
			Drastic cost structure reforms
FY2022	FY2023	FY2024	FY2027

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