KDDI's interim results carry two sets of profit numbers that tell different stories. Adjusted operating profit for the six months to 30 September 2026 rose 13.9% to ¥633.1bn on revenue up 4.7% to ¥3.05tn. Reported operating profit rose 0.8% to ¥559.3bn.
| Measure | Prior half | Current half | Change |
|---|---|---|---|
| Adjusted operating profit | ¥555.7bn | ¥633.1bn | +13.9% |
| Operating profit | ¥555.0bn | ¥559.3bn | +0.8% |
| Adjusted profit to owners of parent | ¥343.4bn | ¥390.0bn | +13.6% |
| Profit to owners of parent | ¥359.9bn | ¥363.3bn | +0.9% |
KDDI defines adjusted profit as excluding non-recurring items and one-off gains and losses from portfolio reviews. The company says the adjustments are mostly non-cash and that its ability to generate cash in future is unaffected.
Two write-offs account for the gap
KDDI booked ¥68.3bn of impairment losses in the half, against ¥53mn a year earlier.
The larger charge, ¥55.7bn, covers goodwill and trademark rights at a consolidated subsidiary in the "other" segment. KDDI says recoverable value fell below book value. The filing's wording identifies the unit only by its Japanese name.
The second, ¥12.7bn, hits menu, a food-delivery business in the Personal Growth segment. KDDI cited changes in the competitive environment and the outlook, and decided to dissolve and liquidate it. Its investment is no longer expected to be recovered. The decision is made; KDDI's results slides say the service closed on 30 September and liquidation proceedings are under way.
Together with other items, the operating-level adjustments came to ¥73.8bn.
Kakaku.com adds a gain below operating profit
KDDI decided to end its capital alliance agreement with Kakaku.com and signed a termination agreement on 28 September. Kakaku.com is therefore no longer an equity-method affiliate. Remeasuring the shares at fair value produced a ¥50.3bn gain, booked in other non-operating items. That helped lift pre-tax profit 5.3% to ¥593.3bn. Profit attributable to owners of the parent rose only 0.9% to ¥363.3bn, against adjusted profit of ¥390.0bn, up 13.6%. See also Earlier Tokyo Brief coverage.
KDDI's results slides list Kakaku.com among its divestments, with a sale decision made in May 2026 and timing undecided. The company says that if the sale happens in the second half, the full-year adjustment to net profit should be roughly flat. The termination alone does not show a sale has occurred, and the interim report gives no price or buyer.
Guidance and cash
Full-year guidance is unchanged: revenue of ¥6.41tn, adjusted operating profit of ¥1.21tn and adjusted profit of ¥731bn. The half delivers 52.3% of the adjusted operating profit target. The interim dividend is ¥42, up from ¥40, with ¥84 forecast for the year.
Operating cash flow fell to ¥428.2bn from ¥822.7bn. KDDI attributed the fall partly to higher pre-tax profit and to borrowings at its finance subsidiaries turning from an increase into a decrease. KDDI's slides count 13 divestment cases in the half, including sales not yet finished, with about ¥150bn of cash creation based on the latest proposed amounts as of 6 November. One subsidiary also left the scope of consolidation.