Financials Internet Initiative Japan Inc. OTC Markets

Stocks

IIJIY

US46059T1097

Integrated Telecommunications Services

Market Closed - OTC Markets Other stock markets 12:05:23 15/07/2026 am IST			5-day change	1st Jan Change
41.80 ^USD	-0.21%		-1.93%	+18.30%

30/06	Goldman Sachs Starts Internet Initiative Japan at Neutral with 3,000 Yen Price Target	MT
16/06	Nikkei 225 Crosses 70,000 Intraday, Closes with Tepid Gains After Bank of Japan Hikes Rates	MT

Projected Income Statement: Internet Initiative Japan Inc.

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Net sales ¹	2,26,335	2,52,708	2,76,080	3,16,831	3,45,395	3,83,991	4,15,523	4,53,866
Change	-	11.65%	9.25%	14.76%	9.02%	11.17%	8.21%	9.23%
EBITDA ¹	51,991	56,022	58,325	47,416	53,637	69,872	76,699	80,898
Change	-	7.75%	4.11%	-18.7%	13.12%	30.27%	9.77%	5.47%
EBIT ¹	23,547	27,221	29,029	30,104	34,835	38,911	43,965	48,326
Change	-	15.6%	6.64%	3.7%	15.72%	11.7%	12.99%	9.92%
Interest Paid ¹	-537	-552	-649	-1,086	-1,406	-1,500	-1,700	-1,900
Earnings before Tax (EBT) ¹	24,162	27,309	28,934	29,184	35,242	37,618	42,742	47,233
Change	-	13.02%	5.95%	0.86%	20.76%	6.74%	13.62%	10.51%
Net income ¹	15,672	18,838	19,831	19,933	24,188	25,688	29,048	32,119
Change	-	20.2%	5.27%	0.51%	21.35%	6.2%	13.08%	10.57%
Announcement Date	13/05/22	12/05/23	10/05/24	13/05/25	14/05/26	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	52,975	56,079	56,546	60,736	58,190	63,772	63,377	67,369	61,420	66,778	72,900	74,982	72,020	75,000	82,288	87,521	76,821	85,089	87,421	96,064	86,037	93,419	96,751	1,05,992
Change	-	5.86%	0.83%	7.41%	-4.19%	9.59%	-0.62%	6.3%	-8.83%	8.72%	9.17%	2.86%	-3.95%	4.14%	9.72%	6.36%	-12.23%	10.76%	2.74%	9.89%	-10.44%	8.58%	3.57%	9.55%
EBITDA ¹	-	-	-	14,605	12,085	13,237	14,726	15,974	12,288	14,390	12,106	16,116	12,079	15,059	13,300	13,884	13,994	17,466	13,885	15,160	10,499	15,106	15,095	18,203
Change	-	-	-	-	-17.25%	9.53%	11.25%	8.47%	-23.07%	17.11%	-15.87%	33.12%	-25.05%	24.67%	-11.68%	4.39%	0.79%	24.81%	-20.5%	9.18%	-30.75%	43.88%	-0.07%	20.59%
EBIT ¹	4,360	4,944	6,994	7,249	5,030	6,147	7,617	8,427	5,003	7,077	8,200	8,749	4,480	7,300	8,962	9,360	6,031	9,357	9,024	10,423	6,864	9,421	10,127	12,680
Change	-	13.4%	41.46%	3.64%	-30.61%	22.21%	23.91%	10.63%	-40.63%	41.46%	15.87%	6.7%	-48.79%	62.95%	22.77%	4.44%	-35.57%	55.15%	-3.56%	15.5%	-34.15%	37.25%	7.5%	25.21%
Charge d'intérêts	-154	-118	-128	-137	-136	-143	-134	-139	-170	-157	-377	55	-210	-578	-	-330	-409	-347	-332	-	-	-	-	-
Earnings before Tax (EBT) ¹	5,350	5,082	7,165	6,566	6,620	6,235	6,160	8,294	5,481	7,071	7,098	9,284	5,040	6,080	9,474	8,594	5,737	9,412	9,482	10,611	6,410	8,913	9,012	12,410
Change	-	-5.02%	41%	-8.36%	0.83%	-5.82%	-1.2%	34.64%	-33.92%	29.01%	0.38%	30.8%	-45.71%	20.63%	55.82%	-9.29%	-33.24%	64.06%	0.74%	11.91%	-39.6%	39.06%	1.12%	37.7%
Net income ¹	3,507	3,385	4,630	4,150	4,390	4,248	4,215	5,985	3,583	4,739	4,657	6,852	3,320	4,150	6,320	6,147	3,777	6,255	6,242	7,914	3,930	6,058	5,782	9,264
Change	-	-3.47%	36.77%	-10.35%	5.77%	-3.23%	-0.78%	41.99%	-40.13%	32.26%	-1.73%	47.13%	-51.55%	25%	52.29%	-2.74%	-38.56%	65.61%	-0.21%	26.79%	-50.35%	54.17%	-4.55%	60.21%
Announcement Date	10/08/21	05/11/21	08/02/22	13/05/22	05/08/22	07/11/22	08/02/23	12/05/23	08/08/23	06/11/23	07/02/24	10/05/24	07/08/24	08/11/24	07/02/25	13/05/25	07/08/25	07/11/25	05/02/26	14/05/26	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2023 S1	2024 S1	2025 S1	2026 S1
Net sales ¹	1,21,962	1,28,198	1,47,022	1,61,910
Change	-	5.11%	14.68%	10.13%
EBITDA	-	-	-	-
Change	-	-	-	-
EBIT ¹	11,173	12,080	11,782	15,388
Change	-	8.12%	-2.47%	30.61%
Charge d'intérêts ¹	-279	-327	-788	-756
Earnings before Tax (EBT) ¹	12,858	12,552	11,116	15,149
Change	-	-2.38%	-11.44%	36.28%
Net income ¹	8,638	8,322	7,473	10,032
Change	-	-3.66%	-10.2%	34.24%
Announcement Date	07/11/22	06/11/23	08/11/24	07/11/25

¹JPY in Million

Estimates

Forecast Balance Sheet: Internet Initiative Japan Inc.

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Net Debt ¹	-26,815	-22,042	-15,294	1,082	-2,825	-3,541	-22,300	-36,638
Change	-	17.8%	30.61%	107.07%	-361.09%	-25.35%	-529.77%	-64.3%
Announcement Date	13/05/22	12/05/23	10/05/24	13/05/25	14/05/26	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Internet Initiative Japan Inc.

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
CAPEX ¹	11,518	13,723	11,744	20,115	20,379	19,412	19,046	16,912
Change	-	19.14%	-14.42%	71.28%	1.31%	-4.75%	-1.88%	-11.21%
Free Cash Flow (FCF) ¹	31,735	20,143	22,853	6,779	24,131	8,766	19,994	22,957
Change	-	-36.53%	13.45%	-70.34%	255.97%	-63.68%	128.1%	14.82%
Announcement Date	13/05/22	12/05/23	10/05/24	13/05/25	14/05/26	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Internet Initiative Japan Inc.

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028	2029
Profitability
EBITDA Margin (%)	22.97%	22.17%	21.13%	14.97%	15.53%	18.2%	18.46%	17.82%
EBIT Margin (%)	10.4%	10.77%	10.51%	9.5%	10.09%	10.13%	10.58%	10.65%
EBT Margin (%)	10.68%	10.81%	10.48%	9.21%	10.2%	9.8%	10.29%	10.41%
Net margin (%)	6.92%	7.45%	7.18%	6.29%	7%	6.69%	6.99%	7.08%
FCF margin (%)	14.02%	7.97%	8.28%	2.14%	6.99%	2.28%	4.81%	5.06%
FCF / Net Income (%)	202.49%	106.93%	115.24%	34.01%	99.76%	34.12%	68.83%	71.47%
Profitability
ROA	6.93%	10.73%	11.13%	9.96%	10.69%	11.09%	12%	11.53%
ROE	16.2%	17%	16.3%	15%	16.2%	15.38%	16.04%	15.78%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	0.02x	-	-	-	-
Debt / Free cash flow	-	-	-	0.16x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	5.09%	5.43%	4.25%	6.35%	5.9%	5.06%	4.58%	3.73%
CAPEX / EBITDA (%)	22.15%	24.5%	20.14%	42.42%	37.99%	27.78%	24.83%	20.91%
CAPEX / FCF (%)	36.29%	68.13%	51.39%	296.73%	84.45%	221.46%	95.26%	73.67%
Items per share
Cash flow per share ¹	244.3	263.7	277	290	320.9	339.6	371.3	373.6
Change	-	7.93%	5.06%	4.7%	10.65%	5.83%	9.34%	0.61%
Dividend per Share ¹	24	29.26	34.36	35	39	44.5	49.6	53
Change	-	21.92%	17.43%	1.86%	11.43%	14.1%	11.46%	6.85%
Book Value Per Share ¹	573.2	653.7	711.2	795.2	891.4	992.8	1,113	1,250
Change	-	14.05%	8.8%	11.81%	12.1%	11.38%	12.09%	12.34%
EPS ¹	86.78	104.3	111.8	112.7	136.5	144.9	163.8	181.1
Change	-	20.14%	7.24%	0.78%	21.15%	6.14%	13.07%	10.54%
Nbr of stocks (in thousands)	1,80,626	1,80,698	1,76,811	1,76,917	1,77,262	1,77,262	1,77,262	1,77,262
Announcement Date	13/05/22	12/05/23	10/05/24	13/05/25	14/05/26	-	-	-