Komori
Earnings presentation9021West Japan Railway CompanyTransportation and Logistics

First-Quarter Results for Fiscal 2026

In the first quarter of FY2026, operating revenue decreased by ¥2.6 billion year on year and operating profit decreased by ¥7.3 billion, resulting in the first decline in both revenue and profit in six quarters. However, as both revenue and expenses were within expectations, the full-year earnings forecast and annual dividend forecast were left unchanged.

Worth reading
50Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Deterioration
Direction inferred from the company’s description.
Scale
-73
¥100 million (year-on-year change in operating income)
Wording
Conditional
How definitive the wording is.

Contents of this document

Supplementary materials to the earnings reportFirst quarter of the fiscal year ending March 20279 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥4,244 100 million-0.6%
Operating profit¥559 100 million-11.7%
Ordinary income¥521 100 million-12.6%
Net income¥390 100 million-20.1%
Full-year earnings forecast
Operating revenue
¥18,290 100 million
Operating profit
¥1,650 100 million
Ordinary income
¥1,450 100 million
Profit attributable to owners of the parent
¥1,000 100 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Both revenue and expenses are progressing within expectations
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Underlying trend (Sanyo Shinkansen)¥52 100 million
  • Reversal of the previous year's Expo-related impact and other factors (Sanyo Shinkansen)¥-48 100 million
  • Inbound demand (Sanyo Shinkansen)¥2 100 million
  • Calendar effect (Sanyo Shinkansen)¥8 100 million
  • Underlying trend (Hokuriku Shinkansen)¥9 100 million
  • Reversal of the previous year's Expo-related impact and other factors (Hokuriku Shinkansen)¥-10 100 million
  • Inbound demand (Hokuriku Shinkansen)¥1 100 million
  • Underlying trend (Kinki region)¥7 100 million
  • Reversal of the previous year's Expo-related impact and other factors (Kinki region)¥-13 100 million
  • Inbound demand (Kinki region)¥-1 100 million
  • Calendar effect (Kinki region)¥2 100 million
New initiatives
  • New rolling stock (N700S, new commuter trains for the Okayama–Yamaguchi area, and new maintenance vehicles)
  • Safety and disaster-prevention measures (earthquake preparedness)
Key KPIsA metric the company considers important as a management benchmark.
  • Passenger-kilometers (total)14,163 Million passenger-kilometers
    Year-on-year (%)1
  • Consolidated EBITDA¥1,000 100 million
    Year-on-year (%)-5.1
  • Consolidated depreciation and amortization¥440 100 million
    Year-on-year (%)4.5
  • Consolidated ROIC
  • Consolidated ROE
  • Equity ratio31.4 %
Segment results
  • Mobility business
    Sales¥2,646 100 million (YoY +3.3%)
    Operating profit¥401 100 million (YoY -7.6%)
  • Distribution Business
    Sales¥539 100 million (YoY -4.7%)
    Operating profit¥37 100 million (YoY -26.4%)
  • Real Estate Business
    Sales¥585 100 million (YoY -9.2%)
    Operating profit¥120 100 million (YoY -16.6%)
  • Travel and regional solutions business
    Sales¥405 100 million (YoY -6.0%)
    Operating profit¥-7 100 million
  • Other
    Sales¥67 100 million (YoY +1.6%)
    Operating profit¥5 100 million (YoY -29.1%)
Financial targets
Consolidated ROIC
Full-year forecast3.9 %
Consolidated ROE
Full-year forecast8.1 %
Number of employees
Consolidated48,918 people
Standalone23,414 people
Capital expenditures
¥414 100 million consolidated, first quarter
Annual Dividend
Annual¥97.5 per share
Interim¥48.5 per share
End of period¥49 per share
Contents of this document
ItemDetails
Document typeSupplementary materials to the earnings report
Fiscal Period CoveredFirst quarter of the fiscal year ending March 2027
Net Sales¥4,244 100 million (YoY -0.6%)
Operating profit¥559 100 million (YoY -11.7%)
Ordinary income¥521 100 million (YoY -12.6%)
Net income¥390 100 million (YoY -20.1%)
Full-year earnings forecastOperating revenue ¥18,290 100 million / Operating profit ¥1,650 100 million / Ordinary income ¥1,450 100 million / Profit attributable to owners of the parent ¥1,000 100 million
Self-assessment against the planBoth revenue and expenses are progressing within expectations
Segment resultsSegment Mobility business / Sales ¥2,646 100 million (YoY +3.3%) / Operating profit ¥401 100 million (YoY -7.6%), Segment Distribution Business / Sales ¥539 100 million (YoY -4.7%) / Operating profit ¥37 100 million (YoY -26.4%), Segment Real Estate Business / Sales ¥585 100 million (YoY -9.2%) / Operating profit ¥120 100 million (YoY -16.6%), Segment Travel and regional solutions business / Sales ¥405 100 million (YoY -6.0%) / Operating profit ¥-7 100 million, Segment Other / Sales ¥67 100 million (YoY +1.6%) / Operating profit ¥5 100 million (YoY -29.1%)
Breakdown of Factors Affecting the ChangeFactors Underlying trend (Sanyo Shinkansen) / Amount ¥52 100 million, Factors Reversal of the previous year's Expo-related impact and other factors (Sanyo Shinkansen) / Amount ¥-48 100 million, Factors Inbound demand (Sanyo Shinkansen) / Amount ¥2 100 million, Factors Calendar effect (Sanyo Shinkansen) / Amount ¥8 100 million, Factors Underlying trend (Hokuriku Shinkansen) / Amount ¥9 100 million, Factors Reversal of the previous year's Expo-related impact and other factors (Hokuriku Shinkansen) / Amount ¥-10 100 million, Factors Inbound demand (Hokuriku Shinkansen) / Amount ¥1 100 million, Factors Underlying trend (Kinki region) / Amount ¥7 100 million, Factors Reversal of the previous year's Expo-related impact and other factors (Kinki region) / Amount ¥-13 100 million, Factors Inbound demand (Kinki region) / Amount ¥-1 100 million, Factors Calendar effect (Kinki region) / Amount ¥2 100 million
Key KPIsIndicator name Passenger-kilometers (total) / Value 14,163 Million passenger-kilometers / Year-on-year (%) 1 Million passenger-kilometers, Indicator name Consolidated EBITDA / Value ¥1,000 100 million / Year-on-year (%) ¥-5.1 100 million, Indicator name Consolidated depreciation and amortization / Value ¥440 100 million / Year-on-year (%) ¥4.5 100 million, Indicator name Consolidated ROIC / Value Not disclosed, Indicator name Consolidated ROE / Value Not disclosed, Indicator name Equity ratio / Value 31.4 %
Number of employeesConsolidated 48,918 people / Standalone 23,414 people
Financial targetsConsolidated ROIC Full-year forecast 3.9 % / Consolidated ROE Full-year forecast 8.1 %
Annual DividendAnnual ¥97.5 per share / Interim ¥48.5 per share / End of period ¥49 per share
Capital expenditures¥414 100 million (consolidated, first quarter)
New initiativesNew rolling stock (N700S, new commuter trains for the Okayama–Yamaguchi area, and new maintenance vehicles), Safety and disaster-prevention measures (earthquake preparedness)
Items this document does not state (15)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastUnit price and quantity metricsNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsPayout ratioAcquisition of treasury sharesOrders received and order backlogMarket Size / ShareKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

The main reasons were the reversal of the positive impact of the Osaka-Kansai Expo in the previous fiscal year and an increase in personnel-related expenses. By segment, the distribution business was affected by the reversal of the Expo-related impact, while the real estate business was affected by the reversal of large-scale housing sales in the same period of the previous year and the impact of facility renovations.

How to read this page

This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
First-Quarter Results for Fiscal 2026 | West Japan Railway Company (9021) timely disclosure | Komori