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Financial results presentation9021West Japan Railway CompanyTransportation and logistics

Results for the Second Quarter (Interim Period) of Fiscal 2026

Based on results for the second quarter of the fiscal year ending March 2026, the full-year forecast announced on 5 August was revised upward. Revenue is forecast at ¥38 billion, operating income at ¥20 billion, ordinary income at ¥21 billion and net income attributable to owners of the parent at ¥19 billion, all raised from the previous forecasts.

Worth reading
48Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
380
¥ billions (increase from the previous revenue forecast)
Wording
Conditional
How definitive the wording is.

Contents of this document

Supplementary materials to the earnings reportSecond quarter (interim period) of the fiscal year ending March 20278 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥8,792 hundred million+0.9%
Operating profit¥1,154 hundred million-6.1%
Ordinary income¥1,064 hundred million-7.5%
Net income¥737 hundred million-15.0%
Full-year earnings forecast
Operating revenue
¥18,670 hundred million
Operating profit
¥1,850 hundred million
Ordinary income
¥1,660 hundred million
Profit attributable to owners of the parent
¥1,190 hundred million
Earnings per share
¥261.47
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Increased railway usageTransportation revenue +¥13.9 billion
  • Underlying trend (Sanyo)+¥11.8 billion
  • Reversal of the previous year's Expo-related impact, etc. (Sanyo)-¥10.9 billion
  • Increase in personnel-related expenses
  • Increase in interest expense
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-kilometers28,776 Million passenger-kilometers
    Year on year against the same period last year+1.2%
  • Consolidated EBITDA¥2,046 hundred million
    Year on year against the same period last year-2.2%
  • Consolidated ROIC
  • Consolidated ROE
  • Equity ratio31.1 %
Segment results
Mobility
Operating revenue
¥5,460 hundred million+3.4%
Operating profit
¥842 hundred million-2.4%
Distribution
Operating revenue
¥1,115 hundred million-6.3%
Operating profit
¥72 hundred million-30.0%
Real Estate
Operating revenue
¥1,246 hundred million+0.9%
Operating profit
¥240 hundred million-5.7%
Travel and regional solutions
Operating revenue
¥832 hundred million-4.5%
Operating profit
¥-9 hundred million0.0%
Other
Operating revenue
¥137 hundred million-2.7%
Operating profit
¥13 hundred million-6.6%
Financial targets
Consolidated ROIC
Full-year forecast4.3 %
Consolidated ROE
Full-year forecast9.6 %
Equity ratio
Interim period31.1 %
Number of employees
Consolidated interim period-end48,525 people
Year-earlier period47,088 people
Capital expenditures
¥1,070 billions consolidated, interim period
Annual Dividend
Annual¥97.5
Interim¥48.5
End of period¥49
Contents of this document
ItemDetails
Document typeSupplementary materials to the earnings report
Fiscal Period CoveredSecond quarter (interim period) of the fiscal year ending March 2027
Net Sales¥8,792 hundred million (YoY +0.9%)
Operating profit¥1,154 hundred million (YoY -6.1%)
Ordinary income¥1,064 hundred million (YoY -7.5%)
Net income¥737 hundred million (YoY -15.0%)
Full-year earnings forecastOperating revenue ¥18,670 hundred million / Operating profit ¥1,850 hundred million / Ordinary income ¥1,660 hundred million / Profit attributable to owners of the parent ¥1,190 hundred million / Earnings per share ¥261.47
Segment resultsMobility Operating revenue ¥5,460 hundred million (YoY +3.4%) / Operating profit ¥842 hundred million (YoY -2.4%) / Distribution Operating revenue ¥1,115 hundred million (YoY -6.3%) / Operating profit ¥72 hundred million (YoY -30.0%) / Real Estate Operating revenue ¥1,246 hundred million (YoY +0.9%) / Operating profit ¥240 hundred million (YoY -5.7%) / Travel and regional solutions Operating revenue ¥832 hundred million (YoY -4.5%) / Operating profit ¥-9 hundred million (YoY 0.0%) / Other Operating revenue ¥137 hundred million (YoY -2.7%) / Operating profit ¥13 hundred million (YoY -6.6%)
Breakdown of Factors Affecting the ChangeFactors Increased railway usage / Amount Transportation revenue +¥13.9 billion, Factors Underlying trend (Sanyo) / Amount +¥11.8 billion, Factors Reversal of the previous year's Expo-related impact, etc. (Sanyo) / Amount -¥10.9 billion, Factors Increase in personnel-related expenses / Amount Not disclosed, Factors Increase in interest expense / Amount Not disclosed
Key KPIsIndicator name Passenger-kilometers / Value 28,776 Million passenger-kilometers / Year on year against the same period last year 1.2 Million passenger-kilometers, Indicator name Consolidated EBITDA / Value ¥2,046 hundred million / Year on year against the same period last year ¥-2.2 hundred million, Indicator name Consolidated ROIC / Value Not disclosed / Year on year against the same period last year Not disclosed, Indicator name Consolidated ROE / Value Not disclosed / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 31.1 % / Year on year against the same period last year Not disclosed
Number of employeesConsolidated interim period-end 48,525 people / Year-earlier period 47,088 people
Financial targetsConsolidated ROIC Interim period Not disclosed / Full-year forecast 4.3 % / Consolidated ROE Interim period Not disclosed / Full-year forecast 9.6 % / Equity ratio Interim period 31.1 %
Annual DividendAnnual ¥97.5 / Interim ¥48.5 / End of period ¥49
Capital expenditures¥1,070 billions (consolidated, interim period)
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 (16)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit 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 forecast was revised upward based on interim results. Increased railway usage and steady performance in the shopping-centre business contributed to higher revenue, while increased personnel-related expenses, other inflationary effects, the decline following the previous year's Expo-related impact and facility renovations were cited as factors weighing on profit.

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Results for the Second Quarter (Interim Period) of Fiscal 2026 | West Japan Railway Company (9021) timely disclosure | Komori