Worth reading
56In focus
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
73469
Millions of yen (year-on-year increase in operating revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationSecond quarter (interim period) 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 Sales929,784 Millions of yen+8.6%
Operating profit46,432 Millions of yen+10.1%
Ordinary income49,224 Millions of yen+23.7%
Net income31,829 Millions of yen+34.1%
Full-year earnings forecast
Operating revenue
1,910,000 Millions of yen
Operating profit
93,000 Millions of yen
Ordinary income
87,000 Millions of yen
Profit attributable to owners of the parent
54,000 Millions of yen
Equity-method investment gains
2,000 Millions of yen
Interest expenses
18,000 Millions of yen
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating revenue
Transportation1,437
Real Estate-4,633
International logistics83,821
Distribution-4,989
Hotels and Leisure-1,999
Other-19
Adjustments-148
Operating profit (loss)
Transportation-1,680
Real Estate-216
International logistics9,439
Distribution57
Hotels and Leisure-3,676
Other193
Adjustments146
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Rail and tram passenger numbersThe second half of fiscal 2026 is expected to be at the same level as the previous year.
Condominium units soldThe second half of fiscal 2026 is expected to increase year on year.
International logistics operating revenueThe second half of fiscal 2026 is expected to be approximately 117% of the previous year.
International logistics exchange rateUS$1 = approximately ¥160
Domestic travel revenueApproximately 107.4% of the previous year
Overseas travel revenueApproximately 100.1% of the previous year
New initiatives
- Introduce 37 new general-purpose railcars in the railway and tramway business
- Make growth investments in real estate, hotels and other businesses
- Make digital investments across the Group
- Construct a new building in Osaka-Uehommachi
- Develop a logistics facility in Singapore
- Construct a new hotel in the United States
Key KPIsA metric the company considers important as a management benchmark.
- Passenger numbers274,631 thousand peopleYear on year against the same period last year+0.6%
- Air export weight298 thousand tonnesYear on year against the same period last year+10.3%
- Ocean export volume379 thousand TEUsYear on year against the same period last year+2.9%
- Equity ratio24.2 %Year on year against the same period last year+0.6%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Air export weight298 thousand tonnesYear on year against the same period last year+10.3%
- Ocean export volume379 thousand TEUsYear on year against the same period last year+2.9%
- Passenger numbers274,631 thousand peopleYear on year against the same period last year+0.6%
Segment results
Transportation
Operating revenue
115,760 Millions of yen+1.3%
Operating profit (loss)
15,870 Millions of yen-9.6%
Real Estate
Operating revenue
75,572 Millions of yen-5.8%
Operating profit (loss)
7,934 Millions of yen-2.7%
International logistics
Operating revenue
451,880 Millions of yen+22.8%
Operating profit (loss)
13,451 Millions of yen+235.3%
Distribution
Operating revenue
107,940 Millions of yen-4.4%
Operating profit (loss)
3,726 Millions of yen+1.6%
Hotels and Leisure
Operating revenue
180,154 Millions of yen-1.1%
Operating profit (loss)
3,907 Millions of yen-48.5%
Other
Operating revenue
24,365 Millions of yen-0.1%
Operating profit (loss)
1,774 Millions of yen+12.3%
Capital expenditures
¥124,000 million full-year forecast
Annual Dividend
Annual dividend per share70 Yen
Payout ratio
Rate24.7 %
DOE2.8 %
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending March 2027 |
| Net Sales | 929,784 Millions of yen (YoY +8.6%) |
| Operating profit | 46,432 Millions of yen (YoY +10.1%) |
| Ordinary income | 49,224 Millions of yen (YoY +23.7%) |
| Net income | 31,829 Millions of yen (YoY +34.1%) |
| Full-year earnings forecast | Operating revenue 1,910,000 Millions of yen / Operating profit 93,000 Millions of yen / Ordinary income 87,000 Millions of yen / Profit attributable to owners of the parent 54,000 Millions of yen / Equity-method investment gains 2,000 Millions of yen / Interest expenses 18,000 Millions of yen |
| Segment results | Transportation Operating revenue 115,760 Millions of yen (YoY +1.3%) / Operating profit (loss) 15,870 Millions of yen (YoY -9.6%) / Real Estate Operating revenue 75,572 Millions of yen (YoY -5.8%) / Operating profit (loss) 7,934 Millions of yen (YoY -2.7%) / International logistics Operating revenue 451,880 Millions of yen (YoY +22.8%) / Operating profit (loss) 13,451 Millions of yen (YoY +235.3%) / Distribution Operating revenue 107,940 Millions of yen (YoY -4.4%) / Operating profit (loss) 3,726 Millions of yen (YoY +1.6%) / Hotels and Leisure Operating revenue 180,154 Millions of yen (YoY -1.1%) / Operating profit (loss) 3,907 Millions of yen (YoY -48.5%) / Other Operating revenue 24,365 Millions of yen (YoY -0.1%) / Operating profit (loss) 1,774 Millions of yen (YoY +12.3%) |
| Breakdown of Factors Affecting the Change | Operating revenue Transportation 1,437 / Real Estate -4,633 / International logistics 83,821 / Distribution -4,989 / Hotels and Leisure -1,999 / Other -19 / Adjustments -148 / Operating profit (loss) Transportation -1,680 / Real Estate -216 / International logistics 9,439 / Distribution 57 / Hotels and Leisure -3,676 / Other 193 / Adjustments 146 |
| Key KPIs | Indicator name Passenger numbers / Value 274,631 thousand people / Year on year against the same period last year 0.6 thousand people, Indicator name Air export weight / Value 298 thousand tonnes / Year on year against the same period last year 10.3 thousand tonnes, Indicator name Ocean export volume / Value 379 thousand TEUs / Year on year against the same period last year 2.9 thousand TEUs, Indicator name Equity ratio / Value 24.2 % / Year on year against the same period last year 0.6 % |
| Unit price and quantity metrics | Indicator name Air export weight / Value 298 thousand tonnes / Year on year against the same period last year 10.3 thousand tonnes, Indicator name Ocean export volume / Value 379 thousand TEUs / Year on year against the same period last year 2.9 thousand TEUs, Indicator name Passenger numbers / Value 274,631 thousand people / Year on year against the same period last year 0.6 thousand people |
| Assumptions Underlying the Business Outlook | Rail and tram passenger numbers The second half of fiscal 2026 is expected to be at the same level as the previous year. / Condominium units sold The second half of fiscal 2026 is expected to increase year on year. / International logistics operating revenue The second half of fiscal 2026 is expected to be approximately 117% of the previous year. / International logistics exchange rate US$1 = approximately ¥160 / Domestic travel revenue Approximately 107.4% of the previous year / Overseas travel revenue Approximately 100.1% of the previous year |
| Annual Dividend | Annual dividend per share 70 Yen |
| Payout ratio | Rate 24.7 % / DOE 2.8 % |
| Capital expenditures | ¥124,000 million (full-year forecast) |
| New initiatives | Introduce 37 new general-purpose railcars in the railway and tramway business, Make growth investments in real estate, hotels and other businesses, Make digital investments across the Group, Construct a new building in Osaka-Uehommachi, Develop a logistics facility in Singapore, Construct a new hotel in the United States |
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 forecastSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAcquisition 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 drivers of higher revenue and earnings were increased international logistics volumes and higher selling prices. By contrast, lower earnings in the hotel and leisure business reflected the decline following the Osaka-Kansai Expo and restrained travel from China, while higher personnel and depreciation expenses reduced earnings in the transportation business.
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