Presentation Materials for the Fiscal Year Ending March 2026 Results | Nagoya Railroad Co., Ltd. (9048) timely disclosure

Worth reading

61In 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

-5890

¥ million

Wording

Conditional

How definitive the wording is.

Contents of this document

Financial results presentationFiscal year ending March 202612 items taken from the company’s own explanation

Financial Results Figures (The key points of this material are explained below)

Net Sales¥691,583 million+0.1%

Operating profit¥36,185 million-14.0%

Ordinary income¥38,363 million-19.5%

Net income¥22,954 million-39.2%

Full-year earnings forecast

Operating revenue

¥734,000 million

Operating profit

¥45,000 million

Ordinary income

¥47,000 million

Profit attributable to owners of the parent

¥39,000 million

EBITDA

¥96,400 million

Capital expenditures

¥122,500 million

Depreciation and amortization

¥51,400 million

Net interest-bearing debt

¥650,000 million

What the company explained in this material

Self-assessment against the planThe company's self-assessment against its own plan.

Although the operating profit target is expected to be missed, the other 2 metrics are expected to be achieved

Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.

Increase in operating revenue from the transportation business¥18,447 million
Increase in operating revenue from the leisure and services business¥4,096 million
Increase in operating revenue from aviation-related services¥2,854 million
Decrease in operating revenue from the logistics business¥-9,424 million
Decrease in operating revenue from the real estate business¥-14,249 million
Increase in personnel expenses and depreciation affecting operating profit
Decrease in non-operating income and increase in non-operating expenses affecting ordinary profitNon-operating income △1,887; non-operating expenses +1,529
Absence of the gain on bargain purchase affecting net profit¥-4,756 million

Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.

The presentation states that the outlook is based on certain assumptions, but specific figures for exchange rates, raw material prices and other factors are not disclosed

New initiatives

Change in segment classifications and some segment names from April 2026

Key KPIsA metric the company considers important as a management benchmark.

Rail and tram passenger numbers (all lines)375,080 thousand customers+2.3%
Rail and tram passenger numbers (Airport Line, non-commuter passengers)9,357 thousand customers+8.4%
Condominium handovers727 units-18.6%
Number of parking spaces owned92,629 Units+2.8%
Number of parking facilities owned4,002 Locations+2.9%
Number of consolidated subsidiaries109 companies
Number of equity-method affiliates15 companies

Unit price and quantity metricsThese figures show sales broken down by price and volume.

Hotel occupancy rateDisplayed in graph
Average hotel room rateDisplayed in graph
Rail and tram passenger numbers375,080 thousand customers+2.3%
Passenger revenue¥95,436 million+3.7%

Segment results

Transportation Business
Sales¥178,272 million (YoY +11.5%)
Operating profit¥21,803 million (YoY +11.2%)
Transportation Business
Sales¥170,758 million (YoY -5.2%)
Operating profit¥-7,711 million
Real Estate Business
Sales¥114,779 million (YoY -11.0%)
Operating profit¥13,573 million (YoY -28.4%)
Leisure and services business
Sales¥106,779 million (YoY +4.0%)
Operating profit¥3,429 million (YoY +34.7%)
Distribution Business
Sales¥69,635 million (YoY +0.8%)
Operating profit¥-1,900 million
Aviation-Related Services
Sales¥32,635 million (YoY +9.6%)
Operating profit¥2,583 million (YoY +14.0%)
Other Businesses
Sales¥69,584 million (YoY +2.4%)
Operating profit¥5,340 million (YoY +15.5%)

Medium-term management plan targets

Operating profit

Target value¥50.0 billion

Target fiscal yearFiscal 2026

ROE

Target valueApproximately 8%

Target fiscal yearFiscal 2026

Net interest-bearing debt/EBITDA multiple

Target valueIn the 6x range

Target fiscal yearFiscal 2026

Financial targets

ROE

FY2025 actual4.8%

FY2026 forecast8.0%

FY2026 targetApproximately 8%

Net interest-bearing debt/EBITDA multiple

FY2025 actual7.6x

FY2026 forecast6.7x

FY2026 targetIn the 6x range

Capital expenditures

155,980 Millions of yen fiscal year ended March 2026 actual

Annual Dividend

Fiscal year ending March 2027

Annual¥60.00

Fiscal year ending March 2026

Annual¥40.00

Payout ratio

Fiscal year ending March 202730.2%

Fiscal year ending March 202634.2%

PolicyConsolidated payout ratio of at least 30% plus a minimum dividend of ¥60.0

Contents of this document
Item	Details
Document type	Financial results presentation
Fiscal Period Covered	Fiscal year ending March 2026
Net Sales	¥691,583 million (YoY +0.1%)
Operating profit	¥36,185 million (YoY -14.0%)
Ordinary income	¥38,363 million (YoY -19.5%)
Net income	¥22,954 million (YoY -39.2%)
Full-year earnings forecast	Operating revenue ¥734,000 million / Operating profit ¥45,000 million / Ordinary income ¥47,000 million / Profit attributable to owners of the parent ¥39,000 million / EBITDA ¥96,400 million / Capital expenditures ¥122,500 million / Depreciation and amortization ¥51,400 million / Net interest-bearing debt ¥650,000 million
Self-assessment against the plan	Although the operating profit target is expected to be missed, the other 2 metrics are expected to be achieved
Segment results	Segment Transportation Business / Sales ¥178,272 million (YoY +11.5%) / Operating profit ¥21,803 million (YoY +11.2%), Segment Transportation Business / Sales ¥170,758 million (YoY -5.2%) / Operating profit ¥-7,711 million, Segment Real Estate Business / Sales ¥114,779 million (YoY -11.0%) / Operating profit ¥13,573 million (YoY -28.4%), Segment Leisure and services business / Sales ¥106,779 million (YoY +4.0%) / Operating profit ¥3,429 million (YoY +34.7%), Segment Distribution Business / Sales ¥69,635 million (YoY +0.8%) / Operating profit ¥-1,900 million, Segment Aviation-Related Services / Sales ¥32,635 million (YoY +9.6%) / Operating profit ¥2,583 million (YoY +14.0%), Segment Other Businesses / Sales ¥69,584 million (YoY +2.4%) / Operating profit ¥5,340 million (YoY +15.5%)
Breakdown of Factors Affecting the Change	Factors Increase in operating revenue from the transportation business / Amount ¥18,447 million, Factors Increase in operating revenue from the leisure and services business / Amount ¥4,096 million, Factors Increase in operating revenue from aviation-related services / Amount ¥2,854 million, Factors Decrease in operating revenue from the logistics business / Amount ¥-9,424 million, Factors Decrease in operating revenue from the real estate business / Amount ¥-14,249 million, Factors Increase in personnel expenses and depreciation affecting operating profit / Amount Not disclosed, Factors Decrease in non-operating income and increase in non-operating expenses affecting ordinary profit / Amount Non-operating income △1,887; non-operating expenses +1,529, Factors Absence of the gain on bargain purchase affecting net profit / Amount ¥-4,756 million
Key KPIs	375,080 thousand customers (YoY +2.3%), 9,357 thousand customers (YoY +8.4%), 727 units (YoY -18.6%), 92,629 Units (YoY +2.8%), 4,002 Locations (YoY +2.9%), 109 companies, 15 companies
Unit price and quantity metrics	Displayed in graph, Displayed in graph, 375,080 thousand customers (YoY +2.3%), ¥95,436 million (YoY +3.7%)
Assumptions Underlying the Business Outlook	The presentation states that the outlook is based on certain assumptions, but specific figures for exchange rates, raw material prices and other factors are not disclosed
Medium-term management plan targets	Operating profit Target value ¥50.0 billion / Target fiscal year Fiscal 2026 / ROE Target value Approximately 8% / Target fiscal year Fiscal 2026 / Net interest-bearing debt/EBITDA multiple Target value In the 6x range / Target fiscal year Fiscal 2026
Financial targets	ROE FY2025 actual 4.8% / FY2026 forecast 8.0% / FY2026 target Approximately 8% / Net interest-bearing debt/EBITDA multiple FY2025 actual 7.6x / FY2026 forecast 6.7x / FY2026 target In the 6x range
Annual Dividend	Fiscal year ending March 2027 Annual ¥60.00 / Interim Not disclosed / End of period Not disclosed / Fiscal year ending March 2026 Annual ¥40.00 / Interim Not disclosed / End of period Not disclosed
Payout ratio	Fiscal year ending March 2027 30.2% / Fiscal year ending March 2026 34.2% / Policy Consolidated payout ratio of at least 30% plus a minimum dividend of ¥60.0
Capital expenditures	155,980 Millions of yen (fiscal year ended March 2026 actual)
New initiatives	Change in segment classifications and some segment names from April 2026

Items this document does not state (12)

Gross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookAcquisition 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 decline in operating revenue in the real estate and transportation businesses was offset by revenue contributions from the consolidation of the Miyagi Transportation Group and an increase in rail and tram passenger numbers. Operating profit declined due to higher personnel expenses and depreciation, ordinary profit declined due to lower share of profit of entities accounted for using the equity method and higher interest expenses, and net profit declined due mainly to the absence of the gain on bargain purchase recognized in the previous period.

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.