Komori
Financial results presentation9142Kyushu Railway CompanyTransportation and Logistics

Materials for the Financial Results Briefing for the Fiscal Year Ending March 2026

For the fiscal year ended March 2026, consolidated operating revenue, operating profit, ordinary income and net income all exceeded the previous year, driven by fare revisions and increased real estate sales. The company also raised its fiscal 2027 medium-term management plan targets to ¥564.0 billion in operating revenue, ¥81.0 billion in operating profit, ¥125.5 billion in EBITDA and approximately 10% ROE, and presented its forecasts for fiscal 2027 results and dividends.

Worth reading
74In 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
340
¥100 million (amount of the upward revision to the medium-term management plan's operating revenue target)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFiscal year ending March 2026, full year13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥5,003 100 million+10.1%
Operating profit¥740 100 million+25.5%
Ordinary income¥740 100 million+24.3%
Net income¥454 100 million+4.1%
Results for the three months of the current quarterRailway passenger revenue in Q4 performed as expected. The hotel business recorded an 82% occupancy rate and an ADR of approximately ¥25,000 in Q4.
Full-year earnings forecast
Operating revenue
¥5,205 100 million
Operating profit
¥750 100 million
Ordinary income
¥709 100 million
Profit attributable to owners of the parent
¥516 100 million
EBITDA
¥1,162 100 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Mixed (railway business costs came in above both expectations and the previous year, while station-building tenant sales continued to exceed the plan)
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Increase in railway passenger revenue from fare and fee revisionsNot disclosed
  • Increase in real estate sales revenueNot disclosed
  • Transition to new commuter pass pricing¥15 100 million
  • Sales Initiatives¥11 100 million
  • Underlying trend-driven increase¥13 100 million
  • Decrease due to special factors in the fiscal year ended March 2026¥-13 100 million
  • Increase in personnel expenses¥21 100 million
  • Increase in repair and maintenance expenses¥53 100 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Railway passenger revenue for the fiscal year ending March 2027101.4% of the fiscal year ended March 2026
  • Commuter railway passenger revenue104.1% of the fiscal year ended March 2026
  • Non-commuter railway passenger revenue100.7% of the fiscal year ended March 2026
  • Hotel occupancy rateApproximately 85%
  • Hotel ADRApproximately ¥26,000
  • Station-building tenant salesApproximately 104% of the fiscal year ended March 2026
New initiatives
  • Member-tier service, “JR Kyupo Wakuwaku Program,” launching on 1 April 2026
  • Participation in the land-use project for the former Kyushu University Hakozaki Campus site
  • Comprehensive partnership agreement with Kumamoto City
  • Commencement of operations at “Denki no Eki Tomiai,” a grid-scale battery storage project
  • Planned introduction of a wireless train control system using public telecommunications lines
  • Disclosure based on the TNFD Recommendations
Key KPIsA metric the company considers important as a management benchmark.
  • Passenger-kilometers8,493 million passenger-kilometers
    Year on year against the same period last year-1.2%
  • JR-KYUSHU RAIL PASS sales volume21.5 10,000 passes
    Year on year against the same period last year-22.7%
  • JR-KYUSHU RAIL PASS sales¥35.9 100 million
    Year on year against the same period last year-7.2%
  • Hotel occupancy rate82 %
  • Hotel ADR¥25,000
  • Station-building tenant sales
  • JR Kyushu Web members474 10,000 people
  • JR Kyupo app users91 10,000 people
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • JR-KYUSHU RAIL PASS sales volume21.5 10,000 passes
  • JR-KYUSHU RAIL PASS average price¥16,600
    Year on year against the same period last year+20.0%
  • Hotel occupancy rate82 %
  • Hotel ADR¥25,000
Segment results
Transportation services
Sales
¥1,906 100 million
Year-on-year change in sales12.6
Operating profit
¥239 100 million
Year-on-year operating profit96.7
Real estate and hotels
Sales
¥1,566 100 million
Year-on-year change in sales9.3
Operating profit
¥344 100 million
Year-on-year operating profit9.3
Retail and restaurants
Sales
¥718 100 million
Year-on-year change in sales7.1
Operating profit
¥38 100 million
Year-on-year operating profit11.2
Construction
Sales
¥1,110 100 million
Year-on-year change in sales10.4
Operating profit
¥77 100 million
Year-on-year operating profit5.2
Business services
Sales
¥841 100 million
Year-on-year change in sales1.9
Operating profit
¥50 100 million
Year-on-year operating profit-4.2
Medium-term management plan targets
Target fiscal yearFY2027
Operating revenue
¥5,640 100 million
Operating profit
¥810 100 million
EBITDA
¥1,255 100 million
ROE
10 Approximately %
Financial targets
ROE
TargetApproximately 10%
D/EBITDA
TargetApproximately 5x
Actual results4.2 times
Equity ratio
TargetApproximately 40%
Actual results40.4 %
Capital expenditures
¥1,465 100 million growth investment under the fiscal year ending March 2027 plan
Annual Dividend
¥121 per share
Interim Dividend¥60.5 per share
Year-end dividend¥60.5 per share (breakdown shown in the chart as calculated from the full-year dividend forecast)
Payout ratio
36.1
Acquisition of treasury shares
Policy of making flexible share repurchases. The repurchase authorization amount, number of shares and period are not disclosed
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFiscal year ending March 2026, full year
Net Sales¥5,003 100 million (YoY +10.1%)
Operating profit¥740 100 million (YoY +25.5%)
Ordinary income¥740 100 million (YoY +24.3%)
Net income¥454 100 million (YoY +4.1%)
Results for the three months of the current quarterRailway passenger revenue in Q4 performed as expected. The hotel business recorded an 82% occupancy rate and an ADR of approximately ¥25,000 in Q4.
Full-year earnings forecastOperating revenue ¥5,205 100 million / Operating profit ¥750 100 million / Ordinary income ¥709 100 million / Profit attributable to owners of the parent ¥516 100 million / EBITDA ¥1,162 100 million
Self-assessment against the planMixed (railway business costs came in above both expectations and the previous year, while station-building tenant sales continued to exceed the plan)
Segment resultsTransportation services Sales ¥1,906 100 million / Year-on-year change in sales 12.6 / Operating profit ¥239 100 million / Year-on-year operating profit 96.7 / Real estate and hotels Sales ¥1,566 100 million / Year-on-year change in sales 9.3 / Operating profit ¥344 100 million / Year-on-year operating profit 9.3 / Retail and restaurants Sales ¥718 100 million / Year-on-year change in sales 7.1 / Operating profit ¥38 100 million / Year-on-year operating profit 11.2 / Construction Sales ¥1,110 100 million / Year-on-year change in sales 10.4 / Operating profit ¥77 100 million / Year-on-year operating profit 5.2 / Business services Sales ¥841 100 million / Year-on-year change in sales 1.9 / Operating profit ¥50 100 million / Year-on-year operating profit -4.2
Breakdown of Factors Affecting the ChangeFactors Increase in railway passenger revenue from fare and fee revisions / Amount Not disclosed, Factors Increase in real estate sales revenue / Amount Not disclosed, Factors Transition to new commuter pass pricing / Amount ¥15 100 million, Factors Sales Initiatives / Amount ¥11 100 million, Factors Underlying trend-driven increase / Amount ¥13 100 million, Factors Decrease due to special factors in the fiscal year ended March 2026 / Amount ¥-13 100 million, Factors Increase in personnel expenses / Amount ¥21 100 million, Factors Increase in repair and maintenance expenses / Amount ¥53 100 million
Key KPIsIndicator Passenger-kilometers / Value 8,493 million passenger-kilometers / Year on year against the same period last year -1.2 million passenger-kilometers, Indicator JR-KYUSHU RAIL PASS sales volume / Value 21.5 10,000 passes / Year on year against the same period last year -22.7 10,000 passes, Indicator JR-KYUSHU RAIL PASS sales / Value ¥35.9 100 million / Year on year against the same period last year ¥-7.2 100 million, Indicator Hotel occupancy rate / Value 82 % / Year on year against the same period last year Not disclosed, Indicator Hotel ADR / Value ¥25,000 / Year on year against the same period last year Not disclosed, Indicator Station-building tenant sales / Value Not disclosed / Year on year against the same period last year Not disclosed, Indicator JR Kyushu Web members / Value 474 10,000 people / Year on year against the same period last year Not disclosed, Indicator JR Kyupo app users / Value 91 10,000 people / Year on year against the same period last year Not disclosed
Unit price and quantity metricsIndicator JR-KYUSHU RAIL PASS sales volume / Value 21.5 10,000 passes, Indicator JR-KYUSHU RAIL PASS average price / Value ¥16,600 / Year on year against the same period last year ¥20, Indicator Hotel occupancy rate / Value 82 %, Indicator Hotel ADR / Value ¥25,000
Assumptions Underlying the Business OutlookItem Railway passenger revenue for the fiscal year ending March 2027 / Value 101.4% of the fiscal year ended March 2026, Item Commuter railway passenger revenue / Value 104.1% of the fiscal year ended March 2026, Item Non-commuter railway passenger revenue / Value 100.7% of the fiscal year ended March 2026, Item Hotel occupancy rate / Value Approximately 85%, Item Hotel ADR / Value Approximately ¥26,000, Item Station-building tenant sales / Value Approximately 104% of the fiscal year ended March 2026
Medium-term management plan targetsTarget fiscal year FY2027 / Operating revenue ¥5,640 100 million / Operating profit ¥810 100 million / EBITDA ¥1,255 100 million / ROE 10 Approximately %
Financial targetsROE Target Approximately 10% / Actual results Not disclosed / D/EBITDA Target Approximately 5x / Actual results 4.2 times / Equity ratio Target Approximately 40% / Actual results 40.4 %
Annual Dividend¥121 per share
Payout ratio36.1
Acquisition of treasury sharesPolicy of making flexible share repurchases. The repurchase authorization amount, number of shares and period are not disclosed
Capital expenditures¥1,465 100 million (growth investment under the fiscal year ending March 2027 plan)
New initiativesMember-tier service, “JR Kyupo Wakuwaku Program,” launching on 1 April 2026, Participation in the land-use project for the former Kyushu University Hakozaki Campus site, Comprehensive partnership agreement with Kumamoto City, Commencement of operations at “Denki no Eki Tomiai,” a grid-scale battery storage project, Planned introduction of a wireless train control system using public telecommunications lines, Disclosure based on the TNFD Recommendations
Items this document does not state (10)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders 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.

Results for the fiscal year ended March 2026 improved due to increases in railway passenger revenue and real estate sales revenue. The medium-term management plan targets were reviewed based on the increase in railway transportation revenue and progress toward targets in each business. For the fiscal year ending March 2027, the company expects increases in railway passenger revenue and property sales, while ordinary income is expected to decline due to higher interest expense.

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Materials for the Financial Results Briefing for the Fiscal Year Ending March 2026 | Kyushu Railway Company (9142) timely disclosure | Komori