Worth reading
66In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
550
¥100 million (FY2030 operating profit target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+17.3%
基準 2,898Target3,400Hundreds of millions of yen
Operating profit+0.2%
基準 2,025Target2,030Hundreds of millions of yen
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROENot disclosed → 10%–12% (fiscal 2030 target)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planConsolidated net income of at least ¥20 billion, ROA (EBITDA) of at least 12%, equity ratio of at least 40%, payout ratio of at least 30%, and a top-three ranking in SKYTRAX World’s Best Airports → Fiscal 2025 actual: consolidated net income of ¥29,139 million, ROA (EBITDA) of 15.5%, equity ratio of 42.7%, payout ratio of 30.4%, and third place in the SKYTRAX ranking+72,747.5%Calculated from the two disclosed figures
Total investment planInvesting cash flow of approximately ¥220 billion (cumulative for fiscal 2026–fiscal 2030)
Investment amount by sectorField Growth Investment / Amount Approximately ¥100 billion, Field Large-scale renovations / Amount 15% of growth investment, Field Peripheral development / Amount 15% of growth investment, Field Store Renovations / Amount 15% of growth investment, Field Airport operating system / Amount 15% of growth investment, Field Other / Amount 15% of growth investment
Statements about the use of capital
Payout ratio / DOE policyStrengthen shareholder returns based on a total payout ratio that incorporates share repurchases alongside stable dividends. Total payout ratio of at least 50% (five-year average)The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyBase the policy on a total payout ratio that incorporates share repurchases alongside stable dividends. Amount, timing and specific terms of repurchases: not disclosed
Key initiatives
01"Select and concentrate" and management based on the cost of capital
02Increase value density in the terminal business
03TAM（Total Airport Management）
04Airport GX (green transformation)
05Co-creating value with local communities
06Strengthen human capital management
Plan assumptionsDomestic passengers are expected to remain broadly stable at approximately 67 million., International passengers are expected to recover to 25.6 million in fiscal 2030, the level planned after expansion., The plan assumes an exchange rate of ¥150 per US dollar., Around 2040, Haneda Airport and the aviation market are expected to be affected by demand concentration, stagnation in passenger flows and a decline in the working-age population.
Segment targetSegment Facilities management and operations / Net Sales ¥145 billion / Operating profit ¥31 billion / Timing FY2030, Segment Merchandise sales / Net Sales ¥170 billion / Operating profit ¥35.0 billion / Timing FY2030, Segment Food Business / Net Sales ¥25 billion / Operating profit ¥2 billion / Timing FY2030
Non-financial targetsIndicator SKYTRAX World’s Best Airports / Target value Maintain a top-three ranking / Timing FY2030, Indicator CO2 Emissions Reduction / Target value 46% reduction (versus fiscal 2013) / Timing FY2030, Indicator Revenue generated outside Haneda Airport terminals / Target value +30% (versus fiscal 2025; approximately ¥20 billion increase) / Timing FY2030, Indicator Employee engagement index / Target value At least 82 points (up 5 points versus fiscal 2025) / Timing FY2030, Indicator Downloads of the official Haneda Airport app / Target value 2 million downloads / Timing FY2030, Indicator Revenue per passenger / per square meter of terminal space / Target value Up 15% (versus fiscal 2025) / Timing FY2030, Indicator Terminal floor area / Target value +20,000 square meters (960,000 square meters) / Timing FY2030 target, Indicator Terminal waste recycling rate / Target value Achieve 70% / Timing Not disclosed
Risks identified by the company
International flight slots at Haneda Airport have reached their upper limit
Domestic demand declines alongside population decline
Resource shortages resulting from a decline in the working-age population
Impact on the Japanese economy and Japanese airlines from demand concentration and stagnation in passenger flows
Individual optimization by multiple operators reduces the efficiency of the airport as a whole
Growth reaches a ceiling if limited to Haneda Airport alone
Potential risks and uncertainties relating to future outlooks
Reason for revision or withdrawal
International flight slots at Haneda Airport have reached their upper limit. Meanwhile, efforts to expand the earnings base through new business development remain unfinished. There are limits to addressing further challenges facing Haneda Airport as a whole and the aviation industry through standalone initiatives within existing business areas, making it necessary to redefine the company's role.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (Fiscal Years 2026–2030) |
| Plan period | FY2026–FY2030 |
| Progress against the plan | Formulated |
| Sales Target | 2,898 (fiscal 2025 actual) → 3,400 (fiscal 2030 target)（+17% (versus fiscal 2025)） |
| Operating profit target | 450 (fiscal 2025 actual) → 550 (fiscal 2030 target)（+22% (versus fiscal 2025)） |
| ROE target | Not disclosed → 10%–12% (fiscal 2030 target) |
| Payout ratio / DOE policy | Strengthen shareholder returns based on a total payout ratio that incorporates share repurchases alongside stable dividends. Total payout ratio of at least 50% (five-year average) |
| Treasury share acquisition policy | Base the policy on a total payout ratio that incorporates share repurchases alongside stable dividends. Amount, timing and specific terms of repurchases: not disclosed |
| Total investment plan | Investing cash flow of approximately ¥220 billion (cumulative for fiscal 2026–fiscal 2030) |
| Investment amount by sector | Field Growth Investment / Amount Approximately ¥100 billion, Field Large-scale renovations / Amount 15% of growth investment, Field Peripheral development / Amount 15% of growth investment, Field Store Renovations / Amount 15% of growth investment, Field Airport operating system / Amount 15% of growth investment, Field Other / Amount 15% of growth investment |
| Segment target | Segment Facilities management and operations / Net Sales ¥145 billion / Operating profit ¥31 billion / Timing FY2030, Segment Merchandise sales / Net Sales ¥170 billion / Operating profit ¥35.0 billion / Timing FY2030, Segment Food Business / Net Sales ¥25 billion / Operating profit ¥2 billion / Timing FY2030 |
| Non-financial targets | Indicator SKYTRAX World’s Best Airports / Target value Maintain a top-three ranking / Timing FY2030, Indicator CO2 Emissions Reduction / Target value 46% reduction (versus fiscal 2013) / Timing FY2030, Indicator Revenue generated outside Haneda Airport terminals / Target value +30% (versus fiscal 2025; approximately ¥20 billion increase) / Timing FY2030, Indicator Employee engagement index / Target value At least 82 points (up 5 points versus fiscal 2025) / Timing FY2030, Indicator Downloads of the official Haneda Airport app / Target value 2 million downloads / Timing FY2030, Indicator Revenue per passenger / per square meter of terminal space / Target value Up 15% (versus fiscal 2025) / Timing FY2030, Indicator Terminal floor area / Target value +20,000 square meters (960,000 square meters) / Timing FY2030 target, Indicator Terminal waste recycling rate / Target value Achieve 70% / Timing Not disclosed |
| Plan assumptions | Domestic passengers are expected to remain broadly stable at approximately 67 million., International passengers are expected to recover to 25.6 million in fiscal 2030, the level planned after expansion., The plan assumes an exchange rate of ¥150 per US dollar., Around 2040, Haneda Airport and the aviation market are expected to be affected by demand concentration, stagnation in passenger flows and a decline in the working-age population. |
| Key initiatives | "Select and concentrate" and management based on the cost of capital, Increase value density in the terminal business, TAM（Total Airport Management）, Airport GX (green transformation), Co-creating value with local communities, Strengthen human capital management |
| Results under the previous plan | Consolidated net income of at least ¥20 billion, ROA (EBITDA) of at least 12%, equity ratio of at least 40%, payout ratio of at least 30%, and a top-three ranking in SKYTRAX World’s Best Airports → Fiscal 2025 actual: consolidated net income of ¥29,139 million, ROA (EBITDA) of 15.5%, equity ratio of 42.7%, payout ratio of 30.4%, and third place in the SKYTRAX ranking |
| Reason for revision or withdrawal | International flight slots at Haneda Airport have reached their upper limit. Meanwhile, efforts to expand the earnings base through new business development remain unfinished. There are limits to addressing further challenges facing Haneda Airport as a whole and the aviation industry through standalone initiatives within existing business areas, making it necessary to redefine the company's role. |
| Risks identified | International flight slots at Haneda Airport have reached their upper limit, Domestic demand declines alongside population decline, Resource shortages resulting from a decline in the working-age population, Impact on the Japanese economy and Japanese airlines from demand concentration and stagnation in passenger flows, Individual optimization by multiple operators reduces the efficiency of the airport as a whole, Growth reaches a ceiling if limited to Haneda Airport alone, Potential risks and uncertainties relating to future outlooks |
| Publication date | 8 May 2026 |
Items this document does not state (7)
Operating profit margin targetNet income targetROIC targetCost of capitalSelf-assessment of PBR and share priceSize of the Target MarketDate of board resolution
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.Although international flight slots at Haneda Airport have reached their upper limit, efforts to expand the earnings base through new business development remain unfinished. The company stated that there are limits to addressing challenges facing Haneda Airport as a whole and the aviation industry through standalone initiatives within existing business areas, making it necessary to redefine its role. It examined longer-term changes in the business environment and the role its group should play, and formulated a new long-term vision.
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