East Japan Railway Company
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East Japan Railway Company (9020) investor relations material

East Japan Railway Company Q2 2027 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2027 earnings summary30 Oct, 2026

Executive summary

  • H1 FY2027 operating revenue rose 8.4% YoY to ¥1,585.4bn; operating income increased 13.6% to ¥262.9bn and parent-attributable profit rose 3.2% to ¥152.0bn.

  • Strong rail usage and fare revisions supported results; full-year FY2027 forecasts were raised across revenue and income measures.

  • Priorities include safety, sustainable mobility, real estate growth, digital services, and stronger governance and information security.

Financial highlights

  • H1 ordinary income rose 15.7% to ¥230.1bn; EBITDA increased 10.3% to ¥481.9bn.

  • Revenue rose ¥122.2bn YoY and expenses increased ¥90.8bn, lifting income by ¥31.4bn.

  • Non-operating expenses increased ¥4.5bn YoY, mainly on higher interest expense; extraordinary gains declined and losses increased.

  • Passenger revenue gains included ¥21bn from non-commuter Shinkansen and ¥17bn from non-commuter conventional-line fares; fare revisions contributed an estimated ¥43.5bn.

Outlook and guidance

  • FY2027 forecasts: revenue ¥3,358.0bn, operating income ¥450.0bn, ordinary income ¥378.0bn and parent-attributable profit ¥265.0bn.

  • Forecasts were raised from April by ¥63.0bn for revenue, ¥21.0bn for operating income, ¥25.0bn for ordinary income and ¥10.0bn for parent-attributable profit.

  • Annual dividend forecast rose to ¥88 per share, including ¥44 interim and ¥44 year-end; payout ratio forecast is 37.5%, progressing toward a 40% target.

  • FY2032 goals include ~¥4.3tn revenue, ~¥750bn operating income, ROA of at least 5%, ROE of at least 10%, and net interest-bearing debt/EBITDA of ~5x.

  • FY2031 targets include at least ¥1.4tn in real estate asset management scale, ¥10bn Smart Logistics revenue and more than 70m Suica holders.

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Frequently asked questions

East Japan Railway Company, commonly known as JR East, is a Japanese transportation company primarily engaged in railway operations. The company operates an extensive network of passenger rail services, including Shinkansen (bullet trains) and regional lines, serving the eastern regions of Japan. In addition to its core railway business, JR East is involved in real estate development, retail, and hospitality, including station-area development and management of commercial facilities. The company is headquartered in Tokyo, Japan, and its shares are listed on the TSE.