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East Japan Railway Company (9020) investor relations material
East Japan Railway Company Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operating income for the first half of FY2026.3 significantly exceeded plan, driven by strong railway usage and higher sales at station stores.
Operating revenues for the six months ended September 30, 2025, rose 4.9% year-over-year to ¥1,463,096 million, with profit attributable to owners of parent up 5.3% to ¥147,227 million.
Comprehensive income increased 32.1% year-over-year to ¥170,177 million.
Interim and year-end dividends were raised to 35 yen each, with full-year dividend forecast revised to 70 yen per share, reflecting a higher payout ratio in line with long-term shareholder return policy.
Financial highlights
Q2 FY2026.3 operating revenues rose to ¥1,463.0 billion (+4.9% YoY); operating income was ¥231.4 billion (-1.7% YoY).
Profit attributable to owners increased to ¥147.2 billion (+5.3% YoY); EBITDA reached ¥436.9 billion (+0.9% YoY).
All segments posted revenue growth; transportation and retail/services saw income gains, while real estate & hotels income declined due to lower real estate sales.
Extraordinary gains rose sharply due to increased sales of investments in securities, while an extraordinary loss of ¥3,366 million was recognized for local transport operations after heavy rain suspension.
Equity ratio improved to 29.1% from 28.1% at the previous fiscal year-end.
Outlook and guidance
Full-year operating revenues forecast revised to ¥3,058.0 billion (+¥35.0 billion from prior forecast), up 5.9% year-over-year.
Operating income forecast raised to ¥405.0 billion (+¥18.0 billion); profit attributable to owners to ¥237.0 billion (+¥10.0 billion).
Basic earnings per share forecast at ¥209.98.
ROE expected at 8.1% (+0.4%), ROA at 3.9% (+0.2%).
Dividend payout ratio to gradually rise to 40% by FY2028.3 as growth investments stabilize.
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