Japan Airport Terminal (9706) investor relations material

Executive summary

• FY2026 Q1 revenue and operating profit reached quarterly records, with results ahead of plan on higher passenger traffic and strong Haneda duty-free sales.

• Full-year guidance remains unchanged; revisions will be considered with first-half results as performance and external conditions are reassessed.

• FY2026–FY2030 is positioned as a transformation phase focused on airport-wide optimization, demand creation and stronger cash-flow generation.

Financial highlights

• Operating revenue was ¥74.126bn, up 7.4% YoY; gross profit rose 10.0% to ¥48.931bn, with gross margin at 66.0% versus 64.5%.

• Operating profit rose 40.7% to ¥14.362bn; ordinary profit increased 36.9% to ¥13.552bn, and parent-attributable net profit rose 34.4% to ¥8.418bn.

• SG&A increased to ¥34.568bn from ¥34.288bn; higher repair and utility costs contributed to expenses.

• Comprehensive income was ¥11.293bn versus ¥8.733bn; quarterly income was ¥11.076bn versus ¥8.199bn.

Outlook and guidance

• FY2026 first-half forecast: revenue ¥145.0bn, operating income ¥23.3bn, ordinary income ¥23.8bn and parent-attributable net income ¥15.0bn.

• FY2026 full-year forecast remains ¥296.7bn revenue, ¥45.6bn operating income, ¥45.8bn ordinary income and ¥24.2bn parent-attributable net income.

• Q1 revenue and operating profit exceeded plan, but forecasts were unchanged amid FX and Middle East uncertainty; review is planned with first-half results.

• SG&A progress was below expectations partly due to postponed construction; depreciation is expected to rise after Terminal 1 North Satellite opens in September 2026.