Japan Airport Terminal (9706) investor relations material

Executive summary

• H1 record operating revenue was ¥148,619m (+5.0% YoY), operating income ¥27,719m (+29.2%), ordinary income ¥26,322m (+29.2%) and parent-attributable net income ¥14,195m (+5.9%).

• Higher passenger-related revenue and strong duty-free sales amid yen weakness more than offset higher repair and utility costs.

Financial highlights

• H1 revenue exceeded initial forecast by ¥3.6b and operating income by ¥4.4b; parent net income missed by ¥0.8b, partly due to subsidiary tax expense.

• Gross profit was ¥98,659m versus ¥92,209m; SG&A was ¥70,939m versus ¥70,762m.

• Comprehensive income was ¥17,269m, down 3.6% YoY, while parent-attributable net income rose 5.9%.

• Total assets were ¥518,557m and net assets ¥242,593m at September 30, 2026.

Outlook and guidance

• FY2026 forecast: revenue ¥304,700m (+5.1%), operating income ¥51,500m (+14.3%), ordinary income ¥49,200m (+12.6%) and parent-attributable net income ¥25,800m (-11.5%).

• Revenue, operating income and ordinary income forecasts were raised by ¥8.0b, ¥5.9b and ¥3.4b; operating and ordinary income are forecast at record levels.

• FY2026 EPS guidance is ¥277.94, versus prior guidance of ¥260.71, excluding the planned share repurchase effect.

• Haneda duty-free gross sales forecast is ¥63.3b, with ¥16,800 average spend per purchasing customer and a ¥158/$ exchange-rate assumption; Haneda passenger forecast is 93.22m.

• H2 passenger volumes are expected to remain solid, supported by more international flights, increased aircraft capacity and additional high-demand domestic flights.