Keisei Electric Railway Co. (9009) investor relations material

Executive summary

• Operating revenue rose 4.1% year-over-year to ¥332.4 billion, driven by higher ridership to/from Narita Airport and growth in real estate and construction segments, but operating profit declined 5.6% to ¥33.97 billion and net profit attributable to owners fell 31.4% to ¥48.02 billion, mainly due to the absence of prior-year extraordinary gains.

• Major business restructuring included the absorption-type merger with Shin-Keisei Electric Railway and reorganization of bus and taxi businesses under intermediate holding companies.

• The company advanced infrastructure projects, expanded eco-friendly initiatives, and enhanced Narita Airport access, while also investing in human resources and system improvements.

Financial highlights

• Operating revenue: ¥332,424 million (+4.1% YoY); Operating profit: ¥33,974 million (–5.6% YoY); Ordinary profit: ¥58,605 million (–5.1% YoY); Profit attributable to owners of parent: ¥48,023 million (–31.4% YoY).

• Transportation segment revenue increased 4.3% year-over-year, but profit dropped 12.9% due to higher costs.

• Real estate segment revenue and profit grew 8.1% and 2.4%, respectively, with new rental properties and apartment sales.

• Construction segment revenue surged 18.7%, with operating profit up 9.7%.

• Depreciation rose 4.8% to ¥34.17 billion.

• Interest-bearing debt increased to ¥400.1 billion, with an EBITDA multiple of 5.9x.

• Extraordinary income fell sharply to ¥4,688 million from ¥58,803 million last year, reflecting the absence of large gains on sale of shares.

• Total assets increased to ¥1,181,801 million (+8.0% YoY); Net assets rose to ¥575,605 million (+9.7% YoY).

• Cash and cash equivalents at year-end decreased to ¥34,227 million (–¥17,141 million YoY).

Outlook and guidance

• FY2026/FY2027 operating revenue forecast at ¥359.8 billion (+8.2% YoY), but operating profit expected to fall 8.8% to ¥31.0 billion and net profit forecast to decline 18.2% to ¥39.3 billion, with higher expenses and interest costs.

• CapEx planned at ¥129 billion (+59.1% YoY), mainly for transportation and real estate projects.

• Dividend for FY2026/FY2027 projected at ¥22 per share.