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West Japan Railway (9021) investor relations material
West Japan Railway Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue and income rose for the fifth consecutive year, driven by city development projects, Expo demand, and inbound tourism.
Operating revenues increased 6.0% year-over-year to ¥427.0 billion for the quarter ended June 30, 2025.
Operating income rose 8.9% year-over-year to ¥63.3 billion, with net income up 27.6% to ¥48.8 billion.
Share buyback of up to ¥50.0 billion planned, with ¥27.6 billion acquired as of June 30, 2025.
JR West Via Inn Co., Ltd. newly consolidated after hotel business absorption-type split.
Financial highlights
Consolidated 1Q operating revenues rose 6.0% year-over-year to ¥427.0 billion; operating income up 8.9% to ¥63.3 billion.
Net income attributable to owners of parent increased 27.6% year-over-year to ¥48.8 billion.
EPS for the quarter was ¥104.54, up from ¥79.03 last year.
EBITDA grew 7.4% year-over-year to ¥105.4 billion.
Depreciation and amortization for the quarter totaled ¥42.1 billion, up from ¥39.9 billion year-over-year.
Outlook and guidance
FY2026.3 full-year forecasts: operating revenues ¥1,820.0 billion (+6.6%), operating income ¥190.0 billion (+5.5%), net income ¥115.0 billion (+0.9%).
Annual dividend forecast of ¥86 per share, with continued share buybacks to recover EPS to pre-pandemic levels.
Dividend payout ratio target is at least 35%.
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