West Japan Railway Company (9021) investor relations material

Executive summary

• Achieved revenue and income growth for the fifth consecutive period, with record-high income in 3Q FY2026.3, driven by strong post-Expo demand and robust domestic and inbound travel.

• Operating revenues for the nine months ended December 31, 2025, rose 7.5% year-over-year to ¥1,339,470 million, with operating income up 12.4% to ¥197,135 million and net income attributable to owners of parent up 5.5% to ¥121,003 million.

• Comprehensive income increased to ¥130,303 million from ¥116,249 million year-over-year.

• All major business segments—mobility, retail, and real estate—posted year-over-year revenue and income growth, with retail and real estate segments achieving record 3Q income.

Financial highlights

• Consolidated operating revenues rose 7.5% year-over-year to ¥1,339.4 billion for 3Q; operating income increased 12.4% to ¥197.1 billion.

• Net income attributable to owners of parent grew 5.5% year-over-year to ¥121.0 billion.

• EBITDA reached ¥328.1 billion, up 9.5% year-over-year.

• EPS for the nine months was ¥262.83, up from ¥240.84 in the prior year.

• Total assets as of December 31, 2025, were ¥3,848,680 million, and net assets were ¥1,316,228 million.

Outlook and guidance

• Full-year forecasts for operating revenues (¥1,836.0 billion), operating income (¥195.0 billion), and net income (¥118.5 billion) are unchanged.

• Dividend forecast maintained at ¥90.5 per share, with continued share buybacks to recover EPS to pre-pandemic levels.