West Japan Railway Company (9021) investor relations material

Executive summary

• Achieved record-high profit in FY2026.3, driven by Osaka-Kansai Expo, city development projects, and inbound tourism, marking five consecutive years of revenue and profit growth despite labor shortages and inflation.

• Operating revenues rose 8.1% YoY to ¥1,845.8 billion, operating income up 9.9% to ¥198.0 billion, and net income attributable to owners increased 11.9% to ¥127.4 billion.

• Comprehensive income increased 7.1% YoY to ¥151.3 billion.

• Annual dividend per share increased by ¥13 to ¥97.5, with a payout ratio of 35% or higher.

• The group advanced city development projects, expanded digital and environmental initiatives, and introduced new services and safety measures.

Financial highlights

• FY2026.3 consolidated operating revenues rose 8.1% YoY to ¥1,845.8 billion; operating income up 9.9% to ¥198.0 billion; recurring income ¥183.6 billion (+10.9% YoY); net income attributable to owners ¥127.4 billion (+11.9% YoY).

• Net assets increased to ¥1,337.2 billion (+¥57.0 billion YoY); total assets rose to ¥3,986.7 billion (+¥234.3 billion YoY).

• Cash and cash equivalents at year-end: ¥234.8 billion, up ¥109.4 billion YoY.

• Dividend per share for FY2026.3: ¥97.50 (up from ¥84.50 previous year).

• FY2027.3 forecasts: operating revenues ¥1,829.0 billion (-0.9% YoY), operating income ¥165.0 billion (-16.7% YoY), net income ¥100.0 billion (-21.6% YoY).

Outlook and guidance

• FY2027.3 expects income decline due to Expo demand pullback, inflation, and Middle East risks, but aims to maintain transportation revenues by capturing inbound and domestic demand.

• Annual dividend forecast for FY2027.3: ¥97.50 per share, maintaining the previous year’s level.

• New mid-term plan focuses on sustainable mobility, business portfolio transformation, and capital efficiency.

• Shareholder return policy shifts to a DOE of around 3.5%.