East Japan Railway Company (9020) Q1 2025 earnings summary

Executive summary

• Operating revenues rose to ¥686.7 billion, up 9.1% year-over-year, with all segments posting higher revenues and income, driven by increased railway usage and real estate sales.

• Operating income increased 50.3% to ¥120.5 billion, and profit attributable to owners of parent grew 63.6% to ¥73.3 billion compared to the same quarter last year.

• Growth was supported by higher sales in retail and hotel businesses.

• All business segments contributed to revenue growth in the first quarter.

Financial highlights

• EBITDA reached ¥218.1 billion, up 24.6% year-over-year; ordinary income rose 57.8% to ¥106.5 billion.

• Extraordinary losses increased to ¥5.0 billion, while extraordinary gains rose to ¥3.2 billion.

• Balance sheet showed assets at ¥9,550.8 billion and net assets at ¥2,777.6 billion as of June 2024.

• Interest-bearing debt decreased to ¥4,808.2 billion, with an average interest rate of 1.48%.

• Basic EPS was ¥64.79 (stock split adjusted).

Outlook and guidance

• Full-year forecasts remain unchanged: operating revenues projected at ¥2,852.0 billion and profit attributable to owners of parent at ¥210.0 billion for FY2025.3.

• Operating income forecast at ¥370.0 billion, ordinary income at ¥315.0 billion, and basic EPS at ¥185.62 for the full year.

• Interim and year-end dividend forecasts are both 26 yen per share; year-end dividend forecast is ¥52.00 per share post-split.

• Medium-term targets include operating revenues of ¥3,276.0 billion and operating income of ¥410.0 billion by FY2028.3.