East Japan Railway Company (9020) Q2 2025 earnings summary

Executive summary

• Operating revenues rose 7.3% year-over-year to ¥1,395.1 billion for the six months ended September 2024, with operating income up 22.8% to ¥235.6 billion and profit attributable to owners up 19.4% to ¥139.7 billion.

• All major business segments achieved revenue and income growth, driven by increased railway usage and real estate sales.

• Comprehensive income decreased 10.8% year-over-year to ¥128,836 million, reflecting changes in other comprehensive income components.

• No changes were made to full-year forecasts or dividend plans, with interim and forecasted year-end dividends at ¥26 per share each.

• A 3-for-1 stock split was conducted on April 1, 2024, affecting per-share figures and dividend calculations.

Financial highlights

• EBITDA increased 13.0% year-over-year to ¥433.1 billion; ordinary income rose 23.6% to ¥204.5 billion.

• Segment operating revenues: Transportation up 5.6% to ¥952.5 billion, Retail & Services up 7.3% to ¥190.0 billion, Real Estate & Hotels up 15.0% to ¥207.1 billion.

• Extraordinary losses increased to ¥12.4 billion, mainly from disaster-related expenses.

• Consolidated assets totaled ¥9,823.2 billion as of September 2024, with net assets at ¥2,831.3 billion.

• Net cash provided by operating activities increased to ¥299,454 million, while net cash used in investing activities rose to ¥325,196 million.

Outlook and guidance

• Full-year operating revenues forecasted at ¥2,852.0 billion (+4.5% YoY), operating income at ¥370.0 billion (+7.2% YoY), and profit attributable to owners at ¥210.0 billion (+6.9% YoY).

• Basic earnings per share forecast for the year is ¥185.63.

• Dividend payout ratio target of 30% and total return ratio of 40% by FY2028.3; capital investment of ¥3.9 trillion planned over five years.

• No change to previously announced full-year forecasts or dividend guidance.