Japan Airport Terminal (9706) Q1 2026 earnings summary

Executive summary

• Q1 FY2025 revenue rose 5.6% YoY to ¥68,997m; operating profit fell 6.6% to ¥10,204m as terminal expansion and other costs increased.

• Haneda passenger traffic increased 8.8% YoY; domestic traffic was slightly below forecast while international traffic exceeded forecast. Passenger growth supported facilities and food services, while weaker duty-free sales weighed on merchandise income.

Financial highlights

• Gross profit rose 6.2% to ¥44,493m from ¥41,906m; gross margin increased 0.4 percentage points to 64.5%.

• SG&A increased 10.7% to ¥34,288m from ¥30,980m, outpacing revenue growth; operating margin declined to 14.8% from 16.7%.

• Ordinary profit fell 7.6% to ¥9,897m; quarterly income before taxes and non-controlling interests was ¥9,913m, versus ¥10,215m.

• Net profit attributable to owners rose 2.2% to ¥6,264m from ¥6,131m; prior-year extraordinary loss improved by ¥513m. Comprehensive income was ¥8,733m, versus ¥8,117m.

Outlook and guidance

• FY2025 forecast unchanged: revenue ¥300,000m, operating income ¥40,500m, ordinary income ¥38,500m and parent-attributable net income ¥24,500m; FY2025 dividend forecast remains ¥90 per share.

• First-half FY2025 forecast: revenue ¥148,600m, operating income ¥20,400m, ordinary income ¥19,400m and parent-attributable net income ¥12,600m.

• With Haneda passenger growth expected to slow, initiatives target higher unit prices and purchase rates, including expanded Hermès and Chanel boutiques, a T1 food court renovation planned for September 2025, reservation pickup and RFID-enabled checkout launched in July.