Japan Airport Terminal (9706) Q2 2025 earnings summary

Executive summary

• H1 FY2024 revenue rose 31.6% YoY to ¥131,752 million; operating income increased 56.1% to ¥21,093 million and parent-attributable net income rose 45.6% to ¥11,990 million.

• Growth was led by international terminal merchandise sales, supported by recovering passenger traffic and stronger duty-free purchases.

• FY2024 guidance targets record operating and ordinary profits for a second consecutive year; the forecast was raised to ¥34,600 million and ¥31,900 million, respectively.

Financial highlights

• H1 ordinary income rose 62.9% YoY to ¥20,331 million; gross profit was ¥85,312 million and gross margin was 64.8%, down from 67.3%.

• Operating expenses rose alongside sales and expanded terminal operations; SG&A increased 19.1% to ¥64.2bn, below revenue growth.

• EBITDA was ¥34.9bn versus ¥27.4bn in prior-year H1; H1 net income per share was ¥128.86 versus ¥88.41.

• FY2024 forecast: revenue ¥267,300 million, operating income ¥34,600 million, ordinary income ¥31,900 million and parent-attributable net income ¥19,300 million.

• Revised guidance versus prior forecast: revenue +¥2,800 million, operating income +¥1,200 million, ordinary income +¥900 million and net income +¥400 million.

Outlook and guidance

• FY2024 Haneda passenger forecast is 90.5m, up 5.5% YoY; domestic traffic is forecast at 62.8m and international traffic at 23.5m, up 19.0%.

• Second-half outlook assumes international passengers grow ~20% YoY; domestic forecasts were lowered and international forecasts raised.

• International passenger volume is expected to reach 89% of the pre-COVID target; domestic traffic is expected to remain steady.

• FY2024 dividend forecast is ¥70 per share, including a ¥35 interim dividend, versus ¥67 in FY2023; forecast payout ratio is 33.8%.

• Duty-free per-unit purchases are expected near prior-year levels, with purchase rate higher YoY; exchange-rate assumptions are ¥142/$ in Q3 and ¥140/$ in Q4.