Japan Airport Terminal (9706) Q2 2026 earnings summary

Executive summary

• 1H FY2025 revenue rose 7.4% YoY to ¥141,544 million; operating income reached ¥21,446 million and ordinary income ¥20,369 million, both record highs for a third consecutive year.

• Strong passenger volumes and facility-charge revenue supported results, while softer duty-free sales weighed on revenue and merchandise profit.

Financial highlights

• 1H net income attributable to owners increased 11.8% YoY to ¥13,401 million; EPS was ¥144.41 versus ¥128.86.

• Gross profit increased to ¥92,209 million from ¥85,312 million; SG&A rose to ¥70,762 million from ¥64,219 million.

• Revenue was ¥7,100 million below forecast, while operating profit exceeded forecast by ¥1,100 million and net profit by ¥900 million.

Outlook and guidance

• FY2025 forecast: revenue ¥288,300 million, operating income ¥41,500 million, ordinary income ¥39,900 million, net income attributable to owners ¥25,400 million and EPS ¥273.66.

• Revised guidance cuts revenue by ¥11,700 million but raises operating income by ¥1,000 million, ordinary income by ¥1,400 million and net income by ¥900 million versus the prior forecast.

• Higher international passenger volumes and facility-user charges, plus lower capital investment and management costs, support higher profit forecasts; duty-free sales assumptions were reduced.

• Revised Haneda passenger forecasts: domestic 66.50 million and international 24.47 million for FY2025.