Japan Airport Terminal (9706) Q3 2025 earnings summary

Executive summary

• 9M FY2024 operating revenue rose 26.7% YoY to ¥201,553 million; operating income increased 37.3% to ¥32,030 million and net income attributable to owners rose 32.8% to ¥18,757 million.

• Strong international passenger traffic and duty-free sales drove growth, while domestic passenger traffic also increased; full-year forecasts remained unchanged.

Financial highlights

• 9M FY2024 ordinary income was ¥30,801 million, up 41.7% YoY; EPS was ¥201.76 versus ¥151.66 in 9M FY2023.

• Gross profit reached ¥129,887 million versus ¥106,321 million; operating income was ¥32,030 million versus ¥23,335 million.

• Comprehensive income was ¥25,147 million, up 37.7% YoY; net income attributable to owners was ¥18,757 million.

Outlook and guidance

• FY2024 forecast unchanged: revenue ¥267,300 million, operating income ¥34,600 million, ordinary income ¥31,900 million, net income attributable to owners ¥19,300 million and EPS ¥207.68.

• 9M domestic flight passenger volume exceeded forecast; international traffic was generally in line, while revenue and operating income slightly exceeded forecast, partly on lower outsourcing and commission costs.

• Strong flight demand and duty-free sales are expected to continue for the balance of FY2024; actual results may differ from forecasts due to various factors.