Japan Airport Terminal (9706) Q3 2026 earnings summary

Executive summary

• 9M FY2025 revenue rose 7.7% YoY to ¥217,139m, operating income increased 11.1% to ¥35,582m and net income attributable to owners rose 18.6% to ¥22,240m.

• Passenger growth and higher facility user charges supported results; facility and food and beverage gains offset lower merchandise income amid higher costs.

Financial highlights

• 9M gross profit rose 9.0% to ¥141,560m; gross margin was 65.2%, up from 64.4% YoY.

• Ordinary income increased 11.4% to ¥34,315m; EPS was ¥239.63 versus ¥201.76 in 9M FY2024.

• Q3 revenue was ¥75.6bn, operating profit ¥14.1bn and net profit ¥8.8bn; operating profit rose 29.2% YoY.

• Comprehensive income increased to ¥28,997m from ¥25,147m in 9M FY2024.

Outlook and guidance

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

• Revenue and operating income exceeded 9M forecasts, partly due to SG&A reduction efforts; passenger numbers were generally in line with forecast.

• Unclear international passenger trends and potential declines in duty-free and airport wholesale sales linked to fewer Chinese visitors underpin maintained guidance.

• Next medium-term plan is being developed around sustained profit growth, efficiency and growth investment; long-term targets include EBITDA-based ROA of at least 12%, capital adequacy of 40% and payout ratio of at least 30%.