Japan Airport Terminal (9706) Q4 2025 earnings summary

Executive summary

• FY2024 operating revenue rose 24.1% YoY to ¥269,923 million; operating income increased 30.6% to ¥38,557 million and parent-attributable net income rose 42.7% to ¥27,470 million.

• Passenger recovery and record international traffic supported stronger terminal retail and airport-related sales, partly offset by higher operating costs.

• Operating and ordinary profit achieved medium-term plan targets one year early.

• A special investigation found inappropriate supplier-selection actions and improper conduct by top executives; governance and recurrence-prevention measures are planned.

Financial highlights

• FY2024 ordinary income rose 31.2% to ¥35,723 million; gross profit reached ¥173,526 million and SG&A increased to ¥134,969 million.

• Operating cash flow was ¥53,813 million, investing cash outflow ¥12,843 million and financing cash outflow ¥30,529 million; year-end cash was ¥85,878 million.

• Total assets were ¥469,955 million, liabilities ¥271,608 million and net assets ¥198,347 million at year-end.

• FY2024 annual dividend was ¥90 per share, up from ¥67, with a 30.5% payout ratio.

Outlook and guidance

• FY2025 forecast: operating revenue ¥300,000 million (+11.1%), operating income ¥40,500 million (+5.0%), ordinary income ¥38,500 million (+7.8%) and parent-attributable net income ¥24,500 million (-10.8%).

• FY2025 EBITDA is forecast at ¥70.9bn; capex at ¥46.2bn, depreciation at ¥30.4bn and annual dividends at ¥90 per share.

• Haneda passenger volumes are forecast to rise 4.1% to 90.69 million, with domestic growth of 4.5% and international growth of 3.2%.

• Passenger growth is expected to support all segments; productivity and revenue initiatives are intended to offset higher labor, repair, maintenance and terminal-expansion costs.