Japan Airport Terminal (9706) Q4 2026 earnings summary

Executive summary

• Haneda passenger traffic reached a record 91.66 million in FY2025, up 4.3% YoY, supporting growth in revenue and operating income.

• FY2025 revenue rose 7.4% to ¥289,823 million and operating income increased 16.8% to ¥45,043 million; FY2026 guidance projects modest growth in both but a 17.0% decline in net income.

• All Medium-Term Business Plan P&L targets and ROA (EBITDA) and equity-ratio guidelines were achieved.

Financial highlights

• Gross profit rose to ¥188,889 million from ¥173,526 million; ordinary income increased to ¥43,704 million from ¥35,723 million.

• Net income attributable to owners of the parent rose 6.1% to ¥29,139 million; FY2025 revenue exceeded the revised forecast by ¥1.5 billion and operating profit by ¥3.5 billion.

• Operating cash flow was ¥71,569 million, investing cash outflow ¥39,442 million and financing cash outflow ¥21,168 million; year-end cash and equivalents were ¥96,837 million.

• Comprehensive income was ¥40,792 million, down from ¥41,447 million.

Outlook and guidance

• FY2026 forecast: revenue ¥296,700 million (+2.4%), operating income ¥45,600 million (+1.2%), ordinary income ¥45,800 million (+4.8%) and parent net income ¥24,200 million (-17.0%).

• The forecast net-income decline reflects higher deferred income taxes after recognition of deferred tax assets on a subsidiary's tax-loss carryforwards was completed.

• FY2026 Haneda passenger forecast is 92.10 million (+0.5%): domestic 67.16 million (+0.1%) and international 24.93 million (+1.5%).

• FY2026 dividends are forecast at ¥95 per share; planned domestic facility-charge revisions and rent adjustments address higher depreciation and inflation-related costs.

• FY2030 targets include revenue of at least ¥340 billion, operating income of at least ¥55 billion, ROE of 10%–12%, EPS of at least ¥300 and a five-year average total payout ratio of at least 50%.