Keisei Electric Railway Co. (9009) Q1 2025 earnings summary

Executive summary

• Operating revenue rose 10.8% year-over-year to ¥80,297 million, with operating income up 64.4% to ¥12,584 million and net income attributable to owners of parent up 25.4% to ¥13,317 million.

• Growth driven by strong transportation demand, especially to/from Narita Airport, and recovery in inbound tourism.

• All major business segments reported year-over-year revenue and profit growth, with notable gains in transportation and leisure/service.

Financial highlights

• Ordinary income increased 28.4% year-over-year to ¥17,755 million; EPS was ¥81.96, up from ¥63.43.

• Total assets at quarter-end were ¥1,016,940 million, down 4.4% from March 31, 2024, mainly due to lower cash and deposits.

• Net assets rose 2.0% year-over-year to ¥478,310 million, driven by higher retained earnings.

• Equity ratio improved to 45.3% from 42.4% at the previous fiscal year-end.

Outlook and guidance

• Full-year forecast maintained: operating revenue ¥337,600 million (+13.9%), operating income ¥33,700 million (+33.5%), ordinary income ¥58,100 million (+12.6%), net income attributable to owners of parent ¥47,000 million (+46.4%), EPS ¥289.16.

• Dividend forecast unchanged at ¥36.00 per share for FY2025.