Keisei Electric Railway Co. (9009) Q2 2025 earnings summary

Executive summary

• Operating revenue rose 6.8% year-over-year to ¥158,033 million; operating profit increased 44.8% to ¥22,079 million; ordinary profit up 16.1% to ¥31,518 million; net income attributable to owners of parent up 1.9% to ¥21,496 million for the six months ended September 30, 2024.

• Growth driven by post-pandemic recovery, increased inbound tourism, and strategic initiatives under Medium-Term Business Plan D1.

• Kanto Railway Co., Ltd. became a wholly owned subsidiary as of September 1, 2024.

Financial highlights

• Total assets at ¥1,028,165 million, down 3.4% from March 31, 2024, mainly due to decreased cash and deposits.

• Net assets increased 3.6% to ¥485,993 million, driven by higher retained earnings.

• Basic earnings per share for the period was ¥132.26, up from ¥125.94 year-over-year.

• Dividend forecast for FY2025 is ¥36.00 per share (pre-stock split basis); a three-for-one stock split effective January 1, 2025.

Outlook and guidance

• Full-year forecast (ending March 31, 2025): operating revenue ¥337,600 million (+13.9% YoY), operating profit ¥33,700 million (+33.5%), ordinary profit ¥58,100 million (+12.6%), net income attributable to owners of parent ¥47,000 million (-46.4% due to prior year one-time gain), EPS ¥96.39 (post-split basis).

• No change to previously announced forecasts; company will monitor trends and update if necessary.