West Japan Railway Company (9021) Q1 2025 earnings summary

Executive summary

• Consolidated and non-consolidated revenue and profit increased for the fourth consecutive year, driven by recovery in customer usage and the Hokuriku Shinkansen extension to Tsuruga.

• Operating revenues rose 9.1% year-over-year to ¥402.7B for the quarter ended June 30, 2024.

• Operating income increased 11.5% year-over-year to ¥58.2B, with net income attributable to owners up 14.9% to ¥38.2B.

• Comprehensive income grew 8.6% year-over-year to ¥39.7B.

• Retail and shopping center businesses outperformed, supported by inbound demand; earnings and dividend forecasts for FY25.3 remain unchanged.

Financial highlights

• Consolidated 1Q FY25.3 operating revenues: ¥402.7B (+9.1% YoY); operating income: ¥58.2B (+11.5% YoY); net income attributable to owners: ¥38.2B (+14.9% YoY).

• EBITDA for 1Q: ¥98.1B (+7.0% YoY); recurring income: ¥55.2B (+13.6% YoY).

• EPS for the quarter was ¥79.03 (post-split); equity ratio: 30.4%.

• Total assets at June 30, 2024 were ¥3,612.97B, with net assets of ¥1,217.55B.

• Depreciation and amortization for the quarter totaled ¥39.95B.

Outlook and guidance

• FY25.3 full-year consolidated revenue forecast: ¥1,718.0B (+5.1% YoY); operating income: ¥170.0B; net income: ¥100.0B (+1.3% YoY).

• Full-year EPS forecast is ¥205.16.

• No change to earnings or dividend forecasts; annual dividend planned at ¥72 per share (post-split).

• Medium-Term Management Plan targets record-high EBITDA by FY26.3 and operating income by FY28.3.