West Japan Railway Company (9021) Q3 2025 earnings summary

Executive summary

• Achieved increased revenue and income year-over-year for the fourth consecutive year, driven by the Hokuriku Shinkansen extension and strong autumn demand.

• Consolidated nine-month results are in line with forecasts; no change to full-year earnings or dividend guidance.

• Mobility and Retail segments posted strong results, with Mobility achieving record-high transportation revenue for a third quarter.

• Comprehensive income grew to ¥116,249 million, up 0.7% year-over-year.

• 2-for-1 stock split effective April 1, 2024; all per-share figures adjusted accordingly.

Financial highlights

• Consolidated operating revenues for 9M FY25.3 rose 4.3% YoY to ¥1,245.6B; operating income up 1.7% to ¥175.3B; net income attributable to owners up 4.3% to ¥114.6B.

• EBITDA for 9M FY25.3 increased 2.2% YoY to ¥299.7B.

• Recurring income for the nine months was ¥164.3B, up 2.0% YoY.

• EPS (9M): ¥210.67; BPS: ¥2,411.64; post-split EPS: ¥240.84.

• Total assets as of December 31, 2024 were ¥3,652.3B; equity ratio: 31.1%.

Outlook and guidance

• Full-year consolidated operating revenue forecast: ¥1,718.0B (+5.1% YoY); operating income forecast: ¥170.0B (-5.4% YoY); net income forecast: ¥100.0B (+1.3% YoY).

• Dividend forecast maintained at ¥74 per share post-stock split.

• No change to earnings or dividend guidance as demand creation efforts continue.