East Japan Railway Company · TSE:9020
East Japan Railway — FY2025.3 Earnings Presentation
76 slides from East Japan Railway's earnings presentation, Apr 30, 2025
Slide 1: FY2025.3 Financial Results and FY2026.3 Management Strategy
FY2025.3 Financial Results and FY2026.3 Management Strategy Explanatory Materials April 30, 2025 East Japan Railway Company TAKANAWA GATEWAY CITY celebrates its opening Cover photo under consideration
Slide 2: Table of Contents
Table of Contents I. Formulation of New Group Management Vision 3 II. Medium-to-long-term Direction 5 III. FY2025.3 Financial Results 19 IV. FY2026.3 Management Strategy 36 V. Reference Materials 50
Slide 3: I. Formulation of New Group Management Vision
I. Formulation of New Group Management Vision
Slide 4: Formulation of New Group Management Vision
Formulation of New Group Management Vision Now that the business environment is changing more rapidly following the COVID-19 crisis, it is time for the Group to go beyond the “obvious” and take off bravely aiming for unprecedented heights. Realize enriched lifestyles The Company will announce a new
Slide 5: II. Medium-to-long-term Direction
II. Medium-to-long-term Direction
Slide 6: Direction of business management based on the two pillars
Direction of business management based on the two pillars ➢ Build a strong management structure that can grow sustainably in any business environment by supporting management through the two pillars of “mobility” and “life-style solutions.” ➢ Demonstrate comprehensive strength as a Group and maximiz
Slide 7: Safety-related incidents and countermeasures
Safety-related incidents and countermeasures A series of events causing concern and inconvenience to our customers and stakeholders occurred ➢ Implement measures against each event for certain － Inappropriate handling in the railway vehicle wheelset assembly operations （The incident in which data wa
Slide 8: Key Mobility Measures
Key Mobility Measures (Safe and stable transportation, technological renovation) ➢ Maintain and strengthen infrastructure to further enhance “Safe and stable transportation” and “Service quality,” the largest revenue base (approx. 1.6 trillion yen from FY2024.3 to FY2028.3) ➢ Furthermore, we will pr
Slide 9: Key Mobility Measures (Expansion of railway network)
Key Mobility Measures (Expantion of railway network) ➢ Steadily promote the construction of the Haneda Airport Access Line (tentative name) with the understanding and cooperation of customers to improve future profitability ➢ Realize direct access to Haneda Airport from various directions using the
Slide 10: Key Mobility Measures (Fares and charges)
Key Mobility Measures (Fares and charges) ➢ For fare revision to be implemented in March 2026, we submitted an application in December 2024 and are awaiting approval ➢ Continue to request the government to implement a simple and flexible system, such as notification of express charges for Shinkansen
Slide 11: Key Life-style Solutions Measures (Town Development)
Key Life-style Solutions Measures (Town Development) ➢ “Greater Shinagawa Area” (Hamamatsucho - Oimachi) : Omiya Focus on town development integrating stations and towns ➢ Terminal stations in the Tokyo Metropolitan area (including Shibuya, Shinjuku, Ikebukuro, Yokohama, Omiya, Chiba etc.) : Promote
Slide 12: Key Life-style Solutions Measures (Real estate rotation)
Key Life-style Solutions Measures (Real estate rotation) ➢ Accelerate the development of Company-owned sites and acquisition and development of external properties with the establishment of JREast Real Estate Co., LTD. ➢ Further accelerate expansion of the scale of real estate sales* and enhance rei
Slide 13: Key Life-style Solutions Measures (Create Value through integration and collaboration)
Key Life-style Solutions Measures (Create Value through integration and collaboration） ➢ Business model that proactively utilizes railway assets to create new value and services ➢ Contribute to solving social issues in addition to improving profitability ■Commercialize train logistics service ■Devel
Slide 14: Key Life-style Solutions Measures (Suica Renaissance)
Key Life-style Solutions Measures (Suica Renaissance) ➢ Evolve Suica from “device for mobility and payment” to “device for lifestyle” ➢ Boldly innovate lifestyles through Suica data-driven town development ➢ Introduce “JRE ID” and promote server centralization to improve environment toward seamless
Slide 15: Capture inbound demand
Capture inbound demand ➢ Expand demand from the Tokyo metropolitan area to the Tohoku and Shinetsu areas by creating attractive tourist destinations and strengthening PR ➢ In addition to creating a stress-free acceptance environment, consider increasing transportation capacity through increase of tr
Slide 16: Lead society with technology and skills
Lead society with technology and skills ➢ In addition to technological renovations such as the development of new trains (Series E10) and driverless operation of the Shinkansen, lead the creation of platforms for common issues of railroad companies, such as technological development and utilization
Slide 17: Use of cash (Capital investments)
Use of cash (Capital investments) ➢ “Move Up” 2027 plans approximately 3.9 trillion yen capital investments over the five years until FY2028.3 to build a strong management base ➢ Accelerate growth investment towards the openings of TAKANAWA GATEWAY CITY and OIMACHI TRACKS, reaching its peak in FY202
Slide 18: Use of cash (Shareholder returns)
Use of cash (Shareholder returns) ➢ Aim for a dividend payout ratio of 30% and target a total return ratio of 40% over the medium- to-long-term ➢ Although give priority to the allocation of cash for growth investment in the near term, steadily enhance shareholder returns in light of capital investme
Slide 19: III. FY2025.3 Financial Results
III. FY2025.3 Financial Results
Slide 20: Highlights of FY2025.3 Financial Results
Highlights of FY2025.3 Financial Results (¥ billion) Changes Changes ’23.4-’24.3 ’24.4-’25.3 ’24.4-’25.3 Results Results Increase Forecast Increase % % /Decrease /Decrease Operating revenues 2,730.1 2,887.5 +157.4 105.8 2,852.0 +35.5 101.2 Operating income 345.1 376.7 +31.6 109.2 370.0 +6.7 101.8 Or
Slide 21: FY2025.3 Financial Results (consolidated): Changes in Operating Income
FY2025.3 Financial Results (consolidated) : Changes in Operating Income (¥ billion) An increase in A decrease A decrease in An increase in Retail & Services/ An increase in real estate cost of real personnel Real Estate & in other sales estate sales: expenses: An increase in Hotels revenues: revenue
Slide 22: Statements of Income (consolidated)
Statements of Income (consolidated) (¥ billion) Changes ’23.4-’24.3 ’24.4-’25.3 Increase Main factors behind changes Results Results % /Decrease Operating revenues 2,730.1 2,887.5 +157.4 105.8 Transportation 1,851.5 1,945.7 +94.2 105.1 An increase in passenger revenues Retail & Services 369.3 393.7
Slide 23: Transportation
Transportation (¥ billion) Changes Changes ’23.4-’24.3 ’24.4-’25.3 ’24.4-’25.3 Results Results Increase Forecast Increase % % /Decrease /Decrease Operating revenues 1,851.5 1,945.7 +94.2 105.1 1,935.0 +10.7 100.6 Operating income 161.8 176.0 +14.2 108.8 188.0 -11.9 93.7 EBITDA 450.1 475.1 +25.0 105.
Slide 24: Transportation (Relevant Indicators)
Transportation (Relevant Indicators) ■Shinkansen passenger volume (weekdays/holidays) ■Shinkansen passenger volume (by destination) （Comparison with FY2024.3 Results %） （Comparison with FY2024.3 Results %） ・Holidays include busy seasons as well as Saturdays, Sundays, and national holidays. Hokuriku(
Slide 25: Retail & Services
Retail & Services (¥ billion) Changes Changes ’23.4-’24.3 ’24.4-’25.3 ’24.4-’25.3 Results Results Increase Forecast Increase % % /Decrease /Decrease Operating revenues 369.3 393.7 +24.4 106.6 387.0 +6.7 101.8 Operating income 52.6 60.5 +7.9 115.0 61.0 -0.4 99.2 EBITDA 69.6 79.9 +10.3 114.9 78.0 +1.9
Slide 26: Real Estate & Hotels
Real Estate & Hotels (¥ billion) Changes Changes ’23.4-’24.3 ’24.4-’25.3 ’24.4-’25.3 Results Results Increase Forecast Increase % % /Decrease /Decrease Operating revenues 418.1 445.4 +27.2 106.5 429.0 +16.4 103.8 ( ) excluding real estate sales (369.7) (399.9) (+30.1) (108.2) (395.9) (+3.9) (101.0)
Slide 27: Real Estate & Hotels (Relevant Indicators)
Real Estate & Hotels (Relevant Indicators) ■Shopping center leasable space ■Inbound Revenue (¥ billion) ■Fair Value of Rental Property (¥ billion) Sum of room revenue from non-Japanese guests in the hotel (2025.3) * Preliminary figures business and sales to non-Japanese customers in the Consolidated
Slide 28: Others
Others (¥ billion) Changes Changes ’23.4-’24.3 ’24.4-’25.3 ’24.4-’25.3 Results Results Increase Forecast Increase % % /Decrease /Decrease Operating revenues 91.0 102.5 +11.4 112.6 101.0 +1.5 101.5 Operating income 21.9 22.9 +1.0 104.7 22.0 +0.9 104.3 EBITDA 53.7 55.1 +1.3 102.6 54.0 +1.1 102.1 Suica
Slide 29: Balance Sheets (consolidated)
Balance Sheets (consolidated) (¥ billion) Changes As of ’24.3 As of ’25.3 Increase Main factors behind changes Results Results % /Decrease Assets 9,771.4 10,174.2 +402.7 104.1 Current assets 1,191.9 1,250.0 +58.1 104.9 An increase in buildings and structures, Fixed assets 8,579.5 8,924.1 +344.6 104.
Slide 30: Summary of Cash Flows (consolidated)
Summary of Cash Flows (consolidated) (¥ billion) ’23.4-’24.3 ’24.4-’25.3 Increase Results Results /Decrease Cash Flows from Operating Activities 688.1 732.2 +44.1 （Main Components） Income before income taxes 274.0 297.2 +23.2 Depreciation 392.1 406.2 +14.0 Cash Flows from Investing Activities -690.6
Slide 31: Interest-bearing debt, Capital Expenditures, Key Indicators (consolidated)
Interest-bearing debt (consolidated), Capital Expenditures (consolidated), Key Indicators (consolidated) Interest-bearing debt (consolidated) (¥ billion) Changes As of ’24.3 As of ’25.3 Average interest rate Results Increase Results % (Comparison with 2024.3 Results) /Decrease Interest-bearing debt
Slide 32: Statements of Income (non-consolidated)
Appendix Statements of Income (non-consolidated) (¥ billion) Changes Changes ’23.4-’24.3 ’24.4-’25.3 ’24.4-’25.3 Increase Increase Results Results % Plans % /Decrease /Decrease Operating revenues 1,987.2 2,077.6 +90.3 104.5 2,066.0 +11.6 100.6 Operating expenses 1,733.4 1,811.6 +78.1 104.5 1,790.0 +
Slide 33: Balance Sheets (non-consolidated)
Appendix Balance Sheets (non-consolidated) (¥ billion) Changes As of ’24.3 As of ’25.3 Main factors behind changes Results Results Increase % /Decrease Assets 8,873.3 9,139.4 +266.1 103.0 Current assets 881.7 909.9 +28.1 103.2 Fixed assets 7,991.5 8,229.5 +237.9 103.0 An increase in fixed assets for
Slide 34: Traffic Volume and Passenger Revenues
Appendix Traffic Volume and Passenger Revenues Traffic Volume Passenger Revenues (million passenger kilometers) (¥ billion) Changes Changes ’23.4-’24.3 ’24.4-’25.3 ’23.4-’24.3 ’24.4-’25.3 Main factors behind changes Results Results Results Results Increase % /Decrease % Shinkansen 21,230 22,679 106.
Slide 35: Retail & Services / Real Estate & Hotels / Others
Retail & Services / Real Estate & Hotels / Others Appendix ■ Retail & Services: Changes in revenue（YoY） FY2025.3 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Total Retails & Restaurant （％） 106.6 105.0 105.6 106.0 104.7 105.8 107.5 107.9 106.3 108.2 103.2 105.0 106.0 JR East Cross Stati
Slide 36: IV. FY2026.3 Management Strategy
IV. FY2026.3 Management Strategy
Slide 37: Highlights of FY2026.3 Financial Forecast
Highlights of FY2026.3 Financial Forecast (¥ billion) Changes ’24.4-’25.3 ’25.4-’26.3 Results Forecast Increase % /Decrease Operating revenues 2,887.5 3,023.0 +135.4 104.7 Operating income 376.7 387.0 +10.2 102.7 Ordinary income 321.5 323.0 +1.4 100.4 Profit attributable to owners of parent 224.2 22
Slide 38: FY2026.3 Changes in Operating Income (consolidated) (forecast)
FY2026.3 Changes in Operating Income (consolidated) (forecast) An increase in An increase in cost in (¥ billion) external revenues of Retail & Services / Retail & Services / Real Estate & Hotels: Real Estate & Hotels: About -73.0 About +80.0 An increase in personnel An increase in expenses of JR: JR
Slide 39: FY2026.3 Forecast (by segment)
FY2026.3 Forecast (by segment) 2025.3 2026.3 Changes 2028.3 (¥ billion) Results Forecast Increase/Decrease % Target * Operating revenues 2,887.5 3,023.0 +135.4 104.7 3,276.0 Transportation 1,945.7 2,001.0 +55.2 102.8 2,019.0 Retail & Services 393.7 418.0 +24.2 106.1 654.0 Real Estate & Hotels 445.4
Slide 40: Transportation (Segment policy and KPI)
Transportation (Segment policy and KPI) Market environment • Due to the decline in the working-age population, the industry faces two major challenges: a decrease in the number of customers and a shortage of workforce • Inbound demand is expected to continue to increase over the medium-to-long-term
Slide 41: Transportation (Strategy by business)
Transportation (Strategy by business) Shinkansen business Conventional lines business Policy Further strengthen the foundation of the safe and high level of punctuality, which is the Policy Based on the premise of pursuing “ultimate safety,” provide services that meet greatest value of Shinkansen tr
Slide 42: Retail & Services (Segment policy and KPI)
Retail & Services (Segment policy and KPI) Market environment • Due to population decline, rooted web conferencing and remote working, how customers travel and their consumption behavior have changed. Labor shortage is also a challenge • Increases in raw material prices, logistics costs, etc. are ex
Slide 43: Retail & Services (Strategy by business)
Retail & Services (Strategy by business) Retail business Advertising and publishing business Policy Expand existing businesses by refining and renewing existing business Policy Rebuild the business model and promote “integration and collaboration” in categories at stations, the Group's largest manag
Slide 44: Real Estate & Hotels (Segment policy and KPI)
Real Estate & Hotels (Segment policy and KPI) Market environment • Due to population decline and rooted digitalization of socioeconomic activities, consumer behavior and working styles are changing dramatically • In addition to rising construction costs, uncertainties such as rising interest rates a
Slide 45: Real Estate & Hotels (Strategy by business)
Real Estate & Hotels (Strategy by business) Real estate holdings and utilization business Real estate rotation business Policy Promote the “Tokyo Metropolis Project,” a large-scale development to maximize Policy Accelerate the real estate rotation business by utilizing the Group’s assets and area va
Slide 46: Others (Strategy and KPI for each business)
Others (Strategy and KPI for each business) Suica and finance business Overseas railway business Market environment • With the advances in DX, such as cloud technology and Market environment generative AI, competition is intensifying in the digital • Demand for infrastructure remains strong, especia
Slide 47: Others (Strategy and KPI for each business)
Others (Strategy and KPI for each business) Energy business Construction business Market • The electricity market is becoming increasingly diverse following electricity Market • There are industry-wide issues that need to be addressed, such as market liberalization although there are concerns about
Slide 48: Foundation for growth (Strategy and KPI)
Foundation for growth (Strategy and KPI) Human Resources Digital transformation (DX) and intellectual property Review of FY2025.3 Review of FY2025.3 • Promoted personnel allocation to accelerate business in key growth fields through open • Generated results in operational efficiency through the use
Slide 49: Foundation for growth (Strategy and KPI)
Foundation for growth (Strategy and KPI) Finance and investment Sustainability Review of FY2025.3 Review of FY2025.3 • Establish a foundation for consolidated cash flow management by setting up 14 business units • Secured diverse renewable energy sources, such as opening new wind power plants and •
Slide 50: V. Reference Materials
V. Reference Materials
Slide 51: Action to Implement Management Conscious of Cost of Capital and Stock Price
Action to Implement Management that is Conscious of Cost of Capital and Stock Price *Underlined: Major updates since previous disclosure Current recognition of cost of capital and return on equity • Cost of equity is calculated to be around 6% in CAPM due to the impact of the increase in interest ra
Slide 52: Current recognition of cost of capital and return on equity
Current recognition of cost of capital and return on equity • Our weighted average cost of capital (“WACC”) is calculated at around 3%. • ROIC for FY2025.3 is 3.5%. Return on invested capital (ROIC) is similar to return on assets (ROA : operating income to total assets), so we aim to increase the RO
Slide 53: Current recognition of evaluation from the market
Current recognition of evaluation from the market • PBR has not reached pre-COVID-19 levels. We will strive to continuously improve PBR. • As PBR is the product of ROE（i.e., rate of return） multiplied by PER （i.e., expectation for growth）, PBR needs to be increased by both improving rate of return a
Slide 54: ROA↑ ROE↑ PBR↑
Action to Implement Management that is Conscious of Cost of Capital and Stock Price • Framework of Action to Implement Management that is Conscious of Cost of Capital and Stock Price • In light of our Group being in a capital intensive industry as well as our Group’s characteristic of engaging in th
Slide 55: Specific Action to Implement Management Conscious of Cost of Capital ①
Specific Action to Implement Management that is Conscious of Cost of Capital and Stock Price ① Objectives Specific Action ◆ Maximize cash flows ・ In addition to improving the level of safe and stable transportation, Mobility aims to generate customer flow, including inbound travel, by increasing cap
Slide 56: Specific Action to Implement Management Conscious of Cost of Capital ②
Specific Action to Implement Management that is Conscious of Cost of Capital and Stock Price ② Objectives Specific Action ◆ Level of interest-bearing debt based on business characteristics ・ Real Estate and Hotels is positioned as a “growth business,” which must adapt to changes with speed, and acti
Slide 57: Results of Dialogue with Shareholders and Investors
Second Half of FY2025.3 Results of Dialogue with Shareholders and Investors *Underlined: Major updates since previous disclosure Format of Dialogue For institutional investors and analysts Financial results briefings, 1-on-1 meetings (visit overseas investors and domestic investors, individual inter
Slide 58: Major areas of interest of shareholders and investors
Major areas of interest of shareholders and investors Mobility ・ Status of revision of fare and charge system, levels of profit and investment after fare revision, and possibility of a second or subsequent fare revision ・ Future revenue growth measures, including capturing inbound demand ・ Prospect
Slide 59: Feedback to management, the Board of Directors and employees
Feedback to management, the Board of Directors and employees Target Feedback For Board of Directors Directors in charge periodically provide feedback on dialogue For President and CEO Departments in charge of dialogue report on major areas of interest and Directors For Each Business Directors in cha
Slide 60: Traffic Volume and Passenger revenues / Major expenses - FY2026.3 Plans
Traffic Volume and Passenger revenues / Major expenses (non-consolidated) - FY2026.3 Plans Traffic Volume and Passenger revenues Traffic Volume Passenger Revenues (million passenger kilometers) (¥ billion) Changes Changes ’24.4-’25.3 ’25.4-’26.3 ’24.4-’25.3 ’25.4-’26.3 Main factors behind changes Re
Slide 61: Government responses
Progress in the Revision of Railway Fares and Charges Systems • Applied for a fare adjustment in December 2024. The Transport Council has concluded, but the approval decision is expected to be made after review by other councils. • After receiving approval from the government, we will promote prepar
Slide 62: Status of discussion regarding local lines
Status of discussion on regarding local lines ： Line Segment with more than 1,000 persons/day to less than 2,000 persons/day ■ Operating results by line segment ： Line Segment with more than 500 persons/day to ・Subject of disclosure： less than 1,000 persons/day Line segment with average passenger fi
Slide 63: Operation cost reduction in railway business
Operation cost* reduction in railway business * Operating expenses less depreciation and taxes and dues (¥ billion) Expected Result of amount of reduction Forecast reduction Major structural reform activities through through as of 2025.3 Approx. FY2025.3 in “Move Up” 2027 FY2026.3 ¥91.0 billion ¥100
Slide 64: TAKANAWA GATEWAY CITY
TAKANAWA GATEWAY CITY THE LINKPILLAR 1 celebrated its opening on March 27, 2025. In the future, commercial facilities, hotels, etc. will open in stages. In the spring of 2026, THE LINKPILLAR 2, MoN ← Takanawa, and TAKANAWA GATEWAY CITY Shinagawa Sta. → RESIDENCE will open, marking its grand opening
Slide 65: OIMACHI TRACKS
OIMACHI TRACKS We are preparing for the opening in March 2026 with the aim of creating an unprecedented value of experience (life value) in Oimachi, including the Group's first serviced residences and open out-mall commercial facilities. OIMACHI TRACKS will play a role in the Greater Shinagawa Area
Slide 66: Major Capital Expenditures in Mobility
Project costs below are those incurred at the JR East Group mainly as per our annual securities report. Any information about future projects are plans as of the date of this document. Major Capital Expenditures in Mobility ■ Raise the level for safety and stable transportation Estimated investment
Slide 67: Future major development projects for Life-style solution
Project costs below are those incurred at the JR East Group mainly as per our annual securities report. Any information about future projects are plans as of the date of this document. Future major development projects for Life-style solution ■Greater Shinagawa Area Assumed Name Fiscal year Total fl
Slide 68: Future major development projects for Life-style solution
Project costs below are those incurred at the JR East Group mainly as per our annual securities report. Any information about future projects are plans as of the date of this document. Future major development projects for Life-style solution ■Terminal stations development in the Tokyo Metropolitan
Slide 69: Change in Capital Expenditures (consolidated)
Change in Capital Expenditures (consolidated) （¥ billion） ’19.4-’20.3 ’20.4-’21.3 ’21.4-’22.3 ’22.4-’23.3 ’23.4-’24.3 ’24.4-’25.3 ’25.4-’26.3 (Results) (Results) (Results) (Results) (Results) (Results) (Plans) Growth investment 110.7 79.0 57.2 74.1 88.0 86.9 68.0 Investment needed for the 313.3 309.
Slide 70: Change in Interest-bearing Debt Balance (consolidated)
Change in Interest-bearing Debt Balance (consolidated) (¥ billion) As of ’25.3 As of As of As of As of As of ’20.3 ’21.3 ’22.3 ’23.3 ’24.3 Average term (Results) (Results) (Results) (Results) (Results) (Results) to maturity 1,710.2 2,020.3 2,542.6 2,975.8 3,114.9 3,246.3 Bonds (1.56%) (1.32%) (1.14%
Slide 71: Fund-Raising
Fund-Raising ■Policy • Stable funding and diversification of funding approaches in response to fluctuations in the market environment, etc. • Accelerate growth and financial integrity by controlling interest-bearing debt in line with earning power. (Sustainably reduce net interest-bearing debt/EBITD
Slide 72: Key Financial Indicators
Key Financial Indicators ・ Our policy is to reduce the net interest-bearing debt to EBITDA ratio to approx. 5 times in the medium term and approx. 3.5 times in the long term. ・ Interest expenses are expected to increase in line with an increase in interest-bearing debt and the rise in average intere
Slide 73: Interest-bearing Debt Breakdown and Maturity Outlook
Interest-bearing Debt Breakdown and Maturity Outlook ・ Future refinancing risks are reduced by leveling out interest-bearing debt redemption amounts each fiscal year. ■ Redemption ladder of interest-bearing debt (consolidated, excluding short-term debt) (¥ billion) 371.1 400 353.3 5.1 330.9 328.4 4.
Slide 74: Sustainability
Sustainability ■The Sustainability Strategy Committee, which is chaired by the president and CEO, has set the Group’s basic policies etc. ■Consider on an ongoing basis whether environmental changes merit further revision of the material issues Providing Society with Safe, Reliable Infrastructure Cre
Slide 75: Initiatives, Certifications, etc.
Initiatives, Certifications, etc. ■SDGs ■Carbon Disclosure Project ■Awarded the Gold Rating (Highest Evaluation) under the PRIDE Index for eight consecutive years ■UN Global Compact ■KENKO Investment ■TCFD for Health 2025 (Large Enterprise Category) ■GX League ■TNFD ■Sports Yell Company 2025 75
Slide 76: Forward-Looking Statements
These materials of the presentation can be viewed at the JR East’s Website. JR East Website, IR (Investor Relations) https://www.jreast.co.jp/e/investor/index.html Forward-Looking Statements Statements contained in this report with respect to JR East Group’s plans, strategies and beliefs that are no
East Japan Railway Company — FY2025.3 Earnings Presentation on 6ix