Nagoya Railroad Co., Ltd. · TSE:9048
Nagoya Railroad — FY2025 Earnings Presentation
42 slides from Nagoya Railroad's earnings presentation, May 18, 2026
Slide 1: Fiscal Year Ended March 31, 2026 Financial Results Presentation for Investors
Fiscal Year Ended March 31, 2026 Financial Results Presentation for Investors Nagoya Railroad Co., Ltd. Securities Code: 9048 May 18, 2026 Copyright © Nagoya Railroad Co.,Ltd. 1
Slide 2: Contents
Contents 01 Future Direction of Management Status of Discussions on Review of the Nagoya Station District Redevelopment Project Status of Initiatives to Improve Capital Efficiency FY2026 Financial Results, Dividend Forecasts, and Enhancement of Shareholder Returns 02 Results Summary 03 FY2025
Slide 3: Future Direction of Management
01 Future Direction of Management Copyright © Nagoya Railroad Co.,Ltd. 3
Slide 4: Status of Discussions on Review of the Nagoya Station District Redevelopment Project
Status of Discussions on Review of the Nagoya Station District Redevelopment Project We plan to announce the direction of re-evaluation and review of the Nagoya Station District Redevelopment Project within FY2026. Started re-evaluation and review of the Nagoya Station District Redevelopment Project
Slide 5: Status of Initiatives to Improve Capital Efficiency
Status of Initiatives to Improve Capital Efficiency Accelerate efforts to improve capital efficiency and strengthen financial standing for the upcoming Nagoya Station redevelopment. Current policy and initiatives Future policy and initiatives -Securitize assets through private -Continue to promote s
Slide 6: Positioning of Businesses in Business Portfolio (After Reorganization of Segments)
Ref.) Positioning of Businesses in Business Portfolio (After Reorganization of Segments) -In addition to the Traffic Business, the profit base, and the Real estate Business, which is the core business driving growth, position Aviation, IT, and Engineering Services Business as a growth area and ensur
Slide 7: Plot analysis of business portfolio: ROA and operating income amount
Ref.) Plot analysis of business portfolio｜ROA and operating income amount Based on the plot analysis of ROA and operating income amount, we positioned and categorized our portfolio into four businesses. ROA（%）*1 Size of circle shows asset size *3 How business is positioned ¥100.0 billion C Aviation,
Slide 8: Sale of Transport (Forwarder) Business to External Party
Ref.) Sale of Transport (Forwarder) Business to External Party As part of business portfolio management, we finalized the sale of low-profit business Meitetsu World Transport Co., Ltd. to an external party. Reasons for the sale Target company overview Meitetsu World Transport had been working on Com
Slide 9: Financial Results and Dividend Level during the Medium-term Management Plan Period
Financial Results and Dividend Level during the Medium-term Management Plan Period While operating income is expected to fall short of the target in FY2026, we expect to achieve the target for ROE and net interest-bearing debt/EBITDA ratio through the planned securitization of assets aimed at improv
Slide 10: Enhancement of Shareholder Returns
Enhancement of Shareholder Returns Under management that places importance on capital efficiency, we aim to maximize medium- to long-term corporate value through profit growth and achievement of both growth investment and shareholder returns by ensuring stability of returns with the introduction of
Slide 11: Future Direction of Management (Summary)
Future Direction of Management (Summary) Nagoya Station District Capital Efficiency Financial Results and Redevelopment Improvement Shareholder Returns Project -We announced the review and -Accelerate efforts to improve -While operating income is re-evaluation of the Nagoya capital efficiency and st
Slide 12: Results Summary
02 Results Summary Copyright © Nagoya Railroad Co.,Ltd. 12
Slide 13: Group Business Performance
Group Business Performance ■ FY2025 Consolidated results ■ Operating income by segment ■ Quarterly trends (operating income) (Billions of yen) ■ Consolidated results highlights <YoY> [Operating revenues] Increased -Increased in the Traffic Business and the Leisure and Services Business -Decreased in
Slide 14: FY2026 Consolidated Operating Results Forecast
FY2026 Consolidated operating results forecast ■ FY2026 Consolidated operating results forecast <YoY> [Operating revenues] Increase -Revenues are expected to increase led by the Real estate Business -Revenues in the Leisure and Lifestyle Services Business are expected to decline following closure of
Slide 15: Operating Income Analysis (Year on Year)
Operating Income Analysis (Year on Year) Hotel - 0.0 (Unit: Billions of yen) Retail + 2.6 Trucking +10.9 Leisure and services, other - 0.1 +0.2 +0.5 Maritime transportation + 0.3 45.0 -1.7 +2.5 Aviation services - 0.2 40.0 Railroad - 2.8 IT and engineering services + 0.4 Bus - 0.8 Taxi - 0.3 Leasing
Slide 16: Improvement of Profitability in the Transport (Trucking) Business
Improvement of Profitability in the Transport (Trucking) Business (Unit: Billions of yen) +3.0 -0.7 +2.0 0 +7.9 +2.7 -2.6 -8.9 +3.6 -8.0 FY2025 actual Freight New sales, Improvement Reduction in Increase in FY2026 operating income unit price sales increase of working commission depreciation, operati
Slide 17: Initiatives in Real Estate Business
Initiatives in Real Estate Business ■ Takeover of the condominium development business from a Yahagi Construction*1’s subsidiary In April 2026, Meitetsu City Design took over the condominium development and sales business from YAHAGI REAL ESTATE and Meitetsu Community Life took over the condominium
Slide 18: Traffic Business
Traffic Business Trends in Passenger Volume Across All Lines ■ Nagoya Railroad, (Compared to FY2022) Transportation Results（FY2025） (Unit: Thousands of people, %) (Unit: Millions of yen, %) Percent Transfer Percent Passengers change Revenues change Non-commuters 126,647 4.4 % 55,893 5.0 % Work commu
Slide 19: Cash Allocation for FY2026
Cash Allocation for FY2026 Cash inflows Cash outflows Aviation, IT and Traffic Engineering Services ¥47.4 billion ¥8.1 billion Operating CF Leisure and ¥77.5 billion Lifestyle Services ¥7.8 billion or more Normal investment *Including funds for ¥76.5 billion Real Estate shareholder returns ¥6.9 bill
Slide 20: Cash Allocation for the Medium-term Management Plan Period (FY2024–FY2026)
Cash Allocation for the Medium-term Management Plan Period (FY2024–FY2026) Cash inflows Cash outflows Aviation, IT and Traffic Engineering Services ¥117.9 billion Operating CF ¥18.7 billion ¥196.6 billion or more Leisure and Lifestyle Services *Including funds for Normal investment ¥20.5 billion sha
Slide 21: Reference: Measures to Improve PBR
Reference: Measures to Improve PBR • Realize sustainable stable management of the traffic <Current measures> business Profit growth • The Transport (Trucking) Business has been Profit (Profit • Aggressive investment to grow real estate business performing below expectations, and we are margin on • I
Slide 22: FY2025 Financial Results
03 FY2025 Financial Results Copyright © Nagoya Railroad Co.,Ltd. 22
Slide 23: FY2025 Financial Results
FY2025 Financial Results *Figures in brackets are the year-on year percentage changes. (Units：Millions of yen, %) Latest Forecast FY2025 FY2024 Change* Notes Change as of Nov. 863 Traffic +18,447, Leisure and Service +4,096, Aviation Services +2,854 (3,416) Operating revenues 691,583 690,720 Others
Slide 24: Financial Results Highlights
Financial Results Highlights Year-on-year: Higher revenue and Lower profit (Revenues increased, especially in the Traffic business in which a consolidated subsidiary was included. All line-item profits decreased due to increased operating expenses such as personnel costs and the absence of special f
Slide 25: Operating Results by Segment
Operating Results by Segment (Units：Millions of yen, %) Percent Latest Forecast Percent Operating revenues FY2025 FY2024 Change as of Nov. Change Change Change Traffic 178,272 159,825 18,447 11.5 176,400 1,872 1.1 Transport 170,758 180,183 (9,424) (5.2) 175,600 (4,841) (2.8) Real Estate 114,779 129,
Slide 26: Traffic Business
Traffic Business （Units: Millions of yen, %) Percent FY2025 FY2024 Change Change Notes Operating revenue increased mainly due to an increase in the number of Operating revenues 178,272 159,825 18,447 11.5 railroad passengers in addition to contributions from Miyagi Transportation Group newly consoli
Slide 27: Transport Business
Transport Business (Units: Millions of yen,%) Percent FY2025 FY2024 Change Notes Change Operating revenue decreased due to a decrease in the volume of Operating revenues 170,758 180,183 (9,424) (5.2) cargo handled in the trucking business. The deficit widened due to a deterioration of profitability
Slide 28: Real Estate Business
Real Estate Business ◆Breakdown of Real Estate Business ◆ (Units: Millions of yen, %) Operating revenues Operating income Percent Percent FY2025 FY2024 Change Change FY2025 FY2024 Change Change Real Estate Leasing 64,220 57,140 7,080 12.4 9,597 8,952 645 7.2 Real Estate Development 44,825 66,159 (21
Slide 29: Leisure and Services Business
Leisure and Services Business (Units: Millions of yen, %) Percent FY2025 FY2024 Change Change Notes Operating revenue increased mainly due to increased revenue in the hotel Operating revenues 106,779 102,682 4,096 4.0 and tourist facilities businesses driven by a recovery in tourism demand. Operatin
Slide 30: Distribution Business
Distribution Business (Units: Millions of yen, %) Percent FY2025 FY2024 Change Change Notes Revenues increased mainly due to strong performance of the closeout Operating revenues 69,635 69,112 522 0.8 sale at the Meitetsu Department Store Main Store in the department store business. Operating income
Slide 31: Aviation Services Business
Aviation Services Business (Units: Millions of yen, %) Percent FY2025 FY2024 Change Change Notes Operating revenue increased due in part to increased orders in the Operating revenues 32,635 29,781 2,854 9.6 helicopter and flight catering businesses. Operating income 2,583 2,266 317 14.0 Operating in
Slide 32: Others
Others (Units: Millions of yen,%) Percent FY2025 FY2024 Change Notes Change Overall revenue grew due to factors such as an increase in system- Operating revenues 69,584 67,973 1,611 2.4 related orders, although revenue in equipment maintenance decreased. Operating income 5,340 4,622 717 15.5 Operati
Slide 33: Non-Operating Income and Extraordinary Income
Non-Operating Income and Extraordinary Income (Units：Millions of yen) FY2025 FY2024 Change Notes Non-operating income 7,974 9,862 (1,887) Interest income 320 227 93 Dividend income 2,386 1,938 448 (current FY) Absence of special factors from the companies Equity in net earnings of affiliates 3,310 5
Slide 34: Consolidated Balance Sheets
Consolidated Balance Sheets (Units: Millions of yen) FY2025 FY2024 Change Notes Current assets 272,392 256,417 15,975 Increase in land and buildings for sale Non-current assets 1,312,449 1,192,491 119,958 Property and equipment 1,096,429 997,980 98,449 Capital investment +155,980 Depreciation and am
Slide 35: EBITDA and Capital Investment
EBITDA and Capital Investment （Units：Millions of yen） FY2025 FY2024 Change FY2025 FY2024 Change Operating income 21,803 19,602 2,201 Operating income (1,900) (1,292) (608) Depreciation Depreciation and amortization 21,054 18,666 2,387 and amortization 1,383 1,427 (43) Traffic EBITDA (A) 42,857 38,26
Slide 36: Operating Results Forecast for FY2026
04 Operating Results Forecast for FY2026 Copyright © Nagoya Railroad Co.,Ltd. 36
Slide 37: Segment Changes
Segment Changes Effective April 2026, the Company has changed some of its segment classifications and names. (Results for FY2025 from page 22 onwards have been restated.) Substantial transfer of target Partial transfer of target businesses Copyright © Nagoya Railroad Co.,Ltd. 37
Slide 38: FY2026 Consolidated Operating Results Forecast
FY2026 Consolidated Operating Results Forecast (Units:Millions of yen) FY2026 FY2025 Percent Change Forecast Results Change Operating revenue 734,000 691,583 42,417 6.1 Operating income 45,000 36,185 8,815 24.4 Non-operating revenues 10,000 7,974 2,026 Non-operating expenses 8,000 5,796 2,204 Ordina
Slide 39: Operating Results Forecast Highlights
Operating Results Forecast Highlights Year-on Year: Increased revenue and increased profit (The Real estate development Business is expected to drive revenue increase. In addition, profitability of the Transport Business is expected to improve, and we expect all line-item profits to increase.) （Unit
Slide 40: FY2026 Operating Results Forecast by Segment
FY2026 Operating Results Forecast by Segment (Units: Millions of yen, %) Percent Operating revenues FY2026 forecast FY2025 results Change Change Traffic 183,500 178,272 5,228 2.9 Transport 169,700 170,758 (1,058) (0.6) Real Estate 152,000 114,779 37,221 32.4 Leisure and Lifestyle Services 194,800 19
Slide 41: FY2026 EBITDA and Capital Investment Forecast
FY2026 EBITDA and Capital Investment Forecast (Millions of yen) FY2026 FY2025 FY2026 FY2025 Change Change forecast results forecast results Operatinc income 17,900 21,803 (3,903) Operatinc income 5,200 2,658 2,542 Depreciation Depreciation and amortization 23,400 21,054 2,346 and amortization 6,000
Slide 42: Cautionary note on future projections
In addition to factual past events, this document includes future projections, which contain risks and uncertainty. Please be advised that actual outcomes may vary based on a variety of factors. Copyright © Nagoya Railroad Co.,Ltd. 42