Nagoya Railroad Co., Ltd. · TSE:9048
Nagoya Railroad — H1 FY2025 Earnings Presentation
36 slides from Nagoya Railroad's earnings presentation, Nov 12, 2025
Slide 1: Six-Month Period Ended September 30, 2025 Financial Results Presentation for Investors
Six-Month Period Ended September 30, 2025 Financial Results Presentation for Investors Nagoya Railroad Co., Ltd. Securities Code: 9048 November 12, 2025 Copyright © Nagoya Railroad Co.,Ltd. 1
Slide 2: Contents
Contents Review of the Six-Month Period and Revisions to Results 01 Forecasts for FY2025 Nagoya Railroad’s Transportation Results and Recent 02 Developments in Each Business 03 Financial Results for the Six-Month Period of FY2025 04 Operating Results Forecast for FY2025 Copyright © Nagoya Railroad C
Slide 3: Review of the Six-Month Period and Revisions to Results Forecasts for FY2025
Review of the Six-Month Period 01 and Revisions to Results Forecasts for FY2025 Copyright © Nagoya Railroad Co.,Ltd. 3
Slide 4: Review of the Six-Month Period
Review of the Six-Month Period ■ FY2025 1st Half consolidated results ■ Operating income by Segment Figures in brackets are the year-on year percentage changes.（Billions of yen, %） （Billions of yen） FY2025 FY2024 FY2025 Change Change 2Q 2Q 2Q 1.1 Traffic 12.4 0.6 Operating revenues 335.6 334.5 Trans
Slide 5: Revisions to Results Forecasts for FY2025
Revisions to Results Forecasts for FY2025 Revised Previous Year-on-year forecast (May) comparison: Change forecasts forecasts Operating revenues: Decreased revenues bn bn bn Operating revenues 695.0 yen 710.0 yen (15.0) yen Revenues are expected to decrease mainly in the Transport and Real Estate bu
Slide 6: Improvement in Profitability in the Transport (Truck) Business
Improvement in Profitability in the Transport (Truck) Business Improvement in profitability in the Truck business (by measure) ◆Previous forecasts (Unit: Billions of yen) Freight unit ＋3.0 FY2024 actual Cargo volume price adjustment operating income acquisition and ＋3.9 ＋3.0 0 business expansion thr
Slide 7: Improvement in Profitability in the Transport (Truck) Business (Consolidation and Closure of Bases)
Improvement in Profitability in the Transport (Truck) Business (Consolidation and Closure of Bases) Considering the business integration with NX group, we plan to integrate and abolish operations at the following five bases to pursue greater efficiency in our route network. →While temporary costs wi
Slide 8: Shareholder Returns
Shareholder Returns Policy on Shareholder Returns (applicable from FYE 03/2026) • Aim for the consolidated dividend payout ratio of 30% and above under the basic policy of maintaining stable dividends • Flexibly repurchase own shares as necessary (Ref. ) FYE 03/2025：The consolidated dividend payout
Slide 9: Measures to improve PBR
Measures to improve PBR <Current measures> Profit growth • The traffic business remains solid, while the real estate Profit • Realize sustainable stable management of the traffic business business is generally progressing as initially anticipated. (Profit margin on • Aggressive investment to grow re
Slide 10: Nagoya Railroad's Transportation Results and Recent Developments in Each Business
Nagoya Railroad’s Transportation 02 Results and Recent Developments in Each Business Copyright © Nagoya Railroad Co.,Ltd. 10
Slide 11: Nagoya Railroad's Transportation Results
Nagoya Railroad’s Transportation Results ■ Nagoya Railroad, Transportation Results (Units: Billions of yen, %) (Units: Millions of people, %) FY2025 Percent FY2025 Percent Transfer revenues Passengers 2Q change 2Q change Non-commuters 27.6 5.7 % Non-commuters 62.63 5.0 % Work commuters 16.5 2.7 % Wo
Slide 12: Recent Developments in Traffic Business (Railroad)
Recent Developments in Traffic Business (Railroad) 20th Asian Games Aichi-Nagoya 2026 and 5th Asian Para Games Aichi-Nagoya 2026 • The games will be held from September 19 to October 24, 2026 • Nearly 20,000 athletes from 45 countries and regions across Asia will participate in the games, with appro
Slide 13: Recent Developments in Traffic Business (Buses and Taxis)
Recent Developments in Traffic Business (Buses and Taxis) Consolidation of the Miyakoh Group • Fares were revised for all bus lines on March 1, 2025. Average revision rate: Miyagi Transportation, Co., Ltd.: 14.96% Miyakoh Bus: 13.69% • On March 31, 2025, we consolidated the Miyakoh Group. The consol
Slide 14: Recent Developments in Real Estate Business (Entry into REIT Business)
Recent Developments in Real Estate Business (Entry into REIT Business) On October 1, 2025, the Meitetsu Group acquired shares in a listed REIT management company held by XYMAX GROUP Corporation and became a co-sponsor of XYMAX REIT Investment Corporation whose management is entrusted to the REIT man
Slide 15: Recent Developments in Real Estate Business (Diversification of Real Estate Business)
Recent Developments in Real Estate Business (Diversification of Real Estate Business) Real estate flows Fund flows Meitetsu Community Community Community Group Assets development project development project development project ・・・ A B C Diversification of the real estate business January 2025 Octobe
Slide 16: Recent Developments in Real Estate Business (Jingū-mae)
Recent Developments in Real Estate Business (Jingū-mae) Development around Jingū-mae Station Number of non-commuter pass Jul. 2021 Opened a commercial facility “μPLAT JINGU-MAE” (the Meitetsu Group) passengers at Jingū-mae in 1H of Sep. 2024 Opened a commercial facility “Atsuta nagAya” (the Meitetsu
Slide 17: Recent Developments in Leisure and Services Business (Ropeway)
Recent Developments in Leisure and Services Business (Ropeway) Hida Takayama area • A destination is developing under the “Matsumoto- Takayama Big Bridge Initiative(*)” in the entire area. • The Meitetsu Group develops content for the Shinhotaka Ropeway to establish the Shinhotaka area as a world-cl
Slide 18: Financial Results for the Six-Month Period of FY2025
Financial Results for the 03 Six-Month Period of FY2025 Copyright © Nagoya Railroad Co.,Ltd. 18
Slide 19: Financial Results for the Six-Month Period of FY2025
Financial Results for the Six-Month Period of FY2025 *Figures in brackets are the year-on year percentage changes. (Units: Millions of yen, %) 2Q of 2Q of Change* Notes FY2025 FY2024 1,159 Traffic +9,175, Distribution +2,067, Leisure and Service +2,061, Operating revenues 335,677 334,518 Others +1,6
Slide 20: 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 21: Operating Results by Segment
Operating Results by Segment Year-on-year Traffic, Leisure and Services, Others: Increased revenue and income comparisons Distribution, Aviation Services: Increased revenue with decreased income Real Estate: Decreased revenue and income Transport: Decreased revenue with losses Copyright © Nagoya Rai
Slide 22: Traffic Business
Traffic Business （Units: Millions of yen, %) Percent 2Q of FY2025 2Q of FY2024 Change Change Notes Revenue increased due to the contribution from Miyakoh Group, Operating revenues 88,703 79,527 9,175 11.5 which was consolidated in the previous fiscal year in the bus business, as well as growth in th
Slide 23: Transport Business
Transport Business (Units: Millions of yen,%) Percent 2Q of FY2025 2Q of FY2024 Change Change Notes Operating revenues 85,312 91,581 (6,268) (6.8) Revenues decreased due to reduced cargo volume in the truck business. Operating income (4,837) 1,051 (5,888) ― Overall income became negative due to the
Slide 24: Real Estate Business
Real Estate Business （Units: Millions of yen,%) Percent 2Q of FY2025 2Q of FY2024 Change Change Notes Revenue from the real estate leasing business increased, but overall Operating revenues 56,248 61,268 (5,019) (8.2) revenue decreased due to a reduction in the number of units delivered in condomini
Slide 25: Leisure and Services Business
Leisure and Services Business (Units: Millions of yen, %) Percent 2Q of FY2025 2Q of FY2024 Change Change Notes Revenues increased, primarily in the hotel and tourist faciliies businesses, Operating revenues 51,932 49,870 2,061 4.1 due to a recovery in tourism demand. Although income decreased in th
Slide 26: Distribution Business
Distribution Business (Units: Millions of yen, %) Percent 2Q of FY2025 2Q of FY2024 Change Change Notes Revenues increased due to higher sales in the department store Operating revenues 34,288 32,221 2,067 6.4 business and an increase in imported vehicle sales. The deficit widened due to factors suc
Slide 27: Aviation Services Business
Aviation Services Business (Units：Millions of yen,%) Percent 2Q of FY2025 2Q of FY2024 Change Change Notes Revenues increased due to factors such as increased orders in the Operating revenues 14,760 13,482 1,277 9.5 helicopter business and flight catering business. Although revenue increased, income
Slide 28: Others
Others (Units: Millions of yen,%) Percent 2Q of FY2025 2Q of FY2024 Change Change Notes Revenues increased due to factors such as an increase in system-related Operating revenues 28,242 26,603 1,639 6.2 orders. Operating income 1,384 899 484 53.9 Operating income increased due to higher revenues. ◆B
Slide 29: Non-Operating Income and Extraordinary Income
Non-Operating Income and Extraordinary Income (Units：Millions of yen) 2Q of FY2025 2Q of FY2024 Change Notes Non-operating income 4,871 6,187 (1,316) Interest income 203 55 148 Dividend income 1,537 1,215 322 (current FY) Absence of special factors from the Equity in net earnings of affiliates 2,247
Slide 30: Consolidated Balance Sheets
Consolidated Balance Sheets (Units: Millions of yen) 2Q of FY2025 FY2024 Change Notes Current assets 246,989 256,417 (9,427) Decrease in cash and deposits Non-current assets 1,276,381 1,192,491 83,890 Property and equipment 1,070,910 997,980 72,930 Capital investment +88,320 Depreciation and amortiz
Slide 31: Operating Results Forecast for FY2025
Operating Results Forecast 04 for FY2025 Copyright © Nagoya Railroad Co.,Ltd. 31
Slide 32: FY2025 Consolidated Operating Results Forecast
FY2025 Consolidated Operating Results Forecast (Units: Millions of yen, %) FY2025 Previous Percent FY2024 Percent current Forecast Change Change (As of May) Change results Change forecast Operating revenues 695,000 710,000 (15,000) (2.1) 690,720 4,280 0.6 Operating income 34,000 44,000 (10,000) (22.
Slide 33: Operating Results Forecast Highlights
Operating Results Forecast Highlights YoY: Higher revenues and lower profits (Revenues will increase, especially in the Traffic business in which a consolidated subsidiary was included, but we expect all line-item profits to decrease due to factors such as an increase in operating expenses and the a
Slide 34: FY2025 Operating Results Forecast by Segment
FY2025 Operating Results Forecast by Segment Copyright © Nagoya Railroad Co.,Ltd. 34
Slide 35: FY2025 EBITDA and Capital Investment Forecast
FY2025 EBITDA and Capital Investment Forecast (Units: Millions of yen) FY2025 FY2025 FY2024 FY2024 Current Change Current Change results results forecast forecast Operating income 19,800 19,602 198 Operating income (1,700) (1,292) (408) Depreciation and amortization 21,100 18,666 2,434 Depreciation
Slide 36: Future projections notice
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. 36