Kyushu Railway Company · TSE:9142
Kyushu Railway — Q3 FY26.3 Earnings Presentation
34 slides from Kyushu Railway's earnings presentation, Feb 10, 2026
Slide 1: FY26.3 Third Quarter Investors Meeting
FY26.3 Third Quarter Investors Meeting February 10, 2026 KYUSHU RAILWAY COMPANY
Slide 2: Contents
Contents Ⅰ Financial Results for the First Nine-Months of FY26.3 ３ Ⅱ Full-Year Performance Forecasts and Dividend Forecasts for FY26.3 8 Ⅲ Status of Segments 17 Ⅳ Progress on the Medium-Term Business Plan 26 2
Slide 3: Financial Results for the First Nine-Months of FY26.3
Ⅰ Financial Results for the First Nine-Months of FY26.3 3
Slide 4: Consolidated Financial Highlights for the Nine-Month Period Ended December 31, 2025
Consolidated Financial Highlights for the Nine-Month Period Ended December 31, 2025 （\bil） Key points 9 months ended 9 months ended December 31, December 31, YoY ⚫ Owing to higher railway transportation 2024 2025 revenues stemming from revised fares Operating revenue 321.9 360.0 38.1 111.8% and char
Slide 5: Consolidated Balance Sheet (As of December 31, 2025)
Consolidated Balance Sheeｔ (As of December 31, 2025) （\bil） 9 months ended Results Increase December 31, Major factors FY25.3 /Decrease 2025 Assets 1,140.5 1,214.9 74.4 Current assets 214.1 261.4 47.3 Increase in work in process Non-current assets 926.3 953.4 27.1 Fixed assets for railway business 1
Slide 6: Consolidated Results for the First Nine Months of FY26.3 (by Segment)
Consolidated Results for the First Nine Months of FY26.3 (by Segment) （\bil） 9 months ended 9 months ended December 31, December 31, YoY Major factors 2024 2025 Operating revenue 321.9 360.0 38.1 111.8% Transportation 126.2 142.6 16.3 113.0% Railway Business (non-consolidated) 124.6 141.5 16.8 113.5
Slide 7: Non-Consolidated Results for the First Nine Months of FY26.3
Non-Consolidated Results for the First Nine Months of FY26.3 (\bil) 9 months ended 9 months ended December 31, December 31, YoY Major Factors 2024 2025 Operating revenue 168.7 197.4 28.7 117.1% Railway transportation 112.9 129.4 16.5 114.6% Increase due to the revise rail fares and charges revenues
Slide 8: Full-Year Performance Forecasts and Dividend Forecasts for FY26.3
Ⅱ Full-Year Performance Forecasts and Dividend Forecasts for FY26.3 8
Slide 9: Consolidated Financial Forecast Highlights for FY26.3 (Year-on-Year)
Consolidated Financial Forecast Highlights for FY26.3（Year-on-Year） （\bil） Key points Medium-Term Results Forecasts YoY Business Plan FY25.3 FY26.3 targets ⚫ Our outlook remains unchanged from the forecast announced on November 5, Operating revenue 454.3 489.1 34.7 107.6% 530.0 2025. Operating incom
Slide 10: Consolidated Financial Forecasts for FY26.3 (by Segment, Year-on-Year)
Consolidated Financial Forecasts for FY26.3 (by Segment, Year-on-Year) (\bil) Medium-Term Results Forecasts YoY Major factors Business Plan FY25.3 FY26.3 targets Operating revenue 454.3 489.1 34.7 107.6% 530.0 Transportation 169.3 189.5 20.1 111.9% 189.0 Increase in Railway transportation revenues R
Slide 11: Non-consolidated Financial Forecasts for FY26.3 (Year-on-Year)
Non-consolidated Financial Forecasts for FY26.3 (Year-on-Year) （\bil） Results Forecasts YoY Major factors FY25.3 FY26.3 Operating revenue 240.8 271.5 30.6 112.7% Railway transportation revenues 151.2 171.7 20.4 113.5% Increase due to the revision of rail fare and charges Shinkansen 60.5 68.8 8.2 113
Slide 12: Major Factors Affecting Railway Transportation Revenues
Major Factors Affecting Railway Transportation Revenues (\bil) FY25.3 FY26.3 YoY Major Factors results forecast Total 151.2 171.7 20.4 113.5% Commuter pass 31.1 37.1 5.9 118.9% Non-commuter pass 120.0 134.6 14.5 112.1% Shinkansen 60.5 68.8 8.2 113.7% Impact of the revision of rail fares and charges,
Slide 13: Consolidated Financial Forecast Highlights for FY26.3 (Compared to Previous Forecast)
Consolidated Financial Forecast Highlights for FY26.3 （ Compared to Previous Forecast ） Key points （\bil） Forecasts Forecasts vs. Aug. 5 Medium-Term ⚫ Our outlook remains unchanged from the FY26.3 FY26.3 Business Plan (as of Aug.5) (as of Nov.5) Forecasts targets forecast announced on November 5, 20
Slide 14: Consolidated Financial Forecasts for FY26.3 (by Segment, Compared to Previous Forecast)
Consolidated Financial Forecasts for FY26.3 (by Segment, Compared to Previous Forecast) (\bil) Forecasts Forecasts Medium-Term FY26.3 FY26.3 vs. Aug. 5 Forecasts Major factors Business Plan (as of Aug.5) (as of Nov.5) targets Operating revenue 483.3 489.1 5.8 101.2% 530.0 Transportation 184.7 189.5
Slide 15: Non-consolidated Financial Forecasts for FY26.3 (Compared to Previous Forecast)
Non-consolidated Financial Forecasts for FY26.3 (Compared to Previous Forecast) （\bil） Forecasts Forecasts FY26.3 FY26.3 vs. Aug. 5 Forecasts Major factors (as of Aug.5) (as of Nov.5) Operating revenue 266.3 271.5 5.2 102.0% Railway transportation revenues 167.2 171.7 4.5 102.7% Increase due to upwa
Slide 16: About Shareholder Returns
About Shareholder Returns JR Kyushu places importance on the stable provision of return to shareholders over the long term. Over the period up to FY28.3, we will aim for a consolidated dividend payout ratio of 35% or higher and flexibly implement share repurchases. Based on the above policy and
Slide 17: Status of Segments
Ⅲ Status of Segments 17
Slide 18: Transportation Segment
Transportation Segment In Q3 FY26.3, railway transportation revenues ahead of plan overall Railway operating expenses remained generally in line with plan 【Resultｓ】 （\bil） 【Forecast】 （\bil） 9months ended 9months ended December 31, December 31, YoY Results Forecasts YoY 2024 2025 FY25.3 FY26.3 Op
Slide 19: Railway Business (Transportation Data)
Railway Business (Transportation Data) Railway transportation revenues (\bil) 9 months ended 9 months ended December 31, December 31, YoY Major Factors 2024 2025 Total 112.9 129.4 16.5 114.6% Commuter pass 23.7 27.9 4.2 118.0% Non-commuter pass 89.2 101.4 12.2 113.7% Cargo 0.0 0.0 0.0 163.2% Shinkan
Slide 20: Status of Inbound Measures in the Railway Business
Status of Inbound Measures in the Railway Business Inbound revenue in Q3 FY2026.3 progressed in line with expectations, remaining above the year-ago level overall, as we continued to see a shift from the JR-KYUSHU RAIL PASS to regular tickets. Inbound revenue (approximate) Demand for JR-KYUSHU RAI
Slide 21: Real Estate and Hotels Segment: Real Estate Leasing Business
Real Estate and Hotels Segment: Real Estate Leasing Business Station building tenant sales in Q3 FY26.3 exceeded the plan overall, continuing from Q2, driven by a recovery trend in duty-free sales at JR Hakata City. Operating revenue increased year on year and remained solid, driven by growth in
Slide 22: Real Estate and Hotels Segment: Real Estate Sales Business
Real Estate and Hotels Segment: Real Estate Sales Business Condominium sales exceeded the year-ago level in Q3 FY26.3. Regarding the sale of owned properties, we sold one office building and three rental apartments to third parties and a private REIT by Q2 FY26.3. 【Resultｓ】 【Forecast】 （\bil） （\b
Slide 23: Real Estate and Hotels Segment: Hotel Business
Real Estate and Hotels Segment: Hotel Business In Q3 FY26.3, hotels with a high proportion of inbound guests continued to drive performance. ADR and occupancy exceeded expectations. 【Resultｓ】 【Forecasts】 （\bil） （\bil） 9months ended 9months ended Results Forecasts December 31, December 31, YoY YoY
Slide 24: Retail and Restaurant Segment
Retail and Restaurant Segment In Q3 FY26.3, both retail stores and restaurants remained firm. New store openings progressed steadily as planned. 【Resultｓ】 【Forecasts】 （\bil） （\bil） 9months ended 9months ended Results Forecasts December 31, December 31, YoY YoY FY25.3 FY26.3 2024 2025 Operating r
Slide 25: Construction Segment, Business Services Segment
Construction Segment, Business Services Segment Construction Segment 【Results】 【Forecasts】 （\bil） （\bil） 9months ended 9months ended Results Forecasts December 31, December 31, YoY YoY FY25.3 FY26.3 2024 2025 Operating revenue 61.7 68.2 6.4 110.5% 100.6 100.0 (0.6) 99.4% Operating income 2.0 2.3 0.2
Slide 26: Progress on the Medium-Term Business Plan
Ⅳ Progress on the Medium-Term Business Plan 26
Slide 27: JR Kyushu Group Medium-Term Business Plan 2025–2027
JR Kyushu Group Medium-Term Business Plan 2025–2027 Continuing to review numerical targets in light of the revised forecast for FY26.3. Key strategies and the management base to support them strategies Key (1) Realize Sustainable Mobility (2) City Building through Enhanced Services (3) Plant Seeds
Slide 28: Key Strategy (1) Realize Sustainable Mobility Services: Future Railway Project
Key Strategy (1) Realize Sustainable Mobility Services: Future Railway Project/ Increase in Value Provided to Customers We have fully introduced GOA* 2.0 self-driving trains. Leveraging the technology and expertise we have gained, we aim to expand areas for GOA 2.5 self-driving trains going forwar
Slide 29: Key Strategy (2) Launch of a New Membership Tier Service
Key Strategy (2) City Building through Enhanced Collaboration among Businesses: Launch of a New Membership Tier Service To cultivate loyal customers who use multiple services across the Group, we will launch a new membership tier service “JR KYUPO Waku Waku Program” on April 1, 2026. We aim to c
Slide 30: Key Strategy (2) Expansion of the Condominium Sales Business
Key Strategy (2) City Building through Enhanced Collaboration among Businesses: Expansion of the Condominium Sales Business The MJR brand has established a top-class position in Kyushu. We expect to continue supplying housing units steadily going forward. Sales progress for properties currently
Slide 31: Key Strategy (2) Initiatives Involving Logistics Facilities
Key Strategy (2) City Building through Enhanced Collaboration among Businesses: Initiatives Involving Logistics Facilities We have commenced development of new logistics facilities in the Fukuoka and Tosu areas. LOGI STATION Fukuoka Hakozaki Expressways - Kyushu Expressway ⚫ Located within the Hak
Slide 32: Appendix
Appendix 32
Slide 33: Monthly Information and Revise Rail Fares and Charges
Monthly Information and Revise Rail Fares and Charges Revise Rail Fares And Charges Monthly Information (Material from July 2024) ④ ① ②・③ ② ① ③ ③ Trend of Handling Revenues Revenue from tickets sold at JR Kyushu stations, through online JR Kyushu train reservation, and at travel agencies. The "Railw
Slide 34: Forward-Looking Statements
Forward-Looking Statements These materials contain forward-looking statements concerning business forecasts, targets, etc. of the JR Kyushu Group. These statements are judgments made by the Company based on information, projections, and assumptions available at the time of the materials’ creation. A
Kyushu Railway Company — Q3 FY26.3 Earnings Presentation on 6ix