East Japan Railway Company · TSE:9020
East Japan Railway — Q1 FY2026.3 Earnings Presentation
28 slides from East Japan Railway's earnings presentation, Jul 31, 2025
Slide 1: FY2026.3 First Quarter Financial Results Explanatory Materials
FY2026.3 First Quarter Financial Results Explanatory Materials July 31, 2025 East Japan Railway Company
Slide 2: Highlights of FY2026.3 First Quarter Financial Results
Highlights of FY2026.3 First Quarter Financial Results (¥ billion) Changes Changes ’24.4-’24.6 ’25.4-’25.6 ’24.4-’25.3 ’25.4-’26.3 Results Results Increase Results Forecast Increase % % /Decrease /Decrease Operating revenues 686.6 715.3 +28.6 104.2 2,887.5 3,023.0 +135.4 104.7 Operating income 120.5
Slide 3: Changes in Operating Income
FY2026.3 First Quarter Financial Results (consolidated): Changes in Operating Income An increase in Retail & (¥ billion) Services/ An increase A decrease in Real Estate & in other real estate Hotels revenues: A decrease in An increase sales revenue: revenues: About +5.5 cost of real in personnel *ex
Slide 4: Statements of Income (consolidated)
Statements of Income (consolidated) (¥ billion) Changes ’24.4-’24.6 ’25.4-’25.6 Increase Main factors behind changes Results Results % /Decrease Operating revenues 686.6 715.3 +28.6 104.2 Transportation 465.0 485.2 +20.2 104.4 An increase in passenger revenues Retail & Services 90.8 96.2 +5.4 106.0
Slide 5: Transportation
Transportation (¥ billion) Changes Changes ’24.4-’24.6 ’25.4-’25.6 ’24.4-’25.3 ’25.4-’26.3 Results Results Increase Results Forecast Increase % % /Decrease /Decrease Operating revenues 465.0 485.2 +20.2 104.4 1,945.7 2,001.0 +55.2 102.8 Operating income 68.6 67.7 -0.9 98.7 176.0 177.0 +0.9 100.5 EBI
Slide 6: Transportation (Relevant Indicators)
Transportation (Relevant Indicators) ■Railway Revenues, Shinkansen Passenger Volume and Commuter Passes Use on weekdays （Comparison with FY2025.3 Results %） Apr. May Jun. 1Q Commuter Passes 100 101 100 100 Railway Revenues Short 103 104 107 105 After settlement Distance Non – with other JR Mid to Lo
Slide 7: Retail & Services
Retail & Services (¥ billion) Changes Changes ’24.4-’24.6 ’25.4-’25.6 ’24.4-’25.3 ’25.4-’26.3 Results Results Increase Results Forecast Increase % % /Decrease /Decrease Operating revenues 90.8 96.2 +5.4 106.0 393.7 418.0 +24.2 106.1 Operating income 13.0 14.1 +1.0 108.3 60.5 67.0 +6.4 110.7 EBITDA 1
Slide 8: Real Estate & Hotels
Real Estate & Hotels (¥ billion) Changes Changes ’24.4-’24.6 ’25.4-’25.6 ’24.4-’25.3 ’25.4-’26.3 Results Results Increase Results Forecast Increase /Decrease % /Decrease % Operating revenues 109.7 110.5 +0.7 100.7 445.4 501.0 +55.5 112.5 incl. real estate sales 12.5 4.5 -7.9 36.4 45.4 67.0 +21.5 147
Slide 9: Real Estate & Hotels (Relevant Indicators)
Real Estate & Hotels (Relevant Indicators) ■Shopping center leasable space ■Station buildings Store Sales/Hotels Occupancy Rate, Average Daily Rate (2025.6) Apr. May Jun. 1Q LUMINE 19% Store Sales 105 106 104 105 About Station LUMINE（existing） YoY（％） 104 106 102 104 Others buildings 1,047,000 ㎡ atré
Slide 10: Others
Others (¥ billion) Changes Changes ’24.4-’24.6 ’25.4-’25.6 ’24.4-’25.3 ’25.4-’26.3 Results Results Increase Results Forecast Increase % % /Decrease /Decrease Operating revenues 20.9 23.2 +2.2 110.6 102.5 103.0 +0.4 100.4 Operating income 4.1 3.5 -0.6 85.2 22.9 24.0 +1.0 104.6 EBITDA 12.0 11.4 -0.5 9
Slide 11: Inbound Revenue Results
Inbound Revenue Results ■Mobility （Plan） (¥ billion) 52.0 50.0 （Plan） 42.8 40.0 33.5 30.0 （Plan） （Plan） 19.5 20.0 10.5 9.8 10.0 0.0 ‘24.4-‘25.3 ‘25.4-‘25.6 ‘25.4-‘25.6 ‘25.4-‘25.9 ‘25.4-‘25.12 ‘25.4-‘26.3 FY2025.3 FY2026.3 * Method of calculating inbound revenue Sum of JR East revenue from passes fo
Slide 12: Balance Sheets (consolidated)
Balance Sheets (consolidated) (¥ billion) Changes As of ’25.3 As of ’25.6 Main factors behind changes Results Results Increase % /Decrease Assets 10,174.2 10,096.4 -77.8 99.2 Current assets 1,250.0 1,160.9 -89.1 92.9 Fixed assets 8,924.1 8,935.4 +11.3 100.1 Liabilities 7,302.0 7,178.8 -123.1 98.3 Cu
Slide 13: Interest-bearing debt, Capital Expenditures, Key Indicator (consolidated)
Interest-bearing debt (consolidated), Capital Expenditures (consolidated), Key Indicator (consolidated) Interest-bearing debt (consolidated) (¥ billion) Changes As of ’25.3 As of ’25.6 Average interest rate Results Increase Results % (Comparison with 2025.3 Results) /Decrease Interest-bearing debt b
Slide 14: Statements of Income (non-consolidated)
Appendix Statements of Income (non-consolidated) (¥ billion) Changes ’24.4-’24.6 ’25.4-’25.6 Increase Main factors behind changes Results Results % /Decrease Operating revenues 506.9 529.6 +22.7 104.5 Passenger revenues 429.0 445.9 +16.9 103.9 Others 77.8 83.7 +5.8 107.5 Operating expenses 406.4 430
Slide 15: Balance Sheets (non-consolidated)
Appendix Balance Sheets (non-consolidated) (¥ billion) Changes As of ’25.3 As of ’25.6 Main factors behind changes Results Results Increase % /Decrease Assets 9,139.4 9,075.5 -63.9 99.3 Current assets 909.9 819.8 -90.0 90.1 Fixed assets 8,229.5 8,255.6 +26.1 100.3 Liabilities 7,044.3 6,924.3 -119.9
Slide 16: Traffic Volume and Passenger Revenues
Appendix Traffic Volume and Passenger Revenues Traffic Volume Passenger Revenues (million passenger kilometers) (¥ billion) Changes Changes ’24.4-’24.6 ’25.4-’25.6 ’24.4-’24.6 ’25.4-’25.6 Increase Main factors behind changes Results Results ％ Results Results ％ /Decrease Shinkansen 5,154 5,417 105.1
Slide 17: FY2025.3 Shinkansen / Conventional Lines Revenues and Expenses
Appendix FY2025.3 Shinkansen / Conventional Lines Revenues and Expenses (¥ billion) Shinkansen Conventional lines Changes Changes ’23.4-’24.3 ’24.4-’25.3 ’23.4-’24.3 ’24.4-’25.3 % % Operating Kilometers 1,194 1,194 100.0 6,108 6,108 100.0 (kilometers) Passenger Kilometers 21,230 22,679 106.8 98,470
Slide 18: Traffic Volume and Passenger Revenues / Major expenses - FY2026.3 Plans
Traffic Volume and Passenger revenues / Appendix 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 c
Slide 19: Overview of “To the Next Stage” 2034
An excerpt from materials disclosed on July 1, 2025 Overview of “To the Next Stage” 2034 Enriching Lifestyles of All People ■ Based on the trust built through each Group employee’s daily operations with diligence and sincerity, we will promote a dual-axis management approach centered on Mobility and
Slide 20: Growing Strategy through Dual-Axis Management
An excerpt from materials disclosed on July 1, 2025 Growing Strategy through Dual-Axis Management ■ We will promote growth strategies that leverage our strengths in both Mobility and Lifestyle Solutions. ■ We will evolve Suica into a foundation for diverse businesses and enhance synergies through ou
Slide 21: Overview of Numerical Targets
An excerpt from materials disclosed on July 1, 2025 Overview of Numerical Targets ■ As the KGI* (long-term management goal) of “To the Next Stage” 2034, we set a target of ROE of 10% or more in FY2032.3. ■ We aim to exceed operating revenue of 4 trillion yen in FY2032.3 through growth in existing bu
Slide 22: Numerical Targets for FY2032.3
An excerpt from materials disclosed on July 1, 2025 Numerical Targets for FY2032.3 ■ We set the ROE as a KGI*1 (long-term management goal), and aim to achieve an ROE of 10% or more in FY2032.3. ■ To achieve the KGI, we will set KPIs*2 including ROA, operating revenue, EBITDA, and net interest-bearin
Slide 23: Process Towards the Numerical Targets for FY2032.3
An excerpt from materials disclosed on July 1, 2025 Process Towards the Numerical Targets for FY2032.3 FY2026.3 (¥ bollood) forecast FY2028.3 FY2032.3 Operating revenue 3,023.0 3,464.0 KGI Transportation 2,001.0 2,122.0 …Lodg-term Retail & Services 418.0 655.0 uvea 4 iaollood yed management goal Rea
Slide 24: Cash Allocation (FY2026.3-2032.3)
An excerpt from materials disclosed on July 1, 2025 Ctsh llloctiood (oY2026.3‒2032.3) ■ dd taaoiood io exptdaodg opeatiodg ctsh flow ihaongh paofii gaowih od etch bnsodess, we woll mtxomoze ctsh odflow by combododg tssei mtdtgemedi woih exptdsood o ihe sctle o aetl esitie stles tda aeanciood o caoss
Slide 25: KPI updates
An excerpt from materials disclosed on July 1, 2025 KPI updates With the announcement of “To the Next Stage” 2034, the KPIs for FY2026.3 and FY2028.3, which were disclosed in the “FY2025.3 Financial Results and FY2026.3 Management Strategy Explanatory Materials” on April 30, 2025, will be updated as
Slide 26: Others
An excerpt from materials disclosed on July 1, 2025 Others Suica and finance business KPI FY2026.3 (year-on-year) FY2028.3 FY2032.3 Mobile Suica cards issued 40.0 million (+5.78 million) 50.0 million 70.0 million Highest number of monthly transactions 350.0 million/month 600.0 million/month 700.0 mi
Slide 27: Foundation for growth
An excerpt from materials disclosed on July 1, 2025 Foundation for growth Human Resources KPI FY2026.3 (year-on-year) FY2028.3 FY2032.3 Engagement survey positive response rate [non-consolidated] 64.0％（+1.8pt） 66.0% 70.0% Ratio of Women to managers [non-consolidated] 8.8%（+0.5pt） 10.0% 15.0% Rate of
Slide 28: 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 — Q1 FY2026.3 Earnings Presentation on 6ix