3rd Quarter Investor Meeting FY2026.3 (Fiscal Year Ending March 31, 2026)
Central Japan Railway Company
Feb 2, 2026
Table of Contents
FY2026.3 3rd Quarter Results, etc. … 3
Status of Various Measures … 9
Status of the Chuo Shinkansen Project … 14
3
I FY2026.3 3rd Quarter Results, etc.
Tokaido Shinkansen Passenger Volume and Transportation Revenues 4
Tokaido Shinkansen Passenger Volume (Tokyo Gate, compared to FY2024)
130%
120%
1Q:110%
2Q:116%
121%Expo Closed
3Q:107%
110%
107% 110% 112% 112% 115% 114%(Same day comparison)
※Passanger Volume of October:110%
105% 106%
100%
3Q cumulative:111%(Same day comparison)
104%111%
Transportation revenues
112%
(Shinkansen/ conventional lines)
Compared with FY2024
Apr. May Jun.
Jul. Aug. Sep.
118%
Oct.
(~13)
Oct. Nov. Dec.
(14~)
108%
⃝ Passenger volume in the three months of the third quarter remained strong, reaching 107% of FY2024 levels.
⃝ Passenger volume has continued to exceed FY2024's levels even after the end of
the Expo.
Transportation Revenue (Shinkansen & Conventional Lines) 5
Comparison of Transportation Revenue (Shinkansen & Conventional Lines)
1208.0
(Billions of yen)
Inbound
3%
Others
5%
※ Impact from
FY2024's natural disasters accounts for 2%
Expo
4%
+12%
1076.5
FY2024
3Q cumulative Results
FY2025
3Q cumulative Results
⃝ Transportation revenues were 112% of FY2024 figure, driven by Expo demand (4%), inbound demand (3%), and other factors(5%) . Other factors include impact from natural disasters in August and September 2024(2%) , increased business demand and use of conventional lines.
Comparative Quarterly Statements of Income【Consolidated】 6
(Billions of yen)
FY2025.3 Q3 Cumulative | FY2026.3 Q3 Cumulative | Increase/ (Decrease) | % | Major factors of change | |||
Operating revenues | 1,368.0 | 1,514.1 | 146.1 | 110.7 | |||
Transportation | 1,117.6 | 1,249.0 | 131.3 | 111.8 | Increase in transportation revenues | ||
Merchandise and Other | 120.4 | 129.2 8.7 | 107.3 | Increase in sales at stores in stations | |||
Real Estate | 38.6 | 40.7 | 2.1 | 105.4 | Increase in rent income from station commercial facilities | ||
Other | 91.2 | 95.1 | 3.8 | 104.2 | Increase in sales of rolling stock manufacturing and hotel businesses | ||
Operating expenses | 784.1 | 817.3 | 33.2 | 104.2 | |||
Operating income | 583.9 | 696.7 | 112.8 | 119.3 | |||
Non-operating income (loss) | (42.9) | (39.9) | 3.0 | 92.9 | |||
Non-operating income | 18.5 | 21.7 | 3.2 | 117.6 | Increase in interest from investments | ||
Non-operating expenses | 61.4 | 61.7 | 0.2 | 100.4 | |||
Ordinary income | 540.9 | 656.8 | 115.8 | 121.4 | |||
Extraordinary gain (loss) | (1.9) | (1.3) | 0.6 | 66.6 | |||
Income before income taxes | 538.9 | 655.5 | 116.5 | 121.6 | |||
Income taxes | 158.6 | 190.7 | 32.0 | 120.2 | |||
Net income | 380.3 | 464.7 | 84.4 | 122.2 | |||
Net income attributable to noncontrolling interests | 3.4 | 5.5 | 2.0 | 160.8 | |||
Net income attributable to owners of the parent | 376.8 | 459.2 | 82.3 | 121.9 | |||
Note: The breakdown of operating revenues is based on the amount of sales to external customers, according to reportable segments.
6
Comparative Quarterly Statements of Income【Non-consolidated】 7
(Billions of yen)
FY2025.3 Q3 Cumulative | FY2026.3 Q3 Cumulative | Increase/ (Decrease) | % | Major factors of change | ||||
Operating revenues | 1,133.4 | 1,265.3 | 131.9 | 111.6 | ||||
Transportation revenues | 1,076.5 | 1,208.0 | 131.4 | 112.2 | Shinkansen +127.5, Conventional lines +3.8 | |||
Operating expenses | 582.6 | 606.1 | 23.5 | 104.0 | ||||
Personnel expenses | 133.3 | 140.1 6.8 | 105.1 | Increase due to salary increases | ||||
Non-personnel expenses | 274.0 | 290.5 | 16.5 | 106.0 | ||||
Energy | 42.3 | 43.1 | 0.7 | 101.8 | Increase in the number of Shinkansen train services | |||
Maintenance | 94.5 | 100.8 6.3 | 106.7 | Increase in rolling stock maintenance of the Shinkansen, Increase in unit labor costs | ||||
Other | 137.1 | 146.6 9.4 | 106.9 | Increase in system-related expenses, Increase in sales commission, etc. | ||||
Taxes other than income taxes | 33.4 | 34.6 | 1.2 | 103.7 | ||||
Depreciation and amortization | 141.7 | 140.7 | (1.0) | 99.3 | ||||
Operating income | 550.8 | 659.2 | 108.4 | 119.7 | ||||
Non-operating income (loss) | (44.6) | (42.9) | 1.7 | 96.2 | ||||
Non-operating income | 17.8 | 20.4 | 2.6 | 114.7 | Increase in interest from investments | |||
Non-operating expenses | 62.4 | 63.3 | 0.9 | 101.4 | ||||
Ordinary income | 506.1 | 616.2 | 110.1 | 121.8 | ||||
Extraordinary gain (loss) | 0.0 | (0.0) | (0.1) | - | ||||
Income before income taxes | 506.2 | 616.2 | 109.9 | 121.7 | ||||
Income taxes | 148.8 | 182.2 | 33.3 | 122.4 | ||||
Net income | 357.3 | 433.9 | 76.6 | 121.4 | ||||
Forecasted Results of Operations for FY2026.3 8
(Billions of yen)
(Consolidated・Non-Consolidated)
FY2025.3 Result A | FY2026.3 Previous Forecast B | FY2026.3 Revised Forecast C | vs Previous Forecast | vs FY2025.3 | ||||||
Increase/ (Decrease) C-B | % C/B | Increase/ (Decrease) C-A | % C/A | |||||||
【Consolidated】 | ||||||||||
Operating revenues | 1,831.8 | 1,937.0 | 1,969.0 | 32.0 | 101.7 | 137.1 | 107.5 | |||
Operating expenses | 1,129.0 | 1,191.0 | 1,191.0 | - | 100.0 | 61.9 | 105.5 | |||
Operating income | 702.7 | 746.0 | 778.0 | 32.0 | 104.3 | 75.2 | 110.7 | |||
Ordinary income | 649.2 | 691.0 | 723.0 | 32.0 | 104.6 | 73.7 | 111.4 | |||
Net income attributable to owners of the parent | 458.4 | 480.0 | 502.0 | 22.0 | 104.6 | 43.5 | 109.5 | |||
【Non-Consolidated】 | ||||||||||
Operating revenues | 1,511.2 | 1,606.0 | 1,638.0 | 32.0 | 102.0 | 126.7 | 108.4 | |||
Transportation revenues | 1,432.5 | 1,530.0 | 1,562.0 | 32.0 | 102.1 | 129.4 | 109.0 | |||
Operating expenses | 854.5 | 904.0 | 904.0 | - | 100.0 | 49.4 | 105.8 | |||
Personnel expenses | 175.6 | 186.0 | 186.0 | - | 100.0 | 10.3 | 105.9 | |||
Non-personnel expenses | 441.3 | 480.0 | 480.0 | - | 100.0 | 38.6 | 108.8 | |||
Energy | 56.6 | 59.0 | 59.0 | - | 100.0 | 2.3 | 104.2 | |||
Maintenance | 185.4 | 201.0 | 201.0 | - | 100.0 | 15.5 | 108.4 | |||
Others | 199.2 | 220.0 | 220.0 | - | 100.0 | 20.7 | 110.4 | |||
Taxes other than income taxes | 45.0 | 46.0 | 46.0 | - | 100.0 | 0.9 | 102.2 | |||
Depreciation and amortization | 192.5 | 192.0 | 192.0 | - | 100.0 | (0.5) | 99.7 | |||
Operating income | 656.7 | 702.0 | 734.0 | 32.0 | 104.6 | 77.2 | 111.8 | |||
Ordinary income | 599.9 | 644.0 | 676.0 | 32.0 | 105.0 | 76.0 | 112.7 | |||
Net income | 430.6 | 452.0 | 474.0 | 22.0 | 104.9 | 43.3 | 110.1 | |||
9
II Status of Various Measures
Business Demand for the Tokaido Shinkansen 10
⃝ Major corporate members' use of "Express Reservation" is on the rise.
Trends in usage by EX corporate members (Major 200 companies)
(week day average, with 1Q 2023 set as 100)
150
140
130
120
110 Natural disasters such as
Typhoons No. 7 and No. 10
100
1Q 2Q 3Q 4Q
FY2023
1Q 2Q 3Q 4Q
FY2024
1Q 2Q 3Q
FY2025
Status of Inbound Demand 11
(Billions of yen)
500
⃝ Inbound revenue (estimate) for the first nine months was approx. 122 billion yen.
* Inbound revenue (estimate) is rounded down to the nearest billion.
[Left scale] Inbound revenue (estimate)
[Right scale] Comparison with FY2018
[Left scale] Inbound revenue (estimate) [Right scale] Comparison with FY2018
500%
400 400%
300
200
27
100
45
35 29 32
24
300%
44 200%
100%
0
1Q 2Q 3Q 4Q
FY2024
0%
1Q 2Q 3Q
FY2025
⃝ No major impact of reduced travel from China on transportation revenues
Proportion of inbound revenue
regional breakdown
Europe, the Americas,
Passengers from China account for around 5-10% of inbound Shinkansen passengers.
of transportation revenues Inbound revenue
(Image before travel reductions based on onboard questionnaire)
Inbound revenue accounts for approx. 10% of transportation revenues.
Australia: approx. 80%
March 2026 Timetable Revision 12
⃝ Strong performance in Tokaido Shinkansen passenger volume
* The average number of passengers per day during the year-end and New Year
holidays (Dec. 26 through Jan. 4) was a record high of 442,000.
⃝ Under the current timetable, there are up to 12 Nozomi services per hour during peak hours. However, reserved seats become fully booked during certain hours of the day, especially on the weekends and long weekends.
⃝ We will aim to expand revenue by revising the timetable to include a 13th Nozomi
service during certain peak hours, which will address the robust demand.
Number of Nozomi services that can be scheduled
(■ Regular service ■ Special service)
(Outbound services)
13th service added for Tokyo departures between 7:00 and 11:00
(Trains)
(Inbound services)
13th service added for Tokyo arrivals between 17:00 and 21:00
(Trains)
Number of Nozomi services that can be scheduled
Number of Nozomi services that can be scheduled
(Hour of day)
(Departing Time from Tokyo station) (Arriving Time to Tokyo station)
(Hour of day)
Creating Demand in Collaboration with Content Holders13
Final Fantasy VII Remake Intergrade x JR CENTRAL in Nagoya
Part 3 of collaboration campaign with New Japan Pro-Wrestling and STARDOM
Tie-up campaign with TV anime
"SPY×FAMILY"
⃝ Revenue increased by 10+ billion yen (estimate) in FY2024 from new
demand generated by new initiatives.
⃝ We expect to achieve even greater revenue growth in FY2025.
14
III Status of the Chuo Shinkansen Project
Status of the Chuo Shinkansen Project (1)
[Main construction contract locations (as of December 31, 2025)]
The locations of the main construction contract sections, etc. are approximate.
This map is a copy of a 1:1,000,000 map of Japan issued by the Geospatial Information Authority of Japan under the approval of its Director General. (Approval number: H25 Jo Fuku, 310)
Tokyo
Contracted Uncontracted
sections
routes
Nagano Yamanashi
Yamanashi Maglev Test Line Emergency exit and substation (contracted)
Station (contracted)
Railyard (contracted)
Gifu
Deep underground
section
Aichi
Shizuoka
Yamanashi Maglev Test LineKanagawa
Deep underground sectionChukyo Area Tunnel No. 1 (Meijo section)
Full-scale excavation
Chubu General Rolling Stock Depot
Panoramic view of yard
Inasanchi Tunnel (Aokigawa section) Excavation of main shaft
Construction of substructure of bridge railing on the Sagami River
Status of the Chuo Shinkansen Project (2)
[Southern Alps Tunnel (Shizuoka Section)]
[Initiatives on Oi River water resources and preservation of the environment, such as the ecosystem of the Southern Alps]
⃝ We are in discussions with Shizuoka Prefecture and others based on a report of the Ministry of Land, Infrastructure, Transport and Tourism's Expert Council on Water Resources and Environmental Conservation.
⃝ Regarding water resources, we executed documents on January 24 with Shizuoka Prefecture on compensation, etc. should the use of water resources in the middle and lower reaches of the Oi River be affected. It was executed with the MLIT present.
⃝ From last November to January, we held a total of 20 new briefing sessions in eight cities and two towns in the Oi River basin about our efforts to protect the Oi River's water.
⃝ We will continue to engage in careful and timely discussions with Shizuoka Prefecture regarding environmental conservation and the handling of soil requiring countermeasures.
[Discussions for yard development]
⃝ On December 15, at the Oi River Irrigation Council, we explained the scope of development and the conservation plan concept to the eight cities, two towns and water users in the Oi River basin in preparation for executing a natural environment conservation agreement for yard development.
Signing ceremony of document on compensation, etc. should the use of water resources be affected
Briefing session on initiatives to protect the Oi
River's water in eight cities and two towns in the
Oi River basin
Forward-looking statements and forecasts contained in this document are estimates based on information currently available to the Company, and contain risks and
uncertainties. Examples of potential risks and uncertainties include changes in economic trends, the business environment, consumer trends, the competitive positions of the Company and its subsidiaries, and laws and regulations.
Reference:Quarterly Segment Information
【Result】 【Forecast】
(Billions of yen)
FY2025.3 Q3 Cumulative Result A | FY2026.3 | vs FY2025.3 | |||
Q3 Cumulative Result B | Increase/ (Decrease) B-A | % B/A | |||
Operating revenues | 1,368.0 | 1,514.1 | 146.1 | 110.7 | |
Transportation | 1,126.4 | 1,258.3 | 131.9 | 111.7 | |
Merchandise and Other | 126.7 | 135.6 8.9 | 107.0 | ||
Real Estate | 63.6 | 69.8 | 6.1 | 109.7 | |
Other | 182.5 | 192.7 | 10.2 | 105.6 | |
Reconciliations | (131.3) | (142.5) | (11.1) | 108.5 | |
Segment profit (Operating income) | 583.9 | 696.7 | 112.8 | 119.3 | |
Transportation | 545.3 | 653.2 | 107.9 | 119.8 | |
Merchandise and Other | 11.4 | 10.6 | (0.7) | 93.2 | |
Real Estate | 19.2 | 21.4 | 2.1 | 111.2 | |
Other | 7.9 | 12.9 | 4.9 | 162.6 | |
Reconciliations | (0.0) | (1.5) | (1.4) | - | |
FY2026.3 Previous Forecast C | FY2026.3 Revised Forecast D | vs Previous Forecast | |
Increase/ (Decrease) D-C | % D/C | ||
1,937.0 | 1,969.0 | 32.0 | 101.7 |
1,596.0 | 1,628.0 | 32.0 | 102.0 |
179.0 | 179.0 | - | 100.0 |
94.0 | 94.0 | - | 100.0 |
283.0 | 283.0 | - | 100.0 |
(215.0) | (215.0) | - | 100.0 |
746.0 | 778.0 | 32.0 | 104.3 |
694.0 | 726.0 | 32.0 | 104.6 |
14.0 | 14.0 | - | 100.0 |
23.0 | 23.0 | - | 100.0 |
16.0 | 16.0 | - | 100.0 |
(1.0) | (1.0) | - | 100.0 |
Note: 1. Operating revenues include the amount of sales to other reportable segments as well as the amount of sales to external customers.
2. Rows entitled "Reconciliations" show amounts that are off-set among reportable segments.
(Reference) Results for Major Subsidiaries (Before Consolidation Adjustments)
Operating Revenues | Operating Income | Ordinary Income | |||||||
FY2024 Q3 Results | FY2025 Q3 Results | YoY | FY2024 Q3 Results | FY2025 Q3 Results | YoY | FY2024 Q3 Results | FY2025 Q3 Results | YoY | |
JR Tokai Takashimaya | 45.7 | 45.1 | 98.5% | 5.8 | 4.3 | 73.5% | 6.1 | 4.6 | 76.3% |
JR Central Building | 25.0 | 25.7 | 102.7% | 3.4 | 3.6 | 104.4% | 3.4 | 3.7 | 108.8% |
JR Tokai Hotels | 21.3 | 23.2 | 109.0% | 2.1 | 2.2 | 103.5% | 2.2 | 2.2 | 102.3% |
Nippon Sharyo | 69.2 | 71.0 | 102.6% | 4.1 | 7.1 | 170.3% | 4.5 | 7.6 | 166.7% |
Results
Forecasts(Not changed from previous forecast)
(Billions of yen)
Nippon Sharyo Net Income 3.7 8.7 232.9%
(Billions of yen)
Operating Revenues | Operating Income | Ordinary Income | ||||||||||
FY2024 Results | FY2025 Forecast (Previous) | FY2025 Forecast (Latest) | Previous vs. Latest | FY2024 Results | FY2025 Forecast (Previous) | FY2025 Forecast (Latest) | Previous vs. Latest | FY2024 Results | FY2025 Forecast (Previous) | FY2025 Forecast (Latest) | Previous vs. Latest | |
JR Tokai Takashimaya | 63.6 | 63.4 | 63.4 | 100.0% | 8.9 | 7.1 | 7.1 | 100.0% | 9.2 | 7.5 | 7.5 | 100.0% |
JR Central Building | 34.1 | 35.0 | 35.0 | 100.0% | 3.6 | 3.4 | 3.4 | 100.0% | 4.0 | 3.6 | 3.6 | 100.0% |
JR Tokai Hotels | 28.2 | 29.6 | 29.6 | 100.0% | 2.3 | 1.5 | 1.5 | 100.0% | 2.4 | 1.6 | 1.6 | 100.0% |
Nippon Sharyo | 94.2 | 98.0 | 98.0 | 100.0% | 6.5 | 8.0 | 8.0 | 100.0% | 6.9 | 8.5 | 8.5 | 100.0% |
Nippon Sharyo Net Income 6.1 10.2 10.2 100.0%
(Reference) Monthly Passenger Volume
◆月次利用状況 Monthly passenger volume (%)
期間 Period | 新幹線 Shinkansen | 在来線 Conventional Railway | |||||||
東京口 Tokyo Gate | 大阪口 Osaka Gate | 特急等 Express | 名古屋 近郊 Nagoya Area | ||||||
合計 Total | のぞみ Nozomi | ひかり Hikari | こだま Kodama | 平日 Weekdays | 土休日 Weekends | 合計 Total | |||
25/04 | 107 | 108 | 108 | 105 | 109 | 105 | 109 | 105 | 103 |
25/05 | 110 | 110 | 110 | 107 | 110 | 106 | 113 | 108 | 102 |
25/06 | 112 | 114 | 111 | 106 | 110 | 118 | 117 | 106 | 105 |
25/04-06 | 110 | 111 | 110 | 106 | 110 | 110 | 113 | 106 | 103 |
25/07 | 112 | 114 | 114 | 101 | 113 | 109 | 115 | 103 | 104 |
25/08 | 121 | 121 | 124 | 116 | 126 | 111 | 123 | 106 | 107 |
25/09 | 115 | 117 | 117 | 106 | 111 | 123 | 122 | 103 | 105 |
25/07-09 | 116 | 117 | 118 | 108 | 117 | 115 | 120 | 104 | 105 |
25/04-09 | 113 | 114 | 114 | 107 | 113 | 112 | 117 | 105 | 104 |
25/10 | 110 | 111 | 111 | 105 | 111 | 108 | 113 | 105 | 103 |
25/11 | 106 | 106 | 108 | 104 | 105 | 105 | 106 | 104 | 99 |
25/12 | 104 | 104 | 106 | 104 | 106 | 104 | 104 | 99 | 104 |
25/10-12 | 107 | 107 | 108 | 104 | 107 | 106 | 107 | 103 | 102 |
25/04-12 | 111 | 111 | 112 | 106 | 111 | 110 | 113 | 104 | 103 |
(※)新幹線・在来線特急等は特定の駅間における月累計断面輸送量の対前年比。
在来線名古屋近郊は自動改札集計による乗車人員合計の対前年比。※多客期においては定期外の乗車人員に限る。
Note: The data of the Shinkansen and Express is based on the total passenger volume of each month at certain points. The data of the Nagoya area is based on the passenger ridership of each month counted by automatic ticket gates.
※The data of the Nagoya area regarding the peak holiday seasons is based on the passenger ridership excluding commuter passes.
(Reference) Passenger Volume during the peak holiday seasons
◆多客期利用状況(東京口) Passenger volume during the peak holiday seasons (Tokyo Gate)
・ゴールデンウィーク "Golden Week" Holidays
期間 Period | 新幹線 Shinkansen | 在来線 Conventional Railway | ||||
合計 Total | のぞみ Nozomi | ひかり Hikari | こだま Kodama | 特急等 Express | 名古屋近郊 Nagoya Area | |
4/25~5/6 | 105 | 105 | 107 | 103 | 102 | 103 |
・お盆期間 Summer Holidays
期間 Period | 新幹線 Shinkansen | 在来線 Conventional Railway | ||||
合計 Total | のぞみ Nozomi | ひかり Hikari | こだま Kodama | 特急等 Express | 名古屋近郊 Nagoya Area | |
8/8~8/17 | 113 | 113 | 114 | 113 | 114 | 111 |
・年末年始 Winter Holidays
期間 Period | 新幹線 Shinkansen | 在来線 Conventional Railway | ||||
合計 Total | のぞみ Nozomi | ひかり Hikari | こだま Kodama | 特急等 Express | 名古屋近郊 Nagoya Area | |
12/26~1/4 | 107 | 107 | 106 | 110 | 98 | 110 |
(※)新幹線・在来線特急等は特定の駅間における月累計断面輸送量の対前年比。
在来線名古屋近郊は自動改札集計による乗車人員合計の対前年比。※多客期においては定期外の乗車人員に限る。
Note: The data of the Shinkansen and Express is based on the total passenger volume of each month at certain points. The data of the Nagoya area is based on the passenger ridership of each month counted by automatic ticket gates.
※The data of the Nagoya area regarding the peak holiday seasons is based on the passenger ridership excluding commuter passes.
(Reference) Monthly Results of Commercial Facilities and Hotels
◆商業施設
Commercial Facilities
◆ホテル
Hotels
ジェイアール名古屋タカシマヤ、及びタカシマヤ ゲートタワーモール JR Nagoya Takashimaya and Takashimaya Gate Tower Mall | ||
期間 Period | 売上高 合計 2026年2月期 (百万円) Total Sales FY2025: 2025.3~2026.2 (Millions of Yen) | 前年同月比 (%) YoY Comparison |
25/03 | 19,690 | 102.8 |
25/04 | 16,689 | 102.3 |
25/05 | 16,674 | 95.9 |
25/06 | 17,074 | 93.2 |
25/07 | 17,333 | 98.4 |
25/08 | 16,538 | 115.2 |
25/09 | 16,418 | 101.5 |
25/10 | 18,247 | 107.7 |
25/11 | 20,130 | 105.8 |
25/12 | 24,896 | 104.7 |
名古屋マリオットアソシアホテル Nagoya Marriott Associa Hotel | 名古屋JRゲートタワーホテル Nagoya JR Gate Tower Hotel | |||
期間 Period | 稼働率(%) Occupancy Rate | 前年同 月比増減 YoY Inc./Dec. | 稼働率(%) Occupancy Rate | 前年同 月比増減 YoY Inc./Dec. |
25/04 | 80.7 | 1.2 | 84.6 | 0.5 |
25/05 | 75.8 | -1.7 | 83.3 | 2.3 |
25/06 | 74.1 | -2.1 | 84.7 | -1.9 |
25/07 | 78.2 | -0.7 | 84.9 | -2.9 |
25/08 | 76.8 | 4.4 | 86.1 | 11.0 |
25/09 | 77.3 | 3.9 | 82.5 | 8.8 |
25/10 | 83.4 | -0.1 | 88.7 | 9.5 |
25/11 | 82.1 | 1.2 | 87.0 | 0.2 |
25/12 | 75.0 | 1.7 | 87.1 | 4.3 |
(※)各月の数値は速報値のため、確定値とは異なる場合がある。
Note:The number for each month comes from a quick estimation, which might differ from the actual results.
