Central Japan Railway CompanyTSE: 9022

FY2026.3 3Q Investor Meeting (Presentation Handout)1.5MB

· Issued by Central Japan Railway Company


3rd Quarter Investor Meeting FY2026.3 (Fiscal Year Ending March 31, 2026)

Central Japan Railway Company

Feb 2, 2026

Table of Contents

  1. FY2026.3 3rd Quarter Results, etc. … 3

  2. Status of Various Measures … 9

  3. 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 Line

Kanagawa

Deep underground section

Chukyo 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.

Earlier from Central Japan Railway

All Central Japan Railway news releases