East Japan Railway CompanyTSE: 9020

FY2026.3 Third Quarter Financial Results Explanatory Materials

· Issued by East Japan Railway Company
‌FY2026.3 Third Quarter Financial Results Explanatory Materials

February 2, 2026

East Japan Railway Company



‌Highlights of FY2026.3 Third Quarter Financial Results

(Â¥ billion)

'24.4-'24.12

Results

'25.4-'25.12

Results

Changes

'24.4-'25.3

Results

'25.4-'26.3

Forecast (Announced in Oct.)

Changes

Increase

/Decrease

%

Increase

/Decrease

%

Operating revenues

2,126.0

2,240.0

+113.9

105.4

2,887.5

3,058.0

+170.4

105.9

Operating income

352.5

349.6

-2.9

99.2

376.7

405.0

+28.2

107.5

Ordinary income

308.9

302.0

-6.9

97.8

321.5

341.0

+19.4

106.0

Profit attributable

to owners of parent

216.6

219.4

+2.8

101.3

224.2

237.0

+12.7

105.7

EBITDA

652.2

665.3

+13.1

102.0

782.9

830.0

+47.0

106.0

*EBITDA is calculated by adding depreciation to operating income.

Consolidated results

Both revenues and profit increased

  • Operating revenues increased for the fifth year in a row due mainly to increases in the use of railways and the sales of EKINAKA stores (stores inside railway stations), as well as the opening of TAKANAWA GATEWAY CITY.

  • Operating income decreased due mainly to increases in personnel expenses and JR East maintenance expenses and a decrease in profit on real estate sales. On the other hand, profit attributable to owners of parent increased due mainly to an increase in sales of investments in securities.

Segment

〇We have

*Reference

All segments achieved increased revenues

  • Transportation business achieved increases in revenues and income due mainly to an increase in passenger revenues.

  • Retail & Services business achieved increases in revenues and income due mainly to an increase in the sales of EKINAKA stores.

  • Real Estate & Hotels business achieved an increase in revenues as office leasing revenue and sales of shopping centers and hotels increased, but its income decreased due mainly to a decrease in profit on real estate sales.

  • Other business achieved increases in revenues and income due mainly to an increase in the sales of contract system development.

made no change in our full-year financial forecasts and dividend payments for FY2026.3* announced on October 30, 2025.

: Interim dividend per share: 35 yen Year-end dividend per share: (forecasts) 35 yen



‌FY2026.3 Third Quarter Financial Results (consolidated): Changes in Operating Income

An increase in JR East

transportation

An increase in Retail & Services/ Real Estate & Hotels revenues:

*excluding real estate sales

About +45.5

An increase in other revenues: About +22.0

A decrease in real estate

sales revenue: About -8.5

A decrease in cost of real estate sales: About +3.0

An increase in personnel expenses: About -32.0

An increase in JR East maintenance expenses: About -21.0

An increase in cost in

Retail & Services/ Real Estate & Hotels:

*excluding real estate sales

(Â¥ billion)

revenues:

About +55.0

About -12.5 An increase in other

expenses:

About -54.5

352.5

349.6

(-2.9)

Revenues +113.9

Expenses -116.8

（ decrease in income due to increases in expenses ）

'24.4-'24.12 '25.4-'25.12



‌Statements of Income (consolidated)

(Â¥ billion)

'24.4-'24.12

Results

'25.4-'25.12

Results

Changes

Main factors behind changes

Increase

/Decrease

%

Operating revenues

2,126.0

2,240.0

+113.9

105.4

Transportation

1,451.9

1,522.3

+70.4

104.9

An increase in passenger revenues

Retail & Services

292.6

309.0

+16.4

105.6

An increase in the sales of EKINAKA stores

Real Estate & Hotels

312.7

333.5

+20.8

106.7

Increases in office leasing revenue and sales of shopping centers and hotels

Others

68.7

75.0

+6.3

109.2

An increase in the sales of contract system development

Operating income

352.5

349.6

-2.9

99.2

Transportation

208.4

208.8

+0.3

100.2

Retail & Services

44.9

49.2

+4.3

109.6

Real Estate & Hotels

86.8

76.6

-10.2

88.2

A decrease in profit on real estate sales

Others

11.6

15.7

+4.1

135.2

Adjustment

0.5

-0.8

-1.4

-

Non-operating income or expenses

-43.6

-47.6

-3.9

109.2

Non-operating income

17.2

19.7

+2.4

114.2

Non-operating expenses

60.8

67.3

+6.4

110.6

Ordinary income

308.9

302.0

-6.9

97.8

Extraordinary gains or losses

1.8

8.2

+6.3

436.4

Extraordinary gains

23.3

33.0

+9.7

141.6

An increase in gains on sales of investments in securities

Extraordinary losses

21.4

24.8

+3.3

115.6

Profit attributable to owners of parent

216.6

219.4

+2.8

101.3

EBITDA

652.2

665.3

+13.1

102.0

* The segment breakdown of operating revenues: operating revenues from outside customers

Transportation

428.5

432.5

+4.0

100.9

Retail & Services

59.0

64.3

+5.3

109.0

Real Estate & Hotels

128.4

129.5

+1.0

100.8

Others

35.6

39.8

+4.1

111.8



‌Trans portation

(Â¥ billion)

'24.4-'24.12

Results

'25.4-'25.12

Results

Changes

'24.4-'25.3

Results

'25.4-'26.3

Forecast (Announced in Oct.)

Changes

Increase

/Decrease

%

Increase

/Decrease

%

Operating revenues

1,451.9

1,522.3

+70.4

104.9

1,945.7

2,031.0

+85.2

104.4

Operating income

208.4

208.8

+0.3

100.2

176.0

192.0

+15.9

109.0

EBITDA

428.5

432.5

+4.0

100.9

475.1

493.0

+17.8

103.8

Shinkansen

Revenue increased year on year due to an increase in the use of Shinkansen.

Conventional lines

Revenue increased year on year due to an increase in the use of non-commuter passes and commuter passes for Conventional lines (Kanto Area Network) and introduction of Green Cars of the Chuo Line Rapid.

Buses

Revenue increased year on year due to an increase in the use of express buses.

Railcar manufacturing

Revenue increased year on year due to an increase in the sales of railcars to non-JR railway companies.

  • Railway Business Passenger Revenues：Result and plan

(Comparison with FY2025.3 Results %)

* Figures in parentheses represent April plan.

1Q

2Q

3Q

4Q

FY

Commuter Passes

Plan

(100)

(100)

101

101

102

Result

102

102

102

Non -Commuter Passes

Shinkansen

Plan

(101)

(101)

103

104

104

Result

105

105

105

Conventional Lines

Plan

(103)

(103)

103

104

104

Result

104

105

104

Total

Plan

(102)

(101)

103

104

104

Result

104

104

104



‌Traffic Volume and Passenger Revenues

Traffic Volume

(million passenger kilometers)

Passenger Revenues

(Â¥ billion)

'24.4-'24.12

Results

'25.4-'25.12

Results

Changes

'24.4-'24.12

Results

'25.4-'25.12

Results

Changes

Main factors behind changes

ï¼…

Increase

/Decrease

ï¼…

Shinkansen

16,882

17,608

104.3

438.3

461.9

+23.6

105.4

Commuter Passes

1,334

1,439

107.9

17.8

19.2

+1.3

107.7

Non-commuter Passes

15,547

16,168

104.0

420.5

442.7

+22.2

105.3

・Increase in railway transportation: +20.0

・Rebound from natural disasters: +1.5

・Inbound tourism: +1.0

・In reaction to the impact of a natural disaster: −0.5

Conventional Lines

77,328

79,525

102.8

896.0

927.3

+31.2

103.5

Commuter Passes

47,121

48,400

102.7

307.9

312.9

+4.9

101.6

Non-commuter Passes

30,207

31,125

103.0

588.0

614.4

+26.3

104.5

Breakdown of Conventional Lines Kanto Area Network(Reproduced)

73,236

75,448

103.0

846.4

876.3

+29.8

103.5

Commuter Passes

44,961

46,237

102.8

295.1

300.1

+4.9

101.7

Non-commuter Passes

28,274

29,211

103.3

551.2

576.1

+24.9

104.5

・Increase in railway transportation: +14.5

・Introduction of Green Cars of the Chuo Line Rapid: +6.1

・Rebound from natural disasters: +3.0

・Inbound tourism: +1.5

Breakdown of Conventional Lines Other Network(Reproduced)

4,092

4,076

99.6

49.6

51.0

+1.3

102.8

Commuter Passes

2,159

2,163

100.2

12.8

12.7

-0.0

99.6

Non-commuter Passes

1,932

1,913

99.0

36.8

38.2

+1.4

103.9

・Increase in railway transportation: +1.5

Total

94,210

97,134

103.1

1,334.4

1,389.3

+54.8

104.1

Commuter Passes

48,455

49,840

102.9

325.8

332.1

+6.3

101.9

・Increase in railway transportation: +6.5

Non-commuter Passes

45,754

47,293

103.4

1,008.6

1,057.1

+48.5

104.8

* Kanto Area Network refers to the sections covered by JR East's Tokyo Metropolitan Area Headquarters, Yokohama Branch Office, Hachioji Branch Office, Omiya Branch Office, Takasaki Branch Office, Mito Branch Office, and Chiba Branch Office.



‌Trans portation (Relevant Indicators)

  • Railway Revenue, Shinkansen Passenger Volume and Commuter Passes Use on weekdays

    （Comparison with FY2025.3 Results %）

    1Q

    2Q

    Oct.

    Nov.

    Dec.

    3Q

    FY

    Railway Revenue

    After settlement with other JR companies or private railways (Estimated Figures) *

    Commuter Passes

    100

    103

    101

    103

    102

    102

    102

    Non -Commuter Passes

    Short Distance

    105

    106

    104

    106

    105

    105

    105

    Mid to Long Distance

    106

    106

    105

    105

    103

    104

    105

    Sub Total

    105

    106

    105

    105

    104

    105

    105

    Total

    104

    105

    103

    105

    104

    104

    104

    Shinkansen Passenger Volume (by destination)

    Tohoku

    （Omiya-Utsunomiya, Furukawa-Kitakami）

    105

    106

    102

    102

    104

    102

    104

    Joetsu（Omiya-Takasaki）

    106

    105

    103

    104

    107

    104

    105

    Hokuriku（Takasaki-Karuizawa）

    105

    103

    102

    106

    108

    105

    105

    Total

    105

    106

    102

    103

    105

    103

    105

    Shinkansen Passenger Volume (Weekdays/Holidays)

    Weekdays

    106

    106

    104

    102

    104

    103

    105

    Holidays

    104

    105

    99

    101

    106

    102

    104

    Commuter Passes Use on weekdays in Tokyo metropolitan area

    102

    103

    102

    101

    103

    102

    103

    * Railway Revenue is the Company's sales at ticket office etc. after deduction of use in other JR companies or private railways (estimated), and it is different from passenger revenues.



    ‌Retail & Services

    (Â¥ billion)

    '24.4-'24.12

    Results

    '25.4-'25.12

    Results

    Changes

    '24.4-'25.3

    Results

    '25.4-'26.3

    Forecast (Announced in Oct.)

    Changes

    Increase

    /Decrease

    %

    Increase

    /Decrease

    %

    Operating revenues

    292.6

    309.0

    +16.4

    105.6

    393.7

    418.0

    +24.2

    106.1

    Operating income

    44.9

    49.2

    +4.3

    109.6

    60.5

    68.0

    +7.4

    112.4

    EBITDA

    59.0

    64.3

    +5.3

    109.0

    79.9

    88.0

    +8.0

    110.0

    Retail

    Revenue increased year on year due to an increase in the sales of EKINAKA stores on the back of an increase in the use of railways.

    Advertising and publishing

    Revenue increased year on year due to an increase in transportation advertising sales.

    Overseas

    Revenue increased year on year as Decorum Vending Ltd. (a vending machine operator in the UK), which was newly consolidated in the second quarter of the previous fiscal year, contributed to results on a regular year basis.

  • Retail and Transportation advertising operating revenue：Result and plan（Comparison with FY2025.3 Results %）

    * Figures in parentheses represent April plan.

    1Q

    2Q

    3Q

    4Q

    FY

    Retail

    Plan

    (105)

    (105)

    105

    105

    105

    Result

    105

    105

    105

    Transportation advertising

    Plan

    (110)

    (105)

    110

    105

    106

    Result

    100

    110

    110

  • Retail & Services：Changes in revenue（Comparison with FY2025.3 Results %）

    1Q

    2Q

    Oct.

    Nov.

    Dec.

    3Q

    FY

    Retail and restaurant

    107

    106

    106

    105

    105

    105

    106

    JR East Cross Station Co., Ltd. (Retail Company) (existing)

    107

    106

    107

    104

    107

    106

    106

    JR East Cross Station Co., Ltd. (Foods Company) (existing)

    106

    107

    107

    104

    105

    105

    106



    ‌Real Estate & Hotels

    (Â¥ billion)

    '24.4-'24.12

    Results

    '25.4-'25.12

    Results

    Changes

    '24.4-'25.3

    Results

    '25.4-'26.3

    Forecast (Announced in Oct.)

    Changes

    Increase

    /Decrease

    %

    Increase

    /Decrease

    %

    Operating revenues

    312.7

    333.5

    +20.8

    106.7

    445.4

    506.0

    +60.5

    113.6

    incl. real estate sales

    12.9

    4.5

    -8.4

    35.1

    45.4

    71.0

    +25.5

    156.1

    Operating income

    86.8

    76.6

    -10.2

    88.2

    120.3

    124.0

    +3.6

    103.0

    incl. real estate sales

    9.5

    4.0

    -5.5

    42.3

    31.5

    48.0

    +16.4

    152.0

    EBITDA

    128.4

    129.5

    +1.0

    100.8

    175.8

    194.0

    +18.1

    110.3

    incl. real estate sales

    9.5

    4.0

    -5.5

    42.3

    31.5

    48.0

    +16.4

    152.0

    Real estate ownership and utilization

    Revenue increased year on year as office leasing revenue increased due to the opening of TAKANAWA GATEWAY CITY and sales of shopping centers and hotels also increased.

    Real estate rotation

    Revenue decreased year on year due to a decrease in real estate sales.

    Real estate management

    Revenue increased year on year due to an increase in number of properties under management.

  • Shopping centers, offices , hotels operating revenue：

Result and plan（Comparison with FY2025.3 Results %）

(Reference) Hotel business results

* Simple aggregation of the hotel businesses of each company

* Figures in parentheses represent April plan.

1Q

2Q

3Q

4Q

FY

Plan

(110)

(110)

110

105

109

Result

110

110

110

(Â¥ billion)

'24.4-'24.12

Results

'25.4-'25.12

Results

Changes

Increase

/Decrease

%

Operating revenues

64.1

68.8

+4.6

107.3

incl.

Hotel

Metropolitan

34.1

35.4

+1.3

103.9

JR-EAST HOTEL METS

15.2

17.3

+2.1

114.3

Operating income

9.7

10.6

+0.8

108.9



‌Real Estate & Hotels (Relevant Indicators)

  • Shopping center leasable space (2025.12)

  • Station buildings Store Sales /Hotels Occupancy Rate, Average Daily Rate

    Others

    LUMINE 23%

    About

    1,099,000 ㎡

    1Q

    2Q

    Oct.

    Nov.

    Dec.

    3Q

    FY

    Station

    buildings

    Store Sales

    YoY（％）

    105

    104

    109

    106

    104

    106

    105

    LUMINE

    （existing）

    104

    102

    107

    106

    103

    105

    104

    atré

    （existing）

    106

    106

    108

    105

    104

    106

    106

    Hotels

    Sales

    YoY（％）

    110

    105

    109

    107

    105

    107

    107

    Occupancy Rate

    ï¼…

    79.3

    80.3

    84.4

    82.2

    78.0

    81.5

    80.4

    YoY（pt）

    -0.1

    +1.4

    +1.1

    +0.1

    +0.5

    +0.5

    +0.6

    Average

    Daily Rate

    Yen/Room

    19,558

    17,870

    20,956

    21,605

    20,584

    21,051

    19,494

    YoY（％）

    112

    103

    112

    110

    105

    109

    108

    atré 24％

    *Including shopping centers classified into retail business

  • Number of hotel rooms (2025.12)

    Others

    Metropolitan Hotels

    43ï¼…

    JR-EAST

    HOTEL METS

    42ï¼…

    10,212

    Guest rooms

  • Office leasable space

    (2025.12)

  • Office vacancy rate (ï¼…)

    Others

    About

    725,000 ㎡

    In Tokyo

    '22.4-'23.3

    '23.4-'24.3

    '24.4-'25.3

    '25.4-'25.12

    Properties operated by JR East Building (in Tokyo)

    4.4

    2.3

    3.7

    1.8

    Market vacancy rate in Tokyo's five central wards (source: Miki Shoji)

    6.41

    5.47

    3.86

    2.22

    82ï¼…



    ‌Others

    (Â¥ billion)

    '24.4-'24.12

    Results

    '25.4-'25.12

    Results

    Changes

    '24.4-'25.3

    Results

    '25.4-'26.3

    Forecast (Announced in Oct.)

    Changes

    Increase

    /Decrease

    %

    Increase

    /Decrease

    %

    Operating revenues

    68.7

    75.0

    +6.3

    109.2

    102.5

    103.0

    +0.4

    100.4

    Operating income

    11.6

    15.7

    +4.1

    135.2

    22.9

    24.0

    +1.0

    104.6

    EBITDA

    35.6

    39.8

    +4.1

    111.8

    55.1

    58.0

    +2.8

    105.2

    Suica and finance

    Revenue increased year on year due to an increase in credit card transaction volume.

    Overseas railway

    Revenue decreased year on year due to a decrease in track construction sales.

    Energy

    Revenue increased year on year due to an increase in construction-related sales in wind power generation.

    Construction

    Revenue increased year on year due to an increase in construction-related sales.

    • IT & Suica operating revenue：Result and plan

      * Figures in parentheses represent April plan.

      1Q

      2Q

      3Q

      4Q

      FY

      (Â¥ billion)

      '24.4-'24.12

      Results

      '25.4-'25.12

      Results

      Changes

      Increase

      /Decrease

      %

      Plan

      (100)

      (105)

      100

      125

      107

      Operating revenues

      46.0

      50.1

      +4.0

      108.8

      Result

      105

      110

      115

      Operating income

      11.3

      12.7

      +1.4

      112.5

      （Comparison with FY2025.3 Results %)

      * IT & Suica operating revenue includes railway facility-related sales of JR East Mechatronics (ticket gate equipment, etc.), which are not included in Suica and finance.

    • Changes in the number of monthly uses of e-money

      (Reference) IT & Suica business results

      1Q

      2Q

      Oct.

      Nov.

      Dec.

      3Q

      FY

      Number

      （millions）

      881

      936

      301

      284

      289

      874

      2,692

      YoY

      （％）

      104

      103

      100

      99

      101

      100

      102

      ‌Inbound Revenue Results
    • Mobility

      (Â¥ billion)



      （Plan）

      52.0

      50.0

      40.0

      30.0

      20.0

      42.8

      （Plan）

      （Plan）

      19.5 18.0

      （Plan）

      33.5 30.5

      10.0

      0.0

      '24.4-'25.3

      FY2025.3

      10.5 9.8

      '25.4-'25.6 '25.4-'25.9 '25.4-'25.12 '25.4-'26.3

      FY2026.3

      * Method of calculating inbound revenue

      Sum of JR East revenue from passes for inbound tourists and individual ticket sales (estimated based on the percentage of English tickets in the total tickets issued).

      Passes for inbound tourists account for approximately 30% of the total.

    • Lifestyle solutions

(Â¥ billion)

50.0

40.0

30.0

20.0

10.0

0.0

43.4

（Plan）

12.0 12.6

（Plan）

22.5 22.5

（Plan）

37.0

（Plan）

50.0

37.8

'24.4-'25.3

FY2025.3

'25.4-'25.6 '25.4-'25.9 '25.4-'25.12 '25.4-'26.3

FY2026.3

* Method of calculating inbound revenue

Sum of room revenue from non-Japanese guests in the hotel business and sales to non-Japanese customers in the SC business, retail stores, and GALA YUZAWA (estimated)



‌Balance Sheets (consolidated)

(Â¥ billion)

As of '25.3 Results

As of '25.12 Results

Changes

Main factors behind changes

Increase

/Decrease

%

Assets

10,174.2

10,425.7

+251.4

102.5

Current assets

1,250.0

1,343.0

+93.0

107.4

Fixed assets

8,924.1

9,082.6

+158.4

101.8

An increase in construction in progress

Liabilities

7,302.0

7,394.8

+92.8

101.3

Current liabilities

1,741.9

1,530.0

-211.9

87.8

A decrease in payables

Long-term liabilities

5,560.0

5,864.8

+304.8

105.5

An increase in bonds

Net Assets

2,872.2

3,030.8

+158.6

105.5

Total Liabilities and Net Assets

10,174.2

10,425.7

+251.4

102.5



(Â¥ billion)

As of '25.3 Results

As of '25.12 Results

Changes

Average interest rate (Comparison with 2025.3 Results)

Increase/Decrease

%

Interest-bearing debt balance

4,955.3

5,114.9

+159.5

103.2

1.71%

(+0.14%)

Bonds

3,246.3

3,344.5

+98.2

103.0

1.49%

(+0.14%)

Long-term loans

1,401.7

1,456.1

+54.3

103.9

1.19%

(+0.22%)

Long-term liabilities incurred for purchase of railway facilities

306.7

304.4

-2.2

99.3

6.55%

(+0.00%)

Other interest-bearing debt

0.4

9.7

+9.2

-

1.89%

(-1.84%)

Net interest-bearing debt balance

4,721.8

4,900.3

+178.5

103.8

‌Interest-bearing debt (consolidated), Capital Expenditures (consolidated), Key Indicator (consolidated)

Interest-bearing debt (consolidated)

Capital Expenditures (consolidated)

(Â¥ billion)

Segment

'24.4-'24.12

Results

'25.4-'25.12

Results

Changes

'25.4-'26.3

Plans

Changes

Increase/Decrease

%

Increase/Decrease

%

Mobility

Transportation

202.1

199.9

-2.1

98.9

422.0

-8.2

98.1

Lifestyle Solutions

Retail & Services,

Real Estate & Hotels, Others

185.9

303.0

+117.0

163.0

485.0

+89.3

122.6

Total

388.0

502.9

+114.8

129.6

907.0

+81.1

109.8

Key Indicators (consolidated)

2025.3

2025.9

First half of FY2026.3

Sales Results

Number of stocks

70

65

Consolidated balance sheet carrying amount (Â¥ billion)

249.3

276.0

5 stocks 27.6

billion yen

Consolidated net assets ratio

8.7%

9.2%

(as of the end of the previous fiscal year)

Cross-shareholding(as of the end of 2Q)

Unit

As of '24.3

Results

As of '25.3

Results

Increase

/Decrease

ROA (return (operating income) on assets)

%

3.6

3.8

+0.2

ROE (return on

shareholder's equity)

%

7.6

8.0

+0.5

Net interest-bearing debt / EBITDA

Times

6.2

6.0

-0.2

‌Appendix



Statements of Income (non-consolidated)

(Â¥ billion)

'24.4-'24.12

Results

'25.4-'25.12

Results

Changes

Main factors behind changes

Increase

/Decrease

%

Operating revenues

1,552.4

1,630.0

+77.6

105.0

Passenger revenues

1,334.4

1,389.3

+54.8

104.1

Others

218.0

240.7

+22.7

110.4

An increase in real estate lease revenues

Operating expenses

1,271.2

1,351.4

+80.1

106.3

Personnel expenses

301.6

320.9

+19.2

106.4

Non-personnel expenses

572.1

619.3

+47.1

108.2

Energy

58.2

58.8

+0.5

101.0

Maintenance

192.2

213.2

+20.9

110.9

An increase in general maintenance expenses

Other

321.6

347.2

+25.6

108.0

An increase in outsourcing expenses

Usage fees to JRTT, etc

62.6

60.8

-1.8

97.1

Taxes

89.1

92.3

+3.1

103.5

Depreciation

245.6

258.0

+12.4

105.1

Operating income

281.2

278.6

-2.5

99.1

Non-operating income or expenses

-33.6

-31.9

+1.7

94.7

Ordinary income

247.5

246.7

-0.7

99.7

Extraordinary gains or losses

5.6

16.5

+10.8

293.3

An increase in sales of investments in securities

Profit

179.8

194.6

+14.7

108.2



Appendix

‌ Balance Sheets (non-consolidated)

(Â¥ billion)

As of '25.3 Results

As of '25.12 Results

Changes

Main factors behind changes

Increase

/Decrease

%

Assets

9,139.4

9,282.1

+142.6

101.6

Current assets

909.9

904.6

-5.2

99.4

Fixed assets

8,229.5

8,377.4

+147.9

101.8

An increase in construction in progress

Liabilities

7,044.3

7,059.8

+15.5

100.2

Current liabilities

1,635.7

1,364.8

-270.9

83.4

A decrease in payables

Long-term liabilities

5,408.5

5,695.0

+286.5

105.3

An increase in bonds

Net Assets

2,095.1

2,222.2

+127.1

106.1

Total Liabilities and Net Assets

9,139.4

9,282.1

+142.6

101.6



Appendix

‌Traffic Volume and Passenger revenues / Major expenses (non-consolidated) - FY2026.3 Plans

Traffic Volume and Passenger revenues

Traffic Volume

(million passenger kilometers)

Passenger Revenues

(Â¥ billion)

'24.4-'25.3

Results

'25.4-'26.3

Oct. Plan

Changes

'24.4-'25.3

Results

'25.4-'26.3

Oct. Plan

Changes

Main factors behind changes

ï¼…

Increase

/Decrease

ï¼…

Shinkansen

22,679

23,710

104.5

583.3

609.3

+25.9

104.5

Commuter Passes

1,758

1,878

106.8

23.6

25.3

+1.6

106.8

Non-commuter Passes

20,920

21,831

104.4

559.6

584.0

+24.3

104.4

・Increase in railway transportation: +18.0

・Inbound tourism: +4.5

・Rebound from natural disasters: +1.5

Conventional Lines

101,628

104,134

102.5

1,185.5

1,223.7

+38.1

103.2

Commuter Passes

61,525

62,351

101.3

404.7

410.2

+5.4

101.3

Non-commuter Passes

40,103

41,782

104.2

780.7

813.5

+32.7

104.2

・Increase in railway transportation: +17.0

・Introduction of Green Cars of the Chuo Line Rapid: +8.0

・Inbound tourism: +4.5

・Rebound from natural disasters: +3.0

Total

124,308

127,844

102.8

1,768.8

1,833.0

+64.1

103.6

Commuter Passes

63,284

64,230

101.5

428.4

435.5

+7.0

101.7

・Increase in railway transportation: +7.0

Non-commuter Passes

61,024

63,614

104.2

1,340.4

1,397.5

+57.0

104.3

Major expenses (non-consolidated)

(Â¥ billion)

'24.4-'25.3

Results

'25.4-'26.3

Oct. Plan

Changes

Main factors behind changes

Increase

/Decrease

%

Personnel expenses

406.2

428.0

+21.7

105.4

[+] Rise in wages

Non-personnel expenses

875.3

932.0

+56.6

106.5

Energy

83.4

85.0

+1.5

101.8

Maintenance

316.3

328.0

+11.6

103.7

[+] Impact of soaring prices and impact of rising labor costs

Other

475.5

519.0

+43.4

109.1

[+] Increase in cost of real estate sales

[+] Impact of soaring prices and impact of rising labor costs

Depreciation

332.8

344.0

+11.1

103.3

[+] Increase in capital investment

‌Appendix

Process Towards the Numerical Targets for FY2032.3







(Announced on : October 30, 2025 July 1, 2025 July 1, 2025)

(Â¥ billion) Operating revenue Transportation

Retail & Services

Real Estate & Hotels Others

EBITDA

Transportation Retail & Services Real Estate & Hotels Others

FY2026.3

forecast

FY2028.3

3,058.0

2,031.0

418.0

506.0

103.0

3,464.0

2,122.0

655.0

573.0

114.0

830.0

493.0

88.0

194.0

58.0

947.0

546.0

107.0

229.0

67.0

Mobility Lifestyle

Solutions

FY2032.3

Over 4 trillion yen

Approx. 1.2 trillion yen

Approx. 600 billion yen

Approx. 600 billion yen

KGI

…Long-term

management goal

KPI

…An indicator used as a benchmark to achieve the KGI

ROA

3.9ï¼…

4.4ï¼…

5% or more

Mobility

2.6ï¼…

3.0ï¼…

3% or more

Lifestyle Solutions

5.4ï¼…

5.8ï¼…

7% or more

Net interest-bearing debt / EBITDA

6.0 x

Approx. 5 x

Approx. 5 x

Mobility

5.3 x

Approx. 5 x

Approx. 5 x

Lifestyle Solutions

6.9 x

Approx. 6 x

Approx. 6 x

ROE

8.1%

8% or more

10% or more

[Reference] Operating income

485.0

Approx. 700 billion yen

Transportation

234.0

Mobility

Approx. 250 billion yen

Retail & Services

83.0

Real Estate & Hotels

138.0 Lifestyle Approx. 450 billion yen

Solutions

Others

32.0

Current outlook

405.0

192.0

68.0

124.0

24.0



Note: Based on the accounting standards applied by our Group as of the end of March 2025.

‌JR East Website, Shareholder & Investor Relations (IR) https://www.jreast.co.jp/en/company/ir/

Forward-Looking Statements

Statements contained in this report with respect to JR East Group's plans, strategies and beliefs that are not historical facts are forward-looking statements about the future performance of JR East Group, which are based on management's assumptions and beliefs in light of the information currently available to it. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause JR East Group's actual results, performance or achievements to differ materially from the expectations expressed herein.

These factors include, without limitation,

  1. JR East Group's ability to successfully maintain or increase current passenger levels on railway services,

  2. JR East Group's ability to expand "Business Connected to Life-style Solutions,"

  3. JR East Group's ability to improve the profitability of each business operation, and

  4. general changes in economic conditions and laws, regulations and government policies in Japan.