FY2026.3 Third Quarter Financial Results Explanatory Materials
February 2, 2026
East Japan Railway Company
I am ITOH Atsuko, the Executive Vice President.
I will now explain our third quarter financial results.
(¥ 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
Consolidated
results
Both revenues and profit increased
(stores inside railway stations), as well as the opening of TAKANAWA GATEWAY CITY.
Segment
〇We have
*Reference
All segments achieved increased revenues
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
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
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.
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.
Highlights of FY2026.3 Third Quarter Financial Results
*EBITDA is calculated by adding depreciation to operating income.
2
There are highlights of the third quarter financial results. The trend has not changed from up to the second quarter. The consolidated financial results show increased revenue and profit, but both operating income and ordinary income decreased year on year.
Operating revenues was 2.24 trillion yen, marking five consecutive years of increased revenue. The increase in railway usage, the strong performance of EKINAKA stores (stores inside railway stations), and the opening of TAKANAWA GATEWAY CITY all contributed.
Operating income was 349.6 billion yen, a decrease of 2.9 billion yen year on year. In addition to the rise in personnel expenses, there is also an impact from the advance use of JR maintenance expenses. Also, because real estate
sales are mainly planned for the fourth quarter this fiscal year, a decrease of the sales has been a factor for a decrease in operating income year on year, as of the third quarter.
On the other hand, due to an increase in gains from the sales of investments in securities, the profit attributable to owners of parent was 219.4 billion yen, an increase of 2.8 billion yen year on year.
By segment, only the Real Estate & Hotel business saw increased revenue but decreased income, while other three segments saw increases in both revenue and income.
Since progress is on track compared to the full-year plan, we do not revise our financial forecast and dividend forecast. The dividend for the full year is planned to be 70 yen, with a dividend payout ratio of 33.3%.
FY2026.3 Third Quarter Financial Results (consolidated):
Changes in Operating Income
An increase in Retail &
An increase
Services/
A decrease in
(¥ billion)
Real Estate & revenues:
in other
real estate
A decrease in An increase
Hotels revenues:
*excluding real estate sales
About +45.5
sales revenue: cost of real
About +22.0
About -8.5
in personnel estate sales: expenses: About +3.0 About -32.0
An increase in JR East
transportation revenues: About +55.0
An increase in JR East maintenance expenses: About -21.0
An increase in cost in
Retail & Services/ Real Estate & Hotels:
*excluding real estate sales
About -12.5
An increase in other expenses:
About -54.5
3
Expenses -116.8
（ decrease in income due to increases in expenses ）
Revenues +113.9
'25.4-'25.12
'24.4-'24.12
349.6
(-2.9)
352.5
This is the change in consolidated operating income in the third quarter from the previous year.
The increase in revenue is contributed by an increase of approximately 55.0 billion yen in JR transportation revenues. Among these, commuter passes increased by about 6.5 billion yen, and non-commuter passes by about 48.5 billion yen.
Increases in revenue from Retail & Services, as well as Real Estate & Hotels
(excluding real estate sales), and other revenues have also contributed.
On the cost side, personnel expenses increased by about 32.0 billion yen across the entire group, and JR maintenance expenses increased by about
21.0 billion yen. Regarding Retail & Services and Real Estate & Hotels, costs have increased in line with the increase in revenue.
Regarding the increase in other expenses, it includes higher depreciation expenses and taxes resulting from active capital expenditures focused on growth investment.
(¥ 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
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
Statements of Income (consolidated)
* The segment breakdown of operating revenues: operating revenues from outside customers
4
These are the consolidated statements of income.
Details by segment will be explained later.
Non-operating expenses increased by 6.4 billion yen year on year. The main factor is the increase in interest payments due to the recent rise in interest rates.
The increase in extraordinary gains is due to an increase in gains on sales of
investments in securities.
(¥ 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.
* 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
Transportation
Railway Business Passenger Revenues ：Res ult and plan
(Comparison with FY2025.3 Results %)
5
Operating revenues of the Transportation segment grew significantly, increasing by 70.4 billion yen or 104.9% year on year.
Passenger revenues increased by 54.8 billion yen, and sales of railcars for public and private railways by Japan Transport Engineering Company (J-TREC) also increased compared to the previous year.
On the other hand, operating income saw a slight increase of 0.3 billion yen compared to the previous year, limited by increased personnel expenses and maintenance expenses.
Due to the advance use of maintenance expenses and other factors, operating income in the fourth quarter is expected to improve compared to the previous year, with full-year segment operating income forecasted at 192.0 billion yen, an increase of 15.9 billion yen from the previous year.
Traffic Volume
(million passenger kilometers)
Passenger Revenues
(¥ 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
％
Increase
/Decrease
％
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
Traffic Volume and Passenger Revenues
* 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.
6
These are the actual figures for traffic volume and passenger revenues.
Please take a look at the "Total" column at the very bottom. Revenue from commuter passes increased to 101.9% compared to the previous year due to a return to the office, and revenue from non-commuter passes also rose sharply to 104.8%.
Revenue from non-commuter passes was driven by strong performance in the Shinkansen and conventional lines in the Kanto area network.
The introduction of Green Cars of the Chuo Line Rapid has generated an effect of 6.1 billion yen. We anticipate 8.0 billion yen annually. Although there was some resistance to adoption initially, we are slightly above the plan as of the third quarter.
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（Takas aki-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
Transportation (Relevant Indicators)
Railway Revenue, Shinkansen Passenger Volume and Commuter Passes Use on weekdays
（Comparison with FY2025.3 Results %）
* 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.
7
These are relevant indicators for the Transportation business.
The Shinkansen passenger volume is strong compared to the previous year for all directions including Tohoku, Joetsu, and Hokuriku.
The Hokuriku route, in particular, has increased by more than 10% compared to the pre-COVID-19 period (FY 2019.3). In the third quarter, many tourists to the Toyama and Kanazawa areas used the Shinkansen service.
For the Joetsu Shinkansen, usage on relatively short sections such as between the Tokyo metropolitan area and Takasaki is also strong, which we believe is supported by a favorable business travel demand.
Even when separated by weekdays and holidays, in both the third quarter accounting period and the cumulative fiscal year, weekday performance against the previous year (%) has consistently surpassed that of holidays.
(¥ 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.
* 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
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
Retail & Services
Retail and Transportation advertising operating revenue：Result and plan（Comparison with FY2025.3 Results %）
Retail & Services：Changes in revenue（Comparison with FY2025.3 Results %）
8
Operating revenue for the Retail & Service business increased by 16.4 billion yen compared to the previous year, with the strong usage of EKINAKA stores (JR East Cross Station) accounting for a large portion of this.
Advertising revenue is also growing. Operating revenue from transportation advertising (in the middle section of the slide) progressed according to plan, reaching about 110% of the previous year's figure. Although it is about 80% compared to the pre-COVID-19 period, it is gradually recovering.
(¥ 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.
* Figures in parentheses represent April plan.
1Q
2Q
3Q
4Q
FY
Plan
(110)
(110)
110
105
109
Result
110
110
110
(¥ 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
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
9
Operating revenue in the Real Estate & Hotel business increased by 20.8 billion yen compared to the previous year. JR East Building saw a significant increase in revenue due to the opening of TAKANAWA GATEWAY CITY and others, and Nippon Hotel also recorded increased revenue.
Operating income for the entire segment decreased by 10.2 billion yen, of which about half, 5.5 billion yen, was due to differences in real estate sales projects. The remaining approximately half is due to the opening expenses of TAKANAWA GATEWAY CITY, depreciation costs, and other factors.
TAKANAWA GATEWAY CITY is expected to become profitable starting FY 2027.3.
SCs, offices, and hotels are progressing as planned. Sales have been steadily growing mainly at existing stores, and the efforts of each store's operations are properly translating into revenues, which we evaluate positively.
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
％
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
'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
Real Estate & Hotels (Relevant Indicators)
- Shopping center leasable space ■Station buildings Store Sales/Hotels Occupancy Rate, Average Daily Rate
LUMINE 23%
About
Others
1,099,000 ㎡
atré 24％
*Including shopping centers classified into retail business
- Number of hotel rooms (2025.12)
Others
JR-EAST HOTEL METS
42％
Metropolitan Hotels
43％
10,212
Guest rooms
- Office leasable space (2025.12)
In Tokyo
- Office vacancy rate (％)
Others
82％
About
725,000 ㎡
10
These are relevant indicators for the Real Estate & Hotel business.
Please take a look at the hotel's sales.
The first quarter was strong, capturing Easter demand. In the second quarter, there was a temporary downturn due to the impact of earthquake predictions, but by the third quarter, we had overcome this and sales were 107% compared to the previous year.
Regarding travel restrictions from China, there was no significant impact in the third quarter. We are closely monitoring trends toward the fourth quarter and are also striving to attract customers from other countries.
The office vacancy rate has improved significantly to 1.8% compared to the end of the previous fiscal year. The situation of existing properties is improving by leveraging the strengths of being near the station and relatively new.
(¥ 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.
* Figures in parentheses represent April plan.
1Q
2Q
3Q
4Q
FY
(¥ 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
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
Others
IT & Suica operating revenue：Result and plan
（Comparison with FY2025.3 Results %)
(Reference) IT & Suica business 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
11
Others have seen increases in both revenue and income, with operating income growth (135.2% compared to the previous year) outpacing operating revenue growth (109.2% compared to the previous year).
This is due to a rebound increase caused by recording the costs of partial withdrawal from wind power development in the previous year.
The number of e-money transactions showed little growth, reaching 100% year-on-year for the third quarter accounting period and 102% for the fiscal year-to-date.
- Lifestyle solutions
(¥ billion)
50.0
40.0
30.0
20.0
10.0
0.0
43.4
（Plan）
37.0
（Plan）
50.0
37.8
（Plan）
12.0
（Plan）
22.5 22.5
12.6
'24.4-'25.3 '25.4-'25.6
'25.4-'25.9
'25.4-'25.12
'25.4-'26.3
FY2025.3
* Method of calculating inbound revenue
FY2026.3
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)
12
* 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.
FY2026.3
'25.4-'26.3
'25.4-'25.12
'25.4-'25.9
'25.4-'25.6
'24.4-'25.3
FY2025.3
18.0
（Plan）
19.5
（Plan）
10.5 9.8
30.5
（Plan）
33.5
42.8
50.0
40.0
30.0
20.0
10.0
0.0
（Plan）
52.0
Inbound Revenue Results
Mobility
(¥ billion)
Inbound revenue from Mobility was about 3.0 billion yen short of the cumulative plan for the third quarter, amounting to 30.5 billion yen against the planned 33.5 billion yen. Because there was already a slight shortfall compared to the plan as of the second quarter, we were hoping to make a recovery in the second half, but the gap compared to the plan further widened in the third quarter.
Of the approximately 3.0 billion yen deficit, about half is due to the impact of the earthquake prediction, and the remaining half is analyzed as the result of insufficient effectiveness of our company's measures.
In particular, we have been aiming to recover demand from Taiwanese customers who had used our services extensively until now, but there are still some parts we haven't fully captured yet.
In the fourth quarter, we are focusing on collaboration with OTAs (Online Travel Agents) and internet advertising.
Inbound revenue from Lifestyle Solutions slightly exceeded the plan, reaching
37.8 billion yen.
(¥ 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
Balance Sheets (consolidated)
13
The consolidated balance sheet is as shown.
(¥ 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
(¥ 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
(as of the end of the previous fiscal year)Interest-bearing debt (consolidated), Capital Expenditures (consolidated), Key Indicator (consolidated)
Interest-bearing debt (consolidated)
Capital Expenditures (consolidated)
Key Indicators (consolidated) Cross-shareholding(as of the end of 2Q)
2025.3
2025.9
First half of FY2026.3
Sales Results
Unit
As of '24.3 Results
As of '25.3 Results
Increase
/Decrease
Number of stocks
70
65
ROA (return (operating income) on assets)
%
3.6
3.8
+0.2
Consolidated balance sheet carrying amount (¥ billion)
249.3
276.0
5 stocks 27.6
billion yen
ROE (return on
shareholder's equity)
%
7.6
8.0
+0.5
Consolidated net assets ratio
8.7%
9.2%
Net interest-bearing debt / EBITDA
Times
6.2
6.0
-0.2
14
These are the consolidated interest-bearing debt, capital expenditures, and key indicators.
The net interest-bearing debt balance has reached 103.8% compared to the end of the previous fiscal year.
The average interest rate has gradually increased and is now 1.71% for all interest-bearing debt.
Consolidated capital expenditures for this fiscal year are expected to be 907.0 billion yen, progressing steadily with a focus on growth investments in Lifestyle Solutions such as TAKANAWA GATEWAY CITY and OIMACHI TRACKS.
Please refer to the other key indicators for reference.
Regarding cross-shareholding, the sales results for the first half of the year (5 stocks / 27.6 billion yen) are listed, but we have also made some sales in the third quarter.
Appendix | ||||||||||
Statements of Income (non-consolidated) | ||||||||||
(¥ 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 | ||||||
15 | ||||||||||
Appendix | |||||||||
Balance Sheets (non-consolidated) | |||||||||
(¥ 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 | |||||
16 | |||||||||
Traffic Volume and Passenger revenues / Appendix Major expenses (non-consolidated) - FY2026.3 Plans Traffic Volume and Passenger revenues Major expenses (non-consolidated) | ||||||||
(¥ billion) | '24.4-'25.3 Results | '25.4-'26.3 Oct. Plan | Changes | Main factors behind changes | 17 | |||
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 | |||
Traffic Volume (million passenger kilometers) | Passenger Revenues (¥ 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 | |||
％ | Increase /Decrease | ％ | |||||||
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 | ||
3,058.0 |
2,031.0 |
418.0 |
506.0 |
103.0 |
830.0 |
493.0 |
88.0 |
194.0 |
58.0 |
ROA | 3.9％ | 4.4％ | 5% or more | |
Mobility | 2.6％ | 3.0％ | 3% or more | |
Lifestyle Solutions | 5.4％ | 5.8％ | 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 Others | 138.0 Lifestyle Approx. 450 billion yen Solutions 32.0 | |||
Process Towards the Numerical Targets for FY2032.3
(Announced on :
(¥ billion) Operating revenue Transportation
Retail & Services
Real Estate & Hotels Others
October 30, 2025
FY2026.3
forecast
July 1, 2025
FY2028.3
3,464.0
2,122.0
655.0
573.0
114.0
947.0
546.0
107.0
229.0
67.0
July 1, 2025)
FY2032.3
Over 4 trillion yen
KGI
…Long-term management goal
EBITDA
Transportation Retail & Services Real Estate & Hotels
Others
Mobility
Approx. 1.2 trillion yen
Approx. 600 billion yen
Lifestyle
Solutions
Approx. 600 billion yen
KPI
…An indicator used as a benchmark to achieve the KGI
Current outlook
Note: Based on the accounting standards applied by our Group as of the end of March 2025.
18
Appendix
405.0 |
192.0 |
68.0 |
124.0 |
24.0 |
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,
JR East Group's ability to successfully maintain or increase current passenger levels on railway services,
JR East Group's ability to expand "Business Connected to Life-style Solutions,"
JR East Group's ability to improve the profitability of each business operation, and
general changes in economic conditions and laws, regulations and government policies in Japan.
JR East Website, Shareholder & Investor Relations (IR)https://www.jreast.co.jp/en/company/ir/
Today, along with the third quarter financial results, we released information about the expansion of the shareholder benefit program (shareholder service coupons).
The intention is to make the shareholder service coupons more user-friendly and attractive in order to increase the ratio of individual shareholders.
From shipments scheduled for late June 2026 onward, we will expand the content, including setting up a new menu where shopping at NewDays is always discounted by 5%.
Additionally, while shareholder service coupons have previously been issued to shareholders owning 300 shares or more, this will be changed to issuance to shareholders owning 100 shares or more.