January 30, 2026
Business forecasts and other projections herein are based on information available at present and logical assessments and do not represent any promise by the Company. The actual results may differ significantly from these projections due to various factors.
9042 https://www.hankyu-hanshin.co.jp/en/
â€Œâ… ï¼ŽPerformance Highlights for the Third Quarter of Fiscal 2026 (Ending March 2026)
‌Q3 FY2026 Results | FY2025 Results | Change | |
Consolidated Subsidiaries 112 companies | 111 companies +1 (4 companies increase, 3 companies decrease) | ||
Equity-Method Affiliates 15 companies | 13 companies +2 (2 companies increase) | ||
Total | 127 companies | 124 companies +3 companies | |
Consolidated Statements of Income (Summary)
Remarks
Change
Q3 FY2025
Results
Q3 FY2026
Results
(Â¥ million)
Operating revenue | 881,504 | 804,380 +77,124 ( +9.6% ) | |||||
Operating profit | 111,243 | 92,661 | +18,581 | ( +20.1% | ) | For details, please see P4. | |
[Business profit] | [112,143] | [93,615] | [+18,528] | [ +19.8% | ] | ||
Non-operating income | 19,686 | 17,534 | +2,151 | Share of profit of entities accounted for using equity method +482 | |||
Non-operating expenses | 15,225 | 12,173 | +3,052 | Interest expenses +2,673 | |||
Ordinary profit | 115,703 | 98,023 | +17,680 | ( +18.0% | ) | ||
Extraordinary income | 2,537 | 2,027 | +509 | ||||
Extraordinary losses | 9,423 | 4,597 | +4,825 | Provision for loss on removal of property and equipment +6,265 | |||
Profit attributable to owners of parent | 73,800 | 67,974 | +5,825 | ( +8.6% | ) | ||
[Reference] | |||
Depreciation and amortization | 51,096 | 47,525 | +3,571 |
Financial balance (1) - (2) | -9,191 | -7,030 | -2,160 |
Interest and dividend income (1) | 2,267 | 1,754 | +513 |
Interest expenses (2) | 11,458 | 8,785 | +2,673 |
‌Key results in current period
Revenue and profit increased as a result of strong performance in the Sports business following the Hanshin Tigers' victory in the league championship and an increase in overseas travel in the Travel segment in addition to demand captured in the Urban Transportation segment and Hotel business in association with the Expo 2025 Osaka, Kansai, Japan, together with an increase in revenue from condominium sales in the Real Estate segment.
(Â¥ million) | Operating revenue | Operating profit [Business profit] | ||||
Q3 FY2026 Results | Q3 FY2025 Results | Change | Q3 FY2026 Results | Q3 FY2025 Results | Change | |
Urban Transportation | 162,357 | 154,125 | +8,232 | 32,449 | 29,887 | +2,562 |
Real Estate | 270,173 | 241,592 | +28,580 | 50,044 | 40,534 | +9,509 |
[50,945] | [41,488] | [+9,456] | ||||
Entertainment | 73,313 | 66,686 | +6,627 | 15,699 | 14,593 | +1,105 |
Information and Communication Technology | 48,367 | 47,160 | +1,207 | 3,397 | 3,638 | -240 |
Travel | 233,153 | 201,331 | +31,821 | 9,976 | 7,559 | +2,417 |
International Transportation | 78,969 | 77,833 | +1,136 | 1,421 | -1,739 | +3,160 |
Other | 48,362 | 46,722 | +1,639 | 2,524 | 2,496 | +28 |
Adjustment | -33,193 | -31,071 | -2,121 | -4,270 | -4,308 | +37 |
Total | 881,504 | 804,380 | +77,124 | 111,243 | 92,661 | +18,581 |
[112,143] | [93,615] | [+18,528] | ||||
Consolidated Statements of Income (Breakdown for each business segment)
Note: 1) Business profit = Operating profit + Equity-method gains/losses related to overseas business investments
2) Effective from FY2026, the revenue and expenses of certain subsidiaries engaged in the Retailing business within the Urban Transportation segment
‌Revenue and profit increased, driven by factors such as the Expo 2025 Osaka, Kansai, Japan, an increase in transportation revenue on the Hankyu and Hanshin lines in the Railway business, and an increase in transportation revenue in the Automobile business.
Urban Transportation Results
Q3 FY2026
Results
Q3 FY2025
Results
Change
%
(Â¥ million)
Operating revenue | 162,357 | 154,125 | +8,232 | +5.3% |
Operating profit | 32,449 | 29,887 | +2,562 | +8.6% |
Opertating revenue
Operating profit
Q3 FY2026
Results
Q3 FY2025
Results
Change
Q3 FY2026
Results
Q3 FY2025
Results
Change
(Â¥ billion)
[Breakdown by type of business]
Railway | 120.9 | 115.2 | +5.7 | 33.1 | 31.6 | +1.5 |
Automobile | 36.2 | 33.4 | +2.7 | 3.8 | 2.2 | +1.6 |
Retailing | 6.0 | 6.5 | -0.5 | 1.2 | 1.3 | -0.1 |
Others | 5.7 | 5.7 | -0.0 | 0.4 | 0.3 | +0.1 |
Note: Not including head office expenses / adjustments. 5
[Urban Transportation] Railway Performance Results
‌Hankyu Corporation
Fare revenues (Â¥ million) | Passenger volumes (Thousands) | |||||||
Q3 FY2026 Results | Q3 FY2025 Results | Change | Q3 FY2026 Results | Q3 FY2025 Results | Change | |||
Commuter pass | 25,635 | 25,073 | +561 | (+2.2%) | 251,329 | 245,059 | +6,269 | (+2.6%) |
Workers | 22,208 | 21,735 | +473 | (+2.2%) | 173,682 | 169,885 | +3,797 | (+2.2%) |
Students | 3,426 | 3,338 | +88 | (+2.6%) | 77,646 | 75,173 | +2,472 | (+3.3%) |
Other tickets | 49,361 | 46,680 | +2,681 | (+5.7%) | 227,345 | 217,888 | +9,457 | (+4.3%) |
Total | 74,996 | 71,753 | +3,243 | (+4.5%) | 478,674 | 462,947 | +15,727 | (+3.4%) |
Fare revenues (Â¥ million) | Passenger volumes (Thousands) | |||||||
Q3 FY2026 Results | Q3 FY2025 Results | Change | Q3 FY2026 Results | Q3 FY2025 Results | Change | |||
Commuter pass | 9,775 | 9,420 | +355 | (+3.8%) | 97,509 | 94,644 | +2,864 | (+3.0%) |
Workers | 8,822 | 8,489 | +332 | (+3.9%) | 77,428 | 75,102 | +2,326 | (+3.1%) |
Students | 952 | 930 | +22 | (+2.4%) | 20,080 | 19,542 | +538 | (+2.8%) |
Other tickets | 19,016 | 17,369 | +1,646 | (+9.5%) | 95,945 | 89,045 | +6,899 | (+7.7%) |
Total | 28,791 | 26,790 | +2,001 | (+7.5%) | 193,454 | 183,690 | +9,764 | (+5.3%) |
Note: 1) Revenue amounts less than one million yen, and numbers of passengers less than one thousand, are omitted.
For Hankyu Railway, "other ticket revenue/ridership" includes revenue/ridership associated with the PiTaPa usage sections.
Sum of tier 1 and tier 2 railway operators for both Hankyu Corporation and Hanshin Electric Railway.
Barrier-free charge is added to regular rail fares and included in the fare revenues from "Other tickets" and "Commuter pass: workers" for both Hankyu Corporation and Hanshin Electric Railway.
6
‌Revenue and profit increased, driven by the sale of high-priced condominiums in the Housing business and growth in the Overseas real estate business. In addition, the Real estate leasing business continued to perform steadily across properties and the sale of a short-term recovery-based logistics facility during the period contributed to performance.
(Â¥ million) | Q3 FY2026 Results | Q3 FY2025 Results | Change | % |
Operating revenue | 270,173 | 241,592 | +28,580 | +11.8% |
Operating profit | 50,044 | 40,534 | +9,509 | +23.5% |
[Business profit] | [50,945] | [41,488] | [+9,456] | [+22.8%] |
Real Estate Results
[Breakdown by type of business]
Opertating revenue
Operating profit
Q3 FY2026
Results
Q3 FY2025
Results
Change
Q3 FY2026
Results
Q3 FY2025
Results
Change
(Â¥ billion)
Real estate leasing
and others
148.8
136.3
+12.5
38.1
35.4
+2.7
Housing
89.3
77.1
+12.2
Overseas real estate
10.2
6.6
+3.6
Hotel
52.9
50.2
+2.7
14.1
4.7
[5.6]
4.4
8.7
1.4
[2.4]
4.2
+5.4
+3.3
[+3.2]
+0.1
Note: 1) Not including head office expenses / adjustments.
Business profit = Operating profit + Equity-method gains/losses related to overseas business investments
Beginning in FY2026, business names within the Real Estate segment have been revised from "Real estate leasing" to "Real estate leasing and others,
" and "Real estate sales and others" to "Housing," respectively. Additionally, revenue and expenses previously included under "Real estate sales and others, such as those from property management, building maintenance, real estate funds, and REITs, will now be included under "Real estate leasing and others."
Comparative figures for the same period of the previous fiscal year have also been restated accordingly. 7
‌Revenue and profit in the Stage business decreased following a decline in the number of performances at the Umeda Arts Theater and a decline in the sales of Takarazuka Revue-related merchandise, despite an increase in the number of Takarazuka Revue performances. Despite this, revenue and profit for the Entertainment segment as a whole increased following strong performance in the Sports business on the back of the Hanshin Tigers' league championship win.
Entertainment Results
%
Change
Q3 FY2025
Results
Q3 FY2026
Results
(Â¥ million)
Operating revenue | 73,313 | 66,686 | +6,627 | +9.9% |
Operating profit | 15,699 | 14,593 | +1,105 | +7.6% |
Opertating revenue
Operating profit
Q3 FY2026
Results
Q3 FY2025
Results
Change
Q3 FY2026
Results
Q3 FY2025
Results
Change
(Â¥ billion)
[Breakdown by type of business]
Sports | 48.6 | 41.0 | +7.6 | 15.2 | 12.8 | +2.4 |
Stage | 24.6 | 25.6 | -1.0 | 2.0 | 3.2 | -1.2 |
Note: Not including head office expenses / adjustments.
‌While orders related to transportation terminal management systems in the information services business and gains in Internet service subscribers in the Broadcast and communications business led to an increase in revenue, profits decreased as a result of higher expenses.
Information and Communication Technology Results
Travel Results
%
Change
Q3 FY2025
Results
Q3 FY2026
Results
(Â¥ million)
Operating revenue | 48,367 | 47,160 | +1,207 | +2.6% |
Operating profit | 3,397 | 3,638 | -240 | -6.6% |
Revenue and profit increased, driven by a rise in long-distance tour bookings in overseas travel, steady performance in domestic travel, and the receipt of transportation support service contracts related to the Expo 2025, Osaka, Kansai, Japan.
%
Change
Q3 FY2025
Results
Q3 FY2026
Results
(Â¥ million)
Operating revenue | 233,153 | 201,331 | +31,821 | +15.8% |
Operating profit | 9,976 | 7,559 | +2,417 | +32.0% |
‌Revenue and profit increased, driven by a recovery in air freight across Japan, East Asia, and ASEAN regions.
International Transportation Results
%
Change
Q3 FY2025
Results
Q3 FY2026
Results
(Â¥ million)
Operating revenue | 78,969 | 77,833 | +1,136 | +1.5% |
Operating profit | 1,421 | -1,739 | +3,160 | - |
Consolidated Balance Sheets
Q3 FY2026 Results FY2025 Results Change Remarks
‌(¥ million)
AssetsCurrent assets | 708,334 | 618,119 | +90,215 |
Non-current assets | 2,734,620 | 2,665,334 | +69,285 |
Total assets | 3,442,955 | 3,283,453 | +159,501 |
Current liabilities | 529,144 | 536,001 | -6,856 |
Non-current liabilities | 1,728,594 | 1,614,992 | +113,602 |
Total liabilities | 2,257,739 | 2,150,993 | +106,745 |
Shareholders' equity | 1,024,411 | 975,572 | +48,839 |
Accumulated other comprehensive income | 62,411 | 60,319 | +2,091 |
Non-controlling interests | 98,393 | 96,568 | +1,825 |
Total net assets | 1,185,216 | 1,132,460 | +52,755 |
Equity ratio | 31.6% | 31.5% | +0.1P |
Land and buildings for sale +93,770 Investment securities +75,914
Change
Property, plant and equipment and intangible assets -7,797
Q3 FY2026
Results
FY2025
Results
Debt | 1,041,531 | 943,393 | +98,138 |
Bonds | 335,000 | 325,000 | +10,000 |
Commercial papers | 50,000 | - | +50,000 |
Lease liabilities | 12,076 | 14,382 | -2,306 |
Interest-bearing debt | 1,438,608 | 1,282,775 | +155,832 |
Net interest-bearing debt | 1,375,631 | 1,221,723 | +153,908 |
Decrease in accounts payable
Net assetsProfit attributable to owners of parent +73,800 Payment dividend -19,156
Note: Net interest-bearing debt = Interest-bearing debt - Cash and Deposits 11
‌Ⅱ． Forecasts for Fiscal 2026 (Ending March 2026)‌Cumulative operating profit (business profit) for the first three quarters progressed with a favorable upward trend, primarily in the Urban Transportation segment and Real Estate segment.
On the other hand, with labor costs and material prices expected to continue to rise in the future, we are carrying out capital investments and repair work, such as the installation of barrier-free equipment, while keeping future railway fare revision in mind in the Urban Transportation segment.
Moreover, we will proactively spend on sales promotion and other related expenses, in the fourth quarter single period with an eye on results in the next fiscal year in other segments as well. Therefore, the previously announced figures remain unchanged.
Consolidated Statements of Income (Summary) ※No change from the FY2026 forecasts (as of Oct.)
Change
FY2025
Results
FY2026
Forecasts (As of October)
(Â¥ billion)
Operating revenue | 1,200.0 | 1,106.9 | +93.1 | (+8.4%) |
Operating profit | 127.4 | 110.9 | +16.5 | (+14.9%) |
[Business profit] | [129.0] | [112.1] | [+16.9] | [+15.1%] |
Ordinary profit | 125.0 | 111.2 | +13.8 | (+12.4%) |
Profit attributable to owners of parent | 78.0 | 67.4 | +10.6 | (+15.8%) |
Note: Business profit = Operating profit + Equity-method gains/losses related to overseas business investments