Financial Report for the Year Ended March 31, 2026 (FY2025) [J-GAAP] (Consolidated)
May 8, 2026
Company name: Japan Airport Terminal Co., Ltd. ("the Company") Listed stock exchange: Tokyo, Prime Market Code number: 9706 URL: https://www.tokyo-airport-bldg.co.jp/company/en/
Representative: Kazuhito Tanaka, Representative Director and President
Contact: Isamu Jinguji, Director, Senior Managing Executive Officer TEL 03-5757-8409 Scheduled date of annual general meeting of shareholders: June 25, 2026
Scheduled date of commencing dividend payment: June 26, 2026
Scheduled date of filing securities report: June 22, 2026 Supplementary materials on financial results (yes/no): Yes
Holding of quarterly investors' meeting (yes/no): Yes (for institutional investors and financial analysts)
(Figures are rounded down to the nearest million yen.)
Consolidated Financial Results for the Year Ended March 31, 2026 (April 1, 2025 to March 31, 2026)
Consolidated Business Results (%: Change from the previous period)
Operating revenues
Operating income
Ordinary income
Net income attributable to owners of the parent
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
FY2025
289,823
7.4
45,043
16.8
43,704
22.3
29,139
6.1
FY2024
269,923
24.1
38,557
30.6
35,723
31.2
27,470
42.7
(Note) Comprehensive income: FY2025 ¥40,792million (1.6%) FY2024 ¥41,447million (43.4%)
Net income per share
Diluted net income per share
Return on equity
Ordinary income to total assets
Operating income to operating revenues
Yen
Yen
%
%
%
FY2025
313.95
-
14.7
9.1
15.5
FY2024
295.61
-
15.5
7.7
14.3
(Reference) Equity in earnings of affiliates: FY2025 ¥1,407million FY2024 ¥998 million
Consolidated Financial Position
Total assets
Net assets
Equity capital to total assets
Net assets per share
Millions of yen
Millions of yen
%
Yen
As of March 31, 2026
491,972
229,885
42.7
2,265.71
As of March 31, 2025
469,955
198,347
39.9
2,019.12
(Reference) Equity capital: As of March 31, 2026 ¥210,312million As of March 31, 2025 ¥187,383 million
Consolidated Cash Flows
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Cash and cash equivalents at the year-end
Millions of yen
Millions of yen
Millions of yen
Millions of yen
FY2025
71,569
(39,442)
(21,168)
96,837
FY2024
53,813
(12,843)
(30,529)
85,878
Dividends
Dividends per share
Total dividends (annual)
Dividend payout ratio
(consolidated)
Dividends on net assets
(consolidated)
Q1-End
Q2-End
Q3-End
Year-End
Annual
Yen
Yen
Yen
Yen
Yen
Millions of yen
%
%
FY2024
-
35.00
-
55.00
90.00
8,382
30.5
4.7
FY2025
-
45.00
-
50.00
95.00
8,847
30.4
4.4
FY2026 (Forecast)
-
48.00
-
47.00
95.00
36.6
Forecast of Consolidated Financial Results for FY2026 (April 1, 2026 to March 31, 2027)
(%: Change from the same period of the previous year)
Operating revenues | Operating income | Ordinary income | Net income attributable to owners of the parent | Net income per share | |||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
First half | 145,000 | 2.4 | 23,300 | 8.6 | 23,800 | 16.8 | 15,000 | 11.9 | 161.60 |
Full-year | 296,700 | 2.4 | 45,600 | 1.2 | 45,800 | 4.8 | 24,200 | (17.0) | 260.71 |
Notes
Significant changes in subsidiaries during the year under review (changes in specified subsidiaries involving changes in scope of consolidation): No
Changes in accounting policies, accounting estimates, and restatement of revisions
Changes in accounting policies due to revisions to accounting standards, etc.: None
Changes in accounting policies other than 1) above: None
Changes in accounting estimates: None
Restatement of revisions: None
Number of shares outstanding (common stock)
1) Number of shares outstanding at the period- end (including treasury stock): | As of March 31, 2026 | 93,145,400 | shares | As of March 31, 2025 | 93,145,400 | shares |
2) Number of treasury stock at the period-end: | As of March 31, 2026 | 321,173 | shares | As of March 31, 2025 | 340,876 | shares |
3) Average number of shares outstanding during the period: | Year ended March 31, 2026 | 92,815,463 | shares | Year ended March 31, 2025 | 92,929,477 | shares |
(Note) The Company introduced the Board Incentive Plan (BIP) Trust. The number of shares held by the trust is included in the treasury stock.
(Reference) Summary of Non-Consolidated Financial Results
Financial Results for the Year Ended March 31, 2026 (April 1, 2025 to March 31, 2026)
Non-Consolidated Business Results (%: Change from the previous period)
Operating revenues
Operating income
Ordinary income
Net income
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
FY2025
189,614
10.5
19,317
31.4
21,022
29.9
15,254
36.2
FY2024
171,658
19.7
14,702
(6.1)
16,185
(6.3)
11,200
0.2
Net income per share
Diluted net income per share
Yen
Yen
FY2025
164.36
-
FY2024
120.52
-
Non-Consolidated Financial Position
Total assets
Net assets
Equity capital to total assets
Net assets per share
Millions of yen
Millions of yen
%
Yen
As of March 31, 2026
360,605
161,910
44.9
1,744.27
As of March 31, 2025
346,384
154,487
44.6
1,664.66
(Reference) Equity capital: As of March 31, 2026 ¥161,910million As of March 31, 2025 ¥154,487million
*This financial report is not subject to audits by certified public accountants or auditing firms.
*Statements regarding the proper use of financial forecast and other special remarks Notes on the use of forward-looking statements
The forecast of the business results reported herein was prepared based on information the Company had in its possession as of the time this report was prepared and on certain assumptions judged to be reasonable. The Company makes no guarantee that these figures will be achieved. Actual results may differ significantly from forecasts due to various factors. For the assumptions used in financial forecasts and precautionary statements regarding the use of the forecasts, please refer to page 6 of the appendix materials "1. Analysis of Business and Financial Results (4) Forecast for FY2026 (the fiscal year ending March 31, 2027)".
Supplementary materials on financial results and details of presentation at investors' meeting
An investors' meeting is planned to be held on Wednesday, May 13, 2026, for financial analysts.
Presentation materials used in the meeting will be promptly posted on the Company's website following the meeting.
Contents of the Appendix Materials
Analysis of Business and Financial Results 2
Analysis of Consolidated Business Results for FY2025 2
Analysis of Consolidated Financial Position for FY2025 5
Analysis of Consolidated Cash Flows for FY2025 5
Forecast for FY2026 (the fiscal year ending March 31, 2027)… 6
Basic Policy on Distribution of Profits and Dividend Payment for FY2024 and FY2025 6
Basic Approach on Selection of Accounting Standards 7
Consolidated Financial Statements and Main Notes 8
Consolidated Balance Sheets 8
Consolidated Statements of Income and Consolidated Statements of Comprehensive Income 10
Consolidated Statements of Income 10
Consolidated Statements of Comprehensive Income 11
Consolidated Statements of Changes in Shareholders' Equity 12
Consolidated Statements of Cash Flows 14
Notes on the Consolidated Financial Statements 16
(Notes on the Premise of a Going Concern)… 16
(Basic Important Conditions to Prepare Consolidated Financial Statements) 16
(Notes on Consolidated Balance Sheets) 19
(Notes on Consolidated Statements of Income) 21
(Notes on Consolidated Statements of Cash Flows) 22
(Segment Information) 22
(Change in Presentation Method) 24
(Per Share Information) 25
(Significant Subsequent Events) 25
Non-Consolidated Financial Statements 26
Non-Consolidated Balance Sheets 26
Non-Consolidated Statements of Income 28
Non-Consolidated Statements of Changes in Shareholders' Equity 29
Other 31
Analysis of Business and Financial Results
Analysis of Consolidated Business Results for FY2025
During the fiscal year ended March 31, 2026, the Japanese economy recovered at a gradual pace. Looking ahead, this trend is expected to continue thanks to the impact of various policies and as the situation around labor and income improves, though it is still necessary to closely monitor the impact of the Middle East situation. Moreover, it is necessary to continue to monitor the volatility in the financial and capital markets as well as the trends surrounding U.S. trade policies.
In the airline industry, the number of foreign tourists visiting Japan exceeded 42 million in calendar year 2025, setting a new annual record. At Haneda Airport, the domestic and international passenger volumes remained strong in the current fiscal year, increasing by about 3% and 7%, respectively. The decrease in the international passenger volume, caused by the Chinese travel advisory to refrain from visiting Japan since last November and the reduction and cancellations of some flights following the increasing tensions in the Middle East, was offset by the improved load factor in other routes. Consequently, the impact on international passenger volume at Haneda Airport has been minimal in the fiscal year under review.
Under these circumstances, to achieve the long-term vision, "To Be a World Best Airport," the JAT Group made concerted efforts to complete the Medium-Term Business Plan, which was in its final year.
In terms of facilities, we aim to develop a safe, comfortable, and advanced airport, and continued to make facilities and
material handling equipment earthquake-resistant, upgrade facilities, and make energy-saving improvements to air conditioning units and lighting equipment. At the same time, we are making smooth progress in the construction of the satellite building on the north side of Terminal 1 toward its scheduled completion in July 2026. In Terminal 2, we began working on the extension of the satellite building on the north side to add two permanent spots as an initiative to improve the rate of on-time performance.
Further, we will continue to collaborate with the government, airlines, and others to realize Total Airport Management (TAM) aimed at optimizing the operations of the entire airport. terminal.0 HANEDA, the R&D base, has been conducting research on
reducing the stress experienced by passengers at security checkpoints and improving the environment for the inspectors, and has started tests at the airport to verify the effects. We have been chosen as the lead business operator in a project support role for Tokyo Bay Innovation Field under Tokyo Bay eSG Project. Going forward, we will be carrying out driving tests under various environments including Haneda Airport in the next generation mobility project field. We aim to realize level 4, or full self-driving, automation of buses operated in the restricted area.
On the sales front, we will steadily incorporate the growing passenger demand and work on expanding EC and other non-airport income. For domestic flights, in addition to opening a self-checkout store in the Terminal 1 gate area, we are working on capturing diverse demands such as through fairs in collaboration with local bodies from across Japan and the limited-period Aloha Market, selling popular goods from Hawaii. We are also exploring new sales channels including export of the products sold at Haneda Airport. As for international flights, we aimed to increase sales and ensure efficient store operation through introduction of new brands and optimizing the operating hours of brand boutiques among other measures. Though demand from Chinese passengers is showing a declining trend, sales increased year on year in the fourth quarter (January to March), following the trend of the third quarter, primarily owing to the impact of various sales promotion campaigns and the introduction of popular products targeting foreign tourists as well as the strong showing by Hermes and Chanel boutiques, refurbished with expanded floor area in the first half. We will increase the products available on the duty-free pre-order website by newly adding perfumes and cosmetics from Chanel, etc. in a bid to provide better convenience to customer and aim for further improvement in the profitability.
In terms of management foundation, we continued to work on strengthening of corporate governance. We are striving to build a sound and highly transparent governance system through measures such as building a framework for upgrading management and risk management training for executives and employees. Further, Haneda Airport obtained Level 4 of Airport Carbon Accreditation, a carbon management accreditation program of the Airport Council International (ACI). The program evaluates, in stages, the management and initiatives for CO2 emission reduction of an airport as a whole. As an ACI member in Haneda Airport, we have been proactively working on obtaining the accreditation in a public-private collaboration with relevant parties involved with the airport. In terms of financial strategy, we achieved all of the target profit and loss and guidelines for ROA (EBITDA) and equity ratio set in the Medium-Term Business Plan in the fiscal year ended March 31, 2026. We will continue to pursue optimum capital composition taking into consideration the balance between the capital investment plan and shareholder return policy to further reinforce management conscious of cost of capital.
As a result of the above, with respect to the consolidated financial results for the fiscal year ended March 31, 2026, operating revenues were ¥289,823 million (an increase of 7.4% year-on-year). Operating income was ¥45,043 million (an increase of 16.8% year-on-year), ordinary income was ¥43,704 million (an increase of 22.3% year-on-year), and net income attributable to owners of the parent was ¥29,139 million (an increase of 6.1% year-on-year).
(Millions of yen)
Operating Results
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
Year-on-Year (%)
Operating revenues
269,923
289,823
7.4
Facilities Management
105,540
117,765
11.6
Merchandise Sales
147,666
154,053
4.3
Food and Beverage
16,716
18,004
7.7
Operating income
38,557
45,043
16.8
Ordinary income
35,723
43,704
22.3
Net income attributable to owners of the parent
27,470
29,139
6.1
Haneda Airport Passenger Terminal was awarded the world's highest standard "5-star Airport" rating for the 12th consecutive year in the "World Airport Star Rating" conducted by SKYTRAX of the United Kingdom. In the World Airport Awards 2026, we were awarded first place in the World's Best Domestic Airports category (for the 14th consecutive year), World's Cleanest Airports category (for the 11th consecutive year), and World's Best PRM* and Accessible Facilities category (for the eighth consecutive year). In addition, Haneda Airport was ranked third in the World's Best Airports category, a comprehensive evaluation of airports.
(*PRM: Persons with reduced mobility, which refers to the elderly and persons with disabilities or injuries.)
The JAT Group will continue to strive to improve convenience, comfort, and functionality while establishing absolute safety at the passenger terminal, which is a social infrastructure, and to contribute to the continuous creation of value at Haneda Airport and the further growth of air transportation, thereby enhancing our corporate value.
Overview by Segment
The following is a breakdown of earnings by segment. Note that the figures for operating revenues of each segment include intersegment sales and the figures for operating income are equivalent to those for segment income.
[Facilities Management]
(Millions of yen)
Operating Results
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
Year-on-Year (%)
Sales to external customers
105,540
117,765
11.6
Rent revenue
20,693
21,958
6.1
Facility user charges revenue
60,258
68,374
13.5
Other revenues
24,587
27,432
11.6
Intersegment sales and transfers
3,397
3,439
1.2
Total of operating revenues
108,937
121,205
11.3
Segment income
19,495
28,312
45.2
Rent revenue increased from the previous year due to higher percentage-based rents resulting from increased sales at tenant shops, as well as revisions to rents (management fees) for domestic flights.
Facility user charges revenue increased from the previous year due to an increase in passenger volume and the revision of domestic passenger service facility charges implemented in April of last year.
Other revenues increased from the previous year due to higher passenger volume, the effects of price revisions for lounges and parking facilities, and increases in revenue from foreign exchange counters and advertising fees.
On the expense side, depreciation expenses increased due to the connection of the north satellite and the main building of Terminal 2, and terminal maintenance and management costs increased as a result of rising prices.
As a result, operating revenues from facilities management operations totaled ¥121,205 million (an increase of 11.3% year-on-year). Operating income for the segment came to ¥28,312 million (an increase of 45.2% year-on-year).
[Merchandise Sales]
(Millions of yen)
Operating Results
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
Year-on-Year (%)
Sales to external customers
147,666
154,053
4.3
Sales at domestic terminal stores
14,445
15,572
7.8
Sales at international terminal stores
95,282
97,174
2.0
Other revenues
37,938
41,306
8.9
Intersegment sales and transfers
1,711
1,529
(10.6)
Total of operating revenues
149,377
155,583
4.2
Segment income
29,387
27,489
(6.5)
Sales at domestic terminal stores exceeded the previous year, mainly due to an increase in the number of passengers for domestic flights and efforts to capture demand through proactive promotional events and campaigns.
Sales at international terminal stores also exceeded the previous year on a full-year basis. Although duty-free shop sales declined in the first half due to a reactionary decrease following strong performance in the previous year, sales recovered in the second half.
Other revenues exceeded the previous year primarily due to an increase in wholesale sales to other airports accompanying the growth in the number of inbound foreign visitors to Japan.
On the expense side, operating income decreased from the previous fiscal year due to increases in variable costs such as cost of goods sold associated with higher sales and rent expenses for stores at other airports, as well as increases in personnel expenses, outsourcing expenses, and advertising expenses.
As a result, operating revenues from merchandise sales operations were ¥155,583 million (an increase of 4.2% year-on-year), and operating income for the segment was ¥27,489 million (a decrease of 6.5% year-on-year).
[Food and Beverage]
(Millions of yen)
Operating Results
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
Year-on-Year (%)
Sales to external customers
16,716
18,004
7.7
Sales from food and beverage stores
8,515
8,551
0.4
Sales from in-flight meals
6,899
7,888
14.3
Other revenues
1,302
1,564
20.2
Intersegment sales and transfers
963
1,004
4.2
Total of operating revenues
17,680
19,008
7.5
Segment income
579
1,150
98.6
Sales from food and beverage operations slightly exceeded the previous fiscal year, despite a decrease in the number of directly operated stores following the conversion of food court stores in Terminal 1 to tenant-operated stores, mainly due to an increase in passenger traffic.
Sales from in-flight meals increased from the previous fiscal year due to an increase in the passenger volumes of foreign carriers at Haneda Airport and Narita Airport.
As a result, operating revenues from food and beverage operations totaled ¥19,008 million (an increase of 7.5% year-on-year). Operating income for the segment came to ¥1,150 million (an increase of 98.6% year-on-year) in spite of the impacts from the increase in labor costs and soaring food ingredient prices.
Analysis of Consolidated Financial Position for FY2025 [Assets]
Current assets increased by ¥12,495 million from the previous fiscal year end to ¥143,429 million. This was primarily due to an increase in cash and deposits resulting from higher operating revenue. Fixed assets increased by ¥9,521 million from the previous fiscal year end to ¥348,542 million. This was mainly attributable to renovation and upgrading of buildings and structures.
As a result, total assets increased by ¥22,016 million from the end of the previous fiscal year to ¥491,972 million.
[Liabilities]
Total liabilities declined by ¥9,521 million from the previous fiscal year end to ¥262,086 million.
This was primarily due to a decline in long-term loans payable reflecting scheduled repayment and redemption before maturity, despite an increase in corporate bonds.
[Net Assets]
Total net assets increased by ¥31,538 million from the previous fiscal year end to ¥229,885 million. This was primarily due to the increases in retained earnings and non-controlling interests.
As a result, the equity ratio was 42.7% (compared with 39.9% at the end of the previous fiscal year).
Analysis of Consolidated Cash Flows for FY2025
Cash and cash equivalents at the end of FY2025 declined by ¥10,958 million compared with the end of the previous fiscal year to ¥96,837 million.
The following is a summary of cash flows and the factors behind these flows for FY2025.
[Cash flows from operating activities]
Cash flows from operating activities increased by ¥17,756 million from the previous fiscal year (up 33.0% year-on-year), resulting in a cash inflow of ¥71,569 million.
This was primarily due to an increase in profit before income taxes.
[Cash flows from investing activities]
With respect to cash flows from investing activities, cash outflow increased by ¥26,598 million from the previous fiscal year (up 207.1% year-on-year), resulting in a cash outflow of ¥39,442 million.
This was primarily due to a decrease in proceeds from the sale of securities and an increase in expenditures for the acquisition of property, plant and equipment.
[Cash flows from financing activities]
With respect to cash flows from financing activities, cash outflow decreased by ¥9,360 million from the previous fiscal year (down 30.7% year-on-year), resulting in a cash outflow of ¥21,168 million.
This was primarily due to an increase in proceeds from long-term borrowings and proceeds from the issuance of corporate bonds, as well as a decrease in expenditures for the redemption of corporate bonds, despite an increase in expenditures for the repayment of long-term borrowings.
Forecast for FY2026 (the fiscal year ending March 31, 2027)
The JAT Group formulated the Medium-Term Business Plan starting in FY2026, in which it positioned the five years through FY2030 as the period for driving forward corporate transformation and will work on strengthening of cash flow creation
capability and creation of demand jointly with stakeholders. For details, please refer to the press release "Notice Concerning Formulation of Medium-Term Business Plan" issued today.
In the next fiscal year, there is a risk of slowdown in aviation demand due to Chinese travelers' refraining from visiting Japan and soaring fuel prices reflecting the worsening Middle East situation. Meanwhile, passenger volumes of both domestic and international flights at Haneda Airport have been steady and, at present, we expect it to continue increasing gradually.
In the Facilities Management segment, we are expecting to complete construction of the satellite facility on the north side of Terminal 1 around July this year. We plan to request for revision of facility user charges for domestic flights, as we anticipate increases in depreciation due to commencement of operations of the facility and operating expenses in general due to inflation. We will also continue to revise office rents to appropriate levels. In the Merchandise Sales segment, increases in the number of international passengers at Haneda Airport and the weaker yen are expected to provide tailwinds for duty-free shop sales.
However, declines in sales are anticipated due to the review of downtown duty-free operations and temporary store closures associated with the renovation of certain stores. In the Food and Beverage segment, we aim for increases in sales and profit margin by absorbing the soaring raw material prices with appropriate price pass-through and measures to reduce costs.
Based on the above, for the consolidated forecast of FY2026, we expect operating revenue of ¥296,700 million (up 2.4% year-on-year), operating income of ¥45,600 million (up 1.2% year-on-year), and ordinary income of ¥45,800 million (up 4.8% year-
on-year). We expect net income attributable to owners of the parent of ¥24,200 million (down 17.0% year-on-year) owing to an increase in deferred income taxes following completion of recording of deferred tax assets on losses carried forward at a subsidiary.
Unit
FY2025
(Actual)*
FY2026
(Forecast)
Year-on-year
(%)
Haneda Airport Domestic flight
Million people
67.09
67.16
0.1
Haneda Airport International flight
Million people
24.57
24.93
1.5
Haneda Airport (Total)
Million people
91.66
92.10
0.5
Operating revenues
Millions of yen
289,823
296,700
2.4
Operating income
Millions of yen
45,043
45,600
1.2
Ordinary income
Millions of yen
43,704
45,800
4.8
Net income attributable to owners of
the parent
Millions of yen
29,139
24,200
(17.0)
*The Company compiled the number of passengers for FY2025 based on preliminary figures released by the Tokyo Regional Civil Aviation Bureau.
Basic Policy on Distribution of Profits and Dividend Payment for FY2024 and FY2025
We consider the return of profits to our shareholders to be one of our important management priorities. Our basic policy is to work on management with a more proactive stance, strive to improve our business performance, secure internal reserves in consideration of large-scale investments such as the renewal of passenger terminal building facilities in line with the functional expansion of Haneda Airport, and at the same time, maintain stable dividend payments.
In the Medium-Term Business Plan concluded in FY2025, we aimed for 30% or more in dividend payout ratio to ensure
shareholder returns reflecting business performance through capital investment to capture the recovery in aviation demand while reinforcing our financial position damaged during the COVID-19 pandemic. In the new Medium-Term Business Plan, which
started in FY2026, we have set a guideline of 50% or more in total return ratio including stable dividends and share buyback (five-year average through FY2030) to strengthen creation of cash flows and shareholder returns with an eye on future growth investment.
In light of the policy described above and its business performance, the Company plans to set the year-end dividend at 50 yen per share. The annual dividend for the current fiscal year will be ¥95 per share, combined with the interim dividend of 45 yen per share, with a payout ratio of 30.4%.
For the next fiscal year, we have set the dividend at ¥95 per share (¥48 for interim and ¥47 for year-end) with a payout ratio of 36.6%.
Basic Approach on Selection of Accounting Standards
To secure comparability between companies and between fiscal years, the JAT Group prepares its consolidated financial statements in accordance with the Japanese GAAP.
We plan to appropriately act on the adoption of international accounting standards taking into consideration of conditions in Japan and overseas.
Consolidated Financial Statements and Main Notes
Consolidated Balance Sheets
(Millions of yen)
FY2024
(As of March 31, 2025)
FY2025
(As of March 31, 2026)
ASSETS
Current assets
Cash and deposits
85,908
96,887
Accounts receivable
27,387
29,062
Merchandise and finished products
11,148
10,512
Raw materials and stored goods
328
359
Other current assets
6,310
6,775
Allowance for doubtful accounts
(150)
(167)
Total current assets
130,933
143,429
Fixed assets
Tangible fixed assets
Buildings and structures
593,957
602,745
Accumulated depreciation and impairment
loss
(380,574)
(400,822)
Buildings and structures (net)
213,383
201,922
Machinery, equipment and vehicles
37,419
37,888
Accumulated depreciation and impairment
loss
(25,028)
(26,507)
Machinery, equipment and vehicles (net)
12,391
11,381
Land
12,907
12,747
Lease assets
3,901
4,463
Accumulated depreciation and impairment
loss
(2,888)
(3,307)
Lease assets (net)
1,013
1,155
Construction in progress
16,184
31,773
Other tangible fixed assets
74,848
78,561
Accumulated depreciation and impairment
loss
(62,562)
(65,865)
Other tangible fixed assets (net)
12,285
12,695
Total tangible fixed assets
268,165
271,676
Intangible fixed assets
Leasehold right
25,981
24,136
Other intangible fixed assets
4,645
4,777
Total intangible fixed assets
30,627
28,914
Investments and other assets
Investment securities
22,766
27,904
Deferred tax assets
11,555
13,386
Net defined benefit assets
2,224
3,058
Other investments
4,131
4,051
Allowance for doubtful accounts
(449)
(449)
Total investments and other assets
40,228
47,951
Total fixed assets
339,021
348,542
TOTAL ASSETS
469,955
491,972
(Millions of yen)
FY2024
(As of March 31, 2025)
FY2025
(As of March 31, 2026)
LIABILITIES
Current liabilities
Accounts payable
13,496
14,887
Short-term loans payable
14,358
14,897
Accrued expenses
15,600
16,225
Income taxes payable
4,615
6,265
Allowance for employees' bonuses
2,903
3,266
Allowance for directors' bonuses
356
316
Other current liabilities
17,722
17,093
Total current liabilities
69,053
72,952
Fixed liabilities
Bonds
56,832
76,675
Long-term loans payable
134,541
102,617
Lease obligations
664
755
Deferred tax liabilities
518
101
Provision for share awards
458
981
Net defined benefit liabilities
4,551
4,216
Asset retirement obligations
644
651
Other fixed liabilities
4,342
3,133
Total fixed liabilities
202,554
189,133
TOTAL LIABILITIES
271,608
262,086
NET ASSETS
Shareholders' equity
Common stock
38,126
38,126
Capital surplus
54,083
54,083
Retained earnings
92,678
112,504
Treasury stock
(1,653)
(1,556)
Total shareholders' equity
183,235
203,158
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
3,103
5,093
Deferred gains (losses) on hedges
69
78
Foreign currency translation adjustment
198
162
Remeasurements of defined benefit plans
776
1,819
Total accumulated other comprehensive income
4,148
7,154
Non-controlling interests
10,963
19,573
TOTAL NET ASSETS
198,347
229,885
TOTAL LIABILITIES AND NET ASSETS
469,955
491,972
Consolidated Statements of Income and Consolidated Statements of Comprehensive Income Consolidated Statements of Income
(Millions of yen)
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
Operating revenues
Rent revenue
20,693
21,958
Facility user charges revenue
60,259
68,374
Other revenues
25,484
28,165
Sale of merchandise
147,403
153,710
Sale of food and beverage
16,082
17,614
Total operating revenues
269,923
289,823
Cost of sales
Cost of sales of merchandise
87,317
91,128
Cost of sales of food and beverage
9,079
9,805
Total cost of sales
96,397
100,933
Gross profit
173,526
188,889
Selling, general and administrative expenses
134,969
143,846
Operating income
38,557
45,043
Non-operating income
Interest income
119
238
Dividends income
464
550
Equity in earnings of affiliates
998
1,407
Miscellaneous income
1,105
1,621
Total non-operating income
2,688
3,818
Non-operating expenses
Interest expenses
3,401
3,660
Loss on retirement of fixed assets
1,302
874
Miscellaneous expenses
818
623
Total non-operating expenses
5,521
5,158
Ordinary income
35,723
43,704
Extraordinary gains
National subsidies
153
523
Other
-
20
Total extraordinary gains
153
543
Extraordinary loss
Loss on valuation of investment securities
598
32
Impairment loss
-
234
Loss on sale of non-current assets
-
87
Loss on reduction entry of fixed assets
95
503
Other
-
5
Total extraordinary loss
693
864
Income before income taxes and minority interests
35,183
43,383
Income taxes - current
6,619
9,165
Income taxes - deferred
(12,085)
(3,484)
Total income taxes
(5,465)
5,681
Net income before non-controlling interests
40,648
37,701
Net income attributable to non-controlling interests
13,178
8,562
Net income attributable to owners of the parent
27,470
29,139
Consolidated Statements of Comprehensive Income
(Millions of yen)
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
Net income before non-controlling interests
40,648
37,701
Other comprehensive income
Valuation difference on available-for-sale securities
77
2,030
Deferred gains (losses) on hedges
686
17
Foreign currency translation adjustment
45
(35)
Remeasurements of defined benefit plans
(11)
695
Share of other comprehensive income of associates
accounted for using equity method
1
381
Total other comprehensive income
798
3,090
Comprehensive income
41,447
40,792
Comprehensive income attributable to:
Comprehensive income attributable to owners of the
parent
28,098
32,145
Comprehensive income attributable to non-controlling
interests
13,348
8,646
Consolidated Statements of Changes in Shareholders' Equity FY2024 (from April 1, 2024 to March 31, 2025)
(Millions of yen)
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Balance at the beginning of current period
38,126
54,160
72,379
(13)
164,652
Changes during current period
Dividend from retained earnings
(7,171)
(7,171)
Net income attributable to owners of the parent
27,470
27,470
Purchase of treasury stock
(1,639)
(1,639)
Disposal of treasury shares
-
Changes in ownership interest in subsidiaries
(76)
(76)
Changes of items other than
shareholders' equity during current period (net)
-
Total changes during current period
-
(76)
20,299
(1,639)
18,582
Balance at the end of current period
38,126
54,083
92,678
(1,653)
183,235
Accumulated other comprehensive income
Non-controlling interests
TOTAL NET ASSETS
Valuation difference on available-for-sale securities
Deferred gains (losses) on hedges
Foreign currency translation
adjustment
Remeasurement s of defined benefit plans
Total
accumulated other comprehensive
income
Balance at the beginning of current period
3,018
(445)
152
794
3,520
(2,135)
166,036
Changes during current period
Dividend from retained earnings
-
(7,171)
Net income attributable to owners of the parent
-
27,470
Purchase of treasury stock
-
(1,639)
Disposal of treasury shares
-
Changes in ownership interest in subsidiaries
-
(76)
Changes of items other than shareholders' equity during current period (net)
85
514
45
(17)
628
13,099
13,727
Total changes during current period
85
514
45
(17)
628
13,099
32,310
Balance at the end of current period
3,103
69
198
776
4,148
10,963
198,347
FY2025 (from April 1, 2025 to March 31, 2026)
(Millions of yen)
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Balance at the beginning of current period
38,126
54,083
92,678
(1,653)
183,235
Changes during current period
Dividend from retained earnings
(9,313)
(9,313)
Net income attributable to owners of the parent
29,139
29,139
Purchase of treasury stock
(0)
(0)
Disposal of treasury shares
97
97
Changes in ownership interest in subsidiaries
-
Changes of items other than shareholders' equity during current period (net)
-
Total changes during current period
-
-
19,825
97
19,922
Balance at the end of current period
38,126
54,083
112,504
(1,556)
203,158
Accumulated other comprehensive income
Non-controlling interests
TOTAL NET ASSETS
Valuation difference on available-for-sale securities
Deferred gains (losses) on hedges
Foreign currency translation
adjustment
Remeasureme nts of defined benefit plans
Total accumulated other comprehensive income
Balance at the beginning of current period
3,103
69
198
776
4,148
10,963
198,347
Changes during current period
Dividend from retained earnings
(9,313)
Net income attributable to owners of the parent
29,139
Purchase of treasury stock
(0)
Disposal of treasury shares
97
Changes in ownership interest in subsidiaries
-
Changes of items other than shareholders' equity during
current period (net)
1,989
8
(35)
1,043
3,005
8,609
11,615
Total changes during current period
1,989
8
(35)
1,043
3,005
8,609
31,538
Balance at the end of current period
5,093
78
162
1,819
7,154
19,573
229,885
Consolidated Statements of Cash Flows
(Millions of yen)
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
Cash flows from operating activities
Income before income taxes and minority interests
35,183
43,383
Depreciation
28,195
29,793
Increase (decrease) in net defined benefit liabilities
159
63
Decrease (increase) in net defined benefit assets
(201)
(209)
Increase (decrease) in allowance for employees'
bonuses
624
363
Increase (decrease) in allowance for directors' bonuses
74
(40)
Increase (decrease) in provision for share awards
458
523
Interest and dividends income
(583)
(789)
Interest expenses
3,401
3,660
Equity in losses (earnings) of affiliates
(998)
(1,407)
Loss (gain) on valuation of investment securities
598
32
Impairment losses
-
234
Loss on retirement of fixed assets
1,302
875
National subsidies
(153)
(523)
Loss on reduction entry of fixed assets
95
503
Decrease (increase) in accounts receivable - trade
(4,451)
(1,674)
Decrease (increase) in inventories
(3,267)
605
Decrease (increase) in other current assets
(1,894)
(425)
Increase (decrease) in accounts payable - trade
1,587
1,390
Increase (decrease) in other current liabilities
1,369
4,411
Others
355
291
Subtotal
61,854
81,063
Interest and dividends received
806
1,000
Interest paid
(2,269)
(2,865)
Income taxes refund (paid)
(6,578)
(7,628)
Net cash provided by (used in) operating activities
53,813
71,569
Cash flows from investing activities
Proceeds from sale of securities
10,000
-
Purchase of investment securities
(1,089)
(201)
Purchase of shares of subsidiaries and associates
-
(2,862)
Proceeds from sale of shares of subsidiaries and
associates
-
1,298
Purchase of tangible fixed assets
(18,419)
(36,128)
Expenditure for retirement of tangible fixed assets
(477)
(576)
Purchase of intangible fixed assets
(2,655)
(1,557)
Long-term loan advances
(250)
-
Proceeds from national subsidy
153
523
Others
(105)
62
Net cash provided by (used in) investing activities
(12,843)
(39,442)
(Millions of yen)
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
Cash flows from financing activities
Net increase (decrease) of short-term loans payable
(300)
(250)
Proceeds from long-term loans payable
300
20,000
Repayment of long-term loans payable
(22,891)
(50,908)
Proceeds from issuance of bonds
12,000
20,000
Redemption of bonds
(10,000)
-
Repayments of lease obligations
(471)
(459)
Proceeds from sale of treasury shares
-
55
Purchase of treasury shares
(1,639)
(0)
Dividends paid
(7,171)
(9,313)
Dividends paid to non-controlling shareholders
(0)
(37)
Purchase of shares of subsidiaries not resulting in
change in scope of consolidation
(325)
-
Others
(29)
(254)
Net cash provided by (used in) financing activities
(30,529)
(21,168)
Effect of exchange rate change on cash and cash
equivalents
43
(0)
Increase (decrease) in cash and cash equivalents
10,483
10,958
Cash and cash equivalents at the beginning of period
75,395
85,878
Cash and cash equivalents at the end of period
85,878
96,837
Notes on the Consolidated Financial Statements (Notes on the Premise of a Going Concern)
Not applicable
(Basic Important Conditions to Prepare Consolidated Financial Statements)
Scope of consolidation
Number of Non-consolidated subsidiaries: 19 companies Names of consolidated subsidiaries
Tokyo Airport Restaurant Co., Ltd.
Japan Duty Free Fa-So-La Isetan Mitsukoshi Co., Ltd Haneda Future Research Institute Inc.
Cosmo Enterprise Co., Ltd. International Trade Inc.
Japan Airport Logitem Co., Ltd. BIG WING Co., Ltd.
Japan Airport Techno Co., Ltd.
Tokyo International Air Terminal Corp. Air BIC Inc.
Haneda Airport Enterprise Co., Ltd. Haneda Airport Security Co., Ltd. Haneda Passenger Service Co., Ltd.
Japan Airport Terminal Trading (Chengdu) Co., Ltd. LANI KE AKUA PACIFIC, INC.
Sakura Co., Ltd.
Hamashin Co., Ltd.
Japan Airport Ground Handling Co., Ltd. Kaikan Development Co., Ltd.
LANI KE AKUA PACIFIC, INC. was dissolved on December 31, 2025, but is included in the total number of consolidated subsidiaries listed above because it is currently undergoing liquidation procedures.
Number of Non-consolidated subsidiaries: 5 companies Names of Non-consolidated subsidiaries
GLOBAL SERVICE CO., LTD.
Tsukizi Hamashin Co., Ltd. Felix International LLC.
JAT DESIGN INTERNATIONAL INC.
Rock Island Tour Company, Ltd.
The five non-consolidated subsidiaries are excluded from the scope of consolidation since they are small in size, and their total assets, operating revenues, net income/loss, and retained earnings do not have a significant impact on the consolidated financial statements.
Application of equity method
Number of affiliated companies that are accounted for using the equity method: 3 companies Names of affiliated companies that are accounted for using the equity method
AGP Corporation
Japan Airport Delica Inc.
Airport Transport Service Co., Ltd.
The non-consolidated subsidiaries and Seikousha Inc. and eleven other affiliated companies are not included in the scope of the application of equity method, since the aggregate amounts corresponding to the shares held by the Company of those companies' net income/loss and retained earnings do not have a significant impact on those of consolidated financial
statements.
Fiscal year of consolidated subsidiaries
Of consolidated subsidiaries, Japan Airport Terminal Trading (Chengdu) Co., Ltd. and LANI KE AKUA PACIFIC, INC. end the fiscal year on December 31. In preparing the consolidated financial statements, the financial statements as of the abovementioned closing date are used and necessary adjustments arising from important transactions during the period
between the closing date and the consolidated closing date are made.
Summary of significant accounting policies
Valuation standards and methods for important assets
Securities
Held-to-maturity securities are carried at cost.
Other securities
Other securities other than shares without fair values are stated at fair value based on the market value at the year-end, with valuation differences included in net assets. Cost of securities sold is determined by the moving average method.
Shares without fair values are stated at cost based on moving average method.
For investments in limited liability investment partnerships and similar partnerships (deemed as securities under Article 2, Paragraph 2 of the Financial Instruments and Exchange Act), the most recent financial statements
available according to the financial reporting date stipulated in the partnership agreement are used as the basis for calculating the net amount equivalent to the Company's interest.
Derivatives
Derivative financial instruments are stated at fair value.
Inventories
At the Company and major consolidated subsidiaries, inventories are principally stated at cost determined by the retail method (book value of inventories in the balance sheet is written-down when their profitability declines). Certain
consolidated subsidiaries use last-purchase-price method (book value of inventories in the balance sheet is written-down when their profitability declines).
Depreciation method of important depreciable assets
Tangible fixed assets (excluding lease assets)
The Company uses the declining balance method. Consolidated subsidiaries principally use the straight-line method.
Intangible fixed assets (excluding lease assets)
Amortization of intangible fixed assets is calculated by the straight-line method.
Software intended for internal use is amortized by the straight-line method over its estimated useful life of 5 years.
Lease assets
The straight-line method is adopted in which the lease term is treated as useful life and the asset is depreciated to zero or residual value.
Accounting policies for important allowances
Allowance for doubtful accounts
To prepare for losses from doubtful accounts, estimated uncollectible amounts are recorded, which are computed either by using historical default rate for normal receivables or by considering individual collectibility for particular receivables such as highly doubtful accounts.
Allowance for directors' bonuses
To prepare for the payment of bonuses to employees, the estimated amount is recorded as allowance.
Allowance for directors' bonuses
To prepare for the payment of bonuses to directors, the estimated amount is recorded as allowance.
Provision for share awards
To prepare for share issuance to directors, etc. of the JAT Group in accordance with the share issuance regulations, the estimated amount of liabilities for the end of the current fiscal year is recorded.
Accounting method for employees' retirement benefits
Allocation method of projected retirement benefits to each period
In calculating the retirement benefit obligation, the benefit formula method is used to allocate the projected retirement
benefits to each period up to the end of the fiscal year.
Amortization of actuarial gains and losses and prior service costs
Prior service costs are amortized under the straight-line method over a certain number of years within the average remaining service years (5-10 years).
Actuarial gains and losses are amortized, beginning in the year following their occurrence, under the straight- line method over a certain number of years within the average remaining service years (5-10 years).
Adoption of simplified methods at small companies
Certain consolidated subsidiaries adopt a simplified method of using the amounts payable for voluntary retirement of employees at fiscal year-end in calculating net defined benefit liabilities and expenses for retirement benefits.
Recognition of significant revenues and costs
The JAT Group is engaged in three business operations which are the facilities management operations, merchandise sales operations, and food and beverage operations. The major obligations to be performed and the usual timing at which an entity satisfies such obligations in each of the business operations are as follows.
With respect to revenue including those from inventory that is recorded only when the product is sold and those from consignment sales stores, for transactions in which the JAT Group's role in providing goods or services to customers falls under the category of agent, revenue is recognized as the net amount, the amount received from customers less the amount paid to suppliers.
Facilities Management
The facilities management operations are mainly engaged in construction, management and operation of passenger terminals and leasing of real estates.
Rent revenue consists mainly of office and store rent income, and is recognized in accordance with the "Accounting Standard for Lease Transactions" (ASBJ Statement No. 13, March 30, 2007) and relevant revised ASBJ regulations.
Facility user charges revenues mainly consist of passenger service facility charge revenues, which are collected from passengers in accordance with the term of use of passenger service facilities, and the JAT Group is obligated to use such revenues to cover expenses related to facilities for the common use of passengers and to properly manage and operate the passenger terminals. The performance obligation is satisfied upon completion of the passenger air transportation services provided by the air carrier, and revenue is recognized upon completion of the passenger air transportation services.
Other revenues consist mainly of parking revenues, paid lounge sales, and advertising revenues. The performance obligation is satisfied upon completion of the services such as provision of parking services, provision of lounge access services, and placement of advertisement. If the performance obligation is satisfied at a point in time, revenue is
recognized at the time the services are provided. If the performance obligation is satisfied over a certain period of time, revenue is recognized on a straight-line basis over the period the service is provided.
Merchandise Sales
The merchandise sales operations are mainly engaged in the operation of merchandise stores and wholesale.
The performance obligation is satisfied when goods are delivered to customers for domestic flights and international flights, and revenue is recognized when such goods are delivered.
Other revenues consist mainly of wholesale revenues to other airports. The performance obligation is satisfied when the goods are received by the customer and revenue is recognized when the goods are received by the customer.
Food and Beverage
The food and beverage operations are mainly engaged in the operation of restaurants, and the production and sale of in-flight meals.
For food and beverage revenues, the performance obligation is satisfied by providing food and beverage services to customers, and revenue is recognized when food and beverage services are provided to customers.
In-flight meal revenues consist mainly of sales of in-flight meals to international airlines. The performance obligation is satisfied when products ordered by international airlines are delivered, and revenue is recognized when such products are delivered.
Accounting standards for important hedging transactions
Hedge accounting applied
Hedging transactions are accounted for under deferred hedge accounting method.
Interest rate swaps that meet certain conditions are accounted for using special treatment.
Hedging instrument and hedged items
Hedging instrument …… Interest rate swap
Hedged items …… Floating rate borrowings
Hedging policy
Hedging transactions are executed to avoid the risk of interest rate fluctuation, and our basic policy is that they are not used for speculation purposes.
Evaluation of hedging effectiveness
The effectiveness of hedging is evaluated by comparing the cumulative changes of hedging instruments and corresponding changes in underlying hedged items.
The evaluation is omitted regarding interest rate swaps that meet the requirements for special treatment.
Scope of "Cash and cash equivalents" in consolidated statements of cash flows
"Cash and cash equivalents" in the consolidated statements of cash flows consist of cash on hand, deposits with banks that are withdrawable on demand, and short-term investments which are easily convertible to cash with insignificant risk of fluctuation in values whose maturity will come within three months from the date of acquisition.
Capitalization of borrowing costs
At certain consolidated subsidiaries, interest costs and related expenses on borrowings during construction period of passenger terminals and other facilities are included in the acquisition cost (¥4,517 million for accumulated amount as of March 31, 2025) and recorded as fixed asset.
(Notes on Consolidated Balance Sheets)
Assets pledged as collateral and corresponding liabilities with collateral The following are assets pledged as collateral.
FY2024
(As of March 31, 2025)
(Millions of yen)
FY2025
(As of March 31, 2026)
Cash and deposits
46,139
56,565
Accounts receivable
38
37
Buildings and structures
88,556
82,608
Machinery, equipment and vehicles
805
614
Land
53
53
Investment securities (Note 1)
6,132
6,602
Other investments
1,000
1,000
Total
142,726
147,481
(Note 1) Pledged as collateral for borrowings by affiliated companies and investee companies.
(Note 2) In addition to the above, investment securities (¥8,520 million), shares of subsidiaries and affiliates (¥13,530 million), long-term loans receivable (¥8,510 million) and accounts receivable (¥64 million), which are offset and eliminated through consolidation adjustments in the fiscal year ended March 31, 2025, are pledged as
collateral. Investment securities (¥8,520 million), shares of subsidiaries and affiliates (¥13,530 million), longterm loans receivable (¥8,510 million) and accounts receivable (¥66 million), which are offset and eliminated through consolidation adjustments in the fiscal year ended March 31, 2026, are pledged as collateral.
The followings are liabilities for which assets are pledged as collateral.
(Millions of yen)
FY2024
(As of March 31, 2025)
FY2025
(As of March 31, 2026)
Short-term loans payable
100
100
Long-term loans payable
78,957
63,148
Total
79,057
63,248
The following item is related to non-consolidated subsidiaries and affiliated companies.
FY2024
(As of March 31, 2025)
(Millions of yen)
FY2025
(As of March 31, 2026)
Investment securities (shares) 5,748 8,222
Investment securities (capital) 940 895
Liabilities guaranteed
The Company provides a guarantee (including commitment) to the following group companies for their borrowing from financial institutions.
Debt guarantee
(Millions of yen)
FY2024
(As of March 31, 2025)
FY2025
(As of March 31, 2026)
Japan Airport Delica Inc.
225
225
Airport Transport Service Co., Ltd.
771
1,800
(Note)
GLOBAL SERVICE CO., LTD.
84
69
Total
1,081
2,095
(Note) In the previous fiscal year, Liability booked in relation to the application of equity method is deducted from the amount guaranteed. In the current fiscal year, as all liabilities recognized in connection with the
application of the equity method have been reversed, the amount recorded represents the outstanding balance of guarantees provided by the Company.
(2) Commitment to guarantee
(Millions of yen)
FY2024
(As of March 31, 2025)
FY2025
(As of March 31, 2026)
Haneda Future Tokutei Mokuteki Kaisha
666
666
Amount of reduction entry
Due to receipt of national subsidy, etc., reduction entry of the following amount is deducted from the acquisition costs of tangible fixed assets.
(Millions of yen)
FY2024
(As of March 31, 2025)
FY2025
(As of March 31, 2026)
Tangible fixed assets
Buildings and structures
535
1,011
Machinery, equipment and vehicles
6,423
6,451
Others
95
95
Intangible fixed assets
Others
110
110
Total
7,164
7,668
The amounts of accounts receivable arising from contracts with customers are as follows.
FY2024
(As of March 31, 2025)
(Millions of yen)
FY2025
(As of March 31, 2026)
Accounts receivable 23,333 24,717
6. Notes to contractual liabilities
The amounts of contractual liabilities included in other liabilities are as follows.
FY2024
(As of March 31, 2025)
(Millions of yen)
FY2025
(As of March 31, 2026)
Contractual liabilities 159 235
(Notes on Consolidated Statements of Income)
Revenue arising from contracts with customers
The amounts of revenue arising from contracts with customers are as follows.
(Millions of yen)
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
Revenue arising from contracts with customers
248,921 267,549
The amount of inventory at the fiscal year end is the amount that reflects writing-down of the book value due to the decline in profitability, and the following inventory valuation loss is included in the cost of goods sold. Figures in parenthesis indicate the reversal of the write down.
(Millions of yen)
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
(26) 27
3. Impairment loss
The JAT Group recognized impairment loss on the assets as follows:
FY2024 (from April 1, 2024 to March 31, 2025) Not applicable
FY2025 (from April 1, 2025 to March 31, 2026)
Location
Use
Type
Impairment loss
Ota-ku, Tokyo
Rental properties, etc.
Buildings and structures, others
158 million yen
Chuo-ku Tokyo, other
Shop (Merchandising)
Buildings and structures, others, intangible fixed assets
75 million yen
The JAT Group principally groups its assets based on management accounting classifications.
For asset groups for which operating results are continuously negative or are expected to remain negative, the carrying amount is reduced to the recoverable amount, and the amount of the reduction (¥234 million) is recognized as an impairment loss and recorded as an extraordinary loss.
The recoverable amount is measured based on value in use. As the value in use calculated based on future cash flows is negative, the recoverable amount is deemed to be zero.
(Notes on Consolidated Statements of Cash Flows)
*Relationship between the closing balance of cash and cash equivalents and the value of items listed on the consolidated balance sheets
(Millions of yen)
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
Cash and deposits
85,908
96,887
Subtotal
85,908
96,887
Board Incentive Plan (BIP) Trust
(29)
(49)
Cash and cash equivalents
85,878
96,837
(Segment Information)
Segment Information
Overview of reportable segments
The reportable segments of the JAT Group are units for which separate financial information is available and whose operating results are regularly reviewed by the Board of Directors in order to decide how to allocate management
resources and evaluate their performances.
The Company is primarily engaged in the management of passenger terminal buildings and the provision of services to users at Haneda Airport. Business divisions at the Company's headquarters develop comprehensive business
strategies and pursue business activities.
The Company is, therefore, composed of business segments with different services based on the business divisions. Its three reportable segments are the facilities management operations, merchandise sales operations, and food and beverage operations.
The segment of facilities management operations leases, maintains and repairs, and operates passenger terminal
facilities at Haneda Airport. It also provides services for passengers. The segment of merchandise sales operations is engaged in retail sales of products to passengers and others, wholesales of products to companies operating airport
terminals and others, and other activities incidental to these two sales operations. The segment of food and beverage operations provides food and beverage services to parties including users of Haneda Airport and Narita International Airport. It is also engaged in the production and sales of in-flight meals and other incidental activities.
Method of calculations of sales, income (loss), assets, liabilities, and other items by reportable segments
Accounting methods for reportable business segments are, in general, the same as those described in "Basic Important Conditions to Prepare Consolidated Financial Statements."
Segment income is based on operating income.
Intersegment sales and transfers are based on prevailing market price.
Sales, income (loss), assets, liabilities, and other items by reportable segments FY2024 (from April 1, 2024 to March 31, 2025)
(Millions of yen)
Reportable segments
Adjustments (Notes) 1
Consolidated financial
statements (Notes) 2
Facilities Management
Merchandise Sales
Food and Beverage
Total
Operating revenues
Sales to external customers
105,540
147,666
16,716
269,923
-
269,923
Intersegment sales and transfers
3,397
1,711
963
6,072
(6,072)
-
Total
108,937
149,377
17,680
275,996
(6,072)
269,923
Segment income
19,495
29,387
579
49,463
(10,905)
38,557
Segment assets
276,521
62,851
11,582
350,955
119,000
469,955
Other items
Depreciation
25,595
1,621
375
27,591
603
28,195
Increase in tangible fixed assets
and intangible fixed assets
21,725
2,495
480
24,700
1,491
26,191
(Notes) 1. Details of adjustments are as follows:
Adjustments to the segment income include ¥10,885 million in administration expenses for administration divisions at the parent company's head office and some of the subsidiaries which are not allocated to each of the reportable segments.
Adjustments to the segment assets include ¥187,317 million in corporate assets that are not allocated to each of the reportable segments, which include excess funds managed by the parent company, long-term investment (investment securities), assets related to administration divisions, special-purpose funds of certain subsidiaries and other assets.
Adjustments to depreciation and amortization include ¥611 million in depreciation with respect to the administration and other divisions at the parent company's head office and certain subsidiaries which are not allocated to each of the reportable segments.
Adjustments to increases in tangible fixed assets and intangible fixed assets (¥1,567 million) are primarily due to maintenance of the Company's office.
Segment income is adjusted with operating income recorded in the Consolidated Statements of Income.
FY2025 (from April 1, 2025 to March 31, 2026)
(Millions of yen)
Reportable segments | Adjustments (Notes) 1 | Consolidated financial statements (Notes) 2 | ||||
Facilities Management | Merchandise Sales | Food and Beverage | Total | |||
Operating revenues | ||||||
Sales to external customers | 117,765 | 154,053 | 18,004 | 289,823 | - | 289,823 |
Intersegment sales and transfers | 3,439 | 1,529 | 1,004 | 5,973 | (5,973) | - |
Total | 121,205 | 155,583 | 19,008 | 295,797 | (5,973) | 289,823 |
Segment income | 28,312 | 27,489 | 1,150 | 56,953 | (11,909) | 45,043 |
Segment assets | 278,430 | 69,603 | 12,807 | 360,841 | 131,130 | 491,972 |
Other items | ||||||
Depreciation | 26,720 | 1,922 | 371 | 29,014 | 778 | 29,793 |
Increase in tangible fixed assets and intangible fixed assets | 29,051 | 1,957 | 836 | 31,844 | 432 | 32,276 |
(Notes) 1. Details of adjustments are as follows:
Adjustments to the segment income include ¥11,931 million in administration expenses for administration divisions at the parent company's head office and some of the subsidiaries which are not allocated to each of the reportable segments.
Adjustments to the segment assets include ¥200,905 million in corporate assets that are not allocated to each of the reportable segments, which include excess funds managed by the parent company, long-term investment (investment securities), assets related to administration divisions, special-purpose funds of certain subsidiaries and other assets.
Adjustments to depreciation and amortization include ¥800 million in depreciation with respect to the administration and other divisions at the parent company's head office and certain subsidiaries which are not allocated to each of the reportable segments.
Adjustments to increases in tangible fixed assets and intangible fixed assets (¥432 million) are primarily due to maintenance of the Company's office.
2. Segment income is adjusted with operating income recorded in the Consolidated Statements of Income.
(Change in Presentation Method) (Consolidated Statements of Income)
Starting the current consolidated fiscal year, we adopted a method to collectively record "Selling, general and administrative expenses," rather than categorizing and recording them under separate expense items, to improve comprehensibility and clarity of consolidated statements of income. We have reclassified the consolidated financial statements for the previous consolidated fiscal year to reflect the change in the presentation method.
Starting the current consolidated fiscal year, we renamed what had been recorded as "miscellaneous income" under non-operating income in the previous fiscal year as "other" under non-operating income, and what had been recorded as
"miscellaneous expenses" under non-operating expenses as "other" under non-operating expenses to improve consistency and clarity of consolidated statements of income. We have reclassified the consolidated financial statements for the previous consolidated fiscal year to reflect the change in the presentation method.
As a result, ¥567 million in "miscellaneous income" under non-operating income in the consolidated statement of income for the previous fiscal year was reclassified as ¥567 million in "other " under non-operating income, and ¥818 million in
"miscellaneous expenses" under non-operating expenses was reclassified as ¥818 million in "other" under non-operating expenses.
In the previous fiscal year, "Construction Contribution Income" and "Commission Income," which had been separately
presented under Non-operating Income, have been included in "Other" in the current fiscal year due to their decreased material significance. To reflect this change in presentation method, certain reclassifications have been made to the consolidated
financial statements for the previous fiscal year.
As a result, ¥220 million previously presented as "Construction Contribution Income" under Non-operating Income and ¥317 million previously presented as "Commission Income" under Non-operating Income in the consolidated statement of income for the previous fiscal year have been reclassified to "Other."
(Per Share Information)
(Yen)
FY2024 (from April 1, 2024 to March 31, 2025) | FY2025 (from April 1, 2025 to March 31, 2026) | |
Net assets per share | 2,019.12 | 2,265.71 |
Net income per share | 295.61 | 313.95 |
(Notes) 1. Diluted net income per share is not shown since potential shares do not exist.
The Company introduced a performance-linked stock compensation plan in the fiscal year ended March 31, 2026. The number of its shares held by Board Incentive Plan (BIP) Trust is included in the shares in treasury stock, which is excluded when calculating the number of shares outstanding at the end of the period, used for calculation of net assets per share and net income per share.
Net income per share is calculated based on the following:
FY2024 (from April 1, 2024
to March 31, 2025)
FY2025 (from April 1, 2025
to March 31, 2026)
Net income per share
Net income attributable to owners of the parent
27,470
29,139
Amount not attributable to common shareholders
-
-
Net income attributable to owners of the parent
27,470
29,139
Average number of shares outstanding during the
period (thousand shares)
92,929
92,815
(Significant Subsequent Events) Issuance of Straight Bonds
The Company issued the 7th and 8th series of unsecured straight bonds (with inter-bond pari passu clause) on April 16, 2026. The details are described as follows.
7th Series Unsecured Straight Bonds (with inter-bond pari passu clause)
Issue date April 16, 2026
Total amount of issue 10 billion yen
Issue price 100 yen per face value of 100 yen
Interest rate 2.147% per annum
Redemption method The bonds will be redeemed in full at maturity.
Maturity date April 16, 2031
Use of proceeds Capital investment and repayment of borrowings
8th Series Unsecured Straight Bonds (with inter-bond pari passu clause)
Issue date April 16, 2026
Total amount of issue 20 billion yen
Issue price 100 yen per face value of 100 yen
Interest rate 2.874% per annum
Redemption method The bonds will be redeemed in full at maturity.
Maturity date April 16, 2036
Use of proceeds Capital investment and repayment of borrowings
Non-Consolidated Financial Statements
Non-Consolidated Balance Sheets
(Millions of yen) FY2024 (As of March 31, 2025) FY2025 (As of March 31, 2026)
ASSETS
Current assets
Cash and deposits
35,867
35,647
Accounts receivable
44,074
47,496
Merchandise and finished products
6,497
8,794
Stored goods
6
6
Prepaid expenses
549
435
Accounts receivable - other
15,655
15,158
Short-term loans receivable
5,500
5,563
Other current assets
5,420
1,796
Total current assets
113,571
114,897
Fixed assets
Tangible fixed assets
Buildings
117,718
112,814
Structures
676
555
Machinery and equipment
3,871
3,450
Vehicles
15
0
Tools, furniture and fixtures
8,162
7,210
Land
12,847
12,687
Lease assets
625
312
Construction in progress
15,724
31,378
Total tangible fixed assets
159,641
168,411
Intangible fixed assets
Software
3,699
3,881
Software in progress
369
266
Right to use facilities
45
47
Total intangible fixed assets
4,114
4,195
Investments and other assets
Investment securities
22,772
24,571
Shares of subsidiaries and associates
23,781
26,281
Investments in other securities of subsidiaries and associates
940
895
Long-term loans receivable
9,013
8,950
Long-term prepaid expenses
18
-
Deferred tax assets
10,273
10,223
Leasehold and guarantee deposits
1,486
1,367
Prepaid pension costs
241
318
Other investments
530
494
Total investments and other assets
69,057
73,101
Total fixed assets
232,813
245,708
TOTAL ASSETS
346,384
360,605
(Millions of yen) FY2024 (As of March 31, 2025) FY2025 (As of March 31, 2026)
LIABILITIES
Current liabilities
Accounts payable
10,259
11,702
Short-term loans payable
3,661
4,961
Lease obligations
343
343
Accounts payable - other
16,745
14,149
Accrued expenses
12,559
11,647
Income taxes payable
3,281
4,786
Advances received
2,210
2,497
Deposits received
37,169
41,510
Allowance for employees' bonuses
766
955
Allowance for directors' bonuses
93
55
Other current liabilities
4,703
2,338
Total current liabilities
91,795
94,951
Fixed liabilities
Bonds
42,000
62,000
Long-term loans payable
45,077
29,465
Provision for losses on business of subsidiaries and associates
8,112
7,724
Provision for share awards
189
389
Provision for retirement benefits
560
573
Lease obligations
343
-
Leasehold and guarantee deposits received
3,374
3,252
Asset retirement obligations
334
338
Other fixed liabilities
109
-
Total fixed liabilities
100,101
103,744
TOTAL LIABILITIES
191,896
198,695
NET ASSETS
Shareholders' equity
Common stock
38,126
38,126
Capital surplus
Legal capital surplus
41,947
41,947
Other capital surplus
12,184
12,184
Total capital surplus
54,131
54,131
Retained earnings
Legal retained earnings
1,716
1,716
Other retained earnings
Reserve for dividends
4,560
4,560
Provision of general reserve
59,200
59,200
Retained earnings brought forward
(4,385)
1,555
Total retained earnings
61,091
67,032
Treasury stock
(1,653)
(1,556)
Total shareholders' equity
151,696
157,734
Valuation and translation adjustments
Valuation difference on available-for-sale securities
2,791
4,175
Total valuation and translation adjustments
2,791
4,175
TOTAL NET ASSETS
154,487
161,910
TOTAL LIABILITIES AND NET ASSETS
346,384
360,605
(2) Non-Consolidated Statements of Income
(Millions of yen)
FY2024 (from April 1, 2024
FY2025 (from April 1, 2025
to March 31, 2025)
to March 31, 2026)
Operating revenues
Rent revenue
27,147
30,241
Facility user charges revenue
23,395
28,555
Other revenues
30,331
33,984
Sale of merchandise
90,784
96,832
Total operating revenues
171,658
189,614
Cost of sales
Cost of sales of merchandise
56,743
62,492
Gross profit
114,914
127,121
Selling, general and administrative expenses
100,212
107,803
Operating income
14,702
19,317
Non-operating income
Interest income
1,615
1,668
Dividends income
742
879
Miscellaneous income
1,092
1,532
Total non-operating income
3,450
4,081
Non-operating expenses
Interest expenses
794
1,020
Interest expenses on bonds
167
523
Loss on retirement of fixed assets
503
369
Miscellaneous expenses
502
464
Total non-operating expenses
1,967
2,376
Ordinary income
16,185
21,022
Extraordinary gains
-
793
Reversal of provision for loss on business of subsidiaries and associates
329
609
National subsidies
153
508
Other
-
18
Total extraordinary gains
483
1,929
Extraordinary loss
Provision for losses on business of subsidiaries and associates
389
220
Loss on valuation of investment securities
500
232
Loss on reduction entry of fixed assets
95
503
Loss on sale of non-current assets
-
87
Impairment loss
-
203
Total extraordinary loss
985
1,247
Net income before income taxes
15,683
21,704
Income taxes - current
5,063
6,975
Income taxes - deferred
(580)
(526)
Total income taxes
4,483
6,449
Net income
11,200
15,254
(3) Non-Consolidated Statements of Changes in Shareholders' Equity FY2024 (from April 1, 2024 to March 31, 2025)
(Millions of yen)
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Legal capital surplus
Other capital surplus
Total capital surplus
Legal retained earnings
Other retained earnings
Reserve for dividends
Provision of general reserve
Retained earnings
brought forward
Balance at the beginning of current period
38,126
41,947
12,184
54,131
1,716
4,560
59,200
(8,414)
Changes during current period
Dividend from retained earnings
(7,171)
Net income
11,200
Purchase of treasury stock
Disposal of treasury shares
Changes of items other than
shareholders' equity during current period (net)
Total changes during current period
-
-
-
-
-
-
-
4,028
Balance at the end of current period
38,126
41,947
12,184
54,131
1,716
4,560
59,200
(4,385)
Shareholders' equity
Valuation and translation adjustments
TOTAL NET ASSETS
Retained earnings
Treasury stock
Total
shareholders' equity
Valuation difference on available-for-sale securities
Total
valuation and translation adjustments
Total retained earnings
Balance at the beginning of current period
57,062
(13)
149,307
2,636
2,636
151,944
Changes during current period
Dividend from retained earnings
(7,171)
(7,171)
(7,171)
Net income
11,200
11,200
11,200
Purchase of treasury stock
-
(1,639)
(1,639)
(1,639)
Disposal of treasury shares
-
-
-
Changes of items other than
shareholders' equity during current period (net)
-
-
155
155
155
Total changes during current period
4,028
(1,639)
2,388
155
155
2,543
Balance at the end of current period
61,091
(1,653)
151,696
2,791
2,791
154,487
FY2025 (from April 1, 2025 to March 31, 2026)
(Millions of yen)
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Legal capital surplus
Other capital surplus
Total capital surplus
Legal retained earnings
Other retained earnings
Reserve for dividends
Provision of general reserve
Retained earnings
brought forward
Balance at the beginning of current period
38,126
41,947
12,184
54,131
1,716
4,560
59,200
(4,385)
Changes during current period
Dividend from retained earnings
(9,313)
Net income
15,254
Purchase of treasury stock
Disposal of treasury shares
Changes of items other than
shareholders' equity during current period (net)
Total changes during current period
-
-
-
-
-
-
-
5,941
Balance at the end of current period
38,126
41,947
12,184
54,131
1,716
4,560
59,200
1,555
Shareholders' equity
Valuation and translation adjustments
TOTAL NET ASSETS
Retained earnings
Treasury stock
Total
shareholders' equity
Valuation difference on available-for-sale securities
Total
valuation and translation adjustments
Total retained earnings
Balance at the beginning of current period
61,091
(1,653)
151,696
2,791
2,791
154,487
Changes during current period
Dividend from retained earnings
(9,313)
(9,313)
(9,313)
Net income
15,254
15,254
15,254
Purchase of treasury stock
-
(0)
(0)
(0)
Disposal of treasury shares
-
97
97
97
Changes of items other than
shareholders' equity during current period (net)
-
-
1,384
1,384
1,384
Total changes during current period
5,941
97
6,038
1,384
1,384
7,422
Balance at the end of current period
67,032
(1,556)
157,734
4,175
4,175
161,910
Other
Production, orders received, and sales
Regarding production and other results, it is difficult to present the scale of production and orders received for each segment of the JAT Group due to the nature of the business.
For this reason, the Company presents the status of production, orders received, and sales along with the segment performance in "1. Analysis of Business and Financial Results."
Operating revenue for each segment for the current fiscal year is as follows.
(Millions of yen)
Segment name | FY2024 (from April 1, 2024 to March 31, 2025) | FY2025 (from April 1, 2025 to March 31, 2026) | |
Facilities Management | 105,540 | 117,765 | |
Rent revenue | 20,693 | 21,958 | |
Facility user charges revenue | 60,258 | 68,374 | |
Other revenues | 24,587 | 27,432 | |
Merchandise Sales | 147,666 | 154,053 | |
Sales at domestic terminal stores | 14,445 | 15,572 | |
Sales at international terminal stores | 95,282 | 97,174 | |
Other revenues | 37,938 | 41,306 | |
Food and Beverage | 16,716 | 18,004 | |
Sales from food and beverage stores | 8,515 | 8,551 | |
Sales from in-flight meals | 6,899 | 7,888 | |
Other revenues | 1,302 | 1,564 | |
Total | 269,923 | 289,823 | |
(Note) Details of leasing pertaining to rent revenue of Facilities Management are as follows.
(m2)
Category | FY2024 (from April 1, 2024 to March 31, 2025) | FY2025 (from April 1, 2025 to March 31, 2026) | |
Total floor space owned by the JAT Group | 1,010,556 | 1,010,556 | |
Leasable floor space | 334,673 | 340,088 | |
Leased floor space | 328,148 | 334,862 | |
Airlines | 159,546 | 160,217 | |
General tenants | 63,446 | 63,802 | |
Used by the Group | 105,155 | 110,842 | |