Q1 FY2025 (Three months ended June 30, 2025)
Earnings Presentation(August 7, 2025)
Japan Airport Terminal Co., Ltd.
TSE Prime Market (9706)
Corporate Governance Improvement | Ｐ３ |
Consolidated Results for the First Quarter of FY2025 | |
Passenger Traffic | Ｐ５ |
Consolidated Overview | Ｐ６ |
Operating Profit Breakdown | Ｐ７ |
SG&A Details | Ｐ８ |
Consolidated Financial Details | Ｐ９ |
A. Facilities management | Ｐ１０ |
B. Merchandise sales | Ｐ１１ |
C. Food and beverage | Ｐ１２ |
Duty-Free Store Sales | Ｐ１３ |
Financial Position | Ｐ１５ |
Future Initiatives | Ｐ１６ |
2
Q1 FY2025 (Three months ended June 30, 2025)
Earnings Presentation
Developed recurrence prevention measures regarding compliance issues in selecting business partners.
Established a promotion system and ensured effectiveness of governance through a scheduled implementation plan.
Recurrence Prevention Measures (June 12, 2025) | Implementation status | |
(1) | Reorganization of Management Structure |
|
(2) | Formulation of a Succession Plan for the Top Executive, Transparency in the Nomination Process, and Review of the Role of the Nomination Advisory Committee |
|
(3) | Enhancement of Oversight Over Top Management |
|
(4) | Reform of Organizational Climate |
|
(5) | Establishment of a Management Improvement Committee |
|
(6) | Establishment of a Corporate Governance Committee |
|
3
Continuous Monitoring • Reported progress to the Board of Directors
Corporate Governance Improvement
Intentionally blank
4
Haneda domestic: slightly below forecast but up YoY.
Haneda international: above forecast with double-digit YoY growth.
Airport
FY2025 1Q
FY2024 1Q
Rate of
change
(％)
Initial forecast 1Q
Rate of
change
(％)
Target Number
Rate of
change
(％)
Haneda -
Domestic
1,544
1,429
8.0
1,564
△ 1.3
1,640
△ 5.9
Haneda -
International
601
543
10.7
576
4.4
620
△ 2.9
Total Haneda
2,145
1,972
8.8
2,141
0.2
2,260
△ 5.0
Note:
Airport
FY2025 1Q
FY2024 1Q
Rate of
change
(％)
Narita
846
777
8.8
Kansai
647
583
11.0
Chubu Centrair
136
111
22.2
Haneda Airport passenger volume is based on aggregate statistics of airport usage within the jurisdiction of the East Japan Civil Aviation Bureau (monthly version), available on the website of the East Japan Civil Aviation Bureau of the Ministry of Land, Infrastructure, Transport
and Tourism.
Targets are based on quarterly conversion of passenger assumptions
in the Medium-Term Management Plan (May 2022):
domestic = 2019 calendar results; international = post-slot expansion.
5
Consolidated Results for the First Quarter of FY2025
Passenger Traffic
Facilities Management revenue increased due to higher passenger volumes and the revision of domestic PSFC
Operating profit declined YoY due to higher costs from terminal expansion.
Note: Figures shown are rounded down to the nearest 100 million yen.
(100 million yen)
FY2025 1Q
FY2024 1Q
Change
Change of Rate(%)
Operating revenues
689
653
36
5.6%
Facilities management
276
246
30
12.2%
Merchandise sales
370
367
2
0.6%
Food and beverage
42
38
4
10.8%
Operating profit
102
109
△ 7
△ 6.6%
Ordinary profit
98
107
△ 8
△ 7.6%
Net profit attributable to
owners of parent
62
61
1
2.2%
6
Consolidated Results for the First Quarter of FY2025
Consolidated Overview
COGS: up due to changes in Merchandise Sales mix
Costs: higher depreciation and other fixed costs, plus increased repair and outsourcing expenses
160
140
120
100
Operating revenues
36
Cost of sales
10 Labor cost
6
Taxes and dues, land use fee, Depreciation 11
Other cost 15
(100 million yen)
FY2025 1Q OP 102
FY2024 1Q OP 109
80
60
Operating revenues
Facility user charges revenues ↑
40
Duty-Free Store Sales ↓
wholesale sales ↑
20
0
Operating expenses
COGS ↑
－Increase in wholesale share
Land use fee, Depreciation ↑
－Terminal 2 Satellite-Main Building Connection
7
Consolidated Results for the First Quarter of FY2025
Operating Profit Breakdown
Repair expenses, land rent, and other costs related to price increases have risen, but the growth rate has slowed YoY.
Cost control will continue while monitoring sales trends.
Depreciation 75
Depreciation 69
FY2024 Q1
FY2025 Q1
Labor cost 63
Labor cost 70
Property cost
178
Property cost 198
+33 (+11%)
Property cost | + ２ billion | (+11%) |
Repair expenses | + 0.4 billion | (+25%) |
Rent expenses (including land use fee) | + 0.6 billion | (+19%) |
Outsourcing expenses | + 0.5 billion | (+ 3%) |
Other | + 0.4 billion | (+10%) |
Labor cost | + 0.6 billion | (+10%) |
Depreciation | + 0.6 billion | (+10%) |
(100 million yen)
2024年度1Q
2025年度1Q
309 3428
Consolidated Results for the First Quarter of FY2025
SG&A Details
Items | FY2025 1Q | Ratio | FY2024 1Q | Ratio | Change | Rate of Change |
Millions of yen | Millions of yen | Millions of yen | ％ | |||
Operating revenues | 68,997 | 100.0 | 65,337 | 100.0 | 3,659 | 5.6 |
Facilities management | 27,691 | 40.1 | 24,691 | 37.8 | 3,000 | 12.2 |
Merchandise sales | 37,006 | 53.6 | 36,767 | 56.3 | 238 | 0.6 |
Food and beverage | 4,299 | 6.2 | 3,879 | 5.9 | 420 | 10.8 |
Cost of sales | 24,504 | 35.5 | 23,430 | 35.9 | 1,073 | 4.6 |
Cost of sales of merchandise | 22,132 | 32.1 | 21,301 | 32.6 | 830 | 3.9 |
(Ratio*1) | ( 59.8％) | - | ( 57.9％) | 0.0 | ( 1.9P) | 0.0 |
Cost of sales of food and beverage | 2,371 | 3.4 | 2,129 | 3.3 | 242 | 11.4 |
(Ratio*2) | ( 55.2％) | - | ( 54.9％) | 0.0 | ( 0.3P) | 0.0 |
Gross profit | 44,493 | 64.5 | 41,906 | 64.1 | 2,586 | 6.2 |
SG&A | 34,288 | 49.7 | 30,980 | 47.4 | 3,307 | 10.7 |
Operating profit | 10,204 | 14.8 | 10,926 | 16.7 | -721 | -6.6 |
Non-operating income/loss | -307 | -0.4 | -214 | -0.3 | -92 | - |
Ordinary profit | 9,897 | 14.3 | 10,712 | 16.4 | -814 | -7.6 |
Extraordinary income/loss | 16 | 0.0 | -497 | -0.8 | 513 | - |
Income taxes - current | 1,714 | 2.5 | 1,810 | 2.8 | -96 | -5.3 |
Net profit to NCI | 1,934 | 2.8 | 2,273 | 3.5 | -338 | -14.9 |
Net profit to Parent | 6,264 | 9.1 | 6,131 | 9.4 | 133 | 2.2 |
9
*1 Ratio: Cost of sales of merchandise / Operating revenues of merchandise
*2 Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage
Consolidated Results for the First Quarter of FY2025
Consolidated Financial Details
Revenue increased due to higher passenger volumes and various fee revisions, including domestic PSFC, domestic service charges as part of rent, and lounge usage fees.
Cost increases such as land rent and depreciation were absorbed, resulting in improved profit margins.
Items
FY2025
FY2024
Change
Rate of
1Q
Ratio
1Q
Ratio
Change
Sales to external customers
Millions of yen
5,380
15,975
6,335
％
Millions of yen
5,081
14,086
5,522
％
Millions of yen
298
1,889
813
％
Rent revenues
19.0
19.9
5.9
Facility user charges revenues
56.4
55.3
13.4
Other revenues
22.4
21.7
14.7
Subtotal
27,691
97.8
24,691
96.9
3,000
12.2
Intersegment sales
621
2.2
799
3.1
-178
-22.3
Total
28,312
100.0
25,490
100.0
2,822
11.1
Operating expenses
22,157
78.3
20,202
79.3
1,955
9.7
Operating profit
6,155
21.7
5,287
20.7
867
16.4
10
Consolidated Results for the First Quarter of FY2025
A. Facilities management
Domestic revenue increased due to higher passenger volumes, while international revenue declined due to lower duty-free sales.
Profit decreased due to higher cost of sales from reduced international store sales and increased wholesale sales, as well as higher SG&A expenses.
Items
FY2025
FY2024
Change
Rate of
1Q
Ratio
1Q
Ratio
Change
Sales to external customers
Millions of yen
3,629
23,154
10,221
％
Millions of yen
％
Millions of yen
％
Domestic terminal stores
9.7
3,207
8.6
422
13.2
International terminal stores
61.9
24,739
66.5
-1,584
-6.4
Other sales
27.3
8,821
23.7
1,400
15.9
Subtotal
37,006
99.0
36,767
98.9
238
0.6
Intersegment sales
377
1.0
416
1.1
-38
-9.3
Total
37,383
100.0
37,184
100.0
199
0.5
Operating expenses
30,749
82.3
29,149
78.4
1,599
5.5
Operating profit
6,634
17.7
8,034
21.6
-1,400
-17.4
11
Consolidated Results for the First Quarter of FY2025
B. Merchandise sales
Revenue increased due to extended restaurant operating hours and more in-flight meal contracts with higher load factors.
Despite sustained high food costs, profit grew thanks to the revenue increase.
Items
FY2025
FY2024
Change
Rate of
1Q
Ratio
1Q
Ratio
Change
Sales to external customers
Millions of yen
％
Millions of yen
％
Millions of yen
％
Sales from restaurants
2,067
45.5
1,981
48.4
85
4.3
Sales from in-flight meals
1,862
41.0
1,604
39.2
257
16.1
Other sales
370
8.2
293
7.2
76
26.1
Subtotal
4,299
94.7
3,879
94.7
420
10.8
Intersegment sales
239
5.3
216
5.3
23
10.7
Total
4,539
100.0
4,095
100.0
443
10.8
Operating expenses
4,340
95.6
4,063
99.2
276
6.8
Operating profit
198
4.4
31
0.8
166
528.1
12
Consolidated Results for the First Quarter of FY2025
C. Food and beverage
Compared to the same period last year, luxury sales declined significantly due to yen appreciation and brand price revisions.
Purchasing by Chinese customers slowed by nationality.
- Duty-free store sales by location Haneda duty-free store sales by nationality
China 49.2%
China 38.7%
Sou
Japan
Japan
th Korea, Taiwan
North America
Southeast Asia
North America
Others
Others
(million of yen) | FY2024 | FY2025 | Change of Rate (%) |
1Q | 1Q | ||
Haneda | 29,907 | 24,928 | △ 17% |
Narita | 3,460 | 3,742 | 8% |
Ginza | 1,093 | 1,606 | 47% |
300
200
100
South Korea, Taiwan
Southeast Asia
0
FY2024 1Q FY2025 1Q
*Sales at duty-free stores shows the transaction volume before calculation of the net amount
*Nationalities include estimates by the Japan Airport Terminal
13
Consolidated Results for the First Quarter of FY2025
Duty-Free Store Sales 1
The exchange rate strengthened by more than 10 yen against the previous year's same period.
Lower sales of luxury brands led to declines in average spend per purchase and purchase rate since Q2 last year.
-
Average spend per purchase at duty-free store Purchase rate at Haneda duty-free store
average spend
per purchase
$ / ¥
(yen)
$ / ¥ Purchase rate
160
$ / ¥Average spend per purchase20,000
160
$ / ¥Purchase rate40.0%
17,700
16,900
16,300
14,100
16,000
31.0%
29.8%
28.8%
29.3%
28.5%
150 150
140
16,000
140
30.0%
130
1Q FY2024
2Q 3Q 4Q 1Q FY2025
12,000
130
1Q FY2024
2Q 3Q 4Q 1Q FY2025
20.0%
14
Consolidated Results for the First Quarter of FY2025
Duty-Free Store Sales 2
Total assets increased by ¥3.6 billion from the previous fiscal year-end due to progress in construction of the Terminal 1 north satellite.
Interest-bearing debt decreased due to scheduled repayment of borrowings, and the equity ratio remained around 40%.
71,682
Refinancing of a ¥30 billion hybrid loan is planned for August 2025.
Total assets 473,654
346,922
126,732
Current assets
-4,201
Current liabilities
Total assets 469,955
339,021
130,933
69,053
+2,628
（Million of yen）
202,554
Fixed liabilities
-2,503
200,051
Fixed assets
+7,900
Equity ratio 2025.3 39.9％
2025.6 39.9％
198,347
Net assets
+3,573
201,921
15
2025.6 2025.3 2025.3 2025.6
Consolidated Results for the First Quarter of FY2025
Financial Position
- With the expected slowdown in passenger growth at Haneda, sales expansion is aimed through improvements in unit price and purchase rate.
Unit price improvement | Purchase rate improvement | ||||
|
checkout systems RFID introduced in July 2025 Attach RFID tags to products Speed up scanning and increase register turnover |
16
Consolidated Results for the First Quarter of FY2025
Future Initiatives
Notes regarding projections
Items such as plans, targets, policies, strategies, decisions, financial forecasts, future figures and monetary amounts in this presentation that is not historical data are projections of the future. These are based on management's projections, assumptions, evaluations, judgments, and conditions on information obtainable at the present time. Realizing these items entail uncertainty and various risks.
This presentation material is not intended to solicit investments. We request you to make
own decision regarding investments.
Contact
Japan Airport Terminal Co., Ltd., Investor Relations DivisionTEL: 03 (5757) 8409
FAX: 03 (5757) 8029
Email: ir@jat-co.com