Second Quarter (Interim Period) of the Fiscal Year Ending March 2026 (FY2025)
Earnings Presentation Material(November 14, 2025)
日本空港ビルデ ング株式会社
Japan Airport Terminal Co., Ltd.
TSE Prime Market (9706)
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Financial Results for the Second Quarter (Interim Period) of FY2025
Number of Passengers P 2
Consolidated Financial Results P 3
1H Financial Results by Segment P 4
Sales at Duty-Free Stores 1 P 5
Sales at Duty-Free Stores 2 P 6
Financial Position P 7
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Consolidated Financial Forecast for FY2025
Key Points of Revision to 2H Forecast P 8
Forecast for Number of Passengers P 9
Consolidated Financial Forecast P 10
2H Financial Forecast by Segment P 11
Sales Plan for Duty-Free Stores at Haneda P 12
Status of Selling, General and Administrative
Expenses P 13
Capital Spending P 14
Initiatives for Improving Governance P 15
Direction of the Next Medium-Term Business Plan P 16
- Supplementary Material
Changes in Passenger Volume P 19 Details of Consolidated Financial Results
for the Second Quarter of FY2025 P 20
① Financial Results by Segment P 21-23
② Breakdown of Selling, General and
Administrative Expenses P 24
③ Non-Operating Income/Expenses and
Extraordinary Income/Loss P 25
④ Consolidated Cash Flows P 26 Details of Consolidated Financial Forecast
for FY2025 P 27
① Financial Forecast by Segment P 28-30
② Capital Spending and Depreciation
Expenses P 31
③ Changes in Operating Revenues/
Ordinary Income/Cash Flows P 32
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Second Quarter (Interim Period) of the Fiscal Year Ending March 2026 (FY2025)
Earnings Presentation Material
- The number of passengers on both domestic and international flights increased from the same period of the previous fiscal year given airline companies' measures to stimulate demand and the increasing number of foreign tourists visiting Japan.
- The number of passengers on domestic flights fell slightly short of the initial forecast, while that on international flights exceeded the forecast and reached 95% of the target.
(10 thousands)
Airport | FY2025 1H | FY2024 1H | Rate of change (％) | Initial forecast 1H | Rate of change (％) | Target Number | Achievement rate (％) | ||
Haneda - Domestic | 3,305 | 3,108 | 6.3 | 3,358 | - 1.6 | 3,490 | 94.7 | ||
Haneda - International | 1,215 | 1,116 | 8.9 | 1,173 | 3.6 | 1,280 | 95.0 | ||
Total Haneda | 4,521 | 4,225 | 7.0 | 4,532 | - 0.2 | 4,770 | 94.8 |
* 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 semi-annual conversion of passenger assumptions in the Medium-Term Business Plan announced in May 2022: domestic = calendar year 2019; international = post-slot expansion.
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1. Financial Results for the Second Quarter (Interim Period) of FY2025
(1) Number of Passengers
- Vs. FY2024: All segments recorded revenue growth, driven by the growth in the number of passengers, price revisions, and higher wholesale sales.
- Vs. Initial forecast: Merchandise sales fell short of expectations due to a slowdown in duty-free store sales.
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Operating income and ordinary income reached record highs for the third consecutive year, driven by cost
control and other factors.
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Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)
(100 million yen) | FY2025 1H | FY2024 1H | Change | Change of Rate(%) | Revised forecast 1H | Change | Change of Rate(%) | ||
Operating revenues | 141.5 | 131.7 | 9.7 | 7.4% | 148.6 | -7.0 | 95.3% | ||
Facilities management | 57.8 | 51.2 | 6.6 | 13.0% | 57.3 | 0.5 | 101.0% | ||
Merchandise sales | 74.8 | 72.3 | 2.4 | 3.4% | 82.8 | -7.9 | 90.4% | ||
Food and beverage | 8.8 | 8.1 | 0.6 | 8.1% | 8.5 | 0.3 | 104.0% | ||
Operating profit | 21.4 | 21.0 | 0.3 | 1.7% | 20.4 | 1.0 | 105.1% | ||
Ordinary profit | 20.3 | 20.3 | 0.0 | 0.2% | 19.4 | 0.9 | 105.0% | ||
Net profit attributable to owners of parent | 13.4 | 11.9 | 1.4 | 11.8% | 12.6 | 0.8 | 106.4% | ||
1. Financial Results for the Second Quarter (Interim Period) of FY2025
(2) Consolidated Financial Results Overview
- Facilities management: Revenue and profit increased due to higher passenger numbers and price revisions, with profit exceeding the initial forecast through cost reductions.
- Merchandise sales: Gross profit margin declined due to lower duty-free store sales and higher-cost wholesale growth, resulting in higher revenue but lower profit year on year.
Items | FY2025 1H | FY2024 1H | Change | |
Operating revenues | 141.5 | 131.7 | 9.7 | |
Facilities management | 59.3 | 52.8 | 6.5 | |
Merchandise sales | 75.6 | 73.2 | 2.3 | |
Food and beverage | 9.3 | 8.6 | 0.7 | |
（Elimination or unallocated） | - 2.7 | - 2.9 | 0.1 | |
Operating expenses | 120.0 | 110.6 | 9.4 | |
Facilities management | 45.6 | 42.1 | 3.5 | |
Merchandise sales | 62.6 | 57.9 | 4.6 | |
Food and beverage | 8.8 | 8.4 | 0.4 | |
（Elimination or unallocated） | 2.8 | 2.0 | 0.8 | |
Operating income | 21.4 | 21.0 | 0.3 | |
Facilities management | 13.7 | 10.6 | 3.0 | |
Merchandise sales | 12.9 | 15.2 | - 2.3 | |
Food and beverage | 0.4 | 0.1 | 0.2 | |
（Elimination or unallocated） | - 5.6 | - 5.0 | - 0.6 | |
Initial forecast | Change | |
148.6 | - 7.0 | |
59.1 | 0.2 | |
83.6 | - 7.9 | |
8.9 | 0.4 | |
- 3.0 | 0.2 | |
128.2 | - 8.1 | |
46.9 | - 1.2 | |
68.8 | - 6.1 | |
8.7 | 0.1 | |
3.8 | - 0.9 | |
20.4 | 1.0 | |
12.2 | 1.5 | |
14.8 | - 1.8 | |
0.2 | 0.2 | |
- 6.8 | 1.1 | |
(Billions of yen)
Domestic terminal stores | Vs. FY2024 0.7 | Vs. Initial forecast △ 0.3 |
International terminal stores | △ 0.9 | △ 3.8 |
Other sales | 2.6 | △ 3.7 |
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Note: Figures shown are rounded down to the nearest 100 million yen.
1. Financial Results for the Second Quarter (Interim Period) of FY2025
(3) 1H Financial Results by Segment