Kyushu Railway Company TSE:9142
Kyushu Railway : Financial Results Presentation Materials, Second Quarter（1,898 KB）
Source: MarketScreener
November 6, 2025
KYUSHU RAILWAY COMPANY ContentsⅠ Financial Results for the First Six Months of FY26.3 ３
Ⅱ Full-Year Performance Forecasts and Dividend Forecasts for FY26.3 10
Ⅲ Status of Segments 19
Ⅳ Progress on the Medium-Term Business Plan 28
Ⅰ Financial Results for the First Six Months of FY26.3Consolidated Financial Highlights for the Six-Month Period
Ended September 30, 2025
（bil）
6 months ended September 30, 2024 | 6 months ended September 30, 2025 | YoY | ||
Operating revenue | 208.4 | 237.6 | 29.2 | 114.0% |
Operating income | 29.5 | 40.8 | 11.3 | 138.4% |
Ordinary income | 29.5 | 41.0 | 11.4 | 138.7% |
Extraordinary gains and losses | 0.2 | (9.3) | (9.6) | - |
Net income attributable to owners of the parent | 22.6 | 22.3 | (0.3) | 98.6% |
EBITDA※ | 47.6 | 59.6 | 12.0 | 125.3% |
※Note: EBITDA = operating income + depreciation expense (excluding depreciation of leased assets held for subleasing purposes).
The same applies hereafter
Key points
Owing to higher railway transportation revenues stemming from revised fares and charges, plus higher real estate sales revenue, consolidated operating revenues, operating income, and ordinary income increased year on year.
Due to extraordinary losses resulting from
"The heavy rains beginning August 6, 2025" and the cancellation of the project utilizing the space above the tracks at Hakata Station, net income attributable to owners of the parent decreased year on year.
Change in operating revenue by segment
Change in operating income by segment
About the Recording of Extraordinary Losses ①We recorded extraordinary losses due to "The heavy rains beginning August 6, 2025" and the cancellation of the project utilizing the space above the tracks at Hakata Station.
Damage from "The heavy rains beginning August 6, 2025"
Damage occurred on the Kagoshima Main Line, Nippo Main Line, Hisatsu Line, and other routes.
Operations between Yoshimatsu and Hayato on the Hisatsu Line have been suspended for the time being.
We recorded an extraordinary loss of approximately ¥1.4 billion, including a provision for loss
Hakata
Takeo-Onsen
Saga
Tosu
on disaster related to railway restoration efforts. Oita
Kumamoto
Suspended
segment
Hisatsu Line,
Yoshimatsu - Hayato
Main
damage
Soil inflow
Embankment collapse
Nagasaki
Yatsushiro
Shin-
Yatsushiro
Hitoyoshi
Hayato
Sendai
Yoshimatsu
Kagoshima-Chuo
Kyushu Shinkansen Nishi-Kyushu Shinkansen Conventional lines Suspended
segment （In advance） Suspended
segment （Recently）
About the Recording of Extraordinary Losses ②
We recorded extraordinary losses due to "The heavy rains beginning August 6, 2025" and the cancellation of the project utilizing the space above the tracks at Hakata Station.
The cancellation of the project utilizing the space above the tracks at Hakata Station
２０１９
March
Project team launched; deliberations began
２０２１
September
Approved by the Board of Directors
Plan envisions development including office, hotel,
and retail space in a 12-story building (one basement
level, 12 above-ground levels), spanning the area
above the tracks at Hakata Station
October Preliminary temporary construction work for railway
facilities began in advance
２０２２ March Announced as the "the project utilizing the space
above the tracks at Hakata Station"
2025 September Board of Directors decided to cancel the project;
cancellation announced
Because the planned site is located directly above the tracks at Hakata Station, the construction would be highly complex and prolonged, resulting in a significant impact from rising construction costs. It was determined that the total construction cost would be nearly double the initial estimate.
In response, the Company reviewed the building's scale and intended uses (assets), redesigned plans, and examined construction methods to improve efficiency and reduce costs. Various possibilities were explored, including adjustments to revenue and cost structures. Despite these efforts, the Company concluded that formulating a feasible business plan was not possible. Accordingly, the Board of Directors resolved to cancel the project in September 2025.
Approximately ¥8.7 billion in project withdrawal losses has been recorded as an extraordinary loss.
（bil）
Results FY25.3 | 6 months ended September 30, 2025 | Increase /Decrease | Major factors | ||
Assets | 1,140.5 | 1,172.4 | 31.9 | ||
Current assets | 214.1 | 230.5 | 16.3 | ||
Non-current assets | 926.3 | 941.9 | 15.5 | ||
Fixed assets for railway business | 164.7 | 162.7 | (2.0) | ||
Liabilities | 681.8 | 698.3 | 16.4 | ||
Current liabilities | 212.7 | 188.4 | (24.2) | Decrease in accounts payable-trade and payables | |
Non-current liabilities | 469.1 | 509.9 | 40.7 | Increase in Lomg-term loans | |
Net assets | 458.6 | 474.1 | 15.4 | ||
Interest-bearing debt | 423.3 | 458.0 | 34.7 |
Equity ratio | 40.0% | 40.2% |
（bil） | |||||
6 months ended September 30, 2024 | 6 months ended September 30, 2025 | Increase /Decrease | Major factors | ||
Cash flows from operating activities | 54.8 | 40.5 | (14.2) | Increase in income tax and related payments | |
Depreciation expense | 18.7 | 19.5 | 0.7 | ||
Cash flows from investing activities | (53.7) | (42.0) | 11.6 | Decrease in expenditures for non-current assets | |
Free cash flow | 1.1 | (1.5) | (2.6) | ||
Cash flows from financing activities | (15.9) | 17.3 | 33.3 | Increase due to Long-term loans and commercial papers | |
Cash and cash equivalents | 48.5 | 61.7 | 13.2 | ||
Consolidated Results for the First Six Months of FY26.3 (by Segment)
（bil）
6 months ended September 30, 2024 | 6 months ended September 30, 2025 | YoY | Major factors | ||||
Operating revenue | 208.4 | 237.6 | 29.2 | 114.0% | |||
Transportation | 82.1 | 92.2 | 10.0 | 112.2% | |||
Railway Business (non-consolidated) | 80.9 | 91.5 | 10.5 | 113.0% | Increase due to the revise rail fares and charges | ||
Real Estate and Hotels | 61.1 | 76.6 | 15.4 | 125.3% | |||
Real Estate Lease | 37.6 | 39.9 | 2.3 | 106.1% | |||
Real Estate Sales | 8.4 | 20.8 | 12.4 | 246.6% | Increase in the sales of properties and condominiums | ||
Hotel Business | 15.0 | 15.7 | 0.7 | 105.1% | |||
Retail and Restaurant | 32.4 | 34.6 | 2.2 | 107.0% | |||
Construction | 36.5 | 40.6 | 4.0 | 111.1% | |||
Business Services | 36.6 | 39.3 | 2.6 | 107.3% | |||
Operating income | 29.5 | 40.8 | 11.3 | 138.4% | |||
Transportation | 12.2 | 18.5 | 6.2 | 150.8% | |||
Railway Business (non-consolidated) | 12.9 | 18.9 | 5.9 | 146.2% | |||
Real Estate and Hotels | 13.1 | 17.8 | 4.7 | 135.9% | |||
Real Estate Lease | 9.2 | 10.3 | 1.0 | 111.5% | |||
Real Estate Sales | 0.8 | 4.5 | 3.6 | 512.6% | |||
Hotel Business | 3.0 | 2.9 | (0.0) | 98.9% | |||
Retail and Restaurant | 1.8 | 2.0 | 0.1 | 109.4% | |||
Construction | 0.2 | 0.6 | 0.4 | 286.5% | |||
Business Services | 1.9 | 2.3 | 0.3 | 116.6% | |||
EBITDA | 47.6 | 59.6 | 12.0 | 125.3% | |||
Transportation | 18.7 | 25.7 | 6.9 | 137.1% | |||
Railway Business (non-consolidated) | 19.1 | 25.9 | 6.7 | 135.5% | |||
Real Estate and Hotels | 22.0 | 26.9 | 4.9 | 122.2% | |||
Real Estate Lease | 16.4 | 17.5 | 1.0 | 106.6% | |||
Real Estate Sales | 0.9 | 4.5 | 3.6 | 508.8% | |||
Hotel Business | 4.7 | 4.8 | 0.1 | 102.9% | |||
Retail and Restaurant | 2.5 | 2.7 | 0.1 | 106.7% | |||
Construction | 0.8 | 1.3 | 0.4 | 154.6% | |||
Business Services | 3.5 | 3.6 | 0.1 | 102.9% | |||
Non-Consolidated Results for the First Six Months of FY26.3
(bil)
6 months ended September 30, 2024 | 6 months ended September 30, 2025 | YoY | Major Factors | ||||
Operating revenue | 110.0 | 134.4 | 24.4 | 122.3% | |||
Railway transportation revenues | 73.3 | 83.6 | 10.3 | 114.1% | Increase due to the revise rail fares and charges | ||
Shinkansen | 29.2 | 33.9 | 4.6 | 116.1% | |||
Conventional Lines | 44.0 | 49.6 | 5.6 | 112.7% | |||
Other revenue | 36.7 | 50.8 | 14.1 | 138.6% | Increase in the sales of properties and condominiums | ||
Operating expense | 87.4 | 101.2 | 13.8 | 115.9% | |||
Personnel expense | 23.3 | 25.2 | 1.9 | 108.2% | Increase due to the raise in basic wage, etc. | ||
Non-personnel expense | 45.9 | 56.7 | 10.8 | 123.7% | |||
Energy cost | 5.4 | 5.8 | 0.4 | 108.7% | |||
Maintenance cost | 11.5 | 12.1 | 0.5 | 105.1% | |||
Other | 28.9 | 38.7 | 9.8 | 133.8% | Increase in the cost of property sales | ||
Taxes | 6.7 | 7.0 | 0.2 | 103.5% | |||
Depreciation cost | 11.3 | 12.2 | 0.8 | 107.4% | |||
Operating income | 22.6 | 33.2 | 10.6 | 146.9% | |||
Non-operating income and expense | 0.3 | 0.1 | (0.1) | 52.5% | |||
Ordinary income | 22.9 | 33.3 | 10.4 | 145.6% | |||
Extraordinary gain and losses | 0.2 | (10.4) | (10.6) | - | Decrease due to "The heavy rains beginning August 6, 2025" and the cancellation of the project utilizing the space above the tracks at Hakata Station | ||
Net income | 17.8 | 15.9 | (1.9) | 89.1% | |||
Results by business (non-consolidated)(include in above table) | (bil) | ||||
6 months ended September 30, 2024 | 6 months ended September 30, 2025 | YoY | |||
Railway business | Operating revenue | 80.9 | 91.5 | 10.5 | 113.0% |
Operating income | 12.9 | 18.9 | 5.9 | 146.2% | |
Related businesses | Operating revenue | 29.0 | 42.9 | 13.9 | 147.9% |
Operating income | 9.6 | 14.2 | 4.6 | 147.9% | |
Consolidated Financial Forecast Highlights for FY26.3（Year-on-Year）
Medium-Term Business Plan targets 530.0 |
71.0 |
- |
- |
115.0 |
（bil）
Results FY25.3 | Forecasts FY26.3 | YoY | ||
Operating revenue | 454.3 | 489.1 | 34.7 | 107.6% |
Operating income | 58.9 | 73.1 | 14.1 | 123.9% |
Ordinary income | 59.5 | 72.3 | 12.7 | 121.4% |
Net income attributable to owners of the parent | 43.6 | 46.0 | 2.3 | 105.4% |
EBITDA | 95.9 | 112.0 | 16.0 | 116.7% |
Key points
We revised the forecast announced
on August 5, 2025.
Reflecting performance through 1H and the demand outlook for 2H, we have made upward revisions to operating revenue, operating income, and ordinary income; we have revised downward our forecast for net income attributable to owners of the parent.
Change in operating revenue by segment
Change in operating income by segment
Consolidated Financial Forecasts for FY26.3 (by Segment, Year-on-Year)
(bil)
Results FY25.3 | Forecasts FY26.3 | YoY | Major factors | Medium-Term Business Plan targets | |||||
Operating revenue | 454.3 | 489.1 | 34.7 | 107.6% | 530.0 | ||||
Transportation | 169.3 | 189.5 | 20.1 | 111.9% | 189.0 | ||||
Railway Business (non-consolidated) | 167.0 | 187.7 | 20.6 | 112.4% | Increase in Railway transportation revenues due to the revision of rail fare and charges | - | |||
Real Estate and Hotels | 143.4 | 154.5 | 11.0 | 107.7% | 167.0 | ||||
Real Estate Lease | 78.2 | 81.3 | 3.0 | 103.9% | Increase due to properties opened in the previous fiscal year | - | |||
Real Estate Sales | 32.8 | 39.9 | 7.0 | 121.3% | Increase in sales of properties and condominiums | - | |||
Hotel Business | 32.2 | 33.3 | 1.0 | 103.3% | - | ||||
Retail and Restaurant | 67.0 | 71.3 | 4.2 | 106.3% | 80.0 | ||||
Construction | 100.6 | 100.0 | (0.6) | 99.4% | 110.0 | ||||
Business Services | 82.5 | 80.8 | (1.7) | 97.8% | 88.0 | ||||
Operating income | 58.9 | 73.1 | 14.1 | 123.9% | 71.0 | ||||
Transportation | 12.1 | 25.0 | 12.8 | 205.1% | 20.5 | ||||
Railway Business (non-consolidated) | 13.4 | 25.4 | 11.9 | 189.5% | - | ||||
Real Estate and Hotels | 31.4 | 33.1 | 1.6 | 105.1% | 34.0 | ||||
Real Estate Lease | 18.2 | 18.4 | 0.1 | 101.0% | - | ||||
Real Estate Sales | 6.4 | 7.6 | 1.1 | 117.6% | - | ||||
Hotel Business | 6.8 | 7.1 | 0.2 | 104.3% | - | ||||
Retail and Restaurant | 3.4 | 3.8 | 0.3 | 109.1% | 4.0 | ||||
Construction | 7.3 | 6.9 | (0.4) | 93.7% | 8.0 | ||||
Business Services | 5.2 | 4.9 | (0.3) | 93.1% | 5.5 | ||||
EBITDA | 95.9 | 112.0 | 16.0 | 116.7% | 115.0 | ||||
Transportation | 25.3 | 39.6 | 14.2 | 155.9% | - | ||||
Railway Business (non-consolidated) | 26.2 | 39.7 | 13.5 | 151.7% | - | ||||
Real Estate and Hotels | 49.6 | 51.4 | 1.7 | 103.6% | - | ||||
Real Estate Lease | 32.8 | 33.1 | 0.2 | 100.7% | - | ||||
Real Estate Sales | 6.4 | 7.6 | 1.1 | 117.4% | - | ||||
Hotel Business | 10.2 | 10.7 | 0.4 | 104.2% | - | ||||
Retail and Restaurant | 4.9 | 5.3 | 0.3 | 106.5% | - | ||||
Construction | 8.6 | 8.3 | (0.3) | 96.0% | - | ||||
Business Services | 8.5 | 7.9 | (0.6) | 92.7% | - | ||||
（bil）
Non-consolidated Financial Forecasts for FY26.3 (Year-on-Year)
Results FY25.3 | Forecasts FY26.3 | YoY | Major factors | ||||
Operating revenue | 240.8 | 271.5 | 30.6 | 112.7% | |||
Railway transportation revenues | 151.2 | 171.7 | 20.4 | 113.5% | Increase due to the revision of rail fare and charges | ||
Shinkansen | 60.5 | 68.8 | 8.2 | 113.7% | |||
Conventional Lines | 90.7 | 102.9 | 12.1 | 113.4% | |||
Other revenue | 89.6 | 99.8 | 10.1 | 111.4% | Increase in sales of properties and condominiums | ||
Operating expense | 204.7 | 221.4 | 16.6 | 108.1% | |||
Personnel expense | 49.9 | 50.8 | 0.8 | 101.6% | Increase due to the raise in basic wage Decrease of lump sum payment | ||
Non-personnel expense | 118.1 | 131.4 | 13.2 | 111.2% | |||
Energy cost | 10.7 | 11.5 | 0.7 | 106.5% | Increase in electricity unit cost | ||
Maintenance cost | 34.2 | 38.5 | 4.2 | 112.4% | Increase due to measures for safety and measures to deterioration | ||
Other | 73.1 | 81.4 | 8.2 | 111.3% | Increase in cost of sales properties | ||
Taxes | 13.4 | 14.1 | 0.6 | 104.8% | |||
Depreciation cost | 23.1 | 25.1 | 1.9 | 108.2% | |||
Operating income | 36.0 | 50.1 | 14.0 | 138.9% | |||
Non-operating income and expense | 4.6 | (0.8) | (5.4) | - | |||
Ordinary income | 40.6 | 49.3 | 8.6 | 121.2% | |||
Extraordinary gain and losses | (3.1) | (10.4) | (7.2) | - | Decrease due to "The heavy rains beginning August 6, 2025" and the cancellation of the project utilizing the space above the tracks at Hakata Station | ||
Net income | 31.0 | 29.2 | (1.8) | 94.0% | |||
Results by business (non-consolidated)(include in above table)
(bil)
Results FY25.3 | Forecasts FY26.3 | YoY | |||
Railway business | Operating revenue | 167.0 | 187.7 | 20.6 | 112.4% |
Operating income | 13.4 | 25.4 | 11.9 | 189.5% | |
Related businesses | Operating revenue | 73.7 | 83.8 | 10.0 | 113.6% |
Operating income | 22.6 | 24.7 | 2.0 | 109.0% | |
Major Factors Affecting Railway Transportation Revenues
(bil)
FY25.3 results | FY26.3 forecast | YoY | Major Factors | ||||
Total | 151.2 | 171.7 | 20.4 | 113.5% | |||
Commuter pass | 31.1 | 37.1 | 5.9 | 118.9% | |||
Non-commuter pass | 120.0 | 134.6 | 14.5 | 112.1% | |||
Shinkansen | 60.5 | 68.8 | 8.2 | 113.7% | |||
Commuter pass | 3.2 | 3.8 | 0.5 | 118.7% | Impact of the revision of rail fares and charges, upward trend: Approx. +0.5 | ||
Non-commuter pass | 57.3 | 65.0 | 7.6 | 113.4% | Impact of revised rail fares and charges, upward trend: Approx. +6.0 Rebound from previous year's disaster: +0.6 Increase in events: +0.5 Effect of Osaka/Kansai Expo: +0.5 Increase from marketing initiatives: +0.1 Decrease due to heavy rainfall in August: (0.1) | ||
Conventional Lines | 90.7 | 102.9 | 12.1 | 113.4% | |||
Commuter pass | 27.9 | 33.3 | 5.3 | 119.0% | Impact of the revision of rail fares and charges, upward trend: Approx. +5.0 | ||
Non-commuter pass | 62.7 | 69.6 | 6.8 | 111.0% | Impact of the revision of rail fares and charges, upward trend: Approx. +6.0 Increase in events: +0.2 Increase from marketing initiatives: +0.2 Rebound from previous year's disaster: +0.2 Effect of Osaka/Kansai Expo: +0.1 Decrease due to heavy rainfall in August: (0.4) | ||
1,720
1,710
1,700
1,690
1,680
1,670
1,660
+15
1,717
通期予 想
（8/5）
8月大 雨
による減
大阪関西 万博
効果
イベントの 増
営業施 策等
運賃改定 効果、
トレンド の増
イベントの 増
営業施 策等
運賃改定 効果、
トレンド の増
通期予 想
（11/5）
Full-year
forecast (11/5)
Full-year forecast (8/5)
Increase in events
Increase from marketing initiatives
171.7
+1.5
1H
2H
Increase from
marketing initiatives
Upward trend
Increase in events
+0.4
Upward trend
Effect of
Osaka/Kansai Expo
Decrease due
to heavy rainfall in August
(0.5)
+0.4
+0.6
167.2
+0.3
+1.4
+0.4
(¥ bil) (Reference) Key factors behind changes from the earnings forecast announced on August 5
172.0
171.0
170.0
169.0
168.0
167.0
166.0
Consolidated Financial Forecast Highlights for FY26.3
（ Compared to Previous Forecast ）
Forecasts FY26.3 (as of Aug.5) | Forecasts FY26.3 (as of Nov.5) | vs. Aug. 5 Forecasts | ||
Operating revenue | 483.3 | 489.1 | 5.8 | 101.2% |
Operating income | 67.6 | 73.1 | 5.5 | 108.1% |
Ordinary income | 65.9 | 72.3 | 6.4 | 109.7% |
Net income attributable to owners of the parent | 51.1 | 46.0 | (5.1) | 90.0% |
EBITDA | 106.4 | 112.0 | 5.6 | 105.3% |
Medium-Term Business Plan targets |
530.0 |
71.0 |
- |
- |
115.0 |
（bil）
Key points
We revised the forecast announced
on August 5, 2025.
Reflecting performance through 1H and the demand outlook for 2H, we have made upward revisions to operating revenue, operating income, and ordinary income; we have revised downward our forecast for net income attributable to owners of the parent.
Change in operating revenue by segment Change in operating income by segment
Consolidated Financial Forecasts for FY26.3
(by Segment, Compared to Previous Forecast)
(bil)
Forecasts FY26.3
(as of Aug.5)
Forecasts FY26.3
(as of Nov.5)
vs. Aug. 5 Forecasts
Major factors
Medium-Term Business Plan targets
Operating revenue
483.3
489.1
5.8
101.2%
530.0
Transportation
184.7
189.5
4.8
102.6%
189.0
Railway Business (non-consolidated)
183.0
187.7
4.7
102.6%
Increase in railway transportation revenues due to upward trends, more events and marketing initiatives
-
Real Estate and Hotels
154.5
154.5
-
100.0%
167.0
Real Estate Lease
80.6
81.3
0.7
100.9%
-
Real Estate Sales
40.6
39.9
(0.7)
98.3%
-
Hotel Business
33.3
33.3
-
100.0%
-
Retail and Restaurant
70.4
71.3
0.9
101.3%
80.0
Construction
100.0
100.0
-
100.0%
110.0
Business Services
80.3
80.8
0.5
100.6%
88.0
Operating income
67.6
73.1
5.5
108.1%
71.0
Transportation
20.6
25.0
4.4
121.4%
20.5
Railway Business (non-consolidated)
21.1
25.4
4.3
120.4%
-
Real Estate and Hotels
32.7
33.1
0.4
101.2%
34.0
Real Estate Lease
18.3
18.4
0.1
100.5%
-
Real Estate Sales
7.3
7.6
0.3
104.1%
-
Hotel Business
7.1
7.1
-
100.0%
-
Retail and Restaurant
3.8
3.8
-
100.0%
4.0
Construction
6.9
6.9
-
100.0%
8.0
Business Services
4.7
4.9
0.2
104.3%
5.5
EBITDA
106.4
112.0
5.6
105.3%
115.0
Transportation
35.4
39.6
4.2
111.9%
-
Railway Business (non-consolidated)
35.5
39.7
4.1
111.8%
-
Real Estate and Hotels
51.0
51.4
0.4
100.8%
-
Real Estate Lease
33.0
33.1
0.1
100.3%
-
Real Estate Sales
7.3
7.6
0.3
104.1%
-
Hotel Business
10.7
10.7
-
100.0%
-
Retail and Restaurant
5.3
5.3
-
100.0%
-
Construction
8.3
8.3
-
100.0%
-
Business Services
7.7
7.9
0.2
102.6%
-
（bil）
Non-consolidated Financial Forecasts for FY26.3 (Compared to Previous Forecast)
Forecasts FY26.3 (as of Aug.5) | Forecasts FY26.3 (as of Nov.5) | vs. Aug. 5 Forecasts | Major factors | ||||
Operating revenue | 266.3 | 271.5 | 5.2 | 102.0% | |||
Railway transportation revenues | 167.2 | 171.7 | 4.5 | 102.7% | Increase due to upward trends, more events and marketing initiatives | ||
Shinkansen | 66.4 | 68.8 | 2.4 | 103.6% | |||
Conventional Lines | 100.8 | 102.9 | 2.1 | 102.1% | |||
Other revenue | 99.1 | 99.8 | 0.7 | 100.7% | |||
Operating expense | 221.4 | 221.4 | - | 100.0% | |||
Personnel expense | 51.2 | 50.8 | (0.4) | 99.2% | |||
Non-personnel expense | 131.1 | 131.4 | 0.3 | 100.2% | |||
Energy cost | 11.9 | 11.5 | (0.4) | 96.6% | |||
Maintenance cost | 37.1 | 38.5 | 1.4 | 103.8% | Increase due to measures for safety and measures to deterioration | ||
Other | 82.1 | 81.4 | (0.7) | 99.1% | |||
Taxes | 13.9 | 14.1 | 0.2 | 101.4% | |||
Depreciation cost | 25.2 | 25.1 | (0.1) | 99.6% | |||
Operating income | 44.9 | 50.1 | 5.2 | 111.6% | |||
Non-operating income and expense | (1.0) | (0.8) | 0.2 | - | |||
Ordinary income | 43.9 | 49.3 | 5.4 | 112.3% | |||
Extraordinary gain and losses | - | (10.4) | (10.4) | - | Decrease due to "The heavy rains beginning August 6, 2025" and the cancellation of the project utilizing the space above the tracks at Hakata Station | ||
Net income | 35.2 | 29.2 | (6.0) | 83.0% | |||
Results by business (non-consolidated)(include in above table)
(bil)
Forecasts FY26.3 (as of Aug.5) | Forecasts FY26.3 (as of Nov.5) | vs. Aug. 5 Forecasts | |||
Railway business | Operating revenue | 183.0 | 187.7 | 4.7 | 102.6% |
Operating income | 21.1 | 25.4 | 4.3 | 120.4% | |
Related businesses | Operating revenue | 83.3 | 83.8 | 0.5 | 100.6% |
Operating income | 23.8 | 24.7 | 0.9 | 103.8% | |
JR Kyushu places importance on the stable provision of return to shareholders over the long term. Over the period up to FY28.3, we will aim for a consolidated dividend payout ratio of 35% or higher and flexibly implement share repurchases.
（参考）１株当たり年間配当金の推移
Based on the above policy and taking into account the revised performance forecast, for FY26.3 we expect to award annual dividends of ¥115 per share and interim dividends of ¥57.5 per share.
Year-end dividend
(Reference) Annual dividends per share
Interim dividend
(Yen)
中間配 当
期末配 当
（円 ）
120
100
80
60
40
20
17.3期 18.3期 19.3期 20.3期 21.3期 22.3期 23.3期 24.3期 25.3期
26.3期
（予定）
配当性 向
※自己株式取得 (100億円)
※自己株式取得 (100億円)
0
115.0
57.5
51.5
51.5
46.5
93.0
93.0
93.0
93.0
44.0
57.5
46.5
46.5
39.0
41.5
38.5
83.0
98.0
93.0
93.0
93.0
93.0
93.0
93.0
38.5
FY17.3 FY18.3 FY19.3 FY20.3 FY21.3 FY22.3 FY23.3 FY24.3 FY25.3
FY26.3
(Plan)
110.3% 46.9% 38.0% 35.1% 38.5%
-
30.2% 46.9%
26.3%
Dividend payout ratio 13.8%
*Implementation of a share repurchase (¥10 billion) | *Implementation of a share repurchase (¥10 billion) |
Looking at Q2 FY26.3 railway transportation revenues, commuter revenues and non-
commuter revenues both exceeded our forecast.
（bil）
Costs in the railway business have trended slightly below expectations.
【Resultｓ】
【Forecasts】
（bil）
6months ended September 30, 2024 | 6months ended September 30, 2025 | YoY | |||
Operating revenue | 82.1 | 92.2 | 10.0 | 112.2% | |
Railway Business (non-consolidated) | 80.9 | 91.5 | 10.5 | 113.0% | |
Railway transportation revenues | 73.3 | 83.6 | 10.3 | 114.1% | |
Operating income | 12.2 | 18.5 | 6.2 | 150.8% | |
Railway Business (non-consolidated) | 12.9 | 18.9 | 5.9 | 146.2% | |
EBITDA | 18.7 | 25.7 | 6.9 | 137.1% | |
Railway Business (non-consolidated) | 19.1 | 25.9 | 6.7 | 135.5% | |
Results FY25.3 | Forecasts FY26.3 | YoY | |
169.3 | 189.5 | 20.1 | 111.9% |
167.0 | 187.7 | 20.6 | 112.4% |
151.2 | 171.7 | 20.4 | 113.5% |
12.1 | 25.0 | 12.8 | 205.1% |
13.4 | 25.4 | 11.9 | 189.5% |
25.3 | 39.6 | 14.2 | 155.9% |
26.2 | 39.7 | 13.5 | 151.7% |
Status of Key Businesses and Assumptions Behind Forecasts
In Q2, railway transportation revenues exceeded our expectations for both commuter revenues and non-
Railway Transportation Revenues (Year on Year) and Passenger Numbers
commuter revenues.
Expenses in the railway business exceeded the previous year due mainly to an increase in personnel expenses resulting from base pay increases. Meanwhile, total costs trended slightly below expectations, reflecting such as lower-than-anticipated repair expenses.
Within the revised fares and charges, revision rates and rates of increase:
Commuter: Revision rate of 25.8%; rate of increase of 18.6%
120%
100%
80%
1Ｑ 2Ｑ 3Ｑ 4Ｑ
60%
150
100
Transportation
revenues: Commuter Transportation revenues: Non-commuter
Passengers: Commuter
Solid line: Results
Dotted line: Forecast
FY26.3 forecast
Approx. 119%
114.2% 117.4%
Commuter
Passengers: Non-commuter
Non-commuter
105.8%
103.5% 104.2%
105.6%
113.9%
113.3%
103.1% 101.9% 101.8%
104.8%
FY26.3 forecast
Approx. 112%
28
28
30
30
28
29
56
53
52
51
56
52
Q1
Q2
Q3
Q4
FY25.3
FY26.3
Q1 Q2 Q3 Q4
(Millions of people)
50
1Ｑ 2Ｑ 3Ｑ 4Ｑ
0
Non-commuter: Revision rate of 14.6%; rate of increase of 11.5%
26.3期
25.3期
Charges: Revision rate of 8.0%; rate of increase of 6.5%
Railway Business (Transportation Data)Railway transportation revenues
(bil)
6 months ended September 30, 2024 | 6 months ended September 30, 2025 | YoY | Major Factors | ||||
Total | 73.3 | 83.6 | 10.3 | 114.1% | |||
Commuter pass | 15.8 | 18.3 | 2.5 | 115.8% | |||
Non-commuter pass | 57.4 | 65.2 | 7.8 | 113.6% | |||
Cargo | 0.0 | 0.0 | 0.0 | 152.6% | |||
Shinkansen | 29.2 | 33.9 | 4.6 | 116.1% | |||
Commuter pass | 1.6 | 1.8 | 0.2 | 115.8% | Impact of revised rail fares and charges, upward trend: Approx. +0.2 | ||
Non-commuter pass | 27.6 | 32.0 | 4.4 | 116.1% | Impact of revised rail fares and charges, upward trend: Approx. +3.0 Rebound from previous year's disaster: +0.6 Effect of Osaka/Kansai Expo: +0.5 Increase in events: +0.3 Decrease due to heavy rainfall in August: (0.1) | ||
Conventional Lines | 44.0 | 49.6 | 5.6 | 112.7% | |||
Commuter pass | 14.2 | 16.4 | 2.2 | 115.8% | Impact of revised rail fares and charges, upward trend: Approx. +2.0 | ||
Non-commuter pass | 29.8 | 33.1 | 3.3 | 111.3% | Impact of revised rail fares and charges, upward trend: Approx. +3.0 Increase from marketing initiatives: +0.2 Rebound from previous year's disaster: +0.2 Effect of Osaka/Kansai Expo: +0.1 Increase in events: +0.1 Decrease due to heavy rainfall in August: (0.4) | ||
Passenger-kilometers
（Millions of passenger-kilometer)
6 months ended September 30, 2024 | 6 months ended September 30, 2025 | YoY | Major Factors | ||||
Total | 4,290 | 4,273 | (16.0) | 99.6% | |||
Commuter pass | 2,057 | 2,035 | (22.0) | 98.9% | |||
Non-commuter pass | 2,232 | 2,237 | 5.0 | 100.2% | |||
Shinkansen | 966 | 995 | 29.0 | 103.1% | |||
Commuter pass | 118 | 123 | 5.0 | 104.4% | |||
Non-commuter pass | 847 | 871 | 24.0 | 102.9% | Increase in the number of passengers on the Kyushu Shinkansen | ||
Conventional Lines | 3,323 | 3,277 | (46.0) | 98.6% | |||
Commuter pass | 1,939 | 1,911 | (27.0) | 98.6% | Decrease in the number of passengers having school commuter passes | ||
Non-commuter pass | 1,384 | 1,365 | (19.0) | 98.6% | |||
Inbound revenue in Q2 FY2026.3 progressed in line with expectations, remaining above the year-ago level, despite a shift from the JR-KYUSHU RAIL PASS to regular tickets.
Inbound revenue (approximate)
(¥bil)
Demand for JR-KYUSHU RAIL PASS
1.7
1.６
1.8
1.4
1.9
1.9
Q1 Q2 Q3 Q4
*Average unit price per JR-KYUSHU RAIL PASS
Others
Thailand
South Korea
China
Hong
Kong
Taiwan
1H FY25.3
1H FY26.3
Results
Results
Vs. FY25.3
Number of tickets sold
134,000
112,000
84.2 ％
Sales
¥1.83 billion
¥1.83 billion
100.2 ％
(Reference)
Unit price*
Approx. ¥13,600
Approx. ¥16,200
11９.0 ％
Sales by Nationality 1H FY25.3 1H FY26.3
Others Thailand
FY25.3
OthersEnglish-language ticket sales (estimate)JR-KYUSHU RAIL PASSFY26.3
OthersEnglish-language ticket sales (estimate)JR-KYUSHU RAIL PASSSouth
Korea
Hong Kong
China
Taiwan
1Q
2Q
3Q
4Q
Q1 Q2 Q3 Q4 Full year
Percentage of railway transportation revenues
2025.3期
202６.3期
通期
2018年 2020年 2021年 2023年 2025年
4月 6月 4月 10月 4月
e change (3 days, northern Kyushu)
9,500 10,000
8,500
12,000
April 2018 June 2020 April 2021 October 2023 April 2025
Pric
15,000
FY25.3 | 4.8% | 4.0% | 4.8% | 4.8% | 4.6% |
FY26.3 | 4.7% | 4.0% | |||
Real Estate and Hotels Segment: Real Estate Leasing Business
Station building tenant sales in Q2 FY26.3 were in line with overall expectations, as a decline
in duty-free sales at JR Hakata City has moderated.
（bil）
（bil）
Operating revenues increased year on year as expected, driven by growth in rents at station buildings, along with the full-year contribution of new assets such as rental apartments.
【Resultｓ】
【Forecasts】
6months ended September 30,
2024
6months ended September 30,
2025
YoY
Results FY25.3
Forecasts FY26.3
YoY
Operating revenue
37.6
39.9
2.3
106.1%
78.2
81.3
3.0
103.9%
Operating income
9.2
10.3
1.0
111.5%
18.2
18.4
0.1
101.0%
EBITDA
16.4
17.5
1.0
106.6%
32.8
33.1
0.2
100.7%
Status of key businesses
Tenant sales in Q2 were in line with overall expectations, as the rate of decline in duty-free sales slowed.
Nintendo's directly managed official store is scheduled to open at AMU PLAZA HAKATA on November 14. This will be the company's fourth store in Japan and its first location in Kyushu.
Occupancy rates at office buildings and rental apartments remained generally solid.
Began in-house development of an office building near Higo-Ozu Station on the Hohi Main Line. Scheduled for completion in January 2027.
120%
100%
25.3期
26.3期
１Q ２Q ３Q ４Q
１Q ２Q
80%
Station building tenant sales
117.4%
115.7%
108.8%
Approx.
101%
104.1%
(Year on Year)
Q1
Q2
Q3
Q4
Q1 Q2
…
FY25.3
FY26.3
99.8% 101.3%
Real Estate and Hotels Segment: Real Estate Sales Business
Condominium sales were flat year on year in Q2 FY26.3.
（bil）
（bil）
Regarding the sale of owned properties, we sold one office building and two rental apartments to a private REIT.
【Resultｓ】
【Forecasts】
6months ended September 30,
2024
6months ended September 30,
2025
YoY
Results FY25.3
Forecasts FY26.3
YoY
Operating revenue
8.4
20.8
12.4
246.6%
32.8
39.9
7.0
121.3%
Operating income
0.8
4.5
3.6
512.6%
6.4
7.6
1.1
117.6%
EBITDA
0.9
4.5
3.6
508.8%
6.4
7.6
1.1
117.4%
Status of Key Businesses
In condominiums, we handed over MJR Chihaya Mid-Square, among others, in Q2.
As for the sale of owned properties, we sold JR Kumamoto Kasuga-Minami Building, RJR Precia Chidori, and RJR Precia Takasago to a private REIT in Q2.
Actual and forecast sales of condominiums (operating revenue)
(¥bil)
MJR Chihaya Mid-Square
Location: Higashi-ku,
Fukuoka Structure: 18 floors above
ground Delivery date: March 2025 Units: 532
Sales status: Sales in
progress
JR Kumamoto Kasuga-Minami Building
300
200
100
0
30
20
Q4
Q4
10
0
FY25.3
FY26.3
Q1
Q1
Location: Nishi-ku,
Kumamoto Structure: 4 floors above
ground
Completion date: December
2020
Total floor area: 3,600 m²
25.3期
26.3期
As for condominiums, MJR Kumamoto Gate Tower and MJR Kagoshima-Chuo Ekimae The Garden, among others, are scheduled to be handed over during the current fiscal year.
Regarding the sale of owned properties, we expect operating revenue of
approximately ¥8.0 billion is for the full year.
Real Estate and Hotels Segment: Hotel Business（bil）
In Q2 FY26.3, hotels with a high proportion of inbound guests continued to drive performance. ADR was at the same level as in Q2 FY25.3, and occupancy exceeded expectations.
【Resultｓ】
【Forecasts】
6months ended September 30,
2024
6months ended September 30,
2025
YoY
Results FY25.3
Forecasts FY26.3
YoY
Operating revenue
15.0
15.7
0.7
105.1%
32.2
33.3
1.0
103.3%
Operating income
3.0
2.9
(0.0)
98.9%
6.8
7.1
0.2
104.3%
EBITDA
4.7
4.8
0.1
102.9%
10.2
10.7
0.4
104.2%
（bil）
Status of Key Businesses
ADR in Q2 was approximately ¥22,000, at the same level as in Q2 FY25.3, while occupancy exceeded expectations, at 83.6%.
The ratio of inbound guests was above 50%, driven in
particular by THE BLOSSOM brand locations.
Percentage of inbound guests
(as a percentage of total room sales)
Q1 Q2 Q3 Q4 Q1 Q2 …
FY25.3 FY26.3
60%
55%
50%
1Q 2Q 3Q 4Q
1Q 2Q
45%
100%
50%
25.3期
25.3期
26.3期
26.3期
1Ｑ 2Ｑ 3Ｑ 4Ｑ
1Ｑ 2Ｑ
0%
Occupancy rates and ADR
(Yen)
26.3期想定
稼働率：83％ 程度
ADR：25,000円程度
86.8%
82.9% 80.2% 82.4% 83.0% 83.6%
FY26.3 forecast
Occupancy: Approx. 83% ADR: Approx. 25,000 yen
26,301
22,295 22,559 23,922 24,057 22,705
Q1
Q2 Q3
FY25.3
Q4
Q1
Q2
FY26.3
…
25,000
20,000
15,000
10,000
Retail and Restaurant SegmentIn Q2 FY26.3, both retail stores and restaurants remained firm.
New store openings progressed steadily as planned.
【Results】
【Forecasts】
6months ended September 30,
2024
6months ended September 30,
2025
YoY
Results FY25.3
Forecasts FY26.3
YoY
Operating revenue
32.4
34.6
2.2
107.0%
67.0
71.3
4.2
106.3%
Operating income
1.8
2.0
0.1
109.4%
3.4
3.8
0.3
109.1%
EBITDA
2.5
2.7
0.1
106.7%
4.9
5.3
0.3
106.5%
（bil）
（bil）
Status of Key Businesses
In Q2, among retailers, convenience stores were firm, while among restaurants, franchise stores that opened in the previous fiscal year contributed. Existing store sales continued to exceed year-earlier levels.
New store openings in both retailers and
1Q 2Ｑ
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | … |
FY25.3 | FY26.3 | |||||
restaurants progressed generally as planned.
セグメント店舗売上 高（対前年）
150%
100%
1Ｑ 2Ｑ 3Ｑ 4Ｑ
26.3期
25.3期
50%
Segment Store Sales (Year on Year)
105.4% 108.3% 107.4% 106.9% 107.6% 105.1%
Construction Segment, Business Services Segment
Construction Segment
（bil）
（bil）
【Results】 【Forecasts】
6months ended September 30, 2024 | 6months ended September 30, 2025 | YoY | Results FY25.3 | Forecasts FY26.3 | YoY | ||||
Operating revenue | 36.5 | 40.6 | 4.0 | 111.1% | 100.6 | 100.0 | (0.6) | 99.4% | |
Operating income | 0.2 | 0.6 | 0.4 | 286.5% | 7.3 | 6.9 | (0.4) | 93.7% | |
EBITDA | 0.8 | 1.3 | 0.4 | 154.6% | 8.6 | 8.3 | (0.3) | 96.0% | |
Business Services Segment
（bil）
（bil）
【Results】 【Forecasts】
6months ended September 30, 2024 | 6months ended September 30, 2025 | YoY | Results FY25.3 | Forecasts FY26.3 | YoY | ||||
Operating revenue | 36.6 | 39.3 | 2.6 | 107.3% | 82.5 | 80.8 | (1.7) | 97.8% | |
Operating income | 1.9 | 2.3 | 0.3 | 116.6% | 5.2 | 4.9 | (0.3) | 93.1% | |
EBITDA | 3.5 | 3.6 | 0.1 | 102.9% | 8.5 | 7.9 | (0.6) | 92.7% | |
JR Kyushu Group Medium-Term Business Plan 2025-2027
Continuing to review numerical targets in light of the revised forecast for FY26.3.
Key strategies
Key strategies and the management base to support them
(3) Plant Seeds for the Future
(2) City Building through Enhanced Collaboration among Businesses
(1) Realize Sustainable Mobility Services
Stronger Group governance and establishment of a governance structure that enables appropriate risk-taking
Expansion and pursuit of DX utilization
An integrated approach to
environmental issues
Human capital expansion in light of changes in the labor market
Management
base
Numerical targets Cash allocation
Maintenance and upgrade investment
¥130 billion
Strategic
investment
Shareholder return
Growth
investment
¥230 billion
Safety
investment
¥70 billion
Bonds,
borrowings, etc.
Cash from the sale of real estate
¥30 billion
Operating
cashflow
¥250 billion
Operating ¥530.0 billion Operating
Financial soundness
D/EBITDA
(FY28.3 forecast)
Equity ratio
revenue
income
¥71.0 billion
Around 5 times
EBITDA ¥115.0 billion
Segment | Operating revenue | Operating income |
Transportation | 189.0 | 20.5 |
Real Estate and Hotels | 167.0 | 34.0 |
Retail and Restaurant | 80.0 | 4.0 |
Construction | 110.0 | 8.0 |
Business Services | 88.0 | 5.5 |
By segment*
ROE Maintain current level
(Unit ¥ billion)
Around 40%
*Operating revenue and operating income by segment are before inter-segment eliminations.
Shareholder return policy
JR Kyushu places importance on the stable provision of return to shareholders over the long term. Over the period up to FY2028.3, we will aim for a consolidated dividend payout ratio of 35% or higher and flexibly implement share repurchases.
Key Strategy (1) Realize Sustainable Mobility Services: Increase in Value
Provided to Customers
We are implementing initiatives to improve customer satisfaction and create a more comfortable user environment, using increased railway transportation revenues from fare revisions as a source of funding.
Next-Generation Guidance System
Departure boards Operation status display monitors Audio announcements (ticket gates / platforms) (ticket gates) (ticket gates / platforms)
Conventional facilities
Information such as departure boards at stations will be made available via a web browser to improve convenience by providing real-time information.
To reduce maintenance costs, operational data will be moved to the cloud and the traditional departure boards at each station will be replaced with LCD monitors.
A limited trial was conducted at select stations in October 2025.
Note: The design is for illustrative purposes only.
Before
"Love a Toilet Project"
We are conducting a renovation project to ensure customers can use station restrooms comfortably.
Renovations include replacing fixtures, upgrading interiors, and updating signage, based on usage conditions and aging of facilities.
Renovations have been completed at 13 stations including Hakata Station (inside the central ticket gate); renovations at 9 more stations are planned within this fiscal year.
After
[Renovated restroom inside the central ticket gate at Hakata Station]
Designs inspired by local elements such as Hakata magemono bentwood and Hakata-ori textiles, layout updates for improved usability, and signage indicating available stalls have been installed.