Kyushu Railway : Financial Results Presentation Materials, Third Quarter (with commentary)（1,020 KB）

• I am Takuma Matsushita, the CFO of JR Kyushu. I would like to thank everyone very much for taking the time to join us.

• Today, I will explain our financial results for the first nine months of the fiscal year ending March 31, 2026, our full-year performance forecasts and dividend forecasts for the fiscal year ending March 31, 2026, the status of segments, and progress on the medium-term business plan.

• First, I will discuss our financial results for the first nine months of the fiscal year ending March 31, 2026. Please turn to slide 4.

  Contents

  Ⅰ Financial Results for the First Nine-Months of FY26.3

  ３

  Ⅱ Full-Year Performance Forecasts and Dividend Forecasts for FY26.3

  8

  Ⅲ Status of Segments

  17

  Ⅳ Progress on the Medium-Term Business Plan

  26

  2

  Ⅰ Financial Results for the First Nine-Months of FY26.3

  3

• I will begin by explaining our financial results for the first nine months of the fiscal year ending March 31, 2026.

• Operating revenue increased ¥38.1 billion year on year to

  ¥360.0 billion. This was mainly due to higher railway transportation revenues following fare and charge revisions, as well as increased real estate sales revenue from condominium sales and the sale of owned properties.

• Operating income rose ¥13.0 billion year on year to ¥62.7

  billion, reflecting the increase in operating revenue.

  EBITDA also increased ¥14.1 billion year on year, reaching

  ¥91.2 billion.

• Net income attributable to owners of the parent grew ¥3.4 billion year on year to ¥40.8 billion, mainly due to the increase in operating income.

• Next, I will explain our full-year performance forecasts and dividend forecasts for the fiscal year ending March 31, 2026. Please turn to slide 9.

Consolidated Financial Highlights for the Nine-Month Period

Ended December 31, 2025

（bil）

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, ordinary income, and net income attributable to owners of the parent increased year on year.

※Note: EBITDA = operating income + depreciation expense (excluding depreciation of leased assets held for subleasing purposes). The same applies hereafter

Change in operating revenue by segment

Change in operating income by segment

4

Consolidated Balance Sheeｔ (As of December 31, 2025)

（bil）

5

Consolidated Results for the First Nine Months of FY26.3 (by Segment)

（bil）

6

Non-Consolidated Results for the First Nine Months of FY26.3

(bil)

Results by business (non-consolidated)(include in above table)

(bil)

7

Consolidated Financial Forecast Highlights for FY26.3（Year-on-Year）

（bil）

Key points

• Our outlook remains unchanged from the forecast announced on November 5, 2025.

• Reflecting performance through 1H and the demand outlook for 2H, we have made upward revisions to operating revenue, operating income, 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

9

• Our full-year performance forecasts and dividend forecasts for the fiscal year ending March 31, 2026 remain unchanged from the forecast announced on November 5.

• While continuing to closely monitor revenue and expense trends across each segment, we will implement various initiatives aimed at achieving our full-year performance targets.

• Next, I will explain the status of segments. Please turn to slide 18.

Consolidated Financial Forecasts for FY26.3 (by Segment, Year-on-Year)

(bil)

10

Non-consolidated Financial Forecasts for FY26.3 (Year-on-Year)

Results by business (non-consolidated)(include in above table)

(bil)

11

1,720

1,710

1,700

1,690

1,680

1,670

1,660

+15

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）

Major Factors Affecting Railway Transportation Revenues

(bil)

(¥ bil)

+1.5

171.7

+0.4

+0.4

+1.4

+0.3

167.2

+0.6

+0.4

(0.5)

Decrease due

to heavy rainfall in August

Effect of

Osaka/Kansai Expo

12

Consolidated Financial Forecast Highlights for FY26.3

（ Compared to Previous Forecast ）

Key points

（bil）

• Our outlook remains unchanged from the forecast announced on November 5, 2025.

• Reflecting performance through 1H and the demand outlook for 2H, we have made upward revisions to operating revenue, operating income, 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

13

Consolidated Financial Forecasts for FY26.3

(by Segment, Compared to Previous Forecast)

(bil)

14

Non-consolidated Financial Forecasts for FY26.3 (Compared to Previous Forecast)

Results by business (non-consolidated)(include in above table)

(bil)

15

38.5

93.0

93.0

93.0

93.0

38.5

39.0

41.5

46.5

46.5

57.5

FY26.3

(Plan)

Dividend payout ratio 13.8% 26.3% 30.2% 46.9%

- 110.3% 46.9% 38.0% 35.1% 38.5%

16

40

20

0

51.5

44.0

51.5

46.5

57.5

83.0

93.0 93.0

93.0

93.0

93.0 93.0

98.0

100

80

60

About Shareholder Returns

• 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.
• 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.

(Reference) Annual dividends per share

Interim Year-end

dividend dividend

120 115.0      

中間配 当

期末配 当

（円 ）

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)

2Ｑ 3Ｑ

2Ｑ 3Ｑ

25.3期

26.3期

• I will begin with the Transportation segment.

• Railway transportation revenues during the three-month period exceeded expectations overall. Looking at the breakdown, commuter revenues progressed largely in line with expectations, while non-commuter revenues exceeded expectations.

• Also, costs in the railway business progressed largely in line with expectations.

• Please turn to slide 20.

  Transportation Segment

  • In Q3 FY26.3, railway transportation revenues ahead of plan overall
  • Railway operating expenses remained generally in line with plan

  【Resultｓ】 【Forecast】

  （bil）

  Status of Key Businesses and Assumptions Behind Forecasts

  • In Q3, railway transportation revenues: Commuter pass revenue on track; Non-commuter revenue exceeded

  Railway Transportation Revenues (Year on Year)

  and Passenger Numbers

  Transportation

  (Millions of people)

  revenues: Commuter

  Transportation revenues: Solid line: Results

  Non-commuter

  Dotted line: Forecast

  150

  the plan.

  120%

  muter

  forecast

  x. 119%

  • Railway operating expenses increased YoY due to

  higher personnel costs from base pay hikes, but remained generally in line with the plan.

  100%

  100

  uter

  ast 2%

  50

  • Within the revised fares and charges, revision rates

  and rates of increase:

  Commuter: Revision rate of 25.8%; rate of increase of 18.6%

  Non-commuter: Revision rate of 14.6%; rate of increase of 11.5% 60%

  Charges: Revision rate of 8.0%; rate of increase of 6.5%

  80%

  0

  18

  			9 months ended December 31, 2024	9 months ended December 31, 2025	YoY		Major Factors
  Total			112.9	129.4	16.5	114.6%
  		Commuter pass	23.7	27.9	4.2	118.0%
  		Non-commuter pass	89.2	101.4	12.2	113.7%
  		Cargo	0.0	0.0	0.0	163.2%
  	Shinkansen		45.4	52.3	6.8	115.1%
  		Commuter pass	2.4	2.8	0.4	118.7%	Impact of revised rail fares and charges, upward trend: Approx. +0.5
  		Non-commuter pass	43.0	49.4	6.4	114.9%	Impact of revised rail fares and charges, upward trend: Approx. +4.0 Rebound from previous year's disaster: +0.6 Effect of Osaka/Kansai Expo: ＋0.5 Increase in events +0.4 Decrease due to heavy rainfall in August: (0.1)
  	Conventional Lines		67.4	77.1	9.6	114.3%
  		Commuter pass	21.2	25.1	3.8	117.9%	Impact of revised rail fares and charges, upward trend: Approx. +3.5
  		Non-commuter pass	46.1	51.9	5.8	112.6%	Impact of revised rail fares and charges, upward trend: Approx. +4.5 Increase from marketing initiatives: +0.2 Rebound from previous year's disaster: +0.2 Effect of Osaka/Kansai Expo: ＋0.1 Increase in events +0.3 Decrease due to heavy rainfall in August: (0.4)

  			9 months ended December 31, 2024	9 months ended December 31, 2025	YoY		Major Factors
  Total			6,471	6,466	(5)	99.9%
  		Commuter pass	3,045	3,029	(16)	99.5%
  		Non-commuter pass	3,426	3,437	10	100.3%
  	Shinkansen		1,490	1,523	33	102.3%
  		Commuter pass	175	184	9	105.2%
  		Non-commuter pass	1,314	1,339	24	101.9%	Increase in the number of passengers on the Kyushu Shinkansen
  	Conventional Lines		4,981	4,942	(38)	99.2%
  		Commuter pass	2,869	2,844	(25)	99.1%	Decrease in the number of passengers having school commuter passes
  		Non-commuter pass	2,111	2,097	(13)	99.4%

  Railway Business (Transportation Data)

  Railway transportation revenues

  (bil)

  Passenger-kilometers

  （Millions of passenger-kilometer)

  19

  	Cumulative Q3 FY25.3	Cumulative Q3 FY26.3
  	Results	Results	Vs. FY25.3
  Number of tickets sold	205,000	169,000	82.3 ％
  Sales	¥2.84 billion	¥2.81 billion	98.8 ％
  (Reference) Unit price*	Approx. ¥13,800	Approx. ¥16,500	120.0 ％

  FY25.3	4.8%	4.0%	4.8%	4.8%	4.6%
  FY26.3	4.7%	4.0%	5.0%

  1Q 2Q 3Q 4Q 通期2025.3期202６.3期

  2018年

  4月

  2020年

  6月

  2021年

  4月

  2023年

  10月

  2025年

  4月

  Status of Inbound Measures in the Railway Business

  • Inbound revenue in Q3 FY2026.3 progressed in line with expectations, remaining above the year-ago level overall, as we continued to see a shift from the JR-KYUSHU RAIL PASS to regular tickets.

  Inbound revenue (approximate) Demand for JR-KYUSHU RAIL PASS

  2.2

  (¥bil)

  1.9

  1.9

  1.7

  1.６

  1.8

  1.4

  *Average unit price per JR-KYUSHU RAIL PASS

  Sales by CumulativeNationality Q3 FY25.3

  Cumulative

  Q3 FY26.3

  Q1

  Q2

  Q3

  Q4

  Other South

  Korea Taiwan

  Other

  South

  Korea Thailand

  Taiwan

  FY25.3

  Others

  English-language ticket sales (estimate)

  JR-KYUSHU RAIL PASS

  FY26.3

  Others

  English-language ticket sales (estimate)

  JR-KYUSHU RAIL PASS

  Thailand

  Hong

  Kong

  China

  Hong

  Kong China

  Percentage of railway transportation revenues 15,000Price change (3 days, northern Kyushu)

  12,000

  9,500 10,000

  8,500

  April

  2018

  June April

  2020 2021

  October

  2023

  April

  2025

  20

  Q1 Q2 Q3 Q4 Full year

• Next, I will explain the inbound situation in the railway business.

• Inbound revenue as a whole progressed largely in line with expectations and remained above the level of the previous year.

• Looking at the breakdown, sales of the JR-KYUSHU RAIL PASS—which was repriced in April last year—were at the same level as the previous year, while sales of English-language tickets exceeded the year-ago level.

• Although usage of the JR-KYUSHU RAIL PASS by customers from China has declined since December due to travel advisories issued by the Chinese government, usage of regular tickets has increased. As a result, we believe the overall impact on inbound revenue has been limited.

• Please turn to the next slide.

  	9months ended December 31, 2024	9months ended December 31, 2025	（bil） YoY			Results FY25.3	Forecasts FY26.3	（bil） YoY
  Operating revenue	57.2	60.6	3.3	105.8%		78.2	81.3	3.0	103.9%
  Operating income	14.3	15.2	0.8	106.1%		18.2	18.4	0.1	101.0%
  EBITDA	25.2	26.1	0.9	103.6%		32.8	33.1	0.2	100.7%

  １Q ２Q ３Q ４Q

  １Q ２Q ３Q ４Q

• Next, I will discuss the Real Estate and Hotels segment.

• First, in the real estate leasing business, tenant sales at station buildings progressed slightly above the year-ago level. Operating revenue exceeded the previous year and progressed steadily against expectations, supported by increased rental income at station buildings and contributions from newly operational assets, primarily rental apartments.

• Nintendo FUKUOKA, which opened in November last year, has been very well received by customers and has made a strong start, significantly exceeding initial expectations.

• Please turn to the next slide.

  Real Estate and Hotels Segment: Real Estate Leasing Business

  • Station building tenant sales in Q3 FY26.3 exceeded the plan overall, continuing from Q2, driven by a recovery trend in duty-free sales at JR Hakata City.

  • Operating revenue increased year on year and remained solid, driven by growth in rents at station buildings, along with the full-year contribution of new assets such as rental apartments.

  【Resultｓ】

  【Forecast】

  Status of key businesses

  • Tenant sales in Q3 exceeded the plan overall, as duty-

  free sales showed a recovery trend.

  120%

  Station building tenant sales

  (Year on Year)

  117.4%

  115.7%

  Approx. 101%

  • Nintendo FUKUOKA, which opened at AMU PLAZA

  HAKATA in November 2025, has been performing well. AMU PLAZA KUMAMOTO and AMU PLAZA KAGOSHIMA,

  etc. also progressed steadily.

  108.8%

  100%

  104.1%

  103.4%

  99.8% 101.3%

  • Occupancy rates at office buildings

  apartments remained generally solid.

  and

  rental

  80%

  Q1

  Q2

  Q3

  Q4

  Q1

  Q2

  Q3

  Q4

  F2Y52.35期.3

  F2Y6.236期.3

  21

  	9months ended December 31, 2024	9months ended December 31, 2025	（bil） YoY			Results FY25.3	Forecasts FY26.3	（bil） YoY
  Operating revenue	12.8	22.6	9.8	176.4%		32.8	39.9	7.0	121.3%
  Operating income	2.5	4.5	2.0	179.5%		6.4	7.6	1.1	117.6%
  EBITDA	2.5	4.5	2.0	179.1%		6.4	7.6	1.1	117.4%

  300

  200

  100

  25.3期

  26.3期

• Next, I will explain the real estate sales business.

• Condominium sales progressed smoothly against expectations, including handovers of properties such as “MJR Chihaya Mid-Square.”

• As for the sale of owned properties, by the second quarter we had sold one office building and three rental apartment buildings to third parties and a private REIT.

• Please turn to the next slide.

  Real Estate and Hotels Segment: Real Estate Sales Business

  • Condominium sales exceeded the year-ago level in Q3 FY26.3.
  • Regarding the sale of owned properties, we sold one office building and three rental apartments to third parties and a private REIT by Q2 FY26.3.

  【Resultｓ】

  【Forecast】

  Status of Key Businesses

  Actual and forecast sales of condominiums

  (operating revenue)

  • In condominiums, we handed over MJR Chihaya Mid-Square and MJR

    Oita Surpass Court, among others, in Q3.

  • As for the sale of owned properties, we carried out sales of approximately ¥8.0 billion as initially planned.

  (¥bil)

  30

  20

  MJR Chihaya Mid-Square

  Location: Higashi-ku,

  Fukuoka Structure: 18 floors above

  ground Delivery date: March 2025 Units: 532

  Sales status: Sold

  MJR Oita Surpass Court

  Location: Oita Structure: 14 floors

  above ground Delivery date : March 2025 Units: 220

  Sales status: Sales in

  progress

  10

  0

  FY25.3 FY26.3

  22

  Q1

2Ｑ 3Ｑ

1Q 2Q 3Q 4Q

Q 2Q 3Q

25.3期

26.3期

25.3期

26.3期

2Ｑ ３Q

Real Estate and Hotels Segment: Hotel Business

• In Q3 FY26.3, hotels with a high proportion of inbound guests continued to drive performance. ADR and occupancy exceeded expectations.

【Resultｓ】

【Forecasts】

Status of Key Businesses

• ADR in Q3 was approximately ¥28,000, and

  occupancy exceeded expectations, at 87.7%.

• The ratio of inbound guests remained at approximately 100% 55%. We view the impact of the Chinese government's travel advisory as limited.

Occupancy rates and ADR

87.7%

(Yen)

30,000

82.9% 80.2%

86.8%

82.4% 83.0% 83.6%

25,000

28,321

60%

50%

01

23,922

20,000

24,057

22,705

55%

15,000

50%

FY26.3 forecast

Occupancy: Approx. 83% ADR: Approx. 25,000 yen

45%

0%

10,000

Q1Ｑ1 Q2 Q3 Q4Ｑ4

FY25.3

1QＱ1

Q2

Q3 Q…4

FY26.3

23

22,559

22,295

26,3

• Next, I will explain the hotel business.

• ADR exceeded the level of the third quarter of the previous year, driven by renewed growth at hotels with a high proportion of inbound guests, and trended above expectations.

• Occupancy rates also progressed largely in line with expectations.

• Please turn to the next slide.

  	9months ended December 31, 2024	9months ended December 31, 2025	（bil） YoY			Results FY25.3	Forecasts FY26.3	（bil） YoY
  Operating revenue	50.1	53.5	3.4	106.9%		67.0	71.3	4.2	106.3%
  Operating income	3.0	3.3	0.3	111.0%		3.4	3.8	0.3	109.1%
  EBITDA	4.1	4.4	0.3	108.3%		4.9	5.3	0.3	106.5%

  Q1

  Q2 Q3 F2Y52.35期.3

  Q4

  Q1Q1

  Q2 Q3 FY2266.3.期3

  Q4

  1Ｑ 2Ｑ 3Ｑ 4Ｑ

  2Ｑ ３Q ４Q

  Retail and Restaurant Segment

  • In Q3 FY26.3, both retail stores and restaurants remained firm.
  • New store openings progressed steadily as planned.

  【Resultｓ】

  【Forecasts】

  Status of Key Businesses

  Segment Store Sales (Year on Year)

  • In Q3, among retailers, souvenir shops, among others,

  progressed steadily, while among restaurants, mainly franchise stores were firm. Existing store sales continued to exceed year-earlier levels.

  150%

  105.4% 108.3% 107.4% 106.9% 107.6% 105.1% 104.8%

  100%

  • New store openings in both retailers and restaurants

  progressed steadily.

  50%

  24

• Next, I will discuss the Retail and Restaurant segment.

• Store sales remained firm at both retail stores and restaurants, mainly due to higher average spending per customer, with solid performance centered on existing stores.

• New store openings in both retail and restaurant businesses have also progressed generally as planned.

• Next, I will explain progress under the medium-term business plan. Please turn to slide 27.

  	9months ended December 31, 2024	9months ended December 31, 2025	YoY			Results FY25.3	Forecasts FY26.3	YoY
  Operating revenue	61.7	68.2	6.4	110.5%		100.6	100.0	(0.6)	99.4%
  Operating income	2.0	2.3	0.2	112.6%		7.3	6.9	(0.4)	93.7%
  EBITDA	2.9	3.3	0.3	110.6%		8.6	8.3	(0.3)	96.0%

  	9months ended December 31, 2024	9months ended December 31, 2025	YoY			Results FY25.3	Forecasts FY26.3	YoY
  Operating revenue	54.3	59.7	5.3	109.9%		82.5	80.8	(1.7)	97.8%
  Operating income	2.8	3.2	0.3	112.3%		5.2	4.9	(0.3)	93.1%
  EBITDA	5.3	5.3	0.0	100.5%		8.5	7.9	(0.6)	92.7%

  Construction Segment, Business Services Segment

  Construction Segment

  【Results】

  【Forecasts】

  Business Services Segment

  【Results】

  【Forecasts】

  25

  （bil）

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 and the management base to support them

Numerical targets

Cash allocation

Operating ¥530.0 billion Operating

revenue

income

Bonds,

borrowings, etc.

Around 5 times

By segment*

Growth

investment

(Unit ¥ billion)

Around 40%

¥230 billion

Strategic investment

Operating

cashflow

Shareholder return

¥250 billion

Maintenance and

upgrade investment

¥130 billion

*Operating revenue and operating income by segment are before inter-segment

eliminations.

27

Cash from the sale of real estate

¥30 billion

Management base

Key strategies

• In April, we launched the Medium-Term Business Plan 2025-2027, designating this as a period for achieving sustainable growth over the long term, and we are advancing three key strategies.

• While we plan to continue pursuing these key strategies in principle, we are currently reviewing and refining the numerical targets, cash allocation, and financial soundness of the plan. This review takes into account the current economic environment, performance in the current fiscal year, and business trends in each segment from the next fiscal year onward.

• Although we have cancelled the project utilizing the space above the tracks at Hakata Station, we will continue to deepen our consideration of development projects beyond the current medium-term plan period, including redevelopment of the site of the former Kyushu University Hakozaki Campus.

• Next, I will explain progress on the key strategies. Please turn to the next slide.

  Key Strategy (1) Realize Sustainable Mobility Services: Future Railway Project/ Increase in Value Provided to Customers

  • We have fully introduced GOA* 2.0 self-driving trains. Leveraging the technology and expertise we have gained, we aim to expand areas for GOA 2.5 self-driving trains going forward. *GOA = Grades of Automation

  • We launched a new service that allows customers to check real-time information on train operations on smartphones and other devices. We will promote initiatives to enhance customer satisfaction, funded by increased revenue from the fare revision.

    Promotion of autonomous driving

    GOA 2.0 autonomous driving section

    GOA 2.5 autonomous driving section

    *As of February 10, 2026

    Hakata

    Mojiko

    Kokura

    Usa

    • By feeding back GOA 2.0 driverless operation

      technologies into GOA 2.5 driverless operation, we will realize measures such as minimizing investment in ground facilities.

      Full-scale introduction of GOA 2.0 driverless operation

      Arao

      Oita

      December 2025

      GOA 2.0	An operating format in which drivers are on board at the front of the train to perform manual interventions and other operations depending on the situation.
      GOA 2.5	An operating format in which crew members of self-driving trains (staff with in-house qualifications other than the driver) are on board at the front of the train to perform emergency stop operations, etc.

      By end of 2027 (target)

      Kagoshima Main Line: Mojiko–Arao Nippo Main Line: Kokura–Usa

      Gradually expanding the scope of autonomous driving operations

      Expansion of GOA 2.5 driverless operation sections

      Kagoshima Main Line: Mojiko–Kokura Nippo Main Line: Kokura–Usa

      Provision of train operation information via a next-generation passenger information system

      • Starting January 26, we began providing train operation

    information via “JR Kyushu Train Navi” on a web browser

    app in selected sections.

    Functions of this service

    ① Train timetables and platforms ③ Real-time train location

    ② Confirmation of stopping stations ④ Train delay and service

    change information

28

• First, I will explain initiatives aimed at realizing sustainable mobility services.

• First, as part of the Future Railway Project, we are promoting the expansion of operations involving self-driving trains.

• We have fully introduced GOA 2.0 self-driving trains, which had previously been in the demonstration phase, and will sequentially expand the applicable sections. In addition, we aim to expand the scale of GOA 2.5 self-driving trains—an even more advanced level—by the end of 2027.

• Second, as an initiative to enhance the value provided to customers using funds generated by fare and charge revisions, we have launched a next-generation guidance system that provides train operation information.

• Through “JR Kyushu Train Navi,” customers can access multiple types of information—such as about train delays and platform changes at each station—in real time via a web browser.

• Please turn to the next slide.

  Key Strategy (2) City Building through Enhanced Collaboration among

  Businesses: Launch of a New Membership Tier Service

  • To cultivate loyal customers who use multiple services across the Group, we will launch a new membershiptier service “JR KYUPO Waku Waku Program” on April 1, 2026.

  • We aim to create a conglomerate premium by strengthening inter-business collaboration centered on JR KYUPO.

  Building loyal customers

  • We will expand the scope of the service to all "JR Kyushu Web Members" and launch the new membership tier service.

  • Offer attractive benefits based on membership rank and personalized service proposals. Drive customer loyalty through mutual customer referrals between business segments.

  • Create a Conglomerate Premium by increasing the spending per customer and the number of services used.

  • Complimentary unlimited railway pass

  • Complimentary pair hotel stay invitation voucher

  • Points can be redeemed for station building premium coupons

  • Higher point accrual rate, etc.

  ③Reach Diamond Rank

  ②Use multiple services while enjoying benefits corresponding to each membership rank

  HOTEL

  •

  •

  •

  ①New Member Registration

  Annual points earned

  Number of services used per year Combined registration status (registration of JQ CARD and SUGOCA)

  • Railway spending (set as a requirement to reach the top two tiers)

  29

  Tier evaluation criteria

• Next, I will explain the launch of a new membership tier service.

• With the aim of increasing the number of highly loyal customers who frequently use multiple services across the Group, we are revising our membership tier service.

• Using JR KYUPO as the starting point, this initiative seeks to increase spending per customer and the number of services used per customer by offering attractive benefits and personalized service proposals.

• We will also utilize this framework as a platform to mutually connect the customer bases held across our Group businesses, and will focus on creating a conglomerate premium.

• Please turn to the next slide.

  30

  MJR Kagoshima-Chuo MJR Kagoshima-Chuo Ekimae MJR Urakami

  Ekimae The Garden The Residence The Once (Kagoshima, 156 units) (Kagoshima, 260 units) (Nagasaki, ８４ units)

  Kyushu Shinkansen Nishi-Kyushu Shinkansen Conventional lines

  Kagoshima-Chuo

  MJR Akasaka

  Gate Tower (Fukuoka, 161 units)

  MJR Kumamoto Gate Tower MJR Urakami

  (Kumamoto, 236 units) The Residence (Nagasaki, 130 units)

  KumaNaga moto sakiOitaHakata

  April 2027

  April 2025 April 2026

  Key Strategy (2) City Building through Enhanced Collaboration among

  Businesses: Expansion of the Condominium Sales Business

  • The MJR brand has established a top-class position in Kyushu. We expect to continue supplying

    housing units steadily going forward.

  • Sales progress for properties currently on the market has also been strong. We have a development pipeline including projects near stations and along railway lines, as well as in major cities across Kyushu.

  Main development pipeline going forward (based on completion timing)

• Next, I will explain our condominium sales business.

• Since launching the business in 1989, our condominium brand, MJR, has established a top-class brand position in the Kyushu area, with more than 10,000 units supplied to date.

• Even under an inflationary environment, sales of properties currently on the market have remained strong. In addition, we maintain a development pipeline extending several years into the future, and we expect to continue supplying housing units steadily.

• By contributing to population growth around stations and along railway lines throughout Kyushu, we are also working to enhance regional attractiveness and contribute to building cities where people want to live, work, and visit.

• Please turn to the next slide.