Kyushu Railway : Financial Results Presentation Materials, Third Quarter（1,270 KB）

February 10, 2026

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

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

Consolidated Balance Sheeｔ (As of December 31, 2025)

（bil）

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

（bil）

(bil)

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

(bil)

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

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

(bil)

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

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

(bil)

Major Factors Affecting Railway Transportation Revenues

(bil)

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)

1H

2H

+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

Consolidated Financial Forecast Highlights for FY26.3

（ Compared to Previous Forecast ）

（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

  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)

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

(bil)

• 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

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    

46.5

46.5

38.5

83.0

98.0

93.0

93.0

93.0

93.0

93.0

93.0

110.3% 46.9% 38.0% 35.1% 38.5%

-

30.2% 46.9%

26.3%

Dividend payout ratio 13.8%

• In Q3 FY26.3, railway transportation revenues ahead of plan overall

  （bil）

• Railway operating expenses remained generally in line with plan

【Resultｓ】

【Forecast】

（bil）

Railway Transportation Revenues (Year on Year) and Passenger Numbers

Status of Key Businesses and Assumptions Behind Forecasts

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

  the plan. 120%

  Transportation

  Passengers: Commuter Passengers: Non-commuter

Transportation revenues: Non-commuter

revenues: Commuter

105.8% 103.5% 104.2%

Solid line: Results Dotted line: Forecast

114.2%

105.6%

117.4%

(Millions of people)

122.5% 150

Commuter FY26.3 forecast Approx. 119%

• Railway operating expenses increased YoY due to higher personnel costs from base pay hikes, but

  100%

  103.1% 101.9% 101.8%

  104.8%

  113.9% 113.3% 114.0%

  100

  Non-commuter

  FY26.3 forecast Approx. 112%

  remained generally in line with the plan.

• Within the revised fares and charges, revision rates and rates of increase:

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

  80%

  28 28 30 30 28 29 30

  50

  56 53 52 51 56 52 53

  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%

  0

  1Ｑ 2Ｑ 3Ｑ 4Ｑ

  1Ｑ 2Ｑ 3Ｑ 4Ｑ

  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

  25.3期

  26.3期

  FY25.3 FY26.3

  Railway Business (Transportation Data)

  Railway transportation revenues

  (bil)

  			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)

  Passenger-kilometers

  （Millions of passenger-kilometer)

  			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%

  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)

    2.2

    Demand for JR-KYUSHU RAIL PASS

    1.9

    1.9

    1.7

    1.６

    1.8

    1.4

    	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 ％

    (¥bil)

    *Average unit price per JR-KYUSHU RAIL PASS

    Q1 Q2 Q3 Q4

    Sales by Nationality

    Cumulative Q3 FY25.3

    Other

    South

    Cumulative Q3 FY26.3

    Other South

    FY25.3

    Others

    English-language ticket sales (estimate)

    JR-KYUSHU RAIL PASS

    FY26.3

    Others

    English-language ticket sales (estimate)

    Price change (3 days, northern Kyushu)

    12,000

    9,500 10,000

    8,500

    JR-KYUSHU RAIL PASS

    Korea

    Thailand

    Hong Kong

    Taiwan

    China

    Korea Thailand

    Hong Kong

    Taiwan

    China

    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

    Q1 Q2 Q3 Q4 Full year

Percentage of railway transportation revenues

15,000

2025

April

2023

October

2021

April

2020

June

2018

April

• 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.

  （bil）

• 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】

  	9months ended December 31, 2024	9months ended December 31, 2025	YoY			Results FY25.3	Forecasts FY26.3	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%

  Status of key businesses

  • Tenant sales in Q3 exceeded the plan overall, as duty-free sales showed a recovery trend.

    120%

    117.4%

    Station building tenant sales

    (Year on Year)

  • 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.

  • Occupancy rates at office buildings and rental apartments remained generally solid.

    100%

    １Q ２Q ３Q ４Q

    １Q ２Q ３Q ４Q

    25.3期

    26.3期

    80%

    115.7%

    108.8%

    104.1%

    Approx. 101%

    103.4%

    Q1	Q2 Q3	Q4	Q1	Q2 Q3	Q4
    	FY25.3			FY26.3

    99.8% 101.3%

    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

      （bil）

rental apartments to third parties and a private REIT by Q2 FY26.3.

【Resultｓ】

【Forecast】

300

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)

  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

  200

  30

  20

  Q4

  Q4

  10

  0

  FY25.3

  FY26.3

  Q1

Location: Oita

Structure: 14 floors

100

above ground Delivery date : March 2025 Units: 220

Sales status: Sales in

25.3期

26.3期

progress

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

  【Resultｓ】

  【Forecasts】

  	9months ended December 31, 2024	9months ended December 31, 2025	YoY			Results FY25.3	Forecasts FY26.3	YoY
  Operating revenue	24.2	25.7	1.5	106.3%		32.2	33.3	1.0	103.3%
  Operating income	5.8	6.1	0.3	106.0%		6.8	7.1	0.2	104.3%
  EBITDA	8.3	8.9	0.6	107.6%		10.2	10.7	0.4	104.2%

  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 55%. We view the impact of the Chinese government's travel advisory as limited.

    Percentage of inbound guests

    (as a percentage of total room sales)

    	Q1 Q2 Q3 Q4	1Q1 Q2 Q3 FY26.3
    FY25.3

    60%

    55%

    50%

    1Q 2Q 3Q 4Q

    Q 2Q 3Q

    45%

    100%

    50%

    1Ｑ 2Ｑ 3Ｑ 4Ｑ

    25.3期

    26.3期

    25.3期

    26.3期

    0%

    Occupancy rates and ADR

    (Yen) 30,000

    82.9% 86.8% 82.4% 83.0% 83.6% 87.7% 80.2% 28,321 26,301 23,922 24,057 22,559 22,705 22,295 FY26.3 forecast Occupancy: Approx. 83% ADR: Approx. 25,000 yen
    Q1	Q2 Q3	Q4	Q1	Q2 Q3	Q4
    	FY25.3			FY26.3

    25,000

    20,000

    15,000

    1Ｑ 2Ｑ ３Q …

    10,000

    Retail and Restaurant Segment

• In Q3 FY26.3, both retail stores and restaurants remained firm.

  （bil）

• New store openings progressed steadily as planned.

  【Resultｓ】

  【Forecasts】

  	9months ended December 31, 2024	9months ended December 31, 2025	YoY			Results FY25.3	Forecasts FY26.3	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%

  Status of Key Businesses

  • 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.

  • New store openings in both retailers and restaurants progressed steadily.

  150%

  100%

  Segment Store Sales (Year on Year)

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

  25.3期

  26.3期

  1Ｑ 2Ｑ 3Ｑ 4Ｑ

  1Q 2Ｑ ３Q ４Q

  Q1	Q2 Q3	Q4	Q1	Q2 Q3	Q4
  	FY25.3			FY26.3

  50%

  Construction Segment, Business Services Segment

  Construction Segment

  （bil）

【Results】 【Forecasts】

Business Services Segment

【Results】 【Forecasts】

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

Management

base

Numerical targets Cash allocation

Strategic

investment

Shareholder return

Growth

investment

¥230 billion

Bonds,

borrowings, etc.

Cash from the sale of real estate

¥30 billion

Operating

cashflow

¥250 billion

Operating ¥530.0 billion Operating

Financial soundness

(FY28.3 forecast)

revenue

income

¥71.0 billion

Around 5 times

EBITDA ¥115.0 billion

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

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

  • By feeding back GOA 2.0 driverless operation

    GOA 2.0 autonomous

    driving section

    GOA 2.5 autonomous driving section

    *As of February 10, 2026

    Mojiko

    Kokura

    Hakata

    Usa

    Oita

    Arao

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

    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.

    December 2025

    By end of 2027 (target)

    Full-scale introduction of GOA 2.0 driverless operation

    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

    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 membership

  tier 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.

  HOTE

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

  <_example3a_ diamond="" tier="">

  • Complimentary unlimited railway pass

  • Complimentary pair hotel

    stay invitation voucher

    Previous membership tier service eligibility

    “JR Kyupo App” users

    Approx.

    0.85 million people*

    *As of December 31, 2025

• Points can be redeemed for station building premium coupons

  Tier evaluation criteria

• Higher point accrual rate, etc.

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

  L

  ①New Member

  Registration

  ③Reach Diamond Rank

  • 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)

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)

April 2025 April 2026 April 2027

Hakata

Oita

Naga saki

Kuma moto

MJR Kumamoto Gate Tower

(Kumamoto, 236 units)

MJR Urakami

The Residence

(Nagasaki, 130 units)

MJR Akasaka Gate Tower

(Fukuoka, 161 units)

Kagoshima

-Chuo

Kyushu Shinkansen Nishi-Kyushu Shinkansen Conventional lines

MJR Kagoshima-Chuo Ekimae The Garden (Kagoshima, 156 units)

MJR Kagoshima-Chuo Ekimae The Residence

(Kagoshima, 260 units)

MJR Urakami The Once

(Nagasaki, ８４ units)