Summary of Financial Results for the Third Quarter（238 KB）

February 10, 2026

Company name: Kyushu Railway Company

Stock exchange listings:

Tokyo and Fukuoka

Securities code: 9142

URL: https://www.jrkyushu.co.jp/ Representative: Yoji Furumiya, President and CEO

Contact: Rie Kanegae, General Manager, Public Relations Department Tel.: +81-92-474-3677

Planned date of dividend payment commencement: －

Preparation of supplementary explanations for financial results: Yes

Holding of a briefing on quarterly financial results: Yes (for institutional investors and securities analysts)

(Amounts less than one million yen, except for per share amounts, are omitted.)

1. Consolidated Financial Results for the Nine-Month Period Ended December 31, 2025 (From April 1, 2025 to December 31, 2025)
   1. Consolidated operating results (Percentages show year-on-year changes.)

      	Operating revenue		Operating income		Ordinary income		Net income attributable to owners of the parent
      Nine months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      December 31, 2025	360,019	11.8	62,731	26.3	63,079	26.2	40,834	9.2
      December 31, 2024	321,903	9.9	49,673	15.1	49,975	11.5	37,399	(8.2)

      (Note) Comprehensive income: Nine months ended December 31, 2025: ¥53,858 million [58.4%]

      Nine months ended December 31, 2024: ¥34,004 million [(25.3%)]

      	Net income per share - basic	Net income per share - diluted
      Nine months ended	Yen	Yen
      December 31, 2025	265.21	-
      December 31, 2024	238.81	-

   2. Consolidated financial position

   	Total assets	Net assets	Equity ratio
   	Millions of yen	Millions of yen	%
   As of December 31, 2025	1,214,975	484,978	39.8
   As of March 31, 2025	1,140,509	458,620	40.0

   (Reference) Shareholders' equity: As of December 31, 2025: ¥484,082 million As of March 31, 2025: ¥456,507 million

2. Dividends

   	Annual dividends
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   Year ended March 31, 2025 Year ended March 31, 2026	Yen - -	Yen 46.50 57.50	Yen - -	Yen 51.50	Yen 98.00
   Year ending March 31, 2026 (Forecast)				57.50	115.00

   (Note) Revisions to the most recently disclosed dividend forecasts: No

3. Consolidated Forecasts for the Fiscal Year Ending March 31, 2026 (April 1, 2025 to March 31, 2026)

(Percentages show year-on-year changes.)

(Note) Revisions to the most recently disclosed financial forecasts: No

1. Significant changes in the scope of consolidation during the nine months ended December 31, 2025: Yes

   Newly added: Two companies, including Meijikensetsu Co., Ltd.; excluded: One company, JR Kyushu Linen Co., Ltd.

   Note: For details, see "Changes in the Scope of Consolidation or Application of the Equity Method" on page 7 of the Attachments

2. Application of special accounting treatment in preparing the quarterly consolidated financial statements: No

3. Changes in accounting policies, changes in accounting estimates and restatement of revisions

   1. Changes in accounting policies with revision of accounting standards: No

   2. Changes in accounting policies other than the above: No

   3. Changes in accounting estimates: No

   4. Restatement of revisions: No

4. Number of shares outstanding (common stock)

   As of December 31, 2025	154,649,000 Shares	As of March 31, 2025	157,301,600 Shares
   As of December 31, 2025	913,734 Shares	As of March 31, 2025	1,111,485 Shares
   As of December 31, 2025	153,969,314 Shares	As of December 31, 2024	156,607,573 Shares

   1. Number of shares issued and outstanding at end of period (including treasury stock)

   2. Number of shares of treasury stock at end of period

   3. Average number of shares during the period

      Note: The number of shares of treasury stock at the end of the period includes the number of shares of the Company's stock held by the Board Benefit Trust (BBT) (Q3 FY2026/3, 172,800 shares; FY2025/3, 176,600 shares) and shares of the Company's stock held by the Stock-based Benefit Trust (Employee Shareholders Association Purchase-type) (Q3 FY2026/3, 740,600 shares; FY2025/3, 934,600 shares). In addition, the number of shares of the Company's stock held by the Board Benefit Trust (BBT) (Q3 FY2026/3, 174,489 shares; Q3 FY2025/3, 176,600 shares) and shares of the Company's stock held by the Stock-based Benefit Trust (Employee Shareholders Association Purchase-type) (Q3 FY2026/3, 819,800 shares; Q3 FY2025/3, 517,222 shares) are included in the treasury stock that is subtracted in the calculation of the average number of shares during the period.

      • Review of the attached quarterly consolidated financial statements by certified public accountants or accounting auditors: Yes (voluntary)

      • Explanation of Appropriate Uses of Performance Forecasts and Other Important Items:

      Performance forecasts and other forward-looking statements appearing in this document are based on currently available information and specific assumptions deemed rational, and are not assurances that the Company will achieve these forecasts. Actual performance can vary greatly depending on various factors such as fluctuations in interest rates, fluctuations in share prices, changes in exchange rates, fluctuations in the value of assets, changes in the economic and financial environment, changes in the conditions of competition, occurrences of large-scale and other disasters, and changes in regulations.

      Supplementary quarterly materials are attached to this summary of interim consolidated financial results.

      A financial results briefing for institutional investors and securities analysts is scheduled to be held on February 10, 2026 (Tuesday). The presentation materials used for this briefing will be posted on TDnet and the Company's website.

      Contents of Accompanying Materials
      1. Operating Results Overview 2
      2. Quarterly Consolidated Financial Statements and Major Notes 3

         1. Consolidated Balance Sheets …………………………………………………………………………………… 3

         2. Quarterly Consolidated Income Statements and Quarterly Consolidated Comprehensive Income Statements 5

         3. Notes to Quarterly Consolidated Financial Statements 7

(Notes on Going Concern Assumption) 7

(Changes in the Scope of Consolidation or Application of the Equity Method)… 7

(Notes on Significant Changes in the Value of Shareholders' Equity) 7

(Additional Information) 7

(Notes Related to the Quarterly Consolidated Statement of Cash Flows) 7

(Notes on Segment Information, etc.) 8

1. Operating Results Overview

   Consolidated operating revenue for the nine months under review increased for the fifth consecutive period, driven by higher railway transportation revenue and growth in revenue from the sale of real estate. As a result, consolidated operating income and consolidated ordinary income also rose for the fifth consecutive period. Net income attributable to owners of the parent also rose for the first time in two periods.

   The Group's business performance by segment is as follows.

   (Millions of Yen)

   	Operating revenue			Operating income/loss			EBITDA (Note 2)
   	FY2026/3, consolidated cumulative third quarter (nine months ended December 31, 2025)	YoY		FY2026/3, consolidated cumulative third quarter (nine months ended December 31, 2025)	YoY		FY2026/3, consolidated cumulative third quarter (nine months ended December 31, 2025)	YoY
   Transportation	142,603	16,370	13.0%	28,480	9,497	50.0%	39,334	10,576	36.8%
   Real Estate and Hotels	109,081	14,679	15.6%	25,920	3,243	14.3%	39,704	3,567	9.9%
   Real estate lease	60,609	3,313	5.8%	15,213	878	6.1%	26,171	919	3.6%
   Real estate sale	22,695	9,830	76.4%	4,549	2,015	79.5%	4,557	2,012	79.1%
   Hotel	25,776	1,535	6.3%	6,157	349	6.0%	8,974	635	7.6%
   Retail and Restaurant	53,597	3,476	6.9%	3,396	336	11.0%	4,486	344	8.3%
   Construction	68,280	6,499	10.5%	2,312	258	12.6%	3,300	317	10.6%
   Business Services	59,793	5,393	9.9%	3,253	356	12.3%	5,366	27	0.5%
   Total	433,356	46,419	12.0%	63,362	13,693	27.6%	92,192	14,832	19.2%
   Adjustment (Note 1)	(73,336)	(8,303)	-	(631)	(635)	-	(935)	(644)	-
   Amount on the consolidated financial statements	360,019	38,115	11.8%	62,731	13,058	26.3%	91,256	14,188	18.4%

   (Notes) 1. Adjustments reflect the elimination of intersegment transactions.

2. Consolidated EBITDA = operating income + depreciation (after elimination of intersegment transactions, excluding the cost of depreciation related to lease assets held for the purpose of subleasing),

segment EBITDA = segment operating income + segment depreciation (before elimination of intersegment transactions, excluding the cost of depreciation related to lease assets held for the purpose of subleasing)

For further details, please refer to the "Financial Results Presentation Materials for the Third Quarter, FY2026.3," which is scheduled to be

posted on TDnet and the Company's website on Tuesday, February 10, 2026.

1. Consolidated Balance Sheets

   FY 2025/3

   (As of March 31, 2025)

   (Millions of Yen)

   FY 2026/3, Third Quarter (As of December 31, 2025)

   ASSETS

   Current assets

   Cash and time deposits 35,057 57,129

FY 2025/3

(As of March 31, 2025)

(Millions of Yen)

FY 2026/3, Third Quarter (As of December 31, 2025)

LIABILITIES

Current liabilities

1. Quarterly Consolidated Income Statements and Quarterly Consolidated Comprehensive Income Statements

   Quarterly Consolidated Income Statements Consolidated Cumulative Third Quarter

   (Millions of Yen)

   	FY 2025/3, Third Quarter (Nine months ended December	FY 2026/3, Third Quarter (Nine months ended December
   	31, 2024)	31, 2025)
   OPERATING REVENUE	321,903	360,019
   OPERATING EXPENSE
   Transportation, other services and cost of sales	179,118	198,363
   Selling, general and administrative expense	93,111	98,924
   Total operating expense	272,230	297,287
   OPERATING INCOME	49,673	62,731
   NON-OPERATING INCOME
   Interest income	90	129
   Dividend income	938	1,150
   Gain on assets held in trust	1,052	1,264
   Other	1,004	1,305
   Total non-operating income	3,086	3,849
   NON-OPERATING EXPENSE
   Interest expense	2,283	3,159
   Other	500	341
   Total non-operating expense	2,783	3,501
   ORDINARY INCOME	49,975	63,079
   EXTRAORDINARY GAINS
   Construction grants received	616	731
   Gain on sales of fixed assets	319	2,229
   Gain on sales of investment securities	271	-
   Other	145	239
   Total extraordinary gains	1,352	3,200
   EXTRAORDINARY LOSSES
   Loss on reduction of noncurrent assets	596	720
   Project withdrawal losses	-	8,702
   Provision for loss on disaster	-	1,264
   Disaster-damage losses	-	217
   Other	324	735
   Total extraordinary losses	920	11,639
   INCOME BEFORE INCOME TAXES	50,407	54,640
   INCOME TAXES -Current	4,289	8,965
   INCOME TAXES -Deferred	8,726	4,846
   TOTAL INCOME TAXES	13,016	13,811
   NET INCOME	37,391	40,829

   NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

   (7) (5)

   NET INCOME ATTRIBUTABLE TO

   OWNERS OF THE PARENT

   37,399

   40,834

   Quarterly Consolidated Comprehensive Income Statements
   Consolidated Cumulative Third Quarter
   		(Millions of Yen)
   	FY 2025/3, Third Quarter	FY 2026/3, Third Quarter
   	(Nine months ended December	(Nine months ended December
   	31, 2024)	31, 2025)
   NET INCOME	37,391	40,829
   OTHER COMPREHENSIVE INCOME
   Unrealized gain on available-for-sale securities	(3,725)	12,793
   Foreign currency translation adjustments	(44)	0
   Remeasurements of defined benefit plans	382	234
   Share of other comprehensive income of affiliates accounted for by the equity method	(0)	1
   Total other comprehensive income	(3,387)	13,029
   COMPREHENSIVE INCOME	34,004	53,858
   TOTAL COMPREHENSIVE INCOME
   ATTRIBUTABLE TO:
   Owners of the parent	34,015	53,867
   Non-controlling interests	(10)	(9)

2. Notes to Quarterly Consolidated Financial Statements

   The quarterly consolidated financial statements have been prepared in accordance with Article 4, Paragraph 1, of the Standards for the Preparation of Quarterly Financial Statements of the Tokyo Stock Exchange, Inc. and the Fukuoka Stock Exchange, Inc. and generally accepted accounting standards in Japan regarding quarterly financial statements. (However, the omission of the description prescribed in Article 4, Paragraph 2 of the Standards for the Preparation of Quarterly Financial Statements is applied.)

   (Notes on Going Concern Assumption)

   None

   (Changes in the Scope of Consolidation or Application of the Equity Method) (Significant Changes in the Scope of Consolidation)

   Meijikensetsu Co., Ltd. and Showatecs Co., Ltd. have been included in the scope of consolidation from the first quarter of FY2026.3 due to their increased materiality. JR Kyushu Linen Co., Ltd. has been excluded from the scope of consolidation from the first quarter of FY2026.3 following its absorption-type merger into JR Kyushu Service Support Co., Ltd., the surviving company.

   (Notes on Significant Changes in the Value of Shareholders' Equity)

   None

   (Additional Information)

   (Damage caused by the "Heavy Rains Beginning August 6, 2025")

   In August 2025, heavy rainfall occurred across parts of Kyushu, causing damage such as mudslides and embankment collapses on the Nippo Main Line, Hisatsu Line, and other lines. Of the restoration-related costs stemming from this event, those incurred during the first nine months of FY2026.3, have been recorded under "loss on disaster." Additionally, estimated costs expected to be incurred during or after the end of the fourth quarter of FY2026.3 have been reasonably calculated and recorded as "provision for loss on disaster" under extraordinary losses during the nine months of FY2026.3.

   (Cancellation of Treasury Stock)

   At a meeting of the Board of Directors held on September 2, 2025, the Company resolved to cancel treasury stock pursuant to Article 178 of the Companies Act.

   1. Reason for the cancellation: To enhance shareholder returns and improve capital efficiency

   2. Type of shares cancelled: Common stock of the Company

   3. Total number of shares cancelled: 2,652,600 shares

      (Equivalent to 1.69% of total shares outstanding before cancellation)

   4. Effective date of cancellation: September 9, 2025

As a result, during the first nine months of FY2026.3, "treasury stock" and "capital surplus" under net assets in the

consolidated balance sheet each decreased by ¥9,999 million.

(Notes Related to the Quarterly Consolidated Statement of Cash Flows)

Quarterly consolidated statements of cash flows have not been prepared for the third quarter of the current fiscal year. Depreciation and amortization expenses (including amortization expenses related to intangible fixed assets excluding goodwill) for the third quarter of the fiscal year under review are as follows.

FY2025/3 Third Quarter

(Nine months ended December 31, 2024)

FY2026/3 Third Quarter

(Nine months ended December 31, 2025)

Depreciation costs ¥28,455 million ¥29,703 million (Note) Amortization of goodwill is omitted because the amounts are immaterial.

(Notes on segment information, etc.) (Segment information)

Third Quarter of the Previous Fiscal Year (from April 1 to December 31, 2024)

1. Information Related to Operating Revenue and Income (Loss) by Segment

   (Millions of Yen)

   	Reportable Segment					Total	Adjustment (Note 1)	Quarterly Consolidated Statements of Income (Note 2)
   	Transportation	Real Estate and Hotels	Retail and Restaurant	Construction	Business Services
   Operating Revenue
   Outside Customers	122,500	90,746	49,823	28,838	29,995	321,903	-	321,903
   Inside Group	3,732	3,655	297	32,942	24,404	65,033	(65,033)	-
   Total	126,233	94,402	50,121	61,780	54,399	386,936	(65,033)	321,903
   Segment income	18,982	22,676	3,059	2,054	2,896	49,669	3	49,673

   (Notes) 1. The ¥3 million deduction from segment income (loss) reflects the elimination of intersegment transactions.

2. Segment income (loss) has been adjusted for the operating income figure on the quarterly consolidated income statements.

Third Quarter of the Current Fiscal Year (from April 1 to December 31, 2025)

1. Information Related to Operating Revenue and Income (Loss) by Segment

   (Millions of Yen)

   	Reportable Segment					Total	Adjustment (Note 1)	Quarterly Consolidated Statements of Income (Note 2)
   	Transportation	Real Estate and Hotels	Retail and Restaurant	Construction	Business Services
   Operating Revenue
   Outside Customers	138,842	105,281	53,273	30,625	31,995	360,019	-	360,019
   Inside Group	3,760	3,800	324	37,654	27,797	73,336	(73,336)	-
   Total	142,603	109,081	53,597	68,280	59,793	433,356	(73,336)	360,019
   Segment income	28,480	25,920	3,396	2,312	3,253	63,362	(631)	62,731

   (Notes) 1. The ¥(631) million deduction from segment income (loss) reflects the elimination of intersegment transactions.

2. Segment income (loss) has been adjusted for the operating income figure on the quarterly consolidated income statements.