Translation
Note: This document has been translated from the Japanese original for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
July 30, 2025
Consolidated Financial Results for the Three Months Ended June 30, 2025 (Under Japanese GAAP)Company name: Nankai Electric Railway Co., Ltd.
Listing: Tokyo Stock Exchange
Securities code: 9044
URL: https://www.nankai.co.jp/
Representative: Nobuyuki Okajima, Representative Director and President
Inquiries: Toshiyuki Takeda, Chief Manager, Finance & Accounting Department
Telephone: +81-6-6644-7141
Scheduled date to commence dividend payments: －
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: None
(Yen amounts are rounded down to millions, unless otherwise noted.)
Consolidated financial results for the three months ended June 30, 2025 (from April 1, 2025 to June 30, 2025)
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
Operating revenue
Operating income
Ordinary income
Profit attributable to
owners of parent
Three months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
June 30, 2025
62,713
5.0
11,295
14.4
11,199
14.8
7,599
13.1
June 30, 2024
59,722
8.9
9,876
44.7
9,754
47.7
6,718
58.6
Note: Comprehensive income
For the three months ended June 30, 2025:
8,862 million
[
(3.6) %]
For the three months ended June 30, 2024:
9,194 million
[
12.5 %]
Basic earnings per share
Diluted earnings per share
Three months ended
Yen
Yen
June 30, 2025
67.12
-
June 30, 2024
59.33
-
Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
Millions of yen
Millions of yen
%
June 30, 2025
991,863
334,494
32.0
March 31, 2025
976,877
328,225
31.9
Reference: Equity
As of June 30, 2025:
As of March 31, 2025:
317,198 million
311,215 million
Cash dividends
Annual dividends per share
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Fiscal year ended March 31, 2025
Fiscal year ending March 31, 2026
Yen
-
-
Yen
17.50
Yen
-
Yen
22.50
Yen
40.00
Fiscal year ending March 31, 2026 (Forecast)
25.00
-
25.00
50.00
Note: Revisions to the forecast of cash dividends most recently announced: Yes
For the revision of the dividend forecast, please refer to "Notice Concerning Revisions to Financial Results Forecast and Dividend Forecast" announced today
Forecast of consolidated financial results for the year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Operating revenue | Operating income | Ordinary income | Profit attributable to owners of parent | Basic earnings per share | |||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
Six months ending September 30, 2025 | 127,400 | 3.1 | 19,300 | 5.7 | 18,000 | (9.2) | 12,600 | 0.4 | 112.80 |
Full year | 271,200 | 4.0 | 36,600 | 5.6 | 33,600 | (5.5) | 21,700 | (3.5) | 197.15 |
Note: Revisions to the forecast of consolidated financial results most recently announced: Yes
On July 30, 2025, a resolution was passed at a meeting of our Board of Directors to acquire treasury shares. In the consolidated performance forecast for the fiscal year ending March 31, 2026, net income per share reflects the impact of the acquisition of treasury shares.
* Notes
Significant changes in the scope of consolidation during the period: Newly included: － companies
Excluded: 1 company（SEMBOKU RAPID RAILWAY CO., LTD.）
Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:
Changes in accounting estimates:
Restatement:
Number of issued shares (common shares)
As of June 30, 2025
113,402,446 shares
As of March 31, 2025
113,402,446 shares
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2025
165,214 shares
As of March 31, 2025
175,306 shares
Number of treasury shares at the end of the period
Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Yes
None
None None None None
Three months ended June 30, 2025 | 113,232,869 shares | Three months ended June 30, 2024 | 113,230,570 shares |
* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by
certified public accountants or an audit firm: None
Quarterly consolidated financial statements Consolidated balance sheets
Assets
(Millions of yen) As of March 31, 2025 As of June 30, 2025
Current assets
Cash and deposits 42,849 23,216
Notes and accounts receivable - trade, and contract assets | 35,670 | 29,391 |
Securities | 2 | 20,002 |
Merchandise and finished goods | 23,403 | 31,442 |
Work in process | 644 | 648 |
Raw materials and supplies | 3,394 | 3,393 |
Other | 14,362 | 13,331 |
Allowance for doubtful accounts | (127) | (113) |
Total current assets | 120,200 | 121,313 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 336,352 | 332,631 |
Land | 356,068 | 356,056 |
Construction in progress | 31,643 | 47,864 |
Other, net | 37,637 | 36,977 |
Total property, plant and equipment | 761,701 | 773,529 |
Intangible assets | 13,742 | 13,910 |
Investments and other assets | ||
Investment securities | 60,055 | 62,175 |
Retirement benefit asset | 6,928 | 6,971 |
Other | 14,653 | 14,301 |
Allowance for doubtful accounts | (403) | (339) |
Total investments and other assets | 81,234 | 83,109 |
Total non-current assets | 856,677 | 870,550 |
Total assets | 976,877 | 991,863 |
Liabilities
(Millions of yen) As of March 31, 2025 As of June 30, 2025
Current liabilities
Notes and accounts payable - trade | 23,493 | 16,296 |
Short-term borrowings | 77,361 | 72,428 |
Current portion of bonds payable | 20,000 | 10,000 |
Income taxes payable | 5,055 | 2,323 |
Provision for bonuses | 3,438 | 1,320 |
Other | 59,772 | 62,897 |
Total current liabilities | 189,121 | 165,267 |
Non-current liabilities | ||
Bonds payable | 110,000 | 110,000 |
Long-term borrowings | 225,589 | 256,530 |
Retirement benefit liability | 17,472 | 17,549 |
Other | 106,468 | 108,020 |
Total non-current liabilities | 459,530 | 492,100 |
Total liabilities | 648,652 | 657,368 |
Net assets | ||
Shareholders' equity | ||
Share capital | 72,983 | 72,983 |
Capital surplus | 28,185 | 28,185 |
Retained earnings | 151,074 | 156,124 |
Treasury shares | (473) | (445) |
Total shareholders' equity | 251,770 | 256,848 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 21,653 | 22,866 |
Revaluation reserve for land | 34,275 | 34,275 |
Remeasurements of defined benefit plans | 3,516 | 3,207 |
Total accumulated other comprehensive income | 59,445 | 60,350 |
Non-controlling interests | 17,010 | 17,296 |
Total net assets | 328,225 | 334,494 |
Total liabilities and net assets | 976,877 | 991,863 |
Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Millions of yen)
Three months ended June 30, 2024
Three months ended June 30, 2025
Operating revenue 59,722 62,713
Operating expenses
Operating expenses and cost of sales of transportation | 48,022 | 49,189 |
Selling, general and administrative expenses | 1,823 | 2,228 |
Total operating expenses | 49,846 | 51,418 |
Operating income | 9,876 | 11,295 |
Non-operating income | ||
Interest income | 0 | 4 |
Dividend income | 639 | 792 |
Miscellaneous income | 167 | 284 |
Total non-operating income | 807 | 1,082 |
Non-operating expenses | ||
Interest expenses | 796 | 950 |
Miscellaneous expenses | 132 | 228 |
Total non-operating expenses | 928 | 1,178 |
Ordinary income | 9,754 | 11,199 |
Extraordinary income | ||
Contribution received for construction | 8,400 | 119 |
Gain on sale of non-current assets | 62 | 43 |
Other | 18 | 0 |
Total extraordinary income | 8,480 | 163 |
Extraordinary losses | ||
Tax purpose reduction entry of contribution for construction | 8,396 | 117 |
Other | 18 | 17 |
Total extraordinary losses | 8,414 | 134 |
Profit before income taxes | 9,821 | 11,228 |
Income taxes - current | 1,766 | 2,127 |
Income taxes - deferred | 1,093 | 1,202 |
Total income taxes | 2,859 | 3,329 |
Profit | 6,961 | 7,898 |
Profit attributable to non-controlling 243 298 interests | ||
Profit attributable to owners of parent 6,718 7,599
Consolidated statements of comprehensive income (cumulative)
(Millions of yen)
Three months ended June 30, 2024
Three months ended June 30, 2025
Profit 6,961 7,898
Other comprehensive income
Valuation difference on available-for-sale
securities
2,359
1,279
Remeasurements of defined benefit plans, net
of tax
(126) (315)
Total other comprehensive income 2,232 963
Comprehensive income attributable to
Comprehensive income 9,194 8,862
Comprehensive income attributable to non-
controlling interests
334
357
Comprehensive income attributable to owners of parent
8,860 8,504
Segment information
Three months ended June 30, 2024
Information on operating revenue and operating income or loss by reported segment
(Millions of yen)
Transportation | Real Estate | Distribution | Leisure and Services | Construction | Other | Total | Adjustment | Consolidated | |
Sales | |||||||||
Revenues from external customers Transactions with other segments | 27,133 275 | 8,904 255 | 6,871 164 | 7,717 2,128 | 9,079 1,450 | 15 527 | 59,722 4,802 | - (4,802) | 59,722 - |
Total | 27,409 | 9,159 | 7,036 | 9,846 | 10,530 | 543 | 64,524 | (4,802) | 59,722 |
Operating income (loss) | 4,547 | 3,051 | 1,113 | 792 | 307 | (98) | 9,714 | 161 | 9,876 |
Three months ended June 30, 2025
Information on operating revenue and operating income or loss by reported segment
(Millions of yen)
Transportation | Real Estate | Distribution | Leisure and Services | Construction | Other | Total | Adjustment | Consolidated | |
Sales | |||||||||
Revenues from external customers Transactions with other segments | 29,102 332 | 9,490 230 | 7,342 311 | 8,502 2,344 | 8,263 3,130 | 12 598 | 62,713 6,948 | - (6,948) | 62,713 - |
Total | 29,434 | 9,720 | 7,654 | 10,847 | 11,394 | 611 | 69,662 | (6,948) | 62,713 |
Operating income (loss) | 5,442 | 3,208 | 1,284 | 848 | 563 | (70) | 11,276 | 18 | 11,295 |