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.
October 31, 2025
Consolidated Financial Results for the Six Months Ended September 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 file semi-annual securities report: November 10, 2025
Scheduled date to commence dividend payments: December 5, 2025
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes (for institutional investors and analysts)
(Yen amounts are rounded down to millions, unless otherwise noted.)
Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
Operating revenue
Operating income
Ordinary income
Profit attributable to
owners of parent
Six months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
September 30, 2025
126,516
2.4
21,683
18.8
20,741
4.6
14,084
12.2
September 30, 2024
123,579
5.0
18,256
28.2
19,822
49.4
12,550
41.5
Note: Comprehensive income For the six months ended September 30, 2025:
For the six months ended September 30, 2024:
20,441 million
10,323 million
[ 98.0 %]
[ (23.5) %]
Basic earnings per share
Diluted earnings per share
Six months ended
Yen
Yen
September 30, 2025
125.55
-
September 30, 2024
110.84
-
Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
Millions of yen
Millions of yen
%
September 30, 2025
1,001,098
338,906
31.9
March 31, 2025
981,014
329,865
31.7
Reference: Equity
As of September 30, 2025:
As of March 31, 2025:
319,637 million
311,266 million
Note: The finalization of provisional accounting treatment related to business combinations was completed during the interim consolidated accounting period for the fiscal year ending March 31, 2026. Figures as of the fiscal year ended March 31, 2025, reflect the details of this finalized provisional accounting treatment.
Cash dividends
Annual dividends per share
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Fiscal year ended March 31, 2025
-
17.50
-
22.50
40.00
Fiscal year ending March 31, 2026
-
25.00
Fiscal year ending March 31, 2026 (Forecast)
-
25.00
50.00
Note: Revisions to the forecast of cash dividends most recently announced: None
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 | |||||
Full year | Millions of yen 271,400 | % 4.1 | Millions of yen 38,500 | % 11.0 | Millions of yen 35,900 | % 0.8 | Millions of yen 22,600 | % 0.2 | Yen 205.33 |
Note: Revisions to the forecast of consolidated financial results most recently announced: Yes
The finalization of provisional accounting treatment related to business combinations was completed during the interim consolidated accounting period for the fiscal year ending March 31, 2026. Figures as of the fiscal year ended March 31, 2025, reflect the details of this finalized provisional accounting treatment.
Accordingly, the percentage change from the previous term has also been computed using the revised figures.
* 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 semi-annual 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 September 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 September 30, 2025
3,991,340 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
Six months ended September 30, 2025 | 112,185,324 shares | Six months ended September 30, 2024 | 113,230,057 shares |
Quarterly consolidated financial statements Consolidated balance sheets
Assets
(Millions of yen) As of March 31, 2025 As of September 30, 2025
Current assets
Cash and deposits 42,849 25,726
Notes and accounts receivable - trade, | 35,670 | 24,626 |
and contract assets | ||
Merchandise and finished goods | 23,403 | 38,526 |
Work in process | 644 | 822 |
Raw materials and supplies | 3,394 | 3,317 |
Other | 14,364 | 17,032 |
Allowance for doubtful accounts | (127) | (78) |
Total current assets | 120,200 | 109,973 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 342,017 | 335,847 |
Land | 358,332 | 365,409 |
Construction in progress | 31,643 | 51,003 |
Other, net | 37,637 | 35,873 |
Total property, plant and equipment | 769,629 | 788,134 |
Intangible assets | 9,950 | 10,085 |
Investments and other assets | ||
Investment securities | 60,055 | 71,875 |
Retirement benefit asset | 6,928 | 7,024 |
Other | 14,653 | 14,343 |
Allowance for doubtful accounts | (403) | (337) |
Total investments and other assets | 81,234 | 92,905 |
Total non-current assets | 860,814 | 891,125 |
Total assets | 981,014 | 1,001,098 |
Liabilities
(Millions of yen) As of March 31, 2025 As of September 30, 2025
Current liabilities
Notes and accounts payable - trade | 23,493 | 14,738 |
Short-term borrowings | 77,361 | 66,950 |
Current portion of bonds payable | 20,000 | 10,000 |
Income taxes payable | 5,055 | 6,183 |
Provision for bonuses | 3,438 | 3,390 |
Other | 59,772 | 66,085 |
Total current liabilities | 189,121 | 167,347 |
Non-current liabilities | ||
Bonds payable | 110,000 | 110,000 |
Long-term borrowings | 225,589 | 255,684 |
Retirement benefit liability | 17,472 | 17,614 |
Other | 108,966 | 111,545 |
Total non-current liabilities | 462,028 | 494,845 |
Total liabilities | 651,149 | 662,192 |
Net assets | ||
Shareholders' equity | ||
Share capital | 72,983 | 72,983 |
Capital surplus | 28,185 | 28,215 |
Retained earnings | 151,125 | 162,660 |
Treasury shares | (473) | (9,252) |
Total shareholders' equity | 251,821 | 254,607 |
Accumulated other comprehensive income | ||
Valuation difference on available-for- sale securities | 21,653 | 27,855 |
Revaluation reserve for land | 34,275 | 34,275 |
Remeasurements of defined benefit plans | 3,516 | 2,897 |
Total accumulated other comprehensive income | 59,445 | 65,029 |
Non-controlling interests | 18,598 | 19,269 |
Total net assets | 329,865 | 338,906 |
Total liabilities and net assets | 981,014 | 1,001,098 |
Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Millions of yen)
Six months ended September 30, 2024
Six months ended September 30, 2025
Operating revenue 123,579 126,516
Operating expenses | ||
Operating expenses and cost of sales of transportation Selling, general and administrative expenses | 101,506 3,816 | 100,604 4,228 |
Total operating expenses | 105,322 | 104,832 |
Operating income | 18,256 | 21,683 |
Non-operating income | ||
Interest income | 13 | 32 |
Dividend income | 3,094 | 833 |
Miscellaneous income | 287 | 506 |
Total non-operating income | 3,395 | 1,372 |
Non-operating expenses | ||
Interest expenses | 1,584 | 1,963 |
Miscellaneous expenses | 244 | 350 |
Total non-operating expenses | 1,828 | 2,314 |
Ordinary income | 19,822 | 20,741 |
Extraordinary income | ||
Contribution received for construction | 8,894 | 289 |
Other | 85 | 111 |
Total extraordinary income | 8,980 | 401 |
Extraordinary losses | ||
Tax purpose reduction entry of contribution for construction | 8,890 | 280 |
Other | 1,498 | 44 |
Total extraordinary losses | 10,389 | 325 |
Profit before income taxes | 18,413 | 20,817 |
Income taxes - current | 4,357 | 5,714 |
Income taxes - deferred | 1,179 | 474 |
Total income taxes | 5,537 | 6,189 |
Profit | 12,876 | 14,628 |
Profit attributable to non-controlling interests
326 544
Profit attributable to owners of parent 12,550 14,084
Consolidated statements of comprehensive income (cumulative)
(Millions of yen)
Six months ended September 30, 2024
Six months ended September 30, 2025
Profit 12,876 14,628
Other comprehensive income
Valuation difference on available-for-sale
securities
(2,294)
6,443
Remeasurements of defined benefit plans, net
of tax
(258) (630)
Total other comprehensive income (2,552) 5,813
Comprehensive income 10,323 20,441
Comprehensive income attributable to
Comprehensive income attributable to owners
of parent
10,103 19,668
Comprehensive income attributable to non-
controlling interests
219
773
Consolidated statements of cash flows | ||
(Millions of yen) | ||
Six months ended | Six months ended | |
September 30, 2024 | September 30, 2025 | |
Cash flows from operating activities | ||
Profit before income taxes | 18,413 | 20,817 |
Depreciation | 13,830 | 13,968 |
Reduction entry of land contribution for construction | 8,890 | 280 |
Interest and dividend income | (3,108) | (865) |
Interest expenses | 1,584 | 1,963 |
Contribution received for construction | (8,894) | (289) |
Decrease (increase) in trade receivables | (712) | 13,543 |
Increase (decrease) in trade payables | (7,063) | (15,844) |
Decrease (increase) in inventories | (2,660) | (15,244) |
Increase (decrease) in accrued consumption (839) 1,075 | ||
taxes | ||
Other, net | (18) | (3,789) |
Subtotal | 19,421 | 15,614 |
Interest and dividends received | 3,107 | 864 |
Interest paid | (1,550) | (1,976) |
Income taxes refund (paid) | (6,761) | (4,573) |
Net cash provided by (used in) operating 14,218 9,929 activities | ||
Purchase of non-current assets (17,065) (33,856)
Cash flows from investing activities
Proceeds from contribution received for construction
5,695 4,583
Purchase of investment securities (7,258) (3,870)
Proceeds from sale and redemption of
investment securities 3 1,506
Other, net 9 370
Net cash provided by (used in) investing
activities
(18,616) (31,267)
Cash flows from financing activities
borrowings | ||
Net increase (decrease) in commercial papers | 7,000 | 7,000 |
Proceeds from long-term borrowings | 3,360 | 40,460 |
Repayments of long-term borrowings | (25,791) | (16,155) |
Proceeds from issuance of bonds | 9,931 | - |
Redemption of bonds | (10,000) | (10,000) |
Dividends paid | (3,933) | (2,533) |
Purchase of treasury shares | (5) | (8,808) |
Other, net | (367) | (1,358) |
Net cash provided by (used in) financing (19,996) 3,983 activities | ||
Net increase (decrease) in short-term
(190) (4,620)
Net increase (decrease) in cash and cash equivalents
(24,394) (17,354)
Cash and cash equivalents at beginning of
period
42,402
42,131
Cash and cash equivalents at end of period 18,008 24,777
Segment information
Six months ended September 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 | 54,769 571 | 20,543 586 | 13,993 306 | 15,179 5,064 | 19,034 4,224 | 59 1,309 | 123,579 12,062 | - (12,062) | 123,579 - |
Total | 55,341 | 21,130 | 14,299 | 20,243 | 23,259 | 1,368 | 135,642 | (12,062) | 123,579 |
Operating income (loss) | 7,728 | 6,602 | 2,131 | 1,084 | 637 | (173) | 18,010 | 246 | 18,256 |
Six months ended September 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 | 58,416 695 | 20,216 651 | 14,768 442 | 17,711 5,315 | 15,350 7,257 | 53 1,490 | 126,516 15,852 | - (15,852) | 126,516 - |
Total | 59,111 | 20,868 | 15,210 | 23,026 | 22,607 | 1,544 | 142,369 | (15,852) | 126,516 |
Operating income (loss) | 9,890 | 6,537 | 2,381 | 1,989 | 1,090 | (73) | 21,817 | (133) | 21,683 |