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.
January 29, 2026
Consolidated Financial Results for the Nine Months Ended December 31, 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: ï¼
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 nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
Operating revenue
Operating income
Ordinary income
Profit attributable to
owners of parent
Nine months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
December 31, 2025
195,392
4.4
34,171
17.0
33,154
8.3
22,258
10.1
December 31, 2024
187,114
1.6
29,206
9.1
30,624
19.5
20,210
(7.7)
Note: Comprehensive income
For the nine months ended December 31, 2025:
34,312 million
[
58.7 %]
For the nine months ended December 31, 2024:
21,623 million
[
(19.3) %]
Basic earnings per share
Diluted earnings per share
Nine months ended
Yen
Yen
December 31, 2025
200.22
-
December 31, 2024
178.49
-
Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
Millions of yen
Millions of yen
%
December 31, 2025
1,023,407
347,459
32.0
March 31, 2025
981,014
329,865
31.7
Reference: Equity
As of December 31, 2025:
As of March 31, 2025:
327,481 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: None
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: ï¼ 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 December 31, 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 December 31, 2025
4,901,842 shares
As of March 31, 2025
175,306 shares
Number of treasury shares at the end of the period
Nine months ended December 31, 2025
111,167,273 shares
Nine months ended December 31, 2024
113,229,671 shares
Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm:
Yes
None
None None None None
None
Quarterly consolidated financial statements Consolidated balance sheets
Assets
(Millions of yen) As of March 31, 2025 As of December 31, 2025
Current assets
Cash and deposits 42,849 27,790
Notes and accounts receivable - trade, | 35,670 | 23,464 |
and contract assets | ||
Merchandise and finished goods | 23,403 | 42,492 |
Work in process | 644 | 1,759 |
Raw materials and supplies | 3,394 | 3,359 |
Other | 14,364 | 25,296 |
Allowance for doubtful accounts | （127) | (81) |
Total current assets | 120,200 | 124,081 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 342,017 | 333,469 |
Land | 358,332 | 365,262 |
Construction in progress | 31,643 | 53,472 |
Other, net | 37,637 | 36,282 |
Total property, plant and equipment | 769,629 | 788,486 |
Intangible assets | 9,950 | 10,079 |
Investments and other assets | ||
Investment securities | 60,055 | 79,980 |
Retirement benefit asset | 6,928 | 7,070 |
Other | 14,653 | 14,045 |
Allowance for doubtful accounts | (403) | (336) |
Total investments and other assets | 81,234 | 100,760 |
Total non-current assets | 860,814 | 899,325 |
Total assets | 981,014 | 1,023,407 |
Liabilities
(Millions of yen) As of March 31, 2025 As of December 31, 2025
Current liabilities
Notes and accounts payable - trade | 23,493 | 16,826 |
Short-term borrowings | 77,361 | 65,752 |
Current portion of bonds payable | 20,000 | 10,000 |
Income taxes payable | 5,055 | 4,436 |
Provision for bonuses | 3,438 | 1,053 |
Other | 59,772 | 63,272 |
Total current liabilities | 189,121 | 161,341 |
Non-current liabilities | ||
Bonds payable | 110,000 | 130,000 |
Long-term borrowings | 225,589 | 251,623 |
Retirement benefit liability | 17,472 | 17,646 |
Other | 108,966 | 115,336 |
Total non-current liabilities | 462,028 | 514,606 |
Total liabilities | 651,149 | 675,947 |
Net assets | ||
Shareholders' equity | ||
Share capital | 72,983 | 72,983 |
Capital surplus | 28,185 | 28,131 |
Retained earnings | 151,125 | 168,230 |
Treasury shares | (473) | (11,832) |
Total shareholders' equity | 251,821 | 257,513 |
Accumulated other comprehensive income | ||
Valuation difference on available-for- sale securities | 21,653 | 33,237 |
Revaluation reserve for land | 34,275 | 34,142 |
Remeasurements of defined benefit plans | 3,516 | 2,587 |
Total accumulated other comprehensive income | 59,445 | 69,967 |
Non-controlling interests | 18,598 | 19,977 |
Total net assets | 329,865 | 347,459 |
Total liabilities and net assets | 981,014 | 1,023,407 |
Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Millions of yen)
Nine months ended December 31, 2024
Nine months ended December 31, 2025
Operating revenue 187,114 195,392
Operating expenses | ||
Operating expenses and cost of sales of transportation Selling, general and administrative expenses | 152,207 5,700 | 154,651 6,569 |
Total operating expenses | 157,907 | 161,220 |
Operating income | 29,206 | 34,171 |
Non-operating income | ||
Interest income | 14 | 44 |
Dividend income | 3,753 | 1,735 |
Miscellaneous income | 473 | 848 |
Total non-operating income | 4,241 | 2,627 |
Non-operating expenses | ||
Interest expenses | 2,385 | 3,054 |
Miscellaneous expenses | 437 | 591 |
Total non-operating expenses | 2,822 | 3,645 |
Ordinary income | 30,624 | 33,154 |
Extraordinary income | ||
Contribution received for construction | 8,894 | 290 |
Other | 373 | 114 |
Total extraordinary income | 9,268 | 404 |
Extraordinary losses | ||
Tax purpose reduction entry of contribution for construction | 8,890 | 280 |
Other | 1,724 | 45 |
Total extraordinary losses | 10,615 | 326 |
Profit before income taxes | 29,277 | 33,232 |
Income taxes - current | 6,538 | 8,447 |
Income taxes - deferred | 1,852 | 1,587 |
Total income taxes | 8,390 | 10,035 |
Profit | 20,886 | 23,197 |
Profit attributable to non-controlling interests
676 938
Profit attributable to owners of parent 20,210 22,258
Consolidated statements of comprehensive income (cumulative)
(Millions of yen)
Nine months ended December 31, 2024
Nine months ended December 31, 2025
Profit 20,886 23,197
Other comprehensive income
Valuation difference on available-for-sale
securities
1,123
12,062
Remeasurements of defined benefit plans, net
of tax
(386) (946)
Total other comprehensive income 736 11,115
Comprehensive income 21,623 34,312
Comprehensive income attributable to
Comprehensive income attributable to owners
of parent
20,942 32,914
Comprehensive income attributable to non-
controlling interests
680
1,398
Segment information
Nine months ended December 31, 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 | 83,239 876 | 29,729 904 | 21,318 463 | 23,537 7,849 | 29,213 7,614 | 75 1,997 | 187,114 19,706 | - (19,706) | 187,114 - |
Total | 84,116 | 30,634 | 21,781 | 31,387 | 36,827 | 2,073 | 206,820 | (19,706) | 187,114 |
Operating income (loss) | 12,440 | 9,680 | 3,422 | 2,481 | 1,345 | (273) | 29,097 | 108 | 29,206 |
Nine months ended December 31, 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 | 87,990 1,061 | 34,318 1,043 | 22,445 610 | 27,411 9,055 | 23,167 10,826 | 58 2,289 | 195,392 24,887 | - (24,887) | 195,392 - |
Total | 89,051 | 35,362 | 23,056 | 36,467 | 33,993 | 2,348 | 220,279 | (24,887) | 195,392 |
Operating income (loss) | 14,958 | 10,122 | 3,623 | 3,940 | 1,706 | (180) | 34,171 | 0 | 34,171 |