Supplementary Materials for Financial Results for the Third Quarter of Fiscal Year Ending March 31, 2026 (FY2025)
January 29, 2026
Nankai Electric Railway Co., Ltd.
(Tokyo Stock Exchange, Prime Market, Securities Code: 9044 https://www.nankai.co.jp/en/company.html)
1
Summary of Financial Results for the Third Quarter of FY2025
Performance highlights
2
(Millions of yen)
FY2025 3Q
results
FY2024 3Q
results
Change
Percentage change
Operating revenue
195,392
34,171
2,627
3,645
33,154
404
326
22,258
187,114
8,278
4.4%
Operating income
29,206
4,965
17.0%
Non-operating income
4,241
−1,613
−38.0%
Non-operating expenses
2,822
822
29.1%
Ordinary income
30,624
2,529
8.3%
Extraordinary income
9,268
−8,863
−95.6%
Extraordinary losses
10,615
−10,288
−96.9%
Profit attributable to owners of parent
20,210
2,047
10.1%
ã€Operating revenue and profits at each stage reached record highs】
Due to the effects of EXPO 2025 and increased inbound demand, there was a rise in the passengers carried in the transportation business as well as the contribution made by Meiko Bus (made a subsidiary in October 2024) and Tsutenkaku Kanko (made a subsidiary in December 2024, the last fiscal year), which resulted in higher revenue and income.
Although there was a reaction to the decline in the dividends received from a special-purpose company in the same period of the previous year, operating income increased, contributing to an increase in ordinary income.
Status of segment composition (as of December 31, 2025)
[Consolidated subsidiaries: 53, non-consolidated subsidiaries: 20, non-equity method affiliates: 6]
Change (from March 31, 2025)：Decrease in consolidated subsidiaries, 1 company.Increase in non-consolidated subsidiaries, 3 companies.
Transportation （35 companies） | Real Estate （4 companies） | Distribution （9 companies） | Leisure and Services （21 companies） | Construction （4 companies） | Other （10 companies） |
* Nankai Electric Railway Co., Ltd. (the Company) is included in duplicate in the Transportation, Real Estate, Distribution, and Leisure and Services segments.
[ Operating revenue ] [ Operating income ]
(Billions of yen) (Billions of yen)
3
* Percentage share: Ratio to operating revenue, including that from intersegment transactions
Segment operating revenue and operating income(compared to FY 2024 3Q)
Change of operating revenue (compared to FY 2024 3Q)
4
Change of operating income (compared to FY 2024 3Q)
(Millions of yen)
2. Segment operating revenue and operating income(compared to FY 2024 3Q)
5
(Millions of yen)
Operating revenue | Operating income | |||||||
FY2025 3Q results | FY2024 3Q results | Change | Percentage change | FY2025 3Q results | FY2024 3Q results | Change | Percentage change | |
Transportation | 89,051 | 84,116 | 4,935 | 5.9% | 14,958 | 12,440 | 2,518 | 20.2% |
Real Estate | 35,362 | 30,634 | 4,727 | 15.4% | 10,122 | 9,680 | 441 | 4.6% |
Distribution | 23,056 | 21,781 | 1,274 | 5.9% | 3,623 | 3,422 | 201 | 5.9% |
Leisure and Services | 36,467 | 31,387 | 5,080 | 16.2% | 3,940 | 2,481 | 1,458 | 58.8% |
Construction | 33,993 | 36,827 | −2,834 | −7.7% | 1,706 | 1,345 | 360 | 26.8% |
Other | 2,348 | 2,073 | 274 | 13.3% | −180 | −273 | 93 | — |
Adjustment | −24,887 | −19,706 | — | — | 0 | 108 | — | — |
Total | 195,392 | 187,114 | 8,278 | 4.4% | 34,171 | 29,206 | 4,965 | 17.0% |
2. Segment information (Transportation)
6
(Millions of yen)
Transportation | FY2025 3Q results | FY2024 3Q results | Change | Percentage change | |
Operating revenue | 89,051 | 84,116 | 4,935 | 5.9% | |
Railway business | 55,340 | 54,577 | 762 | 1.4% | |
Bus business | 21,598 | 18,633 | 2,965 | 15.9% | |
Other transportation | 17,098 | 16,244 | 853 | 5.3% | |
businesses | |||||
Adjustment (intrasegment) | −4,986 | −5,340 | — | — | |
Operating income | 14,958 | 12,440 | 2,518 | 20.2% | |
Main components | Railway business | 10,499 | 10,091 | 408 | 4.0% |
Bus business | 4,127 | 2,683 | 1,444 | 53.8% | |
•Both revenue and income increased due to an increase in passengers carried in the railway business and bus business, driven by the effects of EXPO 2025, continued strong inbound demand even after the EXPO, and the contribution from Meiko Bus, which became a subsidiary in October 2024.
2. Revenue from railway passengers and passengers carried (Including figures for the Semboku Line)
7
(Millions of yen, thousands of passengers)
All lines（Existing lines + Airport line ） | FY2025 3Q results | FY2024 3Q results | Change | Percentage change | |
Passenger revenue | Non-commuter passes | 34,134 | 32,401 | 1,733 | 5.3% |
Commuter passes | 18,966 | 19,254 | −288 | −1.5% | |
Total | 53,100 | 51,655 | 1,445 | 2.8% | |
Passengers carried | Non-commuter passes | 77,219 | 3,672 | 4.8% | |
80,891 | |||||
Commuter passes | 107,294 | 105,807 | 1,487 | 1.4% | |
Total | 188,185 | 183,026 | 5,159 | 2.8% | |
Existing lines | FY2025 3Q results | FY2024 3Q results | Change | Percentage change | |
Passenger revenue | Non-commuter passes | 24,115 | 23,332 | 783 | 3.4% |
Commuter passes | 17,705 | 18,092 | −387 | −2.1% | |
Total | 41,820 | 41,424 | 395 | 1.0% | |
Passengers carried | Non-commuter passes | 66,737 | 2,504 | 3.8% | |
69,241 | |||||
Commuter passes | 103,360 | 102,211 | 1,149 | 1.1% | |
Total | 172,601 | 168,948 | 3,653 | 2.2% | |
Airport line | FY2025 3Q results | FY2024 3Q results | Change | Percentage change | |
Passenger revenue | Non-commuter passes | 10,018 | 9,068 | 950 | 10.5% |
Commuter passes | 1,260 | 1,162 | 98 | 8.5% | |
Total | 11,279 11,650 | 10,230 | 1,049 | 10.3% | |
Passengers carried | Non-commuter passes | 10,482 | 1,168 | 11.1% | |
Commuter passes | 3,934 | 3,596 | 338 | 9.4% | |
Total | 15,584 | 14,078 | 1,506 | 10.7% | |
2. Segment information (Real Estate)
8
(Millions of yen)
Real Estate | FY2025 3Q results | FY2024 3Q results | Change | Percentage change | |
Operating revenue | 35,362 | 30,634 | 4,727 | 15.4% | |
Real estate leasing business | 27,307 | 26,177 | 1,130 | 4.3% | |
Real estate sales business | 8,160 | 4,583 | 3,576 | 78.0% | |
Adjustment (intrasegment) | −105 | −126 | — | — | |
Operating income | 10,122 | 9,680 | 441 | 4.6% | |
Main components | Real estate leasing business | 9,752 | 9,711 | 40 | 0.4% |
Real estate sales business | 372 | 93 | 279 | 299.9% | |
In the real estate leasing business, increased revenue and income were driven by the strong performance of hotel properties, due to the effects of EXPO 2025 and increased inbound demand.
•In the real estate sales business, both revenue and income increased mainly due to steady condominium sales in the third quarter.
2. Segment information (Distribution)
9
(Millions of yen)
Distribution | FY2025 3Q results | FY2024 3Q results | Change | Percentage change | |
Operating revenue | 23,056 | 21,781 | 1,274 | 5.9% | |
Management of Shopping Centers | 12,058 | 11,795 | 262 | 2.2% | |
Station premises business | 12,225 | 11,193 | 1,031 | 9.2% | |
Other distribution businesses | 162 | 166 | −4 | −2.6% | |
Adjustment (intrasegment) | −1,389 | −1,374 | — | — | |
Operating income | 3,623 | 3,422 | 201 | 5.9% | |
Main components | Management of Shopping Centers | 2,048 | 2,071 | −22 | −1.1% |
Station premises business | 1,622 | 1,394 | 228 | 16.4% | |
The management of shopping centers recorded higher revenue, mainly due to increased rental income supported by strong sales,
while its income remained almost unchanged compared to the same period of the previous fiscal year, partly due to increased repair expenses in the current quarter.
In the station premises business, both revenue and income grew mainly due to strong sales at convenience stores.
2. Segment information (Leisure and Services)
10
(Millions of yen)
Leisure and Services | FY2025 3Q results | FY2024 3Q results | Change | Percentage change | |
Operating revenue | 36,467 20,222 | 31,387 | 5,080 | 16.2% | |
Building management and maintenance business | 18,007 | 2,214 | 12.3% | ||
Other leisure and service businesses | 17,764 | 14,789 | 2,975 | 20.1% | |
Adjustment (intrasegment) | −1,519 3,940 | −1,409 | — | — | |
Operating income | 2,481 | 1,458 | 58.8% | ||
Main components | Building management and maintenance business | 933 588 | 345 | 58.8% | |
In the building management and maintenance business, increased revenue and income were achieved thanks to growth in maintenance income from new orders.
•In the other leisure and service businesses, both revenue and income increased due to factors such as the contribution from Tsutenkaku Kanko (made a subsidiary in December 2024) and an increase in the number of race days and strong sales in the boat racing facility leasing business.
Segment information (Construction and Other)
(Millions of yen)
Construction FY2025 3Q FY2024 3Q results results
Change
Percentage change
Op
erating revenue 33,993 36,827
−2,834
−7.7%
Construction 34,000
36,835
−2,835
−7.7%
Adjustment (intrasegment) −7
−7
—
—
Op
erating income 1,706 1,345
360
26.8%
While revenue decreased due to factors such as a decline in the amount of completed construction contracts, income increased due to factors including improved profit ratios.
11
(Millions of yen)
Other | FY2025 3Q FY2024 3Q results results | Change | Percentage change | ||
Operating revenue | 2,348 2,363 | 2,073 | 274 | 13.3% | |
Other | 2,089 | 274 | 13.1% | ||
Adjustment (intrasegment) | −15 −180 | −15 | — | — | |
Operating income | −273 | 93 | — | ||
Non-operating income and expenses and extraordinary income and losses
12
(Millions of yen)
FY2025 3Q
results
FY2024 3Q
results
Change
Remarks
Non-operating income
2,627
4,241
−1,613
Interest income
44
14
29
Dividend income
1,735
3,753
−2,018
Same period of the previous year:A dividend from a special-purpose company, etc.
Miscellaneous income
848
473
374
Non-operating expenses
3,645
2,822
822
Interest expenses
3,054
2,385
668
Miscellaneous expenses
591
437
153
Extraordinary income
404
9,268
−8,863
Contribution received for construction
290
8,894
−8,604
Same period of the previous year:Continuous flyover roadway construction in Takaishi City, etc.
Other
114
373
−259
Extraordinary losses
326
10,615
−10,288
Tax purpose reduction entry of contribution for construction
280
8,890
−8,609
Same period of the previous year:Continuous flyover roadway construction in Takaishi City, etc.
Other
45
1,724
−1,678
Same period of the previous year:Loss on retirement of non-current assets in logistics facilities, etc.
Status of assets, liabilities and net assets
(Millions of yen)
As of December 31,2025 | As of March * 31,2025 | Change | Main reasons for changes | |
Current assets 124,081 120,200 | 3,881 |
・Profit attributable to owners of parent +¥22.2 billion ・Increase in Valuation difference on available-for-sale Securities +¥11.5 billion ・Acquisition of treasury shares −¥11.3 billion ・Dividend of surplus −¥5.2 billion | ||
Non-current assets 899,325 860,814 | 38,511 | |||
Total assets 1,023,407 981,014 | 42,392 | |||
Total liabilities 675,947 651,149 | 24,798 | |||
Net assets 347,459 329,865 | 17,594 | |||
Total liabilities 1,023,407 981,014 and net assets | 42,392 | |||
13
As of December 31,2025 | As of March 31,2025 | Change | |
Interest-bearing debt | 457.3 | 432.9 | 24.4 |
Net interest-bearing debt | 419.5 | 390.1 | 29.4 |
* The finalization of provisional accounting treatment related to business combinations was completed in the first half of FY2025. Figures for FY2024 results also reflect these details.
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.
Nankai Electric Railway Co., Ltd.