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.
April 30, 2026
Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (Under Japanese GAAP)Company name: NANKAI Co., Ltd.
Listing: Tokyo Stock Exchange
Securities code: 9044
URL: https://www.nankai.co.jp/
Representative: Nobuyuki Okajima, Representative Director and President
Inquiries: Tatsumi Miyaki, Chief Manager, Finance & Accounting Department
Telephone: +81-6-6644-7141
Scheduled date of annual general meeting of shareholders: June 16, 2026 Scheduled date to commence dividend payments: June 17, 2026
Scheduled date to file annual securities report: June 15, 2026 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 fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)
Note: Comprehensive income
For the fiscal year ended March 31, 2026:
41,750 million
[
63.2 %]
For the fiscal year ended March 31, 2025:
25,575 million
[
(27.7) %]
Consolidated operating results (Percentages indicate year-on-year changes.)
Operating revenue
Operating income
Ordinary income
Profit attributable to
owners of parent
Fiscal year ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
March 31, 2026
264,714
1.5
39,945
15.2
37,763
6.1
25,135
11.5
March 31, 2025
260,787
7.9
34,681
12.5
35,599
21.4
22,548
(5.8)
Basic earnings per share
Diluted earnings per share
Return on equity
Ratio of ordinary
profit to total assets
Ratio of operating
profit to net sales
Fiscal year ended
Yen
Yen
%
%
%
March 31, 2026
227.51
-
7.8
3.7
15.1
March 31, 2025
199.14
-
7.5
3.7
13.3
Reference: Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2026: For the fiscal year ended March 31, 2025:
－ million
－ 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.
Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
Yen
March 31, 2026
1,065,100
354,085
31.3
3,082.42
March 31, 2025
981,014
329,865
31.7
2,749.05
Reference: Equity
As of March 31, 2026:
333,516 million
As of March 31, 2025: 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.
Consolidated cash flows
Cash flows from
operating activities
Cash flows from
investing activities
Cash flows from
financing activities
Cash and cash equivalents
at end of period
Fiscal year ended
Millions of yen
Millions of yen
Millions of yen
Millions of yen
March 31, 2026
47,535
(56,825)
5,976
38,827
March 31, 2025
43,813
(39,299)
(4,785)
42,131
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
Total cash dividends (Total)
Payout ratio (Consolidated)
Ratio of dividends to net assets (Consolidated)
First
quarter-end
Second
quarter-end
Third
quarter-end
Fiscal
year-end
Total
Fiscal year ended March 31, 2025 Fiscal year ended
March 31, 2026
Yen
Yen
Yen
Yen
Yen
Millions of yen
%
%
-
-
17.50
25.00
-
-
22.50
25.00
40.00
50.00
4,532
5,446
20.1
22.0
1.5
1.7
Fiscal year ending
March 31, 2027 (Forecast)
-
27.50
-
27.50
55.00
25.0
Forecast of consolidated financial results for the year ending March 31, 2027 (from April 1, 2026 to March 31, 2027)
(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, 2026 | 143,800 | 13.7 | 21,200 | (2.2) | 19,100 | (7.9) | 12,600 | (10.5) | 116.45 |
Full year | 287,500 | 8.6 | 40,000 | 0.1 | 35,900 | (4.9) | 23,800 | (5.3) | 219.96 |
Notes
Significant changes in the scope of consolidation during the period: Newly included: － companies
Excluded: 1 company（SEMBOKU RAPID RAILWAY CO., LTD.）
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 March 31, 2026
108,465,746 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 March 31, 2026
266,069 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
Yes
None None None None
Fiscal year ended March 31, 2026 | 110,484,791 shares | Fiscal year ended March 31, 2025 | 113,229,203 shares |
[Reference] Overview of non-consolidated financial results
Non-consolidated financial results for the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)
Non-consolidated operating results (Percentages indicate year-on-year changes.)
Operating revenue
Operating income
Ordinary income
Profit
Fiscal year ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
March 31, 2026
127,962
13.0
25,909
20.3
24,295
0.0
34,984
98.8
March 31, 2025
113,196
3.6
21,544
17.9
24,289
36.7
17,598
1.6
Basic earnings per share
Diluted earnings per share
Fiscal year ended
Yen
Yen
March 31, 2026
316.64
-
March 31, 2025
155.42
-
Non-consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
Yen
March 31, 2026
1,182,863
256,130
21.7
2,367.20
March 31, 2025
856,410
230,399
26.9
2,034.84
Reference: Equity
As of March 31, 2026:
As of March 31, 2025:
256,130 million
230,399 million
Forecast of non-consolidated financial results for the year ending March 31, 2027 (from April 1, 2026 to March 31, 2027)
(Percentages indicate year-on-year changes.)
Operating revenue | Operating income | Ordinary income | Profit | Basic earnings per share | |||||
Full year | Millions of yen 68,100 | % (46.8) | Millions of yen 13,400 | % (48.3) | Millions of yen 14,600 | % (39.9) | Millions of yen 11,000 | % (68.6) | Yen 101.66 |
Consolidated financial statements Consolidated balance sheets
Assets
(Millions of yen) As of March 31, 2025 As of March 31, 2026
Current assets
Cash and deposits 42,849 24,476
Notes and accounts receivable - trade, and contract assets | 35,670 | 25,273 |
Securities | 2 | 15,000 |
Merchandise and finished goods | 23,403 | 48,321 |
Work in process | 644 | 461 |
Raw materials and supplies | 3,394 | 3,378 |
Other | 14,362 | 16,146 |
Allowance for doubtful accounts | (127) | (70) |
Total current assets | 120,200 | 132,987 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 342,017 | 367,096 |
Machinery, equipment and vehicles, net | 30,748 | 32,591 |
Land | 358,332 | 363,466 |
Construction in progress | 31,643 | 38,964 |
Other, net | 6,889 | 7,524 |
Total property, plant and equipment | 769,629 | 809,642 |
Intangible assets | 9,950 | 9,948 |
Investments and other assets | ||
Investment securities | 60,055 | 88,776 |
Long-term loans receivable | 113 | 29 |
Retirement benefit asset | 6,928 | 9,965 |
Deferred tax assets | 2,877 | 2,827 |
Other | 11,662 | 11,251 |
Allowance for doubtful accounts | (403) | (329) |
Total investments and other assets | 81,234 | 112,521 |
Total non-current assets | 860,814 | 932,112 |
Total assets | 981,014 | 1,065,100 |
Liabilities
(Millions of yen) As of March 31, 2025 As of March 31, 2026
Current liabilities
Notes and accounts payable - trade | 23,493 | 20,077 |
Short-term borrowings | 77,361 | 76,903 |
Current portion of bonds payable | 20,000 | - |
Income taxes payable | 5,055 | 7,784 |
Provision for bonuses | 3,438 | 3,790 |
Other | 59,772 | 87,132 |
Total current liabilities | 189,121 | 195,690 |
Non-current liabilities | ||
Bonds payable | 110,000 | 130,000 |
Long-term borrowings | 225,589 | 250,546 |
Deferred tax liabilities | 54,763 | 61,605 |
Deferred tax liabilities for land revaluation | 19,084 | 19,017 |
Retirement benefit liability | 17,472 | 17,502 |
Other | 35,118 | 36,652 |
Total non-current liabilities | 462,028 | 515,325 |
Total liabilities | 651,149 | 711,015 |
Net assets | ||
Shareholders' equity | ||
Share capital | 72,983 | 72,983 |
Capital surplus | 28,185 | 25,282 |
Retained earnings | 151,125 | 162,004 |
Treasury shares | (473) | (715) |
Total shareholders' equity | 251,821 | 259,554 |
Accumulated other comprehensive income | ||
Valuation difference on available-for- sale securities | 21,653 | 35,682 |
Revaluation reserve for land | 34,275 | 34,130 |
Remeasurements of defined benefit plans | 3,516 | 4,149 |
Total accumulated other comprehensive income | 59,445 | 73,962 |
Non-controlling interests | 18,598 | 20,568 |
Total net assets | 329,865 | 354,085 |
Total liabilities and net assets | 981,014 | 1,065,100 |
Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Millions of yen)
Fiscal year ended March 31, 2025
Fiscal year ended March 31, 2026
Operating revenue 260,787 264,714
Operating expenses
Operating expenses and cost of sales of transportation | 218,157 | 215,680 |
Selling, general and administrative expenses | 7,947 | 9,088 |
Total operating expenses | 226,105 | 224,769 |
Operating income | 34,681 | 39,945 |
Non-operating income | ||
Interest income | 32 | 69 |
Dividend income | 3,796 | 1,780 |
Miscellaneous income | 992 | 1,230 |
Total non-operating income | 4,821 | 3,079 |
Non-operating expenses | ||
Interest expenses | 3,232 | 4,149 |
Miscellaneous expenses | 671 | 1,112 |
Total non-operating expenses | 3,903 | 5,261 |
Ordinary income | 35,599 | 37,763 |
Extraordinary income | ||
Contribution received for construction | 9,548 | 2,597 |
Subsidy income | 336 | 685 |
Other | 858 | 313 |
Total extraordinary income | 10,744 | 3,596 |
Extraordinary losses
Tax purpose reduction entry of contribution
for construction
9,541
2,468
current assets | ||
Loss on retirement of non-current assets | 1,489 | 210 |
Other | 725 | 394 |
Total extraordinary losses | 12,080 | 3,702 |
Profit before income taxes | 34,263 | 37,657 |
Income taxes - current | 8,451 | 11,558 |
Income taxes - deferred | 2,275 | (248) |
Total income taxes | 10,726 | 11,310 |
Profit | 23,536 | 26,347 |
Profit attributable to non-controlling 988 1,211 interests | ||
Loss on tax purpose reduction entry of non-
324 629
Profit attributable to owners of parent 22,548 25,135
Consolidated statements of comprehensive income (cumulative)
(Millions of yen)
Fiscal year ended March 31, 2025
Fiscal year ended March 31, 2026
Profit 23,536 26,347
Other comprehensive income
Valuation difference on available-for-sale
securities
635
14,597
Revaluation reserve for land (462) －
Remeasurements of defined benefit plans, net
of tax
1,865
806
Total other comprehensive income 2,038 15,403
Comprehensive income 25,575 41,750
Comprehensive income attributable to
Comprehensive income attributable to owners
of parent
24,612
39,798
Comprehensive income attributable to non-
controlling interests
962 1,951
Consolidated statements of changes in equity
Fiscal year ended March 31, 2025
(Millions of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 72,983 | 28,153 | 134,531 | (463) | 235,205 |
Changes during period | |||||
Dividends of surplus | (5,949) | (5,949) | |||
Profit attributable to owners of parent | 22,548 | 22,548 | |||
Reversal of revaluation reserve for land | (4) | (4) | |||
Purchase of treasury shares | (11) | (11) | |||
Disposal of treasury shares | (0) | 0 | 0 | ||
Change in ownership interest of parent due to transactions with non-controlling interests | 32 | 32 | |||
Net changes in items other than shareholders' equity | |||||
Total changes during period | - | 31 | 16,593 | (10) | 16,615 |
Balance at end of period | 72,983 | 28,185 | 151,125 | (473) | 251,821 |
Accumulated other comprehensive income | Non-controlling interests | Total net assets | ||||
Valuation difference on available-for-sale securities | Revaluation reserve for land | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | |||
Balance at beginning of period | 21,043 | 34,733 | 1,598 | 57,375 | 14,520 | 307,102 |
Changes during period | ||||||
Dividends of surplus | (5,949) | |||||
Profit attributable to owners of parent | 22,548 | |||||
Reversal of revaluation reserve for land | (4) | |||||
Purchase of treasury shares | (11) | |||||
Disposal of treasury shares | 0 | |||||
Change in ownership interest of parent due to transactions with non- controlling interests | 32 | |||||
Net changes in items other than shareholders' equity | 609 | (457) | 1,917 | 2,069 | 4,077 | 6,146 |
Total changes during period | 609 | (457) | 1,917 | 2,069 | 4,077 | 22,762 |
Balance at end of period | 21,653 | 34,275 | 3,516 | 59,445 | 18,598 | 329,865 |
Fiscal year ended March 31, 2026
(Millions of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 72,983 | 28,185 | 151,125 | (473) | 251,821 |
Changes during period | |||||
Dividends of surplus | (5,287) | (5,287) | |||
Profit attributable to owners of parent | 25,135 | 25,135 | |||
Reversal of revaluation reserve for land | 145 | 145 | |||
Purchase of treasury shares | (12,310) | (12,310) | |||
Disposal of treasury shares | (0) | 47 | 47 | ||
Cancellation of treasury shares | (2,914) | (9,106) | 12,021 | - | |
Change in scope of consolidation | (9) | (9) | |||
Change in ownership interest of parent due to transactions with non-controlling interests | 12 | 12 | |||
Net changes in items other than shareholders' equity | |||||
Total changes during period | - | (2,902) | 10,878 | (242) | 7,732 |
Balance at end of period | 72,983 | 25,282 | 162,004 | (715) | 259,554 |
Accumulated other comprehensive income | Non-controlling interests | Total net assets | ||||
Valuation difference on available-for-sale securities | Revaluation reserve for land | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | |||
Balance at beginning of period | 21,653 | 34,275 | 3,516 | 59,445 | 18,598 | 329,865 |
Changes during period | ||||||
Dividends of surplus | (5,287) | |||||
Profit attributable to owners of parent | 25,135 | |||||
Reversal of revaluation reserve for land | 145 | |||||
Purchase of treasury shares | (12,310) | |||||
Disposal of treasury shares | 47 | |||||
Cancellation of treasury shares | - | |||||
Change in scope of consolidation | (9) | |||||
Change in ownership interest of parent due to transactions with non-controlling interests | 12 | |||||
Net changes in items other than shareholders' equity | 14,029 | (145) | 633 | 14,517 | 1,970 | 16,487 |
Total changes during period | 14,029 | (145) | 633 | 14,517 | 1,970 | 24,220 |
Balance at end of period | 35,682 | 34,130 | 4,149 | 73,962 | 20,568 | 354,085 |
Consolidated statements of cash flows | ||
(Millions of yen) | ||
Fiscal year ended | Fiscal year ended | |
March 31, 2025 | March 31, 2026 | |
Cash flows from operating activities | ||
Profit before income taxes | 34,263 | 37,657 |
Depreciation | 28,288 | 28,387 |
Impairment losses | - | 314 |
Amortization of goodwill | 265 | 339 |
Increase (decrease) in provision for bonuses | 374 | 350 |
Increase (decrease) in retirement benefit (976) (1,831) liability | ||
Increase (decrease) in allowance for doubtful accounts | (156) | (36) |
Interest and dividend income | (3,828) | (1,849) |
Interest expenses | 3,232 | 4,149 |
Loss on retirement of non-current assets | 912 | 575 |
Reduction entry of land contribution for construction | 9,541 | 2,468 |
Contribution received for construction | (9,548) | (2,597) |
Decrease (increase) in trade receivables | (10,464) | 9,178 |
Decrease (increase) in inventories | (3,141) | (19,669) |
Increase (decrease) in trade payables | 5,439 | (3,757) |
Loss on valuation of inventories | 761 | 91 |
Increase (decrease) in accrued consumption taxes | (624) | (1,844) |
Increase (decrease) in leasehold and guarantee deposits received | (91) | 1,727 |
Other, net | (328) | 5,057 |
Subtotal | 53,921 | 58,710 |
Interest and dividends received | 3,829 | 1,848 |
Interest paid | (3,211) | (4,117) |
Income taxes paid | (10,828) | (8,940) |
Income taxes refund | 102 | 34 |
Net cash provided by (used in) operating activities
43,813 47,535
(Millions of yen)
Fiscal year ended | Fiscal year ended | |
March 31, 2025 | March 31, 2026 | |
Cash flows from investing activities | ||
Purchase of non-current assets | (36,344) | (55,310) |
Proceeds from sale of non-current assets | 1,949 | 744 |
Proceeds from contribution received for
Purchase of investment securities (7,677) (9,444)
construction
Purchase of shares of subsidiaries resulting
in change in scope of consolidation
(5,334)
-
Proceeds from sale and redemption of investment securities
6,204 5,368
2,498 1,722
Net cash provided by (used in) investing
activities
(39,299)
(56,825)
Other, net (594) 94
Net increase (decrease) in short-term
borrowings
3,460
(4,110)
Cash flows from financing activities
activities
Proceeds from long-term borrowings | 36,820 | 59,960 |
Repayments of long-term borrowings | (38,629) | (31,349) |
Proceeds from issuance of bonds | 9,931 | 19,881 |
Redemption of bonds | (10,000) | (20,000) |
Dividends paid | (5,912) | (5,257) |
Purchase of treasury shares | (11) | (12,310) |
Other, net Net cash provided by (used in) financing | (444) | (837) |
(4,785) | 5,976 | |
Net increase (decrease) in cash and cash equivalents (271) | (3,313) | |
Cash and cash equivalents at beginning of 42,402 | 42,131 | |
period
Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation
- 10
Cash and cash equivalents at end of period 42,131 38,827
Segment information
Fiscal year ended March 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 | 111,531 1,207 | 47,842 1,244 | 28,271 608 | 32,091 13,453 | 40,781 13,249 | 268 3,426 | 260,787 33,188 | - (33,188) | 260,787 - |
Total | 112,738 | 49,087 | 28,879 | 45,545 | 54,030 | 3,694 | 293,975 | (33,188) | 260,787 |
Operating income | 13,261 | 12,365 | 3,657 | 3,370 | 2,459 | 88 | 35,203 | (521) | 34,681 |
Assets | 391,277 | 372,755 | 60,341 | 63,489 | 37,916 | 619 | 926,400 | 54,614 | 981,014 |
Other items | |||||||||
Depreciation | 16,324 | 7,478 | 3,970 | 1,368 | 92 | 15 | 29,250 | (962) | 28,288 |
Increase in property, plant and equipment and intangible assets | 18,164 | 7,950 | 1,886 | 2,398 | 186 | 3 | 30,590 | - | 30,590 |
Fiscal year ended March 31, 2026
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 | 115,953 1,375 | 51,636 1,649 | 29,690 774 | 36,884 15,924 | 30,418 16,567 | 131 4,258 | 264,714 40,549 | - (40,549) | 264,714 - |
Total | 117,329 | 53,285 | 30,464 | 52,809 | 46,985 | 4,389 | 305,264 | (40,549) | 264,714 |
Operating income | 14,908 | 14,347 | 3,935 | 4,716 | 2,901 | 86 | 40,895 | (949) | 39,945 |
Assets | 399,414 | 439,682 | 58,573 | 73,679 | 27,041 | 1,138 | 999,528 | 65,571 | 1,065,100 |
Other items | |||||||||
Depreciation | 16,395 | 7,313 | 3,905 | 1,651 | 103 | 14 | 29,383 | (996) | 28,387 |
Impairment losses | 28 | - | - | 285 | - | - | 314 | - | 314 |
Increase in property, plant and equipment and intangible assets | 24,069 | 43,938 | 2,647 | 2,562 | 80 | 12 | 73,311 | - | 73,311 |