Keisei Electric Railway Co. (9009) Q2 2026 earnings summary

Executive summary

• Operating revenue rose 4.2% year-over-year to ¥164.6 billion, driven by higher ridership to/from Narita Airport and growth in real estate and construction segments.

• Operating profit declined 5.8% to ¥20.8 billion due to increased personnel costs and one-off restructuring expenses.

• Profit attributable to owners of parent increased 10.4% to ¥23.7 billion, supported by higher equity-method profits.

• Comprehensive income surged 56.0% year-over-year to ¥33.1 billion, reflecting strong other comprehensive income contributions.

• The group implemented a new Medium-Term Business Plan (D2), completed a merger with Shin-Keisei Electric Railway, and reorganized its bus and taxi businesses under intermediate holding companies.

Financial highlights

• Operating revenue: ¥164.6 billion (+4.2% YoY); operating profit: ¥20.8 billion (−5.8% YoY); ordinary profit: ¥30.2 billion (−4.2% YoY); profit attributable to owners: ¥23.7 billion (+10.4% YoY).

• Equity-to-asset ratio improved to 48.5% from 46.5% at prior year-end.

• Interim dividend set at ¥9 per share, with a full-year forecast of ¥18 per share.

• Total assets increased to ¥1,100,954 million, up 0.6% from March 31, 2025, mainly due to higher investment securities.

• Net assets rose 4.9% to ¥550,472 million, driven by higher retained earnings.

Outlook and guidance

• Full-year operating revenue forecast unchanged at ¥331.6 billion (+3.8% YoY); operating profit forecast to decline 13.6% to ¥31.1 billion; profit attributable to owners expected to fall 39.3% to ¥42.5 billion.

• CapEx planned at ¥93.5 billion (+42.6% YoY); interest-bearing debt to rise to ¥398.9 billion.

• Annual dividend forecast is ¥18.00 per share, with interim and year-end dividends of ¥9.00 each.