Keisei Electric Railway Co. (9009) Q4 2025 earnings summary

Executive summary

• Operating revenue rose 7.7% year-over-year to ¥319.3 billion, with operating profit up 42.7% to ¥36.0 billion and ordinary profit up 19.7% to ¥61.8 billion, driven by increased ridership to/from Narita Airport and strong inbound demand.

• Profit attributable to owners of parent declined 20.2% to ¥70.0 billion, mainly due to a decrease in gain on sale of shares of subsidiaries and associates.

• Major organizational changes included making Kanto Railway a wholly owned subsidiary, restructuring bus and taxi businesses, and merging with Shin-Keisei Electric Railway.

• Strategic alliance with AEON Co., Ltd. aims to enhance local community value and drive medium- to long-term corporate value.

• The D1 medium-term plan concluded with annual growth in both operating revenue and profit over FY2022–FY2024, supported by strategic investments and organizational restructuring.

Financial highlights

• Operating revenue: ¥319.3 billion (up ¥22.8 billion, +7.7% year-over-year).

• Operating profit: ¥36.0 billion (up ¥10.8 billion, +42.7%).

• Ordinary profit: ¥61.8 billion (up ¥10.2 billion, +19.7%).

• Profit attributable to owners of parent: ¥70.0 billion (down ¥17.7 billion, -20.2%), reflecting a one-time gain in the prior year.

• Capital adequacy ratio improved to 46.5% (up 4.1pt), with interest-bearing debt reduced by ¥38.3 billion.

Outlook and guidance

• FY2025 operating revenue forecast at ¥331.6 billion (+3.8% year-over-year), with operating profit expected to decline to ¥31.1 billion (-13.6%) due to higher personnel expenses, railway usage fees, and restructuring costs.

• Profit attributable to owners of parent projected at ¥42.5 billion (-39.3%).

• CapEx planned at ¥93.5 billion (+42.6%), with interest-bearing debt expected to rise.

• No consolidated earnings forecast for FY2026 yet; company is assessing inbound demand, energy costs, and interest rate trends.

• New medium-term management plan “D2 Plan” and FY2026 forecast to be disclosed on May 21, 2025.