Tokyo Metro (9023) Q1 2026 earnings summary

Executive summary

• Operating revenues rose 4.1% year-over-year to ¥106.1 billion, driven by strong passenger transportation revenues, but operating income declined 0.7% to ¥28.9 billion due to higher expenses.

• Net income attributable to owners of parent increased 23.5% year-over-year to ¥22.3 billion, boosted by a gain on revision of the retirement benefit plan.

• Ordinary profit decreased 1.1% year-over-year to ¥26.0 billion.

• Comprehensive income for the quarter was ¥18.7 billion, up 6.0% year-over-year.

• Results are progressing in line with full-year forecasts; dividend forecast remains at ¥42 per share.

Financial highlights

• Passenger transportation revenues increased 3.6% year-over-year to ¥88.7 billion.

• EBITDA rose 0.8% year-over-year to ¥47.0 billion.

• Operating expenses increased 6.0% year-over-year, mainly from higher removal and electricity costs.

• Basic earnings per share was ¥38.41, up from ¥31.09 year-over-year.

• Extraordinary gains of ¥7.4 billion were recorded, mainly from the retirement benefit plan revision.

Outlook and guidance

• Full-year forecast: operating revenue ¥420.6 billion (+3.1%), net income ¥58.2 billion (+8.3%), and basic EPS ¥100.17.

• No revisions to previously announced forecasts.

• Dividend payout ratio target is 40% or more, with interim and year-end dividends planned.

• Passenger transportation revenue expected to grow 3.8% year-over-year, with average annual growth of 3% through FY2028/3.