Tokyo Metro (9023) Q2 2026 earnings summary

Executive summary

• Operating revenues rose 4.0% year-over-year to ¥210.5 billion, led by strong passenger transportation revenues, while operating income declined 0.1% YoY due to higher expenses.

• Net income attributable to owners increased 13.7% YoY, mainly from a gain on retirement benefit system revision.

• Comprehensive income for the period was ¥30,964 million, up 3.3% YoY.

• Performance is generally in line with forecasts; annual dividend forecast remains at ¥42 per share.

Financial highlights

• Operating revenues: ¥210.5 billion (+4.0% YoY); operating income: ¥50.0 billion (−0.1% YoY); net income: ¥34.9 billion (+13.7% YoY).

• EBITDA increased 1.3% YoY to ¥86.4 billion.

• Basic earnings per share for the six months was ¥60.12, up from ¥52.84 in the prior year period.

• Equity ratio improved to 36.0% as of September 30, 2025.

• Free cash flow for the half-year was ¥10.0 billion, down 26% YoY.

Outlook and guidance

• Full-year forecast unchanged: operating revenues expected at ¥420.6 billion (+3.1% YoY), net income at ¥58.2 billion (+8.3% YoY), and basic EPS ¥100.21.

• Annual dividend forecast is ¥42.00 per share, with no change from previous guidance.

• Dividend policy targets a payout ratio of 40%+ and DOE of ~3.4% for FY2026/3–FY2028/3.

• No fare revision planned for spring 2027; new deferred payment transit service to launch in spring 2026.