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FY2026.3 Third Quarter Financial Results Explanatory Materials February 2, 2026 East Japan Railway Company
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Highlights of FY2026.3 Third Quarter Financial Results Consolidated results Both revenues and profit increased ➢ Operating revenues increased for the fifth year in a row due mainly to increases in the use of railways and the sales of EKINAKA stores (stores inside railway stations), as well as the opening of TAKANAWA GATEWAY CITY. ➢ Operating income decreased due mainly to increases in personnel expenses and JREast maintenance expenses and a decrease in profit on real estate sales. On the other hand, profit attributable to owners of parent increased due mainly to an increasein sales of investments in securities. Segment All segments achieved increased revenues ➢ Transportation business achieved increases in revenues and income due mainly to an increase in passenger revenues. ➢ Retail & Services business achieved increases in revenues and income due mainly to an increase in the sales of EKINAKA stores. ➢ Real Estate & Hotels business achieved an increase in revenues as office leasing revenue and sales of shopping centers and hotels increased, but its income decreased due mainly to a decrease in profit on real estate sales. ➢ Other business achieved increases in revenues and income due mainly to an increase in the sales of contract system development. (¥ billion) ’24.4-’24.12 Results ’25.4-’25.12 Results Changes ’24.4-’25.3 Results ’25.4-’26.3 Forecast (Announced in Oct.) Changes Increase /Decrease % Increase /Decrease % Operating revenues 2,126.0 2,240.0 +113.9 105.4 2,887.5 3,058.0 +170.4 105.9 Operating income 352.5 349.6 -2.9 99.2 376.7 405.0 +28.2 107.5 Ordinary income 308.9 302.0 -6.9 97.8 321.5 341.0 +19.4 106.0 Profit attributable to owners of parent 216.6 219.4 +2.8 101.3 224.2 237.0 +12.7 105.7 EBITDA 652.2 665.3 +13.1 102.0 782.9 830.0 +47.0 106.0 *EBITDA is calculated by adding depreciation to operating income. 2 〇We have made no change in our full-year financial forecasts and dividend payments for FY2026.3* announced on October 30, 2025. *Reference: Interim dividend per share: 35 yen Year-end dividend per share: (forecasts) 35 yen
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FY2026.3 Third Quarter Financial Results (consolidated): Changes in Operating Income (¥ billion) ’24.4-’24.12 ’25.4-’25.12 Revenues +113.9 Expenses -116.8 （ decrease in income due to increases in expenses ） 349.6352.5 An increase in personnel expenses: About -32.0 (-2.9) An increase in JR East transportation revenues: About +55.0 An increase in Retail & Services/ Real Estate & Hotels revenues: *excluding real estate sales About +45.5 An increase in other revenues: About +22.0 A decrease in real estate sales revenue: About -8.5 A decrease in cost of real estate sales: About +3.0 An increase in cost in Retail & Services/ Real Estate & Hotels: *excluding real estate sales About -12.5 An increase in other expenses: About -54.5 An increase in JR East maintenance expenses: About -21.0 3
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(¥ billion) ’24.4-’24.12 Results ’25.4-’25.12 Results Changes Main factors behind changesIncrease /Decrease % Operating revenues 2,126.0 2,240.0 +113.9 105.4 Transportation 1,451.9 1,522.3 +70.4 104.9 An increase in passenger revenues Retail & Services 292.6 309.0 +16.4 105.6 An increase in the sales of EKINAKA stores Real Estate & Hotels 312.7 333.5 +20.8 106.7 Increases in office leasing revenue and sales of shopping centers and hotels Others 68.7 75.0 +6.3 109.2 An increase in the sales of contract system development Operating income 352.5 349.6 -2.9 99.2 Transportation 208.4 208.8 +0.3 100.2 Retail & Services 44.9 49.2 +4.3 109.6 Real Estate & Hotels 86.8 76.6 -10.2 88.2 A decrease in profit on real estate sales Others 11.6 15.7 +4.1 135.2 Adjustment 0.5 -0.8 -1.4 － Non-operating income or expenses -43.6 -47.6 -3.9 109.2 Non-operating income 17.2 19.7 +2.4 114.2 Non-operating expenses 60.8 67.3 +6.4 110.6 Ordinary income 308.9 302.0 -6.9 97.8 Extraordinary gains or losses 1.8 8.2 +6.3 436.4 Extraordinary gains 23.3 33.0 +9.7 141.6 An increase in gains on sales of investments in securities Extraordinary losses 21.4 24.8 +3.3 115.6 Profit attributable to owners of parent 216.6 219.4 +2.8 101.3 EBITDA 652.2 665.3 +13.1 102.0 Transportation 428.5 432.5 +4.0 100.9 Retail & Services 59.0 64.3 +5.3 109.0 Real Estate & Hotels 128.4 129.5 +1.0 100.8 Others 35.6 39.8 +4.1 111.8 Statements of Income (consolidated) * The segment breakdown of operating revenues: operating revenues from outside customers 4
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Transportation ■Railway Business Passenger Revenues：Result and plan (Comparison with FY2025.3 Results %) Shinkansen Revenue increased year on year due to an increase in the use of Shinkansen. Conventional lines Revenue increased year on year due to an increase in the use of non-commuter passes and commuter passes for Conventional lines (Kanto Area Network) and introduction of Green Cars of the Chuo Line Rapid. Buses Revenue increased year on year due to an increase in the use of express buses. Railcar manufacturing Revenue increased year on year due to an increase in the sales of railcars to non-JR railway companies. (¥ billion) ’24.4-’24.12 Results ’25.4-’25.12 Results Changes ’24.4-’25.3 Results ’25.4-’26.3 Forecast (Announced in Oct.) Changes Increase /Decrease % Increase /Decrease % Operating revenues 1,451.9 1,522.3 +70.4 104.9 1,945.7 2,031.0 +85.2 104.4 Operating income 208.4 208.8 +0.3 100.2 176.0 192.0 +15.9 109.0 EBITDA 428.5 432.5 +4.0 100.9 475.1 493.0 +17.8 103.8 * Figures in parentheses represent April plan. 1Q 2Q 3Q 4Q FY Commuter Passes Plan (100) (100) 101 101 102 Result 102 102 102 Non – Commuter Passes Shinkansen Plan (101) (101) 103 104 104 Result 105 105 105 Conventional Lines Plan (103) (103) 103 104 104 Result 104 105 104 Total Plan (102) (101) 103 104 104 Result 104 104 104 5
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Traffic Volume (million passenger kilometers) Passenger Revenues (¥ billion) ’24.4-’24.12 Results ’25.4-’25.12 Results Changes ’24.4-’24.12 Results ’25.4-’25.12 Results Changes Main factors behind changes％ Increase /Decrease ％ Shinkansen 16,882 17,608 104.3 438.3 461.9 +23.6 105.4 Commuter Passes 1,334 1,439 107.9 17.8 19.2 +1.3 107.7 Non-commuter Passes 15,547 16,168 104.0 420.5 442.7 +22.2 105.3 ・Increase in railway transportation: +20.0 ・Rebound from natural disasters: +1.5 ・Inbound tourism: +1.0 ・In reaction to the impact of a natural disaster: −0.5 Conventional Lines 77,328 79,525 102.8 896.0 927.3 +31.2 103.5 Commuter Passes 47,121 48,400 102.7 307.9 312.9 +4.9 101.6 Non-commuter Passes 30,207 31,125 103.0 588.0 614.4 +26.3 104.5 Breakdown of Conventional Lines Kanto Area Network(Reproduced) 73,236 75,448 103.0 846.4 876.3 +29.8 103.5 Commuter Passes 44,961 46,237 102.8 295.1 300.1 +4.9 101.7 Non-commuter Passes 28,274 29,211 103.3 551.2 576.1 +24.9 104.5 ・Increase in railway transportation: +14.5 ・Introduction of Green Cars of the Chuo Line Rapid: +6.1 ・Rebound from natural disasters: +3.0 ・Inbound tourism: +1.5 Breakdown of Conventional Lines Other Network(Reproduced) 4,092 4,076 99.6 49.6 51.0 +1.3 102.8 Commuter Passes 2,159 2,163 100.2 12.8 12.7 -0.0 99.6 Non-commuter Passes 1,932 1,913 99.0 36.8 38.2 +1.4 103.9 ・Increase in railway transportation: +1.5 Total 94,210 97,134 103.1 1,334.4 1,389.3 +54.8 104.1 Commuter Passes 48,455 49,840 102.9 325.8 332.1 +6.3 101.9 ・Increase in railway transportation: +6.5 Non-commuter Passes 45,754 47,293 103.4 1,008.6 1,057.1 +48.5 104.8 Traffic Volume and Passenger Revenues * Kanto Area Network refers to the sections covered by JR East’s Tokyo Metropolitan Area Headquarters, Yokohama Branch Office, Hachioji Branch Office, Omiya Branch Office, Takasaki Branch Office, Mito Branch Office, and Chiba Branch Office. 6
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Transportation (Relevant Indicators) 1Q 2Q Oct. Nov. Dec. 3Q FY Railway Revenue After settlement with other JR companies or private railways (Estimated Figures) * Commuter Passes 100 103 101 103 102 102 102 Non – Commuter Passes Short Distance 105 106 104 106 105 105 105 Mid to Long Distance 106 106 105 105 103 104 105 Sub Total 105 106 105 105 104 105 105 Total 104 105 103 105 104 104 104 Shinkansen Passenger Volume (by destination) Tohoku （Omiya-Utsunomiya, Furukawa-Kitakami） 105 106 102 102 104 102 104 Joetsu（Omiya-Takasaki） 106 105 103 104 107 104 105 Hokuriku（Takasaki-Karuizawa） 105 103 102 106 108 105 105 Total 105 106 102 103 105 103 105 Shinkansen Passenger Volume (Weekdays/Holidays) Weekdays 106 106 104 102 104 103 105 Holidays 104 105 99 101 106 102 104 Commuter Passes Use on weekdays in Tokyo metropolitan area 102 103 102 101 103 102 103 ■Railway Revenue, Shinkansen Passenger Volume and Commuter Passes Use on weekdays （Comparison with FY2025.3 Results %） * Railway Revenue is the Company's sales at ticket office etc. after deduction of use in other JR companies or private railways (estimated), and it is different from passenger revenues. 7
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Retail & Services Retail Revenue increased year on year due to an increase in the sales of EKINAKA stores on the back of an increase in the use of railways. Advertising and publishing Revenue increased year on year due to an increase in transportation advertising sales. Overseas Revenue increased year on year as Decorum Vending Ltd. (a vending machine operator in the UK), which was newly consolidated in the second quarter of the previous fiscal year, contributed to results on a regular year basis. (¥ billion) ’24.4-’24.12 Results ’25.4-’25.12 Results Changes ’24.4-’25.3 Results ’25.4-’26.3 Forecast (Announced in Oct.) Changes Increase /Decrease % Increase /Decrease % Operating revenues 292.6 309.0 +16.4 105.6 393.7 418.0 +24.2 106.1 Operating income 44.9 49.2 +4.3 109.6 60.5 68.0 +7.4 112.4 EBITDA 59.0 64.3 +5.3 109.0 79.9 88.0 +8.0 110.0 * Figures in parentheses represent April plan. 1Q 2Q 3Q 4Q FY Retail Plan (105) (105) 105 105 105 Result 105 105 105 Transportation advertising Plan (110) (105) 110 105 106 Result 100 110 110 ■Retail and Transportation advertising operating revenue：Result and plan（Comparison with FY2025.3 Results %） ■Retail & Services：Changes in revenue（Comparison with FY2025.3 Results %） 1Q 2Q Oct. Nov. Dec. 3Q FY Retail and restaurant 107 106 106 105 105 105 106 JR East Cross Station Co., Ltd. (Retail Company) (existing) 107 106 107 104 107 106 106 JR East Cross Station Co., Ltd. (Foods Company) (existing) 106 107 107 104 105 105 106 8
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■Shopping centers, offices, hotels operating revenue： Result and plan（Comparison with FY2025.3 Results %） Real Estate & Hotels (Reference) Hotel business results * Simple aggregation of the hotel businesses of each company (¥ billion) ’24.4-’24.12 Results ’25.4-’25.12 Results Changes Increase /Decrease % Operating revenues 64.1 68.8 +4.6 107.3 incl. Hotel Metropolitan 34.1 35.4 +1.3 103.9 JR-EAST HOTEL METS 15.2 17.3 +2.1 114.3 Operating income 9.7 10.6 +0.8 108.9 Real estate ownership and utilization Revenue increased year on year as office leasing revenue increased due to the opening of TAKANAWA GATEWAY CITY and sales of shopping centers and hotels also increased. Real estate rotation Revenue decreased year on year due to a decrease in real estate sales. Real estate management Revenue increased year on year due to an increase in number of properties under management. (¥ billion) ’24.4-’24.12 Results ’25.4-’25.12 Results Changes ’24.4-’25.3 Results ’25.4-’26.3 Forecast (Announced in Oct.) Changes Increase /Decrease % Increase /Decrease % Operating revenues 312.7 333.5 +20.8 106.7 445.4 506.0 +60.5 113.6 incl. real estate sales 12.9 4.5 -8.4 35.1 45.4 71.0 +25.5 156.1 Operating income 86.8 76.6 -10.2 88.2 120.3 124.0 +3.6 103.0 incl. real estate sales 9.5 4.0 -5.5 42.3 31.5 48.0 +16.4 152.0 EBITDA 128.4 129.5 +1.0 100.8 175.8 194.0 +18.1 110.3 incl. real estate sales 9.5 4.0 -5.5 42.3 31.5 48.0 +16.4 152.0 * Figures in parentheses represent April plan. 1Q 2Q 3Q 4Q FY Plan (110) (110) 110 105 109 Result 110 110 110 9
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■Number of hotel rooms (2025.12) JR-EAST HOTEL METS 42％ Metropolitan Hotels 43％ ■Office leasable space (2025.12) ■Shopping center leasable space (2025.12) LUMINE 23% atré 24％ Others In Tokyo 82％Others Others 10,212 1,099,000 ㎡ About 725,000 ㎡ About Guest rooms ■Office vacancy rate (％) 1Q 2Q Oct. Nov. Dec. 3Q FY Station buildings Store Sales YoY（％） 105 104 109 106 104 106 105 LUMINE （existing） 104 102 107 106 103 105 104 atré （existing） 106 106 108 105 104 106 106 Hotels Sales YoY（％） 110 105 109 107 105 107 107 Occupancy Rate ％ 79.3 80.3 84.4 82.2 78.0 81.5 80.4 YoY（pt） -0.1 +1.4 +1.1 +0.1 +0.5 +0.5 +0.6 Average Daily Rate Yen/Room 19,558 17,870 20,956 21,605 20,584 21,051 19,494 YoY（％） 112 103 112 110 105 109 108 ■Station buildings Store Sales/Hotels Occupancy Rate, Average Daily Rate ’22.4-’23.3 ’23.4-’24.3 ’24.4-’25.3 ’25.4-’25.12 Properties operated by JR East Building (in Tokyo) 4.4 2.3 3.7 1.8 Market vacancy rate in Tokyo’s five central wards (source: Miki Shoji) 6.41 5.47 3.86 2.22 *Including shopping centers classified into retail business 10 Real Estate & Hotels (Relevant Indicators)
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Others (¥ billion) ’24.4-’24.12 Results ’25.4-’25.12 Results Changes Increase /Decrease % Operating revenues 46.0 50.1 +4.0 108.8 Operating income 11.3 12.7 +1.4 112.5 (Reference) IT & Suica business results■IT & Suica operating revenue：Result and plan （Comparison with FY2025.3 Results %) * IT & Suica operating revenue includes railway facility-related sales of JR East Mechatronics (ticket gate equipment, etc.), which are not included in Suica and finance. (¥ billion) ’24.4-’24.12 Results ’25.4-’25.12 Results Changes ’24.4-’25.3 Results ’25.4-’26.3 Forecast (Announced in Oct.) Changes Increase /Decrease % Increase /Decrease % Operating revenues 68.7 75.0 +6.3 109.2 102.5 103.0 +0.4 100.4 Operating income 11.6 15.7 +4.1 135.2 22.9 24.0 +1.0 104.6 EBITDA 35.6 39.8 +4.1 111.8 55.1 58.0 +2.8 105.2 Suica and finance Revenue increased year on year due to an increase in credit card transaction volume. Overseas railway Revenue decreased year on year due to a decrease in track construction sales. Energy Revenue increased year on year due to an increase in construction-related sales in wind power generation. Construction Revenue increased year on year due to an increase in construction-related sales. * Figures in parentheses represent April plan. 1Q 2Q 3Q 4Q FY Plan (100) (105) 100 125 107 Result 105 110 115 1Q 2Q Oct. Nov. Dec. 3Q FY Number （millions） 881 936 301 284 289 874 2,692 YoY （％） 104 103 100 99 101 100 102 ■Changes in the number of monthly uses of e-money 11
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42.8 10.5 9.8 19.5 18.0 33.5 30.5 52.0 0.0 10.0 20.0 30.0 40.0 50.0 * Method of calculating inbound revenue Sum of room revenue from non-Japanese guests in the hotel business and sales to non-Japanese customers in the SC business, retail stores, and GALA YUZAWA (estimated) 43.4 12.0 12.6 22.5 22.5 37.0 37.8 50.0 0.0 10.0 20.0 30.0 40.0 50.0 ■Lifestyle solutions ■Mobility * Method of calculating inbound revenue Sum of JR East revenue from passes for inbound tourists and individual ticket sales (estimated based on the percentage of English tickets in the total tickets issued). Passes for inbound tourists account for approximately 30% of the total. (¥ billion) (¥ billion) （Plan） （Plan） （Plan） （Plan） FY2026.3 FY2026.3 FY2025.3 FY2025.3 12 Inbound Revenue Results （Plan） （Plan） （Plan） （Plan） ’24.4-’25.3 ’24.4-’25.3 ’25.4-’25.6 ’25.4-’25.9 ’25.4-’25.12 ’25.4-’26.3 ’25.4-’25.6 ’25.4-’25.9 ’25.4-’25.12 ’25.4-’26.3
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(¥ billion) As of ’25.3 Results As of ’25.12 Results Changes Main factors behind changesIncrease /Decrease % Assets 10,174.2 10,425.7 +251.4 102.5 Current assets 1,250.0 1,343.0 +93.0 107.4 Fixed assets 8,924.1 9,082.6 +158.4 101.8 An increase in construction in progress Liabilities 7,302.0 7,394.8 +92.8 101.3 Current liabilities 1,741.9 1,530.0 -211.9 87.8 A decrease in payables Long-term liabilities 5,560.0 5,864.8 +304.8 105.5 An increase in bonds Net Assets 2,872.2 3,030.8 +158.6 105.5 Total Liabilities and Net Assets 10,174.2 10,425.7 +251.4 102.5 Balance Sheets (consolidated) 13
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(¥ billion) Segment ’24.4-’24.12 Results ’25.4-’25.12 Results Changes ’25.4-’26.3 Plans Changes Increase/Decrease % Increase/Decrease % Mobility Transportation 202.1 199.9 -2.1 98.9 422.0 -8.2 98.1 Lifestyle Solutions Retail & Services, Real Estate & Hotels, Others 185.9 303.0 +117.0 163.0 485.0 +89.3 122.6 Total 388.0 502.9 +114.8 129.6 907.0 +81.1 109.8 (¥ billion) As of ’25.3 Results As of ’25.12 Results Changes Average interest rate (Comparison with 2025.3 Results)Increase/Decrease % Interest-bearing debt balance 4,955.3 5,114.9 +159.5 103.2 1.71% (+0.14%) Bonds 3,246.3 3,344.5 +98.2 103.0 1.49% (+0.14%) Long-term loans 1,401.7 1,456.1 +54.3 103.9 1.19% (+0.22%) Long-term liabilities incurred for purchase of railway facilities 306.7 304.4 -2.2 99.3 6.55% (+0.00%) Other interest-bearing debt 0.4 9.7 +9.2 － 1.89% (-1.84%) Net interest-bearing debt balance 4,721.8 4,900.3 +178.5 103.8 Capital Expenditures (consolidated) Interest-bearing debt (consolidated) Interest-bearing debt (consolidated), Capital Expenditures (consolidated), Key Indicator (consolidated) Key Indicators (consolidated) (as of the end of the previous fiscal year) Unit As of ’24.3 Results As of ’25.3 Results Increase /Decrease ROA (return (operating income) on assets) % 3.6 3.8 +0.2 ROE (return on shareholder’s equity) % 7.6 8.0 +0.5 Net interest-bearing debt / EBITDA Times 6.2 6.0 -0.2 14 2025.3 2025.9 Number of stocks 70 65 Consolidated balance sheet carrying amount (¥ billion) 249.3 276.0 Consolidated net assets ratio 8.7% 9.2% First half of FY2026.3 Sales Results 5 stocks 27.6 billion yen Cross-shareholding(as of the end of 2Q)
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Statements of Income (non-consolidated) Appendix (¥ billion) ’24.4-’24.12 Results ’25.4-’25.12 Results Changes Main factors behind changesIncrease /Decrease % Operating revenues 1,552.4 1,630.0 +77.6 105.0 Passenger revenues 1,334.4 1,389.3 +54.8 104.1 Others 218.0 240.7 +22.7 110.4 An increase in real estate lease revenues Operating expenses 1,271.2 1,351.4 +80.1 106.3 Personnel expenses 301.6 320.9 +19.2 106.4 Non-personnel expenses 572.1 619.3 +47.1 108.2 Energy 58.2 58.8 +0.5 101.0 Maintenance 192.2 213.2 +20.9 110.9 An increase in general maintenance expenses Other 321.6 347.2 +25.6 108.0 An increase in outsourcing expenses Usage fees to JRTT, etc 62.6 60.8 -1.8 97.1 Taxes 89.1 92.3 +3.1 103.5 Depreciation 245.6 258.0 +12.4 105.1 Operating income 281.2 278.6 -2.5 99.1 Non-operating income or expenses -33.6 -31.9 +1.7 94.7 Ordinary income 247.5 246.7 -0.7 99.7 Extraordinary gains or losses 5.6 16.5 +10.8 293.3 An increase in sales of investments in securities Profit 179.8 194.6 +14.7 108.2 15
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Balance Sheets (non-consolidated) Appendix (¥ billion) As of ’25.3 Results As of ’25.12 Results Changes Main factors behind changesIncrease /Decrease % Assets 9,139.4 9,282.1 +142.6 101.6 Current assets 909.9 904.6 -5.2 99.4 Fixed assets 8,229.5 8,377.4 +147.9 101.8 An increase in construction in progress Liabilities 7,044.3 7,059.8 +15.5 100.2 Current liabilities 1,635.7 1,364.8 -270.9 83.4 A decrease in payables Long-term liabilities 5,408.5 5,695.0 +286.5 105.3 An increase in bonds Net Assets 2,095.1 2,222.2 +127.1 106.1 Total Liabilities and Net Assets 9,139.4 9,282.1 +142.6 101.6 16
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Traffic Volume and Passenger revenues / Major expenses (non-consolidated) - FY2026.3 Plans Traffic Volume (million passenger kilometers) Passenger Revenues (¥ billion) ’24.4-’25.3 Results ’25.4-’26.3 Oct. Plan Changes ’24.4-’25.3 Results ’25.4-’26.3 Oct. Plan Changes Main factors behind changes ％ Increase /Decrease ％ Shinkansen 22,679 23,710 104.5 583.3 609.3 +25.9 104.5 Commuter Passes 1,758 1,878 106.8 23.6 25.3 +1.6 106.8 Non-commuter Passes 20,920 21,831 104.4 559.6 584.0 +24.3 104.4 ・Increase in railway transportation: +18.0 ・Inbound tourism: +4.5 ・Rebound from natural disasters: +1.5 Conventional Lines 101,628 104,134 102.5 1,185.5 1,223.7 +38.1 103.2 Commuter Passes 61,525 62,351 101.3 404.7 410.2 +5.4 101.3 Non-commuter Passes 40,103 41,782 104.2 780.7 813.5 +32.7 104.2 ・Increase in railway transportation: +17.0 ・Introduction of Green Cars of the Chuo Line Rapid: +8.0 ・Inbound tourism: +4.5 ・Rebound from natural disasters: +3.0 Total 124,308 127,844 102.8 1,768.8 1,833.0 +64.1 103.6 Commuter Passes 63,284 64,230 101.5 428.4 435.5 +7.0 101.7 ・Increase in railway transportation: +7.0 Non-commuter Passes 61,024 63,614 104.2 1,340.4 1,397.5 +57.0 104.3 (¥ billion) ’24.4-’25.3 Results ’25.4-’26.3 Oct. Plan Changes Main factors behind changesIncrease /Decrease % Personnel expenses 406.2 428.0 +21.7 105.4 [+] Rise in wages Non-personnel expenses 875.3 932.0 +56.6 106.5 Energy 83.4 85.0 +1.5 101.8 Maintenance 316.3 328.0 +11.6 103.7 [+] Impact of soaring prices and impact of rising labor costs Other 475.5 519.0 +43.4 109.1 [+] Increase in cost of real estate sales [+] Impact of soaring prices and impact of rising labor costs Depreciation 332.8 344.0 +11.1 103.3 [+] Increase in capital investment Major expenses (non-consolidated) Traffic Volume and Passenger revenues 17 Appendix
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Note: Based on the accounting standards applied by our Group as of the end of March 2025. Process Towards the Numerical Targets for FY2032.3 (¥ billion) Operating revenue EBITDA ROA Net interest-bearing debt / EBITDA ROE [Reference] Operating income Transportation Retail & Services Real Estate & Hotels Others Transportation Retail & Services Real Estate & Hotels Others Mobility Lifestyle Solutions Mobility Lifestyle Solutions Transportation Retail & Services Real Estate & Hotels Others FY2026.3 forecast FY2028.3 3,464.0 2,122.0 655.0 573.0 114.0 947.0 546.0 107.0 229.0 67.0 4.4％ 3.0％ 5.8％ Approx. 5 x Approx. 5 x Approx. 6 x 8% or more 485.0 234.0 83.0 138.0 32.0 FY2032.3 Over 4 trillion yen Approx. 1.2 trillion yen Approx. 600 billion yen Approx. 600 billion yen 5% or more 3% or more 7% or more Approx. 5 x Approx. 5 x Approx. 6 x 10% or more Approx. 700 billion yen Approx. 250 billion yen Approx. 450 billion yen Mobility Lifestyle Solutions KGI …Long-term management goal KPI …An indicator used as a benchmark to achieve the KGI Current outlook Mobility Lifestyle Solutions (Announced on : 3,058.0 2,031.0 418.0 506.0 103.0 830.0 493.0 88.0 194.0 58.0 3.9％ 2.6％ 5.4％ 6.0 x 5.3 x 6.9 x 8.1% 405.0 192.0 68.0 124.0 24.0 October 30, 2025 July 1, 2025 July 1, 2025) Appendix 18
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JR East Website, Shareholder & Investor Relations (IR) https://www.jreast.co.jp/en/company/ir/ Forward-Looking Statements Statements contained in this report with respect to JR East Group’s plans, strategies and beliefs that are not historical facts are forward-looking statements about the future performance of JR East Group, which are based on management’s assumptions and beliefs in light of the information currently available to it. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause JR East Group’s actual results, performance or achievements to differ materially from the expectations expressed herein. These factors include, without limitation, (i) JR East Group’s ability to successfully maintain or increase current passenger levels on railway services, (ii) JR East Group’s ability to expand “Business Connected to Life-style Solutions,” (iii) JR East Group’s ability to improve the profitability of each business operation, and (iv) general changes in economic conditions and laws, regulations and government policies in Japan.