Interim report
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CONSOLIDATED FINANCIAL RESULTS FOR THE SECOND QUARTER OF THE FISCAL YEAR ENDING MARCH 31, 2026 [JAPANESE GAAP] November 4, 2025 Company name: West Japan Railway Company Stock listings: Tokyo Stock Exchange Code number: 9021 URL https://www.westjr.co.jp Representative: Shoji Kurasaka, President and Representative Director For further information, please contact: Shinkan Minagawa, General Manager, Corporate Communications Division TEL. 06-6375-8889 Planned submission date of interim report: November 10, 2025 Start of dividend payments: November 28, 2025 Supplemental explanatory material prepared (for the quarter): Yes Results briefing held (for the quarter): Yes (Figures less than ¥1 million have been omitted.) 1. Results for the Six Months Ended September 30, 2025 (Interim) (from April 1, 2025 to September 30, 2025) (1) Operating results (cumulative total) (Percentages indicate year-on-year increase/(decrease)) Operating revenues Operating Income Recurring income Income attributable to owners of parent Millions of yen % Millions of yen % Millions of yen % Millions of yen % September 30, 2025 871,829 7.4 122,929 17.3 115,145 16.8 86,716 24.4 September 30, 2024 811,386 5.4 104,790 (1.4) 98,596 0.1 69,711 3.8 (Note) Comprehensive income: September 30, 2025 92,550 Millions of yen (32.2%) September 30, 2024 69,994 Millions of yen (-3.7%) Income attributable to owners of parent per share Income attributable to owners of parent per share after dilution Yen Yen September 30, 2025 187.27 － September 30, 2024 145.58 － (2) Financial position Total Assets Net Assets Equity ratio Millions of yen Millions of yen % September 30, 2025 3,775,040 1,298,931 31.1 FY2025.3 3,752,359 1,280,165 30.8 (Reference) Total shareholders’ equity: September 30, 2025 1,174,259 Millions of yen FY2025.3 1,156,653 Millions of yen 2. Dividend Dividends per share June 30 Sept. 30 Dec. 31 Year-end Total Yen Yen Yen Yen Yen FY2025.3 － 37.00 － 47.50 84.50 FY2026.3 － 45.00 FY2026.3 (Forecast) － 45.50 90.50 (Note) 1. Revision of dividends forecast for this period: Yes 2. Please refer to the “Notice Regarding Distribution of Capital Surplus (Interim Dividends) and Revision of Dividends Forecast for FY2026.3” released today (November 4, 2025) for details on the revisions to the dividend forecast. 3. Forecasts for FY2026.3 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year increase/(decrease)) Operating revenues Operating Income Recurring income Income attributable to owners of parent Net income (loss) per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Fiscal year 1,836,000 7.5 195,000 8.2 179,000 8.0 118,500 4.0 258.12 (Note) 1. Revision of earnings forecast for this period: Yes 2. Income attributable to owners of parent per share in the consolidated earnings forecast for FY202 6.3 takes into account the effect of this stock split.
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Notes (1) Significant changes in the scope of consolidation during the subject period: Yes Newly included: 1 company (Company Name) JR-West Via Inn Co., Ltd. Excluded: 3 companies (Company Name) Hotel Granvia Okayama Co., Ltd., Hotel Granvia Hiroshima Co., Ltd., and Nara Hotel Co., Ltd. (Note) For details, please refer to “(4) Notes to Consolidated Financial Statements (Notes on Scope of Consolidation)” of “2. Consolidated Financial Statements” on page 9 of the Attached Materials section. (2) Adoption of simplified accounting practices and special accounting policy for financial reporting: None (3) Changes in accounting policies, changes in accounting estimates, restatements 1) Changes based on revision of accounting standards: None 2) Changes other than 1) above: None 3) Changes in accounting estimates: None 4) Restatements: None (4) Number of shares outstanding (common stock) 1) Number of shares issued and outstanding (including treasury stock): September 30, 2025 455,561,300 FY2025.3 471,009,800 2) Number of treasury stock September 30, 2025 477,466 FY2025.3 529,041 3) Average number of shares outstanding for each period (interim): September 30, 2025 463,056,338 September 30, 2024 478,846,470 * The Flash Report has not been reviewed by certified public accountants or the Accounting Auditor Notes ･ The forward-looking statements in this document, including forecasts, etc., are based on information available to the Company at the time of this document's release and on certain assumptions considered reasonable. For earnings forecasts, please refer to “Supplemental Data (Results for 6 Months Ended September 30, 2025)”. ･ Supplementary materials for the financial statements are posted on our homepage. The Company plans to hold a presentation for analysts on November 5, 2025. The Company plans to post these presentation materials on its homepage.
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(Reference) Non-Consolidated Results Forecasts for FY2026.3 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year increase/(decrease)) Operating revenues Operating Income Recurring income Net Income Net income (loss) per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Fiscal year 1,039,000 4.0 129,000 4.2 113,500 4.0 81,500 1.3 177.43 (Note) 1. Revision of earnings forecast for this period: Yes 2. Income attributable to owners of parent per share in the non -consolidated earnings forecast for FY2026.3 takes into account the effects of the acquisition of treasury stock and their retirement during the current consolidated interim.
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- 1 - Table of Contents - Attached Materials 1. Analysis of Business Performance ……………………………………………………… 2 2. Consolidated Financial Statements ……………………………………………………… 3 (1) Consolidated Balance Sheets………………………………………………………………………… 3 (2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ……………………………………………………………………………… 5 (3) Consolidated Statements of Cash Flows …………………………………………………………… 7 (4) Notes to Consolidated Financial Statements ……………………………………………………… 9 (Change of scope of consolidation) ……………………………………………………………… 9 (Note in the Event of Major Change in Shareholders’ Equity) ………………………………… 9 (Notes on Assumptions for Going Concern) ……………………………………………………… 9 (Notes on Material Subsequent Events) ………………………………………………………… 9 Reference: Results for Six Months Ended September 30, 2025
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- 2 - 1. Analysis of Business Performance Analysis of business performance for the first half of the current fiscal year was disclosed on TD-net on the same day it was disclosed by the Company and is provided in “Supplemental Data (Results for 6 Months Ended September 30, 2025)” found on the Company's website.
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- 3 - 2. Consolidated Financial Statements (1) Consolidated Balance Sheets (Millions of yen) March 31, 2025 September 30, 2025 Assets Current assets Cash and deposits 125,617 122,212 Notes and accounts receivable-trade 58,412 46,520 Railway fares receivable 54,263 56,843 Accounts receivables 111,712 88,975 Securities 5 － Inventories 181,157 219,215 Other 86,819 114,804 Less allowance for doubtful accounts (680) (666) Current assets total 617,309 647,905 Non-current assets Property, plant and equipment Buildings and structures (net value) 1,332,567 1,316,984 Machinery and transport equipment (net value) 423,157 423,108 Land 821,859 836,139 Construction in progress 78,200 89,034 Other property, plant and equipment (net value) 57,438 53,540 Property, plant and equipment total 2,713,223 2,718,807 Intangible fixed assets 50,623 45,688 Investments and other assets Investments in securities 138,844 151,151 Net defined benefit asset 6,216 6,273 Deferred tax assets 170,879 146,647 Other 60,295 63,648 Less allowance for doubtful accounts (5,032) (5,081) Total investments and other assets 371,204 362,639 Total non-current assets 3,135,050 3,127,135 Total assets 3,752,359 3,775,040
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- 4 - (Millions of yen) March 31, 2025 September 30, 2025 LIABILITIES Current liabilities Notes and accounts payable-trade 65,982 42,714 Short-term loans payable 17,543 20,480 Current portion of bonds 55,500 40,999 Current portion of long-term debt 81,880 58,886 Current portion of long-term payables for acquisition of railway properties 1,416 1,462 Accounts payable 169,562 109,211 Accrued consumption tax 7,060 16,449 Accrued income tax 15,106 11,568 Prepaid railway fares received 40,824 47,157 Advances received 27,743 60,905 Allowance for bonuses 39,365 38,864 Allowance for loss on disaster 908 796 Other 175,659 201,270 Total current liabilities 698,552 650,767 Non-current liabilities Bonds 789,996 799,997 Long-term debt 498,375 544,168 Long-term payables for acquisition of railway properties 94,692 93,949 Deferred tax liabilities 2,369 2,256 Allowance for large scale renovation of Shinkansen infrastructure 37,500 39,583 Allowance for environmental safety measures 1,613 1,556 Allowance for loss on liquidation of railway belts 30,047 29,498 Accrued retirement benefits 170,623 172,952 Other 148,422 141,378 Total non-current liabilities 1,773,641 1,825,341 Total liabilities 2,472,194 2,476,108 Net assets Shareholders’ equity Common stock 226,136 226,136 Capital surplus 184,031 183,905 Retained earnings 720,754 734,410 Treasury stock (1,271) (1,186) Total shareholders' equity 1,129,650 1,143,265 Accumulated other comprehensive income Valuation difference on available-for-sale securities 6,531 12,018 Deferred gains or losses on hedges 228 423 Remeasurements of defined benefit plans 20,243 18,551 Total other comprehensive income 27,003 30,993 Non-controlling interests 123,511 124,672 Total net assets 1,280,165 1,298,931 Total liabilities and net assets 3,752,359 3,775,040
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- 5 - (2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income Consolidated Statements of Income (Millions of yen) 2024 (From April 1, 2024 to September 30, 2024) 2025 (From April 1, 2025 to September 30, 2025) Operating Revenues 811,386 871,829 Operating expenses Transportation, other services and cost of sales 592,904 624,695 Selling, general and administrative expenses 113,691 124,203 Total operating expenses 706,595 748,899 Operating Income 104,790 122,929 Non-operating revenues Interest income 27 75 Dividend income 641 631 Transfer from administrative fee of contracted construction 107 37 Equity in earnings of affiliates 1,423 1,218 Other 1,806 1,321 Total non-operating revenues 4,007 3,284 Non-operating expenses Interest expenses 9,683 10,456 Other 517 612 Total non-operating expenses 10,201 11,069 Recurring income 98,596 115,145 Extraordinary income Gain on sales of noncurrent assets 1,997 3,446 Gain on contribution for construction 6,137 662 Compensation income for expropriation 10 6 Gain on transfer related to business separation － 2,150 Other 532 1,316 Total extraordinary income 8,678 7,581 Extraordinary losses Loss on deduction of contributions received for construction from acquisition costs of property, plant and equipment 3,440 568 Loss on reduction for expropriation 9 6 Loss on transfer related to business separation － 2,150 Other 2,633 1,320 Total extraordinary losses 6,083 4,045 Income before income taxes 101,191 118,681 Income taxes- Current 7,767 8,153 Income taxes- Deferred 22,601 22,252 Total income taxes 30,369 30,406 Comprehensive Income 70,822 88,275 Income attributable to non-controlling interests 1,110 1,558 Income attributable to owners of parent 69,711 86,716
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- 6 - Consolidated Statements of Comprehensive Income (Millions of yen) 2024 (From April 1, 2024 to September 30, 2024) 2025 (From April 1, 2025 to September 30, 2025) Comprehensive Income 70,822 88,275 Other comprehensive income Valuation difference on available-for-sale securities (381) 5,772 Deferred gains or losses on hedges 86 192 Remeasurements of defined benefit plans (527) (1,769) Share of other comprehensive income of associates accounted for using equity method (6) 79 Total other comprehensive income (828) 4,275 Comprehensive Income (Loss) 69,994 92,550 Breakdown of comprehensive income Comprehensive income attributable to owners of the parent 68,984 90,706 Comprehensive income attributable to non-controlling interests 1,009 1,843
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- 7 - (3) Consolidated Statements of Cash Flows (Millions of yen) 2024 (From April 1, 2024 to September 30, 2024) 2025 (From April 1, 2025 to September 30, 2025) Cash flows from operating activities Income before income taxes 101,191 118,681 Depreciation and Amortization 81,902 86,342 Loss on deduction of contributions received for construction from acquisition costs of property, plant and equipment 3,440 568 Loss on disposal of property, plant and equipment 1,071 1,010 Loss (Gain) on sale of property, plant and equipment (1,955) (3,437) Increase (decrease) in net defined benefit liability (15,290) (100) Increase (decrease) in allowance for doubtful accounts (138) 30 Increase (decrease) in provision for bonuses (1,298) (704) Increase (decrease) in allowance for the large- scale renovation of Shinkansen infrastructure 2,083 2,083 Increase (decrease) in other provision (1,535) (599) Interest and dividend income (669) (707) Interest expenses 9,683 10,456 Equity in earnings of affiliates (1,423) (1,218) Gain on contribution for construction (6,137) (662) Decrease (increase) in notes and accounts receivable-trade 56,125 33,384 Decrease (increase) in inventories (29,223) (36,710) Increase (decrease) in accounts payable-trade (72,548) (19,877) Increase (decrease) in accrued consumption taxes (15,950) 9,227 Other 7,167 (39,683) Subtotal 116,495 158,081 Interest and dividends income received 652 692 Interest paid (9,596) (10,103) Income taxes paid (9,459) (11,297) Cash flows from operating activities 98,092 137,372 Cash flows from investing activities Purchase of non-current assets (112,557) (108,422) Proceeds from sales of non-current assets 17,446 18,772 Contributions received for constructions 11,612 11,966 Increase in investments in securities (2,895) (6,085) Proceeds from sales of investment securities 32 318 Net decrease (increase) in loans receivable 108 7 Payments for business divestitures － (2,150) Other (113) (2,549) Cash flows from investing activities (86,367) (88,141) Cash flows from financing activities Change in short-term loans 2,653 2,871 Proceeds from long-term loans 20,000 64,300 Repayment of long-term debt (30,017) (41,500) Proceeds from issuance of bonds 500 51,000 Redemption of bonds (50,000) (55,500) Repayment of long-term payables for acquisition of railway properties (653) (696) Purchase of treasury stock (50,002) (50,000) Cash dividends paid (20,578) (22,412) Dividends paid to non-controlling interests (152) (167) Other (1,172) (1,765)
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- 8 - (Millions of yen) 2024 (From April 1, 2024 to September 30, 2024) 2025 (From April 1, 2025 to September 30, 2025) Cash flows from financing activities (129,422) (53,871) Effect of exchange rate change on cash and cash equivalents － 112 Change in cash and cash equivalents, net (117,696) (4,528) Cash and cash equivalents at beginning of period 233,218 125,371 Increase in cash and cash equivalents from newly consolidated subsidiary － 863 Increase in cash and cash equivalents from merger with non-consolidated subsidiary － 209 Cash and cash equivalents at the end of the interim 115,521 121,915
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- 9 - (4) Notes to Consolidated Financial Statements (Change of scope of consolidation) During the current consolidated interim, JR-West Via Inn Co., Ltd. has been included in the scope of consolidation on April 1, 2025, as its importance increased due to West Japan Railway Daily Service Net Company conducting an absorption -type split of the accommodation -oriented hotels business. In addition, Hotel Granvia Okayama Co., Ltd., Hotel Granvia Hiroshima Co., Ltd., and Nara Hotel Co., Ltd. have been dissolved due to the merger with West Japan Railway Hotel Development Ltd on July 1, 2025. (Note in the Event of Major Change in Shareholders’ Equity) The Company has acquired and retired 15,448,500 treasury stock during the current consolidated interim period based on the resolution adopted at the meeting of the Board of Directors held on May 2, 2025. With this, capital surplus declined by ¥5 million an d retained earnings declined by ¥49,918 million while treasury stock increased by ¥76 million. As a result, at the end of the consolidated six months ended September 30, 2025, capital surplus was ¥183,905 million, retained earnings was ¥734,410 million, and treasury stock was ¥1,186 million. (Notes on Assumptions for Going Concern) Not applicable (Notes on Material Subsequent Events) Not applicable