Slides
Page 1
WEST Connect more . Spring into the future . Supplemental Data ( Results for the Three Months Ended June 30 , 2026 ) August 5 , 2026 West Japan Railway Company
Page 2
￥Billions Increase/ (Decrease) % Increase/ (Decrease) % Operating Revenues 427.0 424.4 (2.6) (0.6) 1,829.0 (16.8) (0.9) （Transportation Revenues） 227.3 232.7 5.4 2.4 946.0 (1.9) (0.2) Operating Income 63.3 55.9 (7.3) (11.7) 165.0 (33.0) (16.7) Recurring Income 59.7 52.1 (7.5) (12.7) 145.0 (38.6) (21.1) Net income attributable to owners of the parent 48.8 39.0 (9.7) (20.1) 100.0 (27.4) (21.6) Note: Figures in brackets ( ) are negative values. YoY3 months ended Jun. 30, 2025 3 months ended Jun. 30, 2026 Forecasts FY2027.3 YoY 1. Overview of Financial Results 1 <Consolidated Results> ・Revenue, operating income, and recurring income decreased for the first time in six years,mainly reflecting the absence of last fiscal year’s Osaka–Kansai Expo-related effect and higher human resources related costs. ・The annual dividend forecast remains unchanged at ¥97.5 per share. ・As both revenue and expenses are in line with expectations, the earnings forecast for FY2027.3 remains unchanged from the forecast announced on April 30. ・In the Mobility segment, revenue increased on solid railway usage, while operating income decreased mainly due to higher human resources related costs and other factors. ・In the Retail segment, revenue and operating income decreased, mainly reflecting the absence of last fiscal year’s Osaka–Kansai Expo- related effect. ■ Key Points of the Results １． Overview ２． Segment Information ■ Earnings Forecast ■ Shareholder Returns ・In the Real estate segment, revenue and operating income decreased, mainly reflecting the absence of large-scale condominium sales recorded in the last fiscal year, together with the impact of facility renovation projects and other factors.
Page 3
￥Billions Increase/ (Decrease) % Increase/ (Decrease) % Operating Revenues 427.0 424.4 (2.6) (0.6) [First decrease in revenue in six fiscal years] 1,829.0 (16.8) (0.9) Mobility 256.2 264.6 8.4 3.3 Increase in transportation revenues 1,097.0 (8.6) (0.8) Retail 56.6 53.9 (2.6) (4.7) Decrease in sales of goods and food services 214.5 (18.1) (7.8) Real estate 64.4 58.5 (5.9) (9.2) Decrease in real estate leasing and sales business, increase in shopping center business, and decrease in hotel business 283.0 (2.7) (1.0) Travel and regional solutions 43.1 40.5 (2.5) (6.0) 201.0 11.7 6.2 Other businesses 6.6 6.7 0.1 1.6 33.5 0.9 3.0 Operating Expenses 363.6 368.4 4.7 1.3 1,664.0 16.2 1.0 Operating Income 63.3 55.9 (7.3) (11.7) [First decrease in income in six fiscal years] 165.0 (33.0) (16.7) Mobility 43.4 40.1 (3.3) (7.6) 100.5 (30.4) (23.2) Retail 5.1 3.7 (1.3) (26.4) Decrease in sales of goods and food services 13.0 (3.2) (20.1) Real estate 14.4 12.0 (2.3) (16.6) Decrease in real estate leasing and sales business, increase in shopping center business, and decrease in hotel business 45.5 (0.8) (1.8) Travel and regional solutions (0.6) (0.7) (0.1) － 1.0 0.4 88.8 Other businesses 0.8 0.5 (0.2) (29.1) 5.5 0.0 1.7 Non-operating revenues and expenses, net (3.6) (3.8) (0.1) － (20.0) (5.6) － Recurring Income 59.7 52.1 (7.5) (12.7) [First decrease in income in six fiscal years] 145.0 (38.6) (21.1) Extraordinary income and loss, net 3.5 1.0 (2.5) － Decrease in gains from sales of fixed asset 5.0 9.7 － Income taxes 13.5 13.5 (0.0) (0.5) 45.9 0.0 0.0 Net income attributable to owners of the parent 48.8 39.0 (9.7) (20.1) [First decrease in profit in three fiscal years] 100.0 (27.4) (21.6) Note: Figures in brackets ( ) are negative values. YoY3 months ended Jun. 30, 2025 3 months ended Jun. 30, 2026 YoY Major factors Forecasts FY2027.3 2 2. Consolidated Statements of Income
Page 4
￥Billions Increase/ (Decrease) ％ Operating Revenues 256.2 264.6 8.4 3.3 ・Increase in railway usage Operating Income 43.4 40.1 (3.3) (7.6) ・Increase in human resources related costs Operating Revenues 50.6 48.1 (2.4) (4.9) ・Absence of Expo-related effect 【Restated: Accommodation-oriented budget hotels】 【6.7】 【6.2】 【(0.5)】 【(7.7)】 ・Absence of Expo-related effect Operating Income 4.7 3.6 (1.0) (22.4) 【Restated: Accommodation-oriented budget hotels】 【2.0】 【1.3】 【(0.6)】 【(32.5)】 Operating Revenues 5.5 5.4 (0.1) (2.5) Operating Income 0.2 0.1 (0.1) (59.6) Operating Revenues 32.9 27.1 (5.7) (17.5) ・Decrease in condominium sales 【Restated:Real estate sale】 【18.0】 【11.0】 【(6.9)】 【(38.7)】 Operating Income 5.8 4.4 (1.4) (24.3) 【Restated:Real estate sale】 【1.9】 【(0.3)】 【(2.3)】 － Operating Revenues 17.7 18.4 0.7 4.0 ・Increase in rental income due to higher sales at shopping centers Operating Income 4.3 4.4 0.1 2.6 Operating Revenues 13.4 12.7 (0.7) (5.4) ・Closure of Nara Hotel for renovation Operating Income 1.0 0.2 (0.8) (78.8) Operating Revenues 43.1 40.5 (2.5) (6.0) ・Decrease in sales in the tourism business, particularly packaged tour products Operating Income (0.6) (0.7) (0.1) － Notes: ・Figures in brackets ( ) are negative values. ・The breakdowns of operating revenues and operating income by each segment are the sums of those of major subsidiaries and do not match the total segment figures. ・Starting from the previous fiscal year-end disclosure, the figures have been restated to reflect their reclassification into consolidated items and amounts. The figures for the previous fiscal year have also been restated accordingly. Travel and regional solutions YoY Major factors Mobility Real estate Shopping center Hotel Retail Department stores 3 months ended Jun. 30, 2026 3 months ended Jun. 30, 2025 Sales of goods and food services Real estate lease and sale 3 3. Major Factors of Increase/Decrease in Each Segment
Page 5
￥Billions Increase/ (Decrease) % Increase/ (Decrease) % 253.6 259.2 5.5 2.2 [Increase for a sixth straight fiscal year] 1,056.0 (3.0) (0.3) 227.3 232.7 5.4 2.4 946.0 (1.9) (0.2) 3.4 3.5 0.0 2.3 13.7 (0.3) (2.8) 8.6 8.8 0.2 2.4 36.6 0.9 2.7 14.1 14.0 (0.1) (0.9) 59.7 (1.6) (2.7) 206.0 215.7 9.7 4.7 957.5 28.3 3.1 53.1 56.1 3.0 5.7 Increase in unit price 227.0 7.0 3.2 101.0 104.1 3.0 3.0 500.5 8.9 1.8 Energy costs 15.6 15.4 (0.1) (1.1) 70.0 8.1 13.2 Maintenance costs 31.3 32.7 1.4 4.5 Increase in labor unit costs 183.0 2.9 1.6 Miscellaneous costs 54.1 55.9 1.7 3.3 Increase in IT-related expenses 247.5 (2.0) (0.8) 9.7 10.8 1.0 11.1 Higher Hokuriku Shinkansen rental payments 44.0 5.0 13.0 10.1 10.4 0.3 3.2 43.0 1.3 3.2 32.0 34.2 2.2 7.0 143.0 5.8 4.3 47.5 43.4 (4.1) (8.7) [First decrease in income in six fiscal years] 98.5 (31.4) (24.2) Note: Figures in brackets ( ) are negative values. Miscellaneous 3 months ended Jun. 30, 2025 3 months ended Jun. 30, 2026 YoY YoY Operating Revenues Transportation revenues Transportation incidentals Other operations Major factors Forecasts FY2027.3 Depreciation and Amortization Operating Income Operating Expenses Personnel costs Non personnel costs Rental payments, etc. Taxes 4 4. Non-Consolidated Statements of Income
Page 6
Transportation RevenuesPassenger-Kilometers %, ￥Billions %, Millions of passenger-kilometers Increase/ (Decrease) % Increase/ (Decrease) % 3.3 0.2 8.0 270 21 8.5 110.0 4.0 3.8 4,580 90 2.0 113.4 4.2 3.9 4,850 111 2.4 0.5 0.0 8.7 40 3 8.3 19.7 1.4 8.1 623 32 5.5 20.3 1.5 8.1 663 35 5.7 3.9 0.2 8.1 310 24 8.4 129.8 5.5 4.4 5,203 123 2.4 133.7 5.8 4.5 5,514 147 2.7 28.1 0.3 1.4 4,466 21 0.5 51.0 (0.7) (1.5) 2,605 (30) (1.1) 79.2 (0.3) (0.5) 7,072 (9) (0.1) 5.3 0.0 0.9 896 (1) (0.1) 14.4 (0.0) (0.5) 679 0 0.0 19.7 (0.0) (0.1) 1,576 (1) (0.1) 33.5 0.4 1.3 5,363 19 0.4 65.5 (0.8) (1.2) 3,284 (29) (0.9) 99.0 (0.4) (0.4) 8,648 (10) (0.1) 37.4 0.7 2.0 5,674 43 0.8 195.3 4.6 2.5 8,488 93 1.1 232.7 5.4 2.4 14,163 137 1.0 Notes: ・Revenues from luggage transportation are omitted due to the small amount. ・Figures in brackets ( ) are negative values. 3 months ended Jun. 30, 2026 3 months ended Jun. 30, 2026 YoY Total Commuter Passes Non-Commuter Passes Total Commuter Passes Non-Commuter Passes Total Commuter Passes YoY Shinkansen Sanyo Shinkansen Hokuriku Shinkansen Conventional lines Kansai Urban Area (Kyoto- Osaka-Kobe Area) Commuter Passes Non-Commuter Passes Total Commuter Passes Non-Commuter Passes Total Other Non-Commuter Passes Total Total Commuter Passes Non-Commuter Passes Total Commuter Passes Non-Commuter Passes 5 5. Transportation Revenues and Passenger-Kilometers
Page 7
6 6. Major Factors for Increase/Decrease in Transportation Revenue ￥Billions Increase/ (Decrease) ％ Fundamental trend 4.8% 5.2 Special factors ・Absence of the previous year's Expo-related effect (4.8) ・Inbound demand 0.2 ・Days of the week array 0.8 etc. Fundamental trend 5.0% 0.9 Special factors ・Absence of the previous year's Expo-related effect (1.0) ・Inbound demand 0.0 ・Days of the week array 0.1 etc. Fundamental trend 1.0% 0.7 Special factors ・Absence of the previous year's Expo-related effect (1.3) ・Inbound demand (0.1) ・Days of the week array 0.2 etc. Fundamental trend 0.3% 0.0 Special factors ・Absence of the previous year's Expo-related effect (0.2) ・Inbound demand (0.0) ・Days of the week array 0.1 etc. Notes: ・1. Revenues from luggage transportation are omitted due to the small amount. ・2. Figures in brackets ( ) are negative values. (0.3) Results for3 months ended Jun. 30, YoY Major factors (0.5) Other lines 19.7 Total*¹ 232.7 Kansai Urban Area (Kyoto-Osaka- Kobe Area) 79.2 99.0Conventional lines 5.4 2.4 (0.1)(0.0) (0.4) (0.4) Sanyo Shinkansen 113.4 4.2 3.9 Hokuriku Shinkansen 20.3 1.5 8.1 Shinkansen 133.7 5.8 4.5
Page 8
￥Billions Increase/ (Decrease) % 45.6 41.4 (4.2) (9.3) － Own fund 45.0 40.4 (4.5) (10.1) 344.0 22.7 19.2 (3.5) (15.5) 223.0 [Safety-related capital expenditures] [16.8] [14.7] [(2.1)] [(12.8)] [147.0] [Other, etc.] [5.9] [4.5] [(1.3)] [(23.5)] [76.0] 22.2 21.2 (0.9) (4.5) 121.0 External fund 0.6 0.9 0.2 43.8 － Note: Figures in brackets ( ) are negative values. Investments in shares and other equity interests are not included. Capital Expenditures Consolidated Forecasts FY2027.3 Capital Expenditures Non-consolidated Capital Expenditures of Group Companies 3 months ended Jun. 30, 2025 3 months ended Jun. 30, 2026 YoY 7 7. Capital Expenditures (excluding investments in affiliates) ・Major Capital Expenditures (non-consolidated) New rolling stock (N700S series and new rolling stock for use in the region surrounding Okayama and Yamaguchi areas ,and new maintenance vehicles), safety and disaster prevention measures (earthquake countermeasures), and other projects.
Page 9
￥Billions 803.7 712.8 (90.9) 181.1 199.9 18.8 205.5 238.6 33.1 Increase in costs on uncompleted construction contracts and real estate for sale 417.0 274.2 (142.8) Decrease in negotiable certificates of deposit and other receivables 3,182.9 3,187.1 4.1 2,730.4 2,732.7 2.3 96.7 92.7 (3.9) 355.8 361.5 5.7 3,986.7 3,899.9 (86.7) 777.2 637.9 (139.3) 119.7 99.5 (20.1) 657.5 538.3 (119.1) 1,872.2 1,907.8 35.5 1,497.3 1,529.2 31.9 157.4 160.0 2.6 217.4 218.4 1.0 2,649.5 2,545.7 (103.7) 1,163.5 1,179.8 16.2 226.1 226.1 － 183.9 183.9 － 754.7 771.0 16.2 (1.1) (1.1) (0.0) 44.1 44.2 0.1 129.5 130.1 0.6 1,337.2 1,354.2 17.0 3,986.7 3,899.9 (86.7) Notes: ・Figures in brackets ( ) are negative values. Major factors Difference increase/(decrease) Current assets Non-current assets Property, plant and equipment, etc. Construction in progress Investments and other assets As of June 30,2026 As of March 31, 2026 Cash and deposits Inventories Other current assets Capital surplus Total assets Current liabilities Current portion of long-term payables, etc. Accounts payable-other, etc. Non-current liabilities Bond and Long-term debt, etc. Accrued retirement benefits Other long-term liabilities Total liabilities Shareholders’ equity Common stock Total Liabilities and net assets Retained earnings Net income attributable to owners of the parent: 39.0 Dividends: (23.9)Treasury stock Accumulated other comprehensive income Non-controlling interests Total Net assets As of March 31, 2026 As of June 30,2026 Difference increase/(decrease) Liabilities with interest 1,626.4 1,640.9 14.5 【Average interest rate (%)】 【1.43】 【1.54】 【0.11】 Shinkansen Purchase Liability 94.6 94.6 － 【Average interest rate (%)】 【6.55】 【6.55】 【ー】 Bonds 890.9 859.9 (30.9) 【Average interest rate (%)】 【1.22】 【1.27】 【0.05】 Other(Long-term debt etc.) 640.7 686.2 45.5 8 8. Consolidated Balance Sheet
Page 10
persons, ￥Billions ROIC (%, Consolidated) ROE (%, Consolidated) EBITDA（Consolidated） Depreciation (Consolidated) Consolidated Non-Consolidated Consolidated Non-Consolidated Consolidated Non-Consolidated Consolidated Non-Consolidated Number of employees at the end of period 47,390 22,509 47,225 22,524 48,918 23,414 － － Net financial income and expenses (4.5) (3.6) (20.1) (18.2) (5.1) (4.2) － － Interest and dividend income 0.5 1.9 1.5 5.3 1.0 2.6 － － Interest expense 5.1 5.5 21.7 23.6 6.1 6.8 － － Net Debt / EBITDA Equity ratio (%) Basic earnings per share（EPS） (￥) Net assets per share（BPS） (￥) Note: Figures in brackets ( ) are negative values. Dividends (￥) 45.0 52.5 【97.5】 48.5 49.0 【97.5】 － FY2026.3 Forecasts FY2027.3 Interim Year-end 【total】 Interim Year-end 【total】 － 30.3 31.4 － 104.54 277.73 85.80 219.74 － 3.7 － － 188.0 375.9 100.0105.4 177.8 44.042.1 8.110.8 －－ 353.0 2,653.81 2,689.90－ As of Mar. 31 3 months ended Jun. 30 5.0 － 3 months ended Jun. 30 － FY2026.3 FY2027.3 Forecasts As of Mar. 31 3.9 9 9. Various Management Indicators
Page 11
Cautionary Statement regarding Forward-Looking Statements This document is available on our website. JR West website Investor Relations section: https://www.westjr.co.jp/global/en/ir/ 10 This presentation contains forward-looking statements that are based on JR-West’s current expectations, assumptions, estimates and projections about its business, industry, and capital markets around the world. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “plan” or similar words. These statements discuss future expectations, identify strategies, contain projections of results of operations or of JR-West’s financial condition, or state other forward-looking information. Known or unknown risks, uncertainties and other factors could cause the actual results to differ materially from those contained in any forward-looking statements. JR-West cannot promise that the expectations expressed in these forward-looking statements will turn out to be correct. JR-West’s actual results could be materially different from and worse than expectations. Important risks and factors that could cause actual results to be materially different from expectations include, but are not limited to: expenses, liability, loss of revenue or adverse publicity associated with property or casualty losses; economic downturn, deflation and population decreases; adverse changes in laws, regulations and government policies in Japan; service improvements, price reductions and other strategies undertaken by competitors such as passenger railway and airlines companies; infectious disease outbreak and epidemic; earthquake and other natural disaster risks; and failure of computer telecommunications systems disrupting railway or other operations All forward looking statements in this release are made as of August 05, 2026 based on information available to JR-West as of August 05, 2026 and JR-West does not undertake to update or revise any of its forward looking statements or reflect future events or circumstances. Compensation for damages caused by the accident on Fukuchiyama Line happened on April 25, 2005 is NOT considered in this presentation.