Interim report
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CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST QUARTER OF THE FISCAL YEAR ENDING MARCH 31 , 2027 [ JAPANESE GAAP ] Company name : West Japan Railway Company Code number : 9021 URL https://www.westjr.co.jp Representative : Shoji Kurasaka , President and Representative Director FASF August 5 , 2026 Stock listings : Tokyo Stock Exchange For further information , please contact : Yoshikiyo Nagura , General Manager , Corporate Communications Division TEL . 06-6375-8889 Start of dividend payments : 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 Three Months Ended June 30 , 2026 ( from April 1 , 2026 to June 30 , 2026 ) ( 1 ) Operating results ( cumulative total ) ( Percentages indicate year - on - year increase / ( decrease ) for the quarter ) Operating revenues Operating income Recurring income Millions of yen % Millions of yen % Millions of yen % 424,403 427,059 ( 0.6 ) 6.0 55,989 ( 11.7 ) 52,125 ( 12.7 ) 63,386 8.9 59,704 8.1 ( Note ) Comprehensive income : June 30 , 2026 40,031 Millions of yen ( 20.3 % ) June 30 , 2025 50,220 Millions of yen 26.5 % June 30 , 2026 June 30 , 2025 Net income attributable to owners of the parent ] % Millions of yen 39,046 48,842 ( 20.1 ) 27.6 June 30 , 2026 June 30 , 2025 Basic earnings per share Yen 85.80 104.54 Diluted earnings per share Yen ( 2 ) Financial position Total Assets Net Assets Equity ratio June 30 , 2026 FY2026.3 Millions of yen 3,899,988 3,986,721 30.3 ( Reference ) Total shareholders ' equity : June 30 , 2026 1,224,128 Millions of yen FY2026.3 1,207,706 Millions of yen Millions of yen 1,354,238 1,337,206 % 31.4 2. Dividend FY2026.3 FY2027.3 FY2027.3 ( Forecast ) Annual dividends per share 1st quarter end 2nd quarter end 3rd quarter end Year - end Total Yen Yen 45.00 48.50 Yen Yen 52.50 Yen 97.50 49.00 97.50 ( Note ) Revisions to the most recently announced dividend forecast : None 3. Forecasts for FY2027.3 ( from April 1 , 2026 to March 31 , 2027 ) ( Percentages indicate year - on - year increase / ( decrease ) ) Net income attributable to owners of the parent Basic earnings per share Operating revenues Operating income Recurring income Millions of yen Fiscal year 1,829,000 ( 0.9 ) Millions of yen 145,000 ( 21.1 ) ( Note ) Revisions to the most recently announced earnings forecast : None % Millions of yen 165,000 ( 16.7 ) % % Millions of yen 100,000 % ( 21.6 ) Yen 219.74
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Notes (1) Significant changes in the scope of consolidation during the subject period: Yes Newly consolidated companies: 1 company (Company name: JR West Real Estate Management Company) (Note) For details, please refer to “(3) Notes to Quarterly Consolidated Financial Statements (Significant Changes in the Scope of Consolidation)” under “2. Quarterly Consolidated Financial Statements and Notes” on page 7 of the attached materials. (2) Application of accounting treatment specific to the preparation of quarterly consolidated financial statements: None (3) Changes in accounting policies, changes in accounting estimates, and restatements 1) Changes in accounting policies due to revisions to accounting standards: None 2) Changes in accounting policies 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 at period-end (including treasury stock): June 30, 2026 455,561,300 FY2026.3 455,561,300 2) Number of treasury stock at period-end: June 30, 2026 477,523 FY2026.3 477,486 3) Average number of shares outstanding during the period (cumulative period): June 30, 2026 455,083,782 June 30, 2025 467,215,200 * Review of the attached quarterly consolidated financial statements by a certified public accountant or an audit firm: None Notes ・The forward-looking statements in this document, including earnings forecasts, are based on information currently available to the Company and on certain assumptions considered reasonable. Actual results may differ significantly due to various factors. For earnings forecasts, please refer to “Supplemental Data (Results for the Three Months Ended June 30, 2026).” ・Supplementary materials for the financial results will be posted on the Company’s website. The Company plans to hold a presentation for analysts on August 5, 2026. Materials for the presentation will also be posted on the Company’s website.
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- 1 - Table of Contents - Attached Materials 1. Overview of Business Performance ････････････････････････････････････････････････････････ ･ 2 2. Quarterly Consolidated Financial Statements and Notes･････････････････････････････････ ････････････ 3 (1) Quarterly Consolidated Balance Sheets ･･･････････････････････････････････････････････････････ 3 (2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income ･･･････････････････････････････････････････････････････････････････････ 5 (3) Notes to Quarterly Consolidated Financial Statements ････････････････････････････････････････ 7 (Significant Changes in the Scope of Consolidation) ･･･････････････････････････････････････ 7 (Notes on Segment Information) ･････････････････････････････････････････････････････････････ 8 (Notes on Significant Changes in Shareholders’ Equity) ････････････････････････････････ 9 (Notes on Going Concern Assumption) ･････････････････････････････････････････････････ 9 (Notes on Quarterly Consolidated Statements of Cash Flows) ･･･････････････････････････････ 9 Reference: Supplemental Data (Results for the Three Months Ended June 30, 2026)
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- 2 - 1. Overview of Business Performance For an overview of business performance for the first quarter of the current fiscal year, please refer to “Supplemental Data (Results for the Three Months Ended June 30, 2026),” which was disclosed through TDnet on the same date and is also available on the Company's website.
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- 3 - 2. Quarterly Consolidated Financial Statements (1) Quarterly Consolidated Balance Sheets (Millions of yen) March 31, 2026 June 30, 2026 Assets Current assets Cash and deposits 181,107 199,915 Notes and accounts receivable-trade 63,346 46,367 Electronically recorded receivables 260 399 Railway fares receivable 60,080 52,357 Accounts receivables 120,192 83,161 Securities 54,100 － Inventories 205,549 238,681 Other 119,794 92,553 Less allowance for doubtful accounts (680) (611) Current assets total 803,751 712,826 Non-current assets Property, plant and equipment Buildings and structures (net value) 1,334,226 1,330,575 Machinery and transport equipment (net value) 443,317 446,982 Land 849,953 856,886 Construction in progress 96,713 92,799 Other property, plant and equipment (net value) 54,389 52,446 Property, plant and equipment total 2,778,600 2,779,690 Intangible fixed assets 48,520 45,878 Investments and other assets Investments in securities 157,192 166,088 Net defined benefit asset 8,328 8,387 Deferred tax assets 140,622 134,512 Other 52,526 55,438 Less allowance for doubtful accounts (2,819) (2,834) Total investments and other assets 355,849 361,592 Total non-current assets 3,182,970 3,187,161 Total assets 3,986,721 3,899,988
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- 4 - (Millions of yen) March 31, 2026 June 30, 2026 Liabilities Current liabilities Notes and accounts payable-trade 67,289 43,282 Electronically recorded obligations 2,143 4,579 Short-term loans payable 19,228 22,051 Current portion of bonds 80,999 59,999 Current portion of long-term debt 37,203 38,025 Current portion of long-term payables for acquisition of railway properties 1,510 1,510 Accounts payable 178,500 106,346 Accrued consumption tax 15,539 17,244 Accrued income tax 19,653 7,463 Inter-line fares received 4,807 3,841 Deposits received 172,299 145,285 Prepaid railway fares received 42,582 43,125 Advances received 47,225 67,505 Allowance for bonuses 44,025 20,933 Allowance for loss on disaster 425 425 Other 43,835 56,292 Total current liabilities 777,268 637,911 Non-current liabilities Bonds 809,998 799,998 Long-term debt 594,171 636,100 Long-term payables for acquisition of railway properties 93,181 93,181 Deferred tax liabilities 2,675 3,141 Allowance for large scale renovation of Shinkansen infrastructure 41,666 42,708 Allowance for environmental safety measures 1,719 1,715 Allowance for loss on liquidation of railway belts 29,116 28,738 Accrued retirement benefits 157,476 160,077 Other 142,238 142,174 Total non-current liabilities 1,872,246 1,907,837 Total liabilities 2,649,514 2,545,749 Net assets Shareholders’ equity Common stock 226,136 226,136 Capital surplus 183,905 183,905 Retained earnings 754,734 771,015 Treasury stock (1,186) (1,186) Total shareholders' equity 1,163,589 1,179,871 Accumulated other comprehensive income Valuation difference on available-for-sale securities 10,764 11,603 Deferred gains or losses on hedges 738 800 Remeasurements of defined benefit plans 32,614 31,851 Total other comprehensive income 44,116 44,256 Non-controlling interests 129,500 130,110 Total net assets 1,337,206 1,354,238 Total liabilities and net assets 3,986,721 3,899,988
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- 5 - (2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income Quarterly Consolidated Statements of Income Three months ended June 30 (Millions of yen) 2025 (From April 1, 2025 to June 30, 2025) 2026 (From April 1, 2026 to June 30, 2026) Operating Revenues 427,059 424,403 Operating expenses Transportation, other services and cost of sales 302,870 306,038 Selling, general and administrative expenses 60,802 62,375 Total operating expenses 363,673 368,414 Operating income 63,386 55,989 Non-operating revenues Interest income 37 311 Dividend income 550 737 Transfer from administrative fee of contracted construction 15 18 Equity in earnings of affiliates 388 469 Other 685 879 Total non-operating revenues 1,678 2,416 Non-operating expenses Interest expenses 5,108 6,174 Other 251 105 Total non-operating expenses 5,359 6,280 Recurring income 59,704 52,125 Extraordinary income Gain on sales of noncurrent assets 3,219 161 Gain on contribution for construction 514 831 Compensation income for expropriation 0 － Gain on transfer from business divestitures 2,105 － Other 755 1,369 Total extraordinary income 6,593 2,362 Extraordinary losses Loss on deduction of contributions received for construction from acquisition costs of property, plant and equipment 460 726 Loss on reduction for expropriation 0 1 Loss on transfer from business divestitures 2,105 － Other 455 591 Total extraordinary losses 3,021 1,319 Net income before income taxes 63,277 53,167 Income taxes- Current 2,871 7,031 Income taxes- Deferred 10,708 6,487 Total income taxes 13,580 13,518 Net income 49,697 39,649 Net income attributable to non-controlling interests 854 603 Net income attributable to owners of the parent 48,842 39,046
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- 6 - Quarterly Consolidated Statements of Comprehensive Income Three months ended June 30 (Millions of yen) 2025 (From April 1, 2025 to June 30, 2025) 2026 (From April 1, 2026 to June 30, 2026) Net income 49,697 39,649 Other comprehensive income Valuation difference on available-for-sale securities 1,146 1,114 Deferred gains or losses on hedges 228 60 Remeasurements of defined benefit plans (941) (851) Share of other comprehensive income of associates accounted for using equity method 89 59 Total other comprehensive income 523 382 Comprehensive income 50,220 40,031 Breakdown of comprehensive income Comprehensive income attributable to owners of the parent 49,353 39,185 Comprehensive income attributable to non-controlling interests 867 846
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- 7 - (3) Notes to Quarterly Consolidated Financial Statements (Significant Changes in the Scope of Consolidation) From the first quarter of the current fiscal year, JR West Real Estate Management Company, previously a non-consolidated subsidiary, has been included in the scope of consolidation due to its increased materiality.
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- 8 - (Notes on Segment Information) 1. First Quarter of the Previous Fiscal Year (from April 1, 2025 to June 30, 2025） Operating Revenues and Earnings (or Loss) by Reportable Segment (Millions of yen) Mobility Segment Retail Segment Real Estate Segment Travel and Regional Solutions Segment Other businesses (Note 1) Total Eliminations and intergroup (Note 2) Consolidated (Note 3) Operating revenues Operating revenues from third parties 256,206 56,662 64,441 43,146 6,603 427,059 － 427,059 Intergroup operating revenues and transfers 8,908 1,202 4,638 829 16,145 31,725 (31,725) － Total operating revenues 265,114 57,865 69,079 43,975 22,749 458,785 (31,725) 427,059 Segment income (or loss) 43,478 5,104 14,461 (636) 839 63,247 138 63,386 1. The “Other Businesses” category is a business segment not included in reportable segments. It includes such operations as advertising. 2. The segment income (or loss) adjustment of ¥138 million is the elimination of intersegment transactions. 3. Segment income (or loss) is adjusted to the operating income figure on the Quarterly Consolidated Statements of Income. 2. First Quarter of the Current Fiscal Year (from April 1, 2026 to June 30, 2026） Operating Revenues and Earnings (or Loss) by Reportable Segment (Millions of yen) Mobility Segment Retail Segment Real Estate Segment Travel and Regional Solutions Segment Other businesses (Note 1) Total Eliminations and intergroup (Note 2) Consolidated (Note 3) Operating revenues Operating revenues from third parties 264,655 53,972 58,518 40,549 6,707 424,403 － 424,403 Intergroup operating revenues and transfers 10,131 1,141 5,169 825 17,559 34,827 (34,827) － Total operating revenues 274,786 55,113 63,687 41,375 24,267 459,231 (34,827) 424,403 Segment income (or loss) 40,153 3,755 12,065 (742) 595 55,826 163 55,989 1. The “Other Businesses” category is a business segment not included in reportable segments. It includes such operations as advertising. 2. The segment income (or loss) adjustment of ¥163 million is the elimination of intersegment transactions. 3. Segment income (or loss) is adjusted to the operating income figure on the Quarterly Consolidated Statements of Income.
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- 9 - (Notes on Significant Changes in Shareholders’ Equity) Not applicable (Notes on Going Concern Assumption) Not applicable (Notes on Quarterly Consolidated Statements of Cash Flows) The Company has not prepared a quarterly consolidated statement of cash flows for the first quarter of the current fiscal year. The amount of depreciation (including amortization of intangible fixed assets) for the first quarter of the current fiscal year is as follows. (Millions of yen) 2025 (From April 1, 2025 to June 30, 2025) 2026 (From April 1, 2026 to June 30, 2026) Depreciation and Amortization 42,101 44,091