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West Japan Railway, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 3%, Dividend Revised Upward by 4.5 Yen

Tue Nov 4, 2025 3:30 pm JST Earnings

9021 West Japan Railway Company 【J-GAAP】

Earnings Report

West Japan Railway Company <9021> [TSE Prime] announced its financial results after the market closed on November 4th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) increased 16.8% from the same period last year, reaching 115 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 2.9%, from the previous forecast of 174 billion yen to 179 billion yen (compared to 165 billion yen in the previous period), increasing the growth rate from 5.0% to 8.0%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease 4.8% from the same period last year to 63.8 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 86 yen to 90.5 yen (compared to 84.5 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew 27.9% from the same period last year, reaching 55.4 billion yen. The operating profit margin rose from 11.4% in the same period last year to 13.4%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2023 769,902 106,292 98,458 67,143 137.8 58.8 Oct 31, 2023 J-GAAP
Apr - Sep, 2024 811,386 104,790 98,596 69,711 145.6 59.5 Nov 1, 2024 J-GAAP
Apr - Sep, 2025 871,829 122,929 115,145 86,716 187.3 64.3 Nov 4, 2025 J-GAAP
YoY +7.4% +17.3% +16.8% +24.4% +28.6%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance ー ー ー ー － 43 May 2, 2025 J-GAAP
Apr - Sep, 2025 Results 871,829 122,929 115,145 86,716 187.3 45 Nov 4, 2025 J-GAAP
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 1,820,000 190,000 174,000 115,000 252.7 86 May 2, 2025 J-GAAP
Mar, 2026 New 1,836,000 195,000 179,000 118,500 260.4 90.50 Nov 4, 2025 J-GAAP
Revision Rate +0.9% +2.6% +2.9% +3.0% +3.0%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 896,558 75,371 67,074 44,247 93.2 47.50 May 2, 2025 J-GAAP
Oct - Mar, 2025 Guidance 964,171 72,071 63,855 31,784 69.8 45.50 Nov 4, 2025 J-GAAP
YoY +7.5% -4.4% -4.8% -28.2% -25.1%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 1,635,023 179,748 167,382 98,761 202.6 71 Apr 30, 2024 J-GAAP
Mar, 2025 1,707,944 180,161 165,670 113,958 240.1 84.50 May 2, 2025 J-GAAP
Mar, 2026 Guidance 1,836,000 195,000 179,000 118,500 260.4 90.50 Nov 4, 2025 J-GAAP
YoY +7.5% +8.2% +8.0% +4.0% +8.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 408,606 46,562 43,352 31,439 65.7 11.4 Nov 1, 2024 J-GAAP
Oct - Dec, 2024 434,291 70,554 65,658 44,941 94.4 16.2 Jan 31, 2025 J-GAAP
Jan - Mar, 2025 462,267 4,817 1,416 -694 -1.5 1.0 May 2, 2025 J-GAAP
Apr - Jun, 2025 427,059 63,386 59,704 48,842 104.5 14.8 Aug 5, 2025 J-GAAP
Jul - Sep, 2025 444,770 59,543 55,441 37,874 81.8 13.4 Nov 4, 2025 J-GAAP
YoY +8.9% +27.9% +27.9% +20.5% +24.6%

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