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Nagoya Railroad, Ordinary Profit Forecast for the Fiscal Year Revised Downward by 20%

Fri Nov 7, 2025 3:00 pm JST Earnings

9048 Nagoya Railroad Co., Ltd. 【J-GAAP】

Earnings Report

Nagoya Railroad Co., Ltd. <9048> [TSE Prime] announced its financial results in the afternoon session on November 7th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) dropped 32.0% from the same period last year to 19.3 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has decreased 20.0%, from the previous forecast of 42.5 billion yen to 34.0 billion yen (compared to 47.6 billion yen in the previous period), leading to an increase in the profit decline rate from 10.8% to 28.7%.

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 23.8% from the same period last year to 14.6 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 8.57 billion yen, a 45.2% decrease compared to the same period last year. The operating profit margin worsened from 7.4% in the same period last year to 4.7%.

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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 283,728 15,900 17,293 9,980 50.8 46.1 Nov 9, 2023 J-GAAP
Apr - Sep, 2024 334,518 24,168 28,411 21,588 109.8 59.6 Nov 8, 2024 J-GAAP
Apr - Sep, 2025 335,677 17,167 19,317 11,263 57.4 56.8 Nov 7, 2025 J-GAAP
YoY +0.3% -29.0% -32.0% -47.8% -47.7%

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 － 0 May 8, 2025 J-GAAP
Apr - Sep, 2025 Results 335,677 17,167 19,317 11,263 57.4 0 Nov 7, 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 710,000 44,000 42,500 26,000 132.6 40 May 8, 2025 J-GAAP
Mar, 2026 New 695,000 34,000 34,000 21,000 107.1 40 Nov 7, 2025 J-GAAP
Revision Rate -2.1% -22.7% -20.0% -19.2% -19.2%

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 356,202 17,908 19,260 16,145 82.2 38.50 May 8, 2025 J-GAAP
Oct - Mar, 2025 Guidance 359,323 16,833 14,683 9,737 49.6 40 Nov 7, 2025 J-GAAP
YoY +0.9% -6.0% -23.8% -39.7% -39.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 601,121 34,750 37,544 24,400 124.1 27.50 May 10, 2024 J-GAAP
Mar, 2025 690,720 42,076 47,671 37,733 192.1 38.50 May 8, 2025 J-GAAP
Mar, 2026 Guidance 695,000 34,000 34,000 21,000 107.1 40 Nov 7, 2025 J-GAAP
YoY +0.6% -19.2% -28.7% -44.3% -44.3%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 168,361 12,495 15,649 11,253 57.2 7.4 Nov 8, 2024 J-GAAP
Oct - Dec, 2024 173,275 14,722 15,245 11,348 57.8 8.5 Feb 13, 2025 J-GAAP
Jan - Mar, 2025 182,927 3,186 4,015 4,797 24.4 1.7 May 8, 2025 J-GAAP
Apr - Jun, 2025 168,501 9,275 10,746 6,739 34.4 5.5 Aug 7, 2025 J-GAAP
Jul - Sep, 2025 167,176 7,892 8,571 4,524 23.1 4.7 Nov 7, 2025 J-GAAP
YoY -0.7% -36.8% -45.2% -59.8% -59.7%

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