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Nagoya Railroad, Apr-Dec (Cumulative 3Q) Ordinary Profit Decreases by 22%, Exceeds Full-Year Plan

Tue Feb 10, 2026 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 February 10th (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) decreased 21.6% from the same period last year to 34.2 billion yen. However, Progress toward the full-year plan of 34.0 billion yen is 100.7%, already exceeding the target and also exceeding the five-year average of 93.8%.

Based on the cumulative third-quarter performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit/loss for the January to March period (4Q) is expected to turn into a loss of 0.23 billion yen (compared to a profit of 4.01 billion yen in the same period last year). However, if the fourth-quarter performance remains at the same level as the first three quarters, the full-year plan may be increased.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit amounted to 14.9 billion yen, a 2.1% decrease compared to the same period last year. The operating profit margin worsened from 8.5% in the same period last year to 8.0%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Dec, 2023 443,483 30,120 32,904 21,531 109.5 87.6 Feb 13, 2024 J-GAAP
Apr - Dec, 2024 507,793 38,890 43,656 32,936 167.6 91.6 Feb 13, 2025 J-GAAP
Apr - Dec, 2025 515,995 31,574 34,239 22,295 113.7 100.7 Feb 10, 2026 J-GAAP
YoY +1.6% -18.8% -21.6% -32.3% -32.2%

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
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
Oct - Dec, 2025 180,318 14,407 14,922 11,032 56.3 8.0 Feb 10, 2026 J-GAAP
YoY +4.1% -2.1% -2.1% -2.8% -2.6%

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