Fiscal Year Ending March 2026 Q3 Financial Summary [Japanese GAAP] (Consolidated)

Overview of Performance

During the cumulative third quarter period of the fiscal year ending March 2026 (April 1, 2025 – December 31, 2025), net sales amounted to JPY 24,240 million (up 15.3% YoY), operating income was JPY 4,889 million (up 36.1% YoY), ordinary income reached JPY 5,146 million (up 39.2% YoY), and net income attributable to owners of the parent for the quarter was JPY 1,969 million (up 16.0% YoY). The increase in net sales was driven by higher rental income from airport and non-airport real estate operations, office building sales, basic rate revisions in the heat supply business, and increased water usage in the water supply and drainage operation business. Ordinary income growth was supported by increased subsidy income and dividend income. Meanwhile, a special loss was recorded due to a revision of building demolition costs in the Haneda Airport 1-Chome area.

Performance by Segment

Net sales in the Airport Real Estate segment were JPY 13,013 million (up 2.4% YoY), with segment profit of JPY 3,341 million (up 16.2% YoY). The Non-Airport Real Estate segment saw a significant increase with net sales of JPY 4,948 million (up 108.6% YoY) and segment profit of JPY 1,567 million (up 78.7% YoY). The Airport Infrastructure segment posted net sales of JPY 5,729 million (up 7.0% YoY) and segment profit of JPY 992 million (up 30.7% YoY). Other businesses reported net sales of JPY 549 million (down 6.6% YoY) and segment profit of JPY 200 million (down 9.9% YoY).

Overview of Financial Position

Total assets amounted to JPY 113,212 million (an increase of JPY 4,632 million compared to the previous consolidated fiscal year-end), liabilities were JPY 50,604 million (an increase of JPY 4,618 million), and net assets were JPY 62,607 million (a slight increase of JPY 13 million). The equity ratio was 52.8%, down 2.3 points from the previous fiscal year-end. The increase in liabilities was mainly attributable to higher short-term borrowings and the recognition of asset retirement obligations due to the revision of building demolition costs.

Dividend Status

The annual dividend forecast for the fiscal year ending March 2026 is JPY 37 (up from JPY 21 last year), representing an increase of JPY 16 compared to the previous term. The interim dividend is JPY 18, with the year-end dividend expected to be JPY 19.

Revision of Earnings Forecast

There is no change to the consolidated full-year earnings forecast for the fiscal year ending March 2026, which was announced on October 30, 2025. The full-year forecast anticipates net sales of JPY 36,588 million (up 17.5% YoY), operating income of JPY 5,824 million (up 30.3% YoY), and net income attributable to owners of the parent of JPY 3,030 million (up 17.5% YoY).