Naha Airport Building

Airports & travel retail

The Japan read

From the company's own filing for Full year to March 2026 · reported 2026-08-03 · the filing

InboundInternational passengers rose 28.5% to a record 4.13m on new and added Taiwan and Korea routes, even though China routes were sharply cut from December 2025 as relations soured.
JapanDomestic passengers hit a record 19.32m (+4.5%) on extra and seasonal flights, and the company signed a tie-up with the operator of Junglia Okinawa, the theme park that opened in July 2025.
StoresTo draw traffic to the international shopping area, Naha added a pop-up zone in the second-floor walkway linking domestic and international, and opened GAJUMARU, with Okinawan creators and brands rotating weekly.

Other callouts in the filing

SegmentRevenue growth came from turnover-linked rent and facility-use fees: building leasing took ¥5.54bn and facility use ¥8.13bn; DFS's Singapore venture owns 14.58% of the company.
OutlookThe new three-year plan targets ¥17.6bn of sales and 4.10m international passengers in 2026–27, and ¥17.9bn sales with ¥6.1bn recurring profit by 2028–29, below 2025–26's ¥8.1bn, with about ¥36bn of investment.

floortok's reading of the filing, in our own words. Figures are the company's own; where a growth rate is our arithmetic, it says so.

Show figures in

Full year to March 2026

Reported 2026-08-03

Net sales¥17.2bn+12.9%

Operating profit¥8.2bn+20.9%

Net income¥5.7bn+22.3%

Naha's terminal company is a landlord rather than a retailer, but a landlord whose rent rises with its tenants' takings: sales rose 12.9% to ¥17.2bn in the year to March 2026 as the airport handled a record 23.46m passengers (+8.0%), with international traffic up 28.5% to 4.13m, and facility-use income climbed to ¥8.1bn alongside ¥5.5bn of building rent. Operating profit rose to ¥8.2bn and net income to ¥5.7bn; those growth rates are floortok's arithmetic on the two years of figures in the company's own report. Okinawa Prefecture holds a quarter of the shares and DFS, the duty-free operator, 14.6%.