Nankai Electric Railway

Retail & mixed-use property · 9044

The Japan read

From the company's own filing for Q1 (Apr–Jun 2026) · reported 2026-07-30 · the filing

JapanWithin retail, shopping-centre revenue rose 4.9% to ¥4.18bn on sales-linked rents, but SC profit fell 19.1% to ¥625mn on higher costs; the station business lifted profit 16.8% to ¥614mn.
InboundAirport Line ridership fell 7.0%, with non-commuter passengers down 10.5% and fare revenue down 4.6%; Nankai cites the Expo reaction and deteriorating Japan–China relations for its transport business.
JapanRailway revenue fell 2.4% despite a limited-express fare revision, which Nankai puts down to the Expo reaction; bus profit fell 44.2% as new-vehicle depreciation added to the hit.
Not disclosedNankai gives no tenant-sales, tax-free or visitor figures for its shopping centres and does not break them out by site.

Other callouts in the filing

BasisNankai spun off its railway on 1 April 2026, moving leases from transport into retail and property and flattering their growth; switching rail assets to straight-line depreciation added ¥527mn to operating profit.
OutlookGuidance from 30 April stands; the full-year plan has shopping-centre revenue up 6.1% to ¥17.0bn but SC profit down 1.0%, and station-business profit down 3.9% on facility renewal costs.

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

Q1 (Apr–Jun 2026) · Year-to-Date

Reported 2026-07-30

Operating revenue¥70.6bn+12.6%

Operating profit¥11.3bn+0.1%

Net income¥7.8bn+2.6%

Nankai's retail segment — the Namba shopping centres and its station businesses — grew revenue 5.1% to ¥8.0bn on higher rents as tenant sales rose and on leases moved in from the railway, spun off on 1 April 2026; segment profit still fell 4.4% to ¥1.2bn on higher running costs. On the railway side the company names the reaction against last year's Osaka-Kansai Expo directly. Group operating revenue rose 12.6% to ¥70.6bn on property sales, operating profit was flat at ¥11.3bn (+0.1%) and net income rose 2.6% to ¥7.8bn. Full-year guidance is unchanged at ¥287.5bn revenue (+8.6%).