Japan Airport Terminal Co.,Ltd.

Business Details

This segment leases Haneda Airport passenger terminal facilities (rental income), collects passenger facility usage fees, and provides maintenance, repair, operation, security, cleaning and other services. Major customers are primarily airline and aviation-related companies. The company, together with Tokyo International Air Terminal Corporation, Japan Airport Techno Co., Ltd. and other group companies, operates the terminal in an integrated manner, forming a stable earnings base through a combination of facility usage fee revenue linked to passenger volume and fixed rental income.

Recent Overview

Segment profit surged 45.2% year on year, driven by increased passenger numbers and fee revision effects

In the Facility Management and Operations Business for FY2026 (ending March 2026), total sales reached ¥121,205 million (up 11.3% year on year) and segment profit reached ¥28,312 million (up 45.2% year on year), marking substantial profit growth. In addition to Haneda Airport domestic passenger numbers rising approximately 3% and international passenger numbers rising approximately 7%, the effect of the April 2024 revision of domestic passenger facility usage fees contributed for the full year. Revenue from lounge and parking price revisions, as well as currency exchange counter and advertising revenue, also increased. On the cost side, despite increased depreciation associated with the Terminal 2 north satellite and its connection to the main building, as well as higher terminal maintenance costs due to price inflation, the revenue increase effect outweighed these cost increases. Leased floor area expanded to 334,862 m² (from 328,148 m² in the prior period).

Key Products

Growth Drivers

• Expansion of facility usage fee revenue and percentage rent driven by steady growth in Haneda Airport passenger numbers (domestic up approximately 3%, international up approximately 7%)
• Continued contribution from the domestic passenger facility usage fee revision implemented in April 2024
• Price revision effects at lounges and parking facilities, plus increases in currency exchange counter and advertising revenue
• Expansion of leased floor area (334,862 m², up 6,714 m² year on year) while maintaining high occupancy
• Expansion of passenger handling capacity and creation of new revenue opportunities from the commencement of operations at the Terminal 1 north satellite, expected to be completed around July 2026
• Improved on-time performance and passenger convenience from the extension work on the Terminal 2 north satellite (addition of two fixed spots)
• Application for revision of domestic passenger facility usage fees and review of appropriate pricing for office rent, among other measures in response to inflation

Risks

• Increased depreciation and maintenance costs associated with the commencement of operations at the Terminal 1 north satellite (expected around July 2026)
• Rising terminal maintenance costs, including outsourcing expenses, due to continued price inflation
• Risk of a decline in international passenger numbers due to travel restraint from China or worsening conditions in the Middle East
• Risk of economic downside from U.S. trade policy and its spillover effects on passenger demand
• Upward pressure on fixed costs, including increases in state property usage fees (rent)
• Increased future depreciation burden due to a significant rise in construction in progress (¥31,773 million, up from ¥16,184 million in the prior period)