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Financial Statements

FY 2025 Financial Statements

Consolidated financial statement

Consolidated balance sheet (March 31, 2026)

(Unit: ¥100 million)

Total assets

  • item
    amout
  • Highway assets in process
    1,927
  • Other current assets
    1,662
  • Total current assets
    3,590
  • Total non-current assets
    677
  • Total assets
    4,268

Total liabilities net assets

  • item
    amout
  • Total current liabilities
    583
  • Road-building bonds payable
    1,450
  • Long-term borrowings for road-building
    1,042
  • Other non-current liabilities
    370
    • Total non-current liabilities
      2,862
    • Total liabilities
      3,446
    • Share capital
      135
    • Capital surplus
      135
    • Retained earnings
      447
    • Total accumulated other comprehensive income
      89
    • Non-controlling interests
      14
    • Total net assets
      821
  • Total liabilities and net assets
    4,268

Some amounts in the table above may not be fully accurate as fractional amounts under 100 million yen have been rounded down.

Individual financial statements

Balance sheet (March 31, 2026)

(Unit: ¥100 million)

Total assets

  • item
    amout
  • Highway assets in process
    1,924
  • Other current assets
    1,469
  • Total current assets
    3,393
  • Total non-current assets
    550
  • Total assets
    3,943

Total liabilities net assets

  • item
    amout
  • Total current liabilities
    565
  • Road-building bonds payable
    1,450
  • Long-term borrowings for road-building
    1,042
  • Other non-current liabilities
    388
    • Total non-current liabilities
      2,880
    • Total liabilities
      3,446
    • Share capital
      135
    • Capital surplus
      135
    • Retained earnings
      226
    • Total net assets
      496
  • Total liabilities and net assets
    3,943

Some amounts in the table above may not be fully accurate as fractional amounts under 100 million yen have been rounded down.

Consolidated statement of income

(April 1, 2025 to March 31, 2026)

(Unit: ¥100 million)

  • item
    amout
  • Operating revenue
    3,572
  • Rent expenses on highway assets
    1,832
  • Administration costs of highway business and cost of sales
    1,622
  • Selling, general and administrative expenses
    116
  • Operating profit
    0
  • Non-operating income
    7
  • Non-operating expenses
    1
  • Ordinary profit
    6
  • Extraordinary losses
    0
  • Profit before income taxes
    6
  • Total income taxes
    21
  • Loss attributable to non-controlling interests
    △0
  • Loss attributable to owners of parent
    △14

Some amounts in the table above may not be fully accurate as fractional amounts under 100 million yen have been rounded down.

Statement of income

(April 1, 2025 to March 31, 2026)

(Unit: ¥100 million)

  • item
    amout
  • Fare receipts
    2,756
  • Sales of completed highway construction contracts
    666
  • Revenue - management
    0
  • Other sales
    1
  • Rent expenses on highway assets
    1,832
  • Cost of sales of completed highway construction contracts
    675
  • Administrative expenses
    945
  • Fiduciary business operating expenses - management
    0
  • Operating loss from highway business
    △29
  • Operating revenue - related operations
    73
  • Operating expenses - related operations
    68
  • Operating profit from related operations
    5
  • Operating loss - all businesses
    △23
  • Non-operating income
    12
  • Non-operating expenses
    0
  • Ordinary loss
    △12
  • Extraordinary losses
    0
  • Loss before income taxes
    △12
  • Total income taxes
    7
  • Loss
    △19

Some amounts in the table above may not be fully accurate as fractional amounts under 100 million yen have been rounded down.

Record of Our Debt Issuance

Bond No. 1
10 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 07/3/26
  • 12/3/19
  • 1.29%
  • -
  • -
  • -

Bond No. 2
10 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 08/2/27
  • 12/12/20
  • 1.17%
  • -
  • -
  • -

Bond No. 3
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 08/10/14
  • 13/9/20
  • 1.23%
  • -
  • -
  • -

Bond No. 4
15 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 09/10/14
  • 14/9/19
  • 0.69%
  • -
  • -
  • -

Bond No. 5
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 10/3/1
  • 14/12/19
  • 0.67%
  • -
  • -
  • -

Bond No. 6
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 10/10/14
  • 15/9/24
  • 0.315%
  • -
  • -
  • -

Bond No. 7
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 11/2/28
  • 15/12/18
  • 0.654%
  • -
  • -
  • -

Bond No. 8
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 11/10/13
  • 16/9/20
  • 0.439%
  • -
  • -
  • -

Bond No. 9
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 12/2/23
  • 16/12/20
  • 0.448%
  • -
  • -
  • -

Bond No. 10
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 12/10/12
  • 17/9/20
  • 0.336%
  • AA+
  • A1
  • -

Bond No. 11
35 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 13/2/27
  • 17/12/20
  • 0.279%
  • AA+
  • A1
  • -

Bond No. 12
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 14/3/7
  • 18/12/20
  • 0.293%
  • AA+
  • A1
  • -

Bond No. 13
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 14/10/16
  • 19/9/20
  • 0.223%
  • AA+
  • A1
  • -

Bond No. 14
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 15/2/24
  • 19/12/20
  • 0.273%
  • AA+
  • A1
  • -

Bond No. 15
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 15/10/14
  • 20/9/18
  • 0.210%
  • AA+
  • A1
  • AAA

Bond No. 16
15 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 16/2/25
  • 20/12/18
  • 0.100%
  • AA+
  • A1
  • AAA

Bond No. 17
50 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 16/7/22
  • 21/6/18
  • 0.030%
  • AA+
  • A1
  • AAA

Bond No. 18
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 16/10/14
  • 21/9/17
  • 0.030%
  • AA+
  • A1
  • AAA

Bond No. 19
34 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 17/2/23
  • 21/12/20
  • 0.070%
  • AA+
  • A1
  • AAA

Bond No. 20
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 17/10/13
  • 22/9/20
  • 0.090%
  • AA+
  • A1
  • AAA

Bond No. 21
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 18/2/9
  • 22/12/20
  • 0.090%
  • AA+
  • A1
  • AAA

Bond No. 22
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 18/10/12
  • 23/9/20
  • 0.070%
  • AA+
  • A1
  • AAA

Bond No. 23
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 2
  • 19/2/22
  • 21/2/22
  • 0.001%
  • AA+
  • A1
  • AAA

Bond No. 24
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 19/2/22
  • 23/12/20
  • 0.070%
  • AA+
  • A1
  • AAA

Bond No. 25
40 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 19/10/10
  • 24/9/20
  • 0.030%
  • AA+
  • A1
  • AAA

Private placement bond No. 1
60 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • 1
  • 20/1/29
  • 21/1/29
  • 0.001%

Bond No. 26
36 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 20/10/8
  • 25/9/19
  • 0.070%
  • AA+
  • A1
  • AAA

Bond No. 27
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 21/2/17
  • 25/12/19
  • 0.060%
  • AA+
  • A1
  • AAA

Bond No. 28
50 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 21/10/7
  • 26/9/18
  • 0.040%
  • AA+
  • A1
  • AAA

Private placement bond No. 2
45 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • 1
  • 22/1/26
  • 23/1/26
  • 0.001%

Bond No. 29
25 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2022/2/17
  • 2026/12/18
  • 0.125%
  • AA+
  • A1
  • AAA

Bond No. 30
28 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2022/10/20
  • 2027/9/17
  • 0.335%
  • AA+
  • A1
  • AAA

Bond No. 31
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2023/1/24
  • 2027/12/20
  • 0.608%
  • AA+
  • A1
  • AAA

Bond No. 32
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2023/10/18
  • 2028/9/20
  • 0.528%
  • AA+
  • A1
  • AAA

Bond No. 33
35 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2024/2/22
  • 2028/12/20
  • 0.523%
  • AA+
  • A1
  • AAA

Bond No. 34
30 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2024/10/24
  • 2029/9/20
  • 0.759%
  • AA+
  • A1
  • AAA

Bond No. 35
35 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2025/2/13
  • 2029/12/20
  • 1.108%
  • AA+
  • A1
  • AAA

Bond No. 36
25 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2025/10/23
  • 2030/9/20
  • 1.371%
  • AA+
  • A1
  • AAA

Private placement bond No. 3
3.5 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • 1
  • 2025/10/23
  • 2026/10/23
  • 0.774%

Bond No. 37
20 billion yen
  • Term (years)
  • Launch
  • Maturity
  • Nominal Interest Rate
  • Rating R&I
  • Rating MDY
  • Rating JCR
  • 5
  • 2026/2/13
  • 2030/12/20
  • 1.818%
  • AA+
  • A1
  • AAA

  • *No. 1 - 5 will be FILP agency bonds
  • *No. 1 - 32 & Private placement bond No.1-3 handed over to Japan Expressway Holding and Debt Repayment Agency (JEHDRA) as of the end of March,2026