(Translation)
Consolidated Financial Results
for the Three-Month Period Ended June 30, 2023
(Japanese GAAP)
August 8, 2023
Company name:
Stock exchange listings:
Securities code:
URL:
Representative:
Contact:

Kyushu Railway Company
Tokyo and Fukuoka
9142
https://www.jrkyushu.co.jp/
Yoji Furumiya, President and CEO
Kazuyo Hisano, General Manager, Public Relations Department
Tel.: +81-92-474-3677

Scheduled date for filing of quarterly report:
Planned date of dividend payment commencement:
Preparation of supplementary explanations for financial results:
Holding of a briefing on quarterly financial results:

August 10, 2023
－Yes
None

(Amounts less than one million yen, except for per share amounts, are omitted.)

1. Consolidated Financial Results for the Three-Month Period Ended June 30, 2023
(From April 1, 2023 to June 30, 2023)(1) Consolidated operating results
Three months ended
June 30, 2023
June 30, 2022

(Percentages show year-on-year changes.)

Operating revenue

Operating income

Ordinary income

Net income attributable toowners of the parent

Millions of yen
97,92090,476

Millions of yen
13,488
7,883

Millions of yen
13,717
8,557

Millions of yen
17,782
6,915(Note) Comprehensive income:

%
8.2
25.5%
71.1
－

Three months ended June 30, 2023: ¥22,122 million (169.2%)
Three months ended June 30, 2022: ¥8,216 million (248.0%)

Net income per share— basic

Net income per share— diluted

Yen
113.18
44.01

Yen－－

Three months ended
June 30, 2023
June 30, 2022

(2) Consolidated financial position
Total assets
Millions of yen
970,162
As of June 30, 2023
996,699
As of March 31, 2023
(Reference) Shareholders’ equity:%
60.3－Net assets
Millions of yen
414,342406,850

As of June 30, 2023: ¥413,546 million
As of March 31, 2023: ¥406,052 million

Equity ratio%
42.6
40.7%
157.1
646.0

2. DividendsFirstquarter-end
Yen－－Year ended March 31, 2023
Year ending March 31, 2024
Year ending March 31, 2024
(Forecast)

Annual dividends
SecondThird
quarter-end
quarter-end
Yen
Yen
0.00
－
0.00

－

Fiscalyear-end
Yen
93.00

Total

93.00

Yen
93.00
93.00

(Note) Revisions to the most recently disclosed dividend forecasts: No

3. Consolidated Forecasts for the Fiscal Year Ending March 31, 2024
(April 1, 2023 to March 31, 2024)(Percentages show year-on-year changes.)

Full year

Net income
Net income per
attributable to owners
shareof the parent
Millions of%
%
Yen
yen
28.6
40,700 30.6
259.04

Operating revenue

Operating income

Ordinary income

Millions ofyen
417,000

Millions ofyen
45,700Millions ofyen
45,900

%
8.8%
33.1

(Note) Revisions to the most recently disclosed financial forecasts: NoneNotes(1) Changes in significant subsidiaries during the three months ended June 30, 2023 (changes in specified subsidiaries
affecting the scope of consolidation): No(2) Application of special accounting treatment in preparing the quarterly consolidated financial statements: No(3) Changes in accounting policies, changes in accounting estimates and restatement of revisions
i Changes in accounting policies with revision of accounting standards: Noii Changes in accounting policies other than the above: Noiii Changes in accounting estimates: Noiv Restatement of revisions: No

(4) Number of shares outstanding (common stock)i

Number of shares issued andoutstanding at end of period(including treasury stock)ii Number of shares of treasury
stock at end of period
iii Average number of shares during
the period

As of June 30,
2023

157,301,600
shares

As of March 31,
2023

157,301,600
shares

As of June 30,
2023

181,487
shares157,120,113
shares

As of March 31,
2023

181,487
shares157,117,895
shares

As of June 30,2023

As of June 30,2022

Note: The number of shares of treasury stock at the end of the period includes the number of shares of the Company’s stock held by the Board
Benefit Trust (BBT) (First quarter of FY2024/3, 181,400 shares; FY2023/3, 181,400 shares). In addition, the number of shares of theCompany’s stock held by the Board Benefit Trust (BBT) is included in the treasury stock that is subtracted in the calculation of theaverage number of shares during the period (First quarter of FY2024/3, 181,400 shares; First quarter of FY2023/3, 183,700 shares).

* This summary of consolidated financial results is not subject to quarterly reviews by certified public accountants or corporate
auditors.

* Explanation of Appropriate Uses of Performance Forecasts and Other Important Items:
Performance forecasts and other forward-looking statements appearing in this document are based on currently available
information and specific assumptions deemed rational, and are not assurances that the Company will achieve these forecasts.
Actual performance can vary greatly depending on various factors such as fluctuations in interest rates, fluctuations in shareprices, changes in exchange rates, fluctuations in the value of assets, changes in the economic and financial environment,changes in the conditions of competition, occurrences of large-scale and other disasters, and changes in regulations.
Supplementary quarterly materials are attached to this summary of consolidated financial results.

Contents of Accompanying Materials
1. Qualitative Information on Quarterly Consolidated Financial Performance ....................... 2(1) Qualitative Information on Consolidated Operating Results ................................................. 2(2) Qualitative Information on Consolidated Performance Outlook ............................................ 3
2. Quarterly Consolidated Financial Statements and Major Notes ........................................... 4(1) Consolidated Balance Sheets .................................................................................................. 4(2) Quarterly Consolidated Income Statements andQuarterly Consolidated Comprehensive Income Statements ................................................. 6
Quarterly Consolidated Income Statements
Consolidated Cumulative First Quarter ............................................................................ 6
Quarterly Consolidated Comprehensive Income Statements
Consolidated Cumulative First Quarter ............................................................................ 7(3) Notes to Quarterly Consolidated Financial Statements .......................................................... 8(Notes on Going Concern Assumption) ................................................................................. 8(Notes on Significant Changes in the Value of Shareholders’ Equity) ................................... 8(Segment Information) ........................................................................................................... 8(Significant Subsequent Events) ............................................................................................ 8○(Financial results presentation materials)
Financial Results for the First Quarter of FY2024/3 (Cumulative total for the three-month period from April to June)- 1 -1. Qualitative Information on Quarterly Consolidated Financial Performance
Forward-looking statements in this document are based on assessments as of the end of the first quarter ofthe fiscal Year Ending March 31, 2024.
(1) Qualitative Information on Consolidated Operating ResultsIn the first quarter of the fiscal year ending March 31, 2024, the Japanese economy showed signs of amodest rebound, centered on personal consumption. Owing to such moves as the reclassification of
COVID-19 to a Class 5 infectious disease under the Infectious Disease Control Law, restrictions on
behavior and socioeconomic activity normalized further.
However, raw materials prices rose as the situation in the Ukraine was prolonged and the yen
continued to depreciate. Owing to such factors, the future economic outlook looks somewhat
uncertain.
Against this backdrop, the JR Kyushu Group advanced under the three key strategies of JR Kyushu
Group Medium-Term Business Plan 2022–2024, which commenced last year. The strategies are“completing business structural reforms,” “creating a model for building cities that promote wellbeing,” and “developing businesses in new areas in which we can contribute.” In addition, we focusedon developing human resources for the implementation and realization of strategies, and on building
foundations for advancing strategies on a Groupwide basis.
As a result, operating revenue was up 8.2% year on year, to ¥97,920 million; operating income was up
71.1%, to ¥13,488 million; EBITDA increased 43.4%, to ¥21,150 million; ordinary income was up
60.3%, to ¥13,717 million; and net income attributable to owners of the parent was up 157.1%, to¥17,782 million.
(Note) EBITDA for the consolidated period under review is the numerical value of operating income
plus the cost of depreciation (excluding the cost of depreciation related to lease assets held forthe purpose of subleasing).

- 2 -The Group’s business performance by segment is as follows.
(Millions of Yen)
Operating revenueFY2024/3,
consolidated
cumulative
first quarter(three months
ended June30, 2023)

Operating income/loss
FY2024/3,
consolidated
cumulative
first quarter(three months
ended June30, 2023)

YoY

EBITDA (Note 2)
FY2024/3,
consolidated
cumulative firstquarter(three months
ended June 30,2023)

YoY

YoY

Transportation

38,557

7,130

22.7%

5,896

3,509

147.0%

8,743

3,939

82.0%

Real Estate and Hotels

31,739(883)(2.7%)

6,686

1,499

28.9%

10,386

1,762

20.4%

Real estate lease

16,293

1,392

9.3%

4,0722987.9%

7,165

484

7.2%

Real estate sale

10,130(4,353) (30.1%)

1,773

220

14.2%

1,778

220

14.2%

Hotel

5,315

2,077

64.2%

839

980

－

1,442

1,057 275.2%

Retail and Restaurant

14,421

2,118

17.2%

633

646

－

926

628 210.6%

Construction

15,319(999)(6.1%)

(595)

(184)

－(355)(207)－

Business Services

17,716

930

5.5%

981

(11)

(1.2%)

1,653

138

9.1%

Total

117,755

8,296

7.6%

13,602

5,459

67.1%

21,355

6,261

41.5%

Adjustment (Note 1)(19,835)(853)－(114)

145－(204)141－

97,920

7,443

8.2%

13,488

5,604

71.1%

21,150

6,402

43.4%

Amount on the
consolidated financialstatements(Notes) 1. Adjustments reflect the elimination of intersegment transactions.
2. Consolidated EBITDA = operating income + depreciation (after elimination of intersegment transactions,excluding the cost of depreciation related to lease assets held for the purpose of subleasing), segment EBITDA =segment operating income + segment depreciation (after elimination of intersegment transactions, excluding thecost of depreciation related to lease assets held for the purpose of subleasing)(2) Qualitative Information on Consolidated Performance Outlook
The Company has not revised its full-year forecast for the fiscal year ending March 31, 2024, fromthat disclosed on May 11, 2023.
Moreover, the performance outlook was prepared based on information available as of the release dateof these materials, and there are cases where actual performance differs from outlook figures due tovarious factors that arise going forward.

- 3 -2. Quarterly Consolidated Financial Statements and Major Notes(1) Consolidated Balance Sheets(Millions of Yen)
FY 2023/3(As of March 31, 2023)
ASSETS
Current assets
Cash and time deposits
Notes and accounts receivable–trade, and contract
assetsFares receivable
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and fixtures (net)
Machinery, rolling stock and vehicles (net)Land
Lease assets (net)
Construction in progress
Other (net)Net property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Net defined benefit assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 4 -FY 2024/3, First Quarter(As of June 30, 2023)

37,28350,502

49,96032,4502,761
15,022
17,72338,136
9,274
27,047(63)
197,145

3,057
518
9,816
41,386
10,97921,635(60)
170,285

324,158
66,416
165,060
20,787
48,111
7,671
632,205
6,203

331,22265,924
168,875
20,06343,041
7,458
636,584
5,992

50,381
55,512967
55,476(1,192)
161,145799,554
996,699

49,61950,222
1,015
57,663(1,220)157,299
799,876
970,162(Millions of Yen)
FY 2023/3(As of March 31, 2023)
LIABILITIESCurrent liabilities
Notes and accounts payable–trade
Short-term loans
Commercial papers
Current portion of bonds
Current portion of long-term loans
PayablesAccrued income taxes
Fare deposits received with regard to railway
connecting services
Railway fares received in advanceAccrued bonuses
Other
Total current liabilities
Non-current liabilities
Corporate bonds
Long-term loans
Allowance for safety and environmental measures
Allowance for disaster-damage losses
Net defined benefit liabilities
Asset retirement obligations
OtherTotal non-current liabilities
Total liabilities
NET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Unrealized gain on available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
TOTAL LIABILITIES AND NET ASSETS- 5 -FY 2024/3, First Quarter(As of June 30, 2023)

27,292
1,996
20,00020,00018,39250,234
1,224

17,2302,038
20,000225
18,49834,242
287

2,275

2,022

5,410
8,107
40,484
195,418

6,380
5,537
44,684
151,147

125,000
166,225230
809
46,7291,828
53,607394,431589,849

125,000
176,760
230
734
46,616
1,804
53,528404,673555,820

16,000225,814
164,479(584)
405,709

16,000225,812167,632(584)
408,861

4,562
(201)
(4,017)343
797
406,850
996,699

8,812
(335)
(3,792)
4,685
795
414,342970,162(2) Quarterly Consolidated Income Statements and Quarterly Consolidated Comprehensive
Income Statements
Quarterly Consolidated Income Statements
Consolidated Cumulative First Quarter(Millions of Yen)
FY 2023/3, First Quarter(Three months ended June 30,2022)
OPERATING REVENUEOPERATING EXPENSE
Transportation, other services and cost of sales
Selling, general and administrative expense
Total operating expense
OPERATING INCOME
NON-OPERATING INCOME
Interest income
Dividend income
Gain on assets held in trust
Gain on foreign exchange
OtherTotal non-operating income
NON-OPERATING EXPENSEInterest expense
Loss on valuation of derivatives
OtherTotal non-operating expense
ORDINARY INCOMEEXTRAORDINARY GAINSConstruction grants received
Gain on sales of shares of subsidiaries and associates
Other
Total extraordinary gains
EXTRAORDINARY LOSSES
Loss on reduction of noncurrent assets
Other
Total extraordinary losses
INCOME BEFORE INCOME TAXESINCOME TAXES -Current
INCOME TAXES -Deferred
TOTAL INCOME TAXESNET INCOME
NET INCOME (LOSS) ATTRIBUTABLE TONON-CONTROLLING INTERESTSNET INCOME ATTRIBUTABLE TOOWNERS OF THE PARENT- 6 -FY 2024/3, First Quarter(Three months ended June 30,2023)

90,47697,92059,16823,42582,593
7,883

58,01926,41284,431
13,488

23
342
438
390
342
1,538

25
440
379
360
163
1,369

377
227
260
864
8,557

482
237
420
1,140
13,717

371
－
22393

59
7,425
1,189
8,674

367
254
622
8,328
154
1,148
1,302
7,025

56
180
237
22,154
191
4,182
4,373
17,780

110

(1)

6,915

17,782

Quarterly Consolidated Comprehensive Income Statements
Consolidated Cumulative First Quarter(Millions of Yen)
FY 2023/3, First Quarter(Three months ended June 30,2022)
NET INCOME
OTHER COMPREHENSIVE INCOME
Unrealized gain on available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total other comprehensive income
COMPREHENSIVE INCOME
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
Owners of the parent
Non-controlling interests- 7 -FY 2024/3, First Quarter(Three months ended June 30,2023)

7,025

17,780

876
114
198
1,190
8,216

4,250
(133)
224
4,341
22,122

8,118
98

22,124(1)(3) Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
None(Notes on Significant Changes in the Value of Shareholders’ Equity)
None(Segment Information)
I FY 2023/3, First Quarter (Three-Month Period Ended June 30, 2022)
1. Information Related to Operating Revenue and Income (Loss) by Segment(Millions of Yen)
Reportable Segment
Real Estate Retail andTransportationand Hotels Restaurant

Construction

BusinessServices

Total

Adjustment(Note 1)

Quarterly
Consolidated
Statements ofIncome(Note 2)

Operating Revenue
Outside Customers

30,221

31,59912,228

7,079

9,347

90,476－90,476

Inside Group1,2051,023

75

9,240

7,438

18,982(18,982)－Total31,42732,623

12,303

16,31916,785

109,459(18,982)

90,476

Segment income (loss)

2,387

5,186(13)

(410)

992

8,142(259)7,883(Notes) 1. The ¥259 million deduction from segment income (loss) reflects the elimination of intersegment transactions.
2. Segment income (loss) has been adjusted for the operating income figure on the quarterly consolidated income
statements.

II FY 2024/3, First Quarter (Three-Month Period Ended June 30, 2023)
1. Information Related to Operating Revenue and Income (Loss) by Segment(Millions of Yen)
Reportable Segment
Real Estate Retail andTransportationand Hotels Restaurant

Construction

BusinessServices

Total

Adjustment(Note 1)

Quarterly
Consolidated
Statements ofIncome(Note 2)

Operating Revenue
Outside Customers

37,36930,641

14,338

6,283

9,286

97,920－97,920Inside Group

1,187

1,097

82

9,036

8,430

19,835(19,835)－Total

38,55731,73914,421

15,31917,716

117,755(19,835)

97,920

Segment income (loss)

5,896

6,686

633(595)

981

13,602(114)

13,488(Notes) 1. The ¥114 million deduction from segment income (loss) reflects the elimination of intersegment transactions.
2. Segment income (loss) has been adjusted for the operating income figure on the quarterly consolidated incomestatements.

(Significant Subsequent Events)
Due to the influence of torrential rains that have occurred throughout Kyushu since the end of June 2023, theKyudai Main Line and several other lines have suffered damage, including damage from ballast runoff andcollapses of cut slopes. Although we expect to incur recovery expenses, etc., it is difficult to reasonably estimate
the amount of impact because we are still investigating the details at this time.

- 8 -