Summary of Consolidated Financial Report for the Six Months Ended September 30, 2023〔under Japanese GAAP〕（Unaudited）
English translation from the original Japanese-language document.
Central Japan Railway Company is refferred to as the "Company," and the Company and its consolidated subsidiaries are refferred to as the "Companies."
October 30, 2023

Company Name
Stock Exchange Listings
Code Number
URL
Representative
Contact Person
Expected Date of Presentation of Quarterly Securities Reports
Expected Date of Dividend Payment Commencement
Supplementary Information
Briefing of Financial Results of 2nd Quarter

Central Japan Railway Company
Tokyo and Nagoya
9022https://jr-central.co.jp
Shunsuke Niwa, President and Representative Director
Koji Kumekawa, General Manager of the Public Relations Department(Tel +81-52-564-2549)
November 8, 2023
December 1, 2023
Attached
To be held (for institutional investors and analysts)(Figures less than one million yen, except for per share information, have been rounded down.)
1. Results for the six months ended September 30, 2023
(1) Consolidated financial results
Operating revenues

Fiscal 2024 2nd Quarter

Operating income

Net income attributableto owners of the parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

817,54528.9

312,092

81.5

278,623

104.4

195,079

101.2

171,926
Fiscal 2023 2nd Quarter
634,13963.9―
136,290―
96,949―Note 1. Comprehensive income :Fiscal 2024 2nd Quarter 215,197 million yen, 132.5%. Fiscal 2023 2nd Quarter 92,549 million yen, ―%.
2. Percentages for operating revenues, operating income, ordinary income, net income attributable to owners of the parent, and comprehensive
income represent the changes from the same period of the previous year.
Net income per share- basic

Net income per share- diluted
Yen

Yen

198.25

Fiscal 2024 2nd Quarter――98.53
Fiscal 2023 2nd Quarter
NoteThe Company conducted a 5-for-1 stock split of its common stock, with an effective date of October 1, 2023. Net income per shareis adjusted to reflect the impact of the stock split as if the stock split had occurred at the beginning of the prior fiscal year.
(2) Consolidated financial position
Total assets

Fiscal 2024 2nd Quarter
Fiscal 2023
Note
Net worth :EquityNet worth ratio

Equity per share

Millions of yen

Millions of yen%Yen

9,558,549

4,008,200

41.4

19,101.99

39.5

18,110.23

9,514,409
3,807,110
Fiscal 2024 2nd Quarter 3,958,455 million yen. Fiscal 2023 3,759,255 million yen.

2. Cash dividends
Cash dividends per share
1st Quarter

2nd Quarter

3rd Quarter

Yen

Yen

Fiscal 2023

―

65.00

Fiscal 2024

―

70.00

Year-end
Yen

―

Total
Yen

Yen

70.00

135.00―
14.00
Fiscal 2024 (Forecast)
Note 1. Revisions to the previous forecast of cash dividends for Fiscal 2024 :none
2. The Company conducted a 5-for-1 stock split of its common stock, with an effective date of October 1, 2023. Dividends at or before
the end of the 2nd Quarter of the fiscal 2024 present the amount prior to the stock split.

―3. Consolidated forecast for Fiscal 2024 (Year ending March 31, 2024)
Operating revenues
Millions of yen

Operating income%

Millions of yen

Net income attributableto owners of the parent

Ordinary income%

Millions of yen%

Millions of yen%

Net income per share- basic
Yen1,627,000 16.2
502,000 34.0
433,000 40.8
308,000 40.4
313.01
Fiscal 2024
Note 1. Percentages for operating revenues, operating income, ordinary income, and net income attributable to owners of the parent represent the changes
from the previous year.
2. Revisions to the previous consolidated forecast for Fiscal 2024 :revised3. The Company conducted a 5-for-1 stock split of its common stock, with an effective date of October 1, 2023. Net income per sharein the consolidated forecast for Fiscal 2024 is the amount based on the effect of the stock split.

Notes to Consolidated Financial Information(1) Changes in scope of significant consolidated subsidiaries ：none(2) Adoption of simplified accounting methods or accounting methods used specifically for quarterly consolidated financial statements :adopted(3) Changes in accounting policies, changes in accounting estimates and error correctionsⅰ) Changes in accounting policies due to revision of accounting standard :ⅱ) Other changes in accounting policies : noneⅲ) Changes in accounting estimates : noneⅳ) Error corrections : nonenone(4) Number of common shares issued and outstanding at the end of each periodⅰ) Number of shares outstanding at the end of the period(Including treasury stocks)

Fiscal 2024 2nd Quarter

1,030,000,000 Fiscal 2023ⅱ) Number of treasury stocks at the end of the period

Fiscal 2024 2nd Quarter

46,004,310 Fiscal 2023ⅲ) Average number of shares outstanding for the period

Fiscal 2024 2nd Quarter

983,995,701 Fiscal 2023 2nd Quarter

sharesshares1,030,000,000

sharesshares46,004,260

sharesNoteshares983,995,745

The Company conducted a 5-for-1 stock split of its common stock, with an effective date of October 1, 2023. The number of common sharesissued and outstanding is adjusted to reflect the impact of the stock split as if the stock split had occurred at the beginning of the prior fiscal year.

(5) Quarterly Consolidated Balance Sheet
Money held in trust for the Chuo Shinkansen construction and Long-term debt for the Chuo Shinkansen construction
The Company has received loans from the Japan Railway Construction, Transport and Technology Agency for promoting the constructionof the Chuo Shinkansen, and the money is placed in the trust fund to segregate it from other money.
(6) Adoption of simplified accounting methods or accounting methods used specifically for quarterly consolidated financial statements
Computation of income taxes
The Companies compute income taxes by multiplying quarterly income before income taxes by the effective tax rate that is reasonably estimatedby applying tax effect accounting to the projected annual income before income taxes of the fiscal 2024 including the fiscal 2024 2nd Quarter.
In case where the method of computation is remarkably unreasonable, the statutory effective tax rate is used.
(7) Significant subsequent events
Stock split and partial amendment to the Articles of Incorporation in connection with stock split
At the meeting of the Board of Directors held on August 22, 2023, the Company resolved to implement a stock split and partially amend
the Articles of Incorporation in connection with the stock split, with an effective date of October 1, 2023.
ⅰ) Purpose of stock split
By decreasing the amount per investment unit, the Company intends to create an environment that makes it easier for investors
to invest in the Company’s shares and expand the investor base.
ⅱ) Outline of stock split
1. Method of split
The Company split the shares of common stock owned by the shareholders recorded on the final register of shareholdersas of September 30, 2023, at a ratio of five shares for one share.
2. Number of shares increased through stock split
Total number of issued shares before stock split
Number of shares increased through stock split
Total number of issued shares after stock split
Total number of authorized shares after stock split

206,000,000 shares
824,000,000 shares
1,030,000,000 shares
4,120,000,000 shares

3. Schedule of split
Date of public notice of record date
Record date
Effective date

September 14, 2023
September 30, 2023
October 1, 2023ⅲ) Partial amendment to the Articles of Incorporation in connection with stock split
1. Reason for amendment to the Articles of Incorporation
In conjunction with the above stock split, the Company revised the total number of authorized shares set forth in Article 6of its Articles of Incorporation effective October 1, 2023, pursuant to the provisions of Article 184, Paragraph 2 of the Companies Act.
2. Details of the amendment to the Articles of Incorporation
Details of the amendment are as follows.
Before amendment
Article 6. (Total Number of Authorized Shares)
The total number of shares authorized to be issuedby the Company shall be eight hundred twenty fourmillion (824,000,000) shares.
3. Schedule for the amendment
Date of resolution by the Board of Directors
Effective date

(Changes have been denoted by underlining.)
After amendment
Article 6. (Total Number of Authorized Shares)
The total number of shares authorized to be issued
by the Company shall be four billion one hundred
twenty million (4,120,000,000) shares.

August 22, 2023
October 1, 2023

(Reference) Nonconsolidated forecast for Fiscal 2024 (Year ending March 31, 2024)
Operating revenues
Millions of yen

Operating income%Millions of yenOrdinary income%Millions of yen

Net income per share- basic

Net income%Millions of yen%

1,346,000 17.7
475,000 37.1
406,000 45.6
290,000 43.6
Fiscal 2024
Note 1. Percentages for operating revenues, operating income, ordinary income, and net income represent the changes from the previous year.
2. Revisions to the previous nonconsolidated forecast for Fiscal 2024 :revised3. The Company conducted a 5-for-1 stock split of its common stock, with an effective date of October 1, 2023. Net income per sharein the nonconsolidated forecast for Fiscal 2024 is the amount based on the effect of the stock split.

NoteNote
NoteYen294.42

1. Financial information is not subject to audit procedures.
2. The forward-looking statements in this report are based on estimates and assumptions that reflect information available as of the day of release ofthis report. The accuracy of forecasts above, therefore, is inherently uncertain because it is affected by future economic trends and environment.
3. English supplementary information will be announced on our website later.

QUARTERLY CONSOLIDATED BALANCE SHEET (Unaudited)
Millions of yen

ASSETS
Current assets:
Cash and deposits
Money held in trust for the Chuo Shinkansen construction
Notes, accounts receivable-trade and contract assets
Railway fares receivables
Marketable securities
Inventories
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets:
Property, plant and equipment
Buildings and structures, net
Machinery, rolling stock and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

Fiscal 2023

Fiscal 2024 2nd Quarter(As of March 31, 2023)(As of September 30, 2023)

674,640
1,585,282
66,27574,809177,500
37,337
96,534(95)
2,712,285

503,527
1,442,120
63,126
81,120193,700
41,978175,070(85)
2,500,558

1,313,282
316,718
2,367,843
1,571,185
43,571
5,612,601
159,401

1,279,979
305,447
2,367,915
1,658,243
37,626
5,649,211
162,379

630,801
217,495
182,310(487)
1,030,120
6,802,124
9,514,409

569,028
211,385
466,457(472)1,246,399
7,057,990
9,558,549

Millions of yen

LIABILITIESCurrent liabilities:
Notes and accounts payable-trade
Short-term loans payable
Current portion of bonds payable
Current portion of long-term loans payable
Current portion of long-term accounts payable-railway facilities
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Noncurrent liabilities:
Bonds payable
Long-term loans payable
Long-term debt for the Chuo Shinkansen construction
Long-term accounts payable-railway facilities
Liability for retirement benefitsOther
Total noncurrent liabilities
Total liabilities
EQUITY
Shareholders' equity:
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income:Unrealized gain on available-for-sale securities
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Noncontrolling interests
Total equity
Total liabilities and equity

Fiscal 2023

Fiscal 2024 2nd Quarter(As of March 31, 2023)(As of September 30, 2023)

79,53327,341
139,00247,692
6,937
44,216
26,811
357,917729,452

62,731
31,823－
48,592
7,152
85,86828,629283,714548,512769,801
473,3903,000,000
513,050
182,801
38,802
4,977,846
5,707,299

769,821498,8903,000,000
509,420
184,536
39,1675,001,836
5,550,349

112,000
53,474
3,643,142(103,159)
3,705,456

112,000
53,8103,824,431(103,159)
3,887,082

49,517
4,280
53,79847,855
3,807,110
9,514,409

67,984
3,389
71,37349,7444,008,200
9,558,549

QUARTERLY CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
Millions of yen

Operating revenues
Operating expenses:
Transportation, other services and cost of sales
Selling, general and administrative expenses
Total operating expenses
Operating income
Non-operating income:Interest income
Dividend income
Insurance income
Gain on sales of investment securities
Other
Total non-operating income
Non-operating expenses:
Interest expense
Interest on long-term accounts payable-railway facilities
Other
Total non-operating expenses
Ordinary income
Extraordinary gain:Contribution for construction
Gain on sales of noncurrent assets
Other
Total extraordinary gain
Extraordinary loss:
Loss on reduction of noncurrent assets
Loss on retirement of noncurrent assets
Other
Total extraordinary loss
Income before income taxes
Income taxes
Net income
Net income attributable to noncontrolling interests
Net income attributable to owners of the parent

Fiscal 2023 2nd Quarter

Fiscal 2024 2nd Quarter(For the six months ended
September 30, 2022)(For the six months ended
September 30, 2023)

634,139

817,545

380,597
81,615462,212
171,926

417,124
88,329505,453
312,092

1,071
2,526
101
190
2,078
5,968

1,285
2,512
99
2,666
1,322
7,887

22,47017,115
2,018
41,604
136,290

22,58016,914
1,861
41,356278,623

364
150
17533

325
103
26
455

228
603
36
868
135,955
38,40597,549600
96,949

278
753
60
1,091
277,988
81,440196,547
1,468
195,079

QUARTERLY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
Millions of yen

Net income
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities
Deferred gain on hedges
Remeasurements of defined benefit plans
Share of other comprehensive income (loss) in affiliates
Total other comprehensive income (loss)
Comprehensive income(breakdown)
Total comprehensive income attributable toOwners of the parent
Noncontrolling interests

Fiscal 2023 2nd Quarter

Fiscal 2024 2nd Quarter(For the six months ended
September 30, 2022)(For the six months ended
September 30, 2023)

97,549196,547(4,198)0(776)(26)(5,000)92,54919,482－(945)
113
18,649215,197

91,913
636

212,655
2,542

QUARTERLY CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
Millions of yen

Operating activities:
Income before income taxes
Depreciation and amortizationDecrease in provision for large-scale renovation of theShinkansen infrastructure
Increase in liability for retirement benefits
Interest and dividend income
Interest expense
Proceeds from contribution for construction
Loss on reduction of noncurrent assets
Loss on retirement of noncurrent assets
Increase in trade receivables(Increase) decrease in inventories
Decrease in trade payables
Other
SubtotalInterest and dividend income received
Interest expense paid
Income taxes paid
Net cash provided by operating activities

Fiscal 2023 2nd Quarter

Fiscal 2024 2nd Quarter(For the six months endedSeptember 30, 2022)(For the six months ended
September 30, 2023)

135,955
106,069

277,988
106,241(17,500)－

135(3,597)39,585
(364)
228
1,754
(13,966)830(15,163)(27,828)
206,138
3,588(39,446)(3,755)
166,524534(3,798)39,495
(325)
278
1,379
(2,259)(4,386)(16,801)(55,045)
343,299
3,564(39,404)(38,226)
269,233(16,000)
16,000(22,300)
22,300Investing activities:
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from cancellation of money held in trust
for the Chuo Shinkansen construction
Payments for money held in trust
Purchases of marketable securities
Proceeds from redemption of marketable securities
Purchases of property, plant and equipment
Proceeds from contribution received for construction
Purchases of intangible assets
Purchases of investment securities
Proceeds from sales and redemption of investment securities
Other
Net cash used in investing activities

136,357

143,162－(35,700)
35,700(239,803)
1,896(3,527)(500)
26,763
1,339(77,474)(336,700)(29,100)
29,100(196,899)
2,458(5,724)(3,000)73,6173,452(319,633)

Financing activities:
Net increase in short-term loans payable
Proceeds from issuance of short-term bonds
Redemption of short-term bonds
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Payments for long-term accounts payable-railway facilities
Purchases of treasury stock
Cash dividends paid
Cash dividends paid to noncontrolling interests
OtherNet cash used in financing activities
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents, beginning of the fiscal year
Cash and cash equivalents, end of the period

697
200,000(200,000)
34,800(35,199)
10,000－(3,215)－(12,805)(90)
2,978(2,835)86,214619,460
705,674

4,482－－
37,900(11,500)－(139,007)(3,416)(0)(13,790)(153)
700(124,784)(175,185)
710,526
535,340

SEGMENT INFORMATION (Unaudited)
Fiscal 2023 2nd Quarter (For the six months ended September 30, 2022)
Information about operating revenues and profit (loss)(Millions of yen)

Merchandise
Transportation
and OtherReal Estate

Other（Note 1）

TotalReconciliations（Note 2）

Consolidated（Note 3）
634,139

Operating revenues:
External customers
Intersegment transactions or transfers
Total
Segment profit (loss)
Note

509,424

59,94021,615

43,158634,139

－

5,093

3,732

15,721

59,90384,451(84,451)－

514,518

63,67237,337103,062

718,590(84,451)

634,139

160,547

2,643

9,867

(469)

172,588(662)

171,926

1. "Other" includes business of hotel, travel, advertising, rolling stock production, construction, etc., which are not included in any reportable segment.
2. "Reconciliations" amount of (662) million yen for segment profit (loss) is the elimination of intersegment transactions.
3. Segment profit (loss) is reconciled to operating income in the quarterly consolidated statement of operations.

Fiscal 2024 2nd Quarter (For the six months ended September 30, 2023)
Information about operating revenues and profit (loss)(Millions of yen)

Merchandise
Transportation
and Other

Real Estate

Other（Note 1）

Reconciliations（Note 2）

Consolidated（Note 3）

817,545－817,545

Total

Operating revenues:
External customers
Intersegment transactions or transfers
Total
Segment profit
Note666,218

73,811

24,50153,014

5,478

3,414

16,62057,261

82,773(82,773)－

671,696

77,225

41,122110,275

900,319(82,773)

817,545289,818

5,890

12,016

4,747

312,473(381)

312,092

1. "Other" includes business of hotel, travel, advertising, rolling stock production, construction, etc., which are not included in any reportable segment.
2. "Reconciliations" amount of (381) million yen for segment profit is the elimination of intersegment transactions.
3. Segment profit is reconciled to operating income in the quarterly consolidated statement of operations.