Business plan

Overview of Group Management Philosophy and Business Plan

Long-Term Business Plan: D Plan [9 years from FY2022 to FY2030]

Keisei Group is implementing the D Plan, a long-term business plan covering the nine years from FY2022 to FY2030. The plan includes a long-term vision for the Group, to be achieved by the target year. The vision is expressed as follows: “We contribute to sustainability through community partnerships and by enhancing Narita Airport, the entrance to Japan.” We will implement each priority policy based on the long-term strategic themes that we have set forth to realize the Group Vision.

Group Vision

Vision for 2030

We contribute to sustainability through community partnerships and
by enhancing Narita Airport, the entrance to Japan

Strategic Themes

Priorities

  • Safety and Reliability

    • Improve disaster-resilience
    • Improve passenger safety
    • Use digital technology

  • Airport Link

    • Prepare for further enhancements to Narita Airport
    • Make service more passenger-friendly

  • Community Wellbeing

    • Build vibrant, lasting communities
    • Incorporate sustainability into community development

  • Governance

    • Improve disclosures of non-financial (ESG) information
    • Maintain fiscal health
    • Strengthen corporate governance

  • Tourism

    • Make tourist destinations in core areas more attractive
    • Develop new tourist resources and tourist routes

  • Talent

    • Diversify workforce
    • Encourage employees to embrace change

Medium-Term Business Plan: D2 Plan (FY2025-2027)

To achieve its long-term vision, Keisei Group has formulated its medium-term business plan, the D2 Plan, on our new group organization foundations. This plan is centered around “Improving Narita Airport Access” and “Strengthen Profitability and Resilience to External Change,” ahead of the planned improvements to Narita Airport, scheduled for completion by the end of FY2028. In addition to continuing to strengthen our transportation and services in response to the functional improvements taking place at Narita Airport, we will strengthen our businesses that meet the everyday living needs of our business area and that are expected to contribute to the competitiveness of the area. The focus will be on our “second pillar” of real estate, in order to improve our corporate value and establish a stable revenue base.

Our numerical targets for FY2027 are operating revenue of ¥375 billion, operating profit of ¥38 billion, ROE of 8% or more, an EBITDA multiple in the range of 7 times, and consolidated payout ratio of 30% or more.

D2 Plan in context

Numerical Planning of D2 Plan

  • Operating revenue

    ¥375.0bn

    (FY2027)

  • Operating profit

    ¥38.0bn

    (FY2027)

  • Investment

    Total ¥300.0bn

    (FY2025-2027)

  • Capital efficiency

    ROE

    >8%

    (FY2027)

  • Fiscal health

    EBITDA multiple

    7x range

    (FY2027)

  • Dividend policy

    Consolidated
    payout ratio

    >30%

    (FY2027)