We thank you for your continued kind consideration.

Japan’s economy continued on a moderate recovery path. Corporate earnings generally improved and consumer confidence showed signs of recovery, despite changes in the employment situation and the effects of the weak yen and inflation. In addition, the future is expected to remain uncertain due to the effects of the declining birthrate and aging population, international situations, etc.

In this situation, the medium-term business plan D2 Plan (FY2025-2027) has set the goal of "Build on our new group organization foundations to improve Narita airport access, enhance profitability and resilience to external change and transform our corporate structure to support achievement of long-term vision."

As a business operator responsible for transportation at Narita Airport, we will promote preparations to increase transportation capacity in order to reliably capture airport transportation demand, which is expected to expand with the strengthening Narita Airport's functions to realize a tourism-advanced nation. In addition, by optimizing our future business portfolio, strengthening our real estate business, and promoting ongoing development and urban development projects in our business areas, we will generate and increase stable profits in the short and medium term while also looking toward long-term growth, and continue to provide value to our customers and all other stakeholders.

Our organization’s fundamental and perennial mission is to ensure safety and reliability. On top of this, we engage in five strategic themes. The first three describe strategies for achieving the vision: 1) community wellbeing, 2) tourism, and 3) airport links. The other two describe underpinnings for the strategy: 4) governance and 5) talent. We will contribute to sustainability through community partnerships and by enhancing Narita Airport, the entrance to Japan.

We remain committed as ever to our management philosophy, which is to ensure safety and reliability, deliver products and services that delight customers, and contribute to the wellbeing of the communities served by our rail lines and our other businesses. Alongside this, we’ll ensure rigorous compliance and risk management by bolstering our internal controls, and embody our corporate citizenship with an unceasing commitment to supporting ecological sustainability. We’ll also keep promoting a customer-centric culture through a campaign known in Japanese as Best Manner Kōjō (a campaign to improve customer communication, service quality, and customer service etiquette). Through such efforts, we’ll make our businesses the customer’s first choice.

I hope you continue to look forward to continued progress from the Keisei Group.

President and Representative Director