Centrair (Central Japan International Airport)

Centrair, the unlisted company behind Chubu Centrair International Airport near Nagoya, is the clearest example of what happens to an airport floor when Chinese traffic thins: net sales edged up 2.4% to ¥54.1bn in the year to March 2026, but the commercial segment slipped to ¥22.5bn from ¥23.2bn as duty-free sales fell with cuts to China routes, even as the general shops grew. Operating profit fell 8.9% to ¥7.1bn and net income 55.7% to ¥3.0bn. Passengers reached 11.59m, up 5.0%, but the company guides to 11.0m passengers and ¥51.0bn of sales for the year to March 2027, with net income near zero.

Centrair's first half to September 2025 grew on passengers: net sales rose 7.9% to ¥27.7bn and operating profit 18.2% to ¥4.6bn, while net income fell 24.7% to ¥2.4bn against a prior-year figure lifted by one-off items. The China-route cuts that hit duty-free sales arrived with the winter schedule, after this period.