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Presentation materials for financial results9005TOKYU CORPORATIONTransportation and Logistics

Overview of Financial Results for the Fiscal Year Ending March 2026

In FY2025, operating revenue increased and operating profit was broadly in line with the previous year due partly to the reactionary decline in real estate sales, while net income increased. The FY2026 forecast has been revised upward from the previously announced figures for operating revenue, operating profit and net income. The company also plans to acquire treasury shares, up to a maximum of ¥20 billion or 13 million shares.

Worth reading
68In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
538
¥100 million (year-on-year increase in FY2026 operating revenue)
Wording
Conditional
How definitive the wording is.

Contents of this document

Presentation materials for financial resultsFY2025 (fiscal year ended March 2026) financial results and FY2026 earnings forecast14 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales10,861 Hundreds of millions of yen+3.0%
Operating profit1,031 Hundreds of millions of yen-0.3%
Ordinary income1,161 Hundreds of millions of yen+7.8%
Net income¥870 100 million +9.3%net income attributable to owners of the parent
Results for the three months of the current quarterRailway fourth-quarter passenger volume: 1,117,024 thousand passengers; fare revenue: ¥152,837 million. Consolidated sales and profit for the three months of the quarter: Not disclosed.
Full-year earnings forecast
Operating revenue
11,400 Hundreds of millions of yen
Operating profit
1,100 Hundreds of millions of yen
Business profit
1,115 Hundreds of millions of yen
Ordinary income
1,114 Hundreds of millions of yen
Profit attributable to owners of the parent
900 Hundreds of millions of yen
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
FY2026 earnings forecast revised upward from the figure announced in May 2025
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
FY2025 operating profit year on year
Hotels and Resorts+¥3.0 billion
Lifestyle Services+¥2.5 billion
Transportation-¥1.6 billion
Real Estate-¥4.8 billion
Corporate and eliminations+¥500 million
FY2025 operating profit vs. February forecast
Hotels and Resorts-¥0.5 billion
Lifestyle Services-¥1.0 billion
Real Estate-¥1.3 billion
Transportation-¥1.1 billion
Corporate and eliminations+¥0.3 billion
FY2026 operating profit forecast year on year
Transportation+¥3.6 billion
Real Estate+¥2.3 billion
Hotels and Resorts+¥600 million
Lifestyle Services+¥500 million
Corporate and eliminations-¥300 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Tokyu Railways passenger volume1,143,831 million people
  • Tokyu Railways fare revenue¥156,869 million
  • Condominium units delivered345 units
  • Real estate rental vacancy rate0.95 %
  • Full-year hotel occupancy rate80.6 %
  • Hotel ADR¥27,887
  • Increase in personnel expenses70 Approximately ¥100 million
New initiatives
  • Plans to acquire treasury shares up to a maximum of ¥20 billion or 13 million shares
  • Revised the investment plan for FY2024-FY2026 from ¥520 billion to ¥490 billion
  • Updated the FY2026 forecast and FY2027 targets under the medium-term three-year management plan from the previously announced figures
Key KPIsA metric the company considers important as a management benchmark.
  • EPS¥152.25
    Year on year against the same period last year+¥17.44
  • ROE10 %
    Year on year against the same period last year+0.2 percentage points
  • ROA3.7 %
    Year on year against the same period last year-0.1 percentage points
  • Tokyu EBITDA2,279 Hundreds of millions of yen
    Year on year against the same period last year+6.4%
  • EBITDA1,917 Hundreds of millions of yen
    Year on year against the same period last year+0.9%
  • Interest-bearing debt/Tokyu EBITDA6.1 times
    Year on year against the same period last year+0.0
  • Net interest-bearing debt/EBITDA multiple6.8 times
    Year on year against the same period last year+0.3
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Railway passenger numbers1,117,024 thousand customers
    Year on year against the same period last year+3.1%
  • Railway fare revenue¥152,837 million
    Year on year against the same period last year+1.8%
  • Hotel ADR¥26,681
    Year on year against the same period last year+¥2,761
  • Hotel occupancy rate
Segment results
Transportation Business
Year on year against the same period last yearProfit decrease
Real Estate Business
Year on year against the same period last yearProfit decrease
Lifestyle Services
Year on year against the same period last yearProfit growth
Hotels and Resorts
Year on year against the same period last yearProfit growth
Medium-term management plan targets
Target fiscal yearFY2027
Operating revenue
11,800 Hundreds of millions of yen
Operating profit
1,120 Hundreds of millions of yen
Profit attributable to owners of the parent
920 Hundreds of millions of yen
EPS
¥164.88
ROE
9.3 %
Tokyu EBITDA
2,400 Hundreds of millions of yen
Financial targets
ROE
FY2025 actual10 %
FY2026 forecast9.6 %
FY2027 target9.3 %
Interest-bearing debt/Tokyu EBITDA
FY2025 actual6.1 times
FY2026 forecast6.1 times
FY2027 target6 times
Net interest-bearing debt/EBITDA multiple
FY2025 actual6.8 times
FY2026 forecast6.6 times
FY2027 target6.6 times
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
The impact of escalating tensions in the Middle East has not been incorporated. Amount: Not disclosed.
Capital expenditures
¥4,900 100 million three-year plan for FY2024-FY2026
Annual Dividend
FY2026 forecast¥32 per share
Payout ratio
Targeting 30% over the medium to long term
Acquisition of treasury shares
Maximum amount¥200 100 million, 10,000 shares
Maximum number of shares¥1,300 100 million, 10,000 shares
Contents of this document
ItemDetails
Document typePresentation materials for financial results
Fiscal Period CoveredFY2025 (fiscal year ended March 2026) financial results and FY2026 earnings forecast
Net Sales10,861 Hundreds of millions of yen (YoY +3.0%)
Operating profit1,031 Hundreds of millions of yen (YoY -0.3%)
Ordinary income1,161 Hundreds of millions of yen (YoY +7.8%)
Net income¥870 100 million (net income attributable to owners of the parent) (YoY +9.3%)
Results for the three months of the current quarterRailway fourth-quarter passenger volume: 1,117,024 thousand passengers; fare revenue: ¥152,837 million. Consolidated sales and profit for the three months of the quarter: Not disclosed.
Full-year earnings forecastOperating revenue 11,400 Hundreds of millions of yen / Operating profit 1,100 Hundreds of millions of yen / Business profit 1,115 Hundreds of millions of yen / Ordinary income 1,114 Hundreds of millions of yen / Profit attributable to owners of the parent 900 Hundreds of millions of yen
Self-assessment against the planFY2026 earnings forecast revised upward from the figure announced in May 2025
Segment resultsTransportation Business Operating revenue Not disclosed / Operating profit Not disclosed / Year on year against the same period last year Profit decrease / Real Estate Business Operating revenue Not disclosed / Operating profit Not disclosed / Year on year against the same period last year Profit decrease / Lifestyle Services Operating revenue Not disclosed / Operating profit Not disclosed / Year on year against the same period last year Profit growth / Hotels and Resorts Operating revenue Not disclosed / Operating profit Not disclosed / Year on year against the same period last year Profit growth
Breakdown of Factors Affecting the ChangeFY2025 operating profit year on year Hotels and Resorts +¥3.0 billion / Lifestyle Services +¥2.5 billion / Transportation -¥1.6 billion / Real Estate -¥4.8 billion / Corporate and eliminations +¥500 million / FY2025 operating profit vs. February forecast Hotels and Resorts -¥0.5 billion / Lifestyle Services -¥1.0 billion / Real Estate -¥1.3 billion / Transportation -¥1.1 billion / Corporate and eliminations +¥0.3 billion / FY2026 operating profit forecast year on year Transportation +¥3.6 billion / Real Estate +¥2.3 billion / Hotels and Resorts +¥600 million / Lifestyle Services +¥500 million / Corporate and eliminations -¥300 million
Key KPIsIndicator name EPS / Value ¥152.25 / Year on year against the same period last year +¥17.44, Indicator name ROE / Value 10 % / Year on year against the same period last year +0.2 percentage points, Indicator name ROA / Value 3.7 % / Year on year against the same period last year -0.1 percentage points, Indicator name Tokyu EBITDA / Value 2,279 Hundreds of millions of yen / Year on year against the same period last year +6.4%, Indicator name EBITDA / Value 1,917 Hundreds of millions of yen / Year on year against the same period last year +0.9%, Indicator name Interest-bearing debt/Tokyu EBITDA / Value 6.1 times / Year on year against the same period last year +0.0 times, Indicator name Net interest-bearing debt/EBITDA multiple / Value 6.8 times / Year on year against the same period last year +0.3 times
Unit price and quantity metricsIndicator name Railway passenger numbers / Value 1,117,024 thousand customers / Year on year against the same period last year +3.1%, Indicator name Railway fare revenue / Value ¥152,837 million / Year on year against the same period last year +1.8%, Indicator name Hotel ADR / Value ¥26,681 / Year on year against the same period last year +¥2,761, Indicator name Hotel occupancy rate / Value Not disclosed / Year on year against the same period last year Not disclosed
Assumptions Underlying the Business OutlookItem Tokyu Railways passenger volume / Value 1,143,831 million people, Item Tokyu Railways fare revenue / Value ¥156,869 million, Item Condominium units delivered / Value 345 units, Item Real estate rental vacancy rate / Value 0.95 %, Item Full-year hotel occupancy rate / Value 80.6 %, Item Hotel ADR / Value ¥27,887, Item Increase in personnel expenses / Value 70 Approximately ¥100 million
Risk amount incorporated into the outlookThe impact of escalating tensions in the Middle East has not been incorporated. Amount: Not disclosed.
Medium-term management plan targetsTarget fiscal year FY2027 / Operating revenue 11,800 Hundreds of millions of yen / Operating profit 1,120 Hundreds of millions of yen / Profit attributable to owners of the parent 920 Hundreds of millions of yen / EPS ¥164.88 / ROE 9.3 % / Tokyu EBITDA 2,400 Hundreds of millions of yen
Financial targetsROE FY2025 actual 10 % / FY2026 forecast 9.6 % / FY2027 target 9.3 % / Interest-bearing debt/Tokyu EBITDA FY2025 actual 6.1 times / FY2026 forecast 6.1 times / FY2027 target 6 times / Net interest-bearing debt/EBITDA multiple FY2025 actual 6.8 times / FY2026 forecast 6.6 times / FY2027 target 6.6 times
Annual DividendFY2026 forecast ¥32 per share / Breakdown Not disclosed
Payout ratioTargeting 30% over the medium to long term
Acquisition of treasury sharesMaximum amount ¥200 100 million, 10,000 shares / Maximum number of shares ¥1,300 100 million, 10,000 shares / Period Not disclosed
Capital expenditures¥4,900 100 million (three-year plan for FY2024-FY2026)
New initiativesPlans to acquire treasury shares up to a maximum of ¥20 billion or 13 million shares, Revised the investment plan for FY2024-FY2026 from ¥520 billion to ¥490 billion, Updated the FY2026 forecast and FY2027 targets under the medium-term three-year management plan from the previously announced figures
Items this document does not state (9)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsNumber of employeesOrders received and order backlogMarket Size / ShareKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

In FY2025, revenue increased as all businesses performed well, led by the hotel and resort business. Operating profit was broadly in line with the previous year due to the reactionary decline following the sale of large properties in the previous fiscal year and higher expenses across the businesses, while net income increased due to the recognition of an amount equivalent to negative goodwill and higher equity in earnings of affiliates. For FY2026, the company expects an increase in railway users, higher condominium sales in the real estate business, improved foot traffic, and higher rents and selling prices.

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Overview of Financial Results for the Fiscal Year Ending March 2026 | TOKYU CORPORATION (9005) timely disclosure | Komori