Komori
Financial results presentation9006Keikyu CorporationTransportation and Logistics

Supplementary Explanatory Materials for the First Quarter of the Fiscal Year Ending March 2027

In the first quarter of the fiscal year ending March 2027, operating revenue increased 1.9% year on year, while operating income decreased 9.2% and net income attributable to owners of the parent decreased 13.2%. The full-year earnings and dividend forecasts remain unchanged, and procedures are under way for the acquisition of ¥30 billion in treasury shares.

Worth reading
90Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
-9.2
% (year-on-year change in operating income)
Wording
Conditional
How definitive the wording is.

Contents of this document

Supplementary materials to the earnings reportFirst quarter of the fiscal year ending March 202713 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥74,527 million+1.9%
Operating profit¥7,744 million-9.2%
Ordinary income¥6,850 million-13.1%
Net income¥4,711 million-13.2%
Results for the three months of the current quarter
Operating revenue
¥74,527 million
Operating profit
¥7,744 million
Ordinary income
¥6,850 million
Profit attributable to owners of parent for the quarter
¥4,711 million
Full-year earnings forecast
Operating revenue
¥4,015 100 million
Operating profit
¥450 100 million
Ordinary income
¥440 100 million
Profit attributable to owners of the parent
¥300 100 million
Earnings per share
¥115.06
ROE
8 %
Capital expenditures
¥1,630 100 million
Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。
Operating revenue18.6%
Operating profit17.2%
Ordinary income15.6%
Profit attributable to owners of parent for the quarter15.7%
Capital expenditures18.3%
Operating revenue from Transportation business24.9%
Operating income from Transportation business28.7%
Real estate business operating revenue8.6%
Real estate business operating profit3.9%
Operating revenue from Leisure and Services business22.8%
Operating income from Leisure and Services business24.3%
Operating revenue from Distribution business23.8%
Operating income from Distribution business27.3%
Operating revenue from Other business16.0%
Operating income from Other business6.0%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is broadly in line with expectations. However, railway performance was slightly below expectations, and some condominium properties and boat race betting sales were below expectations, while business hotels, restaurants and the Other business performed above expectations.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Increase in depreciation and amortization and other expenses¥-454 million
  • Increase in personnel expenses due to salary increases and other factors¥-115 million
  • Transfer of the taxi business¥64 million
  • Decline following the decrease in boat race days¥-598 million
  • Strong business hotel occupancy rates and ADR¥180 million
  • Distribution Business¥54 million
  • Other Businesses¥17 million
  • Adjustments¥119 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Hotel occupancy rate forecast91.5 %
Hotel ADR assumptionAt the same level as fiscal 2025 actual results
Full-year forecast growth rate for railway passenger numbers3 %
Unit_railway passenger numbers%
Target proceeds from real estate securitization salesAt least ¥150 billion from fiscal 2025 to fiscal 2029
New initiatives
  • Transfer of all shares in Ichihara Keikyu Country Club effective 1 October 2026
  • Private REIT operations scheduled to commence in the second half of fiscal 2026
  • Promoting initiatives to strengthen Haneda Airport transport capacity, including the Haneda Airport Terminals 1 and 2 Station Extension Line Development Project
  • Procedures under way for the acquisition of ¥30 billion in treasury shares in fiscal 2026. A portion of the acquired shares is scheduled to be cancelled.
Key KPIsA metric the company considers important as a management benchmark.
  • Railway passengers (all lines)117,796 thousand customers
    Year on year against the same period last year+2.1%
  • Total railway passenger revenue¥21,246 million
    Year on year against the same period last year+2.1%
  • Keikyu EX Hotel / EX Inn room occupancy rate92.1 %
    Year on year against the same period last year+2.4pt.
  • Proceeds from real estate securitization sales20 Approximately ¥100 million
  • Number of condominium units sold38 units
    Year on year against the same period last year-76.5%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Railway passengers (all lines)117,796 thousand customers
    Year on year against the same period last year+2.1%
  • Business hotel room occupancy rate92.1 %
    Year on year against the same period last year+2.4pt.
  • Business hotel room rate (ADR)
    Year on year against the same period last year+6.3%
Segment results
Transportation Business
Operating revenue
¥30,084 million-0.5%
Operating profit
¥4,589 million-9.9%
Real Estate Business
Operating revenue
¥12,325 million+1.2%
Operating profit
¥783 million-6.5%
Leisure and services business
Operating revenue
¥8,401 million-3.9%
Operating profit
¥1,384 million-23.2%
Distribution Business
Operating revenue
¥20,868 million-0.2%
Operating profit
¥658 million+9.0%
Other Businesses
Operating revenue
¥8,968 million+14.9%
Operating profit
¥143 million+14.0%
Medium-term management plan targets
Business structure transformation and concentration of management resources under the 20th Comprehensive Management Plan. Comparison of actual results with numerical targets and target years: Not disclosed.
Financial targets
ROE
Target value8 %
Equity ratio
Actual value33.8 %
Capital expenditures
¥29,829 million
Annual Dividend
FY2026 forecast
Annual¥46
Interim¥23
End of period¥23
Fiscal 2027 onward
Annual¥46 or more
Payout ratio
FY2026 forecast40 %
Policyapproximately 40%
Acquisition of treasury shares
¥300 100 million
PeriodFiscal 2026
SituationProcedures under way
Contents of this document
ItemDetails
Document typeSupplementary materials to the earnings report
Fiscal Period CoveredFirst quarter of the fiscal year ending March 2027
Net Sales¥74,527 million (YoY +1.9%)
Operating profit¥7,744 million (YoY -9.2%)
Ordinary income¥6,850 million (YoY -13.1%)
Net income¥4,711 million (YoY -13.2%)
Results for the three months of the current quarterOperating revenue ¥74,527 million / Operating profit ¥7,744 million / Ordinary income ¥6,850 million / Profit attributable to owners of parent for the quarter ¥4,711 million
Full-year earnings forecastOperating revenue ¥4,015 100 million / Operating profit ¥450 100 million / Ordinary income ¥440 100 million / Profit attributable to owners of the parent ¥300 100 million / Earnings per share ¥115.06 / ROE 8 % / Capital expenditures ¥1,630 100 million
Progress against full-year forecastOperating revenue 18.6% / Operating profit 17.2% / Ordinary income 15.6% / Profit attributable to owners of parent for the quarter 15.7% / Capital expenditures 18.3% / Operating revenue from Transportation business 24.9% / Operating income from Transportation business 28.7% / Real estate business operating revenue 8.6% / Real estate business operating profit 3.9% / Operating revenue from Leisure and Services business 22.8% / Operating income from Leisure and Services business 24.3% / Operating revenue from Distribution business 23.8% / Operating income from Distribution business 27.3% / Operating revenue from Other business 16.0% / Operating income from Other business 6.0%
Self-assessment against the planProgress is broadly in line with expectations. However, railway performance was slightly below expectations, and some condominium properties and boat race betting sales were below expectations, while business hotels, restaurants and the Other business performed above expectations.
Segment resultsTransportation Business Operating revenue ¥30,084 million (YoY -0.5%) / Operating profit ¥4,589 million (YoY -9.9%) / Real Estate Business Operating revenue ¥12,325 million (YoY +1.2%) / Operating profit ¥783 million (YoY -6.5%) / Leisure and services business Operating revenue ¥8,401 million (YoY -3.9%) / Operating profit ¥1,384 million (YoY -23.2%) / Distribution Business Operating revenue ¥20,868 million (YoY -0.2%) / Operating profit ¥658 million (YoY +9.0%) / Other Businesses Operating revenue ¥8,968 million (YoY +14.9%) / Operating profit ¥143 million (YoY +14.0%)
Breakdown of Factors Affecting the ChangeFactors Increase in depreciation and amortization and other expenses / Amount ¥-454 million, Factors Increase in personnel expenses due to salary increases and other factors / Amount ¥-115 million, Factors Transfer of the taxi business / Amount ¥64 million, Factors Decline following the decrease in boat race days / Amount ¥-598 million, Factors Strong business hotel occupancy rates and ADR / Amount ¥180 million, Factors Distribution Business / Amount ¥54 million, Factors Other Businesses / Amount ¥17 million, Factors Adjustments / Amount ¥119 million
Key KPIsIndicator name Railway passengers (all lines) / Value 117,796 thousand customers / Year on year against the same period last year 2.1 thousand customers, Indicator name Total railway passenger revenue / Value ¥21,246 million / Year on year against the same period last year ¥2.1 million, Indicator name Keikyu EX Hotel / EX Inn room occupancy rate / Value 92.1 % / Year on year against the same period last year +2.4pt., Indicator name Proceeds from real estate securitization sales / Value 20 Approximately ¥100 million / Year on year against the same period last year Not disclosed, Indicator name Number of condominium units sold / Value 38 units / Year on year against the same period last year -76.5 units
Unit price and quantity metricsIndicator name Railway passengers (all lines) / Value 117,796 thousand customers / Year on year against the same period last year 2.1 thousand customers, Indicator name Business hotel room occupancy rate / Value 92.1 % / Year on year against the same period last year +2.4pt., Indicator name Business hotel room rate (ADR) / Value Not disclosed / Year on year against the same period last year 6.3
Assumptions Underlying the Business OutlookHotel occupancy rate forecast 91.5 % / Hotel ADR assumption At the same level as fiscal 2025 actual results / Full-year forecast growth rate for railway passenger numbers 3 % / Unit_railway passenger numbers % / Target proceeds from real estate securitization sales At least ¥150 billion from fiscal 2025 to fiscal 2029
Medium-term management plan targetsBusiness structure transformation and concentration of management resources under the 20th Comprehensive Management Plan. Comparison of actual results with numerical targets and target years: Not disclosed.
Financial targetsROE Target value 8 % / Actual value Not disclosed / Equity ratio Target value Not disclosed / Actual value 33.8 %
Annual DividendFY2026 forecast Annual ¥46 / Interim ¥23 / End of period ¥23 / Fiscal 2027 onward Annual ¥46 or more
Payout ratioFY2026 forecast 40 % / Policy approximately 40%
Acquisition of treasury sharesAmount ¥300 100 million / Period Fiscal 2026 / Situation Procedures under way
Capital expenditures¥29,829 million
New initiativesTransfer of all shares in Ichihara Keikyu Country Club effective 1 October 2026, Private REIT operations scheduled to commence in the second half of fiscal 2026, Promoting initiatives to strengthen Haneda Airport transport capacity, including the Haneda Airport Terminals 1 and 2 Station Extension Line Development Project, Procedures under way for the acquisition of ¥30 billion in treasury shares in fiscal 2026. A portion of the acquired shares is scheduled to be cancelled.
Items this document does not state (9)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders 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.

Completed construction increased in the Other business, while railway passenger numbers and business hotel occupancy rates and room rates improved. On the other hand, depreciation and amortization and other expenses increased in the railway business, revenue declined following the transfer of the taxi business, and the Leisure and Services business posted lower revenue and income due to the反動減 from the concentration of boat race days in the first half of the previous year.

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Supplementary Explanatory Materials for the First Quarter of the Fiscal Year Ending March 2027 | Keikyu Corporation (9006) timely disclosure | Komori