Worth reading
78Important
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
85
¥100 millionWording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportSecond quarter (interim period) of the fiscal year ending March 202712 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥149,199 million+4.7%
Operating profit¥18,765 million+1.1%
Ordinary income¥19,314 million+14.4%
Net income¥13,477 million-11.7%
Results for the three months of the current quarter
Operating revenue
¥74,672 million
Operating profit
¥11,021 million
Ordinary income
¥12,464 million
Profit attributable to owners of parent for the quarter
¥8,765 million
Full-year earnings forecast
Operating revenue
¥3,930 100 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
¥1,636 100 million
Depreciation and amortization
¥315 100 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 revenue37.2%
Operating profit41.7%
Ordinary income43.9%
Interim net income attributable to owners of the parent44.9%
Capital expenditures32.0%
Depreciation and amortization46.8%
By segmentTransportation operating revenue 49.8%, transportation operating income 70.0%, real estate operating revenue 16.1%, real estate operating income 11.7%, leisure and services operating revenue 47.0%, leisure and services operating income 53.7%, retail operating revenue 47.8%, retail operating income 49.3%, other operating revenue 37.0%, other operating income 36.8%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Operating revenue fell slightly short of expectations, while operating income exceeded expectationsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating income by segment
Increase in depreciation and amortization, etc.-628
Transfer of the taxi business99
Real estate sales, securitization and other activities785
Real Estate Leasing3
Business hotels392
Other than business hotels-917
Distribution35
Other385
Adjustments180
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Year-on-year change in full-year forecast for passengers carried on all railway lines+2.2%
Year-on-year change in full-year forecast for non-commuter railway passengers+2.5%
Year-on-year change in full-year forecast for passengers carried at the 2 Haneda Airport stations+1.6%
Full-year forecast for hotel room occupancy rate92.5%
New initiatives
- Procedures are under way for a ¥30.0 billion share buyback in fiscal 2026
- Cancellation of part of the treasury shares acquired
- Use of gains from sales as the real estate asset-turnover business enters full-scale operation
Key KPIsA metric the company considers important as a management benchmark.
- Railway passengers carried (all lines)233,919 thousand peopleYear on year against the same period last year+1.8%
- Real estate securitization sales¥22 100 million
- Keikyu EX Hotel and EX Inn room occupancy rate92.6 %Year on year against the same period last year+2.3pt.
- ADRYear on year against the same period last year+5.8%
- Condominium units sold93 unitsYear on year against the same period last year-46.6%
- Passengers carried at the 2 Haneda Airport stations28,524 thousand peopleYear on year against the same period last year+1.4%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Railway passengers carried233,919 thousand people
Passenger transportation revenue42,393 thousand people
Passenger transportation revenue unit¥ million
Hotel room occupancy rate92.6 thousand people
Hotel room occupancy rate unit%
Year-on-year change in ADR+5.8%
Segment results
Transportation
Operating revenue
¥60,262 million-1.1%
Operating profit
¥11,205 million-5.5%
Real estate business
Operating revenue
¥23,098 million+20.1%
Operating profit
¥2,331 million+51.1%
Leisure and Services
Operating revenue
¥17,307 million-0.2%
Operating profit
¥3,059 million-14.6%
Retail
Operating revenue
¥41,817 million+0.1%
Operating profit
¥1,188 million+3.1%
Other businesses
Operating revenue
¥20,797 million+13.4%
Operating profit
¥882 million+77.4%
Financial targets
ROE
Target value8 %
Equity ratio
Actual value33.5 %
Capital expenditures
¥52,090 million
Annual Dividend
Annual dividend amount¥46
Interim Dividend23 yen
Year-end dividend23 yen
Payout ratio
40 %
Acquisition of treasury shares
Share buyback authorization amount¥300 100 million
| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending March 2027 |
| Net Sales | ¥149,199 million (YoY +4.7%) |
| Operating profit | ¥18,765 million (YoY +1.1%) |
| Ordinary income | ¥19,314 million (YoY +14.4%) |
| Net income | ¥13,477 million (YoY -11.7%) |
| Results for the three months of the current quarter | Operating revenue ¥74,672 million / Operating profit ¥11,021 million / Ordinary income ¥12,464 million / Profit attributable to owners of parent for the quarter ¥8,765 million |
| Full-year earnings forecast | Operating revenue ¥3,930 100 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 ¥1,636 100 million / Depreciation and amortization ¥315 100 million |
| Progress against full-year forecast | Operating revenue 37.2% / Operating profit 41.7% / Ordinary income 43.9% / Interim net income attributable to owners of the parent 44.9% / Capital expenditures 32.0% / Depreciation and amortization 46.8% / By segment Transportation operating revenue 49.8%, transportation operating income 70.0%, real estate operating revenue 16.1%, real estate operating income 11.7%, leisure and services operating revenue 47.0%, leisure and services operating income 53.7%, retail operating revenue 47.8%, retail operating income 49.3%, other operating revenue 37.0%, other operating income 36.8% |
| Self-assessment against the plan | Operating revenue fell slightly short of expectations, while operating income exceeded expectations |
| Segment results | Transportation Operating revenue ¥60,262 million (YoY -1.1%) / Operating profit ¥11,205 million (YoY -5.5%) / Real estate business Operating revenue ¥23,098 million (YoY +20.1%) / Operating profit ¥2,331 million (YoY +51.1%) / Leisure and Services Operating revenue ¥17,307 million (YoY -0.2%) / Operating profit ¥3,059 million (YoY -14.6%) / Retail Operating revenue ¥41,817 million (YoY +0.1%) / Operating profit ¥1,188 million (YoY +3.1%) / Other businesses Operating revenue ¥20,797 million (YoY +13.4%) / Operating profit ¥882 million (YoY +77.4%) |
| Breakdown of Factors Affecting the Change | Operating income by segment Increase in depreciation and amortization, etc. -628 / Transfer of the taxi business 99 / Real estate sales, securitization and other activities 785 / Real Estate Leasing 3 / Business hotels 392 / Other than business hotels -917 / Distribution 35 / Other 385 / Adjustments 180 |
| Key KPIs | Indicator name Railway passengers carried (all lines) / Value 233,919 thousand people / Year on year against the same period last year +1.8%, Indicator name Real estate securitization sales / Value ¥22 100 million / Year on year against the same period last year Not disclosed, Indicator name Keikyu EX Hotel and EX Inn room occupancy rate / Value 92.6 % / Year on year against the same period last year +2.3pt., Indicator name ADR / Value Not disclosed / Year on year against the same period last year +5.8%, Indicator name Condominium units sold / Value 93 units / Year on year against the same period last year -46.6%, Indicator name Passengers carried at the 2 Haneda Airport stations / Value 28,524 thousand people / Year on year against the same period last year +1.4% |
| Unit price and quantity metrics | Railway passengers carried 233,919 thousand people / Passenger transportation revenue 42,393 thousand people / Passenger transportation revenue unit ¥ million / Hotel room occupancy rate 92.6 thousand people / Hotel room occupancy rate unit % / Year-on-year change in ADR +5.8% |
| Assumptions Underlying the Business Outlook | Year-on-year change in full-year forecast for passengers carried on all railway lines +2.2% / Year-on-year change in full-year forecast for non-commuter railway passengers +2.5% / Year-on-year change in full-year forecast for passengers carried at the 2 Haneda Airport stations +1.6% / Full-year forecast for hotel room occupancy rate 92.5% |
| Financial targets | ROE Target value 8 % / Actual value Not disclosed / Equity ratio Target value Not disclosed / Actual value 33.5 % |
| Annual Dividend | Annual dividend amount ¥46 / Interim Dividend 23 yen / Year-end dividend 23 yen |
| Payout ratio | Value 40 % / Total payout ratio Not disclosed / DOE Not disclosed |
| Acquisition of treasury shares | Share buyback authorization amount ¥300 100 million / Number of Shares Not disclosed / Period Not disclosed |
| Capital expenditures | ¥52,090 million |
| New initiatives | Procedures are under way for a ¥30.0 billion share buyback in fiscal 2026, Cancellation of part of the treasury shares acquired, Use of gains from sales as the real estate asset-turnover business enters full-scale operation |
Items this document does not state (10)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsOrders 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.The downward revision to the operating revenue forecast reflects a review of the condominium sales plan, supermarket sales performance in the first half, timing differences affecting the delivery of certain properties for asset securitization, and weaker-than-expected condominium sales. The reasons given for the operating income forecast are timing differences in expenses and lower expenses in the first half, while the dividend forecast is based on the policy of maintaining a payout ratio of approximately 40%.
How to read this page
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