Worth reading
58In focus
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
84.4
Year-on-year decline in operating profit (%)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025 to 31 March 2026ConsolidatedJapanese GAAPNet Sales513,286¥ millionYear on year -43.0%Progress 91.8%
Operating profit45,522¥ millionYear on year -84.4%Progress 85.9%
Ordinary income45,821¥ millionYear on year -84.1%Progress 97.5%
Net income attributable to owners of the parent38,857¥ millionYear on year -84.9%Progress 143.9%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥150.93
Operating Margin8.9%
Financial position at period-end
Total assets1,730,654¥ million
of which net assets 574,537 ¥ millionEquity ratio 32.9%vs. prior year-end +2.3pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+1,528
Investment-145,757
Financials-76,733
Net change-220,962
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥56,107 million
Segment revenue
Real Estate Business83,99815.4%-82.5%
Hotel and Leisure Business250,48145.9%+3.8%
Urban transportation and lineside business156,74628.7%+2.7%
Other54,66610.0%+6.6%
Segment profit
Real Estate Business12,39526.8%-94.8%
Hotel and Leisure Business22,65849.0%+21.6%
Urban transportation and lineside business9,54620.6%-15.6%
Other1,6483.6%-20.2%
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥559,000 million (YoY +8.9%)
Operating profit¥53,000 million (YoY +16.4%)
Ordinary income¥47,000 million (YoY +2.6%)
Net income¥27,000 million (YoY -30.5%)
Annual Dividend Forecast¥42 → ¥42（0.0%）
Payout ratioActual results for the current fiscal year 27.8% / Next-year forecast 39.5%
Shareholder Return PolicyProgressive dividends with a floor of 2.0% DOE. The company will pursue stable and sustained enhancement of shareholder returns and will flexibly repurchase treasury shares in light of its balance sheet position.
Factors Behind Changes in Business Performance
Although the company monetized properties held, captured inbound demand in the domestic hotel business, and benefited from increased demand in the railway business, operating revenue declined mainly due to the反動 following the monetization of Tokyo Garden Terrace Kioicho. In addition to lower revenue, operating income declined because various expenses increased, including personnel expenses, including wage increases, and depreciation and amortization associated with higher capital investment.
Disclosure regarding the going concern assumption
Not applicable.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew Number of companies 25 / Company name Ace Hotels Worldwide Inc. and 24 other companies / Excluded Number of companies 0 / Company name Not disclosed
Material subsequent events株式会社西武不動産 commenced a tender offer for the common shares and stock acquisition rights of e'grand Co.,Ltd on 1 April 2026. In addition, the company issued ¥10 billion each of its 6th and 7th unsecured corporate bonds on 23 April 2026.
Impairment loss¥5,392 million
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets 5,566 / Contributions received for construction, etc. 58,369 / Subsidy Income 580 / Gain on sale of investment securities 893 / Other 2,696 / Extraordinary loss Impairment loss 5,392 / Loss on sale of fixed assets 35 / Loss on Disposal of Fixed Assets 2,364 / Reduction in acquisition cost from construction contributions, etc. 58,365 / Loss on reduction of fixed assets 568 / Other 1,822
Depreciation and amortization¥56,156 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingAvailable (for institutional investors and analysts)
Issued Shares at Period-End305,775,520
Treasury Shares at Period-End51,597,732
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025 to 31 March 2026 |
| Net Sales | ¥513,286 million (YoY -43.0%) |
| Operating profit | ¥45,522 million (YoY -84.4%) |
| Ordinary income | ¥45,821 million (YoY -84.1%) |
| Profit attributable to owners of the parent | ¥38,857 million (YoY -84.9%) |
| Net income per share | ¥150.93 |
| Operating Margin | 8.9% |
| Equity ratio | End of the current fiscal period 32.9% / End of previous period 30.6% |
| Total assets | ¥1,730,654 million |
| Net assets | ¥574,537 million |
| Cash flows from operating activities | ¥1,528 million |
| Cash flows from investing activities | ¥-145,757 million |
| Cash flows from financing activities | ¥-76,733 million |
| Cash and cash equivalents at end of period | ¥56,107 million |
| Full-year earnings forecast | Net Sales ¥559,000 million (YoY +8.9%) / Operating profit ¥53,000 million (YoY +16.4%) / Ordinary income ¥47,000 million (YoY +2.6%) / Net income ¥27,000 million (YoY -30.5%) |
| Annual Dividend Forecast | ¥42 → ¥42（0.0%） |
| Payout ratio | Actual results for the current fiscal year 27.8% / Next-year forecast 39.5% |
| Shareholder Return Policy | Progressive dividends with a floor of 2.0% DOE. The company will pursue stable and sustained enhancement of shareholder returns and will flexibly repurchase treasury shares in light of its balance sheet position. |
| Segment revenue | Real Estate Business ¥83,998 million (YoY -82.5%) / Hotel and Leisure Business ¥250,481 million (YoY +3.8%) / Urban transportation and lineside business ¥156,746 million (YoY +2.7%) / Other ¥54,666 million (YoY +6.6%) |
| Segment profit | Real Estate Business ¥12,395 million (YoY -94.8%) / Hotel and Leisure Business ¥22,658 million (YoY +21.6%) / Urban transportation and lineside business ¥9,546 million (YoY -15.6%) / Other ¥1,648 million (YoY -20.2%) |
| Depreciation and amortization | ¥56,156 million |
| Impairment loss | ¥5,392 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets 5,566 / Contributions received for construction, etc. 58,369 / Subsidy Income 580 / Gain on sale of investment securities 893 / Other 2,696 / Extraordinary loss Impairment loss 5,392 / Loss on sale of fixed assets 35 / Loss on Disposal of Fixed Assets 2,364 / Reduction in acquisition cost from construction contributions, etc. 58,365 / Loss on reduction of fixed assets 568 / Other 1,822 |
| Disclosure regarding the going concern assumption | Not applicable. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New Number of companies 25 / Company name Ace Hotels Worldwide Inc. and 24 other companies / Excluded Number of companies 0 / Company name Not disclosed |
| Material subsequent events | 株式会社西武不動産 commenced a tender offer for the common shares and stock acquisition rights of e'grand Co.,Ltd on 1 April 2026. In addition, the company issued ¥10 billion each of its 6th and 7th unsecured corporate bonds on 23 April 2026. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Available (for institutional investors and analysts) |
| Issued Shares at Period-End | 305,775,520 |
| Treasury Shares at Period-End | 51,597,732 |
| Factors Behind Changes in Business Performance | Although the company monetized properties held, captured inbound demand in the domestic hotel business, and benefited from increased demand in the railway business, operating revenue declined mainly due to the反動 following the monetization of Tokyo Garden Terrace Kioicho. In addition to lower revenue, operating income declined because various expenses increased, including personnel expenses, including wage increases, and depreciation and amortization associated with higher capital investment. |
Items this document does not state (3)
Revision to Earnings ForecastRegional salesOrders received and order backlog
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 addition to the反動 following the monetization of Tokyo Garden Terrace Kioicho, various expenses increased, including personnel expenses, including wage increases, and depreciation and amortization associated with higher capital investment. For the next fiscal year, the company expects to monetize properties held, benefit from RevPAR growth in the hotel and leisure business and the effects of renovations at Mauna Kea Beach Hotel, and increase transportation revenue following revisions to railway passenger fares.
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