Worth reading
85Important
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
44000
¥ million (change in operating revenue)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+8.5%
基準 515,000Target559,000Millions of yen (operating revenue)
Operating profit+8.2%
基準 49,000Target53,000million
Net income for the current fiscal year-6.9%
基準 29,000Target27,000million (net income attributable to owners of the parent)
ROE+10.0pt
基準 2,025Target2,035%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROICFY2025 actual 2.5 → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous plan20 Deals (hotel contracts and openings) → 17 Deals (hotel contracts and openings)-15.0%Calculated from the two disclosed figures
Total investment planApproximately ¥1.85 trillion (FY2024–FY2035)
Investment amount by sectorField Urban-center redevelopment (Takanawa, Shibakoen, Seibu-Shinjuku, Takadanobaba) / Amount Approximately ¥600 billion, Field Resort development / Amount Approximately ¥70 billion, Field Acquisition of and investments in new properties, and M&A / Amount Approximately ¥240 billion, Field Hotel renovations and overseas hotel M&A / Amount Approximately ¥300 billion, Field Value enhancement of major hotels / Amount Approximately ¥50 billion, Field Safety-related investment, digitalization and other investments in urban transportation and railway corridor businesses / Amount Approximately ¥450 billion
Statements about the use of capital
Payout ratio / DOE policyProgressive dividends with a DOE floor of 2.0%. The company targets total dividends of at least ¥130 billion for FY2024–FY2035 and annual dividends of at least ¥42.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyShare repurchases will be conducted flexibly, taking into account the balance sheet and the status of future growth investments. The company conducted ¥70 billion in repurchases from December 2024, completed them in December 2025, and cancelled all repurchased shares in January 2026. Future repurchases will be considered in light of the balance with capital expenditures.
Self-assessment of PBR and share priceThe adjusted PBR② for FY2025 was 1.06x, while NAV per share was ¥4,110, up 12.6% year on year. The company aims to grow NAV and improve capital efficiency.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Achieve sustainable growth centered on the real estate business
02Improve the profitability of the hotel and leisure business by capturing inbound demand, continuing price increases, and building a network of 250 hotels in Japan and overseas through the expansion of management contracts (MC)
03Ensure stable and continuous enhancement of shareholder returns while prioritizing growth investments that contribute to higher corporate value
04Strengthen corporate governance as the foundation for executing the long-term strategy and medium-term management plan
05Promote capital recycling through funds and REITs and expand the investment management business
06Increase real estate value through redevelopment
07Strengthening the Profitability of Existing Businesses
08Improve profitability through strategic value enhancement
Plan assumptionsRevPAR growth rate for domestic hotels (owned and leased): +5.1% versus the previous plan and +6.2% versus FY2025, Seibu Railway transportation revenue: +2.4% versus the previous plan and +8.7% versus FY2025, Wage increases of approximately 5–7% are expected to be implemented at 4 major companies, resulting in higher personnel expenses, Depreciation expenses are expected to increase as a result of steady capital expenditure, The impact of heightened tensions in the Middle East has not been incorporated into the current forecasts
Segment targetSegment Real Estate Business / Indicator FY2035 operating income / Target ¥45 billion, Segment Hotel and Leisure Business / Indicator FY2035 operating income / Target ¥43 billion, Segment Urban transportation and lineside business / Indicator FY2035 operating income / Target ¥16.5 billion
Non-financial targetsIndicator Number of hotels / Target A network of 250 hotels in Japan and overseas / Timing FY2035, Indicator In-house sales ratio / Target 50％ / Timing FY2035, Indicator Number of operated hotels / Target 100 hotels in Japan and 150 overseas / Timing FY2035, Indicator Stations supporting contactless ticketing / Target Expand to all stations / Timing Through the end of March 2027
Risks identified by the company
Higher construction costs caused by labor shortages
Shortage of developers
Risk of higher construction costs and construction delays
Higher crude oil prices and increased costs resulting from heightened tensions in the Middle East
Decline in inbound and domestic demand
Share price declines and deterioration in business performance
Impact on financial markets
Reason for revision or withdrawal
In light of external constraints, including higher construction costs caused by labor shortages and a shortage of developers, as well as the emergence of risks resulting from rapid changes in the external environment, each development project will be carefully reviewed, beginning with the construction start date for District B-1 in the Takanawa area. Net income attributable to owners of the parent is expected to fall below the previously announced figure due to the recognition of demolition costs for Shin-Yokohama Prince Pepe as an extraordinary loss, among other factors.
| Item | Details |
|---|---|
| Plan name | Seibu Group Medium-Term Management Plan (FY2024–FY2026) |
| Plan period | FY2024-FY2026 |
| Progress against the plan | Partially revised |
| Sales Target | 515,000 Millions of yen (operating revenue) → 559,000 Millions of yen (operating revenue)（8.5%） |
| Operating profit target | ¥49,000 million → ¥53,000 million（8.2%） |
| Net income target | ¥29,000 million (net income attributable to owners of the parent) → ¥27,000 million (net income attributable to owners of the parent)（-6.9%） |
| ROE target | FY2025 actual 6.9 → FY2035 10% or higher |
| ROIC target | FY2025 actual 2.5 → Not disclosed |
| Payout ratio / DOE policy | Progressive dividends with a DOE floor of 2.0%. The company targets total dividends of at least ¥130 billion for FY2024–FY2035 and annual dividends of at least ¥42. |
| Treasury share acquisition policy | Share repurchases will be conducted flexibly, taking into account the balance sheet and the status of future growth investments. The company conducted ¥70 billion in repurchases from December 2024, completed them in December 2025, and cancelled all repurchased shares in January 2026. Future repurchases will be considered in light of the balance with capital expenditures. |
| Self-assessment of PBR and share price | The adjusted PBR② for FY2025 was 1.06x, while NAV per share was ¥4,110, up 12.6% year on year. The company aims to grow NAV and improve capital efficiency. |
| Total investment plan | Approximately ¥1.85 trillion (FY2024–FY2035) |
| Investment amount by sector | Field Urban-center redevelopment (Takanawa, Shibakoen, Seibu-Shinjuku, Takadanobaba) / Amount Approximately ¥600 billion, Field Resort development / Amount Approximately ¥70 billion, Field Acquisition of and investments in new properties, and M&A / Amount Approximately ¥240 billion, Field Hotel renovations and overseas hotel M&A / Amount Approximately ¥300 billion, Field Value enhancement of major hotels / Amount Approximately ¥50 billion, Field Safety-related investment, digitalization and other investments in urban transportation and railway corridor businesses / Amount Approximately ¥450 billion |
| Segment target | Segment Real Estate Business / Indicator FY2035 operating income / Target ¥45 billion, Segment Hotel and Leisure Business / Indicator FY2035 operating income / Target ¥43 billion, Segment Urban transportation and lineside business / Indicator FY2035 operating income / Target ¥16.5 billion |
| Non-financial targets | Indicator Number of hotels / Target A network of 250 hotels in Japan and overseas / Timing FY2035, Indicator In-house sales ratio / Target 50％ / Timing FY2035, Indicator Number of operated hotels / Target 100 hotels in Japan and 150 overseas / Timing FY2035, Indicator Stations supporting contactless ticketing / Target Expand to all stations / Timing Through the end of March 2027 |
| Plan assumptions | RevPAR growth rate for domestic hotels (owned and leased): +5.1% versus the previous plan and +6.2% versus FY2025, Seibu Railway transportation revenue: +2.4% versus the previous plan and +8.7% versus FY2025, Wage increases of approximately 5–7% are expected to be implemented at 4 major companies, resulting in higher personnel expenses, Depreciation expenses are expected to increase as a result of steady capital expenditure, The impact of heightened tensions in the Middle East has not been incorporated into the current forecasts |
| Key initiatives | Achieve sustainable growth centered on the real estate business, Improve the profitability of the hotel and leisure business by capturing inbound demand, continuing price increases, and building a network of 250 hotels in Japan and overseas through the expansion of management contracts (MC), Ensure stable and continuous enhancement of shareholder returns while prioritizing growth investments that contribute to higher corporate value, Strengthen corporate governance as the foundation for executing the long-term strategy and medium-term management plan, Promote capital recycling through funds and REITs and expand the investment management business, Increase real estate value through redevelopment, Strengthening the Profitability of Existing Businesses, Improve profitability through strategic value enhancement |
| Results under the previous plan | 20 Deals (hotel contracts and openings) → 17 Deals (hotel contracts and openings) |
| Reason for revision or withdrawal | In light of external constraints, including higher construction costs caused by labor shortages and a shortage of developers, as well as the emergence of risks resulting from rapid changes in the external environment, each development project will be carefully reviewed, beginning with the construction start date for District B-1 in the Takanawa area. Net income attributable to owners of the parent is expected to fall below the previously announced figure due to the recognition of demolition costs for Shin-Yokohama Prince Pepe as an extraordinary loss, among other factors. |
| Risks identified | Higher construction costs caused by labor shortages, Shortage of developers, Risk of higher construction costs and construction delays, Higher crude oil prices and increased costs resulting from heightened tensions in the Middle East, Decline in inbound and domestic demand, Share price declines and deterioration in business performance, Impact on financial markets |
| Publication date | 14 May 2026 |
Items this document does not state (4)
Operating profit margin targetCost of capitalSize of the Target MarketDate of board resolution
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 increases in operating revenue and operating income are attributable to various initiatives, as well as revenue recognition resulting from the review of the timing of the closure of hotels and other facilities in the Takanawa area, higher rents from real estate asset recycling and acquired properties, RevPAR growth at domestic hotels, and higher transportation revenue. The decrease in net income attributable to owners of the parent is due to the recognition of demolition costs for Shin-Yokohama Prince Pepe as an extraordinary loss. The review of growth initiatives reflects changes in the external environment, including higher construction costs caused by labor shortages and a shortage of developers.
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