keio (9008) investor relations material

Executive summary

• Operating revenue for FY2026 1Q rose 8.3% year-over-year to ¥123.1 billion, driven by property sales in Real Estate and increased passenger volumes in Railways.

• Operating profit declined 2.9% year-over-year to ¥16.1 billion, mainly due to higher depreciation in Railways.

• Profit attributable to owners of parent was ¥11.7 billion, down 2.2% year-over-year.

• Comprehensive income increased 28.9% year-over-year to ¥17,276 million, driven by gains in valuation of available-for-sale securities.

• Results were broadly in line with plan, with Hotels and Real Estate outperforming expectations.

Financial highlights

• Operating revenue: ¥123.1 billion (up 8.3% YoY).

• Operating profit: ¥16.1 billion (down 2.9% YoY).

• EBITDA: ¥25.7 billion (up 3.1% YoY).

• Depreciation and amortization: ¥9.5 billion (up 15.2% YoY).

• Basic earnings per share for the quarter was ¥20.23, post 5-for-1 stock split.

Outlook and guidance

• FY2026 full-year revenue forecast maintained at ¥504.0 billion, a record high, up 1.4% YoY.

• Operating profit forecast at ¥51.0 billion, down 2.5% YoY, due to higher depreciation and asset retirement obligations.

• Profit attributable to owners of parent expected at ¥43.0 billion.

• Annual dividend scheduled at ¥22.0 per share (pre-split) and ¥11.00 per share post stock split.

• Full-year basic earnings per share forecast is ¥74.28.