Tokyu (9005) investor relations material

Executive summary

• Operating revenue for Q1 FY2027 rose 4.6% year-over-year to ¥273,467 million, driven by strong real estate sales and large property transactions.

• Operating profit declined 2.8% year-over-year to ¥31,394 million due to higher expenses in real estate leasing and increased procurement costs in retail electricity.

• Ordinary profit decreased 6.2% year-over-year to ¥33,369 million.

• Profit attributable to owners of parent surged 43.4% year-over-year to ¥36,260 million, aided by lower income taxes despite higher interest expenses.

• Comprehensive income more than doubled year-over-year, reaching ¥41,035 million.

Financial highlights

• Net income per share increased to ¥63.85 from ¥44.02 year-over-year; EBITDA was ¥54.0 billion (+1.4% YoY).

• Total assets as of June 30, 2026, were ¥2,948,759 million; equity ratio at 31.7%.

• Dividend per share forecast for FY2027 is ¥32.00, up from ¥30.00 in FY2026.

• Interest-bearing debt at Q1 end: ¥1,456.6 billion (+¥71.9 billion YoY).

• Free cash flow improved to -¥14.8 billion from -¥47.2 billion YoY.

Outlook and guidance

• Full-year FY2027 forecast: operating revenue ¥1,140,000 million (+5.0% YoY), operating profit ¥110,000 million (+6.6% YoY), profit attributable to owners of parent ¥90,000 million (+3.4% YoY), net income per share ¥158.15.

• Upward revision from previous medium-term plan; growth expected in transportation and real estate segments.

• Assumes continued recovery in passenger demand, rising rents, and increased hotel occupancy and ADR.

• Dividend per share forecast increased to ¥32.00.

• Ordinary profit is expected to decline 4.1% to ¥111,400 million.