Seibu Holdings Inc (9024) Q2 2025 earnings summary

Executive summary

• Operating revenue for the six months ended September 30, 2024, rose 5.6% year-over-year to ¥252.2 billion, driven by increased inbound tourism, price hikes, and higher commuter and non-commuter railway usage.

• Profit attributable to owners of parent surged to ¥77.0 billion, up 180.5% year-over-year, mainly due to a gain on bargain purchase from acquiring additional shares in NW Corporation.

• Operating profit increased 6.2% year-over-year to ¥33.7 billion, and EBITDA grew 4.5% to ¥60.7 billion.

• All major segments saw revenue growth, with Hotel and Leisure and Urban Transportation leading gains.

Financial highlights

• Ordinary profit was ¥30.2 billion, up 3.7% year-over-year.

• Comprehensive income reached ¥79.9 billion, up from ¥42.3 billion a year earlier.

• Basic earnings per share rose to ¥255.90 from ¥91.21 year-over-year.

• Equity-to-asset ratio declined to 24.6% from 26.1% at the previous year-end.

• Extraordinary income of ¥66.3 billion was recorded, primarily from the NW Corporation share acquisition.

Outlook and guidance

• No change to the full-year earnings forecast for FY2025; interim dividend of ¥15.0 per share confirmed.

• Full-year operating revenue forecast is ¥494.0 billion, up 3.4% year-over-year.

• Profit attributable to owners of parent is forecast at ¥84.0 billion, up 211.2% year-over-year.

• Second-half revenue expected to rise, but cost increases (utilities, personnel, depreciation) anticipated.

• Securitization of Tokyo Garden Terrace Kioicho not yet factored into forecasts.