keio (9008) Q1 2026 earnings summary

Executive summary

• Operating revenues for FY2025 1Q reached ¥113.7 billion, up 8.6% year-over-year, with growth in all segments, especially Real Estate Sales, Construction, and Hotels.

• Operating profit was ¥16.6 billion, nearly flat year-over-year, as higher revenues were offset by increased costs in Transportation and Life Services.

• Profit attributable to owners of parent was ¥11.9 billion, down 17.7% year-over-year, mainly due to lower extraordinary income.

• Comprehensive income decreased 15.2% year-over-year to ¥13.4 billion.

• Full-year forecasts are maintained, projecting operating revenues of ¥502.0 billion (+10.8% YoY) and operating profit of ¥50.0 billion (-7.7% YoY).

Financial highlights

• EBITDA for 1Q was ¥24.9 billion, up 0.7% year-over-year; depreciation and amortization increased 5.1% to ¥8.2 billion.

• Total assets decreased to ¥1,099.8 billion, mainly due to lower operating capital; equity ratio improved to 38.4%.

• Interest-bearing debt rose to ¥457.0 billion, up ¥10.0 billion from the previous year.

• Basic earnings per share for the quarter were ¥101.27, down from ¥119.14 year-over-year.

• Dividend for FY2025 is scheduled at ¥105.0 per share.

Outlook and guidance

• FY2025 operating revenues are forecast at ¥502.0 billion, driven by Real Estate Sales and Hotels.

• Operating profit is expected to decline due to higher repair, depreciation, and personnel costs, especially in Railways and Hotels.

• Capital expenditures are projected to rise sharply to ¥79.5 billion (+73.6% YoY).

• Annual dividend forecast raised to ¥105.00 per share.