keio (9008) Q2 2025 earnings summary

Executive summary

• All segments posted year-over-year revenue and profit growth in Q2 FY2024, driven by increased real estate sales, higher railway passenger numbers, and fare revisions in October 2023.

• Q2 operating revenue was ¥214.1bn, operating profit ¥31.7bn, and net income attributable to parent ¥25.1bn.

• Results exceeded plan by ¥8bn in revenue and ¥6.8bn in operating profit.

• Comprehensive income decreased 16.7% year-over-year to ¥23,284 million.

• Full-year guidance was raised, with expected operating revenue of ¥470bn, operating profit of ¥55bn, and net income of ¥41bn.

Financial highlights

• Q2 FY2024 operating revenue rose ¥30.1bn (16.4%) year-over-year; operating profit up ¥7.8bn (32.7%).

• Net income attributable to parent increased ¥7.9bn (46.0%) year-over-year.

• EBITDA for Q2 was ¥47.6bn, up ¥9.2bn (24.2%) year-over-year.

• EPS for the interim period was ¥205.76, up from ¥140.98 year-over-year.

• Interim dividend set at ¥50.00 per share, with full-year forecast at ¥100.00 per share.

Outlook and guidance

• FY2024 full-year revenue forecast raised to ¥470bn (+¥16bn vs. plan), operating profit to ¥55bn (+¥9bn), and net income to ¥41bn (+¥6.8bn).

• Real estate sales and hotel business expected to drive further growth; hotel room rates and occupancy remain strong.

• Dividend forecast increased by ¥30 to ¥100 per share; total shareholder return ratio for the 3-year plan expected at ~46%.

• Up to ¥15bn in share buybacks planned, with all newly acquired shares to be retired.

• Dividend forecast revised upward from previous guidance.