keio (9008) Q3 2026 earnings summary

Executive summary

• Operating revenues for FY2025 3Q reached ¥360.1 billion, up 7.6% year-over-year, with growth in all segments, especially Real Estate Sales and Construction and Civil Engineering, and increased railway passengers.

• Operating profit was ¥48.1 billion, down 2.9% year-over-year, while profit attributable to owners of parent fell 15.0% to ¥33.2 billion.

• Comprehensive income increased 2.8% year-over-year to ¥42.5 billion.

• Profit exceeded forecasts due to strong segment performance and expense deferrals in Transportation.

Financial highlights

• EBITDA for 3Q was ¥73.5 billion, flat year-over-year.

• Depreciation and amortization increased 5.8% to ¥25.2 billion.

• Total assets rose to ¥1,140.7 billion, mainly from higher real estate inventories; net assets increased to ¥440.7 billion.

• Equity ratio improved to 38.6% from 36.9% year-over-year.

• Basic earnings per share for the period was ¥281.75, down from ¥321.41 in the prior year.

Outlook and guidance

• Full-year FY2025 forecasts are unchanged: operating revenues ¥502.0 billion (+10.8% YoY), operating profit ¥51.0 billion, profit attributable to owners of parent ¥42.0 billion.

• Annual dividend planned at ¥110.0 per share, up from ¥100.0 in the previous year.

• ROE expected at 10.0% (down 0.6pt YoY), ROA at 4.3% (down 0.5pt YoY), reflecting increased safety investments and hotel renovations.