keio (9008) Q4 2025 earnings summary

Executive summary

• Achieved record-high operating profit and profit attributable to owners in FY2024, driven by growth in all segments, especially Real Estate Sales, Hotels, and fare revisions in Railways.

• Operating revenues rose 10.8% year-over-year to ¥452,916 million, with all segments contributing to growth.

• EBITDA reached ¥86,958 million, up 16.4% year-over-year, with depreciation and amortization at ¥32,644 million, up 6.5%.

• FY2025–FY2030 Medium-Term Plan "HIRAKU2030" targets urban development, business structure reform, and enhanced earning power, with large-scale investments planned.

• Focus on strengthening Real Estate and Hotels, improving asset/capital efficiency, and advancing sustainability management.

Financial highlights

• FY2024 operating revenues: 452.9B yen (+10.8% YoY); operating profit: 54.1B yen (+23.5% YoY); profit attributable to owners: 42.8B yen (+46.6% YoY); EBITDA: 86.9B yen (+16.4% YoY).

• Net assets grew to ¥414,757 million, capital adequacy ratio improved to 36.9%, and net assets per share increased to ¥3,506.06.

• Annual dividend for FY2024: 100.0 yen/share (up 47.5 yen YoY); FY2025 forecast: 105.0 yen/share; payout ratio 28.3%.

• Total assets: 1,122.5B yen (+43.2B YoY); equity ratio: 36.9%.

• Cash flows from operating activities decreased to ¥28,611 million due to higher inventories; cash and cash equivalents at year-end were ¥48,173 million.

Outlook and guidance

• FY2025 operating revenues projected at 502.0B yen (+10.8% YoY); operating profit forecast to decline to 50.0B yen (-7.7% YoY) due to higher repair, depreciation, and personnel costs.

• Profit attributable to owners of parent is projected at ¥41,000 million (down 4.3%), and EBITDA at ¥85,000 million (down 2.2%).

• Real Estate Sales and Hotels expected to drive revenue growth; Transportation profit to decline due to increased expenses.

• Capital expenditures to rise sharply to 79.5B yen (+73.6% YoY), mainly for safety and renewal investments.

• Medium-term targets (FY2030): operating revenues 581.0B yen, operating profit 62.0B yen, ROE at least 9%.