Tokyu (9005) Q2 2025 earnings summary

Executive summary

• Operating revenue and profit rose year-over-year, driven by strong condominium sales and demand recovery in railway and hotel businesses.

• Profit attributable to owners of parent increased 41.2% year-over-year, surpassing May 2024 forecasts.

• 1H FY2024 operating profit exceeded pre-COVID levels, reaching a record high.

• Comprehensive income for the period was ¥59,647 million, up 19.9% year-over-year.

• Operating revenue for the six months ended September 30, 2024, rose 8.6% year-over-year to ¥525,234 million.

Financial highlights

• 1H FY2024 operating revenue: ¥525.2B (+8.6% YoY); operating profit: ¥65.3B (+43.5% YoY).

• Profit attributable to owners of parent: ¥49.4B (+41.2% YoY); EPS: ¥82.54 (+¥24.69 YoY).

• Ordinary profit for the first half reached ¥66,430 million, up 33.7% year-over-year.

• Equity ratio improved to 32.0% (+2.2p YoY); D/E ratio at 1.5x.

• Total assets as of September 30, 2024, were ¥2,622,248 million, with net assets at ¥881,314 million.

Outlook and guidance

• FY2024 operating revenue forecast revised up to ¥1,065.0B (+2.6% YoY); operating profit to ¥101.0B (+6.4% YoY).

• Profit attributable to owners of parent forecast at ¥74.0B (+16.1% YoY); EPS forecast at ¥129.30.

• Upward revisions reflect strong 1H results, especially in real estate and hotel segments.

• Management expects to achieve medium-term plan profit targets ahead of schedule.

• Dividend forecast revised to ¥23.00 per share for the year, up from ¥17.50 last year.