Tokyu (9005) Q2 2026 earnings summary

Executive summary

• Operating revenue for the first half ended September 30, 2025, was ¥518.9B, down 1.2% year-over-year, with operating profit at ¥58.8B, a 9.9% decrease year-over-year.

• Profit attributable to owners of parent rose 13.7% year-over-year to ¥56.2B, driven by negative goodwill from Tokyu REIT becoming an equity-method affiliate.

• Comprehensive income declined 23.6% year-over-year to ¥45.6B.

• Compared to forecasts as of May, both operating revenue and profit exceeded expectations, led by strong Life Service and Hotel and Resort businesses.

Financial highlights

• Ordinary/recurring profit increased 5.6% year-over-year to ¥70.1B.

• EPS for 2Q was ¥98.14, up ¥15.60 YoY.

• Total assets as of September 30, 2025, were ¥2,760.8B, with net assets at ¥906.4B and an equity ratio of 31.2%.

• Cash and deposits rose to ¥78.5B from ¥62.1B at the previous fiscal year-end.

• Dividend per share for the first half was ¥14.00, with a full-year forecast of ¥28.00.

Outlook and guidance

• FY2025 full-year operating revenue forecast raised to ¥1,085.0B (+2.8% YoY), with operating profit at ¥104.0B (+0.5% YoY).

• Profit attributable to owners of parent forecast at ¥84.0B (+5.4% YoY); EPS forecast at ¥146.32.

• Hotel and Resort business expects full-year occupancy rate of 79.8% and ADR of ¥26,071 (+¥2,151 YoY).

• The forecast was revised during the period.

• Transportation expects passenger volume to rise 3.3% YoY; real estate sales to decline in delivered units.