Tokyu (9005) Q3 2025 earnings summary

Executive summary

• Operating revenue for the nine months ended December 31, 2024, rose 7.8% year-over-year to ¥785.7B, driven by strong condominium sales, demand recovery in Life Service, and increased users in Hotel, Resort, and Transportation segments.

• Operating profit increased 35.1% year-over-year to ¥93.6B, surpassing pre-COVID levels, mainly due to Real Estate and user recovery across businesses.

• Net income attributable to owners of parent grew 36.9% year-over-year to ¥69.8B, with all business segments contributing to revenue growth.

• Comprehensive income for the period was ¥71.7B, up 9.9% year-over-year.

Financial highlights

• 3Q FY2024 operating revenue: ¥785.7B (+7.8% YoY); operating profit: ¥93.6B (+35.1% YoY); net income: ¥69.8B (+37.8% YoY); EPS: ¥115.00 (+32.07 YoY).

• Ordinary/recurring profit: ¥96.8B (+33.2% YoY); TOKYU EBITDA: ¥170.7B (+16.5% YoY).

• Extraordinary gains: ¥4.3B (+14.6% YoY); extraordinary losses: ¥5.3B (+36.1% YoY).

• Total assets: ¥2,635.5B (-0.6% YoY); equity ratio: 30.8% (+1.0p); D/E ratio: 1.5 (-0.1p).

• Net assets at ¥852.6B; average shares issued during nine months: 595,874,123.

Outlook and guidance

• FY2024 forecasts unchanged: operating revenue ¥1,065.0B (+2.6% YoY), operating profit ¥101.0B (+6.4% YoY), net income ¥74.9B (+17.2% YoY), EPS ¥129.30 (+23.46 YoY).

• Dividend per share for the full year is forecast at ¥23.00; 3Q dividend was ¥12.00.

• Favorable business environment expected to continue, with demand recovery in transportation and inbound tourism; labor and construction cost increases factored in.

• Real Estate Sales to see fewer units delivered YoY due to prior year’s high supply; hotel occupancy and ADR expected to rise.