Tokyu (9005) Q3 2026 earnings summary

Executive summary

• Operating revenue for the nine months ended December 31, 2025, was ¥784.6B, nearly flat year-over-year (-0.1%), while operating profit declined 5.8% YoY.

• Profit attributable to owners of parent increased 8.4% YoY to ¥74.2B, driven by negative goodwill from Tokyu REIT becoming an equity-method affiliate.

• Life Service and Hotel and Resort businesses outperformed forecasts, supporting overall results.

• Comprehensive income decreased 1.5% YoY to ¥70.6B.

Financial highlights

• 3Q FY2025 operating revenue: ¥784.6B (-0.1% YoY), operating profit: ¥88.2B (-5.8% YoY), profit attributable to owners of parent: ¥74.2B (+8.4% YoY), EPS: ¥129.73 (+14.73 YoY).

• EBITDA for 3Q FY2025: ¥153.0B (-2.7% YoY).

• Non-operating revenue surged (+83.6% YoY) due to investment gains and dividend income.

• Total assets at 3Q: ¥2,780.3B (+3.0% YoY), equity ratio: 31.5% (+0.8p YoY).

• Net assets increased to ¥921.8B.

Outlook and guidance

• FY2025 full-year forecasts revised upward: operating revenue ¥1,088.0B (+3.1% YoY), operating profit ¥106.0B (+2.4% YoY), profit attributable to owners of parent ¥84.0B (+5.4% YoY), EPS ¥146.88.

• Ordinary profit forecast at ¥117.6B (+9.2% YoY).

• Annual dividend forecast raised to ¥30/share; share buyback up to ¥10B or 6.5M shares planned.

• Favorable business environment expected to continue, with growth in transportation and inbound demand, but inflation and rising costs remain risks.