Tokyu (9005) Q4 2025 earnings summary

Executive summary

• Operating revenue increased 1.7% year-over-year to ¥1,054.9B, driven by strong Life Service and Hotel & Resort segments, despite a decline in Real Estate Sales.

• Operating profit reached a record high of ¥103.4B (+9.0% YoY), with notable contributions from Life Service and Hotel & Resort businesses.

• Profit attributable to owners of parent rose 24.6% year-over-year, aided by higher operating profit and lower impairment losses.

• Comprehensive income reached ¥100.7B, up 14.9% year-over-year.

Financial highlights

• FY2024 operating revenue: ¥1,054.9B (+1.7% YoY); operating profit: ¥103.4B (+9.0% YoY); net income: ¥82.5B (+28.8% YoY).

• EPS rose to ¥134.81 (+28.69 YoY); ROE improved to 9.8% (+1.5pt YoY); EBITDA reached ¥190.0B (+4.6% YoY).

• Cash and cash equivalents at year-end were ¥58.3B, up from ¥41.6B.

• Dividend per share increased to ¥28.00, with a payout ratio of 20.1%.

• Free cash flow was ¥41.0B; interest-bearing debt at period-end: ¥1,291.7B.

Outlook and guidance

• FY2025 operating revenue forecast: ¥1,072.0B (+1.6% YoY); operating profit: ¥100.0B (-3.4% YoY); net income: ¥82.5B (flat YoY).

• EPS forecast: ¥139.23; annual dividend planned at ¥28/share; share buyback up to ¥10B.

• Operating profit expected to decrease due to lower Real Estate Sales, but profit attributable to owners of parent to rise slightly.

• Management indices and numerical targets for FY2026–FY2027 revised upward, aiming for steady EPS and revenue growth.