Seibu Holdings Inc (9024) Q1 2025 earnings summary

Executive summary

• Operating revenue for the three months ended June 30, 2024, rose 7.9% year-over-year to ¥125.4 billion, driven by increased inbound tourism, price hikes, and higher non-commuter railway usage.

• Operating profit increased 36.2% year-over-year to ¥19.96 billion, and EBITDA grew 20.0% to ¥33.3 billion.

• Profit attributable to owners of parent surged 70.5% year-over-year to ¥15.5 billion.

• Results exceeded forecasts announced in May 2024, with both revenue and profit ahead of expectations.

Financial highlights

• Ordinary profit rose 41.7% year-over-year to ¥19.58 billion.

• EBITDA increased 20.0% to ¥33.3 billion.

• Basic earnings per share increased to ¥51.53 from ¥30.23 year-over-year.

• Total assets as of June 30, 2024, were ¥1,623.9 billion, with equity-to-asset ratio at 26.8%.

• Comprehensive income was ¥12.1 billion, down 15.3% year-over-year due to negative other comprehensive income.

Outlook and guidance

• Full-year forecasts remain unchanged from May 2024 due to summer operational uncertainties.

• FY2024 operating revenue is projected at ¥489.0 billion (+2.4% YoY), with operating profit at ¥40.0 billion (-16.1% YoY).

• Profit attributable to owners of parent is forecast at ¥26.0 billion, down 3.7% year-over-year.

• Capital investment for FY2024 is planned at ¥133.0 billion, more than double the previous year.

• Hotel RevPAR and ADR expected to continue growing, with strong inbound demand projected for summer.