Seibu Holdings Inc (9024) Q2 2026 earnings summary

Executive summary

• Operating revenue for the six months ended September 30, 2025, was ¥259.5 billion, up 2.9% year-over-year and 1.5% above forecast, driven by property securitization, inbound tourism, and increased railway demand.

• Operating profit declined 7.3% year-over-year to ¥31.3 billion due to higher personnel and other expenses, but exceeded initial forecasts by ¥4.3 billion.

• Profit attributable to owners of parent dropped 74.2% year-over-year to ¥19.8 billion, mainly due to the absence of prior-year one-time gains.

• Segment revenue growth: Real Estate +¥5.3B, Hotel and Leisure +¥2.5B, Urban Transportation and Regional +¥1.5B year-over-year.

• EBITDA for the period was ¥58.9 billion, down 3.1% year-over-year.

Financial highlights

• Ordinary profit was ¥29.5 billion, down 2.2% year-over-year.

• Comprehensive income dropped 76.6% year-over-year to ¥18.7 billion.

• Basic earnings per share was ¥76.42, compared to ¥255.90 in the prior year.

• Total assets decreased by ¥210.7 billion to ¥1,623.4 billion, with equity-to-asset ratio improved to 33.2%.

• Net interest-bearing debt increased by ¥175.1 billion to ¥559.3 billion.

Outlook and guidance

• Full-year consolidated earnings forecast remains unchanged: operating revenue projected at ¥511.0 billion and operating profit at ¥40.0 billion for FY ending March 31, 2026.

• Interim and year-end dividends of ¥20.0 per share each are planned, totaling ¥40 per share for FY2026.

• Room demand in domestic hotels and railway revenue expected to outperform initial forecasts, but offset by deferred expenses, Hawaii travel slowdown, and renovation delays at Mauna Kea Beach Hotel.

• Full-year profit attributable to owners of parent forecast at ¥26.0 billion.