Seibu Holdings Inc (9024) Q3 2025 earnings summary

Executive summary

• Operating revenue for the nine months ended December 31, 2024, rose 5.7% year-over-year to ¥381.0 billion, driven by increased inbound tourism, price hikes, and higher commuter and non-commuter railway usage.

• Profit attributable to owners of parent surged 111.6% year-over-year to ¥91.3 billion, mainly due to a gain on bargain purchase from acquiring additional shares of NW Corporation.

• All major segments saw revenue growth, with Hotel and Leisure and Urban Transportation benefiting from strong demand and price increases.

• Operating profit increased 5.9% year-over-year to ¥50.4 billion; EBITDA rose 3.8% to ¥91.0 billion.

Financial highlights

• Ordinary profit grew 8.4% to ¥47.4 billion; extraordinary income reached ¥72.4 billion, up from ¥20.2 billion last year, due to gains from NW Corporation acquisition.

• Basic earnings per share increased to ¥312.58 from ¥143.45 year-over-year.

• Comprehensive income reached ¥85,243 million, up 40.9% year-over-year.

• Total assets increased to ¥1,662.2 billion, while equity-to-asset ratio declined to 23.5% from 26.1%.

• Net interest-bearing debt rose to ¥739.7 billion.

Outlook and guidance

• No change to the full-year earnings forecast for FY2025, with results trending above the December 12, 2024 forecast, mainly due to robust hotel room revenue.

• Annual dividend for FY2025 planned at ¥40 per share, up ¥15 from the previous year.

• RevPAR and ADR for domestic hotels expected to remain strong into early 2025, supported by continued inbound demand.