Seibu Holdings Inc (9024) Q4 2026 earnings summary

Executive summary

• Operating revenue fell 43.0% year-over-year to ¥513.3 billion, mainly due to the prior year's large-scale securitization of Tokyo Garden Terrace Kioicho, partially offset by new residential property securitizations and inbound demand recovery.

• Operating profit dropped 84.4% year-over-year to ¥45.5 billion, with profit attributable to owners of parent down 84.9% to ¥38.9 billion.

• EBITDA decreased 70.4% to ¥102.9 billion.

• Despite revenue and profit declines, results exceeded the revised forecast announced in February 2026, aided by deferred tax asset recognition.

Financial highlights

• Operating revenue: ¥513.3 billion (down ¥387.8 billion year-over-year).

• Operating profit: ¥45.5 billion (down ¥247.2 billion year-over-year).

• EBITDA: ¥102.9 billion (down ¥244.2 billion year-over-year).

• Ordinary profit: ¥45.8 billion (down ¥241.8 billion year-over-year).

• Profit attributable to owners of parent: ¥38.9 billion (down ¥219.3 billion year-over-year).

• Total assets: ¥1,730.7 billion (down ¥103.5 billion year-over-year).

• Net assets increased to ¥574.5 billion, up ¥7.4 billion year-over-year.

• Equity-to-asset ratio improved to 32.9% from 30.6% a year earlier.

• Cash and cash equivalents at year-end: ¥56.1 billion (down ¥220.8 billion year-over-year).

Outlook and guidance

• Operating revenue and profits at all levels exceeded the February 2026 forecast, with upside in Real Estate, Hotel and Leisure, and Urban Transportation segments.

• FY2027 operating revenue is forecast at ¥559.0 billion, up 8.9% year-over-year.

• Operating profit is projected to rise 16.4% to ¥53.0 billion; EBITDA is expected at ¥118.0 billion, up 14.7%.

• Ordinary profit is forecast at ¥47.0 billion (+2.6%), while profit attributable to owners of parent is expected to decline 30.5% to ¥27.0 billion due to demolition expenses.

• Annual dividend for FY2027 is planned at ¥42 per share.