Tokyotokeiba (9672) Q2 2025 earnings summary

Executive summary

• Revenue/net sales increased by ¥635 million (3.4%) year-over-year to ¥19,298 million, driven by SPAT4, online betting, and warehouse rental income.

• Operating income rose by ¥547 million (8.4%) to ¥7,079 million, with cost controls offsetting higher depreciation.

• Net income attributable to shareholders grew by ¥338 million (7.5%) to ¥4,825 million.

• All major business segments except Services posted year-over-year profit growth, with amusement park losses widening due to higher costs.

• Cash and cash equivalents increased by ¥3,055 million, reflecting strong operating cash flow.

Financial highlights

• Operating income: ¥7,079 million (up 8.4% year-over-year); ordinary profit: ¥7,077 million (up 8.2%).

• Net income: ¥4,825 million (up 7.5% year-over-year); comprehensive income: ¥4,871 million (up 2.4%).

• EBITDA/gross margin: ¥8,160 million (up 8.0% year-over-year).

• Basic earnings per share increased to ¥180.79 from ¥164.81 year-over-year.

• Equity ratio rose to 76.0% from 74.4% at the previous year-end.

Outlook and guidance

• Full-year guidance maintained, with net sales forecast at ¥41,293 million and operating profit of ¥14,132 million.

• H1 results exceeded internal forecasts, with operating income at 122% and net income at 122.3% of plan.

• Annual dividend forecast is ¥110 per share, unchanged from prior guidance.

• No revisions to previously announced financial forecasts.

• Guidance reflects risks from weather and timing of facility repairs in H2.