Tokyu (9005) Q4 2025 earnings summary

Executive summary

• FY 2024 operating revenue was JPY 1.0549 trillion, operating profit JPY 103.4 billion, and net profit JPY 79.6 billion, with strong performance in Hotel & Resort and Life Service businesses.

• Operating revenue increased by 1.7% YoY, operating profit by 9.0% YoY, and net profit by 24.6% YoY, driven by higher profits and reduced impairment losses.

• Record-high operating profit was achieved, supported by structural reforms and organic growth post-COVID.

Financial highlights

• EPS for FY 2024 was JPY 134.81, up JPY 28.69 YoY; ROE was 9.8%, ROA 3.8%, and interest-bearing debt/EBITDA multiple at 6x.

• FY 2025 forecast: operating revenue JPY 1.072 trillion, operating profit JPY 100 billion, net profit JPY 80 billion; EPS projected at JPY 139.23.

• Annual dividend for FY 2024 was JPY 24/share, with FY 2025 planned at JPY 28/share; share buyback of JPY 40 billion in FY 2024 and up to JPY 10 billion planned.

Outlook and guidance

• FY 2025 expects growth in transportation and hotel ADR, but a decline in condominium sales; internal growth (excluding Real Estate Sales) targeted at 3.7% YoY for operating profit.

• Medium-term targets: FY 2026 operating profit JPY 105 billion, net profit JPY 81 billion; FY 2027 operating profit JPY 110 billion, net profit JPY 82 billion.

• Management indices and numerical targets for FY2026–FY2027 revised upward, aiming for steady EPS and revenue growth.