Sotetsu Holdings, Inc. · TSE:9003
Sotetsu — Q2 FY2026/3 Earnings Presentation
61 slides from Sotetsu's earnings presentation, Nov 21, 2025
Slide 1: Second Quarter (Interim) Financial Results and Business Forecast Briefing Materials
Sotetsu Holdings, Inc. Second Quarter (Interim) Financial Results and Business Forecast Briefing Materials for the Fiscal Year Ending March 31, 2026 November 21, 2025 Copyright Ⓒ Sotetsu Holdings, Inc. All rights reserved
Slide 2: Contents
Contents P3 Second Quarter (Interim) Financial P 28 01 Executive Summary 05 Results for the Fiscal Year Ending March 31, 2026—Detailed Materials 02 Initiatives by Segment P 10 06 Business Forecast for the Fiscal P 40 Year Ending March 31, 2026 —Detailed Materials 03 Management Indicators P 21 07 App
Slide 3: Executive Summary
01 Executive Summary Copyright Ⓒ Sotetsu Holdings, Inc. All rights reserved 3
Slide 4: Second Quarter Financial Results Overview for FY Ending March 31, 2026
Second Quarter (Interim) Financial Results Overview for the Fiscal Year Ending March 31, 2026 (Million yen) 2025/3 2026/3 Change Change 2026/3 Change Change 2Q 2Q (Amount) (%) 2Q Plan (Amount) (%) Operating revenue 148,466 144,907 -3,558 -2.4 149,800 -4,892 -3.3 Operating profit 21,862 18,982 -2,879
Slide 5: Second Quarter Results Overview [YoY]
Second Quarter (Interim) Financial Results Overview for the Fiscal Year Ending March 31, 2026 [YoY] ⚫ Transportation Operating revenue Revenue and profit increased due to (Billion yen) +2.0 increases in the number of passengers on existing +0.8 lines and the Sotetsu Shin-Yokohama Line +4.8 +0.5 -3.5
Slide 6: Second Quarter Results Overview [vs. Plan]
Second Quarter (Interim) Financial Results Overview for the Fiscal Year Ending March 31, 2026 [vs. Plan] Operating revenue ⚫ Transportation (Billion yen) Both revenue and profit exceeded the plan due to +0 +0 expenses being recorded in a different period than +0.2 anticipated, along with demand risi
Slide 7: Business Forecast Overview for the Fiscal Year Ending March 31, 2026
Business Forecast Overview for the Fiscal Year Ending March 31, 2026 (Million yen) A 2025/3 2026/3 Change Change 2026/3 Change Change Results Plan (Amount) (%) Initial plan (Amount) (%) *As of October 2025 *As of April 2025 Operating revenue 292,178 312,000 +19,821 +6.8 316,300 -4,300 -1.4 Operating
Slide 8: Business Forecast Overview [YoY]
Business Forecast Overview for the Fiscal Year Ending March 31, 2026 [YoY] Operating revenue ⚫ Transportation (Billion yen) +7.5 +0.1 +0.2 +19.8 Revenue and profit will increase due to +7.4 higher demand and an increase in the number of +2.6 passengers on direct connection lines +1.6 3,120 312.0 ⚫ M
Slide 9: Business Forecast Overview [vs. Plan]
Business Forecast Overview for the Fiscal Year Ending March 31, 2026 [vs. Plan] Operating revenue (Billion yen) +0.1 +0.5 -4.3 ⚫ Merchandising -1.0 -2.4 -0.6 -0.9 The plan was revised downwards due to the 316.3 3,163 inclusion of store closures in the plan 312.0 3,120 ⚫ Real Estate Sales Both operat
Slide 10: Initiatives by Segment
02 Initiatives by Segment Copyright Ⓒ Sotetsu Holdings, Inc. All rights reserved 10
Slide 11: Initiatives by Segment / Transportation
Initiatives by Segment / Transportation Transportation (Railway) Initiatives aimed at engaging in sustainable railway business Labor-saving through introduction of driver-only operation We strive to achieve labor-savings by introducing driver-only operation in order to address ⚫ Gradual roll-out of
Slide 12: Initiatives by Segment / Real Estate, Merchandising
Initiatives by Segment / Real Estate, Merchandising Real Estate Rental Merchandising Improvement of the station area in conjunction with the Efforts in the supermarket business underground track project near Tsurugamine Station on • Undertake performance reforms through the two axes of “product refo
Slide 13: Initiatives by Segment / Real Estate, Hotel
Initiatives by Segment / Real Estate, Hotel Real Estate Sales Hotel Major properties for sale in the future Creation of a resilient revenue structure and new hotel openings Fiscal Year No. of units Major properties • Consider new hotel openings from the perspectives of business schemes, new hotel op
Slide 14: Initiatives by Segment / Real Estate
Initiatives by Segment / Real Estate • Expand business areas to engage in comprehensive real estate business Real estate business diversification Have the options of engaging in rental business, asset turnover business, and fund business. Diversify the ways in which we utilize the real estate owned
Slide 15: Yokohama Station West Exit Area Major Reconstruction Plan
[Sotetsu Group] Yokohama Station West Exit Area Major Reconstruction Plan < The Sotetsu Group’s vision for Refine “Well-Crossing” using the twin <The relationship between “Well-Crossing” and “Well-being”> Yokohama Station’s west exit > axes of the “four activities” and the Create new encounters with
Slide 16: Movil District Development Plan
Movil District Development Plan • The riverside location and the bustling nature of the area will be leveraged to propose new lifestyle created by a well-balanced blend of elements, such as the culture and entertainment, that make the Minami-saiwai area so appealing, as defined in Excite Yokohama 22
Slide 17: Former Kamiseya Communications Facility GREEN x EXPO 2027 and Beyond
[Sotetsu Group] Former Kamiseya Communications Facility <GREEN x EXPO 2027 and Beyond> Develop a sense of expectation for areas along the Sotetsu lines through GREEN x EXPO 2027 “EXPO 2027 YOKOHAMA JAPAN (GREEN x EXPO 2027)” Site of the former Kamiseya • Location: Former Kamiseya Communications Faci
Slide 18: Population Trends and Average Official Land Price Trends along the Sotetsu Lines
Population Trends and Average Official Land Price Trends along the Sotetsu Lines Average official land price trends along the Sotetsu lines Net migration to/from areas along the Sotetsu lines (price per tsubo (approx. 3.3 m2)) ■November 2019 ■July 2024 (Persons) Opening of Sotetsu- Opening of YUMEGA
Slide 19: Status following the Development of Yumegaoka
[Sotetsu Group] Status following the Development of Yumegaoka Map of Yumegaoka Station and the area around it Average daily number of passengers serviced by Yumegaoka Station 12,000 Commuter pass YUMEGAOKA SORATOS opened on July 25, 2024 10,252 Non-commuter 10,000 pass 8,982 7,873 8,270 8,167 8,000
Slide 20: Area Management Initiatives
[Sotetsu Group] Area Management Initiatives In order to create the railway line of choice, we are bringing people with diverse values together in area management sites, preparing spaces and organizing activities where people can engage in borderless collaborative creation, and promoting the transfor
Slide 21: Management Indicators
03 Management Indicators Copyright Ⓒ Sotetsu Holdings, Inc. All rights reserved 21
Slide 22: Medium-Term Management Plan Management Indicators (FY2027)
Medium-Term Management Plan Management Indicators (FY2027) Consolidated operating profit Profit attributable to owners of parent Interim Interim (Billion yen) (Billion yen) Interim + full-year Interim + full-year 37.8 35.3 38.0 22.4 22.5 22.4 35.1 21.3 15.2 21.8 12.7 18.9 16.4 10.3 2025/3 2026/3 202
Slide 23: Consolidated Figures / Figures By Segment (FY2027)
Consolidated Figures / Figures By Segment (FY2027) Medium-Term Management Plan (Billion yen) 2026/3 Initial Plan 2026/3 Plan Consolidated Figures 2025/3 Results (As of April 2025) (As of October 2025) 2028/3 Plan Operating revenue 292.1 316.3 312.0 350.4 Operating profit 37.8 35.1 35.3 38.0 Ordinary
Slide 24: Shareholder Returns/Capital Policy
04 Shareholder Returns/Capital Policy Copyright Ⓒ Sotetsu Holdings, Inc. All rights reserved 24
Slide 25: Basic Shareholder Return and Capital Policy
Basic Shareholder Return and Capital Policy Dividends per Share and Payout Ratios (Yen) Interim Year-end 65.0 65.0 50.0 50.0 35.0 35.0 25.0 30.0 25.0 20.0 15.0 25.0 10.0 30.0 30.0 20.0 20.0 10.0 10.0 2020/3 2021/3 2022/3 2023/3 2024/3 2025/3 2026/3 (Plan) Payout ratio 33.5% - 105.6% 35.1% 30.5% 28.4
Slide 26: Management Conscious of Cost of Capital and Stock Price
Implementation of Management that is Conscious of Cost of Capital and Stock Price ■ Sotetsu Holdings assumptions of cost ＋ ＝ Risk-free Market risk β Cost of shareholders’ of shareholders’ equity (reference values) rate * Responsiveness of our * 10-year government premium share price to the stock equ
Slide 27: Investment Plan
Investment Plan • In preparation for the cash outflows of large-scale investment phases, we will maintain our financial soundness and make investments that contribute to sustainable growth, such as growth investment for acquiring and developing real estate. • We will consider the cost of capital and
Slide 28: Details of Financial Results for the Second Quarter of FY2025
05 Details of Financial Results for the Second Quarter of FY2025 Copyright Ⓒ Sotetsu Holdings, Inc. All rights reserved 28
Slide 29: Financial Highlights (Consolidated Statement of Income)
Financial Highlights (Consolidated Statement of Income) (Million yen) Change FY3/2026 Change FY3/2026 FY3/2025 H1 H1 H1 Amount (%) Amount (%) Plan Operating revenue 144,907 148,466 -3,558 -2.4 149,800 -4,892 -3.3 Operating profit 18,982 21,862 -2,879 -13.2 16,400 +2,582 +15.7 Non-operating income 82
Slide 30: Segment Information
Segment Information (Million yen) FY3/2026 FY3/2025 Change Note H1 H1 Amount (%) (+) Increase in the number of passengers for the existing lines and the Sotetsu Shin- Operating revenue 22,596 21,701 +894 +4.1 Yokohama Line Transportation Operating profit 3,666 2,830 +836 +29.5 Operating revenue 48,2
Slide 31: Segment Information
Segment Information (Million yen) FY3/2026 Change FY3/2026 H1 Note H1 Amount (%) Plan Operating revenue 22,596 22,500 +96 +0.4 Transportation Operating profit 3,666 2,800 +866 +30.9 (+) Decrease in repair expenses Operating revenue 48,290 48,200 +90 +0.2 Merchandising Operating profit 167 100 +67 +6
Slide 32: Segment Information (Transportation)
Segment Information (Transportation) (Million yen) Change FY3/2026 Change FY3/2026 FY3/2025 H1 H1 H1 Amount (%) Amount (%) Plan Operating revenue 22,596 21,701 +894 +4.1 22,500 +96 +0.4 Railway 18,902 18,265 +637 +3.5 18,700 +202 +1.1 Bus 3,717 3,463 +254 +7.3 3,800 -82 -2.2 Adjustments -23 -26 +3 －
Slide 33: Segment Information (Merchandising)
Segment Information (Merchandising) (Million yen) Change FY3/2026 Change FY3/2026 FY3/2025 H1 H1 H1 Amount (%) Amount (%) Plan Operating revenue 48,290 46,200 +2,089 +4.5 48,200 +90 +0.2 Supermarket business 43,352 41,638 +1,714 +4.1 43,500 -147 -0.3 Other merchandising businesses 4,937 4,562 +375 +
Slide 34: Segment Information (Real Estate)
Segment Information (Real Estate) (Million yen) Change FY3/2026 Change FY3/2026 FY3/2025 H1 H1 H1 Amount (%) Plan Amount (%) Operating revenue 30,534 41,824 -11,290 -27.0 35,100 -4,565 -13.0 Sales 10,126 22,945 -12,819 -55.9 14,000 -3,873 -27.7 Leasing 20,587 19,028 +1,559 +8.2 21,200 -612 -2.9 Adju
Slide 35: Segment Information (Hotel)
Segment Information (Hotel) (Million yen) Change FY3/2026 Change FY3/2026 FY3/2025 H1 H1 H1 Amount (%) Amount (%) Plan Operating revenue 35,900 31,045 +4,854 +15.6 36,000 -99 -0.3 Operating profit 7,893 5,479 +2,414 +44.1 6,200 +1,693 +27.3 <In Japan, room occupancy rate/average revenue per room> Ch
Slide 36: Segment Information (Other)
Segment Information (Other) (Million yen) Change FY3/2026 Change FY3/2026 FY3/2025 H1 H1 H1 Amount (%) Amount (%) Plan Operating revenue 13,898 13,357 +541 +4.1 13,600 +298 +2.2 Building maintenance business 10,050 9,672 +378 +3.9 9,600 +450 +4.7 Other 4,322 4,145 +176 +4.3 4,500 -177 -3.9 Adjustmen
Slide 37: Non-Operating Income/Expenses
Non-Operating Income/Expenses (Million yen) Change FY3/2026 Change FY3/2026 FY3/2025 H1 H1 H1 Amount (%) Plan Amount (%) Operating profit 18,982 21,862 -2,879 -13.2 16,400 +2,582 +15.7 Non-operating income 826 864 -37 -4.3 400 +426 +106.7 Interest and dividend income 197 283 -86 -30.3 100 +97 +97.7
Slide 38: Extraordinary Income/Losses
Extraordinary Income/Losses (Million yen) Change FY3/2026 Change FY3/2026 FY3/2025 H1 H1 H1 Amount (%) Plan Amount (%) Ordinary profit 17,356 20,782 -3,426 -16.5 14,900 +2,456 +16.5 Extraordinary income 1,510 663 +847 +127.8 － +1,510 － Gain on sale of non-current assets 30 18 +11 +60.5 － +30 － Gain
Slide 39: Financial Highlights (Consolidated Balance Sheet)
Financial Highlights (Consolidated Balance Sheet) (Million yen) Change As of September As of March 31, Note 30, 2025 2025 Amount (%) Notes and accounts receivable - trade: -1,001, Current assets 145,866 141,683 +4,182 +3.0 Inventories: +6,225, Other current assets: -3,036 Non-current assets 612,278
Slide 40: Details of Financial Forecasts for FY2025
06 Details of Financial Forecasts for FY2025 Copyright Ⓒ Sotetsu Holdings, Inc. All rights reserved 40
Slide 41: Forecast for FY3/2026 (Consolidated Statement of Income)
Forecast for FY3/2026 (Consolidated Statement of Income) (Million yen) Forecast as of Forecast vs. Actual Forecast vs. Plan FY3/2026 FY3/2025 Actual FY3/2026 Plan H1 Amount (%) Amount (%) Operating revenue 312,000 292,178 +19,821 +6.8 316,300 -4,300 -1.4 Operating profit 35,300 37,820 -2,520 -6.7 35
Slide 42: Forecast for FY3/2026 (All Segments)
Forecast for FY3/2026 (All Segments) (Million yen) Forecast as of Forecast vs. Actual FY3/2026 FY3/2025 Actual Note H1 Amount (%) (+) An increased number of users, the Sotetsu Shin-Yokohama Line gaining Operating revenue 45,200 43,540 +1,659 +3.8 more recognition Transportation Operating profit 5,10
Slide 43: Forecast for FY3/2026 (All Segments)
Forecast for FY3/2026 (All Segments) (Million yen) Forecast as of Forecast vs. Plan FY3/2026 FY3/2026 Plan Note H1 Amount (%) Operating revenue 45,200 45,100 +100 +0.2 (+) Increase in transportation revenue Transportation Operating profit 5,100 4,900 +200 +4.1 Operating revenue 97,500 98,500 -1,000
Slide 44: Forecast for FY3/2026 (Transportation)
Forecast for FY3/2026 (Transportation) (Million yen) Forecast as of Forecast vs. Actual Forecast vs. Plan FY3/2026 FY3/2025 Actual FY3/2026 Plan H1 Amount (%) Amount (%) Operating revenue 45,200 43,540 +1,659 +3.8 45,100 +100 +0.2 Railway 37,900 36,769 +1,130 +3.1 37,800 +100 +0.3 Bus 7,300 6,823 +4
Slide 45: Forecast for FY3/2026 (Merchandising)
Forecast for FY3/2026 (Merchandising) (Million yen) Forecast as of Forecast vs. Actual Forecast vs. Plan FY3/2026 FY3/2025 Actual FY3/2026 Plan H1 Amount (%) Amount (%) Operating revenue 97,500 94,854 +2,645 +2.8 98,500 -1,000 -1.0 Supermarket business 87,900 85,926 +1,973 +2.3 88,400 -500 -0.6 Othe
Slide 46: Forecast for FY3/2026 (Real Estate)
Forecast for FY3/2026 (Real Estate) (Million yen) Forecast as of Forecast vs. Actual Forecast vs. Plan FY3/2026 FY3/2025 Actual FY3/2026 Plan H1 Amount (%) Amount (%) Operating revenue 78,700 71,218 +7,481 +10.5 81,100 -2,400 -3.0 Sales 32,600 30,456 +2,143 +7.0 35,300 -2,700 -7.6 Leasing 46,500 41,
Slide 47: Forecast for FY3/2026 (Hotel)
Forecast for FY3/2026 (Hotel) (Million yen) Forecast as of Forecast vs. Actual Forecast vs. Plan FY3/2026 FY3/2025 Actual FY3/2026 Plan H1 Amount (%) Amount (%) Operating revenue 74,500 66,910 +7,589 +11.3 75,100 -600 -0.8 Operating profit 14,900 12,646 +2,253 +17.8 13,900 +1,000 +7.2 <In Japan, roo
Slide 48: Forecast for FY3/2026 (Other)
Forecast for FY3/2026 (Other) (Million yen) Forecast vs. Actual Forecast vs. Plan Forecast as of FY3/2026 FY3/2025 Actual FY3/2026 Plan H1 Amount (%) Amount (%) Operating revenue 28,200 28,039 +160 +0.6 27,700 +500 +1.8 Building maintenance business 19,900 20,700 -800 -3.9 19,500 +400 +2.1 Other 9,2
Slide 49: Forecast for FY3/2026 (Capital Expenditure/Depreciation)
Forecast for FY3/2026 (Capital Expenditure/Depreciation) ➢ Capital expenditure (Million yen) Forecast as of Forecast vs. Actual Forecast vs. Plan FY3/2025 FY3/2026 FY3/2026 Details of expenditure for FY3/2026 Actual Plan Amount (%) H1 Amount (%) Train replacement work (introduction of new 13000 Tran
Slide 50: Appendix
07 Appendix • Overview of the Sotetsu Group • Initiatives by Individual Businesses Copyright Ⓒ Sotetsu Holdings, Inc. All rights reserved 50
Slide 51: Overview of the Sotetsu Group / Company Profile, History
Overview of the Sotetsu Group / Company Profile, History Company Profile Company Name Sotetsu Holdings, Inc. Established December 18, 1917 Head Office 9-14, Kitasaiwai 2-chome, Nishi-ku, Yokohama-shi, Kanagawa 220-0004, Japan Capital 38.8 billion yen Stock Market Tokyo Stock Exchange, Prime Market (
Slide 52: Overview of the Sotetsu Group / Sotetsu Group's Businesses
Overview of the Sotetsu Group / Sotetsu Group’s Businesses The Sotetsu Group is a corporate group consisting of 47 subsidiaries and 6 affiliated companies, with Sotetsu Holdings as the holding company. Other Interest-bearing Consolidated Transportation Merchandising Real Estate Hotel 28.0 billion ye
Slide 53: Overview of the Sotetsu Group / Sotetsu Group's Business Area
Overview of the Sotetsu Group / Sotetsu Group’s Business Area The Sotetsu Group has been promoting urban development and development of commercial facilities, centering on the railway line that runs from Yokohama Station to central Kanagawa Prefecture. Currently, we are engaging in business not only
Slide 54: [Transportation] Sagami Railway, Sotetsu Bus
Initiatives by Individual Businesses / [Transportation] Sagami Railway, Sotetsu Bus Sagami Railway Improve access to central urban areas through direct connection service • 3 lines and 27 stations in Yokohama City and central Kanagawa Prefecture • 446 railway vehicle units (49 sets) • Average number
Slide 55: [Transportation] Business Results
Initiatives by Individual Businesses / [Transportation] Business Results [Transportation] Operating revenue [Transportation] Operating profit (Billion yen) (Billion yen) 43.5 45.2 41.9 5.8 39.7 4.9 5.1 35.6 3.5 32.8 30.3 -0.8 -1.9 -3.8 2020/3 2021/3 2022/3 2023/3 2024/3 2025/3 2026/3 2020/3 2021/3 2
Slide 56: [Merchandising] Business Results for SOTETSU ROSEN
Initiatives by Individual Businesses / [Merchandising] Business Results for SOTETSU ROSEN Development of stores closely tied to communities, serving around 130,000 customers per day through 50 stores mainly in Kanagawa Prefecture Map of SOTETSU ROSEN stores * As of September 2025 Business results (B
Slide 57: [Real Estate] Business Results for Real Estate Sales and Rental Businesses
Initiatives by Individual Businesses / [Real Estate] Business Results for Real Estate Sales and Rental Businesses Real estate sales business Business results * Elimination amounts are included, so totals may not match breakdown figures Single-family home Real estate rental Used condominium Condomini
Slide 58: [Hotel] Sotetsu Group's Hotel Brands
Initiatives by Individual Businesses / [Hotel] Sotetsu Group’s Hotel Brands Sotetsu Group’s hotel brands and number of hotels No. of No. of guest Map of SOTETSU HOTELS locations Hotel Concept hotels rooms <domestic, directly operated> * Map shows hotels directly operated by the Sotetsu Group City ho
Slide 59: [Hotel] Business Results
Initiatives by Individual Businesses / [Hotel] Business Results [Hotel] Operating revenue (Billion yen) [Hotel] Operating profit (Billion yen) 14.9 66.9 74.5 12.6 54.7 7.7 42.2 1.6 35.9 19.1 -2.6 13.1 -12.2 -16.2 2020/3 2021/3 2022/3 2023/3 2024/3 2025/3 2026/3 2020/3 2021/3 2022/3 2023/3 2024/3 202
Slide 60: Initiatives by Individual Businesses / [Other]
Initiatives by Individual Businesses / [Other] Building maintenance business Business results Management, security, facility services, cleaning, guidance operations, and the like for office buildings, shopping centers, etc. throughout the Tokyo metropolitan area, primarily in Tokyo and Kanagawa (Bil
Slide 61: made by the Company’s management drawn from the information available at the time of
Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. All information except facts about the past included in this document are forward lo