Keihan Holdings Co.,ltd. · TSE:9045
Keihan Holdings Co.,ltd — H1 FY2026 Earnings Presentation
40 slides from Keihan Holdings Co.,ltd's earnings presentation, Nov 14, 2025
Slide 1: Interim Financial Results Presentation
First Half of FY2026 (Ended September 30, 2025) Interim Financial Results Presentation November 14, 2025 Keihan Holdings Co., Ltd. Tokyo Stock Exchange Prime Market Securities Code: 9045 https://www.keihan.co.jp/
Slide 2: Table of Contents
Table of Contents ◆ Overview of the Interim Financial Results for the First Half …2 of FY2026 ◆ FY2026 Forecasts … 14 ◆ Progress of the Medium-Term Management Plan … 20 “BIOSTYLE: Deepening and Challenge” ◆ Appendix … 33 Disclaimer for forward-looking statements This document includes forward-lo
Slide 3: Overview of the Interim Financial Results
Overview of the Interim Financial Results for the First Half of FY2026 (Ended September 30, 2025) 2
Slide 4: Consolidated Statements of Income
Consolidated Statements of Income • In the Leisure & Service business and the Transportation business, revenue increased due to factors such as the effect of Expo 2025 (Osaka, Kansai, Japan). However, this was outweighed by a decrease in revenue in the Real Estate business, mainly due to a reactiona
Slide 5: Segment Information
Segment Information (Millions of yen) 1H FY2026 1H FY2025 Change Change (%) results results Operating revenue 47,361 45,313 2,047 4.5% Transportation Operating profit 7,289 7,179 110 1.5% Operating revenue 52,685 73,451 -20,766 -28.3% Real estate Operating profit 9,190 12,248 -3,058 -25.0% Operating
Slide 6: Segment Information (Breakdown)
Segment Information (Breakdown) [Consolidated subsidiaries] 39 companies (no change year on year) [Equity-method affiliates] 2 companies (no change year on year) Keihan Electric Railway Co., Ltd., Keifuku Electric Railroad Co., Ltd., Keihan Bus Co., Ltd., and 12 other Transportation companies Keihan
Slide 7: Segment Information (Quarterly Changes)
Segment Information (Quarterly Changes) (Millions of yen) Changes in operating revenue by segment 50,000 40,000 30,000 26,380 26,305 23,791 23,569 20,000 13,703 13,997 11,629 11,029 10,000 0 1Q 2Q 1Q 2Q 1Q 2Q 1Q 2Q Transportation Real estate Retail distribution Leisure & Service (Millions of yen) Ch
Slide 8: Segment Information (Transportation)
Segment Information (Transportation) (Millions of yen) 1H FY2026 results 1H FY2025 results Change Change (%) Operating revenue 47,361 45,313 2,047 4.5% Railway 38,994 37,353 1,641 4.4% Bus 12,319 11,921 397 3.3% Elimination -3,952 -3,961 8 － Operating profit 7,289 7,179 110 1.5% Railway 6,147 6,229
Slide 9: Operating Results for Transportation: Keihan Electric Railway
Operating Results for Transportation: Keihan Electric Railway 1H FY2026 results 1H FY2025 results Change Change (%) (Millions of yen) (Millions of yen) (Millions of yen) % Passenger transportation revenue 25,455 24,528 927 3.8 Non-commuter passes 17,180 16,440 740 4.5 Commuter passes 8,274 8,087 187
Slide 10: Segment Information (Real Estate)
Segment Information (Real Estate) (Millions of yen) 1H FY2026 results 1H FY2025 results Change Change (%) Operating revenue 52,685 73,451 -20,766 -28.3% Real estate 46,158 67,097 -20,938 -31.2% Real estate sales 28,724 50,764 -22,040 -43.4% Real estate leasing 15,240 14,215 1,024 7.2% Other business
Slide 11: Segment Information (Retail Distribution)
Segment Information (Retail Distribution) (Millions of yen) 1H FY2026 results 1H FY2025 results Change Change (%) Operating revenue 27,701 27,119 582 2.1% Department store 10,620 10,995 -375 -3.4% Store 8,272 7,831 440 5.6% Shopping mall management 7,001 6,781 220 3.2% Other businesses 2,452 2,436 1
Slide 12: Segment Information (Leisure & Service)
Segment Information (Leisure & Service) (Millions of yen) 1H FY2026 results 1H FY2025 results Change Change (%) Operating revenue 22,658 19,237 3,421 17.8% Hotel 20,443 17,188 3,255 18.9% Leisure 2,228 2,062 165 8.0% Elimination -13 -13 0 － Operating profit 4,310 2,363 1,946 82.4% Hotel 3,907 2,077
Slide 13: Consolidated Balance Sheets
Consolidated Balance Sheets (Millions of yen) 1H FY2026 FY2025 results Change Main factors behind change results Land and buildings for sale: +12,982, Current assets 243,280 235,252 8,028 Notes and accounts receivable - trade, and contract assets: -6,871 Buildings and structures: +12,516, Non-curren
Slide 14: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Millions of yen) 1H FY2026 1H FY2025 Change Main factors behind change results results Cash flows from operating 13,818 29,593 -15,775 Increase in inventories: -12,880 activities Cash flows from investing Purchase of non-current assets: +13,817, -23,446 -41,583
Slide 15: FY2026 Forecasts
FY2026 Forecasts Disclaimer for forward-looking statements This document includes forward-looking statements, such as financial forecasts and other future projections, that are based on information currently available to the Company and its current assumptions about uncertain factors that may af
Slide 16: Consolidated Statement of Income (Performance Forecasts)
Consolidated Statement of Income (Performance Forecasts) • The Company expects factors such as capturing demand associated with Expo 2025 (Osaka, Kansai, Japan) in the Leisure & Service business and the Transportation business, as well as steady performance in the Real estate sales business. (Millio
Slide 17: Segment Information (Performance Forecasts)
Segment Information (Performance Forecasts) (Major factors affecting performance: after the previous forecasts in May) : Increases in both revenue and profits due to factors such as capturing demand associated with Expo 2025 • Transportation (Osaka, Kansai, Japan). : Increase in profits due to facto
Slide 18: Segment Information (Performance Forecasts)
Segment Information (Performance Forecasts) (Millions of yen) Operating revenue Operating profit FY2026 FY2026 FY2026 FY2026 forecasts FY2025 forecasts FY2025 forecasts Change Change forecasts Change Change (released in results (released in results (latest) May) (latest) May) Transportation 96,400 9
Slide 19: Operating Results for Transportation (Performance Forecasts)
Operating Results for Transportation (Performance Forecasts): Keihan Electric Railway FY2026 forecasts FY2026 forecasts Change Change (%) FY2025 results Change Change (%) (latest) (released in May) (Millions of yen) (Millions of yen) (Millions of yen) % (Millions of yen) (Millions of yen) % Passenge
Slide 20: Capital Expenditure and EBITDA by Segment (Performance Forecasts)
Capital Expenditure and EBITDA by Segment (Performance Forecasts) (Millions of yen) Capital expenditure EBITDA FY2026 FY2026 FY2026 FY2026 FY2025 FY2025 forecasts forecasts Change Change forecasts forecasts Change Change (released in May) results (released in May) results (latest) (latest) Total 56,
Slide 21: Progress of the Medium-Term Management Plan: BIOSTYLE
Progress of the Medium-Term Management Plan “BIOSTYLE: Deepening and Challenge” 20
Slide 22: Overview of the Long-term Management Strategy
Overview of the Long-term Management Strategy We place at the core of our management and business activities “BIOSTYLE (the Keihan version of the SDGs),” which we have been working to establish as the Keihan Group’s new brand for the creation of a sustainable, recycling-oriented society. We will pro
Slide 23: Medium-term Management Plan: Main Strategies
Medium-term Management Plan: Main Strategies Redevelop Co-create See p. 25 for details. New See p. 23 for details. New Keihan areas experience value Joint reconstruction of Keihan Midosuji Bldg. and Nittochi Kyoto Station Southeast Area Project Yodoyabashi Bldg. Facility name teamLab Biovortex Kyo
Slide 24: Progress of the Main Strategies: Redevelop Keihan areas
Progress of the Main Strategies Redevelop Keihan areas Regaining the glory of Osaka’s east-west axis ◼ Promoting urban development by taking advantage of the regional characteristics of the areas along Osaka’s east-west axis, from Kyobashi, which is a gateway to Kyoto and close to Osaka Castle, thro
Slide 25: Progress of the Main Strategies: Station community building
Progress of the Main Strategies Redevelop Keihan areas Carrying out community building starting from railway stations ◼ Concentrating urban functions around railway stations and carrying out continuous community building that takes advantage of regional characteristics, including history and culture
Slide 26: Progress of the Main Strategies: Co-create experience value
Progress of the Main Strategies Co-create experience value Developing new tourism hubs ◼ Developing a new choice of hubs for Kyoto tourism in the area southeast of Kyoto Station and Sanjo, which is close to tourist attractions in Higashiyama Kyoto Station Southeast Area Project 1 • In October 2025,
Slide 27: Progress of the Main Strategies: Conserve the global environment
Progress of the Main Strategies Conserve the global environment Promoting BIOSTYLE Environmental Action 2030 ◼ Promoting BIOSTYLE Environmental Action 2030, the Keihan Group’s medium- to long-term environmental plan formulated and announced in May 2022 Promotion of energy creation ◆ Promoting phase
Slide 28: Long-term Management Strategy: Main Strategies (Schedule)
Long-term Management Strategy: Main Strategies (Schedule) Period of the current Medium-Term Management Plan FY2024 FY2025 FY2026 FY2027 FY2028 FY2031 “Nakanoshima 4-chome International Completion Project Hub completion for Healthcare Innovation” project ○ Start of demolition Completion Company-own
Slide 29: Progress of the Strategy for Each Business: Main topics
Progress of the Strategy for Each Business: Main topics • Measures for each business to fulfill the Medium-term Management Plan have made steady progress. FY2024 FY2025 FY2026 Transportation Promoting the installation of platform screen doors at Keihan Railway stations Increasing the number of a
Slide 30: Toward Sustainable Operation of the Railway Business
Toward Sustainable Operation of the Railway Business • Promoting measures to ensure sustainable operation of the railway business, which is currently facing a tough environment with the declining population along the railway lines and decreasing mobility demand Adding high value to our services by p
Slide 31: Real Estate Business Driving the Group's Growth
Real Estate Business Driving the Group’s Growth Expanding asset types in the real estate sales business ◆ Sales composition by asset type Land readjustment project Land readjustment project in Gakken Seika Shimokoma in the Yawata Interchange south area 100 15 17 22 25 33 30 80 37 39 44 26 20 31 60 2
Slide 32: Retail Distribution Business: Adding Color to Areas Along the Railway
Efforts in the Retail Distribution Business to Add Color to the Areas along the Railway Lines • Deepening the attraction of the areas by renovating existing facilities while leveraging their strengths and providing attractive features in collaboration with the local communities Renovating department
Slide 33: Hotel Business Striving for Further Growth
Hotel Business Striving for Further Growth • Promoting creation of high added value in the hotel business, which is a driver of our business performance, by renovating guest rooms, with a view to achieving sustainable growth Occupancy rate and average daily rate (ADR) Promoting guest room renovation
Slide 34: Management Conscious of the Cost of Capital and Stock Price
Appendix 1 Management Conscious of the Cost of Capital and Stock Price 33
Slide 35: Changes in Values for Management Indicators
Changes in Values for Management Indicators FY2024 FY2025 FY2026 Management indicators results results forecast Operating profit 33.9 bn. yen 42.0 bn. yen 46.2 bn. yen Profit attributable to owners of 24.8 bn. yen 28.2 bn. yen 32.6 bn. yen parent EBITDA 53.9 billion yen 64.6 bn. yen 70.5 bn. yen Net
Slide 36: Changes in Financial Status
Changes in Financial Status Changes in Financial Status (million yen) (%; times) Ending equity balance Net interest-bearing debt-to-EBITDA ratio Equity capital ratio 350,000 40.0 36.4% 35.7% 34.1% 34.1% 34.6% 300,000 298,487 31.5% 32.1% 32.0% 307,232 268,249 249,736 251,240 30.0 250,000 244,318 235,
Slide 37: Dividend Forecast
Dividend Forecast We aim to increase dividends through sustainable profit growth, with a consolidated dividend payout ratio Shareholder of approximately 30% based on the business performance in each fiscal year. Return Policy We will flexibly conduct share buybacks while considering financial soundn
Slide 38: Changes in Stock Price, PBR, and PER
Changes in Stock Price, PBR, and PER Changes in Stock Price and PBR Changes in PER Stock price (as of the end of the term) PER (Yen) PBR (as of the end of the term) (%) (%) 5,000 4,800 2.5 40.0 4,655 4,600 33.6 4,000 2.0 2.1 2.1 30.0 2.0 3,455 3,393 3,280 3,256 25.6 3,010 23.2 3,000 1.5 21.0 1.6 1.2
Slide 39: Changes in Cost of Equity and Return on Equity
Changes in Cost of Equity and Return on Equity (%) Changes in ROE and CoE 12.0 10.8 ROE 10.2 10.0 9.4 9.3 8.8 8.3 6.8 It is assumed that the expected 8.0 market return will be higher. 6.0 株主資本コスト CoE: Approx. 5-6% 5~6%程度 Calculated by the CAPM 4.0 3.9 2.0 0.0 -1.9 - △ 2.0 FY2018 FY2019 FY2020 FY2021
Slide 40: Keihan Holdings Co., Ltd.
Keihan Holdings Co., Ltd. Personnel in charge of Management Strategy, Corporate Planning Office Tel.: +81-6-6944-2529 Email: ir@ml.keihan.co.jp