Seibu Holdings, Inc. · TSE:9024
Seibu — Investor Presentation (October 2026)
28 slides from Seibu's investor presentation, Oct 2, 2026
Slide 1: Market’s Perspective on Seibu HD’s Management Issues and Value Creation Opportunities
This presentation is a reference translation of the Japanese version that was published on October 1, 2026. In respect of information that has been prepared by 3DIP (and not otherwise attributed to any other party) and which appear in the English language version of this presentation, in the event o
Slide 2: Seibu HD’s competitive advantage lies in its ownership of real estate in urban and resort areas
Seibu HD’s competitive advantage lies in its ownership of real estate in urban and resort areas with significant potential for value enhancement, and the company presents NAV growth through reinvestment in these properties as its equity story Seibu HD positions its real estate holdings in urban and
Slide 3: Asset-light strategy launched; Kioicho monetization
To deliver on its equity story, Seibu HD announced an asset-light strategy in 2021. As a major step, it monetized Kioicho in 2024 and committed to growing NAV by reinvesting the proceeds in real estate Background / Objectives ◼ Following massive losses during COVID-19, launched management reforms ce
Slide 4: Capital markets expected NAV-focused management; share price has fallen back below NAV
Following these initiatives, the capital markets expected Seibu HD to shift to NAV-focused management, and the shares temporarily traded at a premium to NAV. However, the share price has since fallen back below NAV After the Kioicho monetization, P/NAV rose from 0.89x to above 1.0x, and PER diverged
Slide 5: Capital markets expect NAV per share growth by reinvesting real estate sale proceeds
The capital markets expect growth in NAV per share to be achieved by reinvesting the proceeds of real estate sales in projects whose expected returns exceed the cost of capital In its previous update report, SBI stated that the ability to repeat the monetization → reinvestment → value creation → re-
Slide 6: Seibu HD’s unrealized gains are concentrated in hotel properties slated for value-enhancing investment
Seibu HD differs from peers in that most of its unrealized gains are concentrated in hotel properties slated for value-enhancing investment, including redevelopment, giving it greater NAV growth potential than typical real estate developers Breakdown of unrealized gains as of March 31, 2026 Seibu HD
Slide 7: Seibu HD’s NAV per share is not expected to grow faster than cost of capital
Nevertheless, Seibu HD’s NAV per share is not expected to grow at a rate exceeding the Company’s cost of capital, and its shares trade at a discount, reflecting two main issues identified by the capital markets Issues identified by the market The formulation and execution of business plans for its r
Slide 8: Issue Identified by the Market -1
Issue Identified by the Market -1 The formulation and execution of business plans for its real estate holdings, which are necessary for sustained growth in NAV per share, and the disclosure and explanation of those plans, have been insufficient 8
Slide 9: For 20+ years, Seibu HD has discussed large-scale redevelopment concepts
For 20+ years, Seibu HD has continued to discuss large-scale redevelopment concepts for individual properties, but to date, except for Kioicho, none has produced notable results or progress Seibu HD has discussed large-scale real estate redevelopment plans for 20 years… 2004 2014 2026 At the time of
Slide 10: No quantitative, objective explanation of how past NAV growth was achieved
Seibu HD has not been able to provide a quantitative, objective explanation for how NAV growth was achieved in the past Seibu HD reported 12.6% growth in NAV per share for FY3/26, explaining that the principal driver was the development of value-enhancement investment plans for Shinagawa and However
Slide 11: No quantitative roadmap for future NAV growth (1/2)
Seibu HD has not presented a quantitative, objective roadmap for how future NAV growth will be delivered (1/2) However, market participants have pointed out that, while Seibu HD espouses NAV Seibu HD argues that uncertainty makes it difficult to explain the extent and growth-centered management, it
Slide 12: No quantitative roadmap for future NAV growth (2/2)
Seibu HD has not presented a quantitative, objective roadmap for how future NAV growth will be delivered (2/2) Market participants point out that the roadmap they require has three elements— timing, absolute NAV and IRR—and that without disclosure of these, future NAV Market participants point out t
Slide 13: Market lacks information to determine NAV growth; analysts cut target prices (1/2)
For these reasons, the market currently lacks the information needed to determine whether Seibu HD’s NAV per share will grow at a rate exceeding the cost of capital, and therefore lack confidence in NAV and its growth (1/2) Triggered by the announcement of the delay to the Takanawa area redevelopmen
Slide 14: Market lacks information to determine NAV growth; analysts cut target prices (2/2)
For these reasons, the market currently lacks the information needed to determine whether Seibu HD’s NAV per share will grow at a rate exceeding the cost of capital, and therefore lack confidence in NAV and its growth (2/2) Triggered by the announcement of the delay to the Takanawa area redevelopmen
Slide 15: Highest ratio of average annual net investment to NAV among real estate developers
Because Seibu HD has the highest ratio of average annual net investment to NAV among real estate developers, it has an even greater responsibility to explain the expected growth rate of NAV per share to the market and to achieve a P/NAV of 1.0x Average annual net investment / NAV: Seibu HD and real
Slide 16: Unlike a J-REIT, Seibu HD has a wide range of options to address its P/NAV discount
Unlike a J-REIT, Seibu HD has a wide range of options to address its P/NAV discount and, having committed to NAV growth, it is expected to transparently disclose its business plans for NAV growth and the progress of those plans J-REIT (investment corporation) Seibu HD (operating company) ◼ As a list
Slide 17: Issue Identified by the Market -2
Issue Identified by the Market -2 Ownership and operation of the hotel real estate that accounts for most of its value are integrated within the Group, creating a risk of dis -synergies that could impair the value of both the real estate and hotel businesses 17
Slide 18: Integrated ownership and operation of hotel real estate creates dis-synergies
In general, under a business model that integrates ownership and operation of hotel real estate, neither the real estate owner nor the hotel operator is subject to strong discipline to enhance value, and dis-synergies arise on both sides Separated ownership and operations (Preferred management model
Slide 19: Weak discipline to enhance real estate value: 2022 sale to GIC
Weak discipline to enhance real estate value: it has been suggested that SRE may have failed to realize approximately ¥70bn of real estate value in the 2022 sale to GIC, which required continued operation by the Group * Excerpt Facing financial deterioration, Seibu HD sold 31 hotels and other facili
Slide 20: Weaker discipline and incentives to improve operating capabilities and brand strength
Weaker discipline and incentives to improve operating capabilities and brand strength: in fact, SPW, whose management contracts are effectively guaranteed, has twice postponed its own stated growth target without giving reasons, and growth in the number of properties it operates has significantly la
Slide 21: Market participants highlight dis-synergies between SRE and SPW
Market participants have also been highlighting the dis-synergies between SRE and SPW for some time I would very much like to hear how you would like investors to value NAV. Ordinarily, given that your company owns real estate, has AM and PM capabilities, and operates hotels, one would expect the sh
Slide 22: Seibu HD’s response in light of these circumstances
Seibu HD’s response in light of these circumstances 22
Slide 23: Seibu HD established a Capital Allocation Review Committee in July 2026
In light of the gap between the growth it envisions and the capital markets’ assessment, in July 2026 Seibu HD established a “Capital Allocation Review Committee” led by its outside directors, with participation from external experts To examine the optimal capital allocation to underpin the next med
Slide 24: Appendix
Appendix 24
Slide 25: Calculation methods for average annualized net investment and NAV
Calculation methods for each listed company’s average annualized net investment and NAV Company Average annualized net investment NAV The sum of central Tokyo redevelopment (¥720bn), resort development (¥84bn), new property acquisitions and NAV per share of ¥4,370 as disclosed by the company, multip
Slide 26: Disclaimer
Disclaimer 26
Slide 27: Disclaimer
Disclaimer This presentation and the information contained herein (collectively “this presentation”) are for the purpose of sharing information and exchanging views on SEIBU HOLDINGS INC. ("Seibu HD") . 3D Investment Partners Pte. Ltd. is the investment manager of funds (“3D Funds”) that hold shares
Slide 28: Disclaimer
Disclaimer Similarly, statements that describe 3DIP’s objectives, plans, business strategy or goals are forward-looking. Any forward-looking statements are based on 3DIP’s intent, beliefs, expectations, estimates, assumptions and projections, taking into consideration all information available to 3D
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