Tokyu Fudosan Holdings Corp. · TSE:3289
Tokyu Fudosan — Q2 FY2025 Earnings Presentation
72 slides from Tokyu Fudosan's earnings presentation, Nov 14, 2025
Slide 1: Financial Highlights FY2025 Second Quarter
Securities Code: 3289 Financial Highlights FY2025 Second Quarter (First Six Months) Ended September 30, 2025 November 14, 2025
Slide 2: Forward-looking statements
The forecasts and other forward-looking statements in this report are based on currently available information and certain assumptions determined as rational. Consequently, any statements herein do not constitute assurances regarding actual results by the Group. Actual performance may significantly
Slide 3: Highlights
Highlights Topics Contents Operating profit: 78.5 billion yen (YoY +28.0 billion yen) Interim net profit*1 52.2 billion yen (YoY +27.1 billion yen) FY2025 Q2 Operating ・ Profit increased led by strong performance in the real estate agents business and sales to investors as well as improved operation
Slide 4: Financial Indexes and Forecast for FY2025
Financial Indexes Forecast for FY2025 FY2024 FY2025 FY2027 FY2030 (Result) (Initial forecast) (Latest forecast) (Target) (Target) ROE 9.9% 10.1% 10.7% 9.5%-10％ 10％ or more Potential, efficiency ROA 4.5% 4.6% 4.8% 4.7% 5％ or more Approx. EPS ¥108.69 ¥119.08 ¥126.07 - ¥170 EPS growth rate - 9.6% 16.0%
Slide 5: FY2025 Revision of Earnings Forecast
FY2025 Revision of Earnings Forecast Revised the full-year forecast upwards Operating profit ROE 160.0 billion yen (+7.0 billion yen) 10.7% (+0.6pt) Annual dividend forecast Net profit Annual EPS growth rate 44.5 yen (+2.5 yen) 90.0 billion yen (+5.0 billion yen) 16.0% (+6.4pt) (Figures in parenthes
Slide 6: Revised the annual dividend forecast for FY2025 upwards
Shareholder Return Revised the annual dividend forecast for FY2025 upwards Annual dividend (forecast) 44.5 yen (+2.5 yen from Dividend payout ratio (forecast) 35.3 % (±0pt initial forecast, +8.0 yen compared to the previous year) from initial forecast, +1.7pt compared to the previous year) 35% or mo
Slide 7: Initiatives to Enhance Corporate Value and Market Valuation (1)
Initiatives to Enhance Corporate Value and Market Valuation (1) Promote business strengthening and expansion that contribute to the improvement in ROA for the increase in corporate value Main initiatives Growth in income gain PBR ROE ROA ・ Promote Greater Shibuya Area Strategy (→ Page 8) ・Establish
Slide 8: Promote Greater Shibuya Area Strategy
Promote Greater Shibuya Area Strategy Further enhance the appeal of the district, and increase profits in the Greater Shibuya Area Agreed to revise all office rents in the Greater Shibuya Area upwards, and rate of increase exceeds 10% (Results for April to September 2025) <Recent topics in the Great
Slide 9: Growth of Real Estate Agent Business (1)
Growth of Real Estate Agent Business (1) Highly efficient real estate agent business grew Operating profit margin in real estate agent Top position in the amount of real estate brokerage business was 18.0% (FY2024) transactions*1 for FY2024 (2 consecutive years)*2 Operating profit in real estate age
Slide 10: Growth of Real Estate Agent Business (2)
Growth of Real Estate Agent Business (2) Tokyu Livable realized business growth by promoting the most effective use of real estate information Real estate multi-value creator strategy ・ Make the most effective use of real estate information by utilizing our “extensive customer contact points” and “w
Slide 11: Initiatives to Enhance Corporate Value and Market Valuation (2)
Initiatives to Enhance Corporate Value and Market Valuation (2) Aim to increase corporate value by pursuing high growth potential and efficiency and increasing tolerance Comparison of PER and ROE of seven major domestic real estate companies Towards the improvement in PER • Promote the “pursuit of h
Slide 12: Changes in Share Price, etc.
Changes in Share Price, etc. (May 12, 2022 – November 12, 2025) PBR: 1.15x ｜ P/NAV multiple*1 : 0.84x ｜ PER: 10.8x (as of November 12, 2025) 1,700 yen Share price BPS NAV per share *2 1,606.19 yen 1,600 yen 1,500 yen 1,400 yen 1,356.0 yen 1,300 yen 1,200 yen 1,183.99 yen 1,100 yen 1,142.66 yen 1,000
Slide 13: Summary of the Financial Results for FY2025 Q2
Summary of the Financial Results for FY2025 Q2 Financial Highlights FY2025 Second Quarter (First Six Months) Ended September 30, 2025
Slide 14: Recognition of Major Business Environment for FY2025 (1)
Recognition of Major Business Environment for FY2025 ・Although the range of increase has stabilized, an upward trend continues to be seen mainly for labor costs. Construction cost ・Aim to increase profitability through selective investments in prime locations and further provision of added value. ・D
Slide 15: Recognition of Major Business Environment for FY2025 (2)
Recognition of Major Business Environment for FY2025 ・Market expansion continues in response to the trend toward decarbonization. ・Seeking profit growth by building a value chain for renewable energy businesses Renewable energy including development and sale of power generation facilities, O&M* and
Slide 16: FY2025 Q2 Operating Results
FY2025 Q2 Operating Results • Increased in revenues and profit mainly for Urban Development with strong sales to investors and operation of Offices and Commercial facilities and for Real Estate Agents with strong brokerage businesses FY2024 FY2025 FY2025 Comparison FY2024 Progress note (¥ billion) Q
Slide 17: FY2025 Q2 Analysis of Operating Profit
FY2025 Q2 Analysis of Operating Profit • Operating Profit increased by 28 billion yen YoY led by strong performance in the sales to investors and real estate agents business as well as improved operation of Offices and Commercial facilities, etc. (¥ billion) ・ Overseas business +3.6 billion yen ・ Pr
Slide 18: FY2025 Q2 Balance Sheet
FY2025 Q2 Balance Sheet • Progress in investments has led to an increase in non-current assets and real estate for sale • External credit rating for long-term (Japan Credit Rating Agency) : A+ (stable), long-term ratio of interest-bearing debt at the end of September 2025 was approx. 92%, and the fi
Slide 19: Market Value Appraisal for Leased Properties
Market Value Appraisal for Leased Properties (As of the end of March 2025) • Unrealized gains of rental and other real estate expanded to 435.1 billion yen. < Changes in market value and book value of leased properties and others > Carrying value Latent profit BPS NAV per share* ¥1,158.0 billion ¥1,
Slide 20: Statement of Cash Flows and Investment Plan
Statement of Cash Flows and Investment Plan • Investments were made steadily toward the full-year plan, mainly in renewable energy facilities (capital investment), rental housing and logistics facilities (real estate for sale) < Statement of Cash Flows > FY2024 FY2025 Comparison (¥ billion) Q2 Resul
Slide 21: FY2025 Full-Year Earnings Forecast
FY2025 Full-Year Earnings Forecast • Forecast for the full year has been revised upwards due to expectations of strong performance in the real estate agents business and sales to investors, with ROE planned at 10.7% (+0.6pt from initial forecast) FY2025 FY2025 vs. initial FY2024 Comparison note (¥ b
Slide 22: Analysis of Revised Forecast for Operating Profit (vs. initial forecast)
FY2025 Analysis of Revised Forecast for Operating Profit (vs. initial forecast) • Operating profit has been revised upwards by 7 billion yen from initial forecast due to expectations of strong performance in the real estate agents business and sales to investors ･ Overseas business +0.5 billion yen
Slide 23: Analysis of Revised Forecast for Operating Profit (YoY)
FY2025 Analysis of Revised Forecast for Operating Profit (YoY comparison) • Plan to increase operating profit by 19.2 billion yen YoY due to strong performance in the real estate agents business and sales to investors as well as improved operation of Offices and Commercial facilities, etc. ･ Oversea
Slide 24: Gains on Sales to Investors and Total Value of Investment
Gains on Sales to Investors and Total Value of Investment • More than 60% of the gain on sales to investors, etc. in FY2025 have been secured • Acquisition of assets, primarily for sales to investors, are also progressing steadily, centering on rental housing and industry < Trends in gains on sales
Slide 25: Segment Overview
Segment Overview Financial Highlights FY2025 Second Quarter (First Six Months) Ended September 30, 2025
Slide 26: Urban Development (1) FY2025 Q2 Results
Urban Development (1) FY2025 Q2 Results Q2 and full-year forecasts: Revenues and profit increased led by improved operation of Offices and Commercial facilities and increase in sales to investors, etc. FY2024 FY2025 Main factors for Major Office and Commercial Facilities Comparison (¥ billion) Q2 Q2
Slide 27: Urban Development (2) Vacancy Rate and Rent Trends and Area
Urban Development (2) Vacancy Rate and Rent Trends and Area As of September 30, 2025, vacancy rate at 0.6 % (office buildings and commercial facilities) Average office rent continued to rise due to upward rent revisions < Vacancy Rate and Rent Trends > < Office Area Distribution > Rent (¥/Month/Tsub
Slide 28: Urban Development (3) Major Projects
Urban Development (3) Major Projects (Offices and Commercial Facilities, etc.) Large-scale development projects Rebuilding of Chayamachi B-2/B-3 Blocks Tokyu Akasaka building Redevelopment Project Osaki Riverwalk Garden Shinjuku West Gate Chiyoda-ku Osaka-shi, Osaka Scheduled for completion in Redev
Slide 29: Urban Development (4) Major Projects (Greater Shibuya Area)
Urban Development (4) Major Projects (Greater Shibuya Area) Several projects, such as Next Shibuya Sakuragaoka Block, Jinnan 1-chome Block and Koen-dori West District Redevelopment, are underway in the Greater Shibuya Area. Redevelopment Project The Greater Commercial facility Office building Shibuy
Slide 30: Urban Development (5) Office Market
Urban Development (5) Office Market In Shibuya-ku, average rent increased significantly due to tight supply-demand balance, and new supply is expected to be limited compared to other areas in central Tokyo Trends in market vacancy rates and average rents in Chiyoda, Chuo, Minato, Shinjuku, Shibuya <
Slide 31: Urban Development (6) Condominiums Performance Index
Urban Development (6) Condominiums Performance Index Contract ratio for condominiums increased to 91% (at the end of FY2025 Q2) Accounting year FY2023 FY2024 FY2025 Plan Operating revenue ¥89.5 billion ¥84.8 billion ¥79.8 billion Average price per unit (¥ million/unit) 70 84 89 (Q2: 111 million yen/
Slide 32: Urban Development (7) Condominiums Land Bank
Urban Development (7) Condominiums Land Bank Excellent land bank centered on redevelopment projects in central Tokyo Construction has already started for all high-rise condominiums to be delivered by the fiscal year ending March 2028 < Land bank > As of September 30, 2025 approx. 10,300 units (After
Slide 33: Urban Development (8) Rental Housing Business
Urban Development (8) Rental Housing Business (For Sales to Investors) Steadily increase investments mainly in prime locations, while rotating assets Projects acquired Major projects Properties in operation: 42 / Projects under development: 47 COMFORIA Shibaura MOKU Address: Shibaura, Minato-ku, Tok
Slide 34: Strategic Investment (1) FY2025 Q2 Results
Strategic Investment (1) FY2025 Q2 Results Q2: Despite a decrease in sales of logistics facilities, deficit was reduced due to an improvement in profit and loss during period in the U.S. business Full-year forecast: Revenues and profit are expected to increase due to improvements in the U.S. busines
Slide 35: Strategic Investment (2) Power Generation Facilities Portfolio
Strategic Investment (2) Renewable Energy Business Power Generation Facilities Portfolio We distribute and own the highest rated capacity in Japan throughout the country, and approximately 70% of the secured projects are FIT projects Projects acquired (As of September 30, 2025) Facilities in operati
Slide 36: Strategic Investment (3) Trends in Profit from Electricity Sales
Strategic Investment (3) Renewable Energy Business Trends in Profit from Electricity Sales Increased profit from electricity sales with the increase in the number of facilities in operation Trends in profit from electricity sales *1 at facilities in operation Business Strategy: Expand both the power
Slide 37: Strategic Investment (4) Renewable Energy Value Chain
Strategic Investment (4) Renewable Energy Business Value Chain Aim for profit growth based on a strong renewable energy business value chain Value chain for the Group’s renewable energy business Asset business Non-asset business Aggregation Asset Power plant Electricity Supply- Power Land purchase D
Slide 38: Strategic Investment (5) Market Forecast
Strategic Investment (5) Renewable Energy Business Market Forecast In February 2025, the Seventh Strategic Energy Plan was approved by the cabinet and the energy mix target for fiscal 2040 was officially announced Total electricity generation in fiscal 2040 is expected to increase to 1.1-1.2 trillio
Slide 39: Strategic Investment (6) Business Characteristics
Strategic Investment (6) Renewable Energy Business Business Characteristics High long-term stability and efficiency that increases over time, with resilience to inflation Business characteristics: High long-term stability and (Reference) Trends in capital costs for solar power efficiency, with resil
Slide 40: Strategic Investment (7) Industry Business
Strategic Investment (7) Industry Business (Logistics Facilities, etc.) The acquisition and leasing of prime location projects are steadily progressing, continue rotating assets. Projects acquired (as of September 30, 2025) Major projects Properties in operation: 9 / Projects under development: 20 /
Slide 41: Strategic Investment (8) Overseas Operations
Strategic Investment (8) Overseas Operations Multiple projects underway in the United States and Asia 25 projects across 8 countries* 33 projects across 9 urban regions Asian business In-house development performance: Leasable area in operation: approx. 7,500 units approx. 690,000 m² ¥76 billion Uni
Slide 42: Strategic Investment (9) U.S. Business
Strategic Investment (9) Overseas Operations (U.S. Business) We will work to improve profitability and secure stable profits by investing in preferred equity and long-term ownership investments / The occupancy rate for rental housing is maintained at over 90% U.S. Portfolio Enlarged view of Seattle
Slide 43: Strategic Investment (10) Asian Business
Strategic Investment (10) Overseas Operations (Asian Business) Multiple projects underway in Asia in cooperation with excellent partners Asian business, investment amount by country Major projects in Thailand Aim to further expand business by developing a joint project with Other Origin, a listed re
Slide 44: Property Management & Operation (1) FY2025 Q2 Results
Property Management & Operation (1) FY2025 Q2 Results Q2: Profits decreased due to a decrease in sales to investors, etc. Full-year forecast: Revenues and profit are expected to increase due to continued strong performance in hotel business FY2024 FY2025 Main factors for < Operating profit and profi
Slide 45: Property Management & Operation (2) Property Management Business
Property Management & Operation (2) Major Projects (Property Management Business) Top-class management track record in the industry with solid reliability and high-quality services utilizing the expertise in a wide range of business fields Condominiums Buildings and others The Group The Group 11.5%
Slide 46: Property Management & Operation (3) Hotel Business
Property Management & Operation (3) Major Projects (Hotel Business) Due to factors such as capturing inbound demand, Tokyu Stay’s RevPAR continued to rise YoY. Tokyu Stay Shibuya Ebisu (tentative name) Tokyu Stay Mercure Hiroshima Tokyu Harvest Club Kusatsu & VIALA / VIALA Kusatsu Retreat green Urba
Slide 47: Real Estate Agents (1) FY2025 Q2 Results
Real Estate Agents (1) FY2025 Q2 Results Q2 and full-year forecasts: Increased in revenues and profit mainly driven by the brokerage business capitalizing on the strong real estate transaction market. Top position (2 consecutive years)*2 in the amount of real estate brokerage transactions*1 for FY20
Slide 48: Real Estate Agents (2) Retail
Real Estate Agents (2) Real Estate Agents Business (Retail) Commission income increased significantly, accompanied by an increase in the number of transactions due to the improvement in productivity and increase in the number of sales staff Commission income Amount of transactions Number of Number o
Slide 49: Real Estate Agents (3) Wholesale
Real Estate Agents (3) Real Estate Agents Business (Wholesale) Average handling price is on an upward trend due to the strengthening of initiatives on major projects, and we are responding to the diverse needs of our customers for various real estate throughout Japan Commission income Amount of tran
Slide 50: Real Estate Agents (4) Most Effective Use of Real Estate Information
Real Estate Agents (4) Real Estate Agents Business (Most Effective Use of Real Estate Information) Make the most effective use of real estate information obtained from extensive customer contact points in a wide range of business areas Real estate sales agent Retail Wholesale ○ Extensive customer ○
Slide 51: Real Estate Agents (5) Stock of Properties in Rental Housing Service
Real Estate Agents (5) Stock of Properties in Rental Housing Service Plans to continue increasing the number of managed units, which is the largest in the industry Rental housing management stock trends Properties under management (thousand units) 153 146 144 138 130 SHINONOME CANAL COURT CODAN Star
Slide 52: Sustainability and DX Initiatives
Sustainability and DX Initiatives Financial Highlights FY2025 Second Quarter (First Six Months) Ended September 30, 2025
Slide 53: Materiality and KPI
Materiality and KPI For details, please refer to the Environmental Management Report and DX Report disclosed in May and the Integrated Report disclosed in November We will aim to achieve non-financial KPI based on materialities Themes to work on (Materialities) Target indicators FY2024 Result *3 FY2
Slide 54: Human Capital Strategy
Reprint of Presentation Materials of FY2025 Q1 Human Capital Strategy We've set human capital KPIs for each strategy. Human capital Measures Human capital KPI FY2024 Results (YoY) Target*3 Outcomes Results for FY2024 or April 2025 Actual strategies Dissemination of 1. Degree of personal investment i
Slide 55: Corporate Governance
Reprint of Presentation Materials of FY2025 Q1 Corporate Governance Establish a governance system that contributes to ensuring sound and transparent management and strengthening the system for implementing the long-term management policy < Corporate Governance Structure > < System of Remuneration fo
Slide 56: Sustainable Management External Evaluation
Sustainable Management ❬External Evaluation❭ Selected as a constituent of the FTSE4Good Index Series for 16 consecutive years, 6th place in Japan and the top of the domestic real estate industry. Received the highest rating of “5 Stars” in “Standing Investment Benchmark” of GRESB Real Estate Assessm
Slide 57: DX Initiatives
Reprint of Presentation Materials DX Initiatives of FY2025 Q1 Achieved many of the numerical targets for FY2030 set in the long-term vision at an early stage in FY2024 Reduced labor costs through the improvement of operational efficiency by utilizing DX KPI FY2025 targets FY2030 targets FY2024 resul
Slide 58: Status of dialogue with investors and analysts
Reprint of Presentation Materials of FY2024 Status of dialogue implementation with investors and analysts We continued engaging with investors and analysts to aid our sustainable growth and build our organization’s value over the long term. Main themes of our dialogue with investors and analysts/ IR
Slide 59: Fact Sheets
Fact Sheets Financial Highlights FY2025 Second Quarter (First Six Months) Ended September 30, 2025
Slide 60: Consolidated Statements of Income
Consolidated Statements of Income (\ billion) Statements of Income FY2024 FY2025 FY2025 (consolidated base) FY2020 FY2021 FY2022 FY2023 Latest Q1 Q2 Q3 Full-year Q1 Q2 vs. Initial vs. FY2024 forecast vs. FY2024 forecast Operating revenue 907.7 989.0 1,005.8 1,103.0 267.2 503.3 763.2 1,150.3 288.0 59
Slide 61: Consolidated Balance Sheet
Consolidated Balance Sheet (¥ billion) Balance Sheet FY2020 FY2021 FY2022 FY2023 FY2024 Mar-31, 2025 FY2025 Mar-31, 2026 FY2025 Mar-31, 2026 (consolidated base) Mar-31, Mar-31, Mar-31, Mar-31, Latest Q1 Q2 Q3 Full-Year Q1 Q2 Vs. Initial 2021 2022 2023 2024 Vs.FY2024 forecast Vs. FY2024 Forecast Cash
Slide 62: Major Indicators, etc.
Major Indicators, etc. (¥ billion) Management Indicators FY2020 FY2021 FY2022 FY2023 FY2024 Mar-31, 2025 FY2025 Mar-31, 2026 FY2025 Mar-31, 2026 (consolidated base) Mar-31, Mar-31, Mar-31, Mar-31, Latest Q1 Q2 Q3 Full-year Q1 Q2 Vs. initial 2021 2022 2023 2024 Vs. FY2024 forecast Vs. FY2024 forecast
Slide 63: Asset Breakdown by segment and Leased Properties
Asset Breakdown by segment and Leased Properties (¥ billion) Asset Breakdown by Segment FY2020 FY2021 FY2022 FY2023 FY2024 (Before Elimination) Mar-31, 2021 Mar-31, 2022 Mar-31, 2023 Mar-31, 2024 Mar-31, 2025 Urban Development 1,708.2 1,627.5 1,644.1 1,707.9 1,713.8 Strategic Investment 375.6 463.6
Slide 64: Interest-bearing Debt and related indicators
Interest-bearing Debt and related indicators (¥ billion) FY2024 Mar-31, 2025 FY2025 Mar-31, 2026 FY2025 Mar-31, 2026 FY2020 FY2021 FY2022 FY2023 Mar-31, Mar-31, Mar-31, Mar-31, Interest-bearing Debt Latest 2021 2022 2023 2024 Q1 Q2 Q3 Full-year Q1 Q2 Vs. initial Breakdown Vs. FY2024 forecast Vs. FY2
Slide 65: Consolidated Statement of Cash Flows and Investments
Consolidated Statement of Cash Flows and Investments (\ billion) FY2024 FY2025 Cash Flows FY2020 FY2021 FY2022 FY2023 Q2 Full-year Q2 (consolidated base) Vs. FY2024 Net cash provided by (used in) operating activities 100.4 76.5 94.7 156.5 (34.4) 47.4 12.6 +47.0 26/3期 通期予想 Net cash provided by (used
Slide 66: Trends in Operating Revenue by segment
Trends in Operating Revenue by segment (\ billion) FY2024 FY2025 FY2025 Trends in Operating Revenue by FY2020 FY2021 FY2022 FY2023 Latest Q1 Q2 Q3 Full-year Q1 Q2 Vs. initial Segment Vs. FY2024 forecast Vs. FY2024 forecast Operating revenue 907.7 989.0 1,005.8 1,103.0 267.2 503.3 763.2 1,150.3 288.0
Slide 67: Trends in Operating Profit by segment
Trends in Operating Profit by segment (\ billion) FY2024 FY2025 FY2025 Trends in Operating Profit by FY2020 FY2021 FY2022 FY2023 Latest Q1 Q2 Q3 Full-year Q1 Q2 Vs. initial Segment Vs. FY2024 forecast Vs. FY2024 forecast Operating profit 56.5 83.8 110.4 120.2 31.6 50.5 87.8 140.8 41.2 78.5 +28.0 160
Slide 68: Operating Profit Target by Segment
Operating Profit Target by Segment (Medium-term Management Plan) (\ billion) Operating Profit Target by FY2024 FY2025 FY2027 FY2030 segment Result Forecast Target Target Operating profit 140.8 160.0 170.0 220.0 or more Urban Development 70.5 75.5 68.5 70.5 Offices and Commercial Facilities 56.1 52.4
Slide 69: Trend in Sales to Investors, etc.
Trend in Sales to Investors, etc. (¥ billion) FY2024 FY2025 FY2025 Breakdown of FY2020 FY2021 FY2022 FY2023 Latest Q1 Q2 Q3 Full-year Q1 Q2 Vs. initial Sales to Investors, etc. Vs. FY2024 forecast Vs. FY2024 forecast Operating revenue 138.6 139.2 176.7 225.7 36.2 51.6 － 182.4 46.2 104.3 52.7 296.3 +
Slide 70: Major KPI in Each Business ①
Major KPI in Each Business ① FY2024 FY2025 FY2025 FY2020 FY2021 FY2022 FY2023 Mar-31, 2025 Mar-31, 2026 Mar-31, 2026 Vacancy Rate and Rent Mar-31, Mar-31, Mar-31, Mar-31, Latest 2021 2022 2023 2024 Q1 Q2 Q3 Full-year Q1 Q2 Vs. initial Vs. FY2024 forecast Vs. FY2024 forecast Vacancy rate 1.3% 1.3% 1.
Slide 71: Major KPI in Each Business ②
Major KPI in Each Business ② FY2024 FY2025 FY2025 FY2020 FY2021 FY2022 FY2023 Mar-31, 2025 Mar-31, 2026 Mar-31, 2026 Stock of Properties Under Management Mar-31, Mar-31, Mar-31, Mar-31, Latest 2021 2022 2023 2024 Q1 Q2 Q3 Full-year Q1 Q2 Vs. initial Vs. FY2024 forecast Vs. FY2024 forecast Condominiu
Slide 72: FOR A VIBRANTLY SHINING FUTURE
FOR A VIBRANTLY SHINING FUTURE WE ARE GREEN @ TOKYU FUDOSAN HOLDINGS
Tokyu Fudosan Holdings — Q2 FY2025 Earnings Presentation on 6ix