Keihan Holdings Co.,ltd. · TSE:9045
Keihan Holdings Co.,ltd — FY2025 Earnings Presentation
45 slides from Keihan Holdings Co.,ltd's earnings presentation, May 16, 2025
Slide 1: Financial Results Presentation
FY2025 (Fiscal year ended March 31, 2025) Financial Results Presentation May 16, 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 FY2025 Financial Results …2 FY2026 Forecasts … 15 Progress of the Medium-term Management Plan … 21 “BIOSTYLE: Deepening and Challenge” Appendix … 37 ◆ Notes on forecasts ◆ Descriptions of business forecasts and future prospects are based on current information a
Slide 3: Overview of FY2025 Financial Results
Overview of FY2025 Financial Results 2
Slide 4: Consolidated Statements of Income
Consolidated Statements of Income • Both revenue and profits increased due to domestic and inbound tourism demand that was captured in the Leisure & Service business and the Transportation business, as well as commercial land sales for development projects in the Real estate business. (Millions of y
Slide 5: Segment Information
Segment Information (Millions of yen) FY2025 FY2024 FY2025 Change Change (%) Change Change (%) results results forecasts Operating 91,381 89,046 2,334 2.6% 90,500 881 1.0% revenue Transportation Operating 12,323 9,208 3,115 33.8% 10,700 1,623 15.2% profit Operating 139,094 138,860 233 0.2% 138,800 2
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 Transportation other companies Keihan
Slide 7: Segment Information (Quarterly Changes)
Segment Information (Quarterly Changes) (Millions of yen) Changes in operating revenue by segment 50,000 38,797 40,000 37,025 34,654 30,000 28,616 22,936 23,738 22,377 22,328 20,000 15,333 14,192 14,606 12,926 11,411 9,329 9,515 9,721 10,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Transporta
Slide 8: Segment Information (Transportation)
Segment Information (Transportation) (Millions of yen) FY2025 results FY2024 results Change Change (%) Operating revenue 91,381 89,046 2,334 2.6% Railway 75,916 73,467 2,448 3.3% Bus 23,786 23,385 401 1.7% Elimination -8,322 -7,806 -515 - Operating profit 12,323 9,208 3,115 33.8% Railway 10,806 7,63
Slide 9: Operating Results for Transportation: Keihan Electric Railway
Operating Results for Transportation: Keihan Electric Railway FY2025 results FY2024 results Change Change (%) Millions of yen Millions of yen (Millions of yen) % Passenger transportation revenue 49,478 47,916 1,562 3.3 Non-commuter passes 33,481 32,304 1,176 3.6 Commuter passes 15,997 15,612 385 2.5
Slide 10: Segment Information (Real Estate)
Segment Information (Real Estate) (Millions of yen) FY2025 results FY2024 results Change Change (%) Operating revenue 139,094 138,860 233 0.2% Real estate 123,330 123,222 108 0.1% Real estate sales 89,858 92,051 -2,193 -2.4% Real estate leasing 29,176 26,942 2,234 8.3% Other businesses 4,295 4,228 6
Slide 11: Segment Information (Retail Distribution)
Segment Information (Retail Distribution) (Millions of yen) FY2025 results FY2024 results Change Change (%) Operating revenue 57,059 53,439 3,619 6.8% Department store 24,408 21,495 2,913 13.6% Store 16,147 15,627 519 3.3% Shopping mall management 13,954 13,329 624 4.7% Other businesses 4,805 4,615
Slide 12: Segment Information (Leisure & Service)
Segment Information (Leisure & Service) (Millions of yen) FY2025 results FY2024 results Change Change (%) Operating revenue 39,978 34,976 5,002 14.3% Hotel 36,167 31,446 4,721 15.0% Leisure 3,838 3,556 282 7.9% Elimination -27 -26 -0 - Operating profit 4,916 3,265 1,650 50.5% Hotel 4,654 3,131 1,523
Slide 13: Consolidated Balance Sheets
Consolidated Balance Sheets (Millions of yen) FY2025 results FY2024 results Change Main factors behind change Notes and accounts receivable - trade, and Current assets 235,252 240,594 -5,342 contract assets: -12,059, Land and buildings for sale: +8,871 Non-current assets 624,607 579,629 44,978 Build
Slide 14: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Millions of yen) FY2025 results FY2024 results Change Main factors behind change Cash flows from operating Decrease in trade receivables: +16,008, 44,007 40,830 3,176 Increase in inventories: -3,666 activities Purchase of non-current assets: -28,563, Cash flows
Slide 15: Capital Expenditure and EBITDA by Segment
Capital Expenditure and EBITDA by Segment (Millions of yen) Capital expenditure EBITDA FY2025 FY2024 FY2025 FY2025 FY2024 FY2025 Change Change Change Change results results forecasts results results forecasts Total 60,867 38,512 22,354 65,700 -4,832 64,614 53,906 10,707 61,200 3,414 Transportation 2
Slide 16: FY2026 Forecasts
FY2026 Forecasts ◆ Notes on forecasts ◆ Descriptions of business forecasts and future prospects are based on current information and certain assumptions about factors that may affect future business. Actual results may differ due to various factors that may arise in the future. 15
Slide 17: Consolidated Statement of Income (Performance Forecasts)
Consolidated Statement of Income (Performance Forecasts) • We aim to steadily capture demand from Expo 2025 (Osaka, Kansai, Japan). In addition to an increase in revenue due to the implementation of fare revisions in the Transportation segment, we expect commercial land sales for development project
Slide 18: Segment Information (Performance Forecasts)
Segment Information (Performance Forecasts) (Major factors affecting performance) • Transportation : Increases in both revenue and profits due to the effect of Expo 2025 (Osaka, Kansai, Japan) and the implementation of fare revisions • Real estate : Increases in both revenue and profits due to comme
Slide 19: Segment Information (Performance Forecasts)
Segment Information (Performance Forecasts) (Millions of yen) Operating revenue Operating profit FY2026 FY2026 FY2025 results Change FY2025 results Change forecasts forecasts Transportation 96,000 91,381 4,618 12,400 12,323 76 Railway 79,900 75,916 3,983 11,300 10,806 493 Bus 24,100 23,786 313 1,100
Slide 20: Operating Results for Transportation (Performance Forecasts): Keihan Electric Railway
Operating Results for Transportation (Performance Forecasts): Keihan Electric Railway FY2026 forecasts FY2025 results Change Change (%) Millions of yen Millions of yen Millions of yen % Passenger transportation revenue 52,793 49,478 3,314 6.7 Non-commuter passes 36,157 33,481 2,675 8.0 Commuter pass
Slide 21: Capital Expenditure and EBITDA by Segment (Performance Forecasts)
Capital Expenditure and EBITDA by Segment (Performance Forecasts) (Millions of yen) Capital expenditure EBITDA FY2026 FY2026 FY2025 results Change FY2025 results Change forecasts forecasts Total 86,500 60,867 25,632 69,600 64,614 4,985 Transportation 29,500 24,354 5,145 25,100 23,704 1,395 Real esta
Slide 22: Progress of the Medium-term Management Plan
Progress of the Medium-term Management Plan “BIOSTYLE: Deepening and Challenge” 21
Slide 23: Overview of the Long-term Management Strategy
Overview of the Long-term Management Strategy Placing “BIOSTYLE (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, at the core of management and business activities, we will promote BI
Slide 24: Medium-term Management Plan: Main Strategies
Medium-term Management Plan: Main Strategies Co-create experience value New See page 26 for details. Redevelop Keihan areas New See page 24 for details. Redevelopment of the Sanjo Station area Joint reconstruction of Keihan Midosuji Bldg. and Nittochi • The Sanjo Station area was designated as an “U
Slide 25: Progress of the Main Strategies: Redevelop Keihan Areas
Progress of the Main Strategies Redevelop Regaining the glory of Osaka’s east-to-west axis Keihan areas Promoting urban development by taking advantage of regional characteristics along Osaka’s east-to-west axis, from Kyobashi, the gateway to Kyoto and close to Osaka Castle, through Nakanoshima, w
Slide 26: Progress of the Main Strategies
Progress of the Main Strategies Redevelop Keihan areas Carrying out community building starting from railway stations Concentrating urban functions around railway stations and continuously implementing community building that takes advantage of regional characteristics, including history and cultu
Slide 27: Progress of the Main Strategies
Progress of the Main Strategies Co-create experience value Developing new tourism hubs Developing new hubs that will provide new options for Kyoto sightseeing in the southeastern area of Kyoto Station and in Sanjo, close to tourist attractions in Higashiyama Redevelopment of the Sanjo Station area
Slide 28: Progress of the Main Strategies
Progress of the Main Strategies Conserve the global Promoting BIOSTYLE Environmental Action 2030 environment Promoting BIOSTYLE Environmental Action 2030, the Keihan Group’s medium- to long-term environmental plan released in May 2022 Promotion of energy creation Offsite corporate photovoltaic P
Slide 29: Long-term Management Strategy: Main Strategies (Schedule)
Long-term Management Strategy: Main Strategies (Schedule) Period of the medium-term management plan 2024/3 2025/3 2026/3 2027/3 2028/3 (Fiscal 2031/3 Nakanoshima 4-chome International year) Hub Completion ● Project completion for Healthcare Innovation Project ○ Start of Complet Company-owned site de
Slide 30: 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 are progressing steadily. 2024/3 2025/3 2026/3 Transportation ● Installing platform screen doors at Keihan Railway stations ● Increasing all-reserved Liner train services ●
Slide 31: Capturing Demand Related to Expo 2025 Osaka, Kansai
Capturing Demand Related to Expo 2025 Osaka, Kansai • In an effort to capture demand related to the Expo, which opened on April 13, 2025, the Keihan Group companies are maintaining the Expo site and providing comfortable land and water transportation to Yumeshima, thereby attracting Expo visitors to
Slide 32: Keihan Electric Railway's fare revision approved
Toward Sustainable Business Operation: Railway Keihan Electric Railway’s fare revision approved Details • The change in the maximum passenger fare for the railway business, applied for on December 3, 2024, was approved by the Minister of Land, Infrastructure, Transport and Tourism on March 25, 2025
Slide 33: Toward Sustainable Business Operation: Bus
Toward Sustainable Business Operation: Bus • The bus business is facing a severe operational environment due to a driver shortage, a declining population, and declining mobility demand along its routes. The Group companies are aggressively implementing measures to ensure sustainable business operati
Slide 34: 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 Changes in sales composition by Composition of those other than Land readjustment project in Gakken % asset type condo unit sales is on the rise. Seika Shimokoma 100 15 22 17 33 25 30 80 37 39 4
Slide 35: Efforts in the Retail Distribution Business
Efforts in the Retail Distribution Business, Adding Color to the Areas Along the Railway Lines • Efforts are underway to make the areas along the railway lines more attractive by renovating department stores and shopping malls to meet the evolving needs of customers. Additionally, a vibrant plaza is
Slide 36: Efforts in the Kyoto Area, Where Tourism Demand Continues to Increase
Efforts in the Kyoto Area, Where Tourism Demand Continues to Increase • As demand for sightseeing and lodging continues to grow in the Kyoto area, the Keihan Group leverages its unique strengths, including excellent transportation services and sightseeing and lodging facilities, to attract more visi
Slide 37: Strengthening the Management Foundation
Strengthening the Management Foundation DX (Digital Transformation) Introduction of a new e-kenet card • In March 2025, the Keihan Group began accepting applications for its new credit card, the “e-kenet JCB Card.” • Through the alliance with JCB Co., Ltd., the Keihan Group aims to further improve
Slide 38: Management Conscious of the Cost of Capital and Share Price
Appendix 1 Management Conscious of the Cost of Capital and Share Price 37
Slide 39: Changes in Management Indicators
Changes in Management Indicators 2024/3 2025/3 2026/3 Management indicators results results forecasts Operating income 33.9 bn. yen 42.0 bn. yen 44.6 bn. yen Profit attributable to owners of 24.8 bn. yen 28.2 bn. yen 30.0 bn. yen parent EBITDA 53.9 bn. yen 64.6 bn. yen 69.6 bn. yen Net interest-bear
Slide 40: Changes in the Financial Situation
Changes in the Financial Situation Changes in the financial situation (Millions of yen) (%, times) Ending equity balance Net interest-bearing debt/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 30.0 250,0
Slide 41: Dividend Forecast
Dividend Forecast Aiming to increase dividends through sustainable profit growth, with a consolidated payout ratio of Shareholder approximately 30% based on business performance for each fiscal year. Return Policy Flexibly conducting share buybacks while considering financial soundness, capital effi
Slide 42: Changes in Share Price, PBR and PER
Changes in Share Price, PBR and PER Changes inshare price and PBR Changes in PER Share price (end of period) PBR(end of period) PER (Yen) (%) (%) 5,000 4,800 2.5 40.0 4,655 4,600 33.6 4,000 2.0 2.1 2.1 2.0 3,455 30.0 3,280 3,393 3,256 25.6 3,010 23.2 3,000 1.5 21.0 1.6 1.2 1.4 1.1 20.0 1.3 15.5 2,00
Slide 43: 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 10.0 9.4 9.3 9.4 8.8 8.3 8.0 6.8 It is assumed that the expected market return will be higher. 6.0 CoE: Approx. 5–6 % Calculated by CAPM 4.0 3.9 2.0 0.0 -1.9 -2.0 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024
Slide 44: Appendix
Appendix 2 43
Slide 45: Toward Sustainable Business Operation: Railway
Toward Sustainable Business Operation: Railway Overview graph of Keihan Electric Railway’s capital investment plan and depreciation trends Results Plans (100 millions of yen) 200 180 163 160 150 153 Curtailed during the 41 140 COVID-19 pandemic 37 35 118 116 120 based on priorities 105 107 and timin