Consolidated Financial Results for the Nine Months Ended December 31,2025 ＜under Japanese GAAP＞

February 12, 2026

Company name: Seibu Holdings Inc.

Listing: Tokyo Stock Exchange

Securities code: 9024

URL: https://www.seibuholdings.co.jp/en/

Representative: NISHIYAMA Ryuichiro, President and Representative Director, COO Inquiries: TATARA Yoshihiro, Managing Officer,

General Manager of Corporate Communication Tel: +81-3-6709-3112

Scheduled date to commence dividend payments: -Preparation of supplementary results briefing material on financial results: Yes

Holding of financial results presentation meeting: Yes (web conference for institutional

investors and analysts)

(Note: Millions of yen with fractional amounts truncated, unless otherwise noted)

1. Consolidated Financial Results for the Nine Months Ended December 31, 2025 (from April 1, 2025 to December 31, 2025)

   1. Consolidated Operating Results (cumulative) (Percentages indicate year-on-year changes)

      	Operating revenue		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Nine months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      December 31, 2025	388,218	1.9	44,898	(11.0)	44,674	(5.9)	32,091	(64.9)
      December 31, 2024	381,082	5.7	50,429	5.9	47,456	8.4	91,358	111.6

      Note: Comprehensive income

      For the nine months ended December 31, 2025: ¥40,972 million [ (51.9)%] For the nine months ended December 31, 2024: ¥85,243 million [ 40.9%]

      	Basic earnings per share	Diluted earnings per share
      Nine months ended	Yen	Yen
      December 31, 2025	124.13	124.09
      December 31, 2024	312.58	312.47

   2. Consolidated Financial Position

   	Total assets	Net assets	Equity-to-asset ratio
   As of	Millions of yen	Millions of yen	%
   December 31, 2025	1,641,842	548,342	33.1
   March 31, 2025	1,834,120	567,128	30.6

   Reference: Equity (Net assets – Share acquisition rights – Non-controlling interests) As of December 31, 2025: ¥542,637 million

   As of March 31, 2025: ¥561,577 million

2. Cash Dividends

   	Cash dividends per share
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended March 31, 2025	-	15.00	-	25.00	40.00
   Fiscal year ending March 31, 2026	-	20.00	-
   Fiscal year ending March 31, 2026 (Forecast)				20.00	40.00

   Note: Revisions to the forecast most recently announced: None

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes)

Note: Revisions to the forecast most recently announced: Yes

• Notes

  1. Significant changes in scope of consolidation during the period: Yes

     Newly included: 25 companies (Ace Hotels Worldwide Inc. and other 24 companies)

     Note: For details, please refer to page 9 of the Attached Materials, “Notes on change in scope of consolidation or application of the equity method” of “(3) Notes to quarterly consolidated financial statements” under “2. Quarterly Consolidated Financial Statements and Significant Notes Thereto.”

  2. Application of special accounting for preparing quarterly consolidated financial statements: None

  3. Changes in accounting policies, changes in accounting estimates, and restatements of prior period financial statements

     1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

     2. Changes in accounting policies due to other reasons: None

     3. Changes in accounting estimates: None

     4. Restatements of prior period financial statements: None

  4. Number of issued shares (common shares)

     1. Total number of issued shares at the end of the period (including treasury shares)

        As of December 31, 2025	323,462,920 shares
        As of March 31, 2025	323,462,920 shares

     2. Number of treasury shares at the end of the period

        As of December 31, 2025	69,341,913 shares
        As of March 31, 2025	58,232,238 shares

     3. Average number of outstanding shares during the period (cumulative from the beginning of the fiscal year)

        Nine months ended December 31, 2025	258,532,816 shares
        Nine months ended December 31, 2024	292,277,908 shares

        Notes: 1. The Company’s shares held by the share-based benefit trusts are included in the number of treasury shares at the end of the period (3,198,900 shares as of December 31, 2025 and 3,521,400 shares as of March 31, 2025). Also, the Company’s shares held by the share-based benefit trusts are included in treasury shares that are deducted for calculation of the average number of outstanding shares during the period (cumulative from the beginning of the fiscal year) (3,359,895 shares for the nine months ended December 31, 2025 and 242,562 shares for the nine months ended December 31, 2024).

        2. The portion attributable to the Company of the treasury shares (shares of the Company) held by a consolidated subsidiary is included in the number of treasury shares at the end of the period (48,270,750 shares as of December 31, 2025 and 48,037,414 shares as of March 31, 2025). Furthermore, the portion attributable to the Company of the treasury shares (shares of the Company) held by a consolidated subsidiary is included in treasury shares that are deducted in the calculation of the average number of outstanding shares during the period (cumulative from the beginning of the fiscal year) (48,115,092 shares for the nine months ended December 31, 2025 and 30,711,839 shares for the nine months ended December 31, 2024).

• Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit corporation: None

• Proper use of earnings forecasts, and other special notes

The forward-looking statements, including earnings forecasts, contained in these materials are based on information available to the Company at the announcement of these materials and on certain assumptions pertaining to factors of uncertainty. These statements may differ from the actual business results.

For further details regarding earnings forecasts (consolidated earnings forecasts for the fiscal year ending March 31, 2026), please refer to page 4 of the Attached Materials, “(3) Explanation of consolidated earnings forecasts and other forward-looking statements” under “1. Review of Operating Results and Others.”

1. Review of Operating Results and Others 2
   1. Review of operating results for the nine months ended December 31, 2025 2
   2. Review of financial position as of December 31, 2025 3
   3. Explanation of consolidated earnings forecasts and other forward-looking statements 4
2. Quarterly Consolidated Financial Statements and Significant Notes Thereto 5
   1. Quarterly consolidated balance sheet 5
   2. Quarterly consolidated statements of income and comprehensive income 7
   3. Notes to quarterly consolidated financial statements 9

1

1. Review of Operating Results and Others
   1. Review of operating results for the nine months ended December 31, 2025

      To summarize our management results for the nine months ended December 31, 2025, such factors as securitization of owned properties, capturing inbound tourist demand in domestic hotel operations and increased demand in railway operations, leading to operating revenue of ¥388,218 million, up ¥7,135 million, or 1.9%, year on year. Operating profit was ¥44,898 million, a decrease of ¥5,530 million, or 11.0%, year on year due to increases in personnel expenses including wage increases, depreciation caused by higher capital investments, and other factors. EBITDA was ¥86,657 million, a decrease of

      ¥4,355 million, or 4.8%, year on year.

      Ordinary profit was ¥44,674 million, a decrease of ¥2,782 million, or 5.9%, year on year, and profit attributable to owners of parent was ¥32,091 million, a decrease of ¥59,267 million, or 64.9%, year on year.

      Operating results for nine months ended December 31, 2025, in each segment were as follows.

      (Millions of yen)

      Segment	Operating revenue			Operating profit			EBITDA
      	For the nine months ended December 31, 2025	Year-on-year change	Change (%)	For the nine months ended December 31, 2025	Year-on-year change	Change (%)	For the nine months ended December 31, 2025	Year-on-year change	Change (%)
      Real Estate	63,899	2,877	4.7	10,771	866	8.7	16,992	(1,351)	(7.4)
      Hotel and Leisure	187,227	4,909	2.7	18,558	(3,933)	(17.5)	31,083	(2,509)	(7.5)
      Urban Transportation and Regional	117,041	2,541	2.2	11,753	(2,757)	(19.0)	29,948	(1,059)	(3.4)
      Other	44,161	3,382	8.3	4,129	289	7.5	7,666	485	6.8
      Total	412,329	13,710	3.4	45,212	(5,535)	(10.9)	85,690	(4,435)	(4.9)
      Adjustments	(24,111)	(6,574)	-	(313)	5	-	966	80	9.1
      Consolidated	388,218	7,135	1.9	44,898	(5,530)	(11.0)	86,657	(4,355)	(4.8)

      Notes: 1. Adjustments mainly consist of elimination of inter-company transactions.

2. EBITDA is calculated by adding depreciation and amortization of goodwill to operating profit.

Real Estate

Operating revenue in the Real Estate business was ¥63,899 million, an increase of ¥2,877 million, or 4.7%, year on year, due to securitization of owned properties despite a drop-off in rent caused by the securitization of Tokyo Garden Terrace Kioicho on February 28, 2025. EBITDA was ¥16,992 million, a decrease of ¥1,351 million, or 7.4%, year on year, due to a drop-off in profit caused by the securitization of Tokyo Garden Terrace Kioicho. However, operating profit was ¥10,771 million, an increase of ¥866 million, or 8.7%, year on year, due to a decrease in depreciation caused by asset-light business operations through the capital recycling business.

Hotel and Leisure

Operating revenue in the Hotel and Leisure business was ¥187,227 million, an increase of ¥4,909 million, or 2.7%, year on year, as the business captured inbound individual tourists and Japanese customers in domestic hotel operations, despite softer demand for domestic hotel stays from parts of Asia and the effects of renovations on the Mauna Kea Beach Hotel in overseas hotel operations.

Operating profit was ¥18,558 million, a decrease of ¥3,933 million, or 17.5%, year on year due to increases in personnel expenses including wage increases and other factors. EBITDA was ¥31,083 million, a decrease of ¥2,509 million, or 7.5%, year on year.

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