Seibu Holdings, Inc.TSE: 9024

Overview of financial results for the fiscal year ended March 31, 2026

· Issued by Seibu Holdings, Inc.

Overview of financial results for

the fiscal year ended March 31, 2026

May 14, 2026

Seibu Holdings Inc.（9024）

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



  1. Overview of financial results for the fiscal year ended Mar. 31, 2026

    P.3

  2. Details on financial results P.8
  3. Appendix

P.24



2



Overview of financial results for the fiscal year ended March 31, 2026

  • Operating revenue decreased significantly year on year due to the securitization of Tokyo Garden Terrace Kioicho in the previous fiscal year, although this was partially offset by the securitization of residential properties and the capture of inbound demand.

    [Year-on-Year change in operating revenue: Real Estate -396.6 billion yen; Hotel and Leisure +9.2 billion yen; Urban Transportation and Regional +4.0 billion yen]

    • RevPAR in domestic hotel operations (overall) : +10.6% year on year

      • Despite the impact of travel restrictions from China and the deteriorating situation in the Middle East, RevPAR increased year on year, driven by the capture of inbound individual tourists, mainly from North America, Europe, and Australia, as well as Japanese customers.

    • Transportation revenue in railway operations: +2.8%, +2.7 billion yen year on year

      • Transportation revenue increased year on year due to the recovery in demand

        (Commuter) +2.0%, +0.8 billion yen year on year (Of this, impact of railway fare revision (unit price increase, surge in demand) + 0.1 bn yen) (Non-Commuter) +3.3%, +1.9 billion yen year on year (Of this, impact of railway fare revision (unit price increase) + 0.3 bn yen)

  • Operating profit, ordinary profit ,and profit attributable to owners of parent decreased due to lower revenue and increases in personnel expenses

    and other expenses.

    [Year-on-Year change in operating profit: Real Estate -225.2 billion yen; Hotel and Leisure +4.0billion yen; Urban Transportation and Regional -1.7 billion yen]

  • Operating revenue and profits at all levels exceeded expectations compared with the forecast announced on February 12, 2026 *2.

- Profit attributable to owners of parent was significantly higher due to the recognition of deferred tax assets and income taxes - deferred (benefit) following a detailed

examination of the recoverability of deferred tax assets at certain subsidiaries with a view to changing the company classification.

Profit attributable to

owners of parent

258.1

38.8

(219.3) (84.9%)

29.0

9.8

6.7

(160.0)

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

*2 Disclosure regarding revision of consolidated earnings forecast was made on April 30, 2026. For reference, comparison with the pre-revision

earnings forecast of February 12, 2026 is presented.

*3 Seibu ROIC = Operating profit * 0.7 / (Property, plant and equipment and intangible assets* + Real estate for sale)

* The amount excludes advances received on contribution for construction (reduction of non-current assets)



March 31,

2025

March 31,

2026

YoY

Management Indicators

billions of yen

BS

March 31,

2025

March 31,

2026

YoY

(Amount / % )

March 31, 2026 (Forecas t)*2

vs. forecast March. 31,

(Amount) 2026 4Q

(Jan.-Mar.)

YoY

(Amount)

Operating revenue

901.1

513.2

(387.8)

(43.0%)

511.0

2.2

125.0

(394.9)

Operating profit

292.7

45.5

(247.2)

(84.4%)

42.0

3.5

0.6

(241.6)

PL

EBITDA*1

347.1

102.8

(244.2)

(70.4%)

100.0

2.8

16.2

(239.9)

Ordinary profit

287.6

45.8

(241.8)

(84.1%)

41.0

4.8

1.1

(239.0)

billions of yen



March 31,

2025

March 31,

2026

YoY

Net interest-bearing debt

384.2

589.3

205.0

Equity-to-asset ratio

30.6%

32.9%

2.2pt

Total assets

1,834.1

1,730.6

(103.4)

Total liabilities

1,266.9

1,156.1

(110.8)

Total net assets

567.1

574.5

7.4

Equity

561.5

568.7

7.1

Seibu ROIC*3

16.1%

2.5%

(13.6pt)

ROE

52.2%

6.9%

(45.4pt)

ROA

14.9%

2.2%

(12.7pt)

3



Operating revenue and profit by segment（YoY）

  • Operating revenue

    billions of yen

    Real Estate: Revenue decreased due to the securitization of Tokyo Garden Terrace Kioicho in the previous year, despite increased revenue from the securitization of residential properties and the opening of Emi Terrace Tokorozawa

    billions of yen



    March 31, 2025 March 31, 2026

    YoY

    (Amount / % )

    Real Estate

    Hotel and Leisure

    Urban Transportation and Regional

    Adjustments

    480.6

    241.2

    152.6

    51.2

    (24.7)

    83.9 250.4 156.7 54.6 (32.6)

    (396.6)

    (82.5%)

    9.2

    3.8%

    4.0

    2.7%

    Other

    3.3

    6.6%

    (7.9)

    ー



    Hotel and Leisure: Revenue increased due to an increase in sales in domestic hotel operations, despite decreases caused by change in operational model of The Prince Gallery Tokyo Kioicho and renovations of the Mauna Kea Beach Hotel

    Urban Transportation and Regional: Increase in railway and bus transportation revenue

    Adjustments: Increase in the amount of eliminations due to the occurrence of commissioning and contracting of operations resulting from the Group reorganization

    Consolidated 901.1 513.2 (387.8) (43.0%)

    • Operating profit billions of yen

      Real Estate: Profit decreased due to lower revenue despite a reduction in one-off expenses in the previous fiscal year

      billions of yen

      Hotel and Leisure: Despite increases in personnel expenses (retirement benefit expenses, etc.) and depreciation, etc., profit increased due to higher revenue and lowe repair expenses

      Urban Transportation and Regional: Despite an increase in revenue, profit decreased due to the increases in personnel expense, depreciation, etc.

      Adjustments: Reactionary decline in realization of unrealized profits due to the securitization of Tokyo Garden Terrace Kioicho in the previous year



      March 31, 2025 March 31, 2026

      YoY

      (Amount / % )

      Real Estate

      Hotel and Leisure

      Urban Transportation and Regional

      Adjustments

      237.6

      18.6

      11.3

      2.0

      23.0

      12.3 22.6 9.5 1.6 (0.7)

      (225.2)

      (94.8%)

      4.0

      21.6%

      (1.7)

      (15.6%)

      Other

      (0.4)

      (20.2%)

      (23.8)

      ー



      r

      Consolidated 292.7 45.5 (247.2) (84.4%)



      4



      Operating revenue and profit by segment (vs. forecast*)

  • Operating revenue

    March 31, 2026 (forecast*)

    83.6

    March 31, 2026

    83.9

    vs. forecast

    (Amount / % )

    0.3

    0.5%

    249.0

    250.4

    1.4

    0.6%

    156.5

    156.7

    0.2

    0.2%

    54.3

    54.6

    0.3

    0.7%

    (32.4)

    (32.6)

    (0.2)

    ー

    billions of yen

    Real Estate: Upswing due to

    the sale of equity interests, etc.

    Urban Transportation and Regional: Upswing

    in railway and bus transportation revenue



    Hotel and Leisure: Upswing due to better-than-expected performance in the banquet department and the consolidation of Ace Group International as a subsidiary

    billions of yen

    Real Estate

    Hotel and Leisure

    Urban Transportation and Regional

    Other

    Adjustments

    Consolidated 511.0 513.2 2.2 0.4%

    • Operating profit billions of yen

March 31, 2026 (forecast*)

March 31, 2026

vs. forecast

(Amount / % )

10.9

12.3

1.4

13.7%

22.8

22.6

(0.1)

(0.6%)

8.1

9.5

1.4

17.9%

1.3

1.6

0.3

26.8%

Real Estate: Upswing due to higher-than-expected operating revenue

billions of yen

and a downswing in research expenses related to development

Real Estate

Hotel and Leisure

Urban Transportation and Regional

Other

Adjustments

(1.1)

42.0

(0.7)

45.5

0.3

ー

Consolidated

3.5

8.4%

* Disclosure regarding revision of consolidated earnings forecast was made on April 30, 2026. For reference, comparison with the pre-revision earnings forecast of February 12, 2026 is presented.



Hotel and Leisure: Despite an upswing in operating revenue, profit

declined due to higher SG&A, depreciation and repair expenses

Urban Transportation and Regional: Upswing due

to higher-than-expected operating revenue and a downswing in loss on retirement of non-current assets, depreciation, etc.



5



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