Overview of financial results for
the nine months ended December 31, 2025
February 12, 2026
Seibu Holdings Inc.（9024）
https://www.seibuholdings.co.jp/en/
Executive Summary
Financial results for the nine months ended December 31,
2025
Operating revenue: 388.2 billion yen (+7.1 billion yen year on year) Operating profit : 44.8 billion yen (-5.5 billion yen year on year)
Operating revenue grew year on year due to the securitization of residential properties and the increase in inbound tourist traffic. Operating profit decreased due to an increase in personnel expenses and other expenses.→ P.4, 5
RevPAR in domestic hotel operations (overall) rose by 11.8% year on year, while transportation revenue in railway operations rose by 2.3% year on year. → P.23, 27
Consolidated earnings forecasts for the fiscal year ending
March 31, 2026
Initial forecast revised, profits at each stage upwardly revised
Operating revenue: 511.0 billion yen (No change from the initial forecast)
Operating profit : 42.0 billion yen (+2.0 billion yen compared to the initial forecast)
Profit attributable to owners of parent : 29.0 billion yen (+3.0 billion yen compared to the initial forecast)
Until the third quarter, despite the slowdown in travel demand to Hawaii and delays in room renovation work at Mauna Kea Beach Hotel, operating revenue and operating profit exceeded the initial assumption due to the upswing in transportation revenue from railways and buses and the downward trend of the expenses such as selling, general and administrative expenses and deferral of some expenses.
In the fourth quarter, although operating revenue and operating profit are expected to fall below the initial assumption due to the impact of the continuing downward trend in overseas hotel operations and the effects of deferral of expenses, the full-year earnings forecast of profits at each stage has been revised upward, taking into account the upswing until the third quarter and the recording of non-operating income and extraordinary income. → P.7
Progress in Long-term Strategy and Medium-term Management Plan
Residential properties are planned to be incorporated into the joint SPC established with Morgan Stanley Capital and PRIME As ia as
the second series of properties (signing of purchase and sales agreement, etc. in December, delivery expected in April 2026). → P.14
The acquisition of licenses for comprehensive real estate investment advisor and investment management which is key to promoting capital recycling, was completed (until February 2026), and we will advance consideration of the business scheme and assets targeted for securitization for the formation of the Seibu Fund. → P.14
Purchases of treasury shares that had been ongoing since December 2024 ended (December 12),
and the shares acquired were all retired (January 22, 2026)
Total number of shares acquired and retired: 17,687,400 shares *Total number of issued shares after the retirement: 305,775,520 shares
Total amount for acquisition of shares: Approx. 70.0 bn yen 2
-
Overview of financial results for the nine months ended Dec. 31, 2025
P.4
-
Earning forecas ts
P.7
- Progress in Long-term Strategy and Medium-term Management Plan P.13
-
Details on financial results P.17
- Appendix
P.30
Overview of financial results for the nine months ended Dec. 31, 2025
Operating revenue grew year on year due to the securitization of residential properties and the increase in inbound tourist traffic (operating revenue was 388.2 billion yen, up 1.9%)
[Year-on-Year change in operating revenue: Real Estate +2.8 billion yen; Hotel and Leisure +4.9 billion yen; Urban Transportation and Regional 2.5 billion yen]
Operating profit and ordinary profit decreased due to an increase in personnel expenses and other expenses
[Year-on-Year change in operating profit: Real Estate +0.8 billion yen; Hotel and Leisure -3.9 billion yen; Urban Transportation and Regional -2.7 billion yen]
Profit attributable to owners of parent significantly decreased, primarily due to the recording of gain on bargain purchase from the additional purchase of shares of NW Corporation in the previous fiscal year
Operating revenue and profits at all levels are progressing beyond expectations compared with the forecast announced in May 2025
BS
9months ended Dec. 31, 2024 | 9months ended Dec. 31, 2025 388.2 | YoY change (Amount / % ) | March. 31, 2026 3Q (Oct.-Dec.) | YoY change (Amount) | ||||
PL | Operating revenue | 381.0 | 7.1 | 1.9% | 128.6 | (0.1) | ||
Operating profit | 50.4 | 44.8 | (5.5) | (11.0%) | 13.5 | (3.0) | ||
EBITDA* | 91.0 | 86.6 | (4.3) | (4.8%) | 27.7 | (2.4) | ||
Ordinary profit | 47.4 | 44.6 | (2.7) | (5.9%) | 15.1 | (2.1) | ||
Profit attributable to owners of parent | 91.3 | 32.0 | (59.2) | (64.9%) | 12.2 | (2.1) | ||
billions of yen | ||||
March 31, 2025 | Dec. 31, 2025 | Change | ||
Total assets | 1,834.1 | 1,641.8 | (192.2) | |
Total liabilities | 1,266.9 | 1,093.4 | (173.4) | |
Total net assets | 567.1 | 548.3 | (18.7) | |
Equity | 561.5 | 542.6 | (18.9) | |
billions of yen
Net interest-bearing debt | 384.2 | 572.3 | 188.0 |
Equity-to-asset ratio | 30.6% | 33.1% | 2.4pt |
* EBITDA is calculated by adding depreciation and amortization of goodwill to operating profit.
Operating revenue and profit by segment（YoY）
-
Operating revenue
9months ended
9months ended
YoY change
(Amount / % )
Dec. 31, 2024
Dec. 31, 2025
Real Estate
61.0
63.8
2.8
4.7%
Hotel and Leisure
182.3
187.2
4.9
2.7%
Urban Transportation and Regional
114.4
117.0
2.5
2.2%
Other
40.7
44.1
3.3
8.3%
Adjustments
(17.5)
(24.1)
(6.5)
ー
billions of yen
Hotel and Leisure: Revenue increased due to an increase in
sales at domestic hotels, despite decreases caused by change in operational model of The Prince Gallery Tokyo Kioicho and renovations of the Mauna Kea Beach Hotel
billions of yen
Consolidated 381.0 388.2 7.1 1.9%
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
Real Estate: Revenue increased due to the securitization of residential properties
and the opening of Emi Terrace Tokorozawa, despite the decrease in lease
revenue due to the securitization of Tokyo Garden Terrace Kioicho
Urban Transportation and Regional: Despite an increase in
revenue, a decrease in profit due to the increases in personnel expense, depreciation, etc.
Hotel and Leisure: Despite an
increase in revenue, decrease in profit due to the increases in personnel expenses (retirement benefit expenses, etc.) and
depreciation due to renovations, etc.
- Operating profit billions of yen
9months ended | 9months ended | YoY change (Amount / % ) | ||||
Dec. 31, 2024 | Dec. 31, 2025 | |||||
Real Estate | 9.9 | 10.7 | 0.8 | 8.7% | ||
Hotel and Leisure | 22.4 | 18.5 | (3.9) | (17.5%) | ||
Urban Transportation and Regional | 14.5 | 11.7 | (2.7) | (19.0%) | ||
Other | 3.8 | 4.1 | 0.2 | 7.5% | ||
Adjustments | (0.3) | (0.3) | 0.0 | ー | ||
Consolidated 50.4 44.8 (5.5) (11.0%)
Real Estate: Increased profit driven by higher revenue and a reduction in one-off expenses in the previous fiscal year, despite recording registration and license tax and real estate acquisition tax due to transfer of properties within the Group
billions of yen