2Q FY2025
Financial Results Briefing
November 17, 2025
TOBU RAILWAY CO., LTD.
Table of Contents
Financial Summary
2Q FY2025 Business Results
FY2025 Full Year Forecast
Achieving Management That Is Conscious of Cost of Capital and Stock Price
Achieving the Long-Term Management Vision, Promoting the Medium-Term Business Plan, and Achieving Sustainable Management
P 02
P 07
P 17
P 25
P 27
Financial Summary
Railways, Hotels, SKYTREE, and Department Stores Continue to Perform Well
In the Railway Business, revenues increased as we successfully captured transportation demand for both commuter and non-commuter passengers.
In Hotels and SKYTREE Business, revenues and profits increased due to capturing inbound demand and higher unit prices.
In the Department Stores Business, revenues and profits increased due to capturing demand from both domestic and overseas customers.
Although profits declined due to higher maintenance costs in the Railway Business and temporary costs associated with issuing the new TOBU Card, operating revenues remained strong.
(Unit: ¥billion)
2Q FY2025 Results
2Q FY2024 Results
Change
Operating revenues
310.7
301.9 8.7
Operating profit
35.5
38.4 ▲2.8
Ordinary profit
33.7
37.3 ▲3.6
Profit attributable to owners of parent
24.0
25.3 ▲1.3
Unit: ¥billion
2Q FY2025 Results
2Q FY2024 Results
Change
Reason for Change
Transportation
Operating
revenues
109.4
107.8 1.5
Operating profit
15.9
17.8 ▲1.8
Leisure
Operating revenues
83.6
82.0
1.5
Operating profit
7.9
8.4
▲0.4
Real Estate
Operating revenues
26.6
25.1
1.4
Operating
profit
7.2
7.3
▲0.0
Retail Distribution
Operating
revenues
86.6
84.3
2.2
revenues and profits increased.
Operating profit
3.0
2.9
0.0
Other
Operating revenues
38.2
38.5 ▲0.3
completion schedules and other factors.
Operating profit
2.1
2.8
▲0.6
Operating revenues increased in the Railway Business and the Bus and Taxi Business.
Profit decreased due to higher maintenance costs in the Railway Business.
Operating revenues increased, mainly in the Hotels Business and SKYTREE Business.
Profit decreased due to lower commission income in the Travel Business.
In the Real Estate Leasing Business and SKYTREE TOWN Business, revenues and profits increased.
In the Real Estate Subdivision Business, revenues increased but profit decreased.
In the Department Stores Business and Supermarket Business,
Although temporary costs associated with issuing the new TOBU Card increased, profit also increased for the Retail Distribution Business overall.
Revenues and profits decreased due to a review of construction
Adjustment
Operating revenues
▲33.7
▲35.9 2.2
Operating profit
▲0.7
▲0.9 0.1
Total
Operating
revenues
310.7
301.9 8.7
Operating profit
35.5
38.4 ▲2.8
Railways, Hotels, SKYTREE, Department Stores, and Other Businesses Expected to Remain Strong in Second Half.
Profit Attributable to Owners of Parent Expected to Reach Record High.
In the Railway Business, transportation demand is expected to remain firm in 2H.
In the Travel Business, domestic group travel is expected to grow, resulting in higher revenues.
In Hotels and the SKYTREE Business, efforts to continue capturing inbound demand are expected to lead to higher revenues.
In the Department Stores Business, continued efforts to capture both domestic and overseas demand are expected to result in higher
revenues.
Although operating profit is expected to decline year on year due to higher maintenance costs in the Railway Business and temporary costs associated with issuing the new TOBU Card, the decline in operating profit and ordinary profit is expected to be smaller than planned due to higher revenues.
Change
FY2025
Plan
Unit: ¥billion | FY2025 Forecast | FY2024 Results | Change |
Operating revenues | 650.0 | 631.4 18.5 | |
Operating profit | 69.0 | 74.6 ▲5.6 | |
Ordinary profit | 64.0 | 72.7 ▲8.7 | |
Profit attributable to owners of parent | 51.5 | 51.3 0.1 | |
640.0 | 10.0 |
68.0 | 1.0 |
62.0 | 2.0 |
50.0 | 1.5 |
Profit attributable to owners of parent is expected to reach a record high for the third consecutive year, driven in part by progress in reducing cross-shareholdings.
*Plan figures are those from announcement on April 30, 2025 (pp. 5, 6, 18-24)
Unit: ¥billion | FY2025 Forecast | FY2024 Results | Change | Reason for Change | |
Transportation | Operating revenues | 217.9 | 216.0 1.8 |
| |
Operating profit | 28.1 | 31.2 ▲3.1 | |||
Leisure | Operating revenues | 186.9 | 175.5 | 11.3 |
factors. |
Operating profit | 17.6 | 17.2 | 0.3 | ||
Real Estate | Operating revenues | 59.3 | 59.9 ▲0.6 |
| |
Operating profit | 14.6 | 14.7 ▲0.1 | |||
Retail Distribution | Operating revenues | 173.7 | 172.6 1.0 |
| |
Operating profit | 4.9 | 7.5 | ▲2.6 | ||
Other | Operating revenues | 91.8 | 87.2 | 4.5 |
and other factors. |
Operating profit | 5.9 | 6.3 | ▲0.4 | ||
Change
FY2025
Plan
Adjustment | Operating revenues | ▲79.6 | ▲80.0 0.4 | |
Operating profit | ▲2.1 | ▲2.5 0.4 | ||
Total | Operating revenues | 650.0 | 631.4 18.5 | |
Operating profit | 69.0 | 74.6 ▲5.6 |
216.6 | 1.3 |
27.3 | 0.8 |
178.7 | 8.2 |
17.5 | 0.1 |
59.0 | 0.3 |
13.4 | 1.2 |
173.9 | ▲0.2 |
5.4 | ▲0.5 |
91.4 | 0.4 |
6.4 | ▲0.5 |
▲79.6 | 0.0 |
▲2.0 | ▲0.1 |
640.0 | 10.0 |
68.0 | 1.0 |
2Q FY2025 Business Results
7
Subsidiaries
March 2025
Increase
Decrease
September 2025
Notes
Transportation
27
-
-
27
Leisure
14
-
-
14
Real Estate
3
-
-
3
Retail Distribution
8
-
-
8
Other
15
1
-
16
May, 2025.
Increase due to the acquisition of shares of Tamahiro Industries Co., Ltd.
Total
67
1
-
68
Affiliates
March 2025
Increase
Decrease
September 2025
Notes
Transportation
1
-
-
1
Leisure
2
-
-
2
Real Estate
-
-
-
-
Retail Distribution
-
-
-
-
Other
-
-
-
-
Total
3
-
-
3
Unit: Millions of yen
2Q FY2025
Results
2Q FY2024
Results
Change
Notes
Operating revenues
310,753
301,996
8,757
Transportation ＋1,585
Leisure ＋1,590
Real Estate ＋1,455 Retail Distribution ＋2,241 Other ▲325
Operating profit
35,584
38,478
▲2,894
Transportation ▲1,880 Leisure ▲460
Real Estate ▲60 Retail Distribution ＋10 Other ▲690
Ordinary profit
33,726
37,374
▲3,647
Extraordinary income
472
704
▲232
Extraordinary losses
668
1,499
▲831
Profit attributable to owners of parent
24,022
25,339
▲1,316
Ratio of operating profit to
net sales
11.5%
12.7%
▲1.2P
Depreciation
26,935
26,168
767
EBITDA
62,519
64,646
▲2,126
Capital Expenditures
24,476
14,458
10,018
Unit: Millions of yen
2Q FY2025
Results
FY2024
Results
Change
Notes
Current assets
179,689
176,839
2,850
Non-current assets
1,603,809
1,576,361
27,447
Total assets
1,783,498
1,753,200
30,297
Current liabilities
454,294
438,733
15,560
Non-current liabilities
745,772
753,713
▲7,940
Total liabilities
1,200,067
1,192,447
7,619
Total net assets
583,431
560,753
22,678
Retained earnings
+17,438
Total liabilities and net assets
1,783,498
1,753,200
30,297
Equity ratio
32.4%
31.6%
0.8P
Interest-bearing debt balance
789,612
780,253
9,359
Unit: Millions of yen
2Q FY2025
Results
2Q FY2024
Results
Change
Notes
Cash flows from operating activities
44,879
38,583
6,295
Cash flows from investing activities
▲38,252
▲30,940
▲7,311
Cash flows from financing activities
▲7,508
▲2,864
▲4,644
Net increase in cash and cash equivalents
▲916
4,852
▲5,768
Cash and cash equivalents at end of period
34,019
36,110
▲2,090
Unit: Millions of yen
2Q FY2025
Results
2Q FY2024
Results
Change
Notes
Operating revenues
109,402
107,816
1,585
Railways
82,078
80,719
1,358
Other
27,323
27,096
227
Bus and Taxi Business Freight Business
＋498
▲270
Operating profit
15,997
17,878
▲1,880
Railways
13,773
15,648
▲1,875
Other
2,224
2,229
▲4
Bus and Taxi Business
Freight Business
▲179
＋175
Depreciation
15,787
15,520
267
EBITDA
31,785
33,398
▲1,612
Capital Expenditures
7,780
7,809
▲29
Tobu Railway Lines Number of Passengers (Unit: 1 Million people)
2Q FY2025
Results
2Q FY2024
Results
Commuter Passengers
279
275
Non-Commute Passengers
166
161
（Limited Express）
3
3
Total
445
435
Tobu Railway Lines Passenger Revenue (Unit: Millions of yen)
2Q FY2025
Results
2Q FY2024
Results
Commuter Passengers
31,505
31,098
Non-Commute Passengers
43,230
41,811
（Limited Express）
3,655
3,495
Total
74,736
72,909
* Non-commuter passenger revenue includes limited express fee and seat reservation fees.
Unit: Millions of yen
2Q FY2025
Results
2Q FY2024
Results
Change
Notes
Operating revenues
83,628
82,038
1,590
Travel
51,803
52,085
▲281
Hotels
17,399
16,337
1,061
SKYTREE
8,688
8,167
520
Other
5,737
5,447
289
Amusement parks and tourism Sports
＋227
＋56
Operating profit
7,986
8,447
▲460
Travel
▲57
1,195
▲1,252
Hotels
3,469
3,056
412
SKYTREE
3,850
3,620
230
Other
723
574
149
Amusement parks and tourism Sports
＋107
＋42
Depreciation
3,240
3,272
▲32
EBITDA
11,226
11,720
▲493
Capital Expenditures
10,193
1,652
8,541
Number of vis itors (Unit: 10,000 people)
2Q FY2025
Results
2Q FY2024
Results
SKYTREE
239
236
Main Hotels Occupancy Rate
2Q FY2025
Results
2Q FY2024
Results
Main Hotels Percentage of
foreign nationals
2Q FY2025
Results
2Q FY2024
Results
CY Ginza
86.2%
86.9%
CY Ginza
83.8%
82.5%
AC Ginza
83.7%
79.0%
AC Ginza
81.6%
84.4%
Kinshicho
90.0%
90.1%
Kinshicho
84.9%
81.5%
Narita
88.3%
85.8%
Narita
69.6%
70.8%
Unit: Millions of yen
2Q FY2025
Results
2Q FY2024
Results
Change
Notes
Operating revenues
26,635
25,180
1,455
Leasing
17,475
17,025
449
SKYTREE TOWN
6,766
6,440
326
Subdivision
2,393
1,714
679
Operating profit
7,259
7,319
▲60
Leasing
5,057
4,932
124
SKYTREE TOWN
2,097
2,052
44
Subdivision
104
334
▲229
Depreciation
5,337
4,918
419
EBITDA
12,596
12,237
359
Capital Expenditures
3,000
3,307
▲307
Number of vis itors (Unit: 10,000 people)
2Q FY2025
Results
2Q FY2024
Results
SKYTREE TOWN
1,810
1,859
Number of Units Sold Unit: 1 unit
2Q FY2025
Results
2Q FY2024
Results
Detached houses
37
24
Condominiums
43
62
Number of Units Sold After Converting Share
Detached houses
18
11
Condominiums
17
24
Unit: Millions of yen
2Q FY2025
Results
2Q FY2024
Results
Change
Notes
Operating revenues
86,629
84,387
2,241
Department stores
30,836
28,767
2,068
Supermarket
37,425
36,874
551
Other
18,367
18,745
▲377
Operating profit
3,008
2,998
10
Department stores
2,490
1,661
829
Supermarket
508
365
142
Other
9
971
▲962
Depreciation
1,664
1,653
11
EBITDA
4,673
4,651
21
Capital Expenditures
3,019
1,201
1,818
Change in Sales at Major Department Stores
2Q FY2025 Results vs.
Previous Year
Ikebukuro
10.6%
Funabashi
0.7%
Utsunomiya
0.3%
Unit: Millions of yen
2Q FY2025
Results
2Q FY2024
Results
Change
Notes
Operating revenues
38,230
38,556
▲325
Operating profit
2,112
2,803
▲690
Depreciation
904
803
101
EBITDA
3,016
3,606
▲589
Capital Expenditures
481
487
▲6
FY2025 Full Year Forecast
III. Full-year Forecast for FY2025 ― Consolidated statement of income
Unit: Millions of yen
FY2025
Forecast
FY2024
Results
Change
Notes
FY2025
Plan
Change
Transportation ＋1,846
Leisure ＋11,337
Operating revenues
650,000
631,461
18,539
Real Estate ▲621 Retail Distribution ＋1,059
640,000
10,000
Other ＋4,510
Transportation ▲3,185
Leisure ＋358
Operating profit
69,000
74,604
▲5,604
Real Estate ▲145 Retail Distribution ▲2,658
68,000
1,000
Other ▲439
Ordinary profit
64,000
72,716
▲8,716
62,000
2,000
Profit attributable to owners of parent
51,500
51,330
170
50,000
1,500
Ratio of operating profit to
net sales
10.6%
11.8%
▲1.2P
10.6%
▲0.0P
Operating profit ROA*
3.9%
4.3%
▲0.4P
3.8%
0.1P
ROE*
9.0%
9.4%
▲0.4P
8.8%
0.2P
*Operating income ROA = Consolidated operating income/{(Beginning total assets + Ending total assets)/2}
*ROE = Profit attributable to owners of parent/{(Beginning equity + Ending equity)/2}
*Plan figures are those from announcement on April 30, 2025 (pp. 5, 6, 18-24)
Unit: Millions of yen
FY2025
Forecast
FY2024
Results
Change
Notes
FY2025
Plan
Change
EBITDA
124,000
128,144
▲4,144
122,500
1,500
Operating profit
69,000
74,604
▲5,604
68,000
1,000
Depreciation
55,000
53,539
1,461
54,500
500
Interest-bearing debt
balance
800,000
780,253
19,747
790,000
10,000
Interest-bearing debt/EBITDA multiple
6.5
6.1
0.4
6.4
0.1
Capital Expenditures
111,500
95,330
16,170
93,500
18,000
Unit: Millions of yen
FY2025
Forecast
FY2024
Results
Change
Notes
FY2025
Plan
Change
Operating revenues
217,900
216,054
1,846
216,600
1,300
Railways
163,400
161,769
1,631
162,100
1,300
Other
54,500
54,285
215
Bus and Taxi Business Freight Business
＋932
▲722
54,500
0
Operating profit
28,100
31,285
▲3,185
27,300
800
Railways
24,200
26,947
▲2,747
24,000
200
Other
3,900
4,337
▲437
Bus and Taxi Business Freight Business
▲534
＋97
3,300
600
Operating profit ROA
2.8%
3.2%
▲0.4P
2.7％
0.1P
Depreciation
32,500
31,942
558
32,000
500
EBITDA
60,600
63,227
▲2,627
59,300
1,300
Capital Expenditures
57,700
42,785
14,915
57,600
100
Tobu Railway Lines Number of Passengers (Unit: 1 Million people)
FY2025
Forecast
FY2024
Results
FY2025
Plan
Commuter Passengers
541
533
532
Non-Commute Passengers
334
325
327
（Limited Express）
7
7
7
Total
875
858
859
Tobu Railway Lines Passenger Revenue (Unit: Millions of yen)
FY2025
Forecast
FY2024
Results
FY2025
Plan
Commuter Passengers
61,582
60,988
61,035
Non-Commute Passengers
87,118
84,843
85,406
（Limited Express）
7,548
7,279
7,419
Total
148,701
145,831
146,441
* Non-commuter passenger revenue includes limited express fee and seat reservation fees.
Unit: Millions of yen
FY2025
Forecast
FY2024
Results
Change
Notes
FY2025
Plan
Change
Operating revenues
186,900
175,563
11,337
178,700
8,200
Travel
122,600
113,020
9,580
115,000
7,600
Hotels
36,000
34,899
1,101
35,900
100
SKYTREE
17,000
16,601
399
16,900
100
Other
11,300
11,042
258
Amusement parks and tourism Sports
＋230
＋30
10,900
400
Operating profit
17,600
17,242
358
17,500
100
Travel
2,000
1,941
59
2,000
0
Hotels
7,700
7,473
227
7,700
0
SKYTREE
6,600
6,585
15
6,600
0
Other
1,300
1,240
60
Amusement parks and tourism Sports
▲25
＋62
1,200
100
Operating profit ROA
6.2%
6.5%
▲0.3P
6.1％
0.1P
Depreciation
6,800
6,595
205
6,700
100
EBITDA
24,400
23,837
563
24,200
200
Capital Expenditures
14,800
31,839
▲17,039
16,800
▲2,000
Number of vis itors (Unit: 10,000 people)
FY2025
Forecast
FY2024
Results
FY2025
Plan
SKYTREE
470
467
468
Main Hotels Occupancy Rate
FY2025
Forecast
FY2024
Results
FY2025
Plan
CY Ginza
85.7％
85.7％
86.0％
AC Ginza
83.7％
79.9％
81.6％
Kinshicho
89.8％
90.6％
87.5％
Narita
88.4％
87.5％
87.5％
Unit: Millions of yen
FY2025
Forecast
FY2024
Results
Change
Notes
FY2025
Plan
Change
Operating revenues
59,300
59,921
▲621
59,000
300
Leasing
36,500
36,339
161
36,300
200
SKYTREE TOWN
13,600
13,295
305
13,500
100
Subdivision
9,200
10,286
▲1,086
9,200
0
Operating profit
14,600
14,745
▲145
13,400
1,200
Leasing
10,400
9,736
664
9,300
1,100
SKYTREE TOWN
3,700
3,638
62
3,800
▲100
Subdivision
500
1,369
▲869
300
200
Operating profit ROA
3.9%
4.2%
▲0.3P
3.7％
0.2P
Depreciation
10,500
10,070
430
10,500
0
EBITDA
25,100
24,816
284
23,900
1,200
Capital Expenditures
29,700
14,185
15,515
9,200
20,500
Number of vis itors (Unit: 10,000 people)
FY2025
Forecast
FY2024
Results
FY2025
Plan
SKYTREE TOWN
3,655
3,710
3,830
Number of Units Sold Unit: 1 unit
FY2025
Forecast
FY2024
Results
FY2025
Plan
Detached houses
73
74
74
Condominiums
277
461
299
Number of Units Sold After Converting Share
Detached houses
35
40
36
Condominiums
127
205
137
Unit: Millions of yen
FY2025
Forecast
FY2024
Results
Change
Notes
FY2025
Plan
Change
Operating revenues
173,700
172,641
1,059
173,900
▲200
Department stores
62,000
61,321
679
61,900
100
Supermarket
74,900
74,478
422
74,800
100
Other
36,800
36,841
▲41
37,200
▲400
Operating profit
4,900
7,558
▲2,658
5,400
▲500
Department stores
4,900
5,272
▲372
4,600
300
Supermarket
900
680
220
700
200
Other
▲900
1,605
▲2,505
100
▲1,000
Operating profit ROA
3.6%
5.7%
▲2.1P
3.9％
▲0.3P
Depreciation
3,500
3,308
192
3,600
▲100
EBITDA
8,400
10,866
▲2,466
9,000
▲600
Capital Expenditures
6,800
4,759
2,041
7,700
▲900
Change in Sales at Major Department Stores
FY2025 Forecast vs. Previous Year
FY2025 Plan
vs. Previous Year
Ikebukuro
0.9%
▲0.4%
Funabashi
1.4%
4.5%
Utsunomiya
1.9%
3.0%
Unit: Millions of yen
FY2025
Forecast
FY2024
Results
Change
Notes
FY2025
Plan
Change
Operating revenues
91,800
87,290
4,510
91,400
400
Operating profit
5,900
6,339
▲439
6,400
▲500
Operating profit ROA
2.0%
2.2%
▲0.2P
2.2％
▲0.2P
Depreciation
1,700
1,623
77
1,700
0
EBITDA
7,600
7,963
▲363
8,100
▲500
Capital Expenditures
2,500
1,760
740
2,200
300
Achieving Management That Is Conscious of Cost of Capital and Stock Price
25
IV. Achieving Management That Is Conscious of Cost of Capital and Stock Price
Basic Policy
Shareholder returns
While maintaining an equity ratio of at least 30%, during the FY2024-FY2027 Medium-Term Business Plan period, we will continue dividends and flexible share buybacks, setting a minimum total shareholder return ratio of 40% and aiming to exceed this level. From FY2028 onward, we aim to further enhance shareholder returns based on profit growth.
Dividends
We aim for continuous dividend increases in line with profit growth.
FY2024: Annual dividend of ¥60 per share
FY2025: Annual dividend of ¥65 per share (planned)
Dividend increases for the fourth consecutive yearTrends in dividends and share buybacks
(FY2020-FY2025 forecast)
Total dividends (¥ billion) Share buybacks (¥ billion)
Dividend per share (¥)Implemented for two consecutive years, considering
Share
buybacks
factors such as share price and financial conditions
FY2024 (actual): ¥17.6 billion
FY2025 (actual): ¥10.0 billion
Effects of share buybacks
(total of ¥27.6 billion acquired in FY2024 and FY2025)
EPS: Up 5.6% due to a reduction in the number of shares outstanding
ROE: Improved capital efficiency increased ROE by 0.4 points, reaching the 9% range
55
60
65
30
20
20
12.0
11.3
5.9
12.7
10.0
17.6
EPS ROE
260.87 yen
9.0%
+5.6%
+0.4pt
4.1 | 4.1 | 6.2 | |||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
(FY)
Further dialogue with capital markets
An Investor Relations Department was newly established on October 1
We will promote initiatives such as more proactive engagement with investors and enhancement of disclosure materials.
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Investor Relations Department
Achieving the Long-Term Management Vision, Promoting the Medium-Term Business Plan, and Achieving Sustainable Management
27
Long-Term Management Vis ion
Basic policies
Evolving Society and Areas along our Railway Lines by Taking on Challenges and Engaging in Cooperative Creation Challenging
pursuit of adapting to changing business environment and needs
Co-creationof value through collaboration and partnership with stakeholders
Management strategies and policies for realizing the Vision
Target
¥100.0 billion+
Operating profit
Increasing the percentage of non-railway businesses in operating profit stage
Strengthening profitability by capturing tourism demand
Establishing sustainable business management structure
Focus investment on the Development Business Aim for an increase of more than ¥25.0 billion (town development) and Touris m Business compared to FY2024 in the mid-2030s
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Expansion of TOKYO SKYTREE Town Area As No. 1 Hub in East Area of Tokyo
- Leveraging the synergy between the world's tallest freestanding broadcasting tower and commercial facilities to solidify its position as the leading hub in the Tokyo East area
- Achieving growth across the Group by extending the benefits of area development (town development) to Railways
Tokyo Solamachi net sales / TOKYO SKYTREE number of vis itors
Passengers at Oshiage Station and TOKYO SKYTREE Station
Area development s ignificantly increased railway passenger flow
700
(¥ billions)
(10,000 people)
70.0
60.0
Record-high ¥56.9 billion
Returning to a growth trend after the COVID-19 pandemic
50.0
COVID-19 pandemic
40.0
30.0
20.0
10.0
0
12 13 14 15 16 17 18 19 20 21 22 23 24
700
600
(People per day)
150,000
compared with pre-opening levels
119,000
COVID-19 pandemic
people
600
500
500
400
400
100,000
81,000
people
300
300
200
200
50,000
100
100
0
(FY)
0
11 12 13 14 15 16 17 18 19
20 21 22
23 24
(FY)
We will not remain satisfied with the current s ituation and will continue area development (town development)All rights reserved. Copyright © TOBU RAILWAY CO.,LTD.
in the Oshiage area, aiming for further growth. 29