Tobu Railway : 2Q FY2025 Financial Results Briefing

About this update from Tobu Railway Co., Ltd.

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 Revenues are expected to increase in the Railway Business and the Bus and Taxi Business. Profit to decrease due to higher maintenance costs in the Railway Business. Operating profit 28.1 31.2 ▲ 3.1 Leisure Operating revenues 186.9 175.5 11.3 Revenues are expected to increase, mainly in the Travel Business, Hotels Business, and SKYTREE Business. Profit is expected to increase due to higher revenues and other factors. Operating profit 17.6 17.2 0.3 Real Estate Operating revenues 59.3 59.9 ▲ 0.6 In the Real Estate Leasing Business and SKYTREE TOWN Business, revenues and profits are expected to increase. In the Real Estate Subdivision Business, revenues and profits are expected to decrease. Operating profit 14.6 14.7 ▲ 0.1 Retail Distribution Operating revenues 173.7 172.6 1.0 In the Department Stores Business and Supermarket Business, revenues are expected to increase. Profit is expected to decrease due to temporary cost increases associated with issuing the new TOBU Card. Operating profit 4.9 7.5 ▲ 2.6 Other Operating revenues 91.8 87.2 4.5 Revenues are expected to increase due to higher construction orders and other factors. Profit is expected to decrease due to higher construction costs 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 year Trends 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 % +0.4 pt 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. All rights reserved. Copyright © TOBU RAILWAY CO.,LTD. 26 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 Achieve operating profit of ¥100.0 billion or more in the mid-2030s by accelerating the growth areas of the Development Business (town development) and Touris m Business, and implementing new measures such as a two-way through service with the Tokyo Metro Yurakucho Line 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-creation of 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 All rights reserved. Copyright © TOBU RAILWAY CO.,LTD. 28 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 and other businesses Tokyo Solamachi net sales / TOKYO SKYTREE number of vis itors Passengers at Oshiage Station and TOKYO SKYTREE Station Tokyo Solamachi net sales TOKYO SKYTREE number of visitors 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

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