Tobu Railway Co., Ltd.TSE: 9001

FY2024 Financial Results Briefing

Jun 6, 2025 at 2:59 AM UTC · Issued by Tobu Railway Co., Ltd.

FY2024

Financial Results Briefing

May 19, 2025

TOBU RAILWAY CO., LTD.

Table of Contents

Financial Summary
FY2024 Business Results
FY2025 Plan
Achievement of Long-Term Management Vision and Promotion of Medium-Term Business Plan

Notice Concerning Action to Implement Management that is Conscious of Cost of Capital and Stock Price

P ０２ P ０５ P １７ P ２６

P ４２

Financial Summary
I. Financial Summary

FY2024 Business Results

Despite a decrease in commission income from the Travel Business, operating revenues came to
Operating revenues
¥631.4 billion with increased demand in Japan and overseas in the Railway Business, Hotels Business, SKYTREE Business, and Department Stores Business (-0.7% YoY, -1.2% vs. full-year forecast)
Operating profit/ Ordinary profit/Profit attributable to owners of parent
Despite the decline in operating revenues, operating profit rose to ¥74.6 billion, mainly due to an improvement in profit margins in other businesses (+1.0% YoY, +9.7% vs. full-year forecast) Ordinary profit rose to ¥72.7 billion (+0.9% YoY, +11.9% vs. full-year forecast)
Profit attributable to owners of parent rose to ¥51.3 billion (+6.6% YoY, +5.8% vs. full-year forecast)
Operating profit / ordinary profit / profit attributable to owners of parent reached record highs
for the second year in a row
Dividend amount
Due to the improved performance in the current fiscal year, year-end dividend increased
to ¥32.5 (+¥5 compared to previously announced forecast)
Annual dividend for FY2024 is expected to be ¥60
* Percentage vs. full-year forecast indicates performance against the FY2024 plan shown on p. 7.
I. Financial Summary

FY2025 Plan
Operating revenues
Operating revenue is expected to reach ¥640.0 billion, with each business segment forecasting increased revenue by capturing demand, mainly in Travel, Hotels, and Construction (+1.4% YoY)
Operating profit/ Ordinary profit Profit attributable to owners of parent
Operating profit is expected to fall to ¥68.0 billion due mainly to increased maintenance and renewal costs for stable operation of each business and increased costs for issuance of new TOBU Card aimed at improving profitability (-8.9% YoY)
Ordinary profit is expected to fall to ¥62.0 billion due to an increase in interest payments resulting from rising interest rates (-14.7% YoY)
Profit attributable to owners of parent is expected to be ¥50.0 billion, roughly the same as the previous year, mainly due to the promotion of the reduction of cross-shareholdings (-2.6% YoY)
Dividend amount
Since we plan to keep profit attributable to owners of parent at roughly the same level as the previous year, with a view to gradually increasing it, we plan to increase the annual dividend to ¥65 (+¥5 YoY)

FY2024 Business Results

Ⅱ． FY2024 Business Results

Subsidiaries・Affiliates

Subsidiaries	March 2024	Increase	Decrease	March 2025	Notes
Transportation	27	-	-	27
Leisure	15	-	1	14	January,2025. Decrease in merger	Okunikko Development Co., Ltd.
Real Estate	3	-	-	3
Retail Distribution	8	-	-	8
Other	15	-	-	15
Total	68	-	1	67

Affiliates	March 2024	Increase	Decrease	March 2025	Notes
Transportation	1	-	-	1
Leisure	2	-	-	2
Real Estate	-	-	-	-
Retail Distribution	-	-	-	-
Other	-	-	-	-
Total	3	-	-	3

Ⅱ ．FY2024 Business Results

Consolidated statement of income

Unit: Millions of yen	FY2024 Results	FY2023 Results	Change		Notes
				Transportation	＋7,719
				Leisure	▲9,198
Operating revenues	631,461	635,964	▲4,503	Real Estate	▲3,053
				Retail Distribution	＋6,670
				Other	▲4,583
				Transportation	＋2,806
				Leisure	▲2,182
Operating profit	74,604	73,883	720	Real Estate	▲2,297
Operating profit	74,604			Retail Distribution	＋2,526
				Retail Distribution	＋2,526
				Other	＋387
Ordinary profit	72,716	72,033	683
Extraordinary income	13,639	52,010	▲38,371
Extraordinary losses	10,448	56,195	▲45,747
Profit attributable to	51,330	48,164	3,166
owners of parent	51,330	48,164	3,166

FY2024

Change

Plan

639,000 ▲7,539

68,000 6,604

65,000 7,716

- -

48,500 2,830

Ratio of operating profit to net sales	11.8%	11.6%	0.2P	10.6%	1.2P
Operating profit ROA*	4.3%	4.3%	0.0P	3.9%	0.4P
ROE*	9.4%	9.5%	▲0.1P	8.9%	0.5P
Depreciation	53,539	52,916	623	54,000	▲460
EBITDA	128,144	126,799	1,344	122,000	6,144

*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 November 6, 2024.（P7～P16）

Ⅱ ．FY2024 Business Results

Segment Profit

Unit: Millions of yen			FY2024 Results	FY2023 Results	Change	FY2024 Plan	Change
Transportation	Operating	revenues	216,054	208,335	7,719	215,100	954
	Operating	profit	31,285	28,478	2,806	30,000	1,285
Leisure	Operating	revenues	175,563	184,761	▲9,198	174,300	1,263
	Operating	profit	17,242	19,425	▲2,182	14,600	2,642
Real Estate	Operating	revenues	59,921	62,975	▲3,053	59,800	121
	Operating	profit	14,745	17,043	▲2,297	13,300	1,445
Retail Distribution	Operating	revenues	172,641	165,970	6,670	174,000	▲1,359
Retail Distribution	Operating	profit	7,558	5,031	2,526	7,400	158
Other	Operating	revenues	87,290	91,873	▲4,583	86,800	490
	Operating	profit	6,339	5,951	387	4,200	2,139

Adjustment	Operating	revenues	▲80,010	▲77,951	▲2,058	▲71,000	▲9,010
	Operating	profit	▲2,567	▲2,047	▲520	▲1,500	▲1,067
Total	Operating	revenues	631,461	635,964	▲4,503	639,000	▲7,539
	Operating	profit	74,604	73,883	720	68,000	6,604

【 Main Changes Related to Segment Information 】

Starting from the current interim consolidated fiscal year, expenses related to TOBU POINT and the Group Business Management Department, which were previously mostly allocated to the Real Estate segment, will now be allocated to each segment, in response to the increased usage of TOBU POINT. This change is detailed on page 12 of the FY2024 interim financial results.

Please note that the segment information for the previous interim consolidated fiscal year has been revised retroactively.

Transportation

Head Office Division Expenses

Leisure

Group Business-related Expenses*

Real Estate

Transportation

Head Office Division Expenses

◼

Group Business-related Expenses*

Leisure

Real Estate

Ⅱ ．FY2024 Business Results

Consolidated balance sheet

Unit: Millions of yen	FY2024 Results	FY2023 Results	Change	Notes
Current assets	176,839	168,953	7,885
Non-current assets	1,576,361	1,535,110	41,251
Total assets	1,753,200	1,704,063	49,137
Current liabilities	438,733	386,322	52,411
Non-current liabilities	753,713	776,027	▲22,313
Total liabilities	1,192,447	1,162,350	30,097
Total net assets	560,753	541,713	19,039
Total liabilities and net assets	1,753,200	1,704,063	49,137

Equity ratio	31.6%	31.4%	0.2P
Interest-bearing debt balance	780,253	749,777	30,475
EBITDA Interest Bearing Debt Ratio	6.1	5.9	0.2P
Capital Expenditures	95,330	63,353	31,977

Ⅱ ．FY2024 Business Results

Consolidated statement of cash flows

Unit: Millions of yen	FY2024 Results	FY2023 Results	Change	Notes
Cash flows from operating activities	90,072	91,690	▲1,617
Cash flows from investing activities	▲86,778	▲61,625	▲25,152	Expenditures for acquisition of fixed assets	▲27,946
Cash flows from financing activities	321	▲67,918	68,239	Increase in interest-bearing debt financing	＋76,342
Net increase in cash and cash equivalents	3,677	▲37,816	41,493
Cash and cash equivalents at end of period	34,936	31,258	3,677

Ⅱ ．FY2024 Business Results

Transportation

Unit: Millions of yen	FY2024 Results	FY2023 Results	Change	Notes		FY2024 Change Plan
Operating revenues	216,054	208,335	7,719			215,100	954
Railways	161,769	156,602	5,166			160,600	1,169
Other	54,285	51,733	2,552	Bus and taxi business Freight business	＋1,691 ＋855	54,500	▲215
Operating profit	31,285	28,478	2,806			30,000	1,285
Railways	26,947	25,006	1,940			26,500	447
Other	4,337	3,471	866	Bus and taxi business Freight business	＋589 ＋276	3,500	837

Operating profit ROA	3.2%	2.9%	0.3P	3.0%	0.1P
Depreciation	31,942	31,546	395	32,000	▲57
EBITDA	63,227	60,024	3,202	62,000	1,227
Capital Expenditures	42,785	38,803	3,982	47,300	▲4,515

*As stated on page 8, the FY2023 Results have been adjusted to reflect these updates. 11

Transition of Commuter Passenger

Volume (Base Year: FY2018)

Tobu Railway Lines Passenger Revenue (Unit: Millions of yen)	FY2024 Results	FY2023 Results	FY2024 Plan
Commuter Passengers	60,988	59,856	60,829
Non-Commuter Passengers	84,843	81,042	84,006
（LimitedExpress）	7,279	6,320	7,089
Total	145,831	140,898	144,835

Ⅱ ．FY2024 Business Results

Transportation・Railways Operating Indicators

* Non-commuter passenger revenue includes limited express fee and seat reservation fees.

Tobu Railway Lines Number of Passengers (Unit: 1 Million people)	FY2024 Results	FY2023 Results	FY2024 Plan
Commuter Passengers	533	524	531
Non-Commuter Passengers	325	313	323
（LimitedExpress）	7	6	6
Total	858	837	854

Transition of Non-Commuter Passenger Volume (Base Year: FY2018)

110.0%

100.0%

90.0%

100.4%

110.0%

100.0%

90.0%

97.6%

100.6%

100.0%

90.0%

78.0%

97.1%

100.0%

88.3%

84.2%

86.7%

80.0%

80.0% 80.0%

70.0%

60.0%

76.1%

70.0%

60.0%

67.4%

50.0%

FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

50.0%

FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

※ FY2018=100%

Ⅱ ．FY2024 Business Results

Leisure

Unit: Millions of yen	FY2024 Results	FY2023 Results	Change	Notes
Operating revenues	175,563	184,761	▲9,198
Travel	113,020	131,247	▲18,227
Hotel	34,899	27,701	7,197
SKYTREE	16,601	15,192	1,408
Other	11,042	10,618	423	Amusement parks and tourism ＋323 Sports ＋110
Operating profit	17,242	19,425	▲2,182
Travel	1,941	8,974	▲7,032
Hotel	7,473	3,147	4,326
SKYTREE	6,585	6,109	476
Other	1,240	1,194	45	Amusement parks and tourism ＋165 Sports ▲120

FY2024

Change

Plan

174,300 1,263

113,500 ▲480

33,500 1,399

16,300 301

11,000 42

14,600 2,642

1,300 641

5,800 1,673

6,200 385

1,300 ▲60

Operating profit ROA	6.5%	7.4%	▲0.9P	5.5%	1.0P
Depreciation	6,595	5,934	660	6,700	▲104
EBITDA	23,837	25,360	▲1,522	21,300	2,537
Capital Expenditures	31,839	10,033	21,806	31,200	639

Number of visitors （Unit: 10,000 people）	FY2024 Results	FY2023 Results			FY2024 Results	FY2023 Results	FY2024 Plan	Main Hotels Percentage of foreign nationals	FY2024 Results	FY2023 Results
スカイツリー	467	447	464	CY Ginza	85.7%	24.7%	86.2%	CY Ginza	84.0%	77.3%
				AC Ginza	79.9%	84.0%	80.4%	AC Ginza	81.4%	73.1%
				Kinshicho	90.6%	87.2%	86.1%	Kinshicho	81.3%	73.9%
				Narita	87.5%	81.2%	85.8%	Narita	72.2%	66.2%

Ⅱ ．FY2024 Business Results

Real Estate

Unit: Millions of yen	FY2024 Results	FY2023 Results	Change	Notes	FY2024 Change Plan
Operating revenues	59,921	62,975	▲3,053		59,800	121
Leasing	36,339	35,875	464		37,000	▲661
SKYTREE TOWN	13,295	12,611	684		13,000	295
Subdivision	10,286	14,488	▲4,202		9,800	486
Operating profit	14,745	17,043	▲2,297		13,300	1,445
Leasing	9,736	9,202	534		9,200	536
SKYTREE TOWN	3,638	3,595	43		3,300	338
Subdivision	1,369	4,245	▲2,875		800	569

Operating profit ROA	4.2%	4.9％	▲0.7P	3.7%	0.4P
Depreciation	10,070	10,298	▲227	10,200	▲129
EBITDA	24,816	27,341	▲2,525	23,500	1,316
Capital Expenditures	14,185	9,707	4,478	15,600	▲1,415

Number of visitors

（Unit: 10,000 people）

FY2024

Results

FY2023

Results

FY2024

Plan

SKYTREE TOWN

3,710

3,716

3,729

Number of Units Sold

Unit:1unit

FY2024

Results

FY2023

Results

FY2024

Plan

Detached houses

Condominiums

461

410

465

Number of Units Sold

Detached houses	40	26	30
Condominiums	205	313	207

After Converting Share

Ⅱ ．FY2024 Business Results

Retail Distribution

Unit: Millions of yen	FY2024 Results	FY2023 Results	Change	Notes	FY2024 Change Plan
Operating revenues	172,641	165,970	6,670		174,000	▲1,359
Department stores	61,321	58,082	3,239		61,800	▲479
Supermarket	74,478	72,766	1,712		75,200	▲722
Other	36,841	35,121	1,719		37,000	▲159
Operating profit	7,558	5,031	2,526		7,400	158
Department stores	5,272	3,223	2,049		5,200	72
Supermarket	680	41	638		800	▲120
Other	1,605	1,766	▲161		1,400	205

Operating profit ROA	5.7%	3.9%	1.8P	5.7%	0.0P
Depreciation	3,308	3,587	▲279	3,400	▲91
EBITDA	10,866	8,619	2,247	10,800	66
Capital Expenditures	4,759	3,549	1,210	6,000	▲1,241

Change in Sales at Major Department Stores	FY2024 Results vs. Previous Year	FY2024 Plan vs. Previous Year
Ikebukuro	7.9%	7.6%
Funabashi	3.2%	3.9%
Utsunomiya	▲1.7%	3.7%

Ⅱ ．FY2024 Business Results

Other

Unit: Millions of yen

FY2024

Results

FY2023

Results

Change

Notes

FY2024 Change

Plan

Operating revenues

87,290

91,873

▲4,583

86,800

490

Operating profit

6,339

5,951

387

4,200

2,139

Operating profit ROA	2.2%	2.2%	▲0.0P	1.5%	0.7P
Depreciation	1,623	1,548	74	1,700	▲76
EBITDA	7,963	7,500	462	5,900	2,063
Capital Expenditures	1,760	1,258	502	1,900	▲140

FY2025 Plan

Ⅲ ．FY2025 Plan

Consolidated statement of income

Unit: Millions of yen	FY2025 Plan	FY2024 Results	Change		Notes
				Transportation	＋546
Operating revenues	640,000	631,461	8,539	Leisure Real Estate Retail Distribution	＋3,137 ▲921 ＋1,259
				Other	＋4,110
				Transportation	▲3,985
Operating profit	68,000	74,604	▲6,604	Leisure Real Estate Retail Distribution	＋258 ▲1,345 ▲2,158
				Other	＋61
Ordinary profit	62,000	72,716	▲10,716
Profit attributable to owners of parent	50,000	51,330	▲1,330

Ratio of operating profit to sales	10.6%	11.8%	▲1.2P
Operating profit ROA*	3.8%	4.3%	▲0.5P
ROE*	8.8%	9.4%	▲0.6P

*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}

Ⅲ ．FY2025 Plan

Segment Profit

Unit: Millions of yen			FY2025 Plan	FY2024 Results	Change	Notes
	Operating	revenues	216,600	216,054	546
Transportation
	Operating	profit	27,300	31,285	▲3,985
	Operating	revenues	178,700	175,563	3,137
Leisure
	Operating	profit	17,500	17,242	258
	Operating	revenues	59,000	59,921	▲921
Real Estate
	Operating	profit	13,400	14,745	▲1,345
	Operating	revenues	173,900	172,641	1,259
Retail Distribution
	Operating	profit	5,400	7,558	▲2,158
	Operating	revenues	91,400	87,290	4,110
Other
	Operating	profit	6,400	6,339	61

Adjustment	Operating Operating	revenues profit	▲79,600 ▲2,000	▲80,010 ▲2,567	410 567
	Operating	revenues	640,000	631,461	8,539
Total
	Operating	profit	68,000	74,604	▲6,604

Ⅲ ．FY2025 Plan

Consolidated Cash Flow Plan

Unit: Millions of yen	FY2025 Plan	FY2024 Results	Change	Notes
EBITDA	122,500	128,144	▲5,644
Operating profit	68,000	74,604	▲6,604
Depreciation	54,500	53,539	960
Interest-bearing debt balance	790,000	780,253	9,747
Interest-bearing debt/EBITDA multiple	6.4	6.1	0.3P
Capital Expenditures	93,500	95,330	▲1,830

Ⅲ ．FY2025 Plan

Transportation

Unit: Millions of yen	FY2025 Plan	FY2024 Results	Change	Notes
Operating revenues	216,600	216,054	546
Railways	162,100	161,769	331
Other	54,500	54,285	215	Bus and taxi business ＋732 Freight business ▲522
Operating profit	27,300	31,285	▲3,985
Railways	24,000	26,947	▲2,947
Other	3,300	4,337	▲1,037	Bus and taxi business ▲1,034 Freight business ▲3

Operating profit ROA	2.7%	3.2%	▲0.5P
Depreciation	32,000	31,942	57
EBITDA	59,300	63,227	▲3,927
Capital Expenditures	57,600	42,785	14,815

Tobu Railway Lines Number of Passengers (Unit: 1 Million people)	FY2025 Plan	FY2024 Results	Change
Commuter Passengers	532	533	▲1
Non-Commute Passengers	327	325	2
（Limited Express）	7	7	0
Total	859	858	1

Tobu Railway Lines Passenger Revenue (Unit: Millions of yen)	FY2025 Plan	FY2024 Results	Change
Commuter Passengers	61,035	60,988	47
Non-Commuter Passengers	85,406	84,843	563
（Limited Express）	7,419	7,279	140
Total	146,441	145,831	610

* Non-commuter passenger revenue includes limited express fee and seat reservation fees.

Ⅲ ．FY2025 Plan

Leisure

Unit: Millions of yen	FY2025 Plan	FY2024 Results	Change	Notes
Operating revenues	178,700	175,563	3,137
Travel	115,000	113,020	1,980
Hotel	35,900	34,899	1,001
SKYTREE	16,900	16,601	299
Other	10,900	11,042	▲142	Amusement parks and tourism Sports	▲170 ＋30
Operating profit	17,500	17,242	258
Travel	2,000	1,941	59
Hotel	7,700	7,473	227
SKYTREE	6,600	6,585	15
Other	1,200	1,240	▲40	Amusement parks and tourism Sports	▲225 ＋162

Operating profit ROA	6.1%	6.5%	▲0.3P
Depreciation	6,700	6,595	104
EBITDA	24,200	23,837	362
Capital Expenditures	16,800	31,839	▲15,039

Number of visitors

（Unit: 10,000 people）

FY2025

Plan

FY2024 Change Results

SKYTREE

468

467 1

Main Hotels Occupancy Rate	FY2025 Plan	FY2024 Results	Change
CY Ginza	86.0%	85.7%	0.3P
AC Ginza	81.6%	79.9%	1.7P
Kinshicho	87.5%	90.6%	▲3.1P
Narita	87.5%	87.5%	0.0P

Ⅲ ．FY2025 Plan

Real Estate

Unit: Millions of yen	FY2025 Plan	FY2024 Results	Change	Notes
Operating revenues	59,000	59,921	▲921
Leasing	36,300	36,339	▲39
SKYTREE TOWN	13,500	13,295	205
Subdivision	9,200	10,286	▲1,086
Operating profit	13,400	14,745	▲1,345
Leasing	9,300	9,736	▲436
SKYTREE TOWN	3,800	3,638	162
Subdivision	300	1,369	▲1,069

Operating profit ROA	3.7%	4.2%	▲0.5P
Depreciation	10,500	10,070	429
EBITDA	23,900	24,816	▲916
Capital Expenditures	9,200	14,185	▲4,985

Number of visitors

（Unit: 10,000 people）

FY2025

Plan

FY2024 Change

Results

SKYTREE TOWN

3,830

3,710 120

Number of Units Sold

Unit:1unit

FY2025

Plan

FY2024

Results

Change

Detached houses

Condominiums

299

461

▲162

Number of Units Sold After Converting Share

Detached houses	36	40	▲4
Condominiums	137	205	▲68

Ⅲ ．FY2025 Plan

Retail Distribution

Unit: Millions of yen	FY2025 Plan	FY2024 Results	Change	Notes
Operating revenues	173,900	172,641	1,259
Department stores	61,900	61,321	579
Supermarket	74,800	74,478	322
Other	37,200	36,841	359
Operating profit	5,400	7,558	▲2,158
Department stores	4,600	5,272	▲672
Supermarket	700	680	20
Other	100	1,605	▲1,505

Operating profit ROA	3.9%	5.7%	▲1.8P
Depreciation	3,600	3,308	291
EBITDA	9,000	10,866	▲1,866
Capital Expenditures	7,700	4,759	2,941

Change in Sales at Major Department Stores	FY2025 Plan vs. Previous Year
Ikebukuro	▲0.4%
Funabashi	4.5%
Utsunomiya	3.0%

Ⅲ ．FY2025 Plan

Other

Unit: Millions of yen

FY2025

Plan

FY2024

Results

Change

Notes

Operating revenues

91,400

87,290

4,110

Operating profit

6,400

6,339

Operating profit ROA	2.2%	2.2%	▲0.0P
Depreciation	1,700	1,623	76
EBITDA	8,100	7,963	136
Capital Expenditures	2,200	1,760	440

Achievement of Long-Term Management Vision and Promotion of Medium-Term Business Plan

IV. Towards Achievement of Long-Term Management Vision

Business environment surrounding the Company

Changing business environment
External factors
- Continued strong inbound demand
- Rising prices, labor costs, and interest rates
- Worsening labor shortage
- Entrenchment of diverse work styles such as working from home
Internal factors
- Solid profitability
- Strong ability to capture tourism demand
- Deepening redevelopment plans in Oshiage area
- Implementation of new mutual through train operations with Tokyo Metro Yurakucho Line
Accelerate implementation of growth strategies and promote investments based on changes in the environment
Revise numerical targets and their timing in the Long-Term Management Vision
based on changes in the internal and external environment
IV. Towards Achievement of Long-Term Management Vision

Revision of a financial target in the Long-Term Management Vision
Achieve operating profit of ¥100.0 billion or more in the mid-2030s by accelerating the growth areas of tourism and area development businesses and implementing new measures such as a two-way through service with Tokyo Metro Yurakucho Line
Operating profit (loss)
Target
¥100.0 billion+
(Up ¥20.0 billion from the target as previously announced)
¥67.2
billion
¥73.8
billion
¥74.6
billion
¥62.6
billion
¥56.6
billion
¥24.7
billion
¥(13.5) billion
Mid-2030s
(previous disclosure
3.5

Basic policies 

Challenging pursuit of adapting to changing business environment

and needs

Co-creation of value through collaboration and

partnership with stakeholders

Long-Term Management Vision

Evolving Society and Areas along our Railway Lines by Taking on

Challenges and Engaging in Cooperative Creation

Management strategies and policies for realizing the Vision

Focused investment in tourism and development (area development)

Increasing the percentage of non-railway businesses in operating profit stage
Strengthening profitability by capturing tourism demand
Establishing sustainable business management structure

FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

FY2033)

IV. Towards Achievement of Long-Term Management Vision

Operating profit by segment

To achieve the financial target set forth in the Long-Term Management Vision, we will promote businesses based on our strategic management policies and expand the Leisure, Real Estate, and New segments

FY2024

FY2024 results

¥100.0 billion+

¥74.6 billion

(Elimination:¥(2.5) billion)

¥31.3 billion

(41%)

¥30.0

billion to

¥32.0

billion

¥13.9 billion

(18%)

¥14.0 billion

¥15.0 billion

¥17.2 billion

(22%)

¥25.0

billion to

¥27.0

billion

¥14.7 billion

(19%)

¥18.0 billion

¥22.0 billion

¥5.0 billion to ¥10.0 billion

Mid-2030s

Portfolio toward the mid-2030s

New Businesses/ M＆A	Growth driver businesses Cultivate new businesses (e.g. making SAKULaLa profitable), and consider M&A in growth areas

Real Estate	Growth driver businesses, foundational businesses Growth: Accelerate development of areas with future growth potential, such as Oshiage and Nishiarai Foundational: Secure stable cash flow through real estate leasing
Leisure	Growth driver businesses Develop hotels in major cities in Japan, expand businesses in the Nikko area, and expand profit by changing Tokyo Skytree prices
Retail Distribution, Other	Co-creation and strategically selected businesses Retail distribution: Pursue efficiency and co-creation capabilities in business formats and locations; Expand profit accumulation by strengthening the card business Other: Expand profit by winning more orders and passing on costs
Transportation	Foundational businesses Promote automation and save manpower using digital technology, invest in comfort and convenience, and revise fares to quickly address labor shortages, thereby ensuring business sustainability