Tobu Railway : FY2024 Financial Results Briefing

About this update from 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 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 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 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 74 42 54 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 74 74 0 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 61 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 to ¥15.0 billion ¥17.2 billion (22%) ¥25.0 billion to ¥27.0 billion ¥14.7 billion (19%) ¥18.0 billion to ¥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

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