Tokyu Corporation · TSE:9005

Tokyu — H1 FY2026 Earnings Presentation

77 slides from Tokyu's earnings presentation, Nov 11, 2026

Slide 1: Presentation for Investors for the Second Quarter of Year Ending March 31, 2027
Presentation for Investors for the Second Quarter of Year Ending March 31, 2027 (Six Months Ended September 30, 2026) Top :Shibuya Scramble Square, Central & West Towers （Courtesy of: Shibuya Station District Joint Building Operators） Bottom :New rolling stock for Oimachi Line 6020 series November 1
Slide 2: Contents
Contents Ⅰ. Executive Summary 3 Ⅱ. Further Enhancing the Value of Tokyu 14 Ⅲ. Topics for FY2026 19 Ⅳ. Key Performance Indicators for Each Business 31 Ⅴ. Details of Financial Results for the First Half of FY2026 38 Ⅵ. Details of Financial Forecasts for FY2026 51 Ⅶ. Initiatives to Enhance the Value of
Slide 4: 1H FY2026 Main Points in the Results
1H FY2026 Main Points in the Results ▎Comparison with the previous fiscal year ⚫ Operating revenue increased, driven by the asset turnover building business in the real estate sales business, but operating profit declined due to higher costs in the real estate leasing business and rising procurement
Slide 5: 1H FY2026 Operating Profit by Segment (vs Previous Year)
1H FY2026 Operating Profit by Segment: Financial Results Key Points (Comparison with the Previous Fiscal Year) (Billion yen) Real Estate Sales +3.1 Real Estate Leasing -3.2 Retail -0.9 Property Management +0.0 ‒ Tokyu Store Chain -0.3 Tokyu Railways, etc. +0.0 ICT and Media -1.8 Tokyu Bus -0.1 ‒ Tok
Slide 6: 1H FY2026 Operating Profit by Segment (vs Forecast)
1H FY2026 Operating Profit by Segment: Financial Results Key Points (Comparison with the Forecast as of May) (Billion yen) Tokyu Railways, etc. +0.4 Tokyu Bus -0.2 Retail -1.2 ‒ Tokyu Store Chain -1.0 ICT and Media -0.7 Hotels +0.2 ‒ Tokyu Power Supply -1.3 Real Estate Sales +0.0 Real Estate Leasing
Slide 7: Consolidated Financial Results for 1H FY2026
Consolidated Financial Results for 1H FY2026 ⚫ Compared to the previous fiscal year, operating revenue increased driven by the sale of large properties in real estate sales, while operating profit declined due to higher expenses in real estate leasing and increased electricity procurement costs in t
Slide 8: Each Business Performance for 1H FY2026
Each Business Performance for 1H FY2026 Transportation Real Estate Operating profit increased year-on-year due to higher passenger volumes Operating revenue increased, driven by large-scale property sales in in railway and bus services. the sales business, but operating profit remained flat year-on-
Slide 9: Assumptions for FY2026 Forecasts
Assumptions for FY2026 Forecasts ⚫ While the global economic outlook remains uncertain amid Middle East tensions and financial market conditions, we expect Outlook for the business conditions to continue, including improvements in foot traffic, rising rents, and higher selling prices. the Business E
Slide 10: FY2026 Main Points in the Results (1)
FY2026 Main Points in the Results (1) ▎Comparison with Forecast as of May ⚫ Both operating revenue and operating profit have been revised downward, factoring in trends across our businesses, including higher costs in the real estate leasing business and rising procurement costs in the retail electri
Slide 11: FY2026 Main Points in the Results (2)
FY2026 Main Points in the Results (2) 【Medium-Term Management Plan Management Indices】 FY2026 Comparison with YoY Comparison Forecast of Nov. Forecast as of May EPS （Earnings Per Share） (Yen) 160.56 +8.31 +2.41 ROE （Return on Equity） (%) 9.5 -0.5 -0.1 ROA （Business Profit ROA*） (%) 3.4 -0.3 -0.4 TOK
Slide 12: FY2026 Operating Profit by Segment Forecast (vs Previous Year)
FY2026 Operating Profit by Segment Forecast Points (Comparison with the Previous Fiscal Year) (Billion yen) Real Estate Sales ＋2.2 Real Estate Leasing -4.1 Retail -1.2 Real Estate Management -0.0 ‒ Tokyu Department Store -0.5 Hotels +1.4 ‒ Tokyu Store Chain -0.3 Tokyu Railways, etc. ＋2.2 ICT and Med
Slide 13: FY2026 Operating Profit by Segment Forecast (vs May Forecast)
FY2026 Operating Profit by Segment Forecast Points (Comparison with Forecasts as of May) (Billion yen) Tokyu Railways, etc. ＋0.1 Tokyu Bus -0.7 Hotels +0.2 Real Estate Sales +2.1 Retail -2.4 Real Estate Leasing -6.4 ‒ Tokyu Store Chain -1.4 Property Management -0.1 1150 ICT and Media -2.9 110.0 +0.6
Slide 15: Tokyu Corporation's Share Price (PER and PBR Trends)
Tokyu Corporation's Share Price (PER and PBR Trends) ⚫ Management recognizes the current share price is significantly undervalued relative to the Company's recent financial performance and asset value. ⚫ While EPS has increased, share valuation metrics have declined. To address the lack of growth ex
Slide 16: Tokyu Corporation's Share Price (NAV)
Tokyu Corporation's Share Price (NAV) ⚫ With NAV per share of approximately ¥2,749 and P/NAV of approximately 0.6x, Tokyu Corporation's shares are significantly undervalued from an asset value perspective. ⚫ While unrealized gains on rental properties continue to grow year on year, management recogn
Slide 17: Strategy to Eliminate the NAV Discount
Strategy to Eliminate the NAV Discount ⚫ We will aim to eliminate the NAV discount by optimizing its balance sheet through the expansion of rental profit driven by growth in income gains and optimization of the asset portfolio including asset sales, thereby improving capital efficiency and ROA. Feat
Slide 18: Rollout of the Super Dominance Strategy
Profit Composition by Area and Further Growth Strategies ⚫ The composition of operating profit includes roughly 80% from the Tokyu line areas (20% from Shibuya, 60% from other areas) and 20% from areas outside Tokyu's rail network and other properties. ⚫ Tokyu Corporation's strategy is to identify g
Slide 20: Progress on Key Initiatives Under the Medium-Term Management Plan
Progress on Key Initiatives Under the Medium-Term Management Plan Business Portfolio Management Promoting Property Sales • Clarify areas for expansion and areas for withdrawal to improve • The Medium-term Management Plan calls for a total of ¥70 billion in property consolidated capital efficiency an
Slide 21: Railway Business Initiatives
Railway Business Initiatives ⚫ Profits are expected to increase year on year, driven by steady growth in passengers and passenger revenue reflecting population growth along the Tokyu lines and strong demand on the Tokyu Shin-Yokohama Line. ⚫ We will maintain disciplined cost control to minimize the
Slide 22: Growth Strategies for Real Estate Leasing
Growth Strategies for Real Estate Leasing ⚫ We will aim for sustainable growth in real estate leasing revenue through strategic measures such as rent revisions. Office Rent Retail and Hotel Rents • Rent revisions during lease contract renewals in the second half • Both fixed and variable rents remai
Slide 23: Growth Strategy in Real Estate Sales Business
Growth Strategy in Real Estate Sales Business ⚫ The balance of land and buildings for sale is increasing, reflecting the goal of attracting people to increase the population by promoting the Real Estate Sales Business mainly in the areas served by Tokyu's railway lines and efforts to capture busines
Slide 24: Real Estate Sales Operations in Japan and Overseas
Real Estate Sales Operations in Japan and Overseas ⚫ We will promote real estate sales to support urban and community development, foster area growth, and attract new populations, while aiming to generate of revenue through strategic asset sales. ▎Domestic Unit Deliveries and Major Property Deliveri
Slide 25: Overseas Business Growth Strategies
Overseas Business Growth Strategies ⚫ We will aim for sustainable growth through facility management operations, in addition to deploying urban development expertise cultivated in our domestic operations and capital recycling investments. ⚫ As of the 2Q FY2026, total assets in our Overseas Business
Slide 26: Redevelopment Efforts Around Shibuya Station
Redevelopment Efforts Around Shibuya Station ⚫ Multi-layered initiatives, including public-private partnerships, have been implemented for the future of Shibuya, our core area. ⚫ Aim for significant revenue growth across multiple businesses through increased floor area resulting from new project ope
Slide 27: Retail Strategy in the Shibuya Area
Retail Strategy in the Shibuya Area ⚫ Tokyu Corporation will pursue the integrated management of commercial facilities in the Shibuya area and develop attractive sales spaces catering to the diverse needs of a wide range of customer demographics to enhance area value. ⚫ Through the provision of appe
Slide 28: Urban Development in the Shibuya Area Powered by Entertainment
Urban Development in the Shibuya Area Powered by Entertainment ⚫ Combining hard initiatives such as physical development with soft measures — including entertainment, strategic communications, and community enhancement — we aim to realize "Shibuya — A globally admired community": an enjoyable, prosp
Slide 29: Initiatives in the Life Service and Hotel & Resort Businesses
Initiatives in the Life Service and Hotel & Resort Businesses Life Service Hotel and Resort ■Tokyu Store Chain: Performance and Initiatives ■ Capturing inbound demand ▎Sales Performance (vs. 1H FY2025) • Our hotels' prime locations support sustained demand. • Unit price gains could not offset a decl
Slide 30: Group-wide and ESG Initiatives
Group-wide and ESG Initiatives Obtaining External ESG Ratings / Inclusion in ESG Indices Initiatives for GREEN×EXPO 2027 Selected for inclusion in leading ESG investment indices Overview of the International Horticultural Expo 2027 (GREEN×EXPO 2027) such as FTSE and MSCI for three consecutive years
Slide 32: Railway Operations Business (1)
Railway Operations Business (1) Conditions in 2Q With the increase in passenger volume on each line, the number of passengers carried remained (July - September) above the previous year's level. Conditions in Oct. The number of passengers passing through the ticket gates is about +4% YoY. Tokyu Rail
Slide 33: Railway Operations Business (2)
Railway Operations Business (2) Tokyu Railways: Number of Passengers Carried（Results） (1,000 people) Commuter Non-Commuter Total 99,284 99,046 96,353 94,203 96,584 96,353 93,826 96,211 100,000 94,728 91,790 93,408 93,146 91,232 90,713 91,618 93,369 95,934 95,521 94,108 92,136 88,301 90,359 81,444 83
Slide 34: Real Estate Business
Real Estate Business The vacancy rate remained low, reflecting the Company's advantage of owning many properties Real Estate Leasing connected directly to hub stations. Real Estate Sales 1H FY2026 unit deliveries were in line with the prior year and on track with the forecast. Office Building Market
Slide 35: Retail Business
Retail Business Total sales including rent remained above the previous year's level, supported partly by the effects of Tokyu Department Store store renewals. Tokyu Store Chain All-store sales exceeded the previous year driven by the contribution of new and renovated stores. Tokyu Department Store:
Slide 36: Hotel Business
Hotel Business Conditions in 2Q ADR exceeded the previous year due to inbound demand, etc. (July - September) Conditions in Oct. Both occupancy rate and ADR remained steady (occupancy rate: approx. 83%, ADR: approx. 31,200 yen) Hotel Business: Average daily rate (ADR) / RevPAR / Occupancy Rates (Res
Slide 37: Inbound Business Updates
Inbound Business Updates ⚫ Steadily capturing inbound demand at retail and hotels in the central Tokyo area including Shibuya. International Guests Ratio in Hotel Business International Guest Ratio (All Tokyu Hotels) International Guest Ratio (Tokyu Hotels in Shibuya) Inbound Visitors (%) (Thousands
Slide 39: Summary of Consolidated Financial Statements
FY2026 1H Results Summary of Consolidated Financial Statements FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) 1H Results 1H Results as of May. + 21.1 Transportation: +4.8, Real Estate: +12.4, - 19.7 Operating Revenue 518.9 540.1 Life Service: +10.4, Hotel and Resort: +1.8 559.9 （+ 4
Slide 40: Consolidated Operating Revenue and Profit
FY2026 1H Results Consolidated Operating Revenue and Profit FY2025 FY2026 Forecast Change Remarks Change 1H Results 1H Results as of May. (Unit:Billion yen) + 21.1 - 19.7 Total Operating Revenue 518.9 540.1 （+ 4.1%） 559.9 （- 3.5%） - 4.5 - 5.9 Total Operating Profit 58.8 54.2 （- 7.8%） 60.2 （- 9.9%） +
Slide 41: Non-Operating and Extraordinary Gain/Loss
FY2026 1H Results Non-Operating and Extraordinary Gain/Loss FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) 1H Results 1H Results as of May. - 4.5 - 5.9 Operating Profit 58.8 54.2 60.2 （- 7.8%）（- 9.9%） Non-operating Revenue 19.9 11.4 - 8.5 10.4 + 0.9 （- 42.8%）（+ 9.2%） Interest and
Slide 42: TOKYU EBITDA by Segment
FY2026 1H Results TOKYU EBITDA by Segment FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) 1H Results 1H Results as of May. Transportation 39.4 40.4 + 0.9 41.2 - 0.7 （+ 2.5%）（- 1.8%） Tokyu Railways 35.8 36.5 + 0.6 36.1 + 0.3 Tokyu Bus 2.0 2.0 + 0.0 2.3 - 0.3 Others 1.5 1.8 + 0.3 2.6
Slide 43: Segment Information (1) Transportation
FY2026 1H Results Segment Information (1) Transportation FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) 1H Results 1H Results as of May. + 4.8 Passengers Carried: +2.5% (Non-commuter: +2.3%; Commuter: +2.5%) + 0.4 Operating Revenue 111.0 115.9 115.4 （+ 4.4%） ┌ Passenger Revenue: +2.
Slide 44: Segment Information (2) Real Estate
FY2026 1H Results Segment Information (2) Real Estate FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) 1H Results 1H Results as of May. + 12.4 - 13.9 Operating Revenue 115.4 127.8 141.8 （+ 10.8%）（- 9.8%） + 8.5 - 10.3 Real Estate Sales 21.2 29.8 40.1 （+ 40.0%）（- 25.8%） + 11.1 - 10.4
Slide 45: Segment Information (3) Life Service (Retail)
FY2026 1H Results Segment Information (3) Life Service (Retail) FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) 1H Results 1H Results as of May. + 3.0 - 4.8 Operating Revenue 166.4 169.5 174.4 （+ 1.8%）（- 2.8%） - 0.1 Rate of Change in Sales: All Stores: +0.9% - 0.7 Tokyu Department S
Slide 46: Segment Information (4) Life Service (ICT and Media)
FY2026 1H Results Segment Information (4) Life Service (ICT and Media) FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) 1H Results 1H Results as of May. + 7.4 + 6.1 Operating Revenue 94.0 101.4 95.3 （+ 7.9%）（+ 6.4%） + 0.4 - 0.2 Tokyu Recreation 15.1 15.6 15.8 （+ 2.9%）（- 1.6%） + 0.2
Slide 47: Segment Information (5) Hotel and Resort
FY2026 1H Results Segment Information (5) Hotel and Resort FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) 1H Results 1H Results as of May. + 1.8 + 0.8 Operating Revenue 67.1 69.0 68.2 （+ 2.8%）（+ 1.2%） + 1.6 + 0.3 Hotels 59.3 60.9 60.5 （+ 2.7%）（+ 0.6%） + 0.2 + 0.4 Others 7.8 8.1 7.
Slide 48: Balance Sheets
FY2026 1H Results Balance Sheets FY2025 FY2026 Change Remarks (Unit:Billion yen) Results 1H Results + 39.8 Total Assets 2,922.8 2,962.7 （+ 1.4%） + 31.1 Current Assets 566.6 597.8 （+ 5.5%） + 8.7 Fixed Assets 2,356.1 2,364.8 （+ 0.4%） + 1.7 Total Liabilities 1,963.3 1,965.1 （+ 0.1%） - 58.8 Current Liab
Slide 49: Statements of Cash Flow
FY2026 1H Results Statements of Cash Flow FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) 1H Results 1H Results as of May. CF from Operating Activities 48.6 5.1 - 43.5 64.9 - 59.8 CF from Investing Activities - 66.0 - 66.6 - 0.6 - 63.2 - 3.3 Capital Expenditure - 53.0 - 72.8 - 19.8 -
Slide 50: Capital Expenditure / Depreciation
FY2026 1H Results Capital Expenditure / Depreciation FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) 1H Results 1H Results as of May. + 4.5 - 6.9 Total Capital Expenditure 43.1 47.7 54.7 （+ 10.6%）（- 12.7%） + 3.6 + 3.5 Transportation 11.3 14.9 Tokyu Railways: +4.7 11.3 （+ 32.0%）（+ 3
Slide 52: Summary of Consolidated Financial Statements
FY2026 Forecasts Summary of Consolidated Financial Statements FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) Forecast Forecast as of May. + 48.8 Transportation: +11.0, Real Estate: +20.7, - 5.0 Operating Revenue 1,086.1 1,135.0 1,140.0 （+ 4.5%） Life Service: +26.6, Hotel and Resort:
Slide 53: Consolidated Operating Revenue and Profit
FY2026 Forecasts Consolidated Operating Revenue and Profit FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) Results Forecast as of May. Total Operating Revenue 1,086.1 1,135.0 + 48.8 1,140.0 - 5.0 （+ 4.5%）（- 0.4%） Total Operating Profit 103.1 100.0 - 3.1 110.0 - 10.0 （- 3.1%）（- 9.1%
Slide 54: Non-Operating and Extraordinary Gain/Loss
FY2026 Forecasts Non-Operating and Extraordinary Gain/Loss FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) Results Forecast as of May. - 3.1 - 10.0 Operating Profit 103.1 100.0 110.0 （- 3.1%）（- 9.1%） - 2.3 + 3.2 Non-operating Revenue 31.8 29.4 26.2 （- 7.4%）（+ 12.4%） Interest and Di
Slide 55: TOKYU EBITDA by Segment
FY2026 Forecasts TOKYU EBITDA by Segment FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) Results Forecast as of May. Transportation 74.5 78.5 + 4.0 79.4 - 0.8 （+ 5.5%）（- 1.0%） Tokyu Railways 65.5 69.0 + 3.5 67.9 + 1.1 Tokyu Bus 3.5 3.2 - 0.3 4.1 - 0.8 Others 5.3 6.2 + 0.8 7.3 - 1.0
Slide 56: Segment Information (1) Transportation
FY2026 Forecasts Segment Information (1) Transportation FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) Results Forecast as of May. + 11.0 Passengers Carried: +2.5% (Non-commuter: +2.3%; Commuter: +2.7%) + 3.6 Operating Revenue 226.9 238.0 234.4 （+ 4.9%） ┌ Passenger Revenue: +2.9% (N
Slide 57: Segment Information (2) Real Estate
FY2026 Forecasts Segment Information (2) Real Estate FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) Results Forecast as of May. + 20.7 - 6.0 Operating Revenue 262.9 283.7 289.7 （+ 7.9%）（- 2.1%） + 15.6 - 4.3 Real Estate Sales 66.0 81.6 86.0 （+ 23.7%）（- 5.1%） + 9.2 - 7.9 Real Estate
Slide 58: Segment Information (3) Life Service (Retail)
FY2026 Forecasts Segment Information (3) Life Service (Retail) FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) Results Forecast as of May. + 11.9 - 7.4 Operating Revenue 336.7 348.7 356.2 （+ 3.6%）（- 2.1%） + 0.6 Rate of Change in Sales: All Stores: +0.4% - 1.0 Tokyu Department Store
Slide 59: Segment Information (4) Life Service (ICT and Media)
FY2026 Forecasts Segment Information (4) Life Service (ICT and Media) FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) Results Forecast as of May. + 14.6 + 15.2 Operating Revenue 196.5 211.1 195.9 （+ 7.5%）（+ 7.8%） - 2.8 - 0.6 Tokyu Recreation 34.3 31.5 32.1 （- 8.4%）（- 2.0%） + 0.5 +
Slide 60: Segment Information (5) Hotel and Resort
FY2026 Forecasts Segment Information (5) Hotel and Resort FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) Results Forecast as of May. + 3.6 + 1.1 Operating Revenue 139.3 143.0 141.9 （+ 2.6%）（+ 0.8%） + 2.8 + 1.0 Hotels 123.3 126.2 125.1 （+ 2.3%）（+ 0.8%） + 0.8 + 0.1 Others 16.0 16.8
Slide 61: Statements of Cash Flow
FY2026 Forecasts Statements of Cash Flow FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) Results Forecast as of May. CF from Operating Activities 127.7 92.0 - 35.7 150.0 - 58.0 CF from Investing Activities - 174.9 - 148.1 + 26.8 - 164.8 + 16.6 Capital Expenditure - 159.3 - 178.7 - 19
Slide 62: Capital Expenditure / Depreciation
FY2026 Forecasts Capital Expenditure / Depreciation FY2025 FY2026 Forecast Change Remarks Change (Unit:Billion yen) Results Forecast as of May. Total Capital Expenditure 179.9 180.5 + 0.5 169.3 + 11.1 （+ 0.3%）（+ 6.6%） + 12.1 + 9.9 Transportation 68.8 80.9 70.9 （+ 17.6%）（+ 14.0%） Real Estate 65.9 3
Slide 64: The business model we aim for
The business model we are aim for ⚫ Long-term cyclical business achieving sustainable growth through synergies among businesses and reinvestments centered around the Transportation and Real Estate businesses Growth of areas Revitalization of the Tokyu line areas Pursuit of safety and security Increa
Slide 65: Positioning and characteristics of our business
Positioning and characteristics of our business ⚫ We are a regional conglomerate that operates a wide variety of businesses in areas centered along the Tokyu Line. ⚫ Contributing to the enhancement of the value of the Tokyu line areas by combining core businesses and added- value creation businesses
Slide 66: Our vision for the future level of consolidated ROA
Our vision for the future level of consolidated ROA ⚫ Achieve internal growth and maximize earnings through value-added investments and business-to-business collaboration ⚫ Continuously increase area value through continued investment in growth and capture business opportunities, thereby increasing
Slide 67: Our own TOD (Transit-Oriented Development) model
Our own TOD(Transit-Oriented Development) model ⚫ Realization of "urban and community development" that balances public and business aspects by engaging in TOD (public transportation oriented development), which involves both public transportation improvement and land development, while leveraging o
Slide 68: Enhancing the area value through regional conglomerate
Enhancing the area value through regional conglomerate ⚫ Opening new properties (e.g. Shibuya Scramble Square) increases the number of people involved in the area. ⚫ Spreading this population to other businesses and facilities, including railway and bus transportation, increase the value of the whol
Slide 69: Regional conglomerate business model
Regional conglomerate business model ⚫ Real estate development is used as a hook to attract a larger population to the area. Spreading this population to other businesses secures additional returns. ⚫ By continuously making additional investments in the area (cyclical reinvestment), we improve the v
Slide 70: Regional conglomerate 【Shibuya Area】
Regional conglomerate 【Shibuya Area】 ⚫ We are a regional conglomerate that generates revenue by building a revenue base within limited areas and improving the value of the areas. ⚫ Achieve further area growth by concentrating investment in the areas such as Shibuya and other Tokyu line areas, and by
Slide 71: Population growth in the Shibuya area and initiatives to draw people
Population growth in the Shibuya area and initiatives to draw people to the Tokyu line areas There is a growth trend in commuters and visitors Initiatives to draw people to Tokyu line areas of the Shibuya area ⚫ Commuters and visitors in the Shibuya area is increasing due to ⚫ Initiatives to draw pe
Slide 72: Maximize returns through collaboration among businesses
Maximize returns through collaboration among businesses ⚫ Implement an appropriate combination of both Tokyu Group direct operation model, which is expected to generate upside from business revenues, and the leasing model for external tenants, which is expected to generate stable revenues. ⚫ Aim to
Slide 73: Synergy between real estate leasing and Tokyu Group direct operation
Synergy between real estate leasing business and Tokyu Group direct operation business ⚫ Tokyu Group direct operation business contributes further earnings to the Group by returning rent income to the real estate leasing business. ▎FY2025 ▎FY2025 Contribution to rent income in Real Estate Major Subs
Slide 74: Investments and returns by business segment and area segment
Investments and returns by business segment and area segment ⚫ Tokyu is engaged in multiple businesses both in and outside of the Tokyu line areas, and creates value in each area through collaboration between businesses ⚫ Awareness of not only asset size, income and expenditure, and efficiency of ea
Slide 75: Tokyu Corporation's Policies to Increase Corporate Value
Tokyu Corporation's Policies to Increase Corporate Value ⚫ We will enhance corporate value by improving ROE and optimizing cost of equity capital. ・Higher ROE comes along with improved ROA. We will not depend too much on financial leverage. ・We will optimize the cost of shareholders' equity by enhan
Slide 76: Impact of inflation and rising interest rates and our response
Impact of inflation and rising interest rates and our response ⚫ The Company recognizes the preceding burden of higher costs due to inflation and rising interest rates are weighing on the railway and real estate sectors. ⚫ We are expecting an increase in earnings as a result of diversifying our busi
Slide 77: Related documents and forward-looking statements
The related documents are also available at the following URL. https://ir.tokyu.co.jp/en/ir.html Forward-looking statements All statements contained in this document other than historical facts are forward-looking statements that reflect the judgments of the management of Tokyu Corporation based on

Tokyu — H1 FY2026 Earnings Presentation on 6ix

Tokyu — H1 FY2026 Earnings Presentation

Slide 1: Presentation for Investors for the Second Quarter of Year Ending March 31, 2027

Slide 2: Contents

Slide 3: Ⅰ. Executive Summary

Slide 4: 1H FY2026 Main Points in the Results

Slide 5: 1H FY2026 Operating Profit by Segment (vs Previous Year)

Slide 6: 1H FY2026 Operating Profit by Segment (vs Forecast)

Slide 7: Consolidated Financial Results for 1H FY2026

Slide 8: Each Business Performance for 1H FY2026

Slide 9: Assumptions for FY2026 Forecasts

Slide 10: FY2026 Main Points in the Results (1)

Slide 11: FY2026 Main Points in the Results (2)

Slide 12: FY2026 Operating Profit by Segment Forecast (vs Previous Year)

Slide 13: FY2026 Operating Profit by Segment Forecast (vs May Forecast)

Slide 14: Ⅱ. Further Enhancing the Value of Tokyu

Slide 15: Tokyu Corporation's Share Price (PER and PBR Trends)

Slide 16: Tokyu Corporation's Share Price (NAV)

Slide 17: Strategy to Eliminate the NAV Discount

Slide 18: Rollout of the Super Dominance Strategy

Slide 19: Ⅲ. FY2026 Topics

Slide 20: Progress on Key Initiatives Under the Medium-Term Management Plan

Slide 21: Railway Business Initiatives

Slide 22: Growth Strategies for Real Estate Leasing

Slide 23: Growth Strategy in Real Estate Sales Business

Slide 24: Real Estate Sales Operations in Japan and Overseas

Slide 25: Overseas Business Growth Strategies

Slide 26: Redevelopment Efforts Around Shibuya Station

Slide 27: Retail Strategy in the Shibuya Area

Slide 28: Urban Development in the Shibuya Area Powered by Entertainment

Slide 29: Initiatives in the Life Service and Hotel & Resort Businesses

Slide 30: Group-wide and ESG Initiatives

Slide 31: Ⅳ. Key Performance Indicators for Each Business

Slide 32: Railway Operations Business (1)

Slide 33: Railway Operations Business (2)

Slide 34: Real Estate Business

Slide 35: Retail Business

Slide 36: Hotel Business

Slide 37: Inbound Business Updates

Slide 38: Ⅴ. Details of Financial Results for the First Half of FY2026

Slide 39: Summary of Consolidated Financial Statements

Slide 40: Consolidated Operating Revenue and Profit

Slide 41: Non-Operating and Extraordinary Gain/Loss

Slide 42: TOKYU EBITDA by Segment

Slide 43: Segment Information (1) Transportation

Slide 44: Segment Information (2) Real Estate

Slide 45: Segment Information (3) Life Service (Retail)

Slide 46: Segment Information (4) Life Service (ICT and Media)

Slide 47: Segment Information (5) Hotel and Resort

Slide 48: Balance Sheets

Slide 49: Statements of Cash Flow

Slide 50: Capital Expenditure / Depreciation

Slide 51: Ⅵ. Details of Financial Forecasts for FY2026

Slide 52: Summary of Consolidated Financial Statements

Slide 53: Consolidated Operating Revenue and Profit

Slide 54: Non-Operating and Extraordinary Gain/Loss

Slide 55: TOKYU EBITDA by Segment

Slide 56: Segment Information (1) Transportation

Slide 57: Segment Information (2) Real Estate

Slide 58: Segment Information (3) Life Service (Retail)

Slide 59: Segment Information (4) Life Service (ICT and Media)

Slide 60: Segment Information (5) Hotel and Resort

Slide 61: Statements of Cash Flow

Slide 62: Capital Expenditure / Depreciation

Slide 63: Ⅶ. Initiatives to Enhance the Value of Tokyu

Slide 64: The business model we aim for

Slide 65: Positioning and characteristics of our business

Slide 66: Our vision for the future level of consolidated ROA

Slide 67: Our own TOD (Transit-Oriented Development) model

Slide 68: Enhancing the area value through regional conglomerate

Slide 69: Regional conglomerate business model

Slide 70: Regional conglomerate 【Shibuya Area】

Slide 71: Population growth in the Shibuya area and initiatives to draw people

Slide 72: Maximize returns through collaboration among businesses

Slide 73: Synergy between real estate leasing and Tokyu Group direct operation

Slide 74: Investments and returns by business segment and area segment

Slide 75: Tokyu Corporation's Policies to Increase Corporate Value

Slide 76: Impact of inflation and rising interest rates and our response

Slide 77: Related documents and forward-looking statements