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Summary of Results for the First Quarter of Year Ending March 31 , 2027 TOKYU U CORPORATION TOKYU CORPORATION August 7 , 2026 | 9005 | https://www.tokyu.co.jp/
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2© 2026 TOKYU CORPORATION All Rights Reserved. Contents 3Executive SummaryⅠ. 13Key Performance Indicators for Each BusinessⅡ. 20Details of Financial Results for 1Q FY2026Ⅲ. 32Details of Financial Forecasts for FY2026Ⅳ.
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3© 2026 TOKYU CORPORATION All Rights Reserved. Ⅰ. Executive Summary
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4© 2026 TOKYU CORPORATION All Rights Reserved. 1Q FY2026 Main Points in the Results Operating revenue increased driven by asset-turnover properties, etc. in real estate sales. Operating profit fell due mainly to higher expenses in real estate leasing and increased procurement costs in retail electricity. Profit attributable to owners of parent increased as a decrease in income taxes offset higher interest expenses. * Business Profit = Operating Profit + Investment gains (losses) from equity method (excl. listed companies) + Dividend Income related to Real Estate Business, etc. * TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets + Interest and dividend income + Investment gains (losses) from equity method YoY ComparisonFY2026 1Q ForecastsYoY ComparisonFY2026 1Q Results FY2025 1Q Results(Billion yen) （- 2.2%）-6 . 1279.5（- 4.6%）+12.1273.4261.3Operating Revenue （-9 . 5 %）-3 . 234.6（- 2.8%）-0 . 931.332.3Operating Profit （+10.7%）+0.87.7（+77.8%）+3.78.54.8Real Estate Sales Operating Profit （- 15.3%）-4 . 126.9（- 17.0%）-4 . 622.827.4Operating Profit excl. Real Estate Sales （-8 . 3 %）-2 . 834.5（- 3.4%）-1 . 131.332.4Business Profit* （+0.4%）+0.133.2（- 6.2%）-2 . 233.335.5Ordinary Profit （-6 . 6 %）-2 . 538.8（+43.4%）+10.936.225.2Profit attributable to owners of parent -4 . 2 968.14+19.8363.8544.02EPS （Earnings Per Share） (Yen) （+0.2%）+0.161.6（+3.4%）+2.061.759.7TOKYU EBITDA* （-5 . 9 %）-3 . 357.4（+1.4%）+0.754.053.3EBITDA ▎Comparison with the previous fiscal year ▎Comparison with the forecasts as of May Operating profit underperformed the forecast due to a rise in procurement costs in the electric power retailing operation and higher expenses in real estate leasing.
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5© 2026 TOKYU CORPORATION All Rights Reserved. 1Q FY2026 Operating Profit by Segment: Financial Results Key Points (Comparison with the Previous Fiscal Year) （2025年度1Q） 営業利益 不動産 交通 ホテル・リゾート ⽣活サービス 全社・消去 （2026年度1Q） 営業利益 Hotels -0.7 Tokyu Railways, etc. +0.1 Tokyu Bus -0.1 Retail -0.6 ‒ Tokyu Store Chain -0.0 ‒ Tokyu Department Store -0.1 ICT and Media -1.1 ‒ Tokyu Power Supply -0.9 ‒ its communications -0.2 31.332.3 −0.5 −1.7 +1.7 +0.1 −0.5 Real Estate Sales +3.7 Real Estate Leasing -1.8 Property Management +0.0 (FY2025 1Q) Operating Profit (FY2026 1Q) Operating ProfitReal Estate Transportation Hotel and Resort Life Service Elimination, etc. (Billion yen)
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6© 2026 TOKYU CORPORATION All Rights Reserved. 1Q FY2026 Operating Profit by Segment: Financial Results Key Points (Comparison with the Forecast as of May) (Billion yen) （2026年度1Q） 営業利益 5⽉予想 ホテル・リゾート 交通 ⽣活サービス 不動産 全社・消去 （2026年度1Q） 営業利益 実績 Retail -0.7 ‒ Tokyu Store Chain -0.6 ‒ Tokyu Department Store +0.0 ICT and Media -0.5 ‒ Tokyu Power Supply -0.8 ‒ its communications -0.2 34.6 -0.6 +0.7 -1.6 -1.2 -0.4 Real Estate Sales +0.8 Real Estate Leasing -2.3 Real Estate Management +0.1 31.3 Hotels +0.4 Tokyu Railways, etc. -0.1 Tokyu Bus -0.1 (FY2026 1Q) Operating Profit Forecast as of May (FY2026 1Q) Operating Profit Actual Hotel and Resort Transportation Life Service Real Estate Elimination, etc.
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7© 2026 TOKYU CORPORATION All Rights Reserved. Consolidated Financial Results for 1Q FY2026 Consolidated Operating Revenue and Operating Profit Trends 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 the Life Service Business. (Billion yen) 199.1 209.1 239.2 273.0 261.3 273.4 1.1 8.7 24.5 39.5 32.3 31.3 0 10 20 30 40 50 60 70 80 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 FY2021 1Q FY2022 1Q FY2023 1Q FY2024 1Q FY2025 1Q FY2026 1Q Operating Revenue Operating Profit
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8© 2026 TOKYU CORPORATION All Rights Reserved. Each Business Performance for 1Q FY2026 Operating profit increased YoY driven by an increase in passengers carried in the railway and bus businesses. (Passengers carried: +2.5% YoY / Passenger revenue: +2.3% YoY) Transportation Profit increased YoY driven by the sale of large properties in the real estate sales business. Real Estate Profit declined due largely to a decrease in the number of items purchased at Tokyu Store amidst rising prices, and increased electricity procurement costs at Tokyu Power Supply. Life Service Performance remained steady driven by strong inbound demand in the hotel management. (Occupancy rate: 78.7% / -1.5 pt YoY) Hotel and Resort (Billion yen) (Billion yen) (Billion yen) (Billion yen) 39.5 44.1 51.0 53.6 54.9 57.1 0.2 3.0 9.5 11.7 9.8 9.9 0 5 10 15 20 25 0.0 30.0 60.0 FY2021 1Q FY2022 1Q FY2023 1Q FY2024 1Q FY2025 1Q FY2026 1Q Operating Revenue Operating Profit 46.1 44.5 55.9 80.7 62.8 72.6 5.9 6.1 11.7 20.9 13.3 15.1 0 10 20 30 40 0.0 20.0 40.0 60.0 80.0 FY2021 1Q FY2022 1Q FY2023 1Q FY2024 1Q FY2025 1Q FY2026 1Q Operating Revenue Operating Profit 117.6 120.3 122.9 125.5 127.0 130.0 0.1 1.3 2.3 4.6 5.1 3.4 0 2 4 6 8 10 0.0 50.0 100.0 150.0 FY2021 1Q FY2022 1Q FY2023 1Q FY2024 1Q FY2025 1Q FY2026 1Q Operating Revenue Operating Profit 8.7 14.4 24.5 30.0 34.0 34.9 -1.7 0.8 2.1 3.8 3.3 -5 0 5 10 15 20 -10.0 0.0 10.0 20.0 30.0 40.0 FY2021 1Q FY2022 1Q FY2023 1Q FY2024 1Q FY2025 1Q FY2026 1Q Operating Revenue Operating Profit -5.3
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9© 2026 TOKYU CORPORATION All Rights Reserved. Forecast of the Business Environment Assumptions for FY2026 Forecasts Although the outlook for the global economy remains uncertain, a favorable business environment is expected, supported by recovering passenger demand and rising rents and retail prices. While taking into account inflation, rising construction costs, and interest rate trends, we will actively pursue internal growth and enhance profitability through management efforts. Forecast for Each Business Transportation Number of passengers carried: 1,143,831 thousand people / YoY +2.4% (vs. FY2019: -3.7％) Passenger Revenue: 156.8 billion yen / YoY +2.6% (vs. FY2019: +11.4％) Tokyu Railways Real Estate Real Estate Sales An increase in units delivered in the condominium sales business is expected. Hotel and Resort Full-year occupancy rate: 80.6% / YoY +1.0 pt Average daily rate (ADR): 27,887 yen / YoY +1,206 yen Hotel Business Both occupancy rate and average daily rate (ADR) are expected to increase from the previous year due to gradual increase in domestic travel and inbound demand, etc. Life Service Tokyu Department Store YoY Changes in Store Sales: All Stores +6.7%, Existing Stores (* Supermarket business only) +3.9% Tokyu Store Chain Real Estate Leasing Vacancy rates are expected to remain low.（Reference March 2026 actual: Vacancy rate 0.95%） Number of units sold: 345 units / YoY +103 units Other Topics The effects of the escalating situation in the Middle East are not factored in. Labor costs are expected to increase approximately +7.0 billion yen YoY. YoY Changes in Store Sales: All Stores +1.7% / YoY Changes in Sales (Incl. rent): Existing Stores +1.7% * Forecasts are restated from the “Presentation for Investors for the Year Ended March 31, 2026" (released May 12, 2026). No Change
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10© 2026 TOKYU CORPORATION All Rights Reserved. ▎Comparison with the previous fiscal year Comparison with previously announced plan FY2026 Management Plan (announced in May 2025) YoY Comparison FY2026 Forecast FY2025 Results(Unit : Billion yen) +35.0 （+3.2%） 1,105.0+53.8 （+5.0%） 1,140.01,086.1Operating Revenue +5.0 （+4.8%） 105.0+6.8 （+6.6%） 110.0103.1Operating Profit +4.9 （+50.2%）9.5+0.1 （+1.0%）14.414.2Real Estate Sales Operating Profit +0.0 （+0.2%）95.5+6.6 （+7.5%）95.588.9Operating Profit excluding Real Estate Sales +4.5 （+4.2%） 107.0+6.8 （+6.5%） 111.5104.7Business Profit +2.4 （+2.3%） 109.0-4.7 （-4.1%） 111.4116.1Ordinary Profit +9.0 （+11.1%） 81.0+2.9 （+3.4%） 90.087.0Profit attributable to owners of parent Operating revenue and operating profit are expected to increase due to a rise in the number of passengers of the Transportation business, as well as an increase in condominium sales in the Real Estate business. Profit attributable to owners of parent is expected to increase due to higher operating profit, etc. ▎Comparison with the Three-year Medium-term Management Plan The forecast for FY2026 has been revised upward from the plan updated in May 2025. * Business Profit = Operating Profit + Investment gains (loss) from equity method (excl. listed companies) + Dividend Income related to Real Estate Business, etc. FY2026 Main Points in the Forecast (1) * Forecasts are restated from the “Presentation for Investors for the Year Ended March 31, 2026" (released May 12, 2026). No Change
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11© 2026 TOKYU CORPORATION All Rights Reserved. FY2026 Main Points in the Forecast (2)【Management Indices】 YoY Comparison FY2026 Forecast FY2025 Results +5.90158.15152.25(Yen)EPS （Earnings Per Share*） -0.49.610.0(%)ROE （Return on Equity） +0.03.83.7(%) ROA （Business Profit* to Total Assets） +8.8 （+3.9%）236.8227.9 (Billion yen)TOKYU EBITDA* +13.3 （+7.0%）205.1191.7 (Billion yen)EBITDA +0.06.16.1(Times)Interest bearing debt/ Tokyu EBITDA multiple -0.26.66.8(Times)Net Interest bearing debt/ EBITDA multiple Comparison with previously announced plan FY2026 Management Plan (announced in May. 2025) 17.17141 +0.88.7 -0.03.8 +16.8 （+7.6%）220.0 +5.1 （+2.6%）200.0 +0.15.9 +0.46.2 * Business Profit = Operating Profit + Investment gains (loss) from equity method (excl. listed companies) + Dividend Income related to Real Estate Business, etc. * TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets + Interest and dividend income + Investment gains (loss) from equity method * Forecasts are restated from the “Presentation for Investors for the Year Ended March 31, 2026" (released May 12, 2026). No Change
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12© 2026 TOKYU CORPORATION All Rights Reserved. (FY2025 Results) Operating Profit Transportation Real Estate Hotel and Resort Life Service Elimination etc. (FY2026 Forecast) Operating Profit 80 85 90 95 100 105 110 FY2026 Operating Profit by Segment Forecast Points (Comparison with the previous fiscal year) Hotels +1.1 Tokyu Railways, etc. +2.1 Tokyu Bus -0.0 Retail +1.1 ‒ Tokyu Store Chain +1.1 ICT and Media -0.6 ‒ Tokyu Recreation -0.4 Real Estate Sales +0.1 Real Estate Leasing +2.3 Property Management +0.0 103.1 110.0 +2.3 +3.6 +0.5+0.6 -0.3 (Billion yen) * Forecasts are restated from the “Presentation for Investors for the Year Ended March 31, 2026" (released May 12, 2026). No Change
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13© 2026 TOKYU CORPORATION All Rights Reserved. Ⅱ. Key Performance Indicators for Each Business
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14© 2026 TOKYU CORPORATION All Rights Reserved. Railway Operations Business (1) Tokyu Railways: Passengers Carried and Passenger Revenue Tokyu Railways: Passengers Carried (Year-on-year Comparison) With the increase in passenger volume on each line, the number of passengers carried remained above the previous year's level. Conditions in 1Q (April - June) The number of passengers passing through the ticket gates is about +3% YoY.Conditions in July （Unit: %） -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 26/03 26/04 26/05 26/06 YoY Comparison Commuter 3.3 3.4 3.1 2.9 2.8 2.5 3.3 △ 0.6 3.6 3.4 2.9 2.9 3.3 3.7 3.8 3.1 2.8 3.3 3.7 3.6 4.1 3.1 2.2 2.6 YoY Comparison Non-Commuter 2.8 1.5 2.5 4.7 4.2 2.1 4.2 0.4 2.1 1.9 2.2 3.3 4.6 5.8 3.1 0.0 1.5 2.6 3.8 1.1 2.5 2.9 4.1 △ 0.2 YoY Comparison Commuter YoY Comparison Non-Commuter -0.6 -0.2 FY2025 FY2026 YoY FY2026 YoY (Thousand people, Million yen) 1Q results 1Q results Comparison Full Year Forecast Comparison Total 283,702 290,739 ＋2.5% 1,143,831 + 2.4% Non-commuter 126,030 128,912 ＋2.3% 515,441 + 2.6% Commuter 157,672 161,827 ＋2.6% 628,390 + 2.3% Total 38,541 39,440 ＋2.3% 156,869 + 2.6% Non-commuter 23,823 24,382 ＋2.3% 97,119 + 2.5% Commuter 14,718 15,058 + 2.3% 59,749 + 2.8% Number of Passengers Carried Passenger Revenue
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15© 2026 TOKYU CORPORATION All Rights Reserved. Railway Operations Business (2) Tokyu Railways: Number of Passengers Carried（Results） Tokyu Railways: Passenger Revenue （Results） （Unit: Thousand people） 93,009 87,184 87,668 94,728 91,790 93,408 88,301 81,444 90,359 93,146 96,353 94,203 96,584 91,232 90,713 96,353 93,826 96,211 91,618 83,416 93,369 95,934 99,284 95,521 0 20,000 40,000 60,000 80,000 100,000 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 26/03 26/04 26/05 26/06 Commuter Non-Commuter Grand Total 12,740 12,112 12,115 12,942 12,609 12,951 12,163 11,592 13,021 12,878 12,995 12,666 13,043 12,568 12,388 12,986 12,683 13,157 12,477 11,698 13,292 13,227 13,414 12,798 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 26/03 26/04 26/05 26/06 Commuter Non-Commuter Grand Total（Unit: Million yen）
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16© 2026 TOKYU CORPORATION All Rights Reserved. Real Estate Business Number of units sold ChangeFY2026 1Q1Q FY2025(Unit: Units) − 201939Condominiums − 112Detached houses / Land − 212041Total Office Building Market Data: Average Rents / Vacancy Rates (Results) The vacancy rate remained low, reflecting the Company's advantage of owning many properties connected directly to hub stations.Real Estate Leasing Despite a YoY decrease, unit deliveries in 1Q FY2026 remained on track with the forecasts.Real Estate Sales （Unit: %, yen） 1.2 2.8 2.9 2.9 2.6 3.0 3.5 4.0 3.9 3.1 2.4 2.4 2.7 2.4 2.0 1.9 1.1 1.0 1.0 1.1 1.0 1.0 1.0 2.4 2.0 5.1 5.0 4.9 4.4 5.1 6.4 7.3 7.1 5.4 4.1 4.1 4.9 4.3 3.6 3.4 1.7 1.7 1.3 1.5 1.5 1.4 1.4 1.4 1.1 1.1 1.1 1.0 0.8 0.7 0.7 0.7 0.4 0.0 0.0 0.0 0.6 0.6 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.1 1.1 1.1 4.3 4.5 4.4 4.2 4.0 3.8 3.7 3.8 3.7 3.1 2.7 2.6 2.4 2.3 2.1 2.0 1.8 1.8 1.7 1.7 1.8 1.7 1.7 1.7 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 20,000 21,000 22,000 23,000 24,000 25,000 26,000 27,000 28,000 29,000 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 26/03 26/04 26/05 26/06 Tokyu Average Rent (Overall) Tokyu Vacancy Rate (Overall) Tokyu Vacancy Rate in Shibuya Area Tokyu Vacancy Rate in Shibuya Area (Class A buildings only) Vacancy Rate in 5 Central Wards of Tokyo Source for 5 central wards of Tokyo is Sanko Estate Office "Market Vacancy Rate Report"5 central wards of Tokyo refer to the Chiyoda, Chuo, Minato, Shinjuku, and Shibuya wards. Note: Tokyuʼs Class A buildings in the Shibuya area include Shibuya Scramble Square, Shibuya Hikarie, etc.
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17© 2026 TOKYU CORPORATION All Rights Reserved. Retail Business Tokyu Department Store: Sales (Results / Year-on-year Comparison) Tokyu Store Chain: Sales (Results / Year-on-year Comparison) Total sales including rent remained roughly flat YoY, supported partly by the effects of store renewals.Tokyu Department Store All-store sales exceeded the previous year driven by the contribution of new and renovated stores.Tokyu Store Chain （Unit：%, Million yen） -3.3 -1.4 -6.6 -6.5 -1.7 -3.2 -1.6 -1.8 -1.3 2.6 2.4 0.8 -2.1 0.8 -0.9 3.1 1.3 0.1 0.9 -2.1 1.9 -0.8 1.0 -1.8 3.1 6.3 -0.2 -3.7 3.3 1.7 4.4 0.5 0.3 2.3 3.5 2.0 0.1 2.5 0.0 4.2 1.9 0.2 1.0 0.2 2.9 1.1 5.1 -2.4 -30 0 30 0 5,000 10,000 15,000 20,000 25,000 24/07 24/08 24/09 24/10 24/ 11 24/12 25/01 25/02 25/ 03 25/04 25/05 25/06 25/ 07 25/08 25/09 25/10 25/11 25/12 26/ 01 26/02 26/03 26/04 26/05 26/06 Total Sales Incl. Rent (Actual) YoY Comparison Tokyu Department Store Sales YoY Comparison Sales Incl. Rent 1.3 5.4 1.5 0.8 3.8 3.6 3.6 -2.0 -0.1 -0.9 -2.0 -1.2 -3.0 -4.6 -3.6 -3.4 -3.8 -4.2 -2.1 -0.6 -1.0 0.1 1.2 1.6 -10 -6 -2 2 6 10 0 5,000 10,000 15,000 20,000 25,000 24/07 24/08 24/09 24/10 24/ 11 24/12 25/01 25/02 25/ 03 25/04 25/05 25/06 25/ 07 25/08 25/09 25/10 25/11 25/12 26/ 01 26/02 26/03 26/04 26/05 26/06 Total Sales (Actual) YoY Comparison Total Sales （Unit: %, Million yen） * Sales at Tokyu Department Store and Tokyu Store are based on data before the application of “Accounting Standard for Revenue Recognition”.
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18© 2026 TOKYU CORPORATION All Rights Reserved. Hotel Business Hotel Business: Average daily rate (ADR) / RevPAR / Occupancy Rates (Results) Hotel Business: Total Hotel Income and Occupancy Rates (Year-on-year Comparison) ADR exceeded the previous year due to inbound demand, etc.Conditions in 1Q (April - June) Both occupancy rate and ADR remained steady (occupancy rate: approx. 80%, ADR: approx. 27,200 yen)Conditions in July （Unit: yen, %） * Figures include hotels operated by the Company, Tokyu Hotels & Resorts Co., Ltd., and THM Corporation, in addition to Tokyu Hotels Co., Ltd. * ADR and RevPAR figures include service charges. 81.3 78.4 80.2 84.3 84.1 79.8 74.7 79.7 79.8 80.7 77.9 78.2 78.9 79.1 82.4 85.6 84.1 78.5 70.8 79.0 80.1 79.2 80.7 79.1 0 20 40 60 80 100 0 5,000 10,000 15,000 20,000 25,000 30,000 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 26/03 26/04 26/05 26/06 Average daily rate (ADR) RevPAR Occupancy Rate -20 5 30 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 26/03 26/04 26/05 26/06 YoY Comparison Occupancy Rate 4.5 2.8 2.2 5.4 3.4 4.8 8.0 3.4 2.0 2.8 0.3 -2.0 -2.4 0.6 2.2 1.3 0.0 -1.3 -3.9 -0.8 0.2 -1.5 2.8 1.0 YoY Comparison Total Hotel Income 11.7 13.4 17.1 18.3 17.7 15.1 21.7 9.8 8.5 13.8 9.3 2.0 2.9 8.0 9.9 11.5 8.8 5.6 0.8 6.8 8.1 -2.0 6.9 2.8 YoY Comparison Occupancy Rate YoY Comparison Total Hotel Income （Unit: pt, %）
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19© 2026 TOKYU CORPORATION All Rights Reserved. Inbound Business Updates Steadily capturing inbound demand at commercial facilities and hotels in Shibuya and other central Tokyo areas. Total Duty-Free Transaction Volume in Shibuya Area * Facilities included: Shibuya Scramble Square, ShinQs by TOKYU DEPARTMENT STORE, SHIBUYA109, MAGNET by SHIBUYA109, Shibuya Tokyu Foodshow, and THE WINE by TOKYU DEPARTMENT STORE * The above figures are for duty-free transactions at commercial facilities in the Shibuya area and differ from the sales figures in the financial statements. International Guests Ratio in Hotel Business (Million yen) * Tokyu Hotels in Shibuya: Cerulean Tower Tokyu Hotel, SHIBUYA STREAM HOTEL, Shibuya EXCEL HOTEL TOKYU, Shibuya Tokyu REI Hotel * The number of International visitors to Japan is based on statistical data from the Japan National Tourism Organization (JNTO) (%) Total Duty-Free Transaction Volume in Shibuya Area 0 1,000 2,000 3,000 4,000 0 1,000 2,000 3,000 4,000 45.7 38.8 41.4 46.9 45.8 49.8 53.1 48.7 46.8 54.6 48.4 47.8 47.1 42.5 43.8 52.2 49.4 52.1 53.4 51.0 50.1 55.1 50.4 49.9 82.0 76.9 81.3 84.6 82.3 81.9 82.9 77.4 83.8 85.9 82.7 83.0 82.1 78.6 80.4 87.1 83.3 84.8 86.8 81.4 88.5 87.5 88.0 85.2 0 20 40 60 80 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 26/03 26/04 26/05 26/06 International Guests Ratio at Tokyu Hotels International Guests Ratio at Tokyu Hotels in Shibuya 927 764 632 821 873 1,008 974 837 879 935 963 864 890 899 777 1,012 966 1,056 937 851 940 1,032 1,042 975 0 200 400 600 800 1,000 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 26/03 26/04 26/05 26/06 (1,000 people)Number of International Visitors Number of International Visitors (1,000 people)
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20© 2026 TOKYU CORPORATION All Rights Reserved. Ⅲ. Details of Financial Results for 1Q FY2026
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21© 2026 TOKYU CORPORATION All Rights Reserved. FY2025 FY2026 Forecast 1Q Results 1Q Results as of May. + 12.1 - 6.1 （+ 4.6%） （- 2.2%） - 0.9 - 3.2 （- 2.8%） （- 9.5%） + 0.5 + 3.3 （+ 7.8%） （+ 71.6%） + 1.8 - 0.0 （+ 45.6%） （- 1.5%） - 2.2 + 0.1 （- 6.2%） （+ 0.4%） + 1.1 + 0.5 （+ 474.0%） （+ 55.4%） + 0.9 + 0.2 （+ 226.0%） （+ 19.6%） - 1.9 + 0.4 （- 5.5%） （+ 1.3%） - 12.1 + 3.4 (−) (−) + 10.2 - 3.0 （+ 39.2%） （- 7.7%） - 0.7 - 0.4 （- 96.2%） （- 93.9%） + 10.9 - 2.5 （+ 43.4%） （- 6.6%） + 11.0 (−) + 21.2 （+ 107.1%） + 2.0 + 0.1 （+ 3.4%） （+ 0.2%） + 0.7 - 3.3 （+ 1.4%） （- 5.9%）57.4 EBITDA 53.3 54.0 TOKYU EBITDA 59.7 61.7 Transportation: +0.6, Real Estate: +2.8, Life Service: -1.2, Hotel and Resort: -0.4, Headquarters +0.1 61.6 Total Comprehensive Income 19.8 41.0 - - 0.4 Other Comprehensive Income - 6.2 4.7 - - 25.2 36.2 38.8 0.7 Net Income 26.0 Corporate Income Taxes 9.3 Profit attributable to owners of parent 36.2 39.3 Profit attributable to non-controlling interests 0.0 Income Taxes: 6.0 (-2.2), Tax Adjustment: -8.8 (-9.8) 1.1 Income before Income Taxes and Minority Interests 35.4 33.4 33.0 Extraordinary Losses 0.4 1.3 - 6.2- 2.8 33.2 Extraordinary Gains 0.2 1.4 0.9 Ordinary Profit 35.5 33.3 4.6 Non-operating Expenses 4.1 6.0 Interest Paid: 3.6 (+1.0) 6.0 Non-operating Revenue 7.4 7.9 Investment Gains from Equity Method: 5.3 (+0.2), Interest and Dividend Income: 1.1 (+0.3) 279.5 Operating Profit 32.3 31.3 Transportation: +0.1, Real Estate: +1.7, Life Service: -1.7, Hotel and Resort: -0.5 34.6 Operating Revenue 261.3 273.4 Transportation: +2.2, Real Estate: +9.7, Life Service: +3.0, Hotel and Resort: +0.9 (Unit:Billion yen) Change Remarks Change Summary of Consolidated Financial Statements *TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets + Interest and dividend income + Investment gains (loss) from equity method FY2026 1Q Results
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22© 2026 TOKYU CORPORATION All Rights Reserved. Operating Revenue and Profit by SegmentFY2026 1Q Results FY2025 FY2026 Forecast 1Q Results 1Q Results as of May. + 12.1 - 6.1 （+ 4.6%） （- 2.2%） - 0.9 - 3.2 （- 2.8%） （- 9.5%） + 2.2 - 0.0 （+ 4.0%） （- 0.1%） + 0.1 - 0.6 （+ 1.1%） （- 6.4%） + 9.7 - 1.1 （+ 15.5%） （- 1.6%） + 1.7 - 1.6 （+ 13.2%） （- 9.7%） + 3.0 - 1.0 （+ 2.4%） （- 0.8%） + 0.5 - 2.6 （+ 0.7%） （- 3.1%） + 2.4 + 1.6 （+ 5.5%） （+ 3.6%） - 1.7 - 1.2 （- 33.9%） （- 27.1%） - 0.6 - 0.7 （- 29.2%） （- 31.4%） - 1.1 - 0.5 （- 37.5%） （- 23.0%） + 0.9 + 0.2 （+ 2.8%） （+ 0.6%） - 0.5 + 0.7 （- 13.8%） （+ 29.7%） (Unit:Billion yen) Change Remarks Change 279.5 Total Operating Profit Total Operating Revenue 261.3 273.4 57.1 Tokyu Railways,etc. : +1.0 Operating Profit Transportation Operating Revenue 57.2 9.8 9.9 Tokyu Railways, etc. : +0.1 10.6 32.3 31.3 34.6 54.9 Operating Profit 13.3 15.1 Sales: +3.7 Leasing: -1.8 Management: +0.0 16.7 Real Estate Operating Revenue 62.8 72.6 Sales: +7.6 Leasing: +1.2 Management: +0.6 73.8 131.0 Retail 82.5 83.1 Life Service Operating Revenue Total Life Service 127.0 130.0 5.1 3.4 Tokyu Department Store: -0.1 Tokyu Store Chain: +0.3 85.8 ICT and Media 44.4 46.9 Tokyu Recreation: -0.1 Tokyu Agency: -0.13 Tokyu Power Sup ply: +2.6 45.2 Operating Profit Total Life Service 4.6 Retail 2.1 1.5 Tokyu Department Store: -0.1 Tokyu Store Chain: -0.0 2.2 ICT and Media 2.9 1.8 Tokyu Recreation: -0.0 Tokyu Agency: -0.1 Tokyu Power Supp ly: -0.9 2.4 Hotel and Resort Operating Revenue 34.0 34.9 Hotels +1.2 34.7 Operating Profit 3.8 3.3 Hotels -0.7 2.5 - 3.8 - 17.3 - 4.0 Elimination etc. Operating Revenue - 17.5 - 21.3 Operating Profit 0.0 - 0.4 - 0.5 - - 0.4
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23© 2026 TOKYU CORPORATION All Rights Reserved. Non-Operating and Extraordinary Gain/LossFY2026 1Q Results FY2025 FY2026 Forecast 1Q Results 1Q Results as of May. - 0.9 - 3.2 （- 2.8%） （- 9.5%） + 0.5 + 3.3 （+ 7.8%） （+ 71.6%） Interest and Dividend Income 0.7 1.1 + 0.3 0.5 + 0.5 Investment Gain from Equity Method 5.1 5.3 + 0.2 Tokyu Fudosan Holdings: 4.0(-0.5), Tokyu Construction: 0.3(+0.1), Tokyu REIT 0.6(+0.6) 3.0 + 2.2 Others 1.5 1.4 - 0.0 1.0 + 0.4 + 1.8 - 0.0 （+ 45.6%） （- 1.5%） Interest 2.6 3.6 + 1.0 3.3 + 0.3 Others 1.4 2.3 + 0.8 2.7 - 0.4 - 2.2 + 0.1 （- 6.2%） （+ 0.4%） Extraordinary Gains 0.2 1.4 + 1.1 0.9 + 0.5 Gain on Subsidies Received for Construction 0.1 0.5 + 0.3 0.4 + 0.0 Others 0.0 0.9 + 0.8 0.4 + 0.4 Extraordinary Losses 0.4 1.3 + 0.9 1.1 + 0.2 Loss on Reduction of Subsidies Received for Construction 0.1 0.5 + 0.3 0.4 + 0.0 Others 0.2 0.8 + 0.5 0.6 + 0.1 - 1.9 + 0.4 （- 5.5%） （+ 1.3%） 33.0 Income before Income Taxes and Minority Interests 35.4 33.4 Ordinary Profit 35.5 33.3 33.2 (Unit:Billion yen) 32.3 31.3Operating Profit Change Remarks Change Non-operating Expenses 34.6 4.1 6.0 6.0 Non-operating Revenue 7.4 7.9 4.6
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24© 2026 TOKYU CORPORATION All Rights Reserved. TOKYU EBITDA by Segment *TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets + Interest and dividend income + Investment (gain) loss from equity method FY2026 1Q Results FY2025 FY2026 Forecast 1Q Results 1Q Results as of May. + 0.6 - 0.5 （+ 3.4%） （- 2.4%） Tokyu Railways, etc. 18.4 19.0 + 0.6 18.9 + 0.1 Tokyu Bus 1.0 0.9 - 0.0 1.0 - 0.1 Others 0.4 0.6 + 0.1 1.0 - 0.4 + 2.8 - 0.9 （+ 14.6%） （- 4.0%） Real Estate Sales 5.2 9.1 + 3.9 8.3 + 0.8 Real Estate Leasing 13.2 12.3 - 0.9 13.9 - 1.6 Real Estate Management 1.2 1.3 + 0.0 1.2 + 0.1 Others 0.0 - 0.1 - 0.2 0.1 - 0.2 - 1.2 - 1.5 （- 13.4%） （- 16.8%） Retail 3.8 3.5 - 0.3 4.3 - 0.8 Tokyu Department Store 1.0 0.8 - 0.1 0.8 + 0.0 Tokyu Store Chain 1.2 1.2 + 0.0 1.9 - 0.6 Others 1.5 1.3 - 0.2 1.5 - 0.1 ICT and Media 5.2 4.3 - 0.8 5.1 - 0.7 Tokyu Recreation 0.6 0.6 - 0.0 0.7 - 0.0 its communications 2.1 1.9 - 0.1 2.1 - 0.2 Tokyu Agency 0.0 - 0.0 - 0.1 - 0.0 - 0.0 Others 2.3 1.7 - 0.5 2.2 - 0.4 - 0.4 + 0.8 （- 8.4%） （+ 21.3%） Hotels 4.4 3.8 - 0.5 3.3 + 0.5 Others 0.6 0.8 + 0.1 0.5 + 0.2 + 0.6 + 2.8 （+ 10.4%） （+ 79.0%） Interest and dividend income 0.7 1.1 + 0.3 0.5 + 0.5 Investment gains (losses) from the equity 5.1 5.3 + 0.2 3.0 + 2.2 + 2.0 + 0.1 （+ 3.4%） （+ 0.2%） (Unit:Billion yen) Change Remarks Change 21.1 Real Estate 19.7 22.6 23.6 Transportation 19.9 20.6 9.4 Hotel and Resort 5.0 4.6 3.8 Life Service 9.0 7.8 3.6 61.6 Headquarters 5.8 6.4 - 0.5 Total 59.7 61.7 Elimination, etc. - 0.0 - 0.5 - 0.4 -
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25© 2026 TOKYU CORPORATION All Rights Reserved. Segment Information (1) Transportation ▎Tokyu Railways: Breakdown of operating expense FY2026 1Q Results FY2025 1Q Results FY2026 1Q Results 2026-2025 Change Total operating expense 32.2 33.0 +0.8 Labor Costs 9.0 9.2 +0.1 Power Costs 2.3 1.9 -0.4 Repair Costs 1.9 1.9 +0.0 Expenses 8.7 8.8 +0.2 Various taxes 1.8 2.2 +0.4 Depreciation and amortization 8.2 8.7 +0.4 (Unit : Billion yen) FY2025 FY2026 Forecast 1Q Results 1Q Results as of May. + 2.2 - 0.0 （+ 4.0%） （- 0.1%） + 1.0 - 0.0 （+ 2.5%） （- 0.2%） + 0.2 + 0.0 （+ 3.8%） （+ 0.5%） + 0.8 - 0.0 （+ 14.8%） （- 0.5%） + 0.1 - 0.6 （+ 1.1%） （- 6.4%） + 0.1 - 0.1 （+ 2.0%） （- 1.2%） - 0.1 - 0.1 （- 29.0%） （- 23.9%） + 0.1 - 0.4 （−） (−) - 0.1 - 0.0 0.3Others 0.6 0.4 0.6 9.3 9.5 9.6 Tokyu Bus 9.9 10.6 Tokyu Railways, etc. Tokyu Bus 7.3 6.9 7.0 Operating Profit 9.8 Others 6.0 Change Operating Revenue 54.9 7.5 Passenger Revenue: +4.2% 7.5 (Unit:Billion yen) 42.5 Passenger Revenue: 39.4 (+0.8) 42.6 57.1 Passengers Carried: +2.5% (Non-commuter: +2.3%; Commuter: +2.6%) ┌ Passenger Revenue: +2.3% (Non-commuter: +2.3%; Commuter: +2. 3%) 57.2 Tokyu Railways, etc. 41.5 Change Remarks
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26© 2026 TOKYU CORPORATION All Rights Reserved. FY2025 FY2026 Forecast 1Q Results 1Q Results as of May. + 9.7 - 1.1 （+ 15.5%） （- 1.6%） + 7.6 + 0.2 （+ 45.9%） （+ 1.2%） + 9.3 + 0.2 （+ 74.4%） （+ 1.3%） - 1.6 - 0.0 （- 39.2%） （- 0.0%） + 1.2 - 0.0 （+ 3.8%） （- 0.1%） + 0.9 - 0.2 （+ 3.3%） （- 0.8%） + 0.6 + 0.6 （+ 7.7%） （+ 8.2%） + 0.1 - 2.1 （+ 3.6%） （- 29.8%） + 1.7 - 1.6 （+ 13.2%） （- 9.7%） + 3.7 + 0.8 （+ 77.8%） （+ 10.7%） + 4.4 + 0.5 （+ 123.3%） （+ 7.9%） - 0.7 + 0.2 （- 61.8%） （+ 109.3%） - 1.8 - 2.3 （- 24.4%） （- 29.3%） - 1.6 - 2.0 （- 26.9%） （- 30.9%） + 0.0 + 0.1 （+ 2.8%） （+ 12.8%） - 0.2 - 0.2 （−） (−) (Unit:Billion yen) Change Remarks 73.8 Real Estate Sales 16.7 24.4 Change Operating Revenue 62.8 72.6 21.6 Real Estate Sales of Overseas Subsidiaries 4.2 2.5 Vietnam 8 units (-119 units), Australia 50 lots (-16 lots) 24.1 Real Estate Sales of the Company 12.5 21.9 Sale of a Large-Scale Property in the Asset-Turnover Properties,etc. 34.6 Real Estate Leasing of the Company 29.2 30.2 Revenue from existing properties +0.6 billion yen (+2.4%) 2.5 Real Estate Leasing 33.3 34.5 Increase in percentage rent, Revision of rent, etc. 7.9 Others 4.7 4.9 30.4 Real Estate Management 7.9 8.6 16.7 Real Estate Sales 4.8 8.5 7.0 Operating Profit 13.3 15.1 7.5 Real Estate Sales of Overseas Subsidiaries 1.1 0.4 7.7 Real Estate Sales of the Company 3.6 8.1 Sale of a Large-Scale Property in the Asset-Turnover Properties, etc. 7.8 Real Estate Leasing of the Company 6.2 4.5 Profit from existing properties -0.4 billion yen (-5.2%) 0.2 Real Estate Leasing 7.3 5.5 1.0 Others - 0.0 - 0.2 6.6 Real Estate Management 1.1 1.2 0.0 FY2025 FY2026 Forecast 1Q Results 1Q Results as of May. - 0.1 7.1 Other - 0.0 - 0.0 - 0.0 +3.7 0.1 Asset-Turnover Properties , etc. 3.3 7.1 Residential 0.4 1.1 +0.7 Operating Profit 1.2 17.3 Other 0.8 1.2 +0.3 Asset-Turnover Properties , etc. 8.4 17.4 Number of properties delivered: 4 (-2 properties)+8.9 (Unit:Billion yen) Change Remarks +0.0 2.1 Operating Revenue ＋ 1.1 ＋ 0.0 - 0.0 Change Residential 3.2 3.3 Number of units delivered: 20 (-21 units) +1.0 +0.0 +0.0 Segment Information (2) Real Estate ▎ Overview of real estate sales of the Company ※The number of lots is calculated by multiplying our company's share. ※The number of delivered units is calculated by multiplying our company's share. FY2026 1Q Results
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27© 2026 TOKYU CORPORATION All Rights Reserved. Segment Information (3) Life Service (Retail)FY2026 1Q Results FY2025 FY2026 Forecast 1Q Results 1Q Results as of May. + 0.5 - 2.6 （+ 0.7%） （- 3.1%） - 0.1 - 0.4 （- 1.0%） （- 3.0%） + 0.3 - 2.6 （+ 0.6%） （- 4.7%） + 0.3 + 0.3 （+ 2.3%） （+ 2.4%） - 0.6 - 0.7 （- 29.2%） （- 31.4%） - 0.1 + 0.0 （- 41.9%） （+ 41.6%） - 0.0 - 0.6 （- 13.3%） （- 52.4%） - 0.3 - 0.1 （- 34.2%） （- 15.8%） 0.7 0.8 0.5 1.2 Others 1.1 0.2 0.1 Tokyu Store Chain 0.6 1.5 2.2 Tokyu Department Store 0.3 15.9 15.6 Operating Profit 2.1 53.4 Rate of Change in Sales: All Stores: +1.6% Existing Stores : -0.2% 56.0 Others 15.6 13.7 Rate of Change in Sales: All Stores: -0.1% Rate of Change in Total sales (including leasing) : Existing Stores: +1.5% 14.1 Tokyu Store Chain 53.0 83.1 85.8 Tokyu Department Store 13.8 Change Remarks Change Operating Revenue 82.5 (Unit:Billion yen)
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28© 2026 TOKYU CORPORATION All Rights Reserved. Segment Information (4) Life Service (ICT and Media)FY2026 1Q Results FY2025 FY2026 Forecast 1Q Results 1Q Results as of May. + 2.4 + 1.6 （+ 5.5%） （+ 3.6%） - 0.1 - 0.3 （- 1.5%） （- 4.2%） + 0.1 + 0.0 （+ 1.6%） （+ 1.3%） - 1.3 - 1.0 （- 12.4%） （- 10.1%） + 3.7 + 2.9 （+ 18.9%） （+ 14.0%） - 1.1 - 0.5 （- 37.5%） （- 23.0%） - 0.0 - 0.0 （- 19.1%） （- 31.7%） - 0.2 - 0.2 （- 25.5%） （- 22.7%） - 0.1 - 0.0 （−） (−) - 0.7 - 0.2 （- 39.9%） （- 20.7%） (Unit:Billion yen) Change Remarks 45.2 Tokyu Recreation 7.2 7.1 Change Operating Revenue 44.4 46.9 6.7 Tokyu Agency 10.6 9.3 7.4 its communications 6.6 6.7 20.7 Operating Profit 2.9 1.8 10.3 Others 19.9 23.6 Tokyu Power Supply: 9.2 (+2.6) 0.1 its communications 1.0 0.7 2.4 Tokyu Recreation 0.1 0.1 - 0.0 Others 1.7 1.0 Tokyu Power Supply: 0.1 (-0.9) 0.9 Tokyu Agency 0.0 - 0.0 1.3
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29© 2026 TOKYU CORPORATION All Rights Reserved. Segment Information (5) Hotel and Resort ▎Key Indicators Occupancy Rates ADR RevPAR * Shibuya Area Hotels：Cerulean Tower Tokyu Hotel, SHIBUYA STREAM HOTEL, Shibuya EXCEL HOTEL TOKYU, Shibuya Tokyu REI Hotel （％） （Yen） （Yen） FY2026 1Q Results * “Hotels" includes Tokyu Hotels & Resorts Co., Ltd., the Company, and others. FY2025 FY2026 Forecast 1Q Results 1Q Results as of May. + 0.9 + 0.2 （+ 2.8%） （+ 0.6%） + 1.2 + 0.2 （+ 4.1%） （+ 0.7%） - 0.2 - 0.0 （- 5.5%） （- 0.4%） - 0.5 + 0.7 （- 13.8%） （+ 29.7%） - 0.7 + 0.4 （- 21.0%） （+ 20.1%） + 0.1 + 0.3 （+ 31.9%） （+ 86.6%） 0.6 0.3Others 0.5 2.6 2.1 3.3 2.5 Hotels 3.3 Operating Profit 3.8 4.2 4.2Others 4.5 30.7 30.4 34.9 34.7 Hotels 29.5 Change Remarks Change Operating Revenue 34.0 (Unit:Billion yen) FY2026 FY2026 FY2026 1Q Results 1Q Results 1Q Results Overall hotel business 79.7 ＋0.8pt 27,795 +1,335 22,146 +1,269 Shibuya Area Hotels* + The Capitol Hotel Tokyu 78.7 - 1.5pt 59,350 +3,027 46,701 +1,517 YoY Change YoY Change YoY Change
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30© 2026 TOKYU CORPORATION All Rights Reserved. Balance SheetsFY2026 1Q Results FY2025 FY2026 Results 1Q Results + 25.9 （+ 0.9%） + 22.5 （+ 4.0%） + 3.3 （+ 0.1%） + 2.8 （+ 0.1%） - 2.6 （- 0.3%） + 5.4 （+ 0.5%） + 23.0 （+ 2.4%） + 22.0 （+ 2.4%） （+ 5.2%） + 82.7 （+ 6.4%） + 0.5P D/E Ratio (Times) 1.5 1.6 Equity Ratio 31.2% 31.7% + 0.1P 1,456.6 + 71.9 Net Interest-bearing Debt at End of Period 1,301.2 Interest-bearing Debt at End of Period 1,384.7 1,383.9 982.5 Equity Capital: +17.7; Other Cumulative Comprehensive Income: +4.2; non-controlling shareholders equity: +1.0 Equity 912.8 934.8 Total Net Assets 959.5 1,201.0 Interest-bearing Debt: +13.8Fixed Liabilities 1,195.5 1,966.1 Current Liabilities 767.7 765.1 Interest-bearing Debt: +58.0 Total Liabilities 1,963.3 589.2 Fixed Assets 2,356.1 2,359.4 Current Assets 566.6 (Unit:Billion yen) Change Remarks Total Assets 2,922.8 2,948.7
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31© 2026 TOKYU CORPORATION All Rights Reserved. Capital Expenditure / Depreciation ※ Capital expenditures are amounts stated in segment information (capital expenditures made) and might be different from figures in the statements of cash flow, which consider accounts payable at the end of the fiscal year. FY2026 1Q Results FY2025 FY2026 Forecast 1Q Results 1Q Results as of May. + 0.9 - 2.2 （+ 4.3%） （- 9.4%） + 1.7 + 2.3 （+ 44.1%） （+ 70.7%） - 6.4 - 0.2 （- 46.4%） （- 3.8%） + 2.6 - 4.2 （+ 50.6%） （- 35.2%） + 0.1 - 1.1 （+ 5.2%） （- 35.8%） + 2.5 - 3.0 （+ 78.1%） （- 35.0%） + 0.2 - 0.3 （+ 33.1%） （- 24.0%） + 37.5 + 26.8 （+ 191.5%） （+ 88.7%） + 1.6 - 0.0 （+ 7.9%） （- 0.4%） + 0.1 + 0.0 19.5 57.1 30.2 Total Depreciation and Amortization Expenses on Sale of Houses and Lots 20.9 22.6 Transportation: 10.1 (+0.6) ; Real Estate: 6.7 (+0.4) ; Life Service: 4.4 (+0.5) ; Hotel and Resort: 1.3 (+0.1) 22.7 - 2.9 - 0.3 + 2.6 - 0.3 0.2 Elimination Headquarters 0.3 0.3 + 0.0 0.8 1.1 1.5Hotel and Resort 3.1 ICT and Media 3.2 5.7 8.7 Retail 1.9 2.0 Total Life Service 5.1 7.7 11.9 Real Estate 13.8 7.4 7.6 24.4 Transportation 3.9 5.7 3.3 Total Capital Expenditure 21.2 22.1 (Unit:Billion yen) Change Remarks Change
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32© 2026 TOKYU CORPORATION All Rights Reserved. Ⅳ. Details of Financial Forecasts for FY2026 * Forecasts are restated from the “Presentation for Investors for the Year Ended March 31, 2026" (released May 12, 2026).
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33© 2026 TOKYU CORPORATION All Rights Reserved. Summary of Consolidated Financial StatementsFY2026 Forecasts *TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets + Interest and dividend income + Investment gains (loss) from equity method FY2025 FY2026 Results Forecast + 53.8 （+ 5.0%） + 6.8 （+ 6.6%） - 5.6 （- 17.6%） + 5.9 （+ 31.5%） - 4.7 （- 4.1%） - 1.6 （- 26.9%） - 6.5 （- 50.7%） + 0.2 （+ 0.2%） - 3.9 （- 19.6%） + 4.1 （+ 4.7%） + 1.2 （+ 65.0%） + 2.9 （+ 3.4%） + 8.8 （+ 3.9%） + 13.3 （+ 7.0%） 191.7 205.1 (Unit:Billion yen) Change Remarks Operating Profit 103.1 110.0 Transportation: +3.6; Real Estate: +2.3; Life Service: +0.5; Hotel and Resort: +0.6 Operating Revenue 1,086.1 1,140.0 Transportation: +7.4; Real Estate: +26.7; Life Service: +18.8; Hotel and Resort: +2.5 Non-operating Expenses 18.8 24.8 Interest Paid: 15.3 (+3.4) Non-operating Revenue 31.8 26.2 Investment Gains from Equity Method: 19.5 (-4.4) Extraordinary Gains 6.0 4.4 Ordinary Profit 116.1 111.4 Income before Income Taxes and Minority Interests 109.1 109.4 Extraordinary Losses 12.9 6.4 Net Income 89.0 93.2 Corporate Income Taxes 20.1 16.2 Income Taxes: 24.4 (-1.4) ; Tax Adjustment: -8.2 (-2.4) Profit attributable to non-controlling interests 1.9 3.2 Profit attributable to owners of parent 87.0 90.0 TOKYU EBITDA 227.9 236.8 Transportation: +4.8; Real Estate: +3.2; Life Service: +3.9; Hotel and Resort: +1.1; Headquarters: -4.2 EBITDA
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34© 2026 TOKYU CORPORATION All Rights Reserved. Operating Revenue and Profit by SegmentFY2026 Forecasts FY2025 FY2026 Results Forecast + 53.8 （+ 5.0%） + 6.8 （+ 6.6%） + 7.4 （+ 3.3%） + 3.6 （+ 13.4%） + 26.7 （+ 10.2%） + 2.3 （+ 5.3%） + 18.8 （+ 3.5%） + 19.4 （+ 5.8%） - 0.6 （- 0.3%） + 0.5 （+ 2.4%） + 1.1 （+ 16.5%） - 0.6 （- 4.5%） + 2.5 （+ 1.8%） + 0.6 （+ 7.1%） Elimination etc. Operating Revenue - 78.1- 76.3 Operating Profit 0.30.6 - 0.3 Operating Profit 10.49.7 Hotels: +1.1 - 1.7 ICT and Media 14.014.6 Tokyu Recreation: -0.4、Tokyu Agency: +0.3; Tokyu Power Supply: +0.2 Hotel and Resort Operating Revenue 141.9139.3 Hotels: +1.8 Operating Profit Total Life Service Retail 8.47.2 Tokyu Department Store: -0.3; Tokyu Store Chain: +1.1 ICT and Media 195.9196.5 Tokyu Recreation: -2.2; Tokyu Agency: +1.0; Tokyu Power Supply: -0.4 Retail 356.2336.7 Life Service Operating Revenue Total Life Service 552.1533.2 22.421.8 Tokyu Department Store: +1.6; Tokyu Store Chain: +16.4 Operating Profit 45.943.5 Sales: +0.1; Leasing: +2.3; Management: +0.0 Real Estate Operating Revenue 289.7262.9 Sales: +20.0; Leasing: +6.5; Management: +1.6 31.027.3 Tokyu Railways: +2.1 110.0103.1 234.4 1,140.01,086.1 226.9 Tokyu Railways: +4.4 Operating Profit Transportation Operating Revenue Total Operating Profit Total Operating Revenue Change Remarks (Unit:Billion yen)
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35© 2026 TOKYU CORPORATION All Rights Reserved. Non-Operating and Extraordinary Gain/LossFY2026 Forecasts FY2025 FY2026 Results Forecast + 6.8 （+ 6.6%） - 5.6 （- 17.6%） Interest and Dividend Income 2.5 3.0 + 0.4 Investment Gain from Equity Method 23.9 19.5 - 4.4 Others 5.2 3.7 - 1.5 + 5.9 （+ 31.5%） Interest 11.8 15.3 + 3.4 Others 7.0 9.5 + 2.4 - 4.7 （- 4.1%） - 1.6 （- 26.9%） Gain on Subsidies Received for Construction 3.3 1.5 - 1.8 Others 2.7 2.9 + 0.1 - 6.5 （- 50.7%） Loss on Reduction of Subsidies Received for Construction 2.7 1.3 - 1.4 Others 10.2 5.1 - 5.1 + 0.2 （+ 0.2%） (Unit:Billion yen) Change Remarks Non-operating Revenue 31.8 26.2 Operating Profit 103.1 110.0 Ordinary Profit 116.1 Non-operating Expenses 18.8 Extraordinary Losses 12.9 Extraordinary Gains 6.0 4.4 6.4 Income before Income Taxes and Minority Interests 109.1 109.4 24.8 111.4
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36© 2026 TOKYU CORPORATION All Rights Reserved. TOKYU EBITDA by Segment *TOKYU EBITDA = Operating profit + Depreciation + Amortization of goodwill + Disposal cost of fixed assets + Interest and dividend income + Investment (gain) loss from equity method FY2026 Forecasts FY2025 FY2026 Results Forecast + 4.8 （+ 6.5%） Tokyu Railways 65.5 67.9 + 2.3 Tokyu Bus 3.5 4.1 + 0.5 Others 5.3 7.3 + 1.9 + 3.2 （+ 4.5%） Real Estate Sales 16.4 17.3 + 0.8 Real Estate Leasing 49.5 51.8 + 2.3 Real Estate Management 6.1 6.4 + 0.2 Others - 0.5 - 0.8 - 0.2 + 3.9 （+ 10.0%） Retail 14.5 17.0 + 2.4 Tokyu Department Store 3.6 3.5 - 0.1 Tokyu Store Chain 6.6 8.2 + 1.6 Others 4.1 5.1 + 0.9 ICT and Media 24.8 26.3 + 1.4 Tokyu Recreation 4.2 3.9 - 0.3 its communications 8.0 8.4 + 0.4 Tokyu Agency 1.1 1.5 + 0.4 Others 11.4 12.2 + 0.8 + 1.1 （+ 7.4%） Hotels 13.7 15.1 + 1.4 Others 1.6 1.3 - 0.2 - 4.0 （- 15.1%） Interest and dividend income 2.5 3.0 + 0.4 Investment (gain) loss from the equity method 23.9 19.5 - 4.4 + 8.8 （+ 3.9%） (Unit:Billion yen) Change Remarks Real Estate 71.5 74.8 Transportation 74.5 79.4 Hotel and Resort 15.3 16.5 Life Service 39.3 43.3 Headquarters 26.5 22.5 Total 227.9 236.8 Elimination, etc. 0.5 0.3 - 0.2
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37© 2026 TOKYU CORPORATION All Rights Reserved. Segment Information (1) TransportationFY2026 Forecasts FY2025 FY2026 Results Forecast + 7.4 （+ 3.3%） + 4.4 （+ 2.7%） + 0.8 （+ 2.9%） + 2.0 （+ 6.7%） + 3.6 （+ 13.4%） + 2.1 （+ 9.4%） - 0.0 （- 1.2%） + 1.5 （+ 56.6%） 2.7Others 4.2 1.7 22.8 [Operating Expense] Depreciation and amortization: 34.8 (+0.6) ; Repair Costs: 14.0 (+1,0) ; Labor Costs: 36.7 (+0.3) Power Costs: 8.4 (-1.4) ; Expenses: 43.5 (+1.1 including retirement of property costs; -0.4) Tokyu Bus 1.7 27.3 Tokyu Railways 25.0 31.2 Operating Profit 31.0 Others 33.3 Operating Revenue 234.4 29.6 166.0 Passenger Revenue 156.8(+4.0) Tokyu Bus 30.5 (Unit:Billion yen) 226.9 Passengers Carried - (+2.4% (Non-commuter - (+2.6%; Commuter - (+2.3%) ┌ Passenger Revenue - (+2.6% (Non-commuter - (+2.5%; Commuter - (+2.8%) Tokyu Railways 170.5 Change Remarks
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38© 2026 TOKYU CORPORATION All Rights Reserved. FY2025 FY2026 Results Forecast Other 5.1 13.7 Asset-Turnover Properties , etc. 7.2 8.4 Residential 4.4 2.8 Other - 0.2 - 1.0 Asset-Turnover Properties , etc. 25.8 26.7 Number of properties delivered: 9 (-5 properties) Residential 20.5 28.1 Number of units delivered: 345 (+103 units) Operating Revenue +7.5 (Unit:Billion yen) Change Remarks +0.8 +8.6 Operating Profit - 1.5 +1.1 - 0.8 Segment Information (2) Real EstateFY2026 Forecasts ▎ Overview of real estate sales of the Company FY2025 FY2026 Results Forecast + 26.7 （+ 10.2%） + 20.0 （+ 30.3%） + 17.1 （+ 33.4%） + 2.8 （+ 19.4%） + 6.5 （+ 4.7%） + 4.3 （+ 3.6%） + 1.6 （+ 4.5%） - 1.4 （- 6.3%） + 2.3 （+ 5.3%） + 0.1 （+ 1.0%） - 0.1 （- 1.8%） + 0.3 （+ 8.5%） + 2.3 （+ 9.5%） + 1.6 （+ 8.2%） + 0.0 （+ 1.7%） - 0.2 (−) Real Estate Sales of Overseas Subsidiaries 14.6 17.4 Vietnam 264 units (-217units), Australia 180 lots (+31 lots) Real Estate Sales of Overseas Subsidiaries 3.8 4.1 Real Estate Sales of the Company 10.210.4 Real Estate Sales 14.4 Real Estate Leasing 26.624.2 Others - 0.9- 0.6 23.1 Real Estate Management 5.85.7 Real Estate Leasing of the Company 21.419.8 Profit from existing properties +0.6 billion yen (+2.2%) Real Estate Sales of the Company 68.551.3 Real Estate Leasing 144.6138.1 Increase in percentage rent, revision of rent, etc Real Estate Leasing of the Company 124.0119.7 Revenue from existing properties +3.3 billion yen (+3.1%) Real Estate Sales 86.066.0 Operating Revenue 289.7262.9 (Unit:Billion yen) Change Remarks Real estate Management 37.235.6 Operating Profit 45.943.5 Others 21.7 14.2 ※The number of lots is calculated by multiplying our company's share. ※The number of delivered units is calculated by multiplying our company's share.
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39© 2026 TOKYU CORPORATION All Rights Reserved. Segment Information (3) Life Service (Retail)FY2026 Forecasts ※Regarding “Tokyu Store Chain”, while we previously reported consolidated figures that included three subsidiary companies, starting with the fiscal 2026 forecast (which includes a comparison with fiscal 2025 results), we have switched to reporting Tokyu Store Chain's standalone figures. FY2025 FY2026 Results Forecast + 19.4 （+ 5.8%） + 1.6 （+ 2.7%） + 16.4 （+ 7.7%） + 1.3 （+ 2.1%） + 1.1 （+ 16.5%） - 0.3 （- 31.4%） + 1.1 （+ 30.0%） + 0.4 （+ 18.3%） Operating Profit 8.4 1.1 2.52.1 Others 63.1 212.6 Rate of Change in Sales: All Stores: +6.7% Existing Stores ※only supermarket business +3.9% Others 64.4 Tokyu Store Chain 5.03.8 7.2 Tokyu Department Store 0.8 336.7 Change Remarks Operating Revenue 356.2 60.9 Rate of Change in Sales: All Stores: +1.7% Rate of Change in Total sales (including leasing) : Existing Stores: +1.7% Tokyu Store Chain 229.0 Tokyu Department Store 62.6 (Unit:Billion yen)
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40© 2026 TOKYU CORPORATION All Rights Reserved. Segment Information (4) Life Service (ICT and Media)FY2026 Forecasts FY2025 FY2026 Results Forecast - 0.6 （- 0.3%） - 2.2 （- 6.6%） + 0.0 （+ 0.3%） + 1.0 （+ 2.4%） + 0.4 （+ 0.5%） - 0.6 （- 4.5%） - 0.4 （- 21.0%） - 0.0 （- 2.9%） + 0.3 （+ 38.9%） - 0.5 （- 6.3%） (Unit:Billion yen) Change Remarks Operating Revenue 195.9196.5 Tokyu Recreation 32.134.3 Tokyu Power Supply: 33.1（+0.4） 44.2 its communications 27.127.0 1.5 its communications 3.03.0 Tokyu Agency 45.3 1.9 Others 91.290.8 Operating Profit 14.014.6 Tokyu Recreation Tokyu Agency 1.41.0 Others 8.08.5 Tokyu Power Supply: 5.5（+0.2）
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41© 2026 TOKYU CORPORATION All Rights Reserved. Segment Information (5) Hotel and Resort ▎Key Indicators Occupancy Rates ADR RevPAR（％） （Yen） （Yen） ※Shibuya Area Hotels：Cerulean Tower Tokyu Hotel, SHIBUYA STREAM HOTEL, Shibuya EXCEL HOTEL TOKYU, Shibuya Tokyu REI Hotel （※) “Hotels." includes Tokyu Hotels & Resorts co., Ltd, our company and others. FY2026 Forecasts FY2025 FY2026 Results Forecast + 2.5 （+ 1.8%） + 1.8 （+ 1.5%） + 0.6 （+ 4.3%） + 0.6 （+ 7.1%） + 1.1 （+ 13.9%） - 0.4 （- 43.1%） Others 0.61.1 Hotels （※） 9.78.5 Operating Profit 10.49.7 Others 16.716.0 Hotels（※） 125.1123.3 Operating Revenue 141.9139.3 (Unit:Billion yen) Change Remarks FY2026 FY2026 FY2026 Full Year Forecast Full Year Forecast Full Year Forecast Overall hotel business 80.6 ＋1.0p 27,887 +1,206 22,468 +1,236 Shibuya Area Hotels(※) + The Capitol Hotel Tokyu 78.3 - 0.6p 58,304 +2,632 45,651 +1,734 VS FY2025 VS FY2025 VS FY2025
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42© 2026 TOKYU CORPORATION All Rights Reserved. Statements of Cash FlowFY2026 Forecasts FY2025 FY2026 Results Forecast + 32.4 Free Cash Flow - 47.2 - 14.8 (Unit:Billion yen) Change Remarks CF from Investing Activities CF from Operating Activities 127.7 150.0 + 22.2 - 174.9 - 164.8 + 10.1 Capital Expenditure - 159.3 - 168.7 - 9.3 3.5 13.3 + 9.7 3.6 1.2 - 2.4 Gain on Sale of Assets Subsidies Received for Construction Interest-bearing Debt Net Increase/Decrease CF from Financing Activities 68.3 14.8 - 53.5 92.8 55.2 - 37.6 Dividend Payment, etc. - 25.5 - 37.4 - 11.8 Dividends: -17.4, Repurchase of Shares; -20.0 【Previous period】Dividends: -15.5, Repurchase of Shares; -10.0 Interest-bearing Debt at End of Period 1,384.7 1,440.0 + 55.2 Interest-bearing Debt/ TOKYU EBITDA Multiple: 6.1times(+0.0) 1,356.5 + 55.2 Net Interest-bearing Debt/ EBITDA Multiple: 6.6times(-0.2)1,301.2Net interest-bearing Debt at End of Period
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43© 2026 TOKYU CORPORATION All Rights Reserved. Capital Expenditure / Depreciation ※ Capital expenditures are amounts stated in segment information (capital expenditures made) and might be different from figures in the statements of cash flow, which consider accounts payable at the end of the fiscal year. FY2026 Forecasts FY2025 FY2026 Results Forecast - 10.6 （- 5.9%） + 2.0 （+ 3.0%） - 28.3 （- 43.0%） + 11.1 （+ 32.1%） + 0.3 （+ 2.7%） + 10.7 （+ 53.6%） + 0.3 （+ 3.2%） - 8.5 （- 10.1%） + 6.5 （+ 7.4%） (Unit:Billion yen) Change Remarks Transportation 68.8 70.9 Total Capital Expenditure 179.9 169.3 Real Estate 65.9 37.6 Total Life Service 34.8 46.0 ICT and Media 20.1 30.9 Retail 14.7 15.1 Hotel and Resort 12.1 12.5 Elimination - 4.8 Headquarters 88.5 95.1 Transportation: 41.7 (+1.7) ; Real Estate: 27.1 (+1.0) ; Life Service: 20.9 (+3.4) ; Hotel and Resort: 5.4 (+0.1) 3.1 3.8 + 0.6 84.0 75.5 Total Depreciation and Amortization - 1.5 + 3.3 Expenses on Sale of Houses and Lots
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Tokyu Corporation Finance & Accounting Strategy Division Accounting & IR Group The related documents are also available at the following URL. https://ir.tokyu.co.jp/en/ir.html 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 information currently available. Actual results may differ materially from the statements. Forward-looking statements