Interim report
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Note : This document has been translated from the Japanese original for reference purposes only . In the event of any discrepancy between this translated document and the Japanese original , the original shall prevail . Consolidated Financial Results for the Three Months Ended June 30 , 2026 ( Under Japanese GAAP ) Company name : Keio Corporation Listing : Tokyo Stock Exchange Securities code : 9008 URL : https://www.keio.co.jp/ Representative : Satoshi Tsumura Inquiries : Kei Miyabe Telephone : + 81-42-337-3135 Scheduled date to commence dividend payments : - Preparation of supplementary material on financial results : Yes Holding of financial results briefing : Yes August 6 , 2026 President , Representative Director and Executive Officer General Manager , Investor Relations Office FASF ( Yen amounts are rounded down to millions , unless otherwise noted . ) 1. Consolidated financial results for the three months ended June 30 , 2026 ( from April 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated operating results ( cumulative ) ( Percentages indicate year - on - year changes . ) Profit attributable to owners of parent Three months ended June 30 , 2026 Operating revenue Millions of yen 123,161 Operating profit Ordinary profit % Millions of yen % Millions of yen % Millions of yen % 8.3 16,180 ( 2.9 ) 16,162 June 30 , 2025 113,738 8.6 16,669 ( 1.3 ) 16,807 ( 3.8 ) ( 1.3 ) 11,710 ( 2.2 ) 11,976 ( 17.7 ) Note : Comprehensive income For the three months ended June 30 , 2026 : For the three months ended June 30 , 2025 : ¥ 17,276 million [ 28.9 % ] ¥ 13,400 million ( 15.2 ) % ] Basic earnings per share Three months ended June 30 , 2026 Yen 20.23 20.25 Diluted earnings per share Yen June 30 , 2025 Note : The Company conducted a 5 - for - 1 stock split of its common shares effective on April 1 , 2026. Basic earnings per share was calculated as though the stock split had been conducted at the beginning of the fiscal year ended March 31 , 2026 . ( 2 ) Consolidated financial position As of Total assets Net assets Equity - to - asset ratio Millions of yen 1,171,666 1,199,857 Millions of yen 455,076 % 38.8 444,207 37.0 As of June 30 , 2026 : ¥ 454,711 million As of March 31 , 2026 : ¥ 443,840 million June 30 , 2026 March 31 , 2026 Reference : Equity
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2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended - 55.00 - 55.00 110.00 March 31, 2026 Fiscal year ending - March 31, 2027 Fiscal year ending March 31, 2027 (Forecast) 11.00 - 11.00 22.00 Note: Revisions to the forecast of cash dividends most recently announced: None Note: Breakdown of the first quarter dividend for the fiscal year ending March 31, 2027 : Commemorative dividend - yen Special dividend - yen Note: The Company conducted a 5 -for-1 stock split of its common shares effective on April 1, 2026. The figures shown above for dividends for the fiscal years ended March 31, 2026 represent the actual amounts of dividends paid before the stock split. 3. Consolidated financial result forecasts for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027) (Percentages indicate year-on-year changes.) Operating revenue Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 504,000 1.4 51,000 (2.5) 47,800 (6.6) 43,000 0.2 74.28 Note: Revisions to the financial result forecast most recently announced: None * Notes (1) Significant changes in the scope of consolidation during the period: None Newly included: - companies( ) Excluded: - companies( ) (2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes Note: See “(3) Notes to Quarterly Consolidated Financial Statements (Application of special accounting treatment in preparing the quarterly consolidated financial statements)” in the [Attachments] on Page 7. (3) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of June 30, 2026 586,018,150 shares As of March 31, 2026 598,508,650 shares (ii) Number of treasury shares at the end of the period As of June 30, 2026 7,135,020 shares As of March 31, 2026 19,625,045 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Three months ended June 30, 2026 578,883,150 shares Three months ended June 30, 2025 591,318,290 shares Note 1: The Company conducted a 5-for-1 stock split of its common shares effective on April 1, 2026. Number of issued shares (common shares) were calculated as though the stock split had been conducted at the beginning of the fiscal year ended March 31, 2026.
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Note 2: The number of the Company’s shares held by the Officer Compensation Trust Account included within the number of treasury shares is as follows: 1Q FYE March 2027: 453,500 shares FYE March 2026: 453,500 shares Note 3: On March 26, 2026, the Company resolved at a meeting of the Board of Directors to cancel treasury shares effective April 30, 2026. After the cancellation, the total number of issued shares stands at 586,018,150. * Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None * Proper use of earnings forecasts, and other special matters The earnings forecasts and outlines on future performance noted in these materials include projections based on certain forecasts/assumptions made at the time of publication. Actual performance may differ from forecast figures due to various factors. See “FY2026 1st Quarter Financial Results Supplementary Materials” disclosed on TDnet today for information concerning earnings forecasts.
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―1― Contents of Attachments 1.Overview of operating results, etc. ……………………………………………………………………………………… 2 2.Quarterly Consolidated Financial Statements and Primary Notes ………………………………………………………… 3 (1) Quarterly Consolidated Balance Sheet ………………………………………………………………………………… 3 (2) Quarterly Consolidated Statements of Income and Comprehensive Income ……………………………………………5 (3) Notes to Quarterly Consolidated Financial Statements ………………………………………………………………… 7 (Application of special accounting treatment in preparing the quarterly consolidated financial statements) …………7 (Segment Information, etc.) …………………………………………………………………………………………… 7 (Note on Significant Changes in Shareholders’ Equity) ……………………………………………………………………7 (Premise of an Ongoing Concern) ………………………………………… …………………………………………… 7 (Statement of Cash Flows) ………………………………………………… ……………………………… ……………8
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―2― 1. Overview of operating results, etc. See “FY2026 1st Quarter Financial Results Supplementary Materials” disclosed on TDnet today for the overview.
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―3― 2.Quarterly Consolidated Financial Statements and Primary Notes (1)Quarterly Consolidated Balance Sheet (Millions of yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and deposits 47,793 33,550 Notes and accounts receivable - trade, and contract assets 77,088 47,089 Merchandise and finished goods 64,282 54,935 Work in process 113,381 130,452 Raw materials and supplies 2,718 2,716 Other 11,312 13,039 Allowance for doubtful accounts (21) (21) Total current assets 316,555 281,761 Non-current assets Property, plant and equipment Buildings and structures, net 321,797 319,346 Machinery, equipment and vehicles, net 40,470 42,809 Land 222,049 222,254 Construction in progress 123,487 124,527 Other, net 17,289 13,439 Total property, plant and equipment 725,094 722,377 Intangible assets 24,499 23,847 Investments and other assets Investment securities 97,926 107,015 Retirement benefit asset 16,675 16,719 Deferred tax assets 3,129 3,121 Other 16,095 16,944 Allowance for doubtful accounts (119) (119) Total investments and other assets 133,707 143,680 Total non-current assets 883,301 889,904 Total assets 1,199,857 1,171,666
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―4― (Millions of yen) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Notes and accounts payable - trade 25,206 18,386 Short-term borrowings 110,889 106,786 Commercial papers 9,986 29,964 Income taxes payable 12,360 5,284 Advances received 52,570 52,683 Contract liabilities 14,990 18,031 Provision for bonuses 5,040 3,081 Other provisions 3,072 3,214 Other 95,937 54,573 Total current liabilities 330,054 292,007 Non-current liabilities Bonds payable 175,000 175,000 Long-term borrowings 173,179 169,580 Deferred tax liabilities 5,170 7,709 Retirement benefit liability 16,005 16,031 Asset retirement obligations 22,920 22,970 Other provisions 1,003 779 Other 32,314 32,511 Total non-current liabilities 425,595 424,583 Total liabilities 755,650 716,590 Net assets Shareholders' equity Share capital 59,023 59,023 Capital surplus 31,900 31,900 Retained earnings 328,621 324,518 Treasury shares (14,958) (5,517) Total shareholders' equity 404,587 409,924 Accumulated other comprehensive income Valuation difference on available-for-sale securities 33,518 39,301 Foreign currency translation adjustment 20 21 Remeasurements of defined benefit plans 5,715 5,464 Total accumulated other comprehensive income 39,253 44,786 Non-controlling interests 366 365 Total net assets 444,207 455,076 Total liabilities and net assets 1,199,857 1,171,666
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―5― (2) Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statement of Income For the Three-Month Period (Millions of yen) For the three months ended June 30, 2025 For the three months ended June 30, 2026 Operating revenue 113,738 123,161 Operating expenses Operating expenses and cost of sales of transportation 82,313 91,581 Selling, general and administrative expenses 14,756 15,399 Total operating expenses 97,069 106,980 Operating profit 16,669 16,180 Non-operating income Interest income 17 45 Dividend income 1,071 1,158 Share of profit of entities accounted for using equity method 115 90 Miscellaneous income 204 173 Total non-operating income 1,408 1,469 Non-operating expenses Interest expenses 1,121 1,307 Miscellaneous expenses 148 179 Total non-operating expenses 1,269 1,486 Ordinary profit 16,807 16,162 Extraordinary income Compensation income 0 851 Contribution received for construction 176 125 Gain on sale of shares of subsidiaries and associates 266 - Other 44 52 Total extraordinary income 487 1,029 Extraordinary losses Loss on tax purpose reduction entry of non-current assets 172 117 Loss on retirement of non-current assets 120 72 Loss on sale of non-current assets 87 - Other 0 111 Total extraordinary losses 380 301 Profit before income taxes 16,914 16,890 Income taxes 4,920 5,146 Profit 11,994 11,743 Profit attributable to non-controlling interests 17 32 Profit attributable to owners of parent 11,976 11,710
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―6― Quarterly Consolidated Statement of Comprehensive Income For the Three-Month Period (Millions of yen) For the three months ended June 30, 2025 For the three months ended June 30, 2026 Profit 11,994 11,743 Other comprehensive income Valuation difference on available-for-sale securities 1,407 5,781 Deferred gains or losses on hedges 83 - Remeasurements of defined benefit plans, net of tax (83) (250) Share of other comprehensive income of entities accounted for using equity method (1) 1 Total other comprehensive income 1,406 5,532 Comprehensive income 13,400 17,276 Comprehensive income attributable to Comprehensive income attributable to owners of parent 13,382 17,243 Comprehensive income attributable to non-controlling interests 17 32
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―7― (3) Notes to Quarterly Consolidated Financial Statements (Application of special accounting treatment in preparing the quarterly consolidated financial statements) Calculation of tax expenses Tax expenses are calculated by producing a reasonable estimate of the effective tax rate after application of tax effect accounting to profit before income taxes for the consolidated fiscal year, including the first quarter, and multiplying profit before income taxes for the quarter by the effective tax rate. (Segment Information, etc.) Previous consolidated fiscal year (April 1, 2025 to June 30, 2025) 1. Operating revenues and profit (loss) by segment (Millions of yen) Transportation Real Estate Hotels Construction and Maintenance Life Services Total Adjustments (Note 1) Amount recorded on the consolidated statements of income (Note 2) Operating revenues 33,447 23,125 15,515 14,462 34,880 121,430 (7,691) 113,738 Segment profit (loss) 6,178 4,802 3,930 247 1,449 16,607 61 16,669 Note 1: The adjustment to segment profit is the intersegment elimination. Note 2: Segment profit (loss) is adjusted to match the operating profit on the consolidated statements of income. Consolidated fiscal year under review (April 1, 2026 to June 30, 2026) 1. Operating revenues and profit (loss) by segment (Millions of yen) Transportation Real Estate Hotels Construction and Maintenance Life Services Total Adjustments (Note 1) Amount recorded on the consolidated statements of income (Note 2) Operating revenues 34,512 33,358 16,012 12,220 34,747 130,850 (7,689) 123,161 Segment profit (loss) 5,198 5,803 3,970 163 937 16,073 106 16,180 Note 1: The adjustment to segment profit is the intersegment elimination. Note 2: Segment profit (loss) is adjusted to match the operating profit on the consolidated statements of income. (Note on Significant Changes in Shareholders’ Equity) Pursuant to a resolution by the Board of Directors on March 2 6, 2026, the Company cancelled 12,490,500 shares of treasury stock effective April 30, 2026. As a result, retained earnings decreased by 9,441 million yen, and treasury stock by 9,441 million yen. As of the end of the first quarter, retained earnings totaled 324,518 million yen, and treasury stock 5,517 million yen. (Premise of an Ongoing Concern) Not applicable
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―8― (Statement of Cash Flows) We have not prepared a statement of cash flows for the first quarter of the consolidated fiscal year under review. Depreciation and amortization (including amortization of intangible assets, excluding goodwill) and amortization of goodwill for the first quarter of the consolidated fiscal year were as follows. (Millions of yen) Previous consolidated fiscal year (April 1 to June 30, 2025) Consolidated fiscal year under review (April 1 to June 30, 2026) Depreciation and amortization 8,262 9,519 Amortization of goodwill 40 40