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Nov 11, 2025 Hankyu Hanshin Holdings Group Results Briefing Materials for Financial Results for the First Half of Fiscal 2026 (Ending March 2026)
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1 Contents Ⅰ. Executive Summary P2 Ⅱ. Performance Highlights for the First Half of Fiscal 2026 (Ending March 2026) (Interim Period) P8 Ⅲ. Forecasts for Fiscal 2026 (Ending March 2026) P28 * The information is also available on our corporate website: https://www.hankyu-hanshin.co.jp/en/ir/library/presentations/ ＜Separate Document: Reference Data＞ （1）Long-Term Management Plan （2）Progress in Each Project （3）Sustainable Management （4）Other Business forecasts and other projections herein are based on information available at present and logical assessments and do not represent any promise by the Company. The actual results may differ significantly from these projections due to various factors.
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2 Ⅰ. Executive Summary
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3 534.7 598.8 400 500 600 H1 FY2025 Results H1 FY2026 Results 67.5 +2.7 +8.2 +1.3 -0.1 +2.0 +2.3 +0.8 84.7 +28.4 +3.7 +0.6 +20.7 +1.9 +2.5 534.7 +6.3 598.8 Overview of H1 FY2026 performance Operating revenue Business profit Travel International Transportation Other and Adjustment Information and Communication Technology EntertainmentReal Estate Urban Transportation (¥ billion) International Transportation Other and Adjustment Information and Communication Technology EntertainmentReal EstateUrban Transportation (¥ billion) 67.5 84.7 60 70 80 H1 FY2025 Results H1 FY2026 Results +64.2billion +17.2billion H1 FY2026 Results H1 FY2025 Results (¥ billion） +64.2billion +17.2billion Revenue and profit increased as a result of strong performance in the Sports business following the Hanshin Tigers’ victory in the league championship, an increase in overseas travel in the Travel segment, in addition to demand captured in the Urban Transportation segment and Hotel business in association with the Expo 2025 Osaka, Kansai, Japan, together with condominium sales exceeding the level recorded in the same period of the previous year in the Real Estate segment. H1 FY2026 Results H1 FY2025 Results (¥ billion） Travel
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4 (¥ billion ） 1,106.9 1,200.0 1,200.0 1,000 1,100 1,200 FY2025 Reslts FY2026 Forecasts (As of Jul.) FY2026 Forecasts (As of Oct.) 112.1 124.0 129.0 100 110 120 130 FY2025 Resluts FY2026 Forecasts (As of Jul.) FY2026 Forecasts (As of Oct.) 124.0 129.0 +1.1 +0.0 +2.3 +0.1 +0.1 +0.7 +0.7 1,200.0 +0.1 -10.8 +6.6 +0.4 ±0 ±0 +3.7 1,200.0 Overview of FY2026 full-year forecasts Operating revenue Business Profit TravelInformation and Communication Technology Entertainment Information and Communication Technology Entertainment FY2026 Forecasts (As of Oct.) FY2026 Forecasts (As of Jul.) +5billion FY2026 Forecasts (As of Oct.) FY2026 Forecasts (As of Jul.) (¥ billion ） +5billion While revenue is expected to remain in line with July projections due to a review of the sales timing for short-term recovery properties in the Real estate business, profits is forecasted to increase due to extremely strong performance across many business areas, including the Sports business, which has been buoyed by the Hanshin Tiger’s league championship win. ±0billion (¥ billion ） (¥ billion ） Urban Transportation Urban Transportation Real Estate Real Estate Travel International Transportation International Transportation Other and Adjustment Other and Adjustment
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5 Special Factors Affecting FY2026 Full-year Results While the Expo venue at Yumeshima is not part of our line-side area, the Expo invigorated travel across the Kansai region, which had a positive impact on the Group. Additionally, the Expo served as a catalyst driving up travel to the Kansai region. As a Group, we will continue to work to attract visitors to Kansai by developing initiatives to foster interest in repeat travel to Kansai. Commemorating the 90th year since its founding, the Hanshin Tigers won the 2025 JERA Central League championship title for the first time in two years in September. Together with efforts to expand and solidify our fan base, we are working to drive further growth in the Baseball business by strengthening player development aimed at cultivating a strong team, leveraging the new farm team facility, the ‘Zero-Carbon Baseball Park,’ which opened in March 2025. We will continue to assess the impact of the Climax Series, the Japan Series, and the sale of championship- related merchandise moving forward. Impact from the World Expo 2025 Osaka, Kansai Hanshin Tigers’ league championship win Overview Schedule： April 13 to October 13, 2025 （184days） Venue： Yumeshima, Osaka Number of Visitors： 29.02 million Impact on profit The Group estimates that the Expo will deliver an impact on Group-wide profit in the range of ¥5 billion through to the end of the first half of FY2026, centered on the Urban Transportation segment and Real Estate segment (particularly the Hotel business). Segment Main details Urban Transportation Increase in ridership and fare income in the Railway business, and services connecting major stations and facilities to the Expo venue in the Bus business Real Estate Increase in the ADR in the Hotel business Travel The receipt of transportation support service contracts related to the Expo venue Provided by Expo2025
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6 Prepared internally based on maps issued by the Geographical Survey Institute （https://maps.gsi.go.jp/vector/#16.363/34.703992/135.499307/&ls=vblank&di sp=1&d=l） Progress Toward Initiatives Related to the Business Strategy Outlined in the Long-Term Management Plan Higashi Hankyu Building Redevelopment Plan THE SUMO LIVE RESTAURANT HIRAKUZA GINZA TOKYO Hankyu Osaka-umeda Station Osaka Metro Umeda Station Hanshin Osaka-Umeda Station JR Osaka Station Hankyu Department Store Umeda Main Store Hankyu Terminal Building (Head office of Hankyu Hanshin Properties) this project site In the Sports business, we operate the entertainment brand ‘HIRAKUZA,’ which puts a spotlight on new ways to enjoy Japanese culture, primarily targeting inbound travelers. In May 2024, we opened ‘THE SUMO HALL HIRAKUZA OSAKA,’ a sumo entertainment show hall under the same brand name, which has attracted significant attendance from inbound travelers. In January 2026, we are poised to launch ‘THE SUMO LIVE RESTAURANT HIRAKUZA GINZA TOKYO,’ which will serve as the second sumo entertainment show hall located in Ginza, Tokyo, and powerfully broadcast the appeal of Japan's celebrated Sumo and Washoku to the world. In response to the deterioration of the ‘Higashi Hankyu Building’ (an office building constructed in 1966), the building is set to be demolished and redeveloped as an office building with 10 above-ground floors, and one below-ground floor (scheduled for completion in December 2027, to be occupied by Hankyu Hanshin Properties). The new building is conveniently located with easy station access, and features a diverse range of commercial facilities, including ‘HEP FIVE’ and ‘HEP NAVIO’, and dining establishments in its vicinity. Retail spaces will be incorporated into the ground floor of the building to ensure seamless integration with the surrounding area promoting flow-through design and reinvigorating the Osaka-Umeda area.
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7 Main core companies Group Management Committee Risk Management DivisionGroup Auditing Division •Establishment of various basic policies rules, etc. •Establishment of Corporate Ethics Consultation Desk (contact in whistleblower system) •Conducting various surveys (Personnel and labor relations surveys, risk surveys, etc.) •Allocation of management resources Our Group Governance System (directors and auditors from outside the Group are elected at each main core company) Hankyu Hanshin Holdings Hankyu Corporation Audit Department ReportDirector from outside the Group Audit & Supervisory Board Members from outside the Group Business Department Subsidiary Administrative Department Board of Directors Audit Support Restraint Hanshin Electric Railway Audit Department ReportDirector from outside the Group Audit & Supervisory Board Members from outside the Group Business Department Subsidiary Administrative Department Board of Directors Audit Support Restraint Hankyu Hanshin Properties Audit Department ReportDirector from outside the Group Audit & Supervisory Board Members from outside the Group Business Department Subsidiary Administrative Department Board of Directors Audit Support Restraint Management Measures (examples) Board of Directors Outside directors Audit & Supervisory Committee Members (outside) Reporting/approval of important matters Cooperation In June 2025, we established a new Board structure, appointing Outside Directors and Auditors at core companies, and in July 2025, we incorporated the Takarazuka Revue as a joint-stock corporation in order to further enhance the effectiveness of reforms implemented by the Takarazuka Revue. Authority is delegated to operating companies to accelerate pursuit of business strategy, based on the premise of strengthening the Group governance system as described above. Director and Audit & Supervisory Board members from outside the group newly elected Director from outside the Group newly elected Rebuilding Our Group Governance Progress Toward Governance Initiatives in the Long-Term Management Plan
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8 Ⅱ. Performance Highlights for the First Half of Fiscal 2026 (Ending March 2026)
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9 Consolidated Statements of Income (Summary) ( ) [ ] [Business profit] [84,664] [67,483] [+17,181] ( H1 FY2026 Results FY2025 Results Consolidated Subsidiaries 112 companies 111 companies Equity-Method Affiliates 14 companies 13 companies Total 126 companies 124 companies 10,869 12,405 -1,536 9,809 8,335 +1,474 (¥ million) H1 FY2026 Results H1 FY2025 Results Operating revenue 598,833 534,656 +64,176 Operating profit 84,075 66,797 +17,278 ) Ordinary profit 85,135 70,867 +14,267 +20.1%( [Reference] +5.9%( 2,440 1,820 +619 7,596 3,561 +4,035 -6,064 -4,611 -1,453 1,302 1,071 +230 53,875 50,878 +2,997 7,366 5,683 +1,683 Note: Business profit = Operating profit + Equity-method gains/losses related to overseas business investments Change +1 (4 companies increase, 3 companies decrease) +1 (1 company increase) +2 companies Change Non-operating income Non-operating expenses Extraordinary income Extraordinary losses Profit attributable to owners of parent Interest and dividend income (1) Interest expenses (2) +12.0% +25.9% +25.5% Depreciation and amortization 33,756 31,397 +2,359 Financial balance (1) - (2) ) ) Remarks For details, please see P4. Share of profit of entities accounted for using equity method -2,086 Interest expenses +1,683 Provision for loss on removal of property and equipment +6,265 Loss on change in equity -2,036 P10.
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10 Consolidated Statements of Income (Breakdown for each business segment) Key results in current period Revenue and profit increased as a result of strong performance in the Sports business following the Hanshin Tigers’ victory in the league championship, an increase in overseas travel in the Travel segment, in addition to demand captured in the Urban Transportation segment and Hotel business in association with the Expo 2025 Osaka, Kansai, Japan, together with condominium sales exceeding the level recorded in the same period of the previous year in the Real Estate segment. Note: 1) Business profit = Operating profit + Equity-method gains/losses related to overseas business investments 2) Effective from FY2026, the revenue and expenses of certain subsidiaries engaged in the Retailing business within the Urban Transportation segment are now presented under the Other segment. The figures for the corresponding period of the previous year have been reclassified accordingly for comparison purposes. 29,080 +8,276 [37,946] -1,652 +2,329 28,392 Operating profit [Business profit] [+8,180] Change 1,397+2,328 598,833 -21,144 +189 -2,738 -3,173 534,656 +6,339 22,388 19,705 1,045 [29,766] Change 108,391 +1,968 -20,954 51,766 49,827 +1,938 677 H1 FY2025 Results 30,721 +3,694 16,287 14,943 +1,344 2,049 -110 54,683 50,989 191,390 163,014 +28,375 4,798 31,037 151,796 30,435 +602 1,939 131,088 +20,707 6,767 +352 102,052 H1 FY2026 Results H1 FY2025 Results 66,797 +17,278 [84,664] [67,483] [+17,181] (¥ million) Urban Transportation Real Estate Entertainment Information and Communication Technology Travel International Transportation Other Adjustment Total 37,357 +2,682 +434 +64,176 84,075 Operating revenue H1 FY2026 Results
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11 Urban Transportation Results Revenue and profit increased, driven by factors such as the Expo 2025 Osaka, Kansai, Japan, higher passenger volumes on the Hankyu and Hanshin railway lines, and an increase in transportation revenue in the Automobile business. [Breakdown by type of business] (¥ million) H1 FY2026 Results H1 FY2025 Results Change % Operating revenue 108,391 102,052 +6,339 +6.2% Operating profit 22,388 19,705 +2,682 +13.6% (¥ billion) Opertating revenue Operating profit H1 FY2026 Results H1 FY2025 Results Change H1 FY2026 Results H1 FY2025 Results Change Railway 80.5 76.4 +4.1 22.6 21.0 +1.6 Automobile 24.2 22.0 +2.2 2.7 1.2 +1.5 Retailing 4.4 4.3 +0.0 0.9 0.9 +0.0 Others 3.3 3.5 -0.2 0.1 0.2 -0.1 Note: Not including head office expenses / adjustments.
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12 [Urban Transportation] Railway Performance Results
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13 Totals for commuter passes and other tickets Q1 Q2 Total FY2026 Results 9,601 9,865 19,467 FY2025 Results 8,973 9,046 18,020 Change ＋628 ＋818 ＋1,446 (%) ＋6.9 ＋9.0 ＋8.0 [Urban Transportation] Transportation Revenue (Factors of YoY Change) Transportation revenue (tier 1 + tier 2) Hanshin Electric RailwayHankyu Corporation Transportation revenue (tier 1 + tier 2) Factors of YoY Change (estimated) ・ Impact of increased transportation demand (including inbound travel) +1,031million ・Impact of Expo 2025 +696million ・Impact of seat reservation fees (PRiVACE) +194million and others Factors of YoY Change (estimated) ・Impact of increased transportation demand (including inbound travel) +782million ・Impact of Expo 2025 +381million ・Impact of collecting barrier-free charges for railway stations +150million and others (¥ million) Totals for commuter passes and other tickets Q1 Q2 Total FY2026 Results 25,065 24.576 49,642 FY2025 Results 24,059 23,349 47,409 Change +1,005 +1,227 +2,232 (%) +4.1 +5.2 +4.7 (¥ million)
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14 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 H1 FY2026 Commuter passes 11,372 11,563 11,797 12,024 12,327 10,476 10,628 11,096 12,010 12,449 6,545 Other tickets 21,035 21,136 21,638 22,030 21,665 13,725 15,397 19,365 22,242 23,065 12,922 Total 32,407 32,699 33,436 34,054 33,993 24,202 26,026 30,462 34,253 35,515 19,467 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 H1 FY2026 Commuter passes 32,272 32,628 33,198 33,456 34,119 28,093 28,654 29,900 32,244 33,013 17,192 Other tickets 62,920 62,720 63,137 63,059 61,887 40,982 45,422 54,908 60,674 62,265 32,449 Total 95,192 95,348 96,335 96,516 96,007 69,075 74,077 84,809 92,919 95,278 49,642 [Urban Transportation] Referential Information Hanshin line / Transportation revenue (tier 1 + tier 2) Hankyu line / Transportation revenue (tier 1 + tier 2) 100% 100% 101% 101% 101% 73% 78% 89% 98% 100% FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2016＝100％ 100% 101% 103% 105% 105% 75% 80% 94% 106% 110% FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2016＝100％ (¥ million) (¥ million)
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15 Real Estate Results Revenue and profit increased, driven by an increase in condominium sales year-on-year in the Real estate sales business, while the Real estate leasing business continued to perform steadily across properties. In addition, the sale of a short-term recovery based logistics facility during the period contributed to performance, together with strong results in the Hotel business's accommodation operations and growth in the Overseas real estate business. [Breakdown by type of business] 2) Business profit = Operating profit + Equity-method gains/losses related to overseas business investments 3) Beginning in FY2026, business names within the Real Estate segment have been revised from “Real estate leasing” to “Real estate leasing and others, ” and “Real estate sales and others” to “Housing,” respectively. Additionally, revenue and expenses previously included under “Real estate sales and others, such as those from property management, building maintenance, real estate funds, and REITs, will now be included under “Real estate leasing and others.” (¥ billion) Opertating revenue Operating profit H1 FY2026 Results H1 FY2025 Results Change H1 FY2026 Results H1 FY2025 Results Change (¥ million) H1 FY2026 Results H1 FY2025 Results Change % Operating revenue 191,390 163,014 +28,375 +17.4% 25.7 23.9 +1.8 Housing 72.9 55.9 +16.9 13.9 7.4 +6.5 Real estate leasing and others 97.9 89.6 +8.3 Overseas real estate 6.3 4.4 +1.9 Hotel 34.1 31.2 +3.0 2.4 2.0 +0.4 Note: 1) Not including head office expenses / adjustments. [+0.8] Comparative figures for the same period of the previous fiscal year have also been restated accordingly. Operating profit 37,357 29,080 +8,276 +28.5% [Business profit] [37,946] [29,766] [+8,180] [+27.5%] 2.7 1.9 +0.8 [3.3] [2.6]
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16 [Real Estate] Referential Information Leasable area（at the end of fiscal year ） 600 700 800 900 1,000 1,100 1,200 1,200 1,400 1,600 1,800 2,000 2,200 2,400 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Leasable area (left axis) Osaka-Umeda area only (right axis) ［1,000㎡］ ［1,000㎡］ [Grand Green Osaka] [Osaka Umeda Twin Towers South] 780,000㎡ 1,710,000㎡ Start of work on PhaseⅠ of Osaka Umeda Twin Towers South Completion of Osaka Umeda Twin Towers South Phase I, Start of work on Phase II, Partial sale of stake of Grand Front Osaka Completion of Osaka Umeda Twin Towers South Phase II Acquired Lalaport Koshien (site) 1,020,000㎡ 2,360,000㎡ Completion of Grand Green Osaka
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17 31.4% 36.9% 37.0% 40.6% 45.6% 44.8% 1.9% 5.7% 33.2% 71.2% 75.8% 77.3% 77.5% 25.0% 38.6% 38.1% 42.3% 39.9% 37.6% 0.4% 0.3% 11.4% 45.4% 55.3% 56.2% 54.3% FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 H1 FY2025 FY2025 H1 FY2026 Tokyo metropolitan area Kansai area 15,853 17,221 16,665 15,449 16,654 16,167 11,830 8,968 12,782 20,416 22,462 23,759 23,690 11,616 14,619 14,140 13,549 13,748 12,550 10,287 8,358 11,912 16,541 18,275 19,334 24,026 88.6% 90.5% 90.8% 88.7% 90.9% 79.7% 16.8% 40.9% 73.9% 88.5% 88.4% 88.6% 85.9%92.2% 93.9% 94.3% 95.4% 90.9% 80.6% 28.9% 46.8% 73.1% 89.2% 86.7% 86.5% 87.1% FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 H1 FY2025 FY2025 H1 FY2026 Tokyo metropolitan area ADR (￥) Kansai area ADR (￥) Tokyo metropolitan area occupancy rate Kansai area occupancy rate *1 The data omits the COVID-related temporary closures of some hotels. *2 Since FY2020, we started reporting the earnings of overseas online travel agents on a gross basis, rather than on a net basis as before. The new method (gross basis) has been applied retroactively to the previous fiscal year. Average daily rate (ADR) and occupancy rate *1 Non-Japanese guests as a percentage of overnight-stay guests Total figures for H1 FY2026 Occupancy rate 86.7 % （-0.5P from previous year） Average daily rate (ADR) ¥23,923 （+¥4,431 from previous year） 60.8% （±0.0P from previous year ） Total figures for H1 FY2026 [Real Estate] Referential Information *2 *2
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18 Entertainment Results Revenue and profit in the Stage business decreased following a decline in the number of performances at the Umeda Arts Theater and a decline in the sales of Takarazuka Revue-related merchandise, despite an increase in the number of Takarazuka Revue performances. Despite this, revenue and profit for the Entertainment segment as a whole increased following strong performance in the Sports business on the back of the Hanshin Tigers’ league championship win. [Breakdown by type of business] +3.9 15.7 13.9 +1.8 % +7.2% +9.0% H1 FY2025 Results (¥ million) H1 FY2026 Results H1 FY2025 Results Change Operating revenue 54,683 50,989 +3,694 Operating profit 16,287 14,943 +1,344 (¥ billion) Opertating revenue Operating profit H1 FY2026 Results H1 FY2025 Results Change H1 FY2026 Results Stage 16.4 16.6 -0.2 1.7 2.0 -0.3 Change Sports 38.2 34.3 Note: Not including head office expenses / adjustments.
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19 * “Admissions” indicates the actual number of admissions for a given season (calendar year). *1 Audiences who paid to see performance screened live in cinema *2 Audiences who paid to view livestream performance on home TV or device (started from FY2021) [Entertainment] Referential Information Hanshin Tigers Home Game : Admission numbers ＊ Takarazuka Revue : Audience numbers Number of shows （thousands of people） Takarazuka Grand Theater: 207 (+39 from previous year) Tokyo Takarazuka Theater: 209 (+15 from previous year) ・We implemented changes to the performance schedule for certain performances in the first half of FY2025, in addition to performed works and seat pricing. 70 (-2 from previous year) Number of regular season games 2017 2018 2019 2020 2021 2022 2023 H1 2024 2024 H1 2025 Admissions (Thousands of people) 3,035 2,899 3,091 518 749 2,619 2,916 3,010 3,010 2,920 Ranking 2 6 3 2 2 3 1 2 2 1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 H1 FY2025 FY2025 H1 FY2026 Total 2,996 3,128 2,991 1,565 2,727 2,781 2,737 1,468 2,817 1,451 Takarazuka Grand Theater 1,191 1,207 1,106 485 904 925 823 445 904 543 Tokyo Takarazuka Theater 992 990 917 460 785 801 815 410 841 442 Other Theaters 619 598 572 200 428 474 482 275 487 191 Live screening *1 Live streaming *2 195 333 396 420 610 581 616 339 585 275
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20 Information and Communication Technology Results While gains in Internet service subscribers in the Broadcast and communications business, and orders related to transportation terminal management systems in the Information services business led to an increase in revenue, profit decreased as a result of higher expenses. 1,939 2,049 -110 -5.4% Operating profit (¥ million) H1 FY2026 Results H1 FY2025 Results Change % Operating revenue 31,037 30,435 +602 +2.0%
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21 201.1 186.9 206.6 229.8 203.3 2.5 5.9 34.1 117.5 165.9 132.5 129.0 136.1 136.7 128.6 55.9 43.4 119.7 150.3 160.9 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Travel Results Billings (¥ billion) * The figures from FY2016 to FY2023 represent the aggregate amounts from the two companies above as well as from Hanshin Travel International (offsetting intercompany transactions). The figures from FY2024 and beyond represent the aggregate amounts from Hankyu Travel International and Hankyu Hanshin Business Travel (offsetting intercompany transactions). 84.1 96.7 82.7 88.2 H1 FY2025 H1 FY2026 Domestic travel Overseas travel Revenue and profit increased, driven by a rise in long-distance tour bookings to Europe and other overseas regions, steady performance in domestic travel, and the receipt of transportation support service contracts related to the Expo 2025 Osaka, Kansai, Japan. (¥ million) H1 FY2026 Results H1 FY2025 Results Change % Operating revenue 151,796 131,088 +20,707 +15.8% Operating profit 6,767 4,798 +1,968 +41.0%
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22 International Transportation Results 57,165 62,225 72,217 76,802 46,484 43,964 66,302 55,434 34,643 34,836 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 16,916 17,739 H1 FY2025 H1 FY2026 Air export consolidated freight weight (from Japan) （unit: ton） Revenue and profit increased, driven by a recovery in air freight across Japan, East Asia, and ASEAN regions. (¥ million) H1 FY2026 Results H1 FY2025 Results Change % Operating revenue 51,766 49,827 +1,938 +3.9% Operating profit 677 -1,652 +2,329 ―
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23 Consolidated Statement of Income (Non-operating Income and Expenses)
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24 Consolidated Statement of Income (Extraordinary Income and Losses)
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25 Consolidated Statement of Income (Profit attributable to owners of parent)
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26 Consolidated Balance Sheets H1 FY2026 Results FY2025 Results Change Remarks Current assets 661,482 618,119 +43,363 Land and buildings for sale +48,925 Non-current assets 2,684,850 2,665,334 +19,515 Investment securities +27,118 Property, plant and equipment and intangible assets -8,103 Total assets 3,346,333 3,283,453 +62,879 Current liabilities 503,176 536,001 -32,824 Non-current liabilities 1,670,200 1,614,992 +55,207 Total liabilities 2,173,376 2,150,993 +22,383 Decrease in accounts payable Shareholders' equity 1,016,314 975,572 +40,741 Profit attributable to owners of parent +53,875 Payment dividend -7,210 Accumulated other comprehensive income 59,591 60,319 -728 Non-controlling interests 97,051 96,568 +482 Total net assets 1,172,956 1,132,460 +40,496 Equity ratio 32.2% 31.5% +0.7P Note: Net interest-bearing debt = Interest-bearing debt – Cash and Deposits (¥ million) AssetsLiabilitiesNet assets H1 FY2026 Results FY2025 Results Change Debt 990,215 943,393 +46,821 Bonds 335,000 325,000 +10,000 Commercial papers 10,000 － +10,000 Lease liabilities 12,437 14,382 -1,944 Interest-bearing debt 1,347,652 1,282,775 +64,877 Net interest-bearing debt 1,285,579 1,221,723 +63,856
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27 Consolidated Statement of Cash Flows *1 This includes purchase of shares of subsidiaries resulting in change in scope of consolidation. Such purchases created an outflow of ¥-1,886 million in FY2025 and none in FY2026. *2 “Similar items” includes commercial papers
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28 Ⅲ. Forecasts for Fiscal 2026 (Ending March 2026)
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29 Consolidated Statements of Income (Summary)
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30 Consolidated Statements of Income (Breakdown for each business segment) FY2026 Forecasts FY2026 Forecasts (As of July) Change FY2025 Results Change (1) (2) =(1)-(2) (3) =(1)-(3) 1,200.0 1,200.0 － 1,106.9 +93.1 127.4 122.4 +5.0 110.9 +16.5 [129.0] [124.0] [+5.0] [112.1] [+16.9] [Breakdown for each business segment] 212.5 212.4 +0.1 205.2 +7.3 34.4 33.3 +1.1 35.1 -0.7 420.1 430.9 -10.8 367.8 +52.3 68.4 68.4 － 57.6 +10.8 [70.0] [70.0] [－] [58.9] [+11.1] 90.6 84.0 +6.6 82.5 +8.1 13.0 10.7 +2.3 11.4 +1.6 74.3 73.9 +0.4 70.1 +4.2 7.9 7.8 +0.1 6.9 +1.0 280.0 280.0 － 261.1 +18.9 5.4 5.3 +0.1 5.3 +0.1 108.5 108.5 － 104.7 +3.8 1.5 0.8 +0.7 -1.3 +2.8 2) Effective from FY2026, the revenue and expenses of certain subsidiaries engaged in the Retailing business within the Urban Transportation segment are now presented under the Other segment. The figures for the corresponding period of the previous year have been reclassified accordingly for comparison purposes. Real Estate Travel Remarks Total Urban Transportation Revenue and profit are expected to increase due to passenger volumes on the Hankyu and Hanshin railway lines and transportation revenue in the Automobile business exceeding July projections. International Transportation Profit is expected to increase due to gross margins coming in above July projections. Note: 1) Business profit = Operating profit + Equity-method gains/losses related to overseas business investments Although revenue is expected to decrease due to a review of the sales timing for short-term recovery properties in the Real estate segment, profit is expected to fall in line with July projections due to strong results in the Hotel business's accommodation operations alongside an anticipated decrease in expenses. Entertainment Revenue and profit are expected to increase due to strong performance in the Sports business following Hanshin Tigers’ league championship win, and other factors. Information and Communication Technology (¥ billion) Upper row: Operating revenue Lower row: Operating profit [Business profit]
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31 [Urban Transportation] Railway Performance Forecasts
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32 Performance Indicators FY2025 Results FY2026 Forecasts (As of July) FY2026 Forecasts Business profit (1)+(2) ¥112.1billion ¥124.0billion ¥129.0billion Operating profit (1) ¥110.9billion ¥122.4billion ¥127.4billion Equity-method gains/losses related to overseas business investments(2) ¥1.2billion ¥1.6billion ¥1.6billion EBITDA*1 ¥179.2billion ¥199.0billion ¥201.0billion Profit attributable to owners of parent ¥67.4billion ¥78.0billion ¥78.0billion ROE 6.7% 7.4% 7.4% Net interest-bearing debt* 2 ¥1,221.7billion ¥1,360.0billion ¥1,380.0billion Net interest-bearing debt/EBITDA ratio 6.8 6.8 6.9 D/E ratio*3 1.2 1.3 1.3 (Reference) Interest-bearing debt ¥1,282.8billion ¥1,420.0billion ¥1,440.0billion Interest-bearing debt/EBITDA ratio 7.2 7.1 7.2 + Depreciation expenses + Amortization of goodwill *2 Net interest-bearing debt = Interest-bearing debt – Cash and Deposits *1 EBITDA = Business profit (Operating profit + Equity-method gains/losses related to overseas business investments) *3 D/E ratio = Interest-bearing debt / Equity
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33 [Reference] Consolidated Statements of Capital Expenditure FY2026 Forecasts FY2026 Forecasts (As of July) Change FY2026 Forecasts (As of May) Change FY2025 Results Change (1) (2) =(1)-(2) (3) =(1)-(3) (4) =(1)-(4) Total capital expenditure 114.9 115.4 -0.5 115.4 -0.5 116.9 -2.0 [Breakdown for each business segment] Urban Transportation 53.0 54.2 -1.2 48.7 +4.3 Real Estate 38.2 38.2 － 41.0 -2.8 Entertainment 9.7 8.9 +0.8 18.2 -8.5 Information and Communication Technology 5.7 5.2 +0.5 5.6 +0.1 Travel 4.1 2.4 +1.7 1.0 +3.1 International Transportation 2.8 3.2 -0.4 3.0 -0.2 Note: Forecasts announced in July 2025 did not disclose capital expenditure by segment. (¥ billion)
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34 [Reference] Consolidated Statements of Depreciation and Amortization, EBITDA (¥ billion) FY2026 Forecasts FY2026 Forecasts (As of July) Change FY2026 Forecasts (As of May) Change FY2025 Results Change (1) (2) =(1)-(2) (3) =(1)-(3) (4) =(1)-(4) Total Depreciation and amortization 69.4 72.4 -3.0 72.4 -3.0 64.5 +4.9 [Breakdown for each business segment] Urban Transportation 30.1 30.1 － 27.1 +3.0 Real Estate 26.8 27.1 -0.3 25.2 +1.6 Entertainment 4.8 4.8 － 3.9 +0.9 Information and Communication Technology 5.8 5.9 -0.1 5.5 +0.3 Travel 0.9 1.0 -0.1 0.9 -0.0 International Transportation 2.2 3.0 -0.8 2.4 -0.2 Total EBITDA 201.0 199.0 +2.0 193.0 +8.0 179.2 +21.8 [Breakdown for each business segment] Urban Transportation 64.5 62.1 +2.4 62.3 +2.2 Real Estate 96.8 95.9 +0.9 84.0 +12.8 Entertainment 17.8 15.0 +2.8 15.4 +2.4 Information and Communication Technology 13.7 13.7 － 12.4 +1.3 Travel 6.3 5.0 +1.3 6.2 +0.1 International Transportation 3.7 3.3 +0.4 1.1 +2.6 Note: 1) EBITDA = Business profit (Operating profit + Equity-method gains/losses related to overseas business investments)+ Depreciation expenses + Amortization of goodwill 2) Forecasts announced in July 2025 did not disclose depreciation and amortization, EBITDA by segment.
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35 [Reference] Operating Revenue and Operating (Business) Profit in Main Segments FY2026 Forecasts FY2026 Forecasts (As of July) Change FY2025 Results Change FY2026 Forecasts FY2026 Forecasts (As of July) Change FY2025 Results Change Urban Transportation 212.5 212.4 +0.1 205.2 +7.3 34.4 33.3 +1.1 35.1 -0.7 [Breakdown] Railway 159.6 159.0 +0.6 153.4 +6.2 36.7 36.5 +0.2 37.8 -1.1 Automobile 47.4 46.5 +0.9 44.8 +2.6 3.3 2.9 +0.4 2.5 +0.8 Retailing 7.2 8.3 -1.1 8.5 -1.3 1.2 1.2 － 1.6 -0.4 Others 10.4 9.9 +0.5 10.5 -0.1 0.9 0.7 +0.2 0.8 +0.1 68.4 68.4 － 57.6 +10.8 [70.0] [70.0] [－] [58.9] [+11.1] [Breakdown] Real estate leasing and others 195.5 201.7 -6.2 184.3 +11.2 44.6 44.6 － 44.4 +0.2 Housing 179.0 188.3 -9.3 145.1 +33.9 26.2 26.2 － 19.0 +7.2 8.4 8.4 － 3.6 +4.8 [10.0] [10.0] [－] [4.8] [+5.2] Hotel 69.7 68.6 +1.1 65.1 +4.6 4.3 3.8 +0.5 4.2 +0.1 Entertainment 90.6 84.0 +6.6 82.5 +8.1 13.0 10.7 +2.3 11.4 +1.6 [Breakdown] Sports 56.1 49.8 +6.3 48.2 +7.9 12.3 10.0 +2.3 10.1 +2.2 Stage 34.4 34.1 +0.3 34.2 +0.2 2.7 2.7 － 3.2 -0.5 Note: 1) Segment totals may not match the aggregate of the amounts for each type of business due to separate head office expenses/adjustments. 3) Business profit = Operating profit + Equity-method gains/losses related to overseas business investments 15.5 15.8 -0.3 420.1 430.9 -10.8 (¥ billion) Real Estate Overseas real estate 2) Beginning in FY2026, business names within the Real Estate segment have been revised from “Real estate leasing” to “Real estate leasing and others,” and “Real estate sales and others” to “Housing,” respectively. Additionally, revenue and expenses previously included under “Real estate sales and others,” such as those from property management, building maintenance, real estate funds, and REITs, will now be included under “Real estate leasing and others.” Comparative figures for the same period of the previous fiscal year have also been restated accordingly. +3.4 Operating revenue Operafing profit[Business profit] 367.8 +52.3 12.1