Keikyu, Net Income Forecast for the Fiscal Year Revised Upward to an Unexpected 28% Increase, Dividend Revised Upward by 12 Yen

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Mon Nov 10, 2025 3:30 pm JST Earnings

9006 Keikyu Corporation 【J-GAAP】

Earnings Report

Keikyu Corporation <9006> [TSE Prime] announced its financial results after the market closed on November 10th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2026 (April to September) increased 11.7% from the same period last year, reaching 15.2 billion yen, resulting in an increase in profits compared to the previous forecast of a 34.1% decrease.

In addition, the full-year forecast for consolidated net income has been revised upward 33.0%, from the previous forecast of 23.3 billion yen to 31.0 billion yen (compared to 24.3 billion yen in the previous period), turning to a 27.6% increase in the consolidated net income outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand 48.0% from the same period last year, reaching 15.7 billion yen.

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 34 yen to 46 yen (compared to 26 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated net income increased 45.3% from the same period last year, reaching 9.83 billion yen. However, the operating profit margin decreased from 15.1% in the same period last year to 14.4%.

Kabutan News

Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2023	128,026	13,811	13,628	9,206	33.5	48.0	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	140,957	19,000	18,333	13,663	49.7	52.4	Nov 8, 2024	J-GAAP
Apr - Sep, 2025	142,565	18,556	16,888	15,257	56.2	65.0	Nov 10, 2025	J-GAAP
YoY	+1.1%	-2.3%	-7.9%	+11.7%	+13.1%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2025 Guidance	141,500	16,500	14,500	9,000	33.6	17	May 12, 2025	J-GAAP
Apr - Sep, 2025 Results	142,565	18,556	16,888	15,257	56.2	23	Nov 10, 2025	J-GAAP
Revision Rate	+0.8%	+12.5%	+16.5%	+69.5%	+67.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	305,000	30,000	24,500	23,300	86.9	34	May 12, 2025	J-GAAP
Mar, 2026 New	300,000	31,000	26,000	31,000	115.6	46	Nov 10, 2025	J-GAAP
Revision Rate	-1.6%	+3.3%	+6.1%	+33.0%	+33.1%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024	152,903	16,642	16,638	10,638	38.7	17	May 12, 2025	J-GAAP
Oct - Mar, 2025 Guidance	157,435	12,444	9,112	15,743	58.7	23	Nov 10, 2025	J-GAAP
YoY	+3.0%	-25.2%	-45.2%	+48.0%	+51.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	280,624	28,040	28,402	83,750	304.2	15	May 10, 2024	J-GAAP
Mar, 2025	293,860	35,642	34,971	24,301	88.4	26	May 12, 2025	J-GAAP
Mar, 2026 Guidance	300,000	31,000	26,000	31,000	115.6	46	Nov 10, 2025	J-GAAP
YoY	+2.1%	-13.0%	-25.7%	+27.6%	+30.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	68,097	10,291	9,810	6,768	24.6	15.1	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	70,228	8,356	7,465	5,038	18.3	11.9	Feb 12, 2025	J-GAAP
Jan - Mar, 2025	82,675	8,286	9,173	5,600	20.4	10.0	May 12, 2025	J-GAAP
Apr - Jun, 2025	73,118	8,532	7,882	5,425	19.9	11.7	Aug 6, 2025	J-GAAP
Jul - Sep, 2025	69,447	10,024	9,006	9,832	36.2	14.4	Nov 10, 2025	J-GAAP
YoY	+2.0%	-2.6%	-8.2%	+45.3%	+47.1%