TOBU RAILWAY, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 3%, Dividend Revised Upward by 2.5 Yen

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Wed Feb 4, 2026 3:30 pm JST Earnings

9001 TOBU RAILWAY CO.,LTD. 【J-GAAP】

Earnings Report

TOBU RAILWAY CO.,LTD. <9001> [TSE Prime] announced its financial results after the market closed on February 4th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) decreased 4.8% from the same period last year to 56.1 billion yen.

However, the full-year forecast for consolidated ordinary profit has been revised upward 3.1%, from the previous forecast of 64.0 billion yen to 66.0 billion yen (compared to 72.7 billion yen in the previous period), and the declining rate is expected to decrease from 12.0% to 9.2%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (second half) has been revised upward 6.6%, from the previous forecast of 30.2 billion yen to 32.2 billion yen (compared to 35.3 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 14.3% to 8.7%.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 65 yen to 67.5 yen (compared to 60 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit grew 3.8% from the same period last year, reaching 22.3 billion yen. However, the operating profit margin decreased from 14.1% in the same period last year to 13.7%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2023	466,718	61,406	60,335	40,914	197.9	83.8	Feb 7, 2024	J-GAAP
Apr - Dec, 2024	458,477	60,589	58,945	41,832	205.2	81.1	Feb 5, 2025	J-GAAP
Apr - Dec, 2025	475,920	58,203	56,110	47,685	242.2	85.0	Feb 4, 2026	J-GAAP
YoY	+3.8%	-3.9%	-4.8%	+14.0%	+18.0%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2025 Prev	339,247	33,416	30,274	27,478	140.4	32.50	Nov 5, 2025	J-GAAP
Oct - Mar, 2025 New	342,247	34,416	32,274	27,978	143.0	35	Feb 4, 2026	J-GAAP
Revision Rate	+0.9%	+3.0%	+6.6%	+1.8%	+1.8%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	650,000	69,000	64,000	51,500	263.2	65	Nov 5, 2025	J-GAAP
Mar, 2026 New	653,000	70,000	66,000	52,000	265.7	67.50	Feb 4, 2026	J-GAAP
Revision Rate	+0.5%	+1.4%	+3.1%	+1.0%	+1.0%

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	329,465	36,126	35,342	25,991	128.1	32.50	Apr 30, 2025	J-GAAP
Oct - Mar, 2025 Guidance	342,247	34,416	32,274	27,978	143.0	35	Feb 4, 2026	J-GAAP
YoY	+3.9%	-4.7%	-8.7%	+7.6%	+11.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	635,964	73,883	72,033	48,164	233.0	55	Apr 30, 2024	J-GAAP
Mar, 2025	631,461	74,604	72,716	51,330	253.0	60	Apr 30, 2025	J-GAAP
Mar, 2026 Guidance	653,000	70,000	66,000	52,000	265.7	67.50	Feb 4, 2026	J-GAAP
YoY	+3.4%	-6.2%	-9.2%	+1.3%	+5.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2024	156,481	22,111	21,571	16,493	80.9	14.1	Feb 5, 2025	J-GAAP
Jan - Mar, 2025	172,984	14,015	13,771	9,498	46.8	8.1	Apr 30, 2025	J-GAAP
Apr - Jun, 2025	148,613	19,003	18,916	13,989	70.4	12.8	Aug 5, 2025	J-GAAP
Jul - Sep, 2025	162,140	16,581	14,810	10,033	50.8	10.2	Nov 5, 2025	J-GAAP
Oct - Dec, 2025	165,167	22,619	22,384	23,663	120.2	13.7	Feb 4, 2026	J-GAAP
YoY	+5.6%	+2.3%	+3.8%	+43.5%	+48.6%