Keihan Holdings, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 7%, Raises Record High Profit Forecast, Dividend Revised Upward by 8 Yen

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Fri Nov 7, 2025 2:00 pm JST Earnings

9045 Keihan Holdings Co.,Ltd. 【J-GAAP】

Earnings Report

Keihan Holdings Co.,Ltd. <9045> [TSE Prime] announced its financial results in the afternoon session on November 7th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) decreased 6.1% from the same period last year to 21.1 billion yen.

However, the full-year forecast for consolidated ordinary profit has been revised upward 7.1%, from the previous forecast of 41.0 billion yen to 43.9 billion yen (compared to 40.9 billion yen in the previous period), increasing the growth rate from 0.2% to 7.3%, further surpassing the previous forecast of record-high profits for three consecutive terms.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow 23.7% from the same period last year, reaching 22.7 billion yen.

In light of the strong performance, the company has increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 89 yen to 97 yen (compared to 40 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 8.48 billion yen, a 12.2% decrease compared to the same period last year. The operating profit margin decreased from 13.0% in the same period last year to 12.8%.

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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	133,867	17,172	16,845	14,484	135.1	50.9	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	158,374	22,757	22,485	15,619	145.7	55.0	Nov 8, 2024	J-GAAP
Apr - Sep, 2025	144,365	22,119	21,123	15,802	156.6	48.1	Nov 7, 2025	J-GAAP
YoY	-8.8%	-2.8%	-6.1%	+1.2%	+7.5%

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	139,400	17,400	15,900	12,000	119.0	0	May 9, 2025	J-GAAP
Apr - Sep, 2025 Results	144,365	22,119	21,123	15,802	156.6	0	Nov 7, 2025	J-GAAP
Revision Rate	+3.6%	+27.1%	+32.8%	+31.7%	+31.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	325,700	44,600	41,000	30,000	297.3	89	May 9, 2025	J-GAAP
Mar, 2026 New	325,400	46,200	43,900	32,600	323.1	97	Nov 7, 2025	J-GAAP
Revision Rate	-0.1%	+3.6%	+7.1%	+8.7%	+8.7%

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	155,172	19,314	18,420	12,647	120.1	40	May 9, 2025	J-GAAP
Oct - Mar, 2025 Guidance	181,035	24,081	22,777	16,798	166.5	97	Nov 7, 2025	J-GAAP
YoY	+16.7%	+24.7%	+23.7%	+32.8%	+38.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	302,147	33,904	33,111	24,890	232.1	35	May 10, 2024	J-GAAP
Mar, 2025	313,546	42,071	40,905	28,266	268.3	40	May 9, 2025	J-GAAP
Mar, 2026 Guidance	325,400	46,200	43,900	32,600	323.1	97	Nov 7, 2025	J-GAAP
YoY	+3.8%	+9.8%	+7.3%	+15.3%	+20.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	77,422	10,044	9,663	6,534	60.9	13.0	Nov 8, 2024	J-GAAP
Oct - Dec, 2024	75,623	13,804	13,409	9,278	87.2	18.3	Feb 7, 2025	J-GAAP
Jan - Mar, 2025	79,549	5,510	5,011	3,369	32.0	6.9	May 9, 2025	J-GAAP
Apr - Jun, 2025	72,827	12,960	12,636	9,354	92.7	17.8	Aug 7, 2025	J-GAAP
Jul - Sep, 2025	71,538	9,159	8,487	6,448	63.9	12.8	Nov 7, 2025	J-GAAP
YoY	-7.6%	-8.8%	-12.2%	-1.3%	+4.9%