FY2024 (Fiscal year ended March 31, 2024)

Financial Results Presentation
May 17, 2024
Keihan Holdings Co., Ltd.
Tokyo Stock Exchange Prime Market
Securities Code: 9045
https://www.keihan-holdings.co.jp/

Table of Contents

 Overview of FY2024 Financial Results… 2

 FY2025 Forecasts… 15

 Progress of the Medium-term Management Plan
“BIOSTYLE: Deepening and Challenge”… 20 Notes on forecasts 
Descriptions of business forecasts and future prospects are based on current information and certain assumptions about factors that
may affect future business.
Actual results may differ due to various factors that may arise in the future.

1

Overviewof FY2024 Financial Results2

Consolidated Statements of Income• Both revenue and profits increased due to a recovery in domestic and inbound tourism demand, especially in the transportation
business and the leisure and service business.
(Millions of yen)

FY2024
results

FY2023
results

ChangeMain factors of change

42,077(-16.2%)
13,412(-65.5%)

Operating revenue

302,147

260,070

Operating income

33,904

20,491

1,820

2,467

-646 Subsidies for employment adjustment: -513

2,613

2,500

112

33,111

20,45812,653(-61.8%)

7,731

9,806

-2,075 Compensation income: -2,013

5,807

3,779

2,028 Loss on reduction of non-current assets: +1,751

24,89017,621

Depreciation

20,002

20,028

EBITDA

53,90640,520Net interest expenses-1,276-1,341

Interest and dividend
income514

Interest expenses

1,790

Non-operating
incomeNon-operating
expenses
Ordinary income
Extraordinary
incomeExtraordinary
lossesProfit attributable toowners of parent

FY2024
forecasts
299,000
31,500Change3,147(-1.1%)
2,404(-7.6%)

30,5002,611(-8.6%)

7,268(-41.2%)

24,500390(-1.6%)-25

20,200-197

51,7002,206

65-1,300

23

535

-21

500

14

1,877

-86

1,800

-9

(Reference)

13,386 *EBITDA: Operating income + Depreciation

3

Segment Information(Millions of yen)

FY2024
results

Transportation

Real estate

Retail distribution

Leisure andservice

OthersAdjustments

FY2023
results

ChangeChange (%)

FY2024
forecasts

ChangeChange (%)

Operatingrevenue

89,04680,927

8,119

10.0%

87,300

1,746

2.0%

Operatingincome

9,208

6,885

2,323

33.7%

8,700

508

5.8%

Operatingrevenue

138,860

120,10318,75615.6%

138,400

460

0.3%

Operatingincome20,171

17,555

2,615

14.9%

19,400771

4.0%Operatingrevenue

53,43950,676

2,762

5.5%

52,900539

1.0%Operatingincome

2,771

1,878

893

47.5%

2,500

271

10.9%

Operatingrevenue

34,97622,86912,10652.9%

34,200776

2.3%Operatingincome3,265-3,836

7,101

－

2,500

765

30.6%

Operatingrevenue

4,578

3,660

917

25.1%

4,700

-121

-2.6%

Operatingincome-837-1,230

393

－

-900

62

－

Operatingrevenue-18,752-18,167-584－-18,500-252－

Operatingincome

-675

-761

85

－

-700

24

－

4

Segment Information (Breakdown)[Consolidated subsidiaries] 39 companies (No change year on year) [Equity-method affiliates] 2 companies (No change year on year)
Transportation

Keihan Electric Railway Co., Ltd., Keifuku Electric Railroad Co., Ltd., Keihan Bus Co., Ltd., and 12 othercompanies

Real estate

Keihan Holdings Co., Ltd., Keihan Real Estate Co., Ltd., Zero Corporation Co., Ltd., Keihan Tatemono Co.,
Ltd., and 6 other companies

Retail distribution

Keihan Department Stores Co., Ltd., Keihan The Store Co., Ltd., Keihan Ryutsu Systems Co., Ltd.,
Biomarket Co., Ltd.

Leisure and service

Hotel Keihan Co., Ltd., Keihan Hotels & Resorts Co., Ltd., Biwako Kisen Steamship Co., Ltd., and 5 othercompanies

Others

BIOSTYLE Co., Ltd., Keihan Card Co., Ltd.

<Operating revenue by segment><Operating income by segment>

43.3 %
138.8 bn.

27.7 %

20.1 bn. yen

yen

89.0 bn.

16.7 %

yen

53.4 bn.
yen

10.9 %
34.9 bn.
yenTransportation

Real estate

Retaildistribution

Leisure andservice

1.4 %9.2 bn. yen

2.7 bn. yen 3.2 bn. yen-0.8 bn. yen

4.5 bn. yen
OthersTransportation

Real estate

Retaildistribution

Leisure andservice

OthersNote: The breakdown of operating revenue and operating income by segment includes intersegment transactions. The percentages represent the composition
ratios in each segment.

5

Segment Information (Quarterly Changes)
Changes in operating revenue by segment(Millions of yen)

56,81160,00050,00040,00028,57820,00026,276

23,58930,00021,662

21,92527,913

21,86914,373

12,683

13,631

12,75010,0008,121

8,699 9,895 8,259

1Q

2Q

0

1Q

2Q

3Q

4Q

1Q

Transportation

2Q

3Q

4Q

1Q

Real estate

2Q

3Q

4Q

Retail distribution

3Q

4Q

Leisure and service

Changes in operating income by segment(Millions of yen)

8,000
6,803
6,000
4,432
4,000

4,592

4,343

4,080

3,635
2,548

1,627

2,000
1,108
627

451

584

740

808

88

0
-1,056-2,000

1Q

2Q

3Q

Transportation

4Q

1Q

2Q

3Q

Real estate

4Q

1Q

2Q

3Q

Retail distribution

4Q

1Q

2Q

3Q

4Q

Leisure and service

6

Segment Information (Transportation)(Millions of yen)

FY2024
results

FY2023
results

ChangeChange (%)

Operating revenue

89,04680,927

8,119

10.0%

Railway

73,46765,962

7,505

11.4%

Bus

23,38522,507878

3.9%

Elimination-7,806-7,542-264－

Operating income

9,208

6,885

2,323

33.7%

Railway

7,635

5,775

1,860

32.2%

Bus

1,534

1,085

449

41.4%

37

24

13

－

Elimination(Major factors affecting performance)• The railway business saw increases in both revenue and profits due to factors such as an increase in the number of passengers
transported in line with a recovery in passenger demand and the introduction of the “railway station barrier-free fare system.”• The bus business saw increases in both revenue and profits due to factors such as an increase in revenue from bus passengers inline with a recovery in passenger demand.

7

Operating Results for Transportation: Keihan Electric Railway
FY2024
results

FY2023
results

Change(Millions of yen)

(Millions of yen)

(Millions of yen)%

Passenger transportation revenue

47,91643,085

4,831

11.2

Non-commuter passes

32,30428,421

3,882

13.7

Commuter passes

15,612

14,663949

6.5(Thousands of people)(Thousands of people)(Thousands of people)%

260,144

243,608

16,535

6.8

Non-commuter passes

127,155

115,377

11,778

10.2

Commuter passes

132,988

128,230

4,757

3.7

Number of passengers

Change (%)

Changes in passenger transportation revenue (millions of yen)
14,00012,00010,00010,935

12,41011,866

7,759

8,420

8,094

11,968

11,673

8,031

10,720

10,239

7,000

6,561

7,448

7,412

3,401

3,720

3,678

3,742

3,523

3,936

3,914

3,990

3,772

2021.4Q

2022.1Q

2022.2Q

2022.3Q

2022.4Q

2023.1Q

2023.2Q

2023.3Q

2023.4Q

9,369

8,000
6,000

11,190

5,968

4,000
2,000
0
Commuter passes

Non-commuter passes

8Segment Information (Real Estate)(Millions of yen)

FY2024
results
Operating revenue

FY2023
results

ChangeChange (%)

138,860

120,10318,75615.6%

123,222102,968

20,253

19.7%

Real estate sales

92,051

71,791

20,26028.2%

Real estate leasing
service

26,942

26,999-56-0.2%

Other businesses

4,228

4,177

50

1.2%

Construction

23,83324,525

-691

-2.8%

Elimination-8,195-7,389-805－

Operating income

20,171

17,555

2,615

14.9%

Real estate

19,23816,757

2,481

14.8%

Real estate sales

7,473

4,651

2,822

60.7%

Real estate leasing
service

11,257

11,679

-422

-3.6%

Other businesses

507

426

81

19.1%

Construction

1,056

977

78

8.1%

Elimination

-123

-178

54

－

Real estate(Major factors affecting performance)• The real estate sales business saw increases in both revenue and profits due to the sales of newly developed hotels and anincrease in the sales of condominiums such as The Fine Tower Osaka Higobashi.
• The real estate leasing business saw decreases in both revenue and profits due to factors such as a decrease in real estate fundincome.

9

Segment Information (Retail Distribution)(Millions of yen)

FY2024
results
Operating revenue

FY2023
results

ChangeChange (%)

53,43950,676

2,762

5.5%

Department store

21,495

19,958

1,537

7.7%

Store

15,627

14,995632

4.2%

Shopping mall management

13,32912,808521

4.1%

Other businesses

4,615

4,365

249

5.7%

Elimination-1,629-1,450

-179

－

2,771

1,878

893

47.5%

Department store

174

-149

323

－

Store

710

508

202

39.9%

1,769

1,333

436

32.7%

Other businesses

100

167

-67

-40.2%

Elimination

17

19

-2

－

Operating income

Shopping mall management(Major factors affecting performance)• The department store business saw increases in both revenue and profits due to factors such as a recovery in inbound tourism
demand and the renovation of the Kuzuha Mall Store.
• The store business saw increases in both revenue and profits due to factors such as the opening of Moyori-ichi stores.
• The shopping mall management business saw increases in both revenue and profits due to factors such as a recovery in foodservice demand and the renovation of KUZUHA MALL.

10

Segment Information (Leisure and Service)(Millions of yen)

FY2024
results

FY2023
results

Change (%)

ChangeOperating revenue

34,97622,86912,106

52.9%

Hotel

31,446

19,977

11,468

57.4%

Leisure

3,556

2,918

637

21.9%

Elimination

-26

-26

-0

－

Operating income

3,265-3,836

7,101

－

Hotel

3,131

-3,696

6,827－

Leisure

115

-158

273

－

Elimination

19

18

0

－

Hotel occupancy rates
FY2024
results

FY2023
results

ChangeHotel Keihan

81.1%

69.8%

11.3 pt

Keihan Hotels & Resorts

73.0%

59.3%

13.7 pt(Major factors affecting performance)• The hotel business saw increases in both revenue and profits due to factors such as a recovery in inbound and domestic tourism
demand and the full-year contribution of Hotel Keihan Namba Grande, which opened in March 2023.
• The leisure business saw increases in both revenue and profits due to factors such as a recovery in demand for sightseeingboats.

11

Consolidated Balance Sheets(Millions of yen)

FY2024
results

FY2023
results

ChangeMain factors of change
Notes and accounts receivable-trade and contract assets: +11,234

Current assets

240,594

217,002

23,592 Cash and deposits: +6,043

Non-current assets

579,629557,846

21,782 Investment securities: +5,081

820,224

774,849

45,375

175,192

148,777

26,414 Accounts payable: +15,267

Total assets

Land and buildings for sale: +4,982

Construction in progress: +17,006

Short-term loans payable: +24,085

Current liabilities

Current portion of bonds: -20,000

Long-term liabilities

Long-term loans payable: -17,385

340,211352,560-12,349 Bonds payable: +10,000

Total liabilities

515,403

501,338

14,065

Net assets

304,820

273,51031,309 *Equity capital ratio: 36.4% (+1.8 pts)

Total liabilities and net
assets820,224

774,849

45,375Interest-bearing debt

338,325

341,625-3,300 Loans payable: +6,699

Net interest-bearing debt

315,496324,841-9,344

Net interest-bearing
debt/EBITDA ratio

5.85

8.02

-2.17

ROE

8.8%

6.8%

2.0 ptRetained earnings: +22,422

Bonds payable: -10,000

12Consolidated Statements of Cash Flows(Millions of yen)

FY2024
results

FY2023
results

ChangeMain factors of change
Decrease in inventories: +15,123

Cash flows from operating
activities

40,830Cash flows from investing
activities-26,932-13,109

Cash flows from financing
activities-7,856-7,435-421 Cash dividends paid: -522

Net increase (decrease) in cash
and cash equivalents

6,041-3,612

9,653

Cash and cash equivalents at
beginning of period

16,727

20,322-3,594

Cash and cash equivalents at endof period

22,76816,727

6,041

16,932

23,898 Profit before income taxes: +8,549
Decrease in other current liabilities: -8,179-13,823 Purchase of non-current assets: -13,031

13

Capital Expenditure and EBITDA by Segment(Millions of yen)

Capital expenditure

EBITDAFY2024
results

FY2023
results

ChangeFY2024
forecasts

ChangeFY2024
results

FY2023
results

ChangeFY2024
forecasts

Change38,512

29,7128,800

41,600-3,08753,90640,52013,38651,7002,206Transportation

16,180

9,478

6,701

14,2001,980

19,743

17,7382,005

19,300443

Real estate

20,17813,262

6,915

18,1002,078

26,991

24,1962,794

26,300691

Retaildistribution

1,728

1,496

231

2,500

-771

3,832

2,932

900

3,600

232

Leisure andservice

1,272

5,217

-3,9442,400-1,127

4,570-2,646

7,216

3,800

770

243

117

125

200

43

-719

-1,071

351

-800

80

-1,090139-1,2294,200-5,290

-511

-628

117

-500

-11

Total

OthersAdjustments

14

FY2025

Forecasts
 Notes on forecasts 
Descriptions of business forecasts and future prospects are based on current information and certain assumptions about factors that
may affect future business.
Actual results may differ due to various factors that may arise in the future.

15

Consolidated Statement of Income (Performance Forecasts)• Both revenue and profits are forecast to increase through further efforts to capture domestic and inbound tourism
demand.
(Millions of yen)

FY2025
forecasts

FY2024
results

ChangeChange (%)

Main factors of change

Operating revenue

306,000

302,147

3,852

1.3%

Operating income

35,50033,904

1,595

4.7%

Ordinary income

34,00033,111888

2.7%

Profit attributable toowners of parent

25,50024,890609

2.5%

Depreciation

22,30020,002

2,297

11.5%

EBITDA

57,80053,906

3,893

7.2%

Interest-bearing debt

364,000

338,325

25,674

7.6%

Net interest-bearing debt

346,000

315,496

30,5039.7%

Net interest-bearing
debt/EBITDA ratio

5.99

5.85

0.14

－

ROE

8.2%

8.8%

-0.6 pt－-1,500-1,276-223－

Interest and dividend
income

500

514

-14

-2.8%

Interest expenses

2,000

1,790

209

11.7%

(Reference)

Net interest expenses

16

Segment Information (Performance Forecasts)(Major factors affecting performance)• Transportation:

Increases in both revenue and profits due to passenger demand captured• Real estate:

Increase in profits due to factors such as the sales of newly developed business sites, despite an
expected decrease in the sales of condominiums• Retail distribution:

Increases in both revenue and profits due to various measures for attracting customers• Leisure and service:

Increases in both revenue and profits due to factors such as inbound tourism demand captured(Millions of yen)

FY2025
forecasts
Transportation

Real estate

Retail distribution

Leisure and service

OthersAdjustments

FY2024
results

ChangeOperating revenue

89,80089,046753

Operating income

9,700

9,208

491

Operating revenue

136,000

138,860-2,860Operating income

20,60020,171

428

Operating revenue

55,90053,4392,460

Operating income

3,000

2,771

228

Operating revenue

37,50034,976

2,523

Operating income

3,500

3,265

234

Operating revenue

4,900

4,578

321

Operating income

-400

-837

437

Operating revenue-18,100-18,752652

Operating income

-900

-675

-224
17

Operating Results for Transportation (Performance Forecasts):
Keihan Electric Railway
FY2025
forecasts

FY2024
results

Change(Millions of yen)

(Millions of yen)

(Millions of yen)%

48,53147,916615

1.3

Non-commuter passes

32,79132,304487

1.5Commuter passes

15,74015,612128

0.8(Thousands of people)(Thousands of people)(Thousands of people)%

261,945

260,144

1,800

0.7

Non-commuter passes

128,717

127,155

1,561

1.2

Commuter passes

133,228

132,988239

0.2

Passenger transportation
revenue

Number of passengers

Change (%)

Changes in passenger transportation revenue (millions of yen)
60,00052,05451,48150,00040,00030,00035,187

10,00047,916

48,53135,541

37,83532,791

23,73828,42132,304

21,56634,37920,00043,085

16,866

17,102

13,974

14,096

14,663

15,612

15,740FY2019results

FY2020results

FY2021
results

FY2022
results

FY2023
results

FY2024
results

FY2025
forecasts

0

Commuter passes

Non-commuter passes

18

Capital Expenditure and EBITDA by Segment (Performance Forecasts)(Millions of yen)

Capital expenditure
FY2025
forecasts
Total

FY2024
results

EBITDA
ChangeFY2025
forecasts

FY2024
results

Change71,30038,51232,78757,80053,906

3,893

Transportation

24,00016,180

7,819

20,90019,743

1,156

Real estate

31,10020,178

10,921

28,60026,991

1,608

Retail distribution

2,900

1,728

1,171

4,300

3,832

467

Leisure and service

3,300

1,272

2,027

4,900

4,570

329

200

243

-43

-300

-719

419

9,800

-1,09010,890

-600

-511

-88

OthersAdjustments

19

Progress of the Medium-term Management Plan
“BIOSTYLE: Deepening and Challenge”

20Overview of the Long-term Management Strategy
Placing “BIOSTYLE (Keihan version of the SDGs),” which we have been working to establish as the
Keihan Group’s new brand for the creation of a sustainable, recycling-oriented society, at the core ofmanagement and business activities, we will promote BIOSTYLE Management that creates both socialand economic value.

Advancing towardachieving the management
visionManagement vision

Promoting BIOSTYLE Management
Theme

Creatingsocial value

Mainstrategies
for FY2031(solvingsocial issues)

Strategy for
eachbusinessStrengthening
the managementfoundation

Mission of the Keihan Group

Redevelop Improving the value of the areas along therailway lines through urban development
Keihan areas and area management
Co-create Improving the value of Kyoto and the Mt.
experience Hiei/Lake Biwa area by offering tourist
experiences
value
Conserve theContributing to the solution of climate
globalchange and other environmental issues
environment
Transportation

Real estate

Leisure and service

Creating
economic
value(profit growth)

Be the beautiful Keihan
areas and the global
Keihan Group

Contributing to theachievement of the SDGs

Retail distribution
OthersDX (digital transformation)
Human resources strategy

21

Progress of the Main Strategies
Redevelop
Keihan areasRegaining the glory of Osaka’s east-to-west axis

Promoting urban development by taking advantage of regional characteristics along Osaka’s east-to-west axis, from
Kyobashi, the gateway to Kyoto and close to Osaka Castle, through Nakanoshima, which is planned to become a hub forregenerative medicine, to the bay area, where the IR project is under way

Nakanoshima 4-chome International Hub for Healthcare Innovation Project• A unique center to industrialize healthcare innovation, integrating medical institutions, companies, startups, support
organizations, and other entities under one roof, was opened.

Liaison offices

 Facility outline
Hospital

Name: NakanoshimaQross
Total floor area: Approx. 57,075 m2
Size: 16 floors above ground
Completion: January 15, 2024
Opening: April 2024

Headquarters office, clinical trial
facilities
Open innovation labs
Incubation spaces
Coworking spaces

Advanced medical researchfacility
ClinicAdvanced medical exam center

Salon
Community café, interactive space
Clinic, drugstore, corporate showroom

Conference center

Hospital

CPC, cell bank22

Progress of the Main Strategies
Redevelop
Keihan areas

Carrying out community building starting from railway stations

Concentrating urban functions around railway stations and continuously implementing community building that takes
advantage of regional characteristics, including history and culture, in cooperation with local businesses and communities
Evolving railway stations from mere boarding and alighting spots to spaces where people gather and new communication
is inspired by integrating the station and the community

Type-1 urban redevelopment project in
Hirakatashi Station area
• Development of a complex with commercial, office, hotel, residential
and administrative functions, which will be integrated with the station,is under way (to be opened in phases from June 2024).

Core tenants in the commercial area “Hirakata Mall”
Indoor adventure park “Tondemi”• The first indoor adventure park in
Kansai, where people of all ages cancasually enjoy various activities suchas trampolines and climbing walls

A sustainable supermarket

 Facility outline
Name: Station Hill Hirakata
Total floor area: Approx. 94,000 m2
Size: Office/hotel building
26 floors above ground
Residence building
29 floors above ground
Commercial building
5 floors above ground
Completion: May 31, 2024

• Keihan The Store is planning a newsupermarket under the concept of “asustainable market that contributes toenvironmental conservation, the local
economy, and cultural inheritance.”• Plans also include operating a Hirakatabased mobile supermarket and developing
private-brand products with local companies.
Cosmetics specialty shop “Nanairo Beauté”• A new type of cosmetics specialty shop by Keihan Department
Stores• It has one of the largest cosmetics shopping areas along the
Keihan Railway lines as a semi-self-service type, with about
50 domestic and foreign cosmetics brands, mainly department
23
store brands.

Progress of the Main Strategies
Co-createexperience value

Creating tourism content that connects Kyoto and Osaka

Focusing on the “Flow of Water,” which runs from Lake Biwa to Kyoto and Osaka Bay through the Yodogawa River, to create
tourism and experience-based content centered on waterway transportation

Extension of the Lake Biwa Canal Cruise to Otsu Port
• In spring 2024, the Lake Biwa Canal Cruise,
which connects Lake Biwa and Kyoto, wasextended from around Miidera Temple to Otsu
Port in Otsu City.
• The route extension will further promote
regional attractiveness and increase thenumber of visitors through wide-areacooperation.

Conserve theglobalenvironmentPromoting BIOSTYLE Environmental Action 2030

Promoting BIOSTYLE Environmental Action 2030, the Keihan Group’s medium- to long-term environmental plan released in
May 2022

Creation of the next generation of decarbonized residential districts• The Keihan Group is involved in a large-scale
residential district development project at the formersite of Fushimi Technical High School, whose nearest
station is Fushimi-inari Station on the Keihan MainLine.
• The project pursues a net-zero energy balance in the
district through energy saving, maximization of selfconsumption, and local production and consumption ofelectricity.

 Size of the district
Location: Fushimi-ku, Kyoto
Site area: 40,379.09 m2
No. of households:
549 with approx. 1,600 residents

24

Main Strategies (Schedule)
Period of the medium-term management plan
2024/32025/32026/32027/3（年度）
2031/32028/3

Nakanoshima 4-chome International Completion Projectcompletion
Hub for Healthcare Innovation Project
Company-owned site development inNakanoshima 4-chome○ 解体開始Joint reconstruction of Keihan
Midosuji Bldg. and Nittochi
Yodoyabashi Bldg.
Redevelopment of the Kyobashi Sta.
area
Redevelop
Keihanareas

Station area development along withthe consecutive grade separation
project on the Keihan Main LineCo-createexperiencevalue

OpeningUnder consideration and deliberation

Redevelopment of the Temmabashi
Sta. area, extension of the
Nakanoshima Line
Type-1 urban redevelopment projectin Hirakatashi Sta. area

竣工●

Under consideration and deliberation

Deepening discussions with a view to 2030 and beyond
Opening of the area
directly connected to 
the station

Completion of theurban redevelopment 
project

Under consideration and deliberation

Development of the Hashimoto Sta.
area

Completion

Redevelopment of the areas in frontof Kadomashi Sta. and north of
Furukawabashi Sta.

Completion of the Furukawabashi project The Kadomashi project under consideration and deliberation

Kyoto Sta. Southeast Area Project

OpeningRedevelopment of the Sanjo Sta.
area

Under consideration and deliberation

Redevelopment of Kyoto Tower
Renovating facilities at the top of Mt.
Hiei

Deepening discussions with a view to 2030 and beyond
Under consideration and deliberation※ 中期経営計画の3ヵ年で使用する戦略投資1,000億円のうち、Thorough energy saving andConserve theintroduction of new technologies,
約7割については使途の目途がついている
globalUnder consideration to be implemented as needed
environment

promotion of energy creation,
procurement of renewable energy

25

Progress in the Transportation Business
Providing special riding experiences on Keihan Electric Railway
 Increasing the number of Premium Cars

* Changes in average number of daily users (FY2018 set at 100)

• Two 3000 series Premium Cars per service will be
introduced from around autumn 2025 to provide a
quality travel experience in response to the growing
needs for seating services.

Premium Car

Liner(all seats reserved)(Index)Capturing new mobility demand Introducing QR code-based ride service• Keihan Electric Railway’s first QR code-based trainride service will be introduced in June 2024.
• Passengers will be able to pay for their rides online
and cashless. Improved convenience will help thecompany capture more of the mobility demand.

* Smartphone displays and IC card compatible ticket gate (rendering) Attracting more passengers to the Kyoto Sightseeing Bus• The Kyoto Sightseeing Bus, operated by Keihan Bus,
was nicknamed “Okoshi Bus” with new, time-efficientroutes to attract more young people and inboundtourists.

26

Progress in the Real Estate Business
Major condominium sales plans

Expanding asset types

No. ofhousingunits

Name and location
Scheduled delivery in FY2025
FINE City Omiyakoen

Saitama
City

161*

FINE Residence Musashi
ShinjoKawasaki
City

92

The Grand Cross Tama CenterTama City

289*

FINE Residence Kyoto
Gojodori

Kyoto City

271*

The FINE Tower NAGOYAIMAIKE

NagoyaCity186*

MJR Kumamoto Gatetower

Kumamoto
City

236*

RIHGA Royal Resort Okinawa
ChatanNaha City

209*

Suminodo Station Project(Condominium)

Daito City

286*

Furukawabashi Station Project(Condominium)

KadomaCity

648*

Yokohama Kamisueyoshi
Project (Condominium)

Yokohama
City

214*

 Developing a high-rise condominium for rent
• As part of the type-1 urban redevelopment project in Hirakatashi
Station area, move-in to THE TOWER HIRAKATA, a 202-unit
high-rise condominium for rent developed by Keihan Real
Estate, will begin in July 2024.

Scheduled delivery in FY2026

Scheduled delivery in FY2027

Promoting development projects utilizing
urban development methods
 Promoting a land readjustment project in Gakken Seika Shimokoma• The project will create a highly convenient urban environment witha complex of various urban functions, mainly for corporate
facilities, on approximately 49 hectares of company-owned land in
the southern part of Kyoto Prefecture.
Kyoto Sta.
Chushojima
UjiKuzuha* A joint project. The number of housing units refers to thetotal number of housing units. The number of housing units
and when the sales are recorded are subject to change.

Iwashimizuhachimangu

Hirakatashi

KisaichiShimokoma

27

Progress in the Retail Distribution Business
Developing the project to suggest “safe, reliable, and healthy eating habits”
 Launching a mobile supermarket service• Keihan The Store signed an agreement with Hirakata City and
Neyagawa City regarding activities to watch over the elderly,
etc., and began operating the first “Frest mobile supermarket”
truck in March 2024, which travels to private homes andelderly facilities in the two cities to sell food products.
• By visiting customers who find it inconvenient to do their daily
shopping, the company will solve the regional issue of the “lastmile,” arising from the aging of the population and otherfactors, and create new points of contact with them.

Evolving and developing commercial activities in the areas along the railway lines
 Conversion to “Moyori-ichi” completed• Conversion of the 19 in-station convenience stores “Anthree”
to the new in-station food market “Moyori-ichi” was completed
upon the opening of the “Moyori-ichi Kyobashi Station
Platform” in March 2024.
• Each store offers different products tailored to the needs ofcustomers in each area, thereby contributing to further
improving the attractiveness of the station.

 Renovating KUZUHA MALL
• The grand opening of the Dining Street, a collectionof open-mall restaurants, was held in March 2024with the addition of nine new restaurants (four new
and five renovated), including the first restaurants
to open along the Keihan railway lines.
• The phased renovation, which has been under way
since the spring of 2023, was completed. The mallwill continue to evolve to meet a wide range ofneeds.

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Progress in the Leisure and Service Business
Adding high value to existing hotels
 Renovation of guest rooms in Hotel Keihan
Universal Tower• Based on the concept of “Cozy space,” the guest rooms
have been renovated in phases since June 2023.
Renovation of 286 rooms out of 641 rooms was構成比(%)
completed.
• Further renovation works are planned in the future tofurther strengthen the hotel’s competitiveness.

 Renovation of guest rooms in Kyoto Tower Hotel• In preparation for the 60th anniversary of the hotel’s
opening in December 2024, 37 guest rooms wererenovated in February 2024 under the design conceptof “Kyoto Tower x Retro.”• Visitors from Japan and abroad will be able toexperience Kyoto Tower’s unique atmosphere in
addition to the Kyoto-like atmosphere.

Brand enhancement through cooperation
with local companies

Expanding profit-earning opportunities inthe ship business Signing naming rights agreement for Kyoto Tower• Keihan Group’s first naming rights agreement was
signed with Nidec Corporation, and the facility namewas changed to “Nidec Kyoto Tower” from April 2024.

 Initiatives for Expo 2025 Osaka, Kansai• Osaka Aqua Bus has been offering cruises to experiencepart of the envisioned waterway access from Osaka
Castle to the Expo site and participating in demonstration
experiments related to waterway access.
Nakanoshima
Gate Terminal

Yumeshima
Expo venue

29

Initiatives at GOOD NATURE STATIONGOOD
NATURESTATIONの取り組み状況
Establishing
Keihan’s
own brands
 Promoting NEMOHAMO as hotel amenities• Expanding BtoB sales channels for the organic cosmetics brand
NEMOHAMO• Promoting introduction of the brand as amenities in high-end
hotels throughout Japan
Customers include:• Hotel Toranomon Hills• Cruise train “Seven Stars in Kyushu”* Selected by 80 facilities (as of the end of
March 2024)

Making GOOD NATURE STATION more attractive Renovation and reopening of the Kitchen Area
• Part of the first floor was renovated and reopened as
GOOD NATURE KITCHEN in February 2024.
• With an enhanced dine-in function, it offers a special
hamburger series made with local ingredients from Kyoto
大阪・関西万博に向けた取り組み状況
as its featured menu item.

 GOOD NATURE HOTEL SPA open to all guests• In February 2024, the spa became available to all guests,
not just hotel guests.
• Treatment using the NEMOHAMO brand products will
provide a high-quality, wellness-oriented spa experience.

30

Quantitative Targets and Shareholder Return
Quantitative targets
FY2024
results

FY2025
forecasts

FY2026plan

FY2031target level

Operating income

33.9 bn. yen

35.5 bn. yen

34 bn. yen

43 bn. yen or
more

Profit attributable to owners ofparent24.8 bn. yen

25.5 bn. yen

23 bn. yen

30 bn. yen or
more

EBITDA (Operating income +53.9 bn. yen

57.8 bn. yen

58 bn. yen

70 bn. yen or
more

Net interest-bearing debt/EBITDA
ratio

5.85x

5.99x

6x level

6x level

ROE

8.8%

8.2%

7% level

8% levelManagement indicators

Depreciation)

Shareholder return
Basic policy on profit
distribution••

While maintaining a stable management foundation, we will make aggressive investments
and strengthen our financial structure toward growth, and continuously provide shareholder
returns based on results.

In FY2024, we paid a year-end dividend of 35 yen per share (pre-COVID-19 crisis level).
In FY2025, we plan to pay a year-end dividend of 40 yen per share, an increase of 5 yen
compared to FY2024.
31