First Half of FY2024 (Ended September 30, 2023)

Financial Results Presentation
November 17, 2023
Keihan Holdings Co., Ltd.
(Tokyo Stock Exchange Prime Market / Securities Code: 9045
https://www.keihan-holdings.co.jp/)

Table of Contents
Summary of Consolidated Financial Results andForecasts
Progress of the Medium-term Management Plan
“BIOSTYLE: Deepening and Challenge”

… 2
… 6

Overview of the First Half of FY2024 Financial
Results… 17

FY2024 Forecasts… 29♦ 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

Summary of Consolidated Financial Resultsand Forecasts

2

Summary of Consolidated Financial Resultsand Forecasts(Millions of yen)

1H FY2024 results

1H FY2024 results

1H FY2023 results

Operating revenue

133,867

123,143

Operating income

17,172

10,174

Ordinary income

16,845

10,539Profit attributable to ownersof parent

14,484

10,506FY2024 full-year forecasts

FY2024 full-year
forecasts

FY2023 results

Operating revenue

299,000

260,070

38,929(15.0％)

292,000

7,000(2.4％)

Operating income

31,50020,491

11,008(53.7％)

23,4008,100(34.6％)

Ordinary income

30,50020,45810,041(49.1%)

22,3008,200(36.8%)

Profit attributable to ownersof parent

24,50017,621

6,878(39.0%)

18,5006,000(32.4%)FY2024 full-year
forecasts

FY2024 full-year
forecasts (releasedin May)35 yen per share

30 yen per share

Annual dividend

Change1H FY2024
forecasts (releasedin August)

10,723(8.7%)
6,997(68.8%)
6,306(59.8%)
3,978(37.9%)
Change130,500
15,00014,50012,000
FY2024 full-year
forecasts (releasedin May)Change3,367(2.6%)
2,172(14.5%)
2,345(16.2%)
2,484（20.7%)
ChangeThe dividend forecast increased by 5 yen from the previous
forecast of 30 yen per share after comprehensively reviewing thecurrent performance, financial position, and other factors.

3

Situation of Main Segments (1)Keihan Electric Railway(％)

Passenger figures compared to normal year
0.0

-10.0

-10.3

-11.7

-13.6

-17.9

-20.8

-13.1
-18.5

-20.0

-14.9

-26.7

-30.4

-23.4

-30.0

-18.1

-15.8

-35.4

-40.0
-39.8
-50.0
FY2021

FY2022

FY2023

Commuter(％)

Non-commuter

1H FY2024
results

FY2024 full-year
forecasts

Total

Passenger transportation revenue compared to normal year
0.0
-10.8

-10.0

-18.7

-18.0
-11.9

-18.3

-20.0
-30.0

-11.5

-14.7

-32.6

-28.3

-9.5
-10.0
-10.2

-20.1
-33.2

-40.0
-39.4
-50.0
FY2021

FY2022
Commuter

FY2023
Non-commuter

1H FY2024
results
Total

FY2024 full-year
forecasts

4

Situation of Main Segments (2)Hotel(％) Occupancy rates
100.0
81.6
69.8

80.0

74.2

60.0
41.6
40.0

82.0

75.0

59.3

24.6
30.8

20.0
23.6
0.0
FY2021

FY2022

FY2023

Hotel Keihan

1H FY2024
results

FY2024 full-year
forecasts

Keihan Hotels & Resorts(％) Sales compared to normal year
20.0
0.5

7.5

0.0
-34.6

-20.0

-14.1

-12.9

-40.0
-60.0

-69.3

-80.0

-65.0

-37.3

-73.5
-80.8

-100.0

FY2021

FY2022
Hotel Keihan

FY2023

1H FY2024
results

Keihan Hotels & Resorts

FY2024 full-year
forecasts

5

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

６Overview of the Long-termManagement Strategy
Placing “BIOSTYLE (Keihan version of the SDGs),” which we have been working toestablish as the Keihan Group’s new brand for the creation of a sustainable, recyclingoriented society, at the core of management and business activities, we will promote
BIOSTYLE Management that creates both social and economic value.

Promoting BIOSTYLE Management
Theme

Creatingsocial value

Mainstrategies for
FY2031(solving social
issues)Strategy foreach business
Strengthening
the managementfoundation

Mission of the Keihan Group

Redevelop
Keihan areas

Improving the value of the areas along therailway lines through urban development
and area management

Co-createexperiencevalue

Improving the value of Kyoto and the Mt.
Hiei/Lake Biwa area by offering tourist
experiences

Conserve theglobalenvironment

Contributing to the solution of climatechange and other environmental issues

Transportation

Advancing toward achieving
the management vision

Real estate

Leisure & service

Management vision

Creating
economic
value (profit
growth)Be the beautiful Keihan areas
and the global Keihan Group

Contributing to theachievement of the SDGs

Retail distribution

Other businesses

DX (digital transformation)
Human resources strategy

７6

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

Yodoyabashi

Nakanoshima

Joint reconstruction of Keihan Midosuji Building and Nittochi
Yodoyabashi Building

4-chome International Hub for Healthcare Innovation
Project

B1F Yodoyabashi Square

Exterior from Midosuji side

30F

Commercial area,
observation terrace

12F–29F

Offices

10F–11F

Business lounge

4F–8F

Offices

B1F–2F

Commercial area

 Project outline

Concept• Total floor area: Approx. 73,000 m 2• Size: 31 floors above ground, 3 floors
below ground• Completion: End of May 2025

Renovationof Yodoyabashi Station concourse
淀屋橋駅コンコースのリニューアル• The hub will industrialize cutting-edge medical innovationin line with future advances in medical technology, suchas genome medicine, AI, and IoT, based on regenerative
medicine.
• It will make an international contribution by ensuring thatthe latest medical services are available to patients inJapan and overseas.

 Project outline•

In line with this project, the Yodoyabashi Station concourse will berenovated.

•

Total floor area: Approx. 57,000 m 2•

Size: 17 floors above ground•The new building and concourse will be connected in an integrated manner
to improve convenience by improving transfers and flow lines to theground level.

•

Completion: FY2024

B1F Yodoyabashi Square８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

Hirakatashi
Type-1 urban redevelopment project in Hirakatashi Station area

Aiming to open in FY2025, development of a large-scale complex
with commercial, office, hotel, residential and administrative
functions, which will be integrated with the station, is under way at
Hirakatashi Station.
1. Commercial
zone

Being developed together with the Keihan Hirakata Station
Mall is a large-scale commercial facility integrated with
Hirakatashi Station, which is approximately twice the area withthree times the number of stores compared to the previous
facility.
The plaza with beautiful sunset views and the terrace to be set
up on the Amano River side will create a space where visitors
can spend time only available in Hirakata.

2. Office zone

Offices with both the comfort of a rich natural environment andthe convenience of an urban setting are being developed.

3. Hotel zone
Candeo Hotels, a unique, world-class four-star hotel chain, will
move in, featuring an open-air Sky Spa on the top floor.
4. Residentialzone

A high-rise condominium for rent, which is directly connectedto the station, is being developed to facilitate living spaces foryoung people in their 20s and 30s.

 Facility outline•

Total floor area: Approx. 94,000 m 2

•

Size:
Office/hotel building
Residence building

26 floors above ground
29 floors above ground

Commercial building

4 floors above ground•

Completion: Around summer 2024

９

Progress of the Main Strategies
Co-createexperience value

Establishing the Kyoto Tourism Golden Route through themed tourism

Co-creating story-based tourist experiences with local communities under such themes as traditional industry, art, food, andhistory in Kyoto and surrounding areas

Sake brewery tourism in the Fushimi area
Experience-based content co-created with the Fushimi Sake Brewers Association won the Silver Award at the
Ministry of Agriculture, Forestry and Fisheries’ “EAT! MEET! JAPAN Awards 2023,” which recognizes ideas thatcombine food and other programs to attract foreign visitors to Japan.
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, tocreate tourism and experience-based content centered on waterway transportation

Extension of the Lake Biwa Canal Cruise to Otsu Port
The Lake Biwa Canal Cruise, which connects Otsu City and Kyoto City, will be extended in Otsu City from the Miidera
Temple area to Otsu Port by the end of FY2025 to connect Kyoto City to Lake Biwa with waterway transportation,
thereby enhancing the attractiveness and deepening the tourism of the entire area.
Conserve theglobal environmentPromoting BIOSTYLE Environmental Action 2030

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

Promotion of energy creation
In April 2023, houses with photovoltaic power
generation systems, which allow private generation ofclean energy without emitting CO2, went on sale in
Keihan East Rose Town.

The photovoltaic power generation
systems are to be installed in 2024, using
the roofs of Fushimi-inari Station on the
Keihan Main Line and the supermarket
Frest Matsui-yamate Shop.

(Fushimi-inari Station)

10

Main Strategies (Schedule)
Period of the medium-term management plan

2023
Nakanoshima 4-chome International Hub
for Healthcare Innovation Project
Own site development in Nakanoshima 4chome2024

Redevelop
Keihan areas○ 解体開始Station area development along with theconsecutive grade separation project on
the Keihan Main Line
Development of the Hashimoto Sta. area
Redevelopment of the areas in front of
Kadomashi Sta. and north of
Furukawabashi Sta.
Kyoto Sta. Southeast Area Project

Co-createexperiencevalue

Redevelopment of the Sanjo Sta. area

Redevelopment of Kyoto Tower

竣工●

Under consideration and deliberation
Opening●
Under consideration and deliberation

Redevelopment of the Temmabashi Sta.
area
Extension of the Nakanoshima Line
Type-1 urban redevelopment project in
Hirakatashi Sta. area

（年度）
2030

2026

Completion●

Joint reconstruction of Keihan Midosuji
Bldg. and Nittochi Yodoyabashi Bldg.
Redevelopment of the Kyobashi Sta. area

2025

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

Completion of the urban
redevelopment project●

Under consideration and deliberation
Under consideration and deliberation
Completion of the Furukawabashi project● The Kadomashi project under consideration and deliberation
Opening●
Under consideration and deliberation
Deepening discussions with a view to 2030 and beyond

Renovating facilities at the top of Mt. Hiei

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
globalenvironment

promotion of energy creation,
procurement of renewable energy

Under consideration to be implemented as needed11Progress in the Transportation Business
Further efforts for safety and security
 Accelerating the installation of platform screen doors• Keihan Electric Railway plans to install platform screen doors
on eight tracks in four stations by the end of FY2026, utilizing
the “barrier-free fare system.”• Installation will be completed in Hirakatashi Station in FY2024,
and in Moriguchishi and Kayashima Stations in FY2025.

Nakanoshima

Yodoyabashi Temmabashi

FY2025

FY2024Moriguchishi

Hirakatashi

Kayashima
FY2025

Expanding comfortable seating services

Promoting more eco-friendly transportation

 Increased the number of all-reserved Liner trains Introduced large electric buses in Osaka Pref.

• As part of its efforts to provide comfortable seating services,
Keihan Electric Railway updated the train schedules inAugust 2023, which included an increase in the number ofLiner trains during peak periods and changes to the stations
where they stop.
• Since their introduction, the number of users of paid train
services has steadily increased.

• Toward the achievement of a decarbonized society, Keihan Bus
began operating five large electric buses on some routes in
Neyagawa, Shijonawate, and Kadoma from April 2023.
• They are expected to reduce annual CO2 emissions byapproximately 52 tons per vehicle compared to conventional
vehicles.

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

(Index)Premium Car(Index)12

Progress in the Real Estate Business
Developing products and services that meet diversifying values
and lifestyles

Main condominiums to be sold in FY2024 and thereafter
Name and location

No ofhousingunits• The “100-year Housing by Zero Home” houses have further evolved theirinsulation, airtightness, and ventilation performance. In addition, model
homes of the BASE3 series, offering energy-saving features, were openedby type.

Scheduled delivery in FY2024
The FINE Tower OSAKAHIGOBASHI

Osaka City197

VIVOVIVA Ishigakijima

Ishigaki City

98*

The FINE Tower HISAYA ODORI

Nagoya City163*
BASE3 Machinaka(Kyoto-minami IC Exhibition Hall)

Scheduled delivery in FY2025

BASE3 FAMILY(Kusatsu Exhibition Hall)

BASE3 style N(Itami Exhibition Hall)FINE City Omiyakoen

Saitama City

161*

Expanding domestic business areas in the real estateleasing business

Kawasaki Takatsu-ku Project

KawasakiCity

90• Promoting the acquisition of rental properties in highly advantageous core cities

The Grand Cross Tama CenterTama City

289*

Scheduled delivery in FY2026

Exterior(rendering)

Naha Chatan Project

Naha City

218*

The FINE Tower NAGOYA IMAIKE

Nagoya City

186*
East Court 2 Bangai

Keihan Naha Shin-Toshin Bldg.

Matsudo Toyo Bldg.

Acquired

Jun. 2023

Jul. 2023

Sep. 2023

Location

Kobe City, Hyogo

Naha City, Okinawa

Matsudo City, Chiba

14 floors above ground, 1 floor below
ground6 floors above ground

5 floors above ground, 1 floor
below groundTotal floor
area

26,202.76 ㎡

1,905.56 ㎡

3,993.65 ㎡

Propertyuse

Apartment units, etc.

Offices

Offices, etc.

Name

FINE Residence Takasaki Sayacho

Takasaki City72*

MJR Kumamoto Gatetower

Kumamoto
City

236*

* This is a joint project. The number of housing units refers to the total numberof housing units. The number of housing units and when the sales arerecorded are subject to change.

Size

13

Progress in the Retail Distribution Business
Evolving and developing commercial activities in
the areas along the railway lines Renovation of KUZUHA MALL
• Phased renovation has been under way since March 2023,
and in April 2023, the food court on the first floor of the mainbuilding was redesigned to resemble a market, along with thesurrounding food and merchandise areas.
• The restaurant district Dining Street is scheduled to open
after its renovation in December 2023.

Food court interior (rendering)• The food area featuring 16 stores (10 new and 6 renovated)
will open as a “food market,” easy to use 365 days a yearwith expanded take-out functions.
Food court, seen from the aisle (rendering)

Promoting community building along the railway
lines

Establishing tourism commerce Kuzuha Station Square Renovation of KYOTO TOWER SANDO• In April 2023, the facility underwent a major renovation for
the first time since its opening, under the new concept of“The must-have ‘Kyo-Lounge’ for your Kyoto trip.”• Natural lawn area, covered benches, etc. will be developed in the
Kuzuha Station Square (on the City Road Kuzuha Chuo Line) incooperation with Hirakata City to form an attractive urban setting
and improve the environment for public transportation users.
• Project outline
Lawn area (natural
grass), covered
benches, road surface
improvement, wall
greening, etc.
• Construction period
Oct. 2023 to Mar. 2024
(scheduled)• It included inviting stores to create a Kyoto-like atmosphereand installing artwork in collaboration with artists.

14

Progress in the Leisure & Service Business
Adding high value to existing hotels
 Renovation of Hotel Keihan Universal Tower• Renovation of 48 rooms, which was begun as the firstphase of the guest room renovation plan, wascompleted in July 2023. Further renovation works areplanned in the future.
Composition (%)
Concept

Cozy space where you can relax and recover from fatigue

Designimage

Moonlight reflected on the sea at night as a luxury cruise ship
drifts by

Renovation Jun. to Nov. 2023 (scheduled)periodEnhancing competitiveness through SDGoriented rebranding Biwako Hotel• Received a three-star (the highest) evaluation under the“Shiga biodiversity action certification program” carried out
by Shiga Prefecture.

• Began selling wedding plans featuring The Culinary Coloursof SATOYAMA, an environmental conservation project thatthe hotel has been working on for more than 20 years.

 THE THOUSAND KYOTO• Addressing the issue of discarding unbroken tableware by recoloring and reusing the tableware used at Kyoto Century
Hotel, in an effort to achieve a circular economy.
• Promoting urban beekeeping on the rooftop to contribute tobiodiversity conservation and “local production for local
consumption” in front of Kyoto Station.

15

Progress in Other Initiatives
Initiatives at GOOD NATURE STATION
Establishing own brands
 Opening of the first NEMOHAMO store in Tokyo• A directly-managed store of the organic cosmetics brand
NEMOHAMO opened in Shin-Marunouchi Building, Tokyo, in
November 2023.
• As a store for a brand that embodies sustainability, the space isfilled with attention to detail, including the use of marine plastic for
the walls.

Store (rendering )Making GOOD NATURE STATION more
attractive
 A new salon opens at GOOD NATURE
HOTEL KYOTO• In November 2023, GOOD NATURE SALON with spa, lounge,
gym, and studio will open on the third floor of the mainbuilding.
• The concept “Good for people, good for nature” is supported
by customers and it is steadily growing as a sustainable hotel.

Spa (rendering)

Initiatives for Expo 2025, Osaka, Kansai
Lounge (rendering) Improving access to Yumeshima
構成比(%)• Keihan Bus will operate a 前年差(P)shuttle bus service connecting

Nakanoshima Station and Osaka Station South (Osaka Maru Building
Site Bus Terminal) to Yumeshima.
• Keihan Electric Railway plans tooperate temporary limited express
and other services, featuring
Premium Cars, on the Nakanoshima
Line.

Provided by Japan Association for the 2025 World Exposition

 KANSAI MaaS app released• In September 2023, the Kansai MaaS Council, in which
Keihan participates, released the KANSAI MaaS app.
• The app will be expandedwith more features andservices for the Expo.

16

Overview of the First Half of
FY2024 Financial Results

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

1H FY2024
results

1H FY2023
results

ChangeMain factors of change

10,723-8.7%
6,997-68.8%

Operating revenue

133,867

123,143

Operating income

17,172

10,174733

1,553-819 Subsidies for employment adjustment: -323

1,059

1,188

-128

16,845

10,5396,306-59.8%

4,987

5,137

774

728

46

14,484

10,5063,978-37.9%

Depreciation

9,816

9,966

-149

ＥＢＩＴＤＡ

26,98920,141

6,848 * EBITDA: Operating income + Depreciation

-633

-666

32

Interest and dividend
income

276

295

-18

Interest expenses

910

961

-51

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

1H FY2024 forecasts(released in August)

130,500
15,000Change
3,367
-2.6%
2,172
-14.5%

14,5002,345-16.2%

12,0002,484-20.7%-149 Gain on sales of non-current assets: -137

(Reference)

Net interest expenses

18

Segment Information(Millions of yen)

1H FY2024
results

1H FY2023 results

ChangeChange (%)

Operating revenue

43,58839,448

4,139

10.5%

Operating income

6,184

3,452

2,732

79.1%

Operating revenue

54,85556,951-2,095-3.7%

Operating income

9,024

9,641

-616

-6.4%

Operating revenue

25,43324,446986

4.0%

Operating income

1,079

647

431

66.7%

Operating revenue

18,621

9,509

7,312

76.9%

Operating income

1,549-2,734

4,283－

Operating revenue

2,216

1,660

555

33.5%

Operating income

-436

-638

202

－

Operating revenue-9,047-8,872-175－

Operating income

-229

-193

-35

－

Transportation

Real estate

Retail distribution

Leisure and service

OthersAdjustments

19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

OthersBiostyle Co., Ltd., Keihan Card Co., Ltd.

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

38.4 ％

30.5 ％
54.8 bn. yen

43.5 bn. yen

17.8 ％

9.0 bn. yen

11.8 ％
1.5 ％

6.1 bn. yen

25.4 bn. yen
16.8 bn. yen

1.0 bn. yen

1.5 bn. yen

Retaildistribution

Leisure andservice-0.4 bn. yen

2.2 bn. yen

Transportation Real estate

Retaildistribution

Leisure andservice

OthersTransportation Real estate

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

Others20

Segment Information (Quarterly Changes)
Changes in operating revenue by segment(Millions of yen)
40,00028,57830,00026,276
21,662

21,92520,00012,68312,75010,000

8,121

8,699

1Q

2Q

740

808

1Q

2Q

0

1Q

2Q

Transportation(Millions of yen)

1Q

Real estate

2Q

1Q

2Q

Retail distribution

Leisure and service

Changes in operating income by segment

6,000

4,432
4,000

4,592

3,635

2,548
2,000

627
0

1Q

2Q

Transportation

1Q
Real estate

2Q

1Q

451

2Q

Retail distribution

Leisure and service

21

Segment Information (Transportation)(Millions of yen)

1H FY2024 results

1H FY2023 results

Operating revenue

43,58839,448

4,139

10.5%

Railway

35,48932,024

3,464

10.8%

Bus

11,625

11,111

514

4.6%

Elimination-3,526-3,687160－

Operating income

6,184

3,452

2,732

79.1%

Railway

5,135

2,805

2,330

83.1%

Bus

1,040

643

397

61.8%

8

3

4

－

Elimination

ChangeChange (%)(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 “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.

22

Operating Results for Transportation: Keihan
Electric Railway
1H FY2024 results

1H FY2023 results

millions of yen

millions of yen

millions of yen％

Passenger transportation revenue

23,641

20,960

2,680

12.8

Non-commuter passes

15,79013,561

2,228

16.4

Commuter passes

7,850

7,398

451

6.1

thousands of people

thousands of people

thousands of people％

130,128

120,297

9,830

8.2

Non-commuter passes

62,34655,108

7,238

13.1

Commuter passes

67,781

65,1882,592

4.0

Number of passengers

ChangeChange (%)

Changes in passenger transportation revenue (millions of yen)
12,00010,00010,563

5,651

10,239

7,000

6,561

9,369

9,167

8,000
6,000

10,720

6,965

5,968

11,19010,935

7,448

7,412

11,968

11,673

8,031

7,759

4,000
2,000

3,516

3,598

3,401

3,720

3,678

3,742

3,523

3,936

3,914

2022.2Q

2022.3Q

2022.4Q

2023.1Q

2023.2Q

2023.3Q

2023.4Q

2024.1Q

2024.2Q

CommuterNon-commuter

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

1H FY2024 results

1H FY2023 results

54,85556,951-2,095-3.7%

49,28648,087

1,199

2.5%

Real estate sales

33,844

32,114

1,730

5.4%

Real estate leasing service

13,368

13,773

-404

-2.9%

Other businesses

2,073

2,199

-126

-5.7%

Construction

9,424

12,275-2,851-23.2%

Elimination-3,855-3,412-443－

Operating income

9,024

9,641

-616

-6.4%

Real estate

9,058

9,739

-681

-7.0%

Real estate sales

2,863

2,979

-115

-3.9%

Real estate leasing service

5,939

6,508

-568

-8.7%

255

252

3

1.3%

Construction

40

-3

43

－

Elimination

-74

-95

21

－

Operating revenue
Real estate

Other businesses

ChangeChange (%)(Major factors affecting performance)• The real estate sales business saw an increase in revenue due to factors such as the sales of newly developed properties, but adecrease in profits due to factors such as better than expected sales of condominiums, such as The Fine Tower Otemae and Fine
Residence Shin-Yurigaoka in the same term of the previous year.
• The real estate sales saw decreases in both revenue and profits due to factors such as a decrease in real estate fund income.

24

Segment Information (Retail Distribution)(Millions of yen)

1H FY2024 results

1H FY2023 results

25,43324,446986

4.0%

Department store

9,706

9,300

406

4.4%

Store

7,622

7,388

233

3.2%

Shopping mall management

6,483

6,281

201

3.2%

Other businesses

2,276

2,139

137

6.4%

Elimination

-655

-663

7

－

1,079

647

431

66.7%

Department store

-190

-296

106

－

Store

380

219

160

73.2%

Shopping mall management

839

637

202

31.8%

Other businesses

43

79

-36

-45.6%

Elimination

6

7

-1

－

Operating revenue

Operating income

ChangeChange (%)(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 the renovation of
KUZUHA MALL and KYOTO TOWER SANDO as well as a recovery in food service demand.

25

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

1H FY2024 results

1H FY2023 results

Operating revenue

16,821

9,509

7,312

76.9%

Hotel

14,955

8,068

6,886

85.4%

Leisure

1,879

1,454

424

29.2%

-13

-13

0

－

Operating income

1,549-2,734

4,283

－

Hotel

1,334

-2,747

4,082－

Leisure

205

4

201

－

9

9

0

－

1H FY2024 results

1H FY2023 results

Hotel Keihan

81.6%

63.3%

18.3 pt

Keihan Hotels & Resorts

74.2%

54.6%

19.6 pt

Elimination

Elimination

ChangeChange (%)

Hotel occupancy rates
Change(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.

26

Consolidated Balance Sheets(Millions of yen)

1H FY2024
results

1H FY2023
results

ChangeMain factors of change
Notes and accounts receivable-trade andCurrent assets

213,892

217,002-3,109 contract assets: -11,482
Land and buildings for sale: +6,494

Non-current assets
Total assets

Investment securities: +4,223

563,764

557,846

5,917 Land: +2,257

777,656

774,849

2,807
Current portion of bonds: -20,000
Accounts payable: -12,910
Short-term loans payable: +23,498

Current liabilities

143,925

148,777-4,852Long-term liabilities

345,622352,560-6,937 Long-term loans payable: -6,632

Total liabilities

489,547

501,338-11,790

Net assets

288,108

273,510

14,597 * Equity capital ratio: 36.3% (+1.7 pts)

Total liabilities and net assets

777,656

774,8492,807Interest-bearing debt

338,492

341,625-3,133 Loans payable: +16,866

Retained earnings: +12,016

Bonds payable: -20,000

27Consolidated Statements of Cash Flows(Millions of yen)

1H FY2024
results

1H FY2023
results

ChangeMain factors of change

Decrease in inventories: +8,983
Decrease in trade receivables: +6,683
Decrease in other current liabilities: -7,815

Cash flows from operating
activities

16,990903

Cash flows from investing
activities-11,303-4,792-6,511 Purchase of non-current assets: -7,070
Redemption of bonds: -20,000
Short-term loans payable: -5,460
Proceeds from long-term loans payable:+19,740

16,087

Cash flows from financing
activities-7,034-2,886-4,148Net increase (decrease) in cash
and cash equivalents-1,342-6,5485,206

Cash and cash equivalents at
beginning of period

16,727

20,322-3,594

Cash and cash equivalents at endof period

15,385

13,7901,594

28

FY2024 Forecasts

29

Consolidated Statement of Income(Performance Forecasts)• Both revenue and profits are expected to increase due to increased revenue in the transportation business and the leisure and service
business, reflecting the ongoing recovery in domestic and inbound tourism demand, as well as steady condominium sales in the realestate business.
(Millions of yen)
FY2024 forecasts(latest)FY2024 forecasts(released in May)

Operating revenue

299,000

292,000

7,000

2.4%

260,070

38,92915.0%

Operating income

31,50023,400

8,100

34.6%

20,491

11,00853.7%

Ordinary income

30,50022,300

8,200

36.8%

20,45810,041

49.1%

Profit attributable to ownersof parent

24,50018,500

6,000

32.4%

17,621

6,878

39.0%

Depreciation

20,20020,500

-300

-1.5%

20,028171

0.9%

ＥＢＩＴＤＡ

51,70043,900

7,800

17.8%

40,52011,17927.6%

Interest-bearing debt

363,000

378,000-15,000-4.0%

341,625

21,374

6.3%

Net interest expenses-1,300-1,500200－-1,34141

ーInterest and dividend
income

500

500

ー

ー

535

-35

-6.7%

Interest expenses

1,800

2,000

-200

-10.0%

1,877

-77

-4.1%

ChangeChange (%)

FY2023 results

ChangeChange (%)(Reference)30

Segment Information (Performance Forecasts)(Major factors affecting performance: after the previous forecasts in May)
• Transportation:

Increases in both revenue and profits due to factors such as increased revenue reflecting a recovery in passenger
demand and decreased power costs.

• Real estate:

Increases in both revenue and profits due to factors such as steady condominium sales.

• Retail distribution:

Increase in profits due to factors such as reduced utility costs and cost reviews, despite decreased revenue
mainly due to difficult conditions in the store business.

• Leisure and service:

Increases in both revenue and profits due to factors such as a recovery in inbound and domestic tourism demand.
(Millions of yen)Transportation

Real estate

Retail distribution
Leisure andservice
OthersAdjustments

FY2024 forecasts(latest)FY2024 forecasts(released in May)

Operating revenue

87,30085,7001,600

80,927

6,372

Operating income

8,700

6,700

2,000

6,885

1,814

Operating revenue

138,400

137,900

500

120,103

18,296

Operating income

19,40018,1001,300

17,555

1,844

Operating revenue

52,90053,000-100

50,676

2,223

Operating income

2,500

2,100

400

1,878

621

Operating revenue

34,20029,2005,000

22,86911,330Operating income

2,500-1,7004,200-3,836

6,336

Operating revenue

4,700

4,300

400

3,660

1,039

Operating income-900-1,100200-1,230330

Operating revenue-18,500-18,100-400-18,167-332

Operating income

-700

-700

ー

-761

61

ChangeFY2023 results

Change31

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

Passenger
transportation revenue
Non-commuter
passesCommuter-passes

FY2024
forecasts(latest)FY2024 forecasts(released in May)

Changemillions of yen

millions of yen

millions of yen

47,48945,81831,92915,559Change (%)

FY2023 results

Change％millions of yen

millions of yen

％

1,671

3.6

43,085

4,404

10.2

30,863

1,066

3.5

28,421

3,507

12.3

14,955604

4.0

14,663896

6.1％ thousands of people thousands of people％

thousands of people thousands of people thousands of people

Change (%)

Number of passengers

259,978

251,363

8,615

3.4

243,608

16,3696.7

Non-commuter
passes

126,880

123,690

3,190

2.6

115,377

11,502

10.0

Commuter-passes

133,098

127,673

5,425

4.2

128,230

4,867

3.8

Changes in passenger transportation revenue (millions of yen)
60,00052,05451,481
43,08537,83535,54140,00035,187

34,37920,00047,48921,56623,73816,866

17,102

13,974

14,096FY2019 results

FY2020 results

FY2021 results

FY2022 results

28,421

14,66331,92915,5590Commuter-passes

FY2023 results FY2024 forecasts

Non-commuter passes

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

Capital expenditure
FY2024
forecasts(latest)Total

FY2024
forecasts(released in May)

ChangeE

FY2023 results

ChangeFY2024
forecasts(latest)B

FY2024
forecasts(released in May)

I

T

D

ChangeA

FY2023 results

Change41,60044,800-3,20029,712

11,88751,70043,9007,800

40,52011,179Transportation

14,20018,200-4,000

9,478

4,721

19,30017,5001,800

17,738

1,561

Real estate

18,10011,6006,500

13,262

4,837

26,30024,9001,400

24,1962,103

Retaildistribution

2,500

2,700

-200

1,496

1,003

3,600

3,200

400

2,932

667

Leisure andservice

2,400

2,200

200

5,217

-2,817

3,800

-200

4,000

-2,646

6,446

200

200

ー

117

82

-800

-1,000200-1,071

271

4,200

9,900

-5,700

139

4,060

-500

-500

ー

-628

128

OthersAdjustments

33

Reference (Management Indicators)(Millions of yen)
FY2022 results

FY2023 results

FY2024 forecasts(latest)FY2026 Medium-term
management plan

Operating income

13,40820,491

31,50034,000

Profit attributable to owners ofparent9,589

17,621

24,50023,000ＥＢＩＴＤＡ34,331

40,52051,700Net interest-bearing debt/EBITDA
ratio

9.47

8.02

6.67

6x level

ＲＯＥ

3.9%

6.8%

8.8%

7% level・・・

58,000Changes in major management indicators (millions of yen)
40,00034,00031,50030,00024,50023,00020,491
17,621

20,00013,40810,000

0

・・・

9,589

FY2022 results

FY2023 results
Operating income

FY2024 forecasts (latest)
Profit attributable to owners of parent

FY2026 Medium-term
management plan

34