Results for the Second Quarter of
the Fiscal Year Ending March 2024
October 30, 2023
Oriental Land Co., Ltd.

Contents of Presentation for Financial Result Briefing

I. Financial Results
II. Upward Revision of Forecast
2III. Updates on 2024 Medium-term Plan2

I. Financial Results

1. Results for First Half of FY3/24 vs. FY3/23[¥ billion]
FY3/23 Results[1st Half]

FY3/24 Results[1st Half]

204.0

284.3

80.2

39.3%

Theme Park Segment

164.6

233.9

69.3

42.1%

Hotel Business Segment

33.8

42.8

8.9

26.5%

Other Business Segment

5.6

7.5

1.9

35.4%

37.9

77.0

39.0

102.9%

31.3

62.9

31.6

100.8%

6.9

13.3

6.4

92.8%

(0.4)

0.5

0.9

-

Ordinary Profit

38.5

77.7

39.1

101.5%

Profit before Income Taxes

38.5

77.7

39.1

101.5%

Profit Attributable to Owners of Parent

26.4

54.5

28.0

106.2%

Consolidated Statement of Income
Net Sales

Operating Profit
Theme Park Segment
Hotel Business Segment
Other Business Segment

4

ChangeChangeNet sales and all levels of profit increased year on year,
primarily due to increases in attendance44

1. Results for 1st Half of FY3/24 vs. FY3/23 – Main Reasons for Change
FY3/23 Results[1st Half]

Theme Park Segment [1]FY3/24 Results[1st Half]

ChangeChangeNet Sales [¥ billion]

164.6 *

233.9

69.3

42.1%

Attendance [million people]

8.94

12.50

3.56

39.8%

* Revenue of 3.4 billion yen for expired tickets whose refund support ended by the end of May 2022 is recorded in net sales.

Increase in attendance・Increase thanks to Tokyo Disney Resort® 40th Anniversary events
・Increase in the number of overseas guests
・Increase due to sales of limited-period tickets
・Increase due to eased limit on attendance

The number of overseas guests
The number of overseas guests [million people]

5

Percentage of overseas guests [%]

13.0

10.0

9.6

6.9
3.13

0.2

2.90

FY3/19[Full year]

FY3/20[Full year]

0.0

0.0

0.02

FY3/21[Full year]

FY3/22[Full year]

FY3/23[1st half]

0.91
FY3/23[2nd half]

1.63
FY3/24[1st half]

Theme Park attendance grew thanks to Tokyo Disney Resort
40th Anniversary events and the recovery of overseas guests

51. Results for 1st Half of FY3/24 vs. FY3/23 – Main Reasons for Change
FY3/23 Results[1st Half]

Theme Park Segment [1]FY3/24 Results[1st Half]

ChangeChangeNet Sales [¥ billion]

164.6*

233.9

69.3

42.1%

Net Sales per Guest [¥]15,683

16,566883

5.6%

Attractions and Shows [¥]

7,590

7,962

372

4.9%

Merchandise [¥]

4,896

5,331

435

8.9%

Food and Beverages [¥]

3,197

3,272

75

2.3%

* Revenue of 3.4 billion yen for expired tickets whose refund support ended by the end of May 2022 is recorded in net sales, which is excluded from net sales per guest.

Increase in net sales per guest
・Increase in attractions and shows
ー Increase in Disney Premier Access・Increase in merchandise
ー Strong sales of products related toTokyo Disney Resort 40th
Anniversary
6

Facilities accessible with Disney Premier AccessA total of 11 contents,*1 up by 8 from the same period of theprevious FY, are now accessible with Disney Premier Access・Increase in food and beverages
ー Strong sales of menus and foodsouvenir items related to Tokyo Disney
Resort 40th Anniversary
ー Decrease in the proportion of guests
using table service due to increased
attendance

Examples of products and menus related to Tokyo Disney
Resort 40th Anniversary

An additional entertainment program included
with Disney Premier Access in 2Q of FY3/24︓
Spooky “Boo!” Parade.*2 [¥2,500]*1 For facilities accessible with Disney Premier Access as of Oct. 30, 2023
and to be accessible within FY3/24, please refer to Appendix P30.
*2 Spooky “Boo!” Parade. is included with Disney Premier Access from
Sep. 15 to Oct. 31, 2023.

Moments-Go-Round[Prices vary depending on the combination]©Disney

Popcorn bucket [¥3,400]©Disney

Net sales increased year on year due to rises in all categories of revenue

61. Results for 1st Half of FY3/24 vs. FY3/23 – Main Reasons for Change[¥ billion]
FY3/23 Results[1st Half]

FY3/24 Results[1st Half]

Net Sales

164.6

233.9

69.3

42.1%

Operating Profit

31.3

62.9

31.6

100.8%

Theme Park Segment [2]ChangeIncrease in operating profit

Change[¥billion]

Increase in net sales
Decrease in merchandise andfood/beverages cost ratio

0.3

Increase in personnel expenses(6.4)

Increase in personnel expenses forpart-time cast members(4.4)

Increase in personnel expenses forfull-time employees

(0.9)

Other

(0.9)

Increase in miscellaneous costs(7.3)

Increase in maintenance costs(1.4)

Increase in sales promotion costs(1.2)

Increasein research and development
7
expenses(1.0)

Increase in IT-related expenses(0.7)

Increase in costs related toentertainment

(0.5)

Other

(2.3)

Increase in depreciation and amortization
expenses(0.6)

Increase in newly acquired assets, etc.
Note: Increase in costs is expressed by figures in parentheses, which show by how much operating profit decreased.

Operating profit grew due to an increase in net sales despite a rise in costs

71. Results for 1st Half of FY3/24 vs. FY3/23 – Main Reasons for Change[¥ billion]
Hotel Business Segment

FY3/23 Results[1st Half]

FY3/24 Results[1st Half]

33.8

42.8

8.9

26.5%

31.2

38.8

7.5

24.1%

Net Sales
Disney Hotels
Occupancy rate [%, pt]
Average charge per room [¥]Other Hotels
Operating Profit

ChangeChange

80.8

98.8

18.0

50,83353,346

2,513

4.9%

2.5

3.9

1.4

56.0%

6.9

13.3

6.4

92.8%

Increase in net sales
・Increase in accommodation revenue due toa rise in Theme Park attendance

8

Increase in operating profit
・Increase in net sales
・Increase in personnel expenses [¥(0.9 billion)]ー Increase in the number of employees andincrease due to compensation revision, etc.
・Increase in miscellaneous costs

MARVEL special room
Tokyo Disney Resort 40th “Dream-Go-Round”
at Disney Ambassador® Hotelspecial room at Wish of Tokyo Disney Celebration[Feb. 2-Aug. 31, Sep.13, 2023-Jan. 8, 2024]
Hotel® [Apr. 10, 2023-Mar. 31, 2024]
Note: The image is the room offered from Feb. 2 to Aug. 31.
©Disney

Note: Increase in costs is expressed by figures in parentheses, which show by how much operating profit decreased.

Both net sales and operating profit grew year on year, mainly due to increased
accommodation revenue on the back of a rise in Theme Park attendance 8

1. Results for 1st Half of FY3/24 vs. FY3/23 – Main Reasons for Change[¥ billion]
FY3/23 Results[1st Half]

FY3/24 Results[1st Half]

Net Sales

5.6

7.5

1.9

35.4%

Operating Profit

(0.4)

0.5

0.9

-

Other Business Segment

ChangeChangeIncrease in net sales
・ Increase in Monorail business due to a rise in the number of passengers
・ Increase in Ikspiari business due to greater real estate rent revenue
Increase in operating profit

9・ Increase in net sales

Operating profit moved back into the black thanks toincreases in net sales of Monorail and Ikspiari businesses

92. Results for First Half of FY3/24 vs. Initial Forecast[¥ billion]
FY3/24 Forecast[1st Half]

FY3/24 Results[1st Half]

257.1

284.3

27.1

10.6%

Theme Park Segment

211.3

233.9

22.5

10.7%

Hotel Business Segment

38.7

42.8

4.0

10.6%

Other Business Segment

7.0

7.5

0.4

6.8%

55.3

77.0

21.7

39.3%

62.9

16.8

36.6%

Consolidated Statement of Income
Net Sales

Operating Profit

ChangeChangeTheme Park Segment

46.0

Hotel Business Segment

9.2

13.3

4.1

45.0%

Other Business Segment

(0.1)

0.5

0.6

-

Ordinary Profit

55.6

77.7

22.0

39.6%

Profit before Income Taxes

55.6

77.7

22.0

39.6%

Profit Attributable to Owners of Parent

38.6

54.5

15.8

41.0%

10

Net sales and each level of profit surpassed our initial forecast
primarily owing to higher-than-expected Theme Park attendance102. Results for 1st Half of FY3/24 vs. Initial Forecast – Main Reasons for Change[¥ billion]

Theme Park Segment [1]FY3/24 Forecast[1st Half]

FY3/24 Results[1st Half]

211.3

233.9

Net Sales

ChangeComparison
with Forecast

Main Reasons for Change

Attendance

Increased・Increase in the number of overseas guests
・Increase thanks to Tokyo Disney Resort 40th Anniversary events
・Increase due to sales of limited-period tickets

Net Sales per Guest

Increased

Change

22.5

10.7%

Attractions and Shows

Roughly
the same

・Larger proportion of low-priced tickets[Increase in the number of overseas guests primarily on weekdays and strong demand forlimited-period tickets]
・Increase in Disney Premier AccessMerchandise

Increased

・Strong sales of regular products
・Strong sales of products related to Tokyo Disney Resort 40th Anniversary

Food and Beverages

Increased

・Strong sales of menus and11food souvenir items related to Tokyo Disney Resort 40th Anniversary
・Decrease in the proportion of guests using table service due to increased attendance

Heat countermeasures at Theme Parks
Get Soaked Programs

Baymax’s Mission: Cool Down
©Disney

Get soaked time
©DisneyFans set up in attraction queue lines©Disney

Costume with built-in fans
©Disney

Net sales exceeded our forecast due to higher-than-expectedattendance and net sales per guest

112. Results for 1st Half of FY3/24 vs. Initial Forecast – Main Reasons for Change[¥ billion]
FY3/24 Forecast[1st Half]

FY3/24 Results[1st Half]

Net Sales

211.3

233.9

22.5

10.7%

Operating Profit

46.0

62.9

16.8

36.6%

Theme Park Segment [2]ChangeHigher-than-projected operating profit
Increase in net sales[¥billion]
Decrease in miscellaneous costs

Decrease in merchandise andfood/beverages cost ratio

Approx. 2.5

Increase in personnel expenses

Approx. (0.5)

Increase in personnel expenses
for part-time cast members

Approx. (1.0)

Decrease in personnel expenses
for full-time employees, etc.

Approx. 0.5

ChangeApprox. 1.0

Decrease in IT-related expenses

Approx. 0.5

Decrease in sales promotion costs, etc.

Approx. 0.5

Note: Depreciation and amortization expenses were roughly as expected.

12Note: Increase in costs is expressed by figures in parentheses, which show by how much operating profit decreased.

Operating profit outperformed our estimate due to higher-than-expected
net sales and lower-than-expected merchandise and food/beverages
cost ratio and miscellaneous costs

122. Results for 1st Half of FY3/24 vs. Initial Forecast – Main Reasons for Change[¥ billion]
FY3/24 Forecast[1st Half]

FY3/24 Results[1st Half]

Net Sales

38.7

42.8

4.0

10.6%

Operating Profit

9.2

13.3

4.1

45.0%

Hotel Business Segment

ChangeChangeHigher-than-projected operating profit

Higher-than-projected net sales

・Increase in net sales

・Increase in accommodation revenue resulted from anincrease in Theme Park attendance

Both net sales and operating profit exceeded our projection, primarily as a resultof increased accommodation revenue associated with a boost in attendance13[¥ billion]
FY3/24 Forecast[1st Half]

FY3/24 Results[1st Half]

Net Sales

7.0

7.5

0.4

6.8%

Operating Profit

(0.1)

0.5

0.6

-

Other Business Segment

Higher-than-projected net sales
・Increase in Monorail business due to a rise in thenumber of passengers

ChangeChangeHigher-than-projected operating profit
・Increase in net sales

Operating profit turned into black owing to an increasein net sales of Monorail business13

II. Upward Revision of Forecast

1. Revised Forecast for Full FY3/24 vs. Results for FY3/23 vs. Initial Forecast[¥ billion]
FY3/24
Revised Forecast

FY3/23 Results

594.6

483.1

111.5

23.1%

543.9

50.7

9.3%

Theme Park Segment

491.6

396.0

95.5

24.1%

450.0

41.6

9.3%

Hotel Business Segment

86.9

73.8

13.0

17.7%

78.8

8.0

10.2%

Other Business Segment

16.0

13.1

2.9

22.0%

15.0

1.0

6.7%

146.7

111.1

35.5

31.9%

122.1

24.5

20.1%

Theme Park Segment

122.0

93.3

28.6

30.7%

103.7

18.3

17.7%

Hotel Business Segment

23.6

17.2

6.3

36.8%

17.9

5.6

31.6%

Other Business Segment

0.6

0.2

0.3

165.1%

0.1

0.4

239.9%

Ordinary Profit

147.3

111.7

35.5

31.8%

122.5

24.8

20.2%

Profit before Income Taxes

147.3

112.0

35.315

31.5%

122.5

24.8

20.2%

Profit Attributable to Owners of Parent

105.1

80.7

24.4

30.3%

86.9

18.1

20.9%

FY3/24
Revised Forecast

FY3/23 Results

Attendance [million people]

26.30

22.09

4.21

19.1%

25.10

1.20

4.8%

Net Sales per Guest [\]16,623

15,748875

5.6%

16,030593

3.7%

Attractions and Shows [\]

8,195

7,821

374

4.8%

8,040

155

1.9%

Merchandise [\]

5,221

4,822

399

8.3%

4,918

303

6.2%

Food and Beverages [\]

3,207

3,105

102

3.3%

3,072

135

4.4%

Consolidated Statement of Income
Net Sales

Operating Profit

ChangeChangeChangeChangeFY3/24
Initial Forecast

FY3/24
Initial Forecast

ChangeChangeChangeChangeAn upward revision was made to the full fiscal year forecast for FY3/24
in view of the projection for net sales to exceed our initial forecastin the second half-year, in addition to the strong first half-year results

15

2. Revised Forecast for Second Half vs. Results for FY3/23 vs. Initial Forecast[¥ billion]
FY3/24
Revised Forecast[2nd Half]

FY3/23 Results[2nd Half]

FY3/24
Initial Forecast[2nd Half]

Change

310.3

279.0

31.2

11.2%

286.7

23.5

8.2%

Theme Park Segment

257.7

231.4

26.2

11.3%

238.6

19.0

8.0%

Hotel Business Segment

44.1

40.0

4.1

10.3%

40.1

3.9

9.9%

Other Business Segment

8.4

7.5

0.9

12.2%

7.9

0.5

6.5%

69.6

73.2

(3.5)

(4.9%)

66.8

2.7

4.2%

Theme Park Segment

59.0

62.0

(2.9)

(4.8%)

57.6

1.4

2.5%

Hotel Business Segment

10.2

10.3

(0.0)

(0.7%)

8.7

1.5

17.4%

Other Business Segment

0.0

0.6

(0.5)

(88.2%)

0.3

(0.2)

(75.3%)

Ordinary Profit

69.6

73.2

(3.5)

(4.9%)

66.8

2.7

4.1%

Profit before Income Taxes

69.6

73.4

(3.8)

(5.2%)

66.8

2.7

4.1%

Profit Attributable to Owners of Parent

50.6

54.2

(3.6)

(6.7%)

48.3

2.3

4.8%

Consolidated Statement of Income
Net Sales

Operating Profit

ChangeChange16

ChangeNet sales and all levels of profit are projected to exceed our initial forecast
due to higher-than-expected attendance and net sales per guest

16

2. Revised Forecast for 2nd Half vs. Initial Forecast – Main Reasons for Change[¥ billion]

Theme Park Segment [1]Net Sales

Attendance

FY3/24 Initial
Forecast [2nd Half]

FY3/24 Revised
Forecast [2nd Half]

238.6

257.7

Change19.0

Change8.0%

Comparison with
Initial Forecast[2nd Half]

Main Reasons for Change

Increase・ Increase thanks to Tokyo Disney Resort 40th
Anniversary events・ Increase in the number of overseas guests

Precondition for attendance forecast for the 2nd half of FY3/24
Domestic
guests・Strong demand for Tokyo Disney Resort 40th Anniversary events to continue in the 2nd half・Suspension of annual passport to be continued

Overseas
guests・In view of the strong demand in the 1st half, the proportion and number of overseas guests
expected in the 2nd half are around 9% and 1.2 million respectively.
ー As in past fiscal years, the number of overseas guests in the 2nd half of the year is expected
to be less in comparison with the 1st half.
ー Inbound tourists from countries other than mainland China tend to visit regional areas of Japan.
ー Although restrictions on the group travel have been lifted, the increase in the number of guests
from mainland China in the 2nd half is expected to be limited, judging from the recent status offlight ticket issuance.

17

Daily limit on ・Daily limit on attendance was eased recently compared with the level set during the 1st half-year
attendance ・Careful consideration will be given in deciding whether to further ease the limit

Net sales are expected to exceed our initial forecast thanks to Tokyo Disney
Resort 40th Anniversary and recovery of overseas guests, etc.
17

2. Revised Forecast for 2nd Half vs. Initial Forecast – Main Reasons for Change

Comparison with
Initial Forecast[2nd Half]

Net Sales per Guest

Main Reasons for Change

Increase

Attractions and Shows

Increase・ Increase due to changes in composition ratioof ticket sales
・ Increase in Disney Premier AccessMerchandise

Increase

・ Strong sales of regular products

Increase

・ Strong
18 sales of menus and food souvenir
items related to Tokyo Disney Resort 40th
Anniversary

Food and Beverages

All categories of revenue are expected to exceed our initial forecast18

2. Revised Forecast for 2nd Half vs. Initial Forecast – Main Reasons for Change[¥ billion]
FY3/24 Initial
Forecast [2nd Half]

FY3/24 Revised
Forecast [2nd Half]

Net Sales

238.6

257.7

19.0

8.0%

Operating Profit

57.6

59.0

1.4

2.5%

Theme Park Segment [2]ChangeChangeUpward revision to operating profit
Increase in net sales
Increase in personnel expenses[¥billion]
Increase in miscellaneous costs

Approx. (6.0)

Increase due to the posting of alumpsum payment

Approx. (4.5)

Increase in personnel expenses
for part-time cast members

Approx. (1.5)

Approx. (5.0)

Increase in sales promotion costs

Approx. (1.0)

Increase in maintenance costs

Approx. (1.0)

Increase in IT-related expenses

Approx. (0.5)

Other

Approx. (2.5)

19

Decrease in depreciation andamortization expenses

0.1

Note: Merchandise and food/beverages cost ratio remains unchanged.

Note: Increase in costs is expressed by figures in parentheses, which show by how much operating profit decreased.

Forecast for operating profit was revised upward as we expect net sales
to exceed our initial forecast although personnel expenses andmiscellaneous costs are projected to increase192. Revised Forecast for 2nd Half vs. Initial Forecast – Main Reasons for Change[¥ billion]
FY3/24 Initial
Forecast [2nd Half]

FY3/24 Revised
Forecast [2nd Half]

Net Sales

40.1

44.1

3.9

9.9%

Operating Profit

8.7

10.2

1.5

17.4%

Hotel Business Segment

Upward revision to net sales

ChangeChangeUpward revision to operating profit

・Increase in accommodation revenue associated with anincrease in Theme Park attendance・Increase in net sales
・Increase in personnel expenses [Approx. ¥(1.5 billion)]― Increase in working hours, the posting of a lumpsum payment
・Increase in miscellaneous costs

Note: Increase in costs is expressed by figures in parentheses, which show by how much operating profit decreased.

Forecasts for net sales and operating profit were revised upward owing toan increase in attendance though personnel20expenses are estimated to rise[¥ billion]
FY3/24 Initial
Forecast [2nd Half]

FY3/24 Revised
Forecast [2nd Half]

Net Sales

7.9

8.4

0.5

6.5%

Operating Profit

0.3

0.0

(0.2)

(75.3%)

Other Business Segment

Upward revision to net sales
・Increase in Monorail business due to a rise in thenumber of passengers

ChangeChangeDownward revision to operating profit
・Increase in personnel expenses
・Increase in miscellaneous costs

For Other Business Segment, downward revision was made tooperating profit while net sales were revised upward20

3. Dividends
Interim and year-end dividends will be increased by ¥1 each from the initial plan,with our annual dividend expected to amount to ¥11 per share.
●Consideration given to the financial results for the 1st half of FY3/24 and the full fiscal year forecast●Expected to exceed the level before the pandemic

Annual Cash Dividends

Interim[Revised plan] [¥]Year-end

11.0[Initial plan]

9.0

21

8.4

8.8

4.4

4.4

4.0

4.4

3/19

3/20

8.0
5.2

5.6

2.6

3.0

2.6

2.6

3/21

3/22

4.4

[Revised plan]

6.0[Initial plan]
5.0[Revised plan]

5.0
3.6
3/23

[Initial plan]
4.0

3/24

[FY]

*On April 1, 2023, we conducted a 5-for-1 common stock split. Dividend amounts up to FY3/23 are evaluated retrospectively for descriptive purposes.

Increase annual dividend by ¥2 from the initial plan21

III. Updates on 2024 Medium-term Plan

1. Updates on 2024 Medium-term Plan
Policy: Recovery from the pandemic and take on challenges for the future
Goals
Enhance guests’ experience value

Maintain high level of satisfaction

ーAim to restore our financial performance in phases while
taking steady measures to regain Park visits by guests

Financial performance recovering
at a significantly faster pace thanprojected●FY3/25 financial targets
Consolidated operating profit: At least ¥100 billion
Consolidated operating cash flow*: Record highFY3/25 targets for consolidated operating profit, ROE:
Already achieved in FY3/23
FY3/25 target for consolidated operating cash flow*:
Projected to be achieved by the end of FY3/24

Restore financial performance[At least ¥128.5 billion]

ROE: At least 8.0%
23Strategies

In response, FY3/25 financial
targets have been updated.

Theme Park business strategy
ーEnhance guests’ experience value
ーEstablish efficient Park operations

Hotel business strategy

ーEnhance guests’ experience value for Tokyo Disney Resort
as a whole

Human resource strategy

Steady progress underway.
Promote measures toward
fulfilling the strategies in line with
their overall direction.

ーSeek transformation into a sustainable HR structure while
maximizing job satisfaction*Operating cash flow = Profit attributable to owners of parent + Depreciation and amortization expenses

As all financial targets for FY3/25 will be achieved by the end of FY3/24,
we have updated them23

1. Updates on 2024 Medium-term Plan
Updates on financial targets[Preconditions for updating financial targets]

Targets were developed based on FY3/24 forecast and primarily in consideration of the following
factors:[+] Effect of the opening of Fantasy Springs; further recovery in the number of overseas guests;
increase in net sales per guest due to the Oct. 2023 ticket price revision based on variable pricing
contributing to full FY performance, etc.
[-] Diminished effect of the Tokyo Disney Resort 40th Anniversary events, cost increase due to the
opening of Fantasy Springs, etc.
Announced at presentation of2024 Medium-term Plan
Consolidated
operating profit

At least¥100 billion

Consolidated
operating cash flow

Record highROE

FY3/24 revised forecast

FY3/25 updated target

24¥146.7 billion

Approx. ¥160 billion[At least ¥128.5 billion]¥152.0 billion

Approx. ¥180 billion

At Least 8.0%

12.0%

Approx. 11%

FY3/25 financial targets developed based on revised forecast for FY3/24:
FY3/25 consolidated operating profit and consolidated operating cash flow
projected to reach record highs24

1. Updates on 2024 Medium-term Plan
Precondition for attendance and net sales per guest forecast for FY3/25

Theme Park
attendance

Announced at presentation of2024 Medium-term Plan

FY3/24 revised forecast

FY3/25 updated target

Approx. 26 million

26.3 million

Approx. 28.5 million

Note: Annual passport is not expected to be resumed.

Factors subject to change [FY3/24 and after]
Attendance is expected to be maintained at the same level as in FY3/24 owing to the introductionof new contents, although the termination of Tokyo Disney Resort 40th Anniversary will bring anegative effect.
+ Increase in capacity due to the opening of Fantasy Springs+ Further increase expected in the number of overseas guests due to a rise in the number of
inbound tourists
25

Net sales
per guest

Announced at presentation of2024 Medium-term Plan

FY3/24 revised forecast

FY3/25 updated target

Approx. ¥14,500¥16,623

Approx. ¥17,000

Factors subject to change [FY3/24 and after]+ Increase in net sales per guest due to sales of Disney Premier Access, etc. at Fantasy Springs+ Oct. 2023 ticket price revision based on variable pricing will contribute to full fiscal year
performance

Aiming to outperform FY3/24 levels in FY3/25, despite the diminished effect ofTokyo Disney Resort 40th Anniversary events25

1. Updates on 2024 Medium-term Plan
Updates on financial policy
Announced at presentation of 2024 Medium-term Plan

Operating cash flow
Allocation policy

Funds
allocation

Approx. ¥350 billion during the period under the 2024
Medium-term Plan

Approx. ¥460 billion during the 2024
Medium-term Plan

Allocate operating cash flow by giving priority toinvestment

Unchanged

Investment

In addition to investment in Theme Park Segment,
we will invest in ESG and start sowing seeds forthe future.
• Growth investment: ¥160 billion• Remodeling work: ¥75 billion

Shareholder
return• Under our policy of aiming for a steady payout ofcash dividends, we will initially aim to restore
dividends to the pre-pandemic level during the262024 Medium-term Plan period• The acquisition of treasury shares will beconsidered based on a comprehensive analysis of
our business environment and financial
performance

Debt
repayment• Approx. ¥60 billion

Cash on hand

Updates[1]Working capital [for several months][2]¥50 billion in capital for continuing with capital
expenditure even in the event of an emergency such as anearthquake [In addition, we have ¥150 billion in a line ofcredit for earthquake risk countermeasures as working
capital for emergencies.][3]Investment capital for growth in and after FY3/26

Policy remains unchanged• Growth investment: ¥215 billion• Remodeling work: ¥90 billion• Dividend in FY3/24 expected to exceed
pre-pandemic level• Our policies on dividend and treasury
share acquisition remain unchanged

Unchanged

Basically unchanged[With our line of credit for earthquake risk
countermeasures expiring on March 13, 3024,
we intend to separately consider what steps totake.]

26

2. Updates on the effect of Fantasy Springs on net sales
Updates on the effect of Fantasy Springs on net sales[Updated][Previous announcement]

Boost-up effect on
consolidated net
sales by ¥50 billion
on an annual basis

In view of increased
investment, reexamine
sales enhancement
measures and review
the effect of the project

Consolidated net sales to be boostedby ¥75 billion on an annual basis
Note: As the figure was calculated presuming stable
operations throughout the entire fiscal year, it differs fromthe figure incorporated into the FY3/25 financial target.
●Increase in attendance resulting from expanded
capacity of facilities
Breakdownof ¥75●Sales of fee-based products such as DisneybillionPremier Access●Increase in hotel revenue [about 20% of ¥75 billion]

Strategy for early stages of Fantasy Springs
27
In the early stages of opening, the area will be operated
with controlled capacity
in view of demand and guests’ experience value as well as our operational proficiency
with the aim of maintaining high experience value.

In the early stages of opening, the area will be accessible by obtaining a Standby Pass [free of charge] or Disney
Premier Access [fee-based] for an applicable attraction, in addition to a Park ticket for Tokyo DisneySea.
・Standby Pass [free of charge]
4 applicable attractions within Fantasy Springs.
Time cannot be specified.
Specified attractions can be accessed.

ⒸDisney

・Disney Premier Access [fee-based]
3 applicable attractions within Fantasy Springs.
Time can be specified.
Specified attractions can be accessed with a shorter
waiting time than usual.

Expand earnings while providing high experience value to guests

27

Fantasy Springs will open on June 6, 2024.

Frozen Kingdom

Artist Concept Only ⒸDisneyRapunzel’s Forest

Peter Pan’s Never Land

Tokyo DisneySea Fantasy Springs Hotel

28

Appendix

Disney Premier Access and Tokyo Disney Resort 40th Anniversary Priority Pass

Disney Premier AccessContents◆Enchanted Tale of Beauty andthe Beast

Intro. datePrice

May 19, 2022

¥2,000◆Splash MountainDec.1, 2022

◆The Happy Ride with Baymax

Intro. Date

Price

◆Soaring: Fantastic FlightMay 19, 2022

¥2,000¥1,500◆Toy Story Mania!

Jun. 10, 2022

¥2,000

Dec.1, 2022

¥1,500◇Believe! Sea of Dreams

Nov. 11, 2022

¥2,500◇Disney Harmony in Color

Apr. 15, 2023

¥2,500◆Tower of Terror

Dec. 9, 2022

¥1,500◇Tokyo Disneyland Electrical
Parade Dreamlights

Apr. 15, 2023

¥2,500◆Journey to the Center ofthe EarthDec. 9, 2022

¥1,500◇Spooky “Boo!” Parade.

Sep. 15, 2023*1¥2,500◇Disney Christmas Stories

Nov. 8, 2023*2¥2,500◆: Attraction ◇: Entertainment program

Contents

30*1 Included with Disney Premier Access from Sep.15 to Oct.31, 2023.
*2 Included with Disney Premier Access from Nov. 8 to Dec. 25, 2023.

Tokyo Dinsey Resort 40th Anniversary Priority Pass
Attraction

Attraction

Start Tours: The Adventures Continue

Aquatopia get soaked version* TerminatedSpace Mountain

Indiana Jones® Adventure: Temple of the Crystal Skull

Buzz Lightyear’s Astro Blasters

20,000 Leagues Under the Sea

Big Thunder Mountain

Turtle Talk

Pooh’s Hunny Hunt

Nemo & Friends SeaRider

Haunted Mansion

The Magic Lamp Theater

Monsters, Inc. Ride & Go Seek!

Raging Spirits©Disney*Tokyo Disney Resort 40th Anniversary Priority Pass for Aquatopia was offered only for a limited period [until September 6].
Note: Information as of October 30, 2023 30

Theme Parks Event Calendar for FY3/24
Apr.

May

Jun.

Apr. 15, 2023 to Mar. 31, 2024

Aug.

Jul. 4 to Sep. 6☆Splash Mountain“get soaked MAX”

Sep. 15
toOct. 31

Jul. 4 to
Sep. 6

NEW☆Baymax’s Mission:
Cool Down↑★DisneyHalloween

Jul. 4 to
Sep. 6

NEW☆Get soaked Toontown

Tokyo DisneySea

Tokyo Disney Resort 40th “Dream-Go-Round”

NEW

Jul. 4 to Sep. 6☆Aquatopia get soaked
version

31

Oct.

Nov.

Tokyo Disneyland

Apr. 15, 2023 to Mar. 31, 2024
Sep. 15
toOct. 31★DisneyHalloween

Tokyo DisneySea

Apr. 15, 2023 to Mar. 31, 2024
Sep. 15
toOct. 31★DisneyHalloween

Dec.

★Disney Christmas

Feb.

↑★DisneyHalloween

Mar.

Jan. 1
to 8→ ☆New Year’s Special Event

Tokyo Disney Resort 40th “Dream-Go-Round”

NEW

Nov. 8 toDec. 25

Jan.

Sep. 15
toOct. 31

Tokyo Disney Resort 40th “Dream-Go-Round”

NEW

Nov. 8 toDec. 25

Sep.

Tokyo Disney Resort 40th “Dream-Go-Round”

NEW

Tokyo Disneyland

Apr. 15, 2023 to Mar. 31, 2024

Jul.

★Disney Christmas

Jan. 1
to 8→ ☆New Year’s Special Event★: Special events ☆: Programs ◆: New attractions and shows
Note: Program titles, contents, and dates are subject to change. Plans announced as of October 30, 2023

31

Revised Forecast for Full FY3/24 vs. Results for FY3/23
Theme Park Segment [1]FY3/23Results

FY3/24
Revised Forecast

ChangeChangeNet Sales [\ billion]

396.0*

491.6

95.5

24.1%

Attendance [million people]

22.09

26.30

4.21

19.1%

Net Sales per Guest [\]15,748

16,623875

5.6%

Attractions and Shows [\]

7,821

8,195

374

4.8%

Merchandise [\]

4,822

5,221

399

8.3%

Food and Beverages [\]

3,105

3,207

102

3.3%

* Revenue of 3.4 billion yen for expired tickets whose refund support ended by the end of May 2022 is recorded in net sales, which is excluded from net sales per guest.

Increase in attendance・Increase thanks to Tokyo Disney Resort
40th Anniversary events

32

Increase in net sales per guest
・Increase in attractions and shows

ー Increase in Disney Premier Accessー Larger proportion of high-priced
tickets owing to variable pricing

・Increase in merchandise

ー Strong sales of products related toTokyo Disney Resort 40th Anniversary
ー Strong sales of regular products

・Increase in food and beverages

ー Strong sales of menus and foodsouvenir items related to Tokyo
Disney Resort 40th Anniversary

・Increase in overseas guests
・Increase due to eased limit on attendance

Net sales are estimated to increased year on year
due to rises in attendance and net sales per guest

32

Revised Forecast for Full FY3/24 vs. Results for FY3/23[¥ billion]

Theme Park Segment [2]FY3/23Results

FY3/24
Revised Forecast

ChangeChangeNet Sales

396.0

491.6

95.5

24.1%

Operating Profit

93.3

122.0

28.6

30.7%

Increase in operating profit[¥billion]

Increase in net sales

Increase in miscellaneous costs

Increase in merchandise andfood/beverages cost ratio

Approx. (2.0)

Increase in personnel expenses

Approx. (14.0)

Approx. (17.0)

Increase in maintenance costs

Approx. (4.5)

Increase in costs related toentertainment

Approx. (1.5)

Increasein sales promotion costs
33

Approx. (1.5)

Increase in IT-related expenses

Approx. (1.5)

Increase in personnel expenses
for part-time cast members

Approx. (9.5)

Increase in personnel expenses
for full-time employees

Approx. (3.0)

Increase in costs related to special
eventsApprox. (1.0)

OthersApprox. (1.5)

Other

Approx. (7.0)

Increase in depreciation andamortization expenses(0.9)

Increase in newly acquired assets, etc.
Note: Increase in costs is expressed by figures in parentheses, which show by how much operating profit decreased.

In spite of increased costs, operating profit is projected to growowing to the rise in net sales and other factors

33

Revised Forecast for Full FY3/24 vs. Results for FY3/23
FY3/23Results

Hotel Business Segment

FY3/24
Revised Forecast

ChangeChange

73.8

86.9

13.0

17.7%

Disney Hotels

67.3

78.6

11.2

16.8%

Other Hotels

6.5

8.3

1.7

27.5%

17.2

23.6

6.3

36.8%

Net Sales

Operating Profit

Increase in net sales[¥ billion]

Increases in operating profit

・ Increase in accommodation associated with anincrease in Theme Park attendance・Increase in net sales
・Increase in personnel expenses [Approx. ¥(2.5 billion)]― Increase in the number of employees and increase
due to compensation revision, etc.

Note: Increase in costs is expressed by figures in parentheses, which show by how much operating profit decreased.

Our forecasts for net sales and operating profit
were revised upward owing to
34
an increase in attendance though personnel expenses are estimated to rise
Other Business Segment

FY3/23Results

FY3/24
Revised Forecast

ChangeChangeNet Sales

13.1

16.0

2.9

22.0%

Operating Profit

0.2

0.6

0.3

165.1%

Increase in net sales
・Increase in Monorail business due to a rise in thenumber of passengers
Increasein Ikspiari business due to greater real estate・
rent revenue[¥ billion]

Increases in operating profit
・Increase in net sales
・Increase in miscellaneous costs

Both net sales and operating profit are expected to risebecause of the growth in net sales of Monorail business, etc.

34Capital Expenditure / Depreciation and Amortization [FY3/24 1H vs. FY3/23 1H][¥ billion]
Capital Expenditures

FY3/23 Results[1st Half]

FY3/24 Results[1st Half]

23.2

24.8

1.5

Tokyo Disneyland

4.5

6.8

2.3

Tokyo DisneySea

13.5

14.2

0.7

Others5.2

3.6(1.5) Decrease in IT-related investment

Hotel Business Segment

8.2

2.3

(5.9) Decrease in Tokyo DisneySea Large-Scale Expansion Project

Other Business Segment

2.1

0.6

(1.5) Decrease in Monorail and Theater businesses[Elimination and Corporate]

(0.0)

(0.0)

0.0

Total

33.6

27.7

(5.8)

(Property, plant and equipment, Intangible assets,Long-term prepaid expenses)

Theme Park Segment

ChangePrimary reasons for change

Increase in renewal of Space Mountain, renovation and renewal, andincrease due to special events[¥ billion]

35
Depreciation and Amortization

FY3/23 Results[1st Half]

FY3/24 Results[1st Half]

18.6

19.3

0.6

Tokyo Disneyland

8.1

8.0

(0.0)

Tokyo DisneySea

6.0

6.4

0.3

Others

4.4

4.8

0.3

Hotel Business Segment

2.4

2.2

(0.2)

Other Business Segment

1.5

1.6

0.0

[Elimination and Corporate]

(0.0)

(0.0)

0.0

Total

22.6

23.1

0.4

(Property, plant and equipment, Intangible assets,Long-term prepaid expenses)

Theme Park Segment

ChangePrimary reasons for change

35

Revised Forecast for Capex and D&A [Comparison with FY3/23][¥ billion]
Capital Expenditures(Property, plant and equipment, Intangible assets,Long-term prepaid expenses)

Theme Park Segment

FY3/23Results

FY3/24
Revised Forecast

ChangePrimary reasons for change

78.2

93.1

14.9

Tokyo Disneyland

12.3

24.8

12.4

Tokyo DisneySea

49.2

47.0

(2.1) Decrease in Tokyo DisneySea Large-Scale Expansion Project

Others

16.5

21.2

4.6

Hotel Business Segment

17.8

7.8

(9.9) Decrease in Tokyo DisneySea Large-Scale Expansion Project

Other Business Segment

3.5

2.2

(1.2) Decrease in Monorail business[Elimination and Corporate]

(0.0)

(0.0)

0.0

Total

99.4

103.2

3.7

Increase in Space Mountain and special events

Increase in IT-related investment and renovation and renewal

36
Depreciation and Amortization(Property, plant and equipment, Intangible assets,Long-term prepaid expenses)

Theme Park Segment

FY3/23Results

FY3/24
Revised Forecast

Change

38.1

39.1

0.9

Tokyo Disneyland

16.3

16.3

(0.0)

Tokyo DisneySea

12.4

12.9

0.4

Others

9.3

9.8

0.5

Hotel Business Segment

4.8

4.4

(0.4)

Other Business Segment

3.3

3.3

0.0

[Elimination and Corporate]

(0.0)

(0.0)

0.0

Total

46.3

46.9

0.5

[¥ billion]
Primary reasons for change

36

Revised Forecast for Capex and D&A [Comparison with Initial Forecast][¥ billion]
Capital Expenditures

FY3/24
Initial Forecast

FY3/24
Revised Forecast

108.1

93.1

(14.9)

Tokyo Disneyland

25.6

24.8

(0.7)

Tokyo DisneySea

62.3

47.0

(15.3) Decrease in Tokyo DisneySea Large-Scale Expansion Project

Others

20.0

21.2

1.1

Hotel Business Segment

9.8

7.8

(1.9) Decrease in Tokyo DisneySea Large-Scale Expansion Project

Other Business Segment

2.1

2.2

0.1

[Elimination and Corporate]

(0.0)

(0.0)

0.0

120.0

103.2

(16.7)(Property, plant and equipment, Intangible assets,Long-term prepaid expenses)

Theme Park Segment

Total

ChangePrimary reasons for change

Increase in IT-related investment

37
Depreciation and Amortization

FY3/24
Initial Forecast

FY3/24
Revised Forecast

39.4

39.1

(0.2)

Tokyo Disneyland

16.4

16.3

(0.1)

Tokyo DisneySea

12.9

12.9

0.0

Others

10.0

9.8

(0.1)

Hotel Business Segment

4.4

4.4

0.0

Other Business Segment

3.3

3.3

(0.0)

[Elimination and Corporate]

-

(0.0)

(0.0)

47.2

46.9

(0.2)

(Property, plant and equipment, Intangible assets,Long-term prepaid expenses)

Theme Park Segment

Total

Change[¥ billion]
Primary reasons for change

37Fact Data
Theme Park Attendance[Thousands]

1st half

Full year

40,00032,558[Revised
Forecast]
26,30029,00830,00022,08920,00015,735

15,51812,502

12,05410,000

8,939

7,560
2,685

3,901

0
3/19

3/20

3/21

3/22

38

Net Sales per Guest (1st Half)[¥]

16,00012,000

8,000

4,000

0

Ticket Receipts/Attractions and Shows
Merchandise
14,877
Food and Beverages
13,125
11,70011,504
6,938
6,278
5,267
5,252
4,808

3/23

15,683

7,590

16,566[¥]

16,000
7,962

12,000

3/24

Net Sales per Guest (Full Year)
Ticket Receipts/Attractions and Shows
Merchandise
14,834
Food and Beverages
13,642
11,815

11,606
6,538

8,000
4,896

5,352

5,292

4,122

3,877

2,341
3/19

5,331

4,119

3,821

4,113

2,314

2,432

2,733

3,131

3,197

3,272

9/18

9/19

9/20

9/21

9/22

9/23

4,000

0

7,049

15,748

7,821[Revised
Forecast]

16,623

8,195

4,122

4,548

4,822

5,221

2,437

2,982

3,237

3,105

3,207

3/20

3/21

3/22

3/23

3/24

Note: “Ticket receipts” applies up to the FY3/22 results while “Attractions and shows” applies to FY3/23.

38

Fact Data
Breakdown of Guests by Region (1st Half)
①
③
[%] ⑤

②
④
⑥

Kanto/Shutoken*
Kinki
Other areas in Japan

Breakdown of Guests by Region (Full Year)

Chubu&Koshinetsu/Chubu&Shinetsu*
TohokuOverseas

[%]

100

100

80

80
59.8

Kanto

②

Chubu/Koshinetsu

③

Kinki

④

Tohoku⑤

Other areas in Japan⑥

Overseas

54.1
61.8

60.8

60
89.6

3.7

40
10.8

10.0

8.9
11.6

7.0

7.2

3.4
6.3

11.4

11.5

5.0
2.9

9/18

9/19

9/20

9/21

④0.9
⑤1.6
⑥0.0

④1.1
⑤2.2
⑥0.1

0

79.4

39
11.1

7.2

85.0

85.4

40
10.7

62.1

62.9

68.7

60

20

①

6.3
4.9

9.4

3.9

20

9.0

2.9
7.2

13.0

9/22

9/23

10.2

12.1

7.5

7.0

3.4
7.9

3.3
6.6

6.3

9.6

10.0

5.2

3/19

3/20

3/21

3/22

④1.1
⑤2.4
⑥0.0

④1.5
⑤3.9
⑥0.0

9.8
8.5
6.7

＊Note: From September 2023, the aggregation method was changed.

8.6
4.2

0

⑥0.2

3.2

3/23

39

Consolidated Balance Sheets [As of 9/23 vs. 3/23][A. \58.7 billion (4.9%) Increase in Assets][¥ billion] I. \43.8 billion Increase in Current Assets

Consolidated Balance Sheets

At the end of
FY3/23At the end of
1H of FY3/24

ChangeA. Assets
Current Assets

348.9

392.7

43.8

Non-current Assets

857.4

872.3

14.8

1,206.4

1,265.1

58.7

Total Assets
B. Liabilities
Current Liabilities

161.2

190.3

29.1

Non-current Liabilities

215.4

190.1

(25.3)

376.7

380.5

3.8

Total Liabilities
C. Net Assets
Shareholders' Equity

815.0

862.9

47.9

Accumulated Other
Comprehensive Income

14.6

21.5

6.9

829.6

884.5

54.8

1,206.4

1,265.1

58.7

Total Net Assets
Total Liabilities and Net Assets[1] Increase in securities\19.9 billion[2] Increase in cash and deposits\10.4 billion[3] Increase in notes and accounts receivable-trade,and contract assets\8.2 billion

II. \14.8 billion Increase in Non-current Assets[1] Increase due to capital expenditures\27.7 billion[2] Increase in investment securities\10.2 billion[2] Decrease due to depreciation and amortization\(23.1billion)[B. \3.8 billion (1.0%) Increase in Liabilities]

40billion Increase in Current Liabilities
I. \29.1[1] Increase in current portion of bonds payable\30.0 billion[2] Increase in notes and accounts payable-trade\(3.8 billion)

II. \25.3 billion Decrease in Non-current Liabilities[1] Decrease in bonds payable[1] Increase in deferred tax liabilities\(30.0 billion)\5.9 billion[C. \54.8 billion (6.6%) Increase in Net Assets]
・Increase due to profit attributable to owners of parent\54.5 billion

・Decrease due to dividends\(7.2 billion)

40

Ｏｒｉｅｎｔａｌ Ｌａｎｄ Ｃｏ., Ｌｔｄ.
Investor Relations Group, Finance/Accounting Department
URL: www.olc.co.jp/en
Cautionary Statement:
The purpose of this document is to provide information on the operating results and future management strategies of
the OLC Group, and not to solicit investment in securities issued by the Company.
The data disclosed in this document are based on the judgments and available information as of the date of publication.
The OLC Group's business is sensitive to factors such as customer preferences, and social and economic conditions,and therefore the forecasts and outlook presented in this document contain uncertainties.
Theme Park attendance figures have been rounded, and financial figures have been truncated.
Please refrain from reprinting this document.