Hankyu Hanshin Holdings Group
Supplementary Materials of
Financial Results for the Third Quarterof Fiscal 2024 (Ending March 2024)(Results for the Third Quarter and Revised Full-Year Forecasts)

February 7, 2024
Hankyu Hanshin Holdings, Inc.
9042 https://www.hankyu-hanshin.co.jp/en/

Business forecasts and other projections herein are based on information available at present and logical assessments and do not represent any promise by theCompany. The actual results may differ significantly from these projections due to various factors.

Ⅰ. Performance Highlights
for the Third Quarter of Fiscal 2024
(Ending March 2024)2

Consolidated Statements of Income(Summary)
Q3 FY2024
Results

Consolidated Subsidiaries
Equity-Method Affiliates
Total(¥ million)

FY2023Results

Change106 companies
13 companies
119 companies

99 companies +7 (8 companies increase, 1 company decrease)
10 companies +3 (3 companies increase)109 companies +10 companies

Q3 FY2024
Results

Q3 FY2023
Results

ChangeRemarks

Operating revenue

736,387

716,444 +19,943 （ +2.8%

Operating profit

90,53374,510 +16,023 （ +21.5% ）[Business profit][91,761][74,510] [+17,250] [ +23.2% ]）For details, please see page5.

Non-operating income

14,225

10,379+3,845

Share of profit of entities accounted for using
equity method+3,177

Non-operating expenses

9,945

8,268

+1,677

Interest expenses +1,542

94,812

Ordinary profit

76,621 +18,191 （ +23.7% ）Extraordinary income

2,117

4,937

-2,819Extraordinary losses

2,596

3,184

-588

Profit attributable to owners ofparent62,810Q3 FY2024
Results（Reference）
Depreciation and amortization
Financial balance (1) - (2)Interest and dividend income (1)Interest expenses (2)46,117-6,3391,527
7,866

Gain on sale of investment securities -1,898

51,051 +11,758 （ +23.0% ）Q3 FY2023
Results

46,034-5,241
1,082
6,324

Change+82-1,097+444+1,542

Note: Business profit = Operating profit + Equity-method gains/losses related to overseas business investments
For details, please see next page.
(With regard to Q3 FY2023, we had no equity-method affiliates in our overseas businesses.
Thus, for this year, “Business profit = Operating profit ”.)3Business Profit
 “Business profit” was introduced from the fiscal year ending in March 2024 as a new management
metric for the Group to reflect equity-method gains/losses accompanying overseas business
investments alongside operating profit.
 This is intended to more accurately track progress in overseas business growth initiatives (in Real
Estate segment).
Business profit＝ Operating profit ＋ Non-operating profit/loss : Equity-method gains/losses related
to overseas business investments (in Real Estate segment) Company-wide business profit(¥ million)

Operating revenue
Operating profit (1)Equity-method gains/losses
related to overseas business
investments (2)Business profit (1)+(2)Q3 FY2024
Results

Q3 FY2023
Results

Change%736,387

716,444+19,943+2.8%

90,53374,510+16,023+21.5%

1,227－+1,227

91,761

74,510+17,250+23.2%

Note: With regard to Q3 FY2023 results, we had no equity-method affiliates in our overseas businesses.
Thus, for this year, Business profit = Operating profit .

4

Consolidated Statements of Income (Breakdown for each business segment)[Key results in current period]

Revenue and profit increased on the back of a recovery in the demand for hotel accommodation in the Real Estatesegment, a modest recovery in passenger volume in the Urban Transportation segment, and strong performance in
the Sports business of our Entertainment segment following the Hanshin Tigers winning the league championshipand the Japan Series, despite the effects of the temporary uptick in demand seen in the previous fiscal year in theTravel and International Transportation segments subsiding.
Operating revenue(¥ million)
Q3 FY2024
Results

Q3 FY2023
Results

ChangeQ3 FY2024
Results

Operating profit[Business profit]
Q3 FY2023
Results

ChangeUrban Transportation

151,884

137,855+14,029

28,84818,453+10,395

Real Estate

218,381

197,476+20,904

35,373[36,600]

19,490[19,490]+15,882[+17,110]Entertainment

66,18956,618+9,57015,93813,279+2,658

Information andCommunication Technology

44,033

41,109+2,923

3,282

2,958

+323

Travel

169,667

143,685+25,981

8,339

16,191-7,851

International
Transportation

75,374

129,414-54,039

732

6,391

-5,659Other

37,72736,335+1,392

1,651

1,270

+381

Adjustment-26,870-26,050-819-3,632-3,525

-107

Total

736,387

716,444+19,943

90,533[91,761]

74,510[74,510]+16,023[+17,250]

Note: Business profit = Operating profit + Equity-method gains/losses related to overseas business investments For details, please see page4.
（Q3 FY2024 results for all segments besides the Real Estate segment were calculated as “Business profit = Operating profit”.）

5Urban Transportation Results
Revenue and profit increased following the start of collection of barrier-free charges* at railway stations,and a recovery to a certain extent in the number of passengers in the Railway and Automobile businesses.
*All barrier-free charges will be used in the development of further barrier-free facilities in the future.

（\ million）

Q3 FY2024
Results

Q3 FY2023
Results％

ChangeOperating revenue

151,884

137,855+14,029+10.2%

Operating profit

28,84818,453+10,395+56.3%[Breakdown by type of business]（\ billion）

Operating revenue
Q3 FY2024
Results

Q3 FY2023
Results

Operating profit
Y on YQ3 FY2024
Results

Q3 FY2023
Results

Y on Y

Railway

110.8

100.3

+10.4

30.8

21.9

+8.9

Automobile

32.4

29.5

+2.9

1.7

0.3

+1.5

Retailing

9.7

8.9

+0.8

1.2

0.8

+0.3

Others

5.0

4.4

+0.6

0.4

0.1

+0.2

Note: Not including head office expenses / adjustments.

6

[Urban Transportation] Railway Performance Results
Hankyu Corporation
Fare revenues (¥ million)*
Q3 FY2024
Results

Q3 FY2023
Results

Passenger volumes (Thousands)*
Q3 FY2024
Results

ChangeQ3 FY2023
Results

Change24,43622,705+1,730(+7.6%)

240,809230,351+10,457(+4.5%)

Workers

21,101

19,475+1,625(+8.3%)

166,124

158,240+7,883(+5.0%)

Students

3,334

3,230

+104

(+3.2%)

74,684

72,110+2,574(+3.6%)

Other tickets

45,41440,649+4,765(+11.7%)

213,367

201,683+11,684(+5.8%)

Total

69,85063,355+6,495(+10.3%)454,176

432,035+22,141(+5.1%)

Commuter pass

Barrier-free charge: 2.5 billion yen

Hanshin Electric Railway

Fare revenues (¥ million)*
Q3 FY2024
Results

Q3 FY2023
Results

Passenger volumes (Thousands)*
Q3 FY2024
Results

ChangeQ3 FY2023
Results

Change

9,066

8,384

+681

(+8.1%)

91,99487,542+4,452(+5.1%)

Workers

8,151

7,496

+654

(+8.7%)

72,87469,028+3,845(+5.6%)

Students

914

887

+27

(+3.1%)

19,12018,513+607(+3.3%)

Other tickets

16,78814,373+2,415(+16.8%)

86,104

76,840+9,263(+12.1%)

Total

25,85422,757+3,097(+13.6%)

178,098

164,382+13,716(+8.3%)

Commuter pass

Barrier-free charge: 0.8 billion yen
Note:1) Revenue amounts less than one million yen, and numbers of passengers less than one thousand, are omitted.
2) For Hankyu Railway, “other ticket revenue/ridership” includes revenue/ridership associated with the PiTaPa usage sections.
3) Sum of tier 1 and tier 2 railway operators for both Hankyu Corporation and Hanshin Electric Railway
4) In FY2024, Hankyu Corporation and Hanshin Electric Railway introduced a barrier-free charge. This charge is added to regular rail fares and included in the fare revenues
from “other tickets” and “commuter pass: workers.”

7Real Estate Results
Revenue and profit increased following a recovery in demand for accommodation centered around inboundtravel in the Hotel business, the strong performance of properties in the real estate leasing business,
including Osaka Umeda Twin Towers South, in addition to growth in the overseas real estate business.
（\ million）

Q3 FY2024
Results

Q3 FY2023
Results

Change％Operating revenue

218,381

197,476+20,904+10.6%

Operating profit

35,373

19,490+15,882+81.5%[Business profit][36,600][19,490][+17,110][+87.8%][Breakdown by type of business]（\ billion）

Operating profit[Business profit]

Operating revenue
Q3 FY2024
Results

Q3 FY2023
Results

Y on YQ3 FY2024
Results

Q3 FY2023
Results

Y on Y

Real estate leasing

94.7

95.3

-0.6

30.2

25.7

+4.5

Real estate sales andothers

95.4

90.4

+5.0

6.3

5.0

+1.3

Overseas
real estate

6.3

1.3

+5.0

3.2

-0.0

+3.2

[4.4]

[-0.0][+4.5]

Hotel

47.0

31.1

+15.9

3.7

-3.7

+7.4

Note: 1) Not including head office expenses/adjustments.
2) “Overseas real estate” is shown as an independent sub-segment in the FY2024 results, and the results for Q3 FY2023 have also been changed
as a point of comparison.
3) Business profit = Operating profit + Equity-method gains/losses related to overseas business investments（Q3 FY2024 results for all segments besides the overseas real estate business were calculated as “Business profit = Operating profit”. ）8

Entertainment Results
Revenue and profit grew despite the cancellation of some stage shows by the Takarazuka Revue in thestage business with strong performance in the sports business following the Hanshin Tigers winning theleague championship and the Japan Series.

（\ million）

Q3 FY2024
Results

Q3 FY2023
Results％

ChangeOperating revenue

66,18956,618+9,570+16.9%

Operating profit

15,93813,279+2,658+20.0%[Breakdown by type of business]（\ billion）

Operating revenue
Q3 FY2024
Results

Q3 FY2023
Results

Operating profit
Y on YQ3 FY2024
Results

Q3 FY2023
Results

Y on YSports

42.4

32.4

+10.0

13.9

9.5

+4.4

Stage

23.8

24.2

-0.4

3.4

5.0

-1.6

Note: Not including head office expenses /adjustments.

9

Information and Communication Technology Results
Revenue and profit increased following an uptick in orders in the information services business.

（\ million）

Q3 FY2024
Results

Q3 FY2023
Results

Change％Operating revenue

44,033

41,109+2,923+7.1%

Operating profit

3,282

2,958

+323

+10.9%

Travel Results
While revenue increased following strong domestic travel performance and a year-on-year increase inoverseas travel, which is still undergoing a recovery, income declined primarily due to a drop in orders formunicipality support services.

（\ million）

Q3 FY2024
Results

Q3 FY2023
Results

Change％Operating revenue

169,667

143,685+25,981+18.1%

Operating profit

8,339

16,191-7,851-48.5%
10International Transportation Results
Revenue and profit declined in air and ocean transportation due to weaker demand for transportation
services, primarily seen in East Asia, following a move towards inventory adjustments at customer
companies, in addition to a relaxing of tight supply and demand.

（\ million）

Q3 FY2024
Results

Q3 FY2023
Results

Change％Operating revenue

75,374

129,414-54,039-41.8%

Operating profit

732

6,391

-5,659-88.5%

11

Consolidated Balance Sheets（\ million）

Q3 FY2024
Results

Current assets

Remarks+35,352 Land and buildings for sale +49,167

2,524,551

2,437,328

2,987,987

2,865,410+122,576

Current liabilities

511,077

499,684+11,392

Non-current liabilities

1,417,005

1,384,785+32,220

AssetsLiabilities

428,082

ChangeInvestment securities +47,044+87,223 Property, plant and equipment and Intangible assets+37,653

Non-current assets
Total assets

Q3 FY2024
Results
Debt
Bonds payable
Commercial papers
Lease liabilities

Total liabilities

Net assets

463,435

FY2023Results

Interest-bearing debt

Change822,595
260,000
10,00013,755
1,106,351+20,977-10,000+40,000-83+50,893

1,928,083

1,884,470

Shareholders' equity

926,165

878,110+48,055 Payment dividend

Accumulated othercomprehensive income

41,526

28,692+12,833 Valuation difference on available-for-sale securities +4,711

Non-controlling interests

92,211

74,137+18,074

1,059,904

980,940+78,963

32.4%

31.6%

+0.8P

Total net assets
Equity ratio+43,613843,573
250,000
50,00013,671
1,157,244

FY2023Results

Profit attributable to owners of parent +62,810-12,113
Foreign currency translation adjustment +8,517

12

Ⅱ. Forecasts for Fiscal 2024
(Ending March 2024)13
13

Consolidated Statements of Income (Summary)（￥ billion）

FY2024
Forecasts(1)

FY2023
Forecasts(As of Oct.)(2)

ChangeRemarks＝(1) - (2)Operating revenue

995.0

1,000.0-5.0 (-0.5%)

Operating profit

102.7

99.7

+3.0 (+3.0%)[Business profit][105.0][102.0][+3.0] [+2.9%]

Ordinary profit

104.0

100.0

Profit attributable to owners ofparent64.0

Capital Expenditures

Although revenue is expected to decrease following
a revision of the timing of sale of some short-term
return rental apartments in the real estate sales
business, income is expected to increase following
strong sales performance in the accommodation
operations of the hotel business, and in the sportsbusiness with the Hanshin Tigers winning the Japan
Series.

FY2023Results

Change(3)= (1) - (3)

968.3

+26.7

89.4

+13.3

[89.4][+15.6]+4.0 (+4.0%)

88.4

+15.6

60.0

+4.0 (+6.7%)

47.0

+17.0

129.7

129.7

－

63.0

+66.7

Depreciation and amortization

62.7

62.7

－

62.0

+0.7

Financial balance (1) - (2)

-9.3

-9.3

－

-7.5

-1.8

Interest and dividend income (1)

1.4

1.4

－

1.3

+0.1

Interest expenses (2)

10.7

10.7

－

8.8

+1.9

（Reference）

Note: 1) Business profit = Operating profit + Equity-method gains/losses related to overseas business investments（With regard to FY2023, we had no equity-method affiliates in our overseas businesses. Thus, for this year, “Business profit = Operating profit”.）
2) This consolidated results forecast includes the impact of the company acquiring OS Co., Ltd. as a consolidated subsidiary as of January 31, 2024.

14

Consolidated Statements of Income (Breakdown for each business segment)(¥ billion)
Upper row:
Operating revenue
Lower row:
Operating profit[Business profit]

FY2024
Forecasts

FY2024
Forecasts(As of Oct.)

Change(1)(2)= (1)-(2)Remarks

FY2023Results

Change(3)= (1)-(3)995.0

1,000.0

-5.0

968.3

+26.7

102.7
[105.0](Breakdown for each business segment)

99.7[102.0]+3.0[+3.0]

89.4
89.4

+13.3
+15.6

203.8

203.2

+0.6 Revenue and profit is expected to increase due to a gradual recovery

185.6

+18.2

34.8

33.5

22.4

+12.4

319.3

323.0

282.0

+37.3

46.5

44.6

27.9

+18.6

[48.8][46.9]

80.3

79.8

12.5

12.7

65.9

65.9

6.2

Total

Urban Transportation

Real Estate

TravelInternational
Transportation

Although revenue is expected to decrease following a revision of the-3.7 timing of sale of some short-term return rental apartments in thereal estate sales business, income is expected to increase following
strong sales performance in the accommodation operations of thehotels business, and robust rental revenues from properties in the[+1.9]
leasing business.
Although revenue is expected to increase following the impact of the+0.5 Hanshin Tigers winning the Japan Series to the sports business,
income is expected to decrease due to the cancellation of some-0.2 productions of the Takarazuka Revue in Q3, as well as revisions to
the performance schedule commencing in January this year.

+1.9[27.9] [+20.9]
72.3

+8.0

12.6

-0.1

－

60.4

+5.5

6.2

－

5.9

+0.3

210.0

210.0

－

191.4

+18.6

4.0

3.9

+0.1

15.3

-11.3

98.0

100.0

-2.0 Revenue and profit are expected to decline due to sluggish demand

163.3

-65.3

0.5

1.0

8.4

-7.9

Entertainment

Information andCommunication Technology

in ridership on Hankyu and Hanshin lines, and a reduction in general+1.3 expenses.

-0.5 for transportation services, primarily in East Asia.

Note: Business profit = Operating profit + Equity-method gains/losses related to overseas business investments（FY2024 results for all segments besides the Real Estate segment were calculated as “Business profit = Operating profit”.）

15
15

[Urban Transportation] Railway Performance Forecasts
Hankyu Corporation
Fare revenues (¥ million)*
FY2024
Forecasts

FY2023Results

Passenger volumes (Thousands)*
FY2024
Forecasts

ChangeFY2023Results

Change32,20929,900+2,309(+7.7%)

312,714299,570+13,144(+4.4%)

Workers

28,09025,935+2,154(+8.3%)

220,578

210,671+9,906(+4.7%)

Students

4,119

3,965

+154

(+3.9%)

92,13688,898+3,237(+3.6%)

Other tickets

61,01754,908+6,109(+11.1%)

287,042

272,065+14,976(+5.5%)

Total

93,22784,809+8,418(+9.9%)
Barrier-free charge: 3.4 billion yen

599,757

571,636+28,121(+4.9%)

Commuter pass

Hanshin Electric Railway
Fare revenues (¥ million)*
FY2024
Forecasts

FY2023Results

Passenger volumes (Thousands)*
FY2024
Forecasts

ChangeFY2023Results

Change12,017

11,096+921(+8.3%)

120,757

114,974+5,782(+5.0%)

Workers

10,876

9,996

+879

(+8.8%)

96,876

91,956+4,919(+5.3%)

Students

1,141

1,099

+41

(+3.8%)

23,881

23,017+863(+3.8%)

Other tickets

22,26319,365+2,897(+15.0%)115,062

103,696+11,365(+11.0%)Total

34,28130,462+3,818(+12.5%)Barrier-free charge: 1.1 billion yen

235,819

218,671+17,148(+7.8%)

Commuter pass

Note: 1) Revenue amounts less than one million yen, and numbers of passengers less than one thousand, are omitted.
2) For Hankyu Railway, “other ticket revenue/ridership” includes revenue/ridership associated with the PiTaPa usage sections.
3) Sum of tier 1 and tier 2 railway operators for both Hankyu Corporation and Hanshin Electric Railway.
4) In FY2024, Hankyu Corporation and Hanshin Electric Railway introduced a barrier-free charge. This charge is added to regular rail fares and included in the farerevenues from “other tickets” and “commuter pass: workers.”

16Performance Indicators
FY2024
Forecasts(As of Oct.)

FY2023Results

Business profit (1) + (2)Operating profit (1)Equity-method gains related tooverseas business investments (2)EBITDA*

1

Interest-bearing debt
Interest-bearing debt / EBITDA ratio
2

D/E ratio*

Profit attributable to owners of parent
ROE

FY2024
Forecasts(As of Feb.)¥89.4billion¥102.0billion¥105.0billion¥89.4billion¥99.7billion¥102.7billion－¥2.3billion¥2.3billion¥153.7billion¥167.0billion¥170.0billion¥1,106.4billion¥1,190.0billion¥1,210.0billion

7.2

7.1

7.1

1.2

1.2

1.3

¥47.0billion¥60.0billion¥64.0billion

5.3%

6.4%

6.8%

¥1,063.5billion¥1,165.0billion¥1,185.0billion

6.9

7.0

7.0

(Reference)
Net interest-bearing debt*

3

Net interest-bearing debt/EBITDA ratio*1 EBITDA = Business profit (Operating profit + Equity-method gains/losses related to overseas business investments) + Depreciation expenses + Amortization of goodwill*2 D/E ratio＝Interest-bearing debt/Equity*3 Net interest-bearing debt = Interest-bearing debt - Cash and Deposits

17

[Reference] Consolidated Statements of Income (Breakdown by type of business)
Operating profit[Business profit]

Operating revenue(¥ billion)
FY2024
Forecasts

FY2024
Forecasts(As of Oct.)

ChangeFY2023Results

ChangeFY2024
Forecasts

FY2024
Forecasts(As of Oct.)

ChangeFY2023Results

Change(1)(2)= (1)-(2)(3)= (1)-(3)

(1)

(2)

= (1)-(2)(3)= (1)-(3)

203.8

203.2

+0.6

185.6

+18.2

34.8

33.5

+1.3

22.4

+12.4

Railway

148.0

147.4

+0.6

134.5

+13.5

37.4

36.5

+0.9

26.5

+10.9

Automobile

43.3

43.2

+0.1

40.2

+3.1

2.1

1.8

+0.3

0.7

+1.4

Retailing

13.0

13.0

－

12.0

+1.0

1.3

1.2

+0.1

1.0

+0.3

Others

10.2

10.0

+0.2

8.9

+1.3

0.9

0.8

+0.1

0.6

+0.3

Real Estate

319.3

323.0

-3.7

282.0

+37.3

46.5
[48.8]

44.6[46.9]+1.9[+1.9]

27.9[27.9]+18.6[+20.9]Real estate leasing

126.5

125.5

+1.0

126.2

+0.3

35.7

34.6

+1.1

32.4

+3.3

Real estate sales and others

156.3

161.7

-5.4

137.4

+18.9

15.2

15.2

－

9.1

+6.1

Overseas real estate

8.0

8.0

－

3.2

+4.8

3.4
[5.7]

3.4
[5.7]

－
[－]

1.1
[1.1]

+2.3
[+4.6]

Hotel

61.8

60.6

+1.2

44.2

+17.6

3.6

3.0

+0.6

-4.8

+8.4

80.3

79.8

+0.5

72.3

+8.0

12.5

12.7

-0.2

12.6

-0.1

Sports

48.3

46.0

+2.3

38.4

+9.9

10.3

9.2

+1.1

7.4

+2.9

Stage

31.9

33.7

-1.8

33.9

-2.0

3.9

5.2

-1.3

6.8

-2.9

Urban Transportation[Breakdown][Breakdown]Entertainment[Breakdown]

Note: 1）Segment totals may not match the aggregate of the amounts for each type of business due to separate head office expenses/adjustments.
2）As of FY2024, overseas real estate is presented as an independent sub-segment. The segment results for the comparative year, FY2023, have been
retroactively adjusted accordingly.
3）Business profit = Operating profit + Equity-method gains/losses related to overseas business investments(FY2024 results for all segments besides the overseas real estate business were calculated as “Business profit = Operating profit”.)

18