Financials Hankyu Hanshin Holdings, Inc.

Equities

Market Closed - Japan Exchange Other stock markets 06:30:00 13/02/2026 GMT			5-day change	1st Jan Change
4,622.00 ^JPY	-0.67%		+4.10%	+17.22%

01-30	Hankyu Hanshin Holdings, Inc. Reports Earnings Results for the Nine Months Ended December 31, 2025	CI
12-01	Hankyu Hanshin's Real Estate segment saves the day

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	568,900	746,217	968,300	997,611	1,106,854	1,166,425	1,175,075	1,238,800
Change	-	31.17%	29.76%	3.03%	10.95%	5.38%	0.74%	5.42%
EBITDA ¹	62,076	101,523	153,899	170,563	177,944	189,800	196,633	205,500
Change	-	63.55%	51.59%	10.83%	4.33%	6.66%	3.6%	4.51%
EBIT ¹	2,066	39,212	89,350	105,689	110,879	126,550	127,975	132,400
Change	-	1,797.97%	127.86%	18.29%	4.91%	14.13%	1.13%	3.46%
Interest Paid ¹	-8,885	-8,516	-8,768	-10,382	-12,065	-13,600	-15,200	-16,500
Earnings before Tax (EBT) ¹	-41,013	38,592	75,012	84,246	102,795	120,800	122,467	128,050
Change	-	194.1%	94.37%	12.31%	22.02%	17.52%	1.38%	4.56%
Net income ¹	-36,702	21,418	46,952	67,801	67,386	78,625	80,225	83,567
Change	-	158.36%	119.22%	44.4%	-0.61%	16.68%	2.03%	4.17%
Announcement Date	14/05/21	13/05/22	15/05/23	14/05/24	14/05/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q3
Net sales ¹	153,019	174,863	151,977	158,858	206,327	229,055	228,993	238,167	249,284	245,524	240,120	250,743	261,224	261,933	272,723	269,724	302,474	309,759	282,671
Change	-	14.28%	-13.09%	4.53%	29.88%	11.02%	-0.03%	4.01%	4.67%	-1.51%	-2.2%	4.42%	4.18%	0.27%	4.12%	-1.1%	12.14%	2.41%	-8.74%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,882	6,907	4,761	5,343	17,174	11,934	24,425	24,329	25,756	33,750	30,570	26,213	15,156	34,058	32,739	25,864	18,218	48,104	27,168
Change	-	-30.11%	-31.07%	12.22%	221.43%	-30.51%	104.67%	-0.39%	5.87%	31.04%	-9.42%	-14.25%	-42.18%	124.72%	-3.87%	-21%	-29.56%	164.05%	-43.52%
Charge d'intérêts ¹	-2,219	-	-2,140	-	-2,146	-	-2,081	-	-2,132	-2,547	-	-2,683	-	-2,771	-	-3,102	-	-3,608	-4,092
Earnings before Tax (EBT) ¹	10,224	-	6,038	-	19,817	-	25,759	-	29,722	36,839	-	27,697	-	42,189	-	26,325	-	50,201	28,838
Change	-	-	-	-	-	-	-	-	-	23.95%	-	-	-	-	-	-	-	-	-42.55%
Net income ¹	6,149	-19,844	3,204	2,653	12,970	2,591	16,826	-	20,001	25,098	-	17,937	-	34,458	-	17,096	-	34,205	19,925
Change	-	-422.72%	116.15%	-17.2%	388.88%	-80.02%	549.4%	-	-	25.48%	-	-	-	-	-	-	-	-	-41.75%
Announcement Date	05/02/21	14/05/21	30/07/21	29/10/21	31/01/22	13/05/22	03/08/22	31/10/22	01/02/23	01/08/23	31/10/23	07/02/24	14/05/24	02/08/24	31/10/24	04/02/25	14/05/25	31/07/25	30/01/26

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2023 S1	2024 S1	2025 S1	2026 S1
Net sales ¹	310,835	467,160	485,644	534,656	598,833
Change	-	50.29%	3.96%	10.09%	12%
EBITDA	-	-	-	-	-
Change	-	-	-	-	-
EBIT ¹	10,104	48,754	64,320	66,797	84,075
Change	-	382.52%	31.93%	3.85%	25.87%
Charge d'intérêts ¹	-4,289	-4,192	-5,183	-5,683	-7,366
Earnings before Tax (EBT) ¹	12,590	48,651	66,636	69,127	79,979
Change	-	286.43%	36.97%	3.74%	15.7%
Net income ¹	5,857	31,050	44,873	50,878	53,875
Change	-	430.13%	44.52%	13.38%	5.89%
Announcement Date	29/10/21	31/10/22	31/10/23	31/10/24	30/10/25

¹JPY in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	1,035,501	1,064,632	1,063,473	1,114,549	1,221,722	1,164,652	1,240,732	1,300,150
Change	-	2.81%	-0.11%	4.8%	9.62%	-4.67%	6.53%	4.79%
Announcement Date	14/05/21	13/05/22	15/05/23	14/05/24	14/05/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	108,472	131,491	63,039	101,753	116,875	121,633	118,333	117,500
Change	-	21.22%	-52.06%	61.41%	14.86%	4.07%	-2.71%	-0.7%
Free Cash Flow (FCF) ¹	-140,973	-14,598	18,875	-17,807	-29,458	31,162	35,968	41,300
Change	-	89.64%	229.3%	-194.34%	-65.43%	205.79%	15.42%	14.82%
Announcement Date	14/05/21	13/05/22	15/05/23	14/05/24	14/05/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	10.91%	13.61%	15.89%	17.1%	16.08%	16.27%	16.73%	16.59%
EBIT Margin (%)	0.36%	5.25%	9.23%	10.59%	10.02%	10.85%	10.89%	10.69%
EBT Margin (%)	-7.21%	5.17%	7.75%	8.44%	9.29%	10.36%	10.42%	10.34%
Net margin (%)	-6.45%	2.87%	4.85%	6.8%	6.09%	6.74%	6.83%	6.75%
FCF margin (%)	-24.78%	-1.96%	1.95%	-1.78%	-2.66%	2.67%	3.06%	3.33%
FCF / Net Income (%)	384.1%	-68.16%	40.2%	-26.26%	-43.72%	39.63%	44.83%	49.42%
Profitability
ROA	-0.3%	1.44%	3.16%	3.7%	3.51%	3.9%	3.1%	2.4%
ROE	-4.1%	2.5%	5.3%	7.2%	6.7%	7.2%	7.3%	7.7%
Financial Health
Leverage (Debt/EBITDA)	16.68x	10.49x	6.91x	6.53x	6.87x	6.14x	6.31x	6.33x
Debt / Free cash flow	-7.35x	-72.93x	56.34x	-62.59x	-41.47x	37.37x	34.5x	31.48x
Capital Intensity
CAPEX / Current Assets (%)	19.07%	17.62%	6.51%	10.2%	10.56%	10.43%	10.07%	9.48%
CAPEX / EBITDA (%)	174.74%	129.52%	40.96%	59.66%	65.68%	64.09%	60.18%	57.18%
CAPEX / FCF (%)	-76.95%	-900.75%	333.98%	-571.42%	-396.75%	390.32%	329%	284.5%
Items per share
Cash flow per share ¹	85.98	337.7	453.1	542	551.4	604.9	665.2	-
Change	-	292.73%	34.2%	19.61%	1.73%	9.71%	9.97%	-
Dividend per Share ¹	50	50	50	55	60	91.75	96.25	110
Change	-	0%	0%	10%	9.09%	52.92%	4.9%	14.29%
Book Value Per Share ¹	3,599	3,612	3,764	4,073	4,340	4,572	4,820	5,016
Change	-	0.37%	4.21%	8.19%	6.57%	5.35%	5.42%	4.07%
EPS ¹	-151.7	88.89	194.9	281.8	281.8	332.7	342.9	361.7
Change	-	158.59%	119.24%	44.62%	-0.02%	18.07%	3.08%	5.49%
Nbr of stocks (in thousands)	240,953	240,951	240,907	240,529	238,645	237,236	237,236	237,236
Announcement Date	14/05/21	13/05/22	15/05/23	14/05/24	14/05/25	-	-	-