Tokyu Management Commentary: Higher Power Procurement Costs Drive FY2026 Profit Forecast Cut at 2Q

• Tokyu management's second-quarter FY2026 earnings commentary attributed the JPY 10 billion full-year operating profit forecast cut to power supply and leasing.
• Power supply earnings faced higher procurement costs linked to Middle East tensions, weaker summer demand and increased promotional spending.
• Leasing earnings reflected delayed rental income recognition and approximately JPY 1-2 billion in one-time costs, primarily repairs, maintenance and write-offs.
• Management maintained its JPY 100 billion operating profit goal, leaving the FY2027 target unchanged at JPY 112 billion.
• Projected interest-bearing debt rose JPY 40 billion from the initial forecast to JPY 1.48 trillion, primarily reflecting inventory asset acquisitions.

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