Seibu : Notice Regarding the Revision of the Full-Year Consolidated Earnings Forecasts for the Year Ending March 31, 2023

[Translation for Reference Purposes Only]

ENGLISH TRANSLATION OF DOCUMENT IN JAPANESE

This is an English translation of an original document in Japanese and is only being provided for convenience. In all cases, the original Japanese version shall take precedence.

March 23, 2023

For Immediate Release

Company Name	Seibu Holdings Inc.
Representative	President & Chief Executive Officer
	GOTO Takashi
	(Code No.: 9024
	Prime Market of the Tokyo Stock Exchange)
Inquiries	General Manager of Corporate
	Communication
	TATARA Yoshihiro
	(TEL. [phone])

Notice Regarding the Revision of the Full-Year Consolidated Earnings Forecasts

for the Year Ending March 31, 2023

Seibu Holdings Inc. (the "Company") resolved at a Board of Directors meeting held on March 23, 2023, to revise the full-year consolidated earnings forecasts for the year ending March 31, 2023, announced on February 9, 2023. The details are set forth below.

1. Full-year consolidated earnings forecasts for the fiscal year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

					(Millions of yen)
	Operating	Operating	EBITDA	Ordinary	Profit attributable
	to owners of
	revenue	profit	profit
		parent
Financial forecast (A)
(Announced on February 9,	424,000	17,000	74,000	14,000	79,000
2023)
Revised forecast (B)	427,000	21,000	76,000	18,000	54,000
Difference (B - A)	3,000	4,000	2,000	4,000	(25,000)
Change (%)	0.7%	23.5%	2.7%	28.6%	(31.6)%
(Reference) Results for the
fiscal year ended March 31,	396,856	(13,216)	42,415	(17,440)	10,623
2022

2. Reason of revisions

The full-year consolidated earnings forecasts being announced in this notice are based on the recent

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business performance trends, as well as the contents of the "Notice Regarding Partial Cancellation and Completion of Transfer of Subsidiary's Fixed Assets" and "Notice Regarding Recognition of Extraordinary Losses" announced today.

Operating revenue is expected to exceed the forecast announced on February 9, 2023, mainly due to greater-than-expected recovery in inbound travel and domestic travel demand in domestic hotel operations. As operating revenue is expected to exceed the previous forecast figure, operating profit, EBITDA, and ordinary profit are also expected to exceed the previous forecast figures.

Profit attributable to owners of parent is expected to be lower than the previous forecast figure based mainly on the contents of "Notice Regarding Partial Cancellation and Completion of Transfer of Subsidiary's Fixed Assets" and "Notice Regarding Recognition of Extraordinary Losses" announced today.

(Millions of yen)

	Operating revenue	Operating profit		EBITDA
	For the year	Comparison	Comparison	For the year	Comparison	Comparison	For the year	Comparison
Segment	ending	ending	ending	Comparison
March 31,	with the	with the	March 31,	with the	with the	March 31,	with the	with the year
	announce-	year ended	announce-	year ended	announce-
	2023	2023	2023	ended March
	(Revised	ment of	March 31,	(Revised	ment of	March 31,	(Revised	ment of	31, 2022
	February 9	2022	February 9	2022	February 9
	forecast)	forecast)	forecast)
Urban
Transportation and	143,800	+100	+12,468	2,700	+1,200	+8,448	24,600	+800	+7,845
Regional
Hotel and Leisure	190,500	+2,300	+57,319	4,300	+1,900	+32,350	20,400	+900	+31,528
Real Estate	74,600	+400	(2,039)	12,300	+600	(8,279)	23,900	+500	(8,642)
Construction	-	-	(62,290)	-	-	(3,177)	-	-	(3,386)
Other	38,900	+400	+6,138	300	+400	+3,556	4,300	+400	+3,462
Total	447,800	+3,200	+11,596	19,600	+4,100	+32,898	73,200	+2,600	+30,807
Adjustments	(20,800)	(200)	+18,547	1,400	(100)	+1,317	2,800	(600)	+2,777
Consolidated	427,000	+3,000	+30,143	21,000	+4,000	+34,216	76,000	+2,000	+33,584

Notes: 1. Adjustments mainly consist of elimination of inter-company transactions.

2. EBITDA is calculated by adding depreciation and amortization of goodwill to operating profit.

In the Urban Transportation and Regional segment, although operating revenue is expected to be generally in line with the previous forecast figure, operating profit and EBITDA are expected to exceed the previous forecast figures mainly due to controlling various expenses.

In the Hotel and Leisure segment, operating revenue is expected to exceed the previous forecast figure mainly due to greater-than-expected recovery in inbound travel and domestic travel demand in domestic hotel operations. As operating revenue is expected to exceed expectations, operating profit and EBITDA are also expected to exceed the previous forecast figures.

In the Real Estate segment, as the recovery in commercial facilities exceeded expectations, operating revenue is expected to exceed the previous forecast figure. Operating profit and EBITDA are expected to exceed the previous forecast figures mainly due to controlling various expenses.

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In the Other segment, operating revenue is expected to exceed the previous forecast figure mainly due to stronger-than-expected revenue from professional baseball in the Sports business. Due also to efforts such as cost controls on various expenses, operating profit is expected to be recorded, and EBITDA is expected to exceed the previous forecast figure.

(Assumptions for the earnings forecasts) Transportation revenues in the railroad business

											(Millions of yen)
			For the year		For the year	Change
			ending		ending
				from			Year ended
			March 31,		March 31,
				previous			March 31,	YoY change
		2023	2023
			forecast		2022
			(Previous		(Revised
				(amount)
			forecast)		forecast)
	Commuter	36,411		36,211		(199)		34,861	+3.9%
	passes
Transportation
	Non-commuter	48,849		49,186		+336		42,308	+16.3%
revenues
	passes
	Total		85,260	85,397		+137			77,169	+10.7%

Indicators of domestic hotel operations

			For the year		For the year
			ending		ending	Change			Year ended
			March 31,		March 31,	from
						March 31,	YoY change
		2023	2023		previous
				2022
			(Previous		(Revised	forecast
			forecast)		forecast)
	RevPAR (¥)	8,567	8,780		+2.5%	4,846	+81.2%
	Average daily	16,204		16,622		+2.6%		15,982	+4.0%
Total	rate (¥)
	Average	52.9%		52.8%		(0.0)pt		30.3%	+22.5pt
	occupancy rate

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(Note) The forecasts, targets, plans, projections and other forward-looking information of our group contained in this document merely constitute our judgment or belief as of the time when such information was prepared based on the information available as of the date of the announcement. Actual results of operations, financial condition and other results of our group may differ materially from those contained in or inferred from this document due to changes in domestic and international political, economic, and financial conditions, the status of measures contemplated in the medium-term management plan of our group, and other factors that are uncertain at the time of the preparation of this document.

End

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