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Overview

Land Transportation

Keikyu Corporation

Keikyu Corporation operates a diversified transportation and real estate group anchored by its private railway network connecting Tokyo (Shinagawa/泉岳寺) to Yokohama, Yokosuka, Miura Peninsula, and Haneda Airport. The company's core transportation segment includes railway, bus, and taxi services, complemented by a large real estate segment encompassing property sales, leasing, and development. Additional business lines include leisure and hotel facilities (EX Inn business hotels, marinas, country clubs), retail (Keikyu Department Store, Keikyu Store supermarkets), and construction and building management services.

Activists: Former Murakami Fund group (City Index Eleventh, Reno, Minamiaoyama Real Estate) 6.95%

Market Cap

¥418B

US$2.66B

¥785B

US$5.00B

Stock¥1,573▲+0.70%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

12.5

LTM EV/EBIT

23.9

LTM PER

15.6

LTM PBR

1.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-12.6%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 5, 25Former Murakami Fund group (City Index Eleventh, Reno, Minamia… changed stake (5.98%→0.0%)

2Mar 24, 26Former Murakami Fund group (City Index Eleventh, Reno, Minamia… changed stake (4.9%→5.94%)

3Jul 6, 26Former Murakami Fund group (City Index Eleventh, Reno, Minami… changed stake (5.94%→6.95%)

MC → EV Bridge

AI Briefing

Keikyu anchors a Tokyo-Kanagawa rail network (Haneda-Yokohama-Miura) with a diversified real estate, hotel and retail conglomerate layered on top. FY26/3 revenue ¥304B, OP ¥33.6B (11.0% margin), easing slightly from FY25/3's ¥35.6B peak despite steady top-line growth. No tender offer in play; ownership is diffuse with Master Trust at 10.82% and no strategic blocking stake, leaving valuation debate centered on EV/EBITDA of ~12.4x LTM against a ¥777B enterprise value.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

41%

59%

EquityD/E 1.42xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 35.8%

as of 2026-03-31 · Source: Annual Securities Report

The Master Trust Bank of Japan, Ltd. (Trust Account)

10.82%

ATRA Co., Ltd.

6.08%

The Bank of Yokohama, Ltd.

3.48%

Custody Bank of Japan, Ltd. (Trust Account)

3.36%

Nippon Life Insurance Company

3.11%

Aya NOMURA (Standing Proxy: Mita Securities Co., Ltd.)

2.24%

Meiji Yasuda Life Insurance Company

2.12%

STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)

1.68%

Seibu Railway Co., Ltd.

1.63%

Custody Bank of Japan, Ltd. (Retirement Benefit Trust, Sumitomo Mitsui Trust Bank, Limited Account)

1.27%

Management

13 officers

Kazuyuki HARADA

Chairman and Representative Director

Apr 1976 Joined the Company Jun 2007 Director of the Company Jun 2010 Managing Director of the Company Jun 2011 Senior Managing Director of the Company Jun 2013 President of the Company Jun 2013 Representative Director of the Company (current) Jun 2019 Director, President and Executive Officer of the Company Apr 2022 Chairman of the Board and Director of the Company (current)

1954-01-22

Yukihiro KAWAMATA

Director, President and Representative Director, President and Executive Officer, in charge of Group Business Audit Department

Apr 1986 Joined the Company Jun 2016 Director of the Company Jun 2019 Director and Managing Executive Officer of the Company Apr 2022 Director, President and Executive Officer of the Company (current) Apr 2022 Representative Director of the Company (current) Apr 2022 In charge of Group Business Audit Department of the Company (current)

1964-02-10

Yuichi KANEKO

Director, Senior Managing Executive Officer, General Manager, Lifestyle Business Creation Headquarters

Apr 1988 Joined the Company Jun 2019 Executive Officer of the Company Jun 2021 Managing Executive Officer of the Company Jun 2023 Director and Managing Executive Officer of the Company Apr 2025 Director and Senior Managing Executive Officer of the Company (current) Apr 2026 General Manager, Lifestyle Business Creation Headquarters of the Company (current)

1965-04-18

Hideki TAKEYA

Director, Senior Managing Executive Officer, General Manager, Railway Headquarters; in charge of Shinagawa Development Promotion Department, Lifestyle Business Creation Headquarters

Apr 1988 Joined the Company Jun 2020 Executive Officer of the Company Apr 2023 Managing Executive Officer of the Company Apr 2023 General Manager, Railway Headquarters of the Company (current) Apr 2023 In charge of Shinagawa Development Promotion Department, Lifestyle Business Creation Headquarters of the Company (current) Jun 2023 Director and Managing Executive Officer of the Company Apr 2026 Director and Senior Managing Executive Officer of the Company (current)

1964-04-08

Isao SUGIYAMA

Director, Managing Executive Officer, General Manager, New Value Co-Creation Office

Apr 1990 Joined the Company Jun 2021 Executive Officer of the Company Apr 2024 Managing Executive Officer of the Company Apr 2024 General Manager, New Value Co-Creation Office of the Company (current) Jun 2024 Director and Managing Executive Officer of the Company (current)

1967-10-02

Tamaki KAKISAKI

Director

Apr 2014 Professor, Faculty of Law, Meiji University (current) Jun 2016 Outside Director, Eisai Co., Ltd. Jun 2016 Outside Director, Mitsubishi Shokuhin Co., Ltd. Jun 2017 Outside Audit & Supervisory Board Member, Japan Airport Terminal Co., Ltd. Jun 2019 Member, Corporate Value Analysis Committee of the Company (current) Jun 2020 Director of the Company (current) Jun 2021 Outside Director, The Akita Bank, Ltd. (current) Jun 2022 Outside Director (Audit and Supervisory Committee Member), Japan Airport Terminal Co., Ltd. (current)

1961-01-16

Sawako NOHARA

Director

Dec 2001 Representative Director and President, IPSI Marketing Research Institute Co., Ltd. (current) Jun 2021 Director of the Company (current) Jun 2022 Outside Director, Resona Holdings, Inc. (current)

1958-01-16

Kazuo SATO

Director

Jul 2020 Director and Executive Officer, Nippon Life Insurance Company Mar 2021 Director and Managing Executive Officer, Nippon Life Insurance Company Mar 2024 Director and Senior Managing Executive Officer, Nippon Life Insurance Company Mar 2025 Outside Director, Nissay Asset Management Corporation (retired Mar 2026) Jul 2025 Senior Managing Executive Officer, Nippon Life Insurance Company (retired Mar 2026) Mar 2026 Advisor, Nissay Lease Co., Ltd. Apr 2026 Representative Director and President, Nissay Lease Co., Ltd. (current)

Osamu HARADA

Director (Full-time Audit and Supervisory Committee Member)

Apr 2011 Executive Officer, Mizuho Bank, Ltd. Apr 2012 Managing Executive Officer, Mizuho Bank, Ltd. Apr 2012 Managing Executive Officer, Mizuho Corporate Bank, Ltd. (now Mizuho Bank, Ltd.) Apr 2013 Full-time Audit & Supervisory Board Member, Mizuho Corporate Bank, Ltd. Jun 2014 Representative Director and President, Mizuho Real Estate Research & Services Co., Ltd. Jun 2018 Representative Director and President, Mizuho Debt Collection Co., Ltd. Jun 2022 Full-time Audit & Supervisory Board Member of the Company Jun 2025 Director (Full-time Audit and Supervisory Committee Member) of the Company (current)

1960-10-12

Kazuo URABE

Director (Full-time Audit and Supervisory Committee Member)

Apr 1984 Joined the Company Jun 2015 Director of the Company Jun 2015 In charge of Human Resources Department (now Human Capital Strategy Department) of the Company Jun 2019 Managing Executive Officer and Director of the Company Jun 2019 In charge of Accounting Department of the Company Jun 2021 General Manager, Corporate Strategy Office of the Company Apr 2022 Director and Senior Managing Executive Officer of the Company Apr 2023 Director of the Company Jun 2023 Full-time Audit & Supervisory Board Member of the Company Jun 2025 Director (Full-time Audit and Supervisory Committee Member) of the Company (current)

1961-11-03

Takashi SUNATSUNA

Director (Audit and Supervisory Committee Member)

Aug 2002 Chief of Kanagawa Prefectural Police Headquarters Aug 2004 Deputy Commissioner General, Metropolitan Police Department Sep 2005 Grand Chamberlain to the Crown Prince, Imperial Household Agency Apr 2009 Ambassador Extraordinary and Plenipotentiary to the Grand Duchy of Luxembourg Jun 2013 Outside Audit & Supervisory Board Member, Marubeni Corporation Jun 2016 Outside Audit & Supervisory Board Member, Kandenko Co., Ltd. (current) Jun 2016 Audit & Supervisory Board Member of the Company Jun 2017 Outside Director, JCR Pharmaceuticals Co., Ltd. (current) Jun 2018 Outside Audit & Supervisory Board Member, Aioi Nissay Dowa Insurance Co., Ltd. Jun 2025 Director (Audit and Supervisory Committee Member) of the Company (current)

1949-03-08

Osamu SUTO

Director (Audit and Supervisory Committee Member)

Apr 1980 Registered as attorney-at-law Jun 1999 Established Suto & Takai Law Office, Partner Sep 2005 Outside Audit & Supervisory Board Member, Bandai Namco Holdings Inc. May 2016 Established Suto Sogo Law Office, Partner (current) Jun 2016 Outside Audit & Supervisory Board Member, Pronexus Inc. (current) Jun 2016 Audit & Supervisory Board Member of the Company Jun 2018 Member, Corporate Value Analysis Committee of the Company (current) Feb 2025 Outside Audit & Supervisory Board Member, Bandai Namco Experience Inc. (current) Jun 2025 Outside Director, Japan Airport Terminal Co., Ltd. (current) Jun 2025 Director (Audit and Supervisory Committee Member) of the Company (current)

1952-01-24

Rieko SATO

Director (Audit and Supervisory Committee Member)

Apr 1984 Registered as attorney-at-law Aug 1989 Sherman & Sterling LLP Jul 1998 Partner, Ishii Law Office (current) Jun 2004 Outside Audit & Supervisory Board Member, Ajinomoto Co., Inc. (retired Jun 2016) Jun 2012 Outside Audit & Supervisory Board Member, NTT DATA Group Corporation (retired Jun 2020) Jun 2015 Outside Director, Dai-ichi Life Insurance Company, Limited (now Dai-ichi Life Group, Inc.) Oct 2016 Outside Director (Audit and Supervisory Committee Member), Dai-ichi Life Holdings, Inc. (now Dai-ichi Life Group, Inc.) (current; scheduled to retire Jun 2026) May 2018 Outside Director, J. Front Retailing Co., Ltd. (retired May 2024) Jun 2018 Member, Corporate Value Analysis Committee of the Company (current) Jun 2020 Outside Director (Audit and Supervisory Committee Member), NTT DATA Group Corporation (retired Jun 2022) Jun 2020 Outside Audit & Supervisory Board Member, Mitsubishi Corporation (retired Jun 2024) Jun 2024 Outside Director (Audit and Supervisory Committee Member), Mitsubishi Corporation (current; scheduled to retire Jun 2026)

Large Shareholding Reports

ATRA Co., Ltd.

2026-07-06

5.94%→6.95%

Annual report (as of 2026-03-31): 6.08%

ATRA Co., Ltd.

2026-03-24

4.90%→5.94%

Annual report (as of 2026-03-31): 6.08%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2026-01-21

2.49%→2.09%

Asset Management One Co., Ltd.

2025-12-22

2.15%→1.76%

ATRA Co., Ltd.

2025-11-05

4.90%

Annual report (as of 2026-03-31): 6.08%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-09-19

2.31%→2.49%

Fortis Co., Ltd.

2025-03-06

5.98%

Aya NOMURA

2025-02-20

5.10%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-05

Q1 Earnings Flash

FY ending Mar 2027

Keikyu Corporation

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Keikyu Corporation

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