Nippon Ski Resort Development Co (6040) Q2 2025 earnings summary

Executive summary

• Achieved record highs across all revenue categories for the second quarter and first half of FY2025, driven by strong winter and green season attendance, robust inbound tourism, and family-oriented programs.

• Revenue for 2Q FY2025 was ¥4,955 million, up 26.5% year-over-year; operating income rose 54% to ¥1,083 million; net income increased 58.6% to ¥773 million.

• The company is diversifying revenue by expanding real estate sales and enhancing resort offerings.

Financial highlights

• Operating margin improved to 21.9% in 2Q FY2025; net income per share for the interim period was ¥50.81, up from ¥32.15 a year earlier.

• Total assets increased to ¥13,154 million; equity ratio at 55.5% as of January 2025.

• Cash and equivalents at period-end were ¥1,996 million, down ¥1,144 million from the previous year-end due to capital investments.

• EBITDA reached ¥1,518 million, up 46.5%.

Outlook and guidance

• Full-year revenue guidance revised upward to ¥9,850 million; operating income forecast raised to ¥1,900 million; net income to ¥1,280 million.

• Dividend forecast revised upward, and a 3-for-1 stock split is planned effective April 1, 2025.

• Management expects continued growth in inbound visitors and further expansion of family and non-skier segments.