Nippon Ski Resort Development Co (6040) Q4 2025 earnings summary

Executive summary

• Achieved record highs in all revenue categories for the fiscal year ended July 2025, with both winter and green season visitor numbers reaching all-time highs year-over-year.

• Strong growth in inbound visitors, with the Hakuba area seeing a 41.7% inbound ratio and inbound numbers up 84% from pre-pandemic levels; inbound visitors up 39.7% year-over-year in winter.

• Expanded real estate operations, including self-developed and operated accommodations, contributed to increased revenue and profit.

• Continued investment in facilities, including new gondolas and snowmaking equipment, contributed to higher depreciation and personnel costs.

Financial highlights

• Revenue: ¥10,461 million, up 26.9% year-over-year.

• Operating income: ¥2,246 million, up 44.7% year-over-year.

• Net income: ¥1,586 million, up 45.0% year-over-year.

• EBITDA: ¥3,274 million, up 43.7% year-over-year.

• Ordinary income: ¥2,236 million, up 43.9% year-over-year.

Outlook and guidance

• FY2026 revenue forecast: ¥11,480 million (+9.7% YoY); operating income: ¥2,300 million (+2.4% YoY); net income: ¥2,470 million (+55.7% YoY) due to special gains from land sales.

• Expecting further increases in inbound and domestic visitors, with continued price increases and new business contributions.

• Ongoing capital investments in snowmaking, gondolas, and IT/DX to support growth and competitiveness.