Nippon Ski Resort Development Co (6040) Q4 2026 earnings summary

Executive summary

• Achieved record-high consolidated sales, operating income, ordinary income, and net income attributable to parent shareholders for the fiscal year ended July 2026, driven by strong inbound demand, lift ticket price revisions, and diversified seasonal operations.

• Inbound visitor numbers reached a record 544,000, up 23.2% year-over-year, offsetting slight declines in domestic attendance due to weather.

• Both winter and green season businesses contributed, with continued investment in facilities and services to enhance customer experience and mitigate seasonality.

• Despite a record warm winter with low snowfall, visitor numbers remained at the previous year's record level due to continued investment in snowmaking and course improvements.

Financial highlights

• Revenue reached ¥11,498 million, up 9.9% year-over-year; operating income was ¥2,373 million, up 5.7%; ordinary income was ¥2,374 million, up 6.2%.

• Net income attributable to parent rose 35.6% year-over-year to ¥2,150 million, including a one-time gain from land sales.

• EBITDA increased 10.8% to ¥3,626 million year-over-year.

• EPS: ¥46.74, up from ¥34.68.

• Comprehensive income: ¥2,322 million, up 34.0% year-over-year.

Outlook and guidance

• FY2027 revenue is projected at ¥13,320 million (+15.8% YoY), with operating income of ¥3,000 million (+26.6%), and net income expected to decrease to ¥1,568 million due to the absence of prior year’s one-time land sale gain.

• Winter and green season visitor numbers are forecast to increase, with inbound visitors up 12.3% and domestic up 1.9%.

• Continued investment in snowmaking, new lifts and gondolas, and digital transformation will increase depreciation costs.

• Ongoing expansion of the NSD Kids Program and alliance partnerships to drive future growth.