Impact of Warm Winters and Low Snowfall on Winter-Season Operations

「Despite the low-snowfall season, Kawaba Ski Resort offered a 3,300-meter course from its opening in December, and December visitor numbers exceeded 30 thousand for the first time since listing. At Meiho Ski Resort, while nearby resorts offered runs of only several hundred meters, the provision of a 5,000-meter course contributed to attracting visitors.」

「Natural snowfall in late November and the operation of snowmaking machines in which we have continued to invest enabled the group’s main ski resorts to open on a schedule comparable to normal years. However, temperatures subsequently rose, and all courses did not open until mid-January.」

「Next, during the winter season in the six-month consolidated period from late November 2025 to January 2026, the group's main ski resorts opened on dates broadly in line with usual practice due to natural snowfall in late November and the operation of snowmaking machines in which we had continued to invest. However, temperatures subsequently rose, and all courses did not open until mid-January.」

「Natural snowfall in late November and the operation of snowmaking machines in which we had continued to invest enabled the group's main ski resorts to open slightly earlier than usual. Snow cover increased further in mid-December, enabling all courses to open ahead of schedule.」

「Although the season was marked by warm weather and light snowfall nationwide, the lifting of entry restrictions for visitors from overseas and various operating measures, including sales activities and promotions, brought many visitors to the ski resorts」

「During our group's third-quarter cumulative consolidated period, the winter season from December 2023 to April 2024 opened earlier than usual due to natural snowfall in late November and the operation of snowmaking machines in which we had continued to invest. However, temperatures subsequently rose, and all courses did not become skiable until early January. Although natural snowfall remained limited from February onward, substantial snowfall in March enabled visitors to enjoy spring skiing at HAKUBA VALLEY Happo-One Ski Resort and HAKUBA VALLEY Tsugaike Mountain Resort through early May.」

「Next, during the winter season from December 2023 to January 2024, the group's main ski resorts opened earlier than usual due to natural snowfall in late November and the operation of snowmaking machines in which we had continued to invest. However, temperatures subsequently rose, and all courses did not become skiable until early January.」

「To secure operating periods despite warm winters and low snowfall, our group has continued investing in snowmaking machines as part of its winter-season initiatives. As differentiation strategies, we have also introduced automatic gate systems to improve convenience, developed ungroomed areas such as side-country courses, and pursued initiatives targeting inbound visitors seeking Japan's powder snow.」

「During our group's third-quarter cumulative consolidated period, from August 2022 to 30 April 2023, the winter season from December 2022 through the end of April 2023 saw natural snowfall delayed nationwide. However, temperatures fell, enabling us to achieve stable openings by operating the snowmaking machines in which we had continued to invest. In the latter half of the season, rapid snowmelt caused by the sharp rise in temperatures in March and other factors forced us to reduce the skiable areas during the period when visitors usually enjoy spring skiing, resulting in ski resort operations closing earlier than in the previous year.」

「Next, although natural snowfall was delayed nationwide during the winter season from December 2022 to January 2023, temperatures fell, enabling us to achieve stable openings by operating the snowmaking machines in which we had continued to invest.」

「Special losses for the consolidated fiscal year amounted to ¥156.466 million, compared with ¥59.068 million in the previous consolidated fiscal year, an increase of 164.9% year on year. This represented disaster losses recognized as a result of snow damage to the group's facilities.」

「During our group's third-quarter cumulative consolidated period, the winter season from December 2021 to April 2022 saw all of the group's ski resorts benefit from sufficient natural snowfall, with HAKUBA VALLEY Happo-One Ski Resort opening in November for the first time in 4 seasons.」

「Next, the winter season during the cumulative consolidated period, from late November 2021 to January 2022, saw all of the group's ski resorts enjoy sufficient natural snowfall, with HAKUBA VALLEY Happo-One Ski Resort opening in November for the first time in 4 seasons, among other developments」

「Our group operates ski resorts. Revenue declines when light snowfall reduces the number of operating days, or when visitor numbers decline because road conditions deteriorate and impede access to the ski resorts due to exceptionally heavy snowfall or other factors beyond expectations.」

「During our group's third-quarter cumulative consolidated period, the winter season from December 2020 to April 2021 tended to open later than the previous year. However, substantial natural snowfall following the arrival of cold weather from mid-December enabled us to expand the courses steadily.」

「Next, although the winter season during the cumulative consolidated period, from December 2020 to January 2021, tended to open later than the previous year, substantial natural snowfall following the arrival of cold weather from mid-December enabled us to expand the courses steadily.」

「We will also continue investing in snowmaking machines. At HAKUBA VALLEY Happo-One Ski Resort, we installed new snowmaking machines in the Nagiyama area to secure a route down to the base area, and we will promote efforts to attract families and beginners by adding a covered moving walkway and the new kids' park, Nagiyama Snow Land. We are also installing new snowmaking machines at HAKUBA VALLEY Iwatake Snow Field, HAKUBA VALLEY Tsugaike Kogen, HAKUBA VALLEY Kashimayari Ski Resort and Meiho Ski Resort, seeking to differentiate these resorts by securing stable snow cover and operating days.」

「The winter-season business during the consolidated fiscal year, from December 2019 to April 2020, experienced record warmth and light snowfall. However, 6 of the group's 8 ski resorts had continued to invest in measures to address light snowfall, resulting in ski resort openings broadly in line with the previous year.」

「The winter-season business during the third-quarter cumulative consolidated period, from December 2019 to April 2020, experienced record warmth and light snowfall. However, 6 of the group's 8 ski resorts had continued to invest in measures to address light snowfall, resulting in ski resort openings broadly in line with the previous year.」

「Although the winter season during the cumulative consolidated period was marked by record warmth and light snowfall, 6 of the group's 8 ski resorts had continued to invest in measures to address light snowfall. As a result, their opening dates were broadly in line with the previous year, enabling the group to attract a certain level of visitors.」

「The onset of cold weather was delayed this winter, and operations began later than expected. However, we received substantial natural snowfall in January, followed by cold weather and natural snowfall in April. In total for the 3 months from February to April, the group welcomed more visitors than in the previous year.」

「The onset of cold weather was delayed this winter, and operations began later than planned, particularly because of delays and regional differences in the cold conditions needed for snowmaking and in natural snowfall. However, we received substantial natural snowfall in January, followed by cold weather and natural snowfall in April. In total for the 3 months from February to April, the group welcomed more visitors than in the previous year.」

「Although natural snowfall was limited from February onward and snowmelt was affected by the arrival of warm weather and rain in March, we maintained stable snow cover through snowmaking and were able to remain open for generally the planned period.」

「This winter season got off to a strong start, supported by abundant natural snowfall and the benefits of our investment over the past several years to increase snowmaking capacity. Although we were concerned in March about the arrival of record warmth and snowmelt caused by rain, the decline was limited to a slight decrease from the same period of the previous year, and all of our ski resorts were able to remain open for generally the planned period.」

「Having been affected by low snowfall for 2 consecutive seasons since the 2015-16 season, the company is continuing to invest in measures against low snowfall during the current fiscal year to enable early openings, early expansion of fully skiable areas and stable snow cover. Following Kawaba Ski Resort and Meiho Ski Resort, where measures against low snowfall implemented in the previous fiscal year proved effective, the company newly installed snowmaking machines at the Namigiyama slope of HAKUBA VALLEY Hakuba Happo-One Ski Resort and the Paradise slope of HAKUBA VALLEY Iwatake Snow Field. It is also strengthening snowmaking machines at Kawaba Ski Resort, Meiho Ski Resort and Sugadaira Kogen Snow Resort.」

「Kawaba Ski Resort, Meiho Ski Resort and 4 other ski resorts opened 2 to 17 days earlier than in the previous season. Meanwhile, HAKUBA VALLEY Hakuba Happo-One Ski Resort and HAKUBA VALLEY Tsugaike Kogen Ski Resort were forced to open 10 days later because of low snowfall at the start of the season.」

「During the current winter season, the company invested in measures against low snowfall, including strengthening snowmaking machines, particularly at ski resorts whose opening dates had been delayed in the previous season because of historically warm temperatures and low snowfall. As a result, 6 ski resorts, including Kawaba Ski Resort and Meiho Ski Resort, opened 2 to 17 days earlier than in the previous season. Meanwhile, HAKUBA VALLEY Hakuba Happo-One Ski Resort and HAKUBA VALLEY Tsugaike Kogen Ski Resort opened 10 days later than in the previous season because of low snowfall from early December. At the HAKUBA VALLEY resorts, expansion of the open areas toward the base was delayed until natural snowfall from a major cold wave in mid-January.」

「This season, the company implemented measures against low snowfall, including strengthening snowmaking equipment suited to the terrain and weather characteristics of each ski resort area. As a result, Ryuoo Ski Park opened on 27 November, 7 days earlier than in the previous season. Kawaba Ski Resort opened 5 days earlier, and Sugadaira Kogen Snow Resort opened on 3 December, 8 days earlier. To open the summit area, where snowfall arrives early, the company renovated the downhill lift line at Meiho Ski Resort to transport visitors from the summit to the base area, enabling the resort to open smoothly on 12 December, 17 days earlier than in the previous season.」

「The previous winter season was affected by historically warm temperatures and low snowfall, delaying the opening dates of some of the Group's ski resorts and forcing restrictions on operating days and skiable areas because of insufficient snow. For the current winter season, the company strengthened snowmaking equipment suited to the terrain and weather characteristics of each ski resort area. In particular, at Meiho Ski Resort in Gifu Prefecture, it renovated the downhill lift line to transport visitors from the summit to the base area so that the summit area, where snowfall arrives earlier, could open sooner. The company will continue investing in measures against low snowfall to secure operating periods, assuming that warm, low-snowfall winters similar to last year will continue to occur.」