Worth reading
74In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
-120
Operating profit (¥ millions; year-on-year change)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportSecond quarter of the fiscal year ending December 202615 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥3,292 million-5.1%
Operating profit¥822 million-12.8%
Ordinary income¥774 million-14.5%
Net income¥721 million-11.3%
Gross Profit Margin78.3 %
Operating profit margin25 %
Selling, general and administrative expenses¥1,756 million
Results for the three months of the current quarterGraphs show quarterly trends in revenue and operating profit for the travel, bus, and hotel businesses, separately for the first and second quarters. In the second quarter of 2026, revenue and operating profit were ¥645 million and ¥216 million, respectively, for the travel business; ¥480 million and ¥95 million for the bus business; and ¥667 million and ¥128 million for the hotel business.
Full-year earnings forecast
Net Sales
¥7,131 million
Operating profit
¥1,800 million
Ordinary income
¥1,710 million
Net income
¥1,425 million
Year-end dividend
¥42 per share
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales46.2 %
Operating profit45.7 %
Ordinary income45.3 %
Net income50.6 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is generally in line with the full-year forecastBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net Sales
Travel Business¥-100 million
Bus Business¥-105 million
Hotel and other facilities before adjustments¥-65 million
Hotel and other facilities after Sapporo adjustments¥89 million
Other¥45 million
Adjustments, etc.¥-629 million
Operating profit
Travel Business¥-38 million
Bus Business¥-67 million
Hotel and other facilities before adjustments¥-3 million
Hotel and other facilities after Sapporo adjustments¥40 million
Other¥-1 million
Adjustments, etc.¥-242 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- DemandDetailsExpects increased demand during Chuseok and the holidays in early October
- Demand by marketDetailsSouth Korea, Southeast Asia, the US, and South America remain solid, while China, Europe, and the Middle East remain sluggish
New initiatives
- Advance implementation of Phase 2 functions in the new FIT system for the travel business, with Phase 1 scheduled for release in October
- Expand FIT sales channels, mainly in Europe and Southeast Asia
- Strengthen the group tour sales structure, mainly in Southeast Asia
- Strengthen efforts to capture domestic demand and demand from outside the group in the bus business
- Conduct sales activities and screen potential projects to acquire new hotel management contracts
- Consider a hotel redevelopment plan for the former site of T Mark City Hotel Sapporo
Key KPIsA metric the company considers important as a management benchmark.
- Travel business transaction volumeYear on year against the same period last year+1.1%
- Inbound visitors to Japan2,108 10,000 peopleYear on year against the same period last year-2.0%
- Chartered buses owned118 UnitsYear on year against the same period last year-1.7%
- Chartered bus utilization rate48.6 %Year on year against the same period last year-3.8%
- Hotel occupancy rate88.7 %Year on year against the same period last year+0.4%
- Hotel ADR¥12,706Year on year against the same period last year+6.8%
- Number of partner OTAs24 companiesYear on year against the same period last year+4.0%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Users of Korean package tours55,311 people
- Selling price of Korean package tours¥70,661
- Users of package tours other than Korean tours2,946 people
- Selling price of package tours other than Korean tours¥208,454
- HOTEL users170,013 R/N
- HOTEL selling price¥19,925
- TABINAKA sales volume238,845 people
- TABINAKA selling price¥2,059
Segment results
Travel Business
Net Sales
¥1,423 million-6.6%
Operating profit
¥540 million-6.7%
Bus Business
Net Sales
¥968 million-9.8%
Operating profit
¥190 million-26.2%
Hotel and other facilities operations business
Net Sales
¥1,483 million-4.2%
Operating profit
¥331 million-1.1%
Medium-term management plan targets
FY28
Net Sales¥8.18 billion
Operating profit¥2.29 billion
Capital Adequacy¥7 billion
ROICApproximately 13.2%
Payout ratioAround 40%
DividendAt least ¥46 per share
Financial targets
FY28
ROICApproximately 13.2%
Capital Adequacy¥7 billion
Payout ratioAround 40%
FY26.2Q results
Capital Adequacy¥4,705 million
Equity ratio¥44.1 million
Market Size / Share
Inbound visitors to Japan
2,108 10,000 people
Year on year against the same period last year-2.0%
Share of chartered bus operators
0.4 %
DetailsShare of operators that own 101 or more chartered buses
Number of stores and locations
The company operates 4 hotels. T Mark City Hotel Sapporo ceased operations on 15 March 2026. No new hotels opened, and the company is considering a redevelopment plan for the former Sapporo hotel site.Number of employees
294 People
As ofEnd of June 2026
Capital expenditures
¥22 million
Annual Dividend
¥42 per share
End of period42
Payout ratio
37| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥3,292 million (YoY -5.1%) |
| Operating profit | ¥822 million (YoY -12.8%) |
| Ordinary income | ¥774 million (YoY -14.5%) |
| Net income | ¥721 million (YoY -11.3%) |
| Gross Profit Margin | 78.3 % |
| Operating profit margin | 25 % |
| Selling, general and administrative expenses | ¥1,756 million |
| Results for the three months of the current quarter | Graphs show quarterly trends in revenue and operating profit for the travel, bus, and hotel businesses, separately for the first and second quarters. In the second quarter of 2026, revenue and operating profit were ¥645 million and ¥216 million, respectively, for the travel business; ¥480 million and ¥95 million for the bus business; and ¥667 million and ¥128 million for the hotel business. |
| Full-year earnings forecast | Net Sales ¥7,131 million / Operating profit ¥1,800 million / Ordinary income ¥1,710 million / Net income ¥1,425 million / Year-end dividend ¥42 per share |
| Progress against full-year forecast | Net Sales 46.2 % / Operating profit 45.7 % / Ordinary income 45.3 % / Net income 50.6 % |
| Self-assessment against the plan | Progress is generally in line with the full-year forecast |
| Segment results | Travel Business Net Sales ¥1,423 million (YoY -6.6%) / Operating profit ¥540 million (YoY -6.7%) / Bus Business Net Sales ¥968 million (YoY -9.8%) / Operating profit ¥190 million (YoY -26.2%) / Hotel and other facilities operations business Net Sales ¥1,483 million (YoY -4.2%) / Operating profit ¥331 million (YoY -1.1%) |
| Breakdown of Factors Affecting the Change | Net Sales Travel Business ¥-100 million / Bus Business ¥-105 million / Hotel and other facilities before adjustments ¥-65 million / Hotel and other facilities after Sapporo adjustments ¥89 million / Other ¥45 million / Adjustments, etc. ¥-629 million / Operating profit Travel Business ¥-38 million / Bus Business ¥-67 million / Hotel and other facilities before adjustments ¥-3 million / Hotel and other facilities after Sapporo adjustments ¥40 million / Other ¥-1 million / Adjustments, etc. ¥-242 million |
| Key KPIs | Indicator name Travel business transaction volume / value Not disclosed / Year on year against the same period last year 1.1 1.1% increase year on year, Inbound visitors to Japan 2,108 10,000 people, Chartered buses owned 118 Units, Chartered bus utilization rate 48.6 %, Hotel occupancy rate 88.7 %, Hotel ADR ¥12,706, Number of partner OTAs 24 companies |
| Unit price and quantity metrics | Users of Korean package tours 55,311 people, Selling price of Korean package tours ¥70,661, Users of package tours other than Korean tours 2,946 people, Selling price of package tours other than Korean tours ¥208,454, HOTEL users 170,013 R/N, HOTEL selling price ¥19,925, TABINAKA sales volume 238,845 people, TABINAKA selling price ¥2,059 |
| Number of stores and locations | The company operates 4 hotels. T Mark City Hotel Sapporo ceased operations on 15 March 2026. No new hotels opened, and the company is considering a redevelopment plan for the former Sapporo hotel site. |
| Number of employees | 294 People |
| Assumptions Underlying the Business Outlook | Item Demand / Details Expects increased demand during Chuseok and the holidays in early October, Item Demand by market / Details South Korea, Southeast Asia, the US, and South America remain solid, while China, Europe, and the Middle East remain sluggish |
| Medium-term management plan targets | FY28 Net Sales ¥8.18 billion / Operating profit ¥2.29 billion / Capital Adequacy ¥7 billion / ROIC Approximately 13.2% / Payout ratio Around 40% / Dividend At least ¥46 per share |
| Financial targets | FY28 ROIC Approximately 13.2% / Capital Adequacy ¥7 billion / Payout ratio Around 40% / Equity ratio Not disclosed / FY26.2Q results Capital Adequacy ¥4,705 million / Equity ratio ¥44.1 million |
| Annual Dividend | ¥42 per share |
| Payout ratio | 37 |
| Capital expenditures | ¥22 million |
| Market Size / Share | Inbound visitors to Japan 2,108 10,000 people / Share of chartered bus operators 0.4 % |
| New initiatives | Advance implementation of Phase 2 functions in the new FIT system for the travel business, with Phase 1 scheduled for release in October, Expand FIT sales channels, mainly in Europe and Southeast Asia, Strengthen the group tour sales structure, mainly in Southeast Asia, Strengthen efforts to capture domestic demand and demand from outside the group in the bus business, Conduct sales activities and screen potential projects to acquire new hotel management contracts, Consider a hotel redevelopment plan for the former site of T Mark City Hotel Sapporo |
Items this document does not state (4)
Risk amount incorporated into the outlookAcquisition of treasury sharesOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Revenue and profit declined due to calls by the Chinese government to refrain from traveling to Japan, the impact of the situation in the Middle East, and the closure of T Mark City Hotel Sapporo. In the travel business, FIT and group tours from Europe and the Middle East remained sluggish. In the bus business, the company faced low-price competition and cancellations from bus operators whose main customers are Chinese groups.
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