Worth reading
64In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
100
¥100 million (2030 revenue target)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+0.2%
基準 2,025Target2,030hundred million
Operating profit+0.2%
基準 2,026Target2,030As stated
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous plan30–40% growth in consolidated revenue and transaction volume, and 20–30% growth in cruise business revenue and transaction volume → Not disclosed
Total investment planHotels and traditional inns: ¥3–4 billion; cumulative M&A and new business investment budget: ¥500 million–¥1 billion; annual guideline for investment business: ¥500 million–¥1 billion
Investment amount by sectorField Hotel and ryokan business / Amount ¥3-4 billion, Field M&A and New Businesses / Amount Cumulative ¥500 million-¥1 billion, Field Investment Business / Amount Annual guideline of ¥500 million-¥1 billion
Key initiatives
01Capture growth in the market (supply)
02Establish high-value-added products
03Distribution expansion
04Improve products and enhance operating efficiency
05Hotel and traditional inn expansion plan (Ebisu Ryokan)
06Inbound tourism business: products and channels
07M&A strategy (a means of accelerating growth)
08Investment business (maximizing capital efficiency and exploring the next growth pillar)
Plan assumptionsFor the fiscal year ending July 2030, the company targets revenue of ¥10 billion, operating profit of ¥1 billion and EBITDA of ¥1.2–1.5 billion, EBITDA will be managed as the most important metric, taking hotel depreciation into account, Hotels will have an OTA ratio of approximately 80% and a low-cost operating model based on company ownership and in-house cleaning, The assumed hotel cap rate is 6–7%, and the EBITDA margin is 30–40%, The ¥3–4 billion investment will be funded with cash on hand and bank borrowings, with no equity financing assumed, For the fiscal year ending July 2027, FIT bookings will be accumulated against a backdrop of increased deployment of ocean-going vessels to Japan, while the number of charter cruises will decline to 1, In consideration of uncertainties such as the situation in the Middle East affecting cruises departing from and arriving overseas, and the timing of depreciation expenses arising from hotel development, earnings forecasts will be disclosed as a range
Segment targetSegment Cruise business / Net Sales ¥5.5-6 billion / Operating profit Approximately ¥500 million / EBITDA Approximately ¥500-600 million, Segment Inbound Business / Net Sales ¥4-4.5 billion / Operating profit Approximately ¥400 million / EBITDA Approximately ¥400-500 million, Segment Hotel and ryokan business / Net Sales ¥500 million-¥1 billion / Operating profit Approximately ¥100-200 million / EBITDA Approximately ¥300-400 million, Segment Total: three-pillar diversified model / Net Sales ¥10 billion / Operating profit ¥1 billion / EBITDA ¥1.2-1.5 billion
Non-financial targetsIndicator Number of people attracted from East Asia / Target value 10,000–20,000 people / Timing 2030, Indicator Three-pillar diversification model / Target value Establish three business models: cruises, hotels and traditional inns, and inbound tourism / Timing 2030
Size of the Target MarketMarket Global cruise market / Scale 37.2 million people (2025) / Growth Rate +25.3% versus 2019 / Source CLIA State of the Cruise Industry Report 2026, Market Japanese cruise population / Scale From 243,000 people currently to a target of 1 million people in 2030 / Growth Rate Approximately 4.1x / Source Ministry of Land, Infrastructure, Transport and Tourism, “Cruise Trends”, Market Inbound consumption / Scale ¥15 trillion (government target for 2030) / Growth Rate +59% versus 2025 / Source Japan Tourism Agency, “Basic Plan for the Promotion of a Tourism-Oriented Nation,” and other sources, Market Accommodation Market / Scale ¥6.5 trillion / Growth Rate Not disclosed / Source Teikoku Databank, “National Ryokan and Hotel Market Trends Survey (FY2025 Outlook)”, Market East Asian outbound travel market to Japan / Scale Several trillion yen (2030) / Growth Rate Not disclosed / Source National tourism authorities; JNTO, “Visitor Arrivals to Japan by Country/Region”
Risks identified by the company
Foreign exchange and geopolitical risks
Weak charter sales
Intensifying competition (departures from and arrivals in Japan)
Delays in hotel development
Risk of Personal Information Leakage
Dependence on the chair of the board
Spread of Infectious Diseases
Reason for revision or withdrawal
The growth targets set out in the “Management Policy” announced on 30 October 2025 have been withdrawn in connection with the formulation of this medium-term management plan, and the company has transitioned to the management policies and management targets set out in this medium-term management plan. The business segments have been reviewed to present changes in the business portfolio and the future growth strategy more clearly.
| Item | Details |
|---|---|
| Plan name | 2030 Medium-Term Management Plan |
| Plan period | From 2025 actual results to the 2030 target |
| Progress against the plan | Annual update |
| Sales Target | ¥2.5 billion (2025 actual results) → ¥10 billion (2030 target)（Approximately 4.0x） |
| Operating profit target | ¥336 million (actual results for the fiscal year ended July 2026) → ¥1 billion (2030 target) |
| Total investment plan | Hotels and traditional inns: ¥3–4 billion; cumulative M&A and new business investment budget: ¥500 million–¥1 billion; annual guideline for investment business: ¥500 million–¥1 billion |
| Investment amount by sector | Field Hotel and ryokan business / Amount ¥3-4 billion, Field M&A and New Businesses / Amount Cumulative ¥500 million-¥1 billion, Field Investment Business / Amount Annual guideline of ¥500 million-¥1 billion |
| Segment target | Segment Cruise business / Net Sales ¥5.5-6 billion / Operating profit Approximately ¥500 million / EBITDA Approximately ¥500-600 million, Segment Inbound Business / Net Sales ¥4-4.5 billion / Operating profit Approximately ¥400 million / EBITDA Approximately ¥400-500 million, Segment Hotel and ryokan business / Net Sales ¥500 million-¥1 billion / Operating profit Approximately ¥100-200 million / EBITDA Approximately ¥300-400 million, Segment Total: three-pillar diversified model / Net Sales ¥10 billion / Operating profit ¥1 billion / EBITDA ¥1.2-1.5 billion |
| Non-financial targets | Indicator Number of people attracted from East Asia / Target value 10,000–20,000 people / Timing 2030, Indicator Three-pillar diversification model / Target value Establish three business models: cruises, hotels and traditional inns, and inbound tourism / Timing 2030 |
| Plan assumptions | For the fiscal year ending July 2030, the company targets revenue of ¥10 billion, operating profit of ¥1 billion and EBITDA of ¥1.2–1.5 billion, EBITDA will be managed as the most important metric, taking hotel depreciation into account, Hotels will have an OTA ratio of approximately 80% and a low-cost operating model based on company ownership and in-house cleaning, The assumed hotel cap rate is 6–7%, and the EBITDA margin is 30–40%, The ¥3–4 billion investment will be funded with cash on hand and bank borrowings, with no equity financing assumed, For the fiscal year ending July 2027, FIT bookings will be accumulated against a backdrop of increased deployment of ocean-going vessels to Japan, while the number of charter cruises will decline to 1, In consideration of uncertainties such as the situation in the Middle East affecting cruises departing from and arriving overseas, and the timing of depreciation expenses arising from hotel development, earnings forecasts will be disclosed as a range |
| Key initiatives | Capture growth in the market (supply), Establish high-value-added products, Distribution expansion, Improve products and enhance operating efficiency, Hotel and traditional inn expansion plan (Ebisu Ryokan), Inbound tourism business: products and channels, M&A strategy (a means of accelerating growth), Investment business (maximizing capital efficiency and exploring the next growth pillar) |
| Results under the previous plan | 30–40% growth in consolidated revenue and transaction volume, and 20–30% growth in cruise business revenue and transaction volume → Not disclosed |
| Reason for revision or withdrawal | The growth targets set out in the “Management Policy” announced on 30 October 2025 have been withdrawn in connection with the formulation of this medium-term management plan, and the company has transitioned to the management policies and management targets set out in this medium-term management plan. The business segments have been reviewed to present changes in the business portfolio and the future growth strategy more clearly. |
| Size of the Target Market | Market Global cruise market / Scale 37.2 million people (2025) / Growth Rate +25.3% versus 2019 / Source CLIA State of the Cruise Industry Report 2026, Market Japanese cruise population / Scale From 243,000 people currently to a target of 1 million people in 2030 / Growth Rate Approximately 4.1x / Source Ministry of Land, Infrastructure, Transport and Tourism, “Cruise Trends”, Market Inbound consumption / Scale ¥15 trillion (government target for 2030) / Growth Rate +59% versus 2025 / Source Japan Tourism Agency, “Basic Plan for the Promotion of a Tourism-Oriented Nation,” and other sources, Market Accommodation Market / Scale ¥6.5 trillion / Growth Rate Not disclosed / Source Teikoku Databank, “National Ryokan and Hotel Market Trends Survey (FY2025 Outlook)”, Market East Asian outbound travel market to Japan / Scale Several trillion yen (2030) / Growth Rate Not disclosed / Source National tourism authorities; JNTO, “Visitor Arrivals to Japan by Country/Region” |
| Risks identified | Foreign exchange and geopolitical risks, Weak charter sales, Intensifying competition (departures from and arrivals in Japan), Delays in hotel development, Risk of Personal Information Leakage, Dependence on the chair of the board, Spread of Infectious Diseases |
Items this document does not state (10)
Operating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceDate of board resolutionPublication date
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.To expand beyond cruises, which will remain the core business, into hotels and traditional inns, inbound tourism and other areas, while diversifying the business portfolio by focusing investment on growth markets and leveraging business synergies. The growth targets announced in October 2025 will be withdrawn in connection with the formulation of this medium-term management plan.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.