Dive Inc.

Business Details

The company operates the glamping facility brand "Zalanton" and the stay-type outdoor hotel brand "Craft Hotel" nationwide. It primarily utilizes public facilities owned and managed by local governments, as well as idle facilities and vacant land in non-tourist areas, to offer glamping experiences at low price points. Its strengths include D2C customer acquisition through its self-operated media platform "GLAMPICKS" and personnel synergies with the Tourism HR business, which keep the advertising expense ratio at a low level. In the nine months cumulative period of FY2026 (ending June 2026) Q3, the business remained in a profit-generating phase, tracking broadly in line with plan.

Recent Overview

Profit-generating phase continues; cumulative Q3 operating profit up significantly, 61.2% year on year

During the nine months cumulative period of FY2026 (ending June 2026) (July 2025 to March 2026), the Regional Revitalization Business remained in a profit-generating phase, progressing broadly in line with plan. Revenue was ¥665 million (up 7.2% year on year), and segment operating profit was ¥58 million (up 61.2% year on year), representing significant profit improvement. To maximize profitability from the next season onward, the company is advancing opening preparations and tent setup at facilities closed during winter, as well as developing attractive accommodation plans and content, while working to enhance customer acquisition through strengthened regional partnerships.

Key Products

Growth Drivers

• Robust domestic accommodation market driven by expanding inbound demand (accommodation expenses account for the highest share, 36.6%, of inbound tourism consumption)
• Expanding profit contribution from existing facilities as the business transitions from an upfront investment phase to a monetization phase
• D2C customer acquisition through the self-operated media GLAMPICKS and maintenance of a low advertising expense ratio (2.7%)
• Optimal staffing according to peak and off-peak seasons and labor cost optimization through personnel synergies with the Tourism HR business
• Facility rollout at low development cost and low rent by utilizing idle facilities in non-tourist areas
• Diversified customer acquisition measures such as promoting OTA listings, expanding SNS awareness, and securing group bookings
• Improved customer acquisition through development of accommodation plans and content for the next season and strengthened regional partnerships

Risks

• Risk of recording impairment losses due to underperformance of specific facilities relative to profit plans (Craft Hotel Setouchi) (¥110 million already recorded in FY2025 (ending June 2025))
• Adverse impact on customer traffic from external environmental changes such as bear sighting reports and the rise of minpaku (private lodging)
• Challenges in smoothing revenue due to the seasonality of the glamping market (slow season in autumn/winter)
• Risk of increased customer acquisition costs due to the low name recognition of non-tourist areas
• Difficulty securing operational staff due to population decline and labor shortages in rural areas
• Difficulty in negotiations with local governments in selecting and securing candidate sites for new openings