NIPPON PARKING DEVELOPMENT Co.,Ltd.
2353・Prime Market・Real Estate
Business
Nippon Parking Development was established in 1991, with its management philosophy being the "Happy Triangle: businesses where everyone involved is happy." In its core Parking Business, the company operates a non-asset model that leases and operates underutilized parking lots, managing 47,638 spaces across 1,512 properties nationwide. In the Ski Resort Business, the company operates 8 ski resorts nationwide including Hakuba Happo-One, Iwatake, and Ryuo, and is transitioning to a year-round resort model that captures inbound demand. In the Theme Park Business, the company operates Nasu Highland Park and others, expanding lodging and glamping offerings. The Group consists of 24 consolidated subsidiaries and is listed on the TSE Prime Market. Net sales for FY2025 (ending July 2025) reached a record high of ¥36,832 million.
Business Model
In the parking lot business, the company adopts a non-asset model in which it wholesale-leases unused space from parking lot owners and monetizes it through monthly contracts, hourly rentals, and management contracting. The structure minimizes the company's own fixed assets while accumulating operated parking spaces, with the monthly parking search site "Nihon Chushajo Kensaku" (Japan Parking Lot Search) serving as the foundation for customer acquisition and data utilization. In the ski resort and theme park business, the company acquires financially struggling facilities through M&A and deploys a turnaround model that restores profitability through improvements in both service (soft) and facility (hard) aspects, together with capturing inbound demand. Across each business, the company is expanding ancillary services (car washing, lodging, dining, etc.) to raise per-unit prices.
Company Strengths
In FY2025 (ended July 2025), all segments—Parking Lot, Ski Resort, Theme Park, and Others—renewed their historical highs in both revenue and operating profit. Group-wide revenue reached ¥36,832 million (up 12.7% year on year), operating profit reached ¥7,659 million (up 18.5% year on year), and the operating margin hit 20.8%, maintaining a trend of increasing revenue and profit for five consecutive periods.
The Parking Lot business adopts a non-asset model that minimizes proprietary fixed assets, achieving an operating margin of approximately 25% in FY2025 (ended July 2025) (operating profit of ¥4,490 million on revenue of ¥17,847 million). Annual inquiries on the monthly parking search site exceeded 250 thousand (up 28.9% year on year), achieving both data-driven acquisition of new properties and improved occupancy rates simultaneously.
Inbound visitor numbers for the 2024-25 winter season reached 425 thousand, up 39.7% from the previous season, marking a new record high. Total winter season visitor numbers also reached a record 1,893 thousand since listing. Continued investment in snowmaking machines enabling early full-course openings, together with the first full renewal of the Hakuba Iwatake Gondola in 38 years, drove visitor traffic.
ENVALITH's Perspective
Performance Trend
Revenue increased 54.8% over five periods from ¥23,786 million in FY2021 to ¥36,832 million in FY2025, and cumulative nine-month revenue of ¥31,107 million in Q3 FY2026 (up 9.4% year-on-year) shows solid progress against the full-year forecast of ¥40,800 million. Operating margin improved from 13.7% in FY2021 to 20.8% in FY2025, remaining at 22.6% for the cumulative nine months of FY2026. External factors such as sustained high levels of inbound foreign visitors, recovering domestic tourism demand, and the continued weak yen have provided tailwinds, while company-specific initiatives—including accelerated net additions of parking lot properties, ski resort price revisions, and a record-high number of theme park overnight guests (166 thousand, up 7.9% year-on-year)—have also driven performance. Note that profit attributable to owners of parent was boosted by an extraordinary gain (gain on sale of fixed assets of ¥1,122 million) from the sale of land at the foot of Iwatake Resort.
Growth Strategy
Sustainable growth driven by three pillars: domestic and international parking business expansion, the conversion of ski resorts to year-round operation, and regional revitalization M&A in the theme park business.
Standardization of the proposal process for condominium-attached parking lots and expansion of sales personnel led to a net increase of 118 properties in the cumulative nine months (versus 76 properties in the same period of the prior year). The company is diversifying revenue opportunities through the establishment of an automated follow-up system for monthly parking search sites and the expansion of ancillary services.
Following the launch of the new gondola at Hakuba Iwatake (December 2024), the company will sequentially develop the Tsugaike main lift renewal (scheduled for December 2026), the Hakuba Happo-one gondola renewal (targeted for the 2027-28 season), and the South Lift (scheduled for December 2027), aiming to differentiate its resorts and strengthen customer drawing power.
Through lift ticket price revisions, S-Class exclusive lounges, collaborations with renowned restaurants, and other high-value-added service expansions, the sales unit price (including ancillary sales) for the 2025-26 season reached a record high. The number of inbound visitors reached a record 543 thousand (up 23.3% year on year).
As part of a strategy to expand the Nasu model to other regions, in March 2026 the company acquired all shares of Izu Kanko Kaihatsu Co., Ltd. (operator of Amagi Tokyu Resort) and began villa and lodging operations on the Izu Peninsula. The company will continue to pursue regional revitalization and revenue expansion through nationwide expansion.
At the Board of Directors meeting on June 5, 2026, the company resolved to acquire treasury shares (upper limit of 4,000,000 shares; total acquisition price of ¥1,000 million). Market purchases on the Tokyo Stock Exchange are scheduled to be carried out from July 17 to September 30, 2026. The annual dividend forecast is ¥9.00 per share (an increase from ¥8.00 in the previous fiscal year).
Last updated: July 17, 2026