TSUKADA GLOBAL HOLDINGS Inc.
2418・Standard Market・Services
Business
Tsukada Global Holding Co., Ltd. is a holding company operating three business segments: the Wedding Business, the Hotel Business, and the W&R Business (Wellness & Relaxation). In the Wedding Business, the company operates guesthouses in major domestic cities as well as overseas wedding ceremonies in Hawaii, Indonesia, the Philippines, and other locations. In the Hotel Business, in addition to five domestic properties—including InterContinental Tokyo Bay, The Strings Hotel Tokyo Intercontinental, and Kimpton Shinjuku Tokyo—the company operates three properties in the United States (Hawaii, Washington State, and Texas). In the W&R Business, the company operates the British-style reflexology salon "Queen's Way," the multi-purpose hot spring bathing facility "Biraku Onsen SPA-HERBS," and fitness clubs. Main customers include domestic and international wedding couples, accommodation and banquet guests including inbound travelers, and wellness-oriented individual consumers. Consolidated net sales for FY2025 (ending December 2025) were ¥73,095 million.
Business Model
In the Wedding Business, the company operates guesthouses at owned or leased facilities, securing high unit-price revenue by providing one-stop services covering ceremonies, receptions, dress rental, and photography. In the Hotel Business, it acquires and operates domestic and overseas luxury hotels, generating composite revenue from accommodation, weddings, and banquets. The structure aims to improve profit margins through the in-house production of wedding-related merchandise and cost reductions. The W&R Business is a complementary segment aiming for stable profitability through fixed cost reductions and the withdrawal of unprofitable stores.
Company Strengths
In FY2025 (ending December 2025), Wedding Business net sales reached ¥38,800 million (up 8.6% year on year), with segment profit of ¥7,314 million (up 26.5% year on year), as the segment profit margin improved sharply from approximately 18.9% to 26.5%. A gradual recovery in per-ceremony spending absorbed rising energy costs and raw material prices, while the promotion of in-house production of wedding-related products and company-wide cost reductions contributed to the improved profit margin.
In FY2025 (ending December 2025), Hotel Business net sales reached ¥31,345 million (up 26.0% year on year), with segment profit of ¥4,355 million (up 18.5% year on year). The cumulative number of foreign visitors to Japan reached a record 42 million in 2025 (up 15.8% year on year), and occupancy rates and average room rates at Domestic Luxury Hotels (5 Properties) remained strong. The opening of ANA Holiday Inn Tokyo Bay in April 2025 and the acquisition of W Hotel Dallas Victory in May of the same year expanded the number of properties and geographic diversification.
Net sales expanded more than twofold over four years, from ¥33,429 million (with an operating loss of ¥6,391 million) in FY2021 (ending December 2021) to ¥73,095 million (with operating profit of ¥9,540 million) in FY2025 (ending December 2025). Improvement in the earnings structure through the closure and withdrawal of unprofitable stores, together with the expansion of scale through active M&A in the Hotel Business, served as the two main drivers, resulting in a 28.8% year-on-year increase in operating profit for FY2025 (ending December 2025).
ENVALITH's Perspective
Performance Trend
Revenue expanded 2.2x over four years, from ¥33,429 million in FY2021 to ¥73,095 million in FY2025, and the Q1 FY2026 (ending December 2026) results maintained the revenue growth trend at ¥17,235 million (up 8.8% year on year). However, operating profit came to ¥1,200 million (down 7.7% year on year), turning to a decline for the first quarter alone. The main causes were a decrease in the number of weddings held in the Wedding Business (down 11.4% year on year), rising energy costs and raw material prices, and increased selling, general and administrative expenses. As an external factor, the record-high number of foreign visitors to Japan supported the Hotel Business (segment profit up 21.2% year on year), while the disappearance of foreign exchange losses substantially boosted ordinary profit and net profit. The full-year earnings forecast remains unchanged, with revenue of ¥77,797 million and operating profit of ¥10,095 million (up 5.8% year on year).
Growth Strategy
Maximizing corporate value through growth investment in domestic and overseas hotel businesses and value enhancement of the wedding business
Across 3 properties including Hotel InterContinental Tokyo Bay, the company continues to improve occupancy rates and average room rates while capturing demand from inbound foreign visitors. Hotel Business net sales for Q1 FY2026 (ending December 2026) reached ¥8,405 million (up 25.5% year on year), achieving strong growth, and initiatives are progressing smoothly.
Across 3 U.S. properties, including W Hotel Dallas Victory (acquired in 2025), the company is implementing further revenue management and cost control measures to improve profitability. The revenue contribution from the consolidation of W Hotel Dallas Victory was confirmed in Q1 FY2026 (ending December 2026), and efforts to improve profitability continue.
The company continues to close unprofitable outlets and undertake large-scale renovations, sustaining a gradual recovery in per-ceremony unit prices. In Q1 FY2026 (ending December 2026), the number of ceremonies held decreased 11.4% year on year due to lingering effects of renovations, but per-ceremony unit prices are on a recovery trend; a recovery in the number of ceremonies following renovation completion is a precondition for achieving the full-year forecast.
The company is conducting a share buyback based on a resolution passed at the Board of Directors meeting held on February 10, 2026. The number of treasury shares as of the end of March 2026 was 1,916,234 shares (up from 1,613,534 shares at the end of the previous fiscal year). The annual dividend forecast is ¥14.00 (an increase from ¥12.00 in the previous fiscal year), reflecting strengthened shareholder returns.
Last updated: July 17, 2026