Hiramatsu Inc.

Business Details

The core business developing high value-added restaurants centered on French cuisine and Bridal (Wedding) Business. From FY2026 (ending March 2026), following the transition of the Hotel Business to an MC Contract, the segment classification was revised and is now disclosed as a single segment (Restaurant Business). The company aims to increase average customer spending and expand customer traffic through peak-season initiatives during Christmas and year-end, gala dinners featuring overseas chefs, renewals of existing stores, and development of new business formats. The Bridal Business is managed as part of the Restaurant Business for management accounting purposes.

Recent Overview

Transition to a single segment, opening of new business format, and announcement of dividend resumption mark a shift into a growth investment phase

In FY2026 (ending March 2026), following the transition of the Hotel Business to an MC Contract, the segment was changed to a single segment, Restaurant Business. Net sales on an accounting basis were ¥9,881 million (down 7.3% year on year), but total sales on a management accounting basis exceeded the same period of the prior year. The new business format "HRMT STAGE" opened in Ebisu in February 2026, and the Bridal Business exceeded the prior year in both number of weddings and average spending per wedding. Results significantly exceeded both the initial plan and the revised plan at every profit level. For FY2027 (ending March 2027), the company has announced a resumption of dividends (¥1.22 per share) for the first time in nine periods.

Key Products

Growth Drivers

• Full-year contribution effect in FY2027 (ending March 2027) from "HRMT STAGE" (Ebisu, opened February 2026)
• Full-year contribution of the renewal effect at "Maison Paul Bocuse" (Daikanyama) and average spending/customer traffic tracking above initial expectations
• Creation of a small-scale, high-price-range market through full-scale rollout of "Slowly Stay Wedding" originating from "HIRAMATSU SALON" in the Bridal Business
• Full-year contribution from the store operation contracting business through collaboration with luxury brands (two locations: Ginza and Daikanyama) and promotion of new collaboration projects
• Sales expansion through new store openings (including the planned FY2028 Omotesando flagship store opening) based on the "Medium-Term Management Plan 2030"
• Improved profitability through labor cost optimization and operational reform (group-wide rollout of the "HRMT STAGE" model)
• Ongoing pursuit of high-net-worth and inbound demand and continued promotion of measures to raise average customer spending
• Expansion of the business portfolio through strategic M&A in the food service industry via the M&A subsidiary "HRMI Co., Ltd." (first project: acquisition of UNIVERSO Co., Ltd.)

Risks

• Continued cost pressure from prolonged price increases due to yen depreciation and persistently high food and energy costs
• Rising labor and recruitment costs amid worsening labor shortages
• Upfront cost burden and post-opening ramp-up risk associated with new store openings (such as "HRMT STAGE")
• Intensifying competitive environment due to demand dispersion to newly opened competing facilities and an increase in competing facilities in similar price ranges
• Impact on customer traffic and cancellation risk from natural disasters (typhoons, heavy rain, extreme heat, etc.) and geopolitical risks (Middle East situation, etc.)
• Reduced visibility of business performance due to the decline in accounting-basis net sales resulting from the Hotel Business's transition to an MC Contract (divergence from total sales on a management accounting basis)
• Goodwill and investment risk associated with the integration and management support of M&A projects (such as UNIVERSO Co., Ltd.)