Booking Resort Co., Ltd.

Business Details

Under the philosophy of "updating the lodging industry," the company operates "Resort Glamping.com," a reservation platform specialized in glamping and resort facilities, and "Inuyado," a platform specialized in pet tourism, and consists of two business axes: the Customer Acquisition Support Business, which helps lodging facilities maximize sales, and the Directly Operated Lodging Business, in which the company plans and operates its own lodging facilities to accumulate on-site expertise. The revenue model is primarily based on success-fee-based customer acquisition commissions. From this fiscal year, the company has also launched the Facility Revitalization & Resale Business.

Recent Overview

Net sales increased 18.1%, while operating profit declined slightly due to expanded strategic investment; share buyback was also conducted

In FY2026 (ending April 2026), net sales reached ¥1,719 million (up 18.1% year on year), achieving revenue growth. However, due to increased personnel expansion, marketing investment, and rising operating costs at directly operated facilities, selling, general and administrative expenses expanded from ¥497 million to ¥698 million, resulting in operating profit of ¥509 million (down 1.1% year on year), a slight decline. In December 2025, the company acquired the directly operated facility "Kofu no Yado Asafuji" in Yamanashi Prefecture through a business transfer (expenditure of ¥320,540 thousand), expanding the number of listed rooms to 3,229 (up 30.3% year on year). In March 2026, the company acquired 500,000 shares of treasury stock (¥490,500 thousand) via ToSTNeT-3. For FY2027 (ending April 2027), the company forecasts net sales of ¥2,200 million (up 28.0% year on year) and operating profit of ¥508 million (down 0.1% year on year).

Key Products

Growth Drivers

• Continued expansion of listed rooms (3,229 rooms as of end of April 2026, up 30.3% year on year), driving increased customer acquisition commission income
• Strengthened capture of inbound demand (OTA utilization pilot programs, partnerships with overseas travel agencies, construction of a platform for inbound travelers)
• Accumulation of operational expertise at the directly operated facility "Kofu no Yado Asafuji" and creation of synergies through horizontal rollout to client facilities nationwide
• Growth of the pet tourism market and utilization of the "Inuyado" membership base (over 60,000 members)
• Establishment of the "acquire, revitalize, and sell" model in the Facility Revitalization & Resale Business, building a new revenue pillar
• Initiatives to raise awareness of specialized portal sites ("Resort Glamping.com," "Inuyado") to improve the direct-sales ratio

Risks

• Risk of deteriorating profitability at client facilities due to labor shortages and rising operating costs in the lodging industry
• Risk of downside travel demand due to geopolitical risk, exchange rate volatility, and persistently high energy prices
• Risk of slowing growth in the number of listed facilities due to intensifying competition and market consolidation in the glamping market
• Revenue volatility risk inherent in the success-fee-based model (a structure in which revenue is generated only when reservations are completed)
• Risk of increased capital expenditure and depreciation burden associated with the expansion of the Directly Operated Lodging Business and Facility Revitalization Business
• Risk of declining operating profit margin due to expanded strategic upfront investment (personnel, marketing, new businesses) (operating profit margin of 29.6% in FY2026, ending April 2026, down from 35.4% in the prior period)
• Risk of reduced financial flexibility due to a significant decrease in cash balance (from ¥1,292 million to ¥659 million) resulting from treasury stock acquisition (¥490,500 thousand) and business acquisition (¥320,540 thousand)