THERMAE-YU HOLDINGS CO.,LTD.
3521・Standard Market・Services
Bathing (Onsen/Spa)
Core Bathing (Onsen/Spa) facility operation business accounting for approximately 74% of group sales
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales to External Customers (Bathing Segment) | ¥2,000 million | ¥1,931 million | ↑ |
| Segment Profit (Bathing Segment) | ¥493 million | ¥473 million | ↑ |
| Segment Profit Margin (Bathing Segment) | 24.7% | 24.5% | ↑ |
| Segment Assets (Bathing Segment) | ¥3,417 million | ¥3,694 million | ↓ |
| Depreciation (Bathing Segment) | ¥291 million | ¥294 million | ↓ |
| Increase in Tangible and Intangible Fixed Assets (Bathing Segment) | ¥80 million | ¥122 million | ↓ |
Business Details
Consolidated subsidiaries Thermae-yu Co., Ltd. (Shinjuku store) and Elena Co., Ltd. (Nishi-Azabu store) operate bathing facilities. They provide Bathing (Onsen/Spa) services, Food & Beverage / Massage Services, and lodging (Nishi-Azabu store), capturing inbound demand while also focusing on acquiring domestic repeat customers. In FY2026 (ending March 2026), sales to external customers reached ¥2,000 million and segment profit was ¥493 million, with a segment profit margin reaching 24.7%.
Recent Overview
FY2026 (ending March 2026) achieved increased sales and profit year-on-year
In FY2026 (ending March 2026), the Bathing segment achieved sales to external customers of ¥2,000 million (up approximately 3.6% year-on-year) and segment profit of ¥493 million (up approximately 4.2% year-on-year), representing increased sales and profit. This was composed of ¥1,403 million in facility usage fees and other related items and ¥596 million in other services. Note that, in the re-correction dated June 29, 2026, the depreciation (¥291 million), goodwill amortization (recorded under the Food segment), and increase in tangible and intangible fixed assets (¥80 million) disclosed in the segment notes were corrected, but there was no change to sales, segment profit, or segment assets.
Key Products
Growth Drivers
- Continued strong inbound demand leading to an increase in foreign tourists
- Improved customer spending per visit at Thermae-yu Shinjuku due to the admission fee increase in August 2024
- Improved profit margin at Thermae-yu Nishi-Azabu due to the disappearance of initial investment costs in its first year of operation (prior fiscal year)
- Sales expansion driven by an increase in visitor numbers at Thermae-yu Nishi-Azabu
- Acquisition of new customers through facility renewals, such as seasonal fairs/events and the addition of a relaxation & co-working lounge
Risks
- Tendency toward reduced discretionary spending on leisure amid domestic inflation-driven price increases
- Increased repair and equipment replacement costs due to aging facilities at the Shinjuku store
- Slight downward trend in visitor numbers at the Shinjuku store
- Risk of rising labor costs due to worsening labor shortages
- Rising utility and procurement costs due to yen depreciation and higher resource prices
Last updated: June 29, 2026