ENVALITH
日本スキー場開発株式会社 logo

Nippon Ski Resort Development, Co.,Ltd.

6040・Growth Market・Services

Official website
日本スキー場開発株式会社 logo
Nippon Ski Resort Development, Co.,Ltd.6040

Business

Nippon Ski Resort Development Co., Ltd. (Ski Resort Business) was established in 2005 as a subsidiary of Nippon Parking Development Co., Ltd. It is a ski resort specialist operating eight domestic ski resorts primarily in Nagano, Gunma, and Gifu prefectures (HAKUBA VALLEY Hakuba Happo-one, Hakuba Iwatake, Tsugaike, Ryuo Ski Park, Kawaba, Meiho, Sugadaira Kogen Snow Resort, etc.). With "ski resort turnaround" as its core concept, the company practices hands-on management in partnership with local stakeholders and employees. Its main customers are domestic skiers and snowboarders, and in recent years it has expanded to a broader range of customers including inbound travelers and non-skiers. While centered on the Winter Season Business, the company is also actively developing its Green Season Business, advancing its transformation into a year-round resort operator.

Business Model

Revenue is centered on lift ticket sales (FY2025: ¥5,964 million), complemented by food and beverage (¥1,556 million), rentals (¥837 million), and other (¥2,105 million). Following the acquisition of a ski resort, the Company implements both hardware and software improvements, raising per-customer spending through lift ticket price increases and high value-added services (such as S-Class). Through cost efficiencies from centralized group-wide purchasing and knowledge sharing, together with capturing inbound and Green Season Business demand, the Company achieved an operating margin of 21.5% (FY2025).

Company Strengths

Revenue expanded approximately 2.3-fold from ¥4,547 million in FY2021 (ending March 2021) to ¥10,462 million in FY2025 (ending March 2025). Operating profit turned from -¥429 million to ¥2,246 million over the same period, with the operating profit margin reaching 21.5%, exceeding the company's own target of over 20%. In FY2025, both revenue and profit reached record highs since the company's founding.

Inbound visitor numbers for the 2024-2025 Winter Season reached a record 425,000, the highest ever. In the interim period of the 2025-2026 season as well, the figure continues to set new records at 282,000 (up 26.3% year-on-year). The company has resumed direct sales activities to overseas travel agencies and ski clubs, centered on the HAKUBA VALLEY area, steadily capturing inbound demand.

As a countermeasure against the risk of warm winters and low snowfall, the company continues to invest in snowmaking machines. In FY2025 (ending March 2025), 15 new units were introduced at Kawaba and Meihou ski resorts, enabling early season openings and extended spring skiing periods. At Sugadaira Kogen, the company achieved earlier openings by utilizing French-made snowmaking machines, the first such introduction in Japan.

ENVALITH's Perspective

Cumulative sales for the nine months of Q3 FY2026 (ending July 2026) came to ¥9,977 million (up 8.9% year-on-year), securing revenue growth, while operating profit turned to a decline of ¥2,719 million (down 4.5% year-on-year). The main causes were a 14.6% increase in cost of sales from ¥4,518 million to ¥5,180 million, and a 15.8% increase in SG&A expenses from ¥1,794 million to ¥2,078 million. Depreciation expenses also rose 25.6% from ¥721 million to ¥906 million, with cost increases accompanying the full-scale ropeway renewal investments squeezing profits. Investors should closely monitor the structural change whereby revenue growth is becoming less directly linked to profit.

Net income attributable to owners of the parent for the cumulative nine months of Q3 came to ¥2,229 million (up 16.6% year-on-year), a significant increase, but this was mainly due to a gain on sale of fixed assets of ¥1,102 million (extraordinary income) from the sale of land at the base of Iwatake Resort. Ordinary profit was ¥2,736 million (down 3.7% year-on-year), indicating that normal business earning power fell below the previous year's level. The full-year earnings forecast (net income of ¥2,470 million) also assumes this land sale gain, making it necessary to evaluate the underlying earnings power excluding one-time factors. As external factors, the continued expansion of inbound demand is a tailwind, but attention should also be paid to risks that U.S. trade policy effects and a stronger yen could pose to inbound demand.

Total assets as of the end of April 2026 stood at ¥18,493 million, an increase of ¥5,088 million from the previous fiscal year-end (¥13,405 million). Construction in progress surged from ¥754 million to ¥2,657 million, reflecting ongoing large-scale ropeway renewals such as the Tsugaike T3 lift (scheduled to begin operation in December 2026), the Iwatake No. 5 South Lift (scheduled for December 2027), and the Hakuba Happo-one gondola (scheduled for the 2027-2028 season). Long-term borrowings increased from ¥2,663 million to ¥4,413 million, and the equity ratio declined from 61.2% to 55.4%. There is a possibility that increased depreciation expenses following the completion of the renewals could temporarily squeeze profits, requiring ongoing confirmation of the probability of investment recovery and the continuity of the funding plan.

Growth Strategy

Pursuing sustainable growth through four pillars: inbound capture, ropeway renewal, Green Season Business enhancement, and alliance expansion

Inbound visitor numbers for the 2025-2026 Winter Season reached a record high of 543 thousand. In response to the accommodation shortage in the Hakuba area, the company is accelerating in-house development of chalets and other lodging facilities utilizing its real estate division, while also collaborating with the region through developer recruitment and support for closed facilities to build up the reception environment.

The main lift "T3" at the Han-no-ki slope of Tsugaike Mountain Resort is being renewed for the first time in 35 years, with operations scheduled to begin in December 2026. The Iwatake No. 5 South Lift renewal is planned for December 2027, and the Hakuba Happo-one Gondola renewal for the 2027-2028 season. While these renewals will temporarily increase depreciation expenses, they are expected to enhance the appeal and differentiation of the resorts, strengthening visitor drawing power.

The Group continues to invest in snowmaking machines across its portfolio, building resorts capable of the fastest long-run openings from the start of the season. Even in the 2025-2026 season, which was not blessed with sufficient natural snowfall, Kawaba Ski Resort achieved visitor numbers exceeding 30,000 in December for the first time since listing, demonstrating the effectiveness of this investment. The company will further strengthen snowmaking machines on main courses to maintain competitiveness even in low-snow seasons.

The company continues to develop facilities that leverage regional characteristics, such as observation terraces, large-scale play equipment, and camping fields, to diversify seasonal fluctuation risk that has been concentrated in the Winter Season Business. At Iwatake, the first Green Season following the completion of the new gondola recorded the highest-ever visitor numbers during the Obon period. "Kawabanchi," the onigiri (rice ball) shop at Kawaba Resort, achieved record-high sales for the fifth consecutive year.

The NSD Kids Program has expanded to 47 thousand members and 14 participating ski resorts, maintaining 93 thousand users this season. The NSD Alliance welcomed Miyagi Zao Eboshi Resort and Oguna Hotaka Ski Resort as new members, confirming effects such as increased visitor numbers, higher average spending per customer, and cost optimization. The company will continue to expand participating ski resorts to foster long-term growth in Japan's ski population and revitalize the snow industry as a whole.

Last updated: July 17, 2026