Izu Shaboten Resort Co., Ltd. 1Q Earnings Preview

Growth Re-Accelerates with Anitouch Kichijoji Opening in Fall and Savanna Area Expansion

PublishedAugust 12, 2026 at 15:30 GMT+9

Summary

For FY2027/3, the company guides for full-year revenue of JPY 6B (+7.3%) and operating income of JPY 1.35B (+15.7%), marking a return to top- and bottom-line growth. In the prior fiscal year, higher spend per visitor offset attendance declines (Leisure: -56K; Anitouch: -39K), but this fiscal year the "quality" of top-line growth—driven by new store openings and area expansions to restore traffic—will be put to the test. This quarter offers an early read on the traffic impact of the Savanna area expansion and IP collaborations. In the Anitouch segment, pre-opening costs for the Kichijoji store (fall opening) will front-load expenses, while sustaining profitability at the existing six locations remains a prerequisite for achieving the plan.

Key Points for Next Quarter

Key Points & Focus	Implications
Revenue Growth1Q revenue progress toward full-year guidance of JPY 6B	Prior-year 1Q revenue was undisclosed, but +7.3% growth over full-year revenue of JPY 5.591B is the plan trajectory
Leisure Segment Traffic1Q attendance at Izu Shaboten Animal Park	A reversal from 1,585K visitors in the prior year (down 56K YoY) is essential. The traffic impact of the Savanna area expansion and new Monkey Terrace will be in focus
Anitouch Segment ProfitabilityRevenue and segment margin at existing six stores	Prior year saw revenue decline of 2.6% but margin improved to 27.8% (+2.0pt). Pre-opening costs for Kichijoji may weigh on margins
Hotel Segment RecoverySegment profit following launch of new rooms at SKY HILL HOTEL	Prior-year segment profit plunged to JPY 24M (-62.0%). Utilization rates under the full 25-room configuration with premium rooms are the key to earnings recovery
Cost ManagementSG&A ratio and labor cost trends	Prior-year SG&A was JPY 3.29B (+3.2%) with OPM of 20.9% (-0.8pt). We look for a credible path to full-year OPM of 22.5% (our estimate), assuming continued labor cost inflation
Capital EfficiencyROE levels and continuity of shareholder return policy	Prior-year ROE declined to 13.9% (from 17.0%). With the JPY 20 dividend maintained (payout ratio of 37.9% expected), improving capital efficiency against an equity ratio of 81.2% remains a medium-term challenge
Growth InvestmentStore opening progress toward the 12-store Anitouch target (by FY2029/3)	Currently six stores, rising to seven including Kichijoji. Feasibility of opening five more stores over three years and updates on candidate locations

Key Issues from Previous Results (FY2026/3 Full-Year)

FY2026/3 revenue of JPY 5.591B (+1.9%) sustained top-line growth, but operating income of JPY 1.167B (-2.0%) hit a plateau after the prior year's strong expansion. Attendance declines and rising labor costs weighed on earnings, while the financial foundation continued to strengthen, with Anitouch segment margin improvement and the equity ratio rising to 81.2%. This fiscal year, the ability to balance growth investment with profitability will be the inflection point for medium-term corporate value enhancement.

1. Leisure Segment: Top-Line Growth amid Declining Attendance

Prior Year:
Revenue of JPY 3.662B (+3.7%), segment profit of JPY 808M (-4.7%). Attendance fell to 1,585K (-56K YoY), but higher spend per visitor secured revenue growth
This Year's Focus:
Traffic impact from Savanna area expansion, new Monkey Terrace and Interactive Horse Ranch, and the Crayon Shin-chan movie collaboration for summer
Key Metrics:
1Q attendance YoY change; segment margin YoY trajectory (prior full-year: 22.1%)

2. Anitouch Segment: Pre-Opening Costs for Kichijoji and Existing Store Profitability

Prior Year:
Revenue of JPY 1.226B (-2.6%), segment profit of JPY 341M (+5.1%). Despite a 39K decline in visitors, cost optimization lifted the margin to 27.8%
This Year's Focus:
Whether pre-opening costs for the Kichijoji store (scheduled to open in fall) are booked in 1Q, and traffic trends at the existing six stores
Key Metrics:
Quarterly progression of Anitouch segment margin; timing of store-opening-related cost recognition

3. Hotel Segment: Recovery Scenario from Sharp Profitability Decline

Prior Year:
Revenue of JPY 703M (+0.4%), segment profit of JPY 24M (-62.0%). Front-loaded costs associated with room count expansion at SKY HILL HOTEL Izu Kogen compressed earnings
This Year's Focus:
Impact of premium pricing from the sauna-equipped private suite (July opening) and new pet-friendly dedicated rooms. Utilization rate under the full 25-room configuration
Key Metrics:
Hotel segment margin (prior year 3.4%, down from 9.1% in the year before—degree of recovery)

4. Cost Structure: Rising Labor Costs and OPM Sustainability

Prior Year:
SG&A of JPY 3.29B (+3.2%, vs. JPY 3.189B in the prior year). OPM of 20.9% (prior year 21.7%, -0.8pt). Rising labor costs were the primary driver
This Year's Focus:
Whether the company can achieve full-year operating income of JPY 1.35B (OPM 22.5%, our estimate) by both containing the pace of labor cost increases and absorbing them through revenue growth
Key Metrics:
YoY change in COGS ratio and SG&A ratio; movement in depreciation (prior year JPY 431M)

5. Financial Soundness and Cash Generation

Prior Year:
Operating CF of JPY 1.31B (vs. JPY 1.453B in the prior year), cash balance of JPY 2.356B. Interest-bearing debt compressed to JPY 318M (including current portion), approaching a virtually debt-free position
This Year's Focus:
Cash outflows for Anitouch store openings and Savanna area expansion investment, and sustainability of robust operating CF
Key Metrics:
Free cash flow level; YoY comparison of capex (prior year JPY 323M, down from JPY 758M in the year before)

Timely Disclosure & Industry Trends

2026/07/18
Crayon Shin-chan Movie × Izu Granpal Park Summer Holiday Special Event — This collaboration with a nationally recognized IP is expected to boost traffic during the peak summer season. We will monitor the contribution to 1Q Leisure segment attendance. Crayon Shin-chan Movie × Izu Granpal Park Summer Holiday Special Event
2026/06/15
Announcement Regarding Anitouch Kichijoji Opening — A strategically located street-level store occupying three building floors, just a two-minute walk from Kichijoji Station, is slated to open in fall 2026. As the seventh store toward the 12-store target by FY2029/3, this is a strategic opening directly linked to re-accelerating Anitouch segment growth. Announcement Regarding Anitouch Kichijoji Opening
2026/06/11
SKY HILL HOTEL Izu Kogen Launches "Sauna-Equipped Private Suite" — Expansion to a full 25-room configuration with premium rooms aims to drive earnings recovery in the Hotel segment, which saw a -62.0% profit decline in the prior year. A dedicated pet-friendly room "Dog site" for the glamping operation was also announced the same day. SKY HILL HOTEL Izu Kogen Sauna-Equipped Private Suite Launch
2026/05/26
Extended Summer Operating Hours and Limited-Edition Combo Tickets — Measures to extend dwell time and boost spend per visitor through longer operating hours and premium combo ticket sales at Izu Shaboten Animal Park and Izu Granpal Park during peak season. Major Expansion of Operating Hours This Summer!

Previous Quarter Results (FY2026/3 Full-Year Actuals)

Izu Shaboten Resort is an experiential leisure group based on the Izu Peninsula, operating leisure facilities (including Izu Shaboten Animal Park), a nationwide chain of six indoor petting zoos branded "Anitouch," and hotel/glamping businesses. The company holds a distinctive brand position centered on animal "interaction" experiences, with a medium-term target of expanding Anitouch to 12 stores by FY2029/3. FY2026/3 maintained revenue growth, but attendance declines and rising labor costs resulted in a modest earnings decline, settling into a normalization phase following the prior year's strong growth.

Item	Amount	YoY	vs. Guidance	Notes
Revenue	JPY 5.591B	+1.9%	-	Leisure +3.7% led the way; Anitouch -2.6%
Operating Income	JPY 1.167B	-2.0%	-	SG&A +3.2% weighed on results; OPM 20.9%
Recurring Profit	JPY 1.211B	-2.7%	-	Non-operating income down JPY 15M
Net Income	JPY 839M	-7.4%	-	Income taxes up JPY 44M; effective tax rate 31.7%
EPS	JPY 45.41	-8.6%	-	Weighted average shares: 18,495K

FY2027/3 Full-Year Company Guidance: Revenue JPY 6B (+7.3%), Operating Income JPY 1.35B (+15.7%), Net Income JPY 980M (+16.7%), EPS JPY 52.83, Dividend JPY 20 (payout ratio 37.9%)

Izu Shaboten Resort Co.,Ltd