VISION INC.

Business Details

The company procures high-quality local networks from telecommunications carriers around the world and provides mobile Wi-Fi router rental and eSIM-based digital communication services to overseas travelers, inbound visitors to Japan, and domestic users. Sales channels are diverse, including direct websites, apps, corporate sales, partners (airlines, travel agencies, etc.), and airport counters. The company operates subsidiaries both domestically and overseas, expanding revenue centered on "NINJA WiFi" for inbound demand, "Global WiFi for Biz" for corporate customers, and the eSIM service "World eSIM".

Recent Overview

Net sales decreased 4.5% year on year, but profit increased 1.9% year on year due to the strategic shift toward a profit-focused "quality over quantity" approach.

In Q1 FY2026 (ending December 2026), the corporate segment experienced a slowdown in business travel demand due to conditions in China and the Middle East, while the individual segment saw a shift in destinations toward neighboring countries (such as South Korea) in response to Middle East conditions, resulting in shorter travel durations and lower unit prices. As a result, net sales came to ¥4,660 million (down ¥220 million, or 4.5%, year on year), falling below the prior-year period. On the other hand, as a result of optimizing promotional expenses and other costs with a priority on profitability, segment profit increased to ¥1,440 million (up ¥27 million, or 1.9%, year on year). The segment profit margin improved to 30.9% from 28.9% in the prior-year period. Note that the number of Japanese overseas travelers increased 4.8% year on year to 3.68 million, but remained at 74.9% of the 2019 level.

Key Products

Growth Drivers

• Number of inbound visitors to Japan exceeded 10 million for the second consecutive year (continued expansion of inbound demand tailwinded by the historically weak yen)
• Steady increase in awareness and user numbers for "World eSIM"
• Solid demand and maintained high customer unit prices for the corporate-oriented "Global WiFi for Biz" and unlimited plans
• Improved profitability through a profit-focused strategic shift from "quantity to quality" (optimization of promotional expenses, etc.)
• Full-scale global expansion driven by the commencement of operations of the New York subsidiary
• Strengthening of SIM card vending machine sales at airport counters and capturing demand from the Osaka-Kansai Expo

Risks

• Delayed recovery in the number of Japanese overseas travelers (Q1 FY2026 results remained at 74.9% of the 2019 level, requiring more time for a full recovery in the outbound market)
• Slowdown in corporate business travel demand and shifts in individual travelers' destinations (to neighboring countries) due to heightened tensions in the Middle East
• Suppression of outbound demand due to external factors such as the weak yen, rising travel destination prices, and persistently high fuel surcharges
• Impact of exchange rate fluctuations on communication procurement costs (a business structure with substantial foreign-currency-denominated procurement)
• Risk of sudden changes in travel demand due to geopolitical risks and instability in international affairs
• Responding to structural changes in demand for physical router rentals due to the spread of eSIM