Nippon Ski Resort Development reported record sales and profit for the year to July 2026, driven by inbound visitors in the Hakuba area. Its annual securities report, filed on 22 October 2026, also discloses a fatal accident at one resort and a ¥5bn borrowing for lift renewals.
Inbound demand carries the year
Consolidated sales rose 9.9% to ¥11.50bn, operating profit 5.7% to ¥2.37bn, and net profit attributable to the parent 35.6% to ¥2.15bn. The company cites more inbound visitors, higher lift-ticket prices and higher spending per visitor.
Inbound visitors reached a record 544,000 over the winter season (late November 2025 to early May 2026), up 23.2%. Total winter visits slipped 0.5% to 1.88mn, and green-season visits fell 5.1% to 623,000.
Net profit was helped by a ¥1.27bn special gain on the sale of land at the foot of one resort. That gain is not recurring operating performance.
The accident and the subsidiary exposure
During the winter season a customer died in an accident at Hakuba Valley Tsugaike Mountain Resort, run by a consolidated subsidiary. The company says it is working with the relevant parties to establish the cause and prevent a recurrence. It gives no cause in the report.
At the parent-company level, the report shows a ¥660mn allowance against loans to subsidiaries, including ¥230mn added this year. One subsidiary had negative net worth of ¥587.8mn at the end of July.
Borrowing for lift renewals
A written board resolution on 11 September 2026 approved ¥5bn in loans, half from five domestic banks and half from the parent, the parking operator that holds 68.4% of the shares. The report says the loans were drawn between 25 and 30 September. The funds are for renewing the Iwatake No. 5 south lift, the Tsugaike Hannoki No. 3 lift and the Happo-one gondola.
The parent's loan carries a fixed 3.17%, a ten-year term and five years without principal repayment. The bank loans carry fixed rates of 2.92% to 3.67%. The company expects depreciation to rise temporarily as the lifts are replaced.