Nippon Ski Resort Development, The Current Fiscal Year Ordinary Profit Revised Upward by 11%, Raises Record High Profit Forecast, Dividend Effectively Increased

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Fri Mar 7, 2025 3:30 pm JST Earnings

6040 Nippon Ski Resort Development Co. Ltd. 【J-GAAP】

Earnings Report

Nippon Ski Resort Development Co. Ltd. <6040> [TSE Growth] announced its financial results after the market closed on March 7th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending July 2025 (August 2024 to January 2025) expanded 1.07 billion yen, an increase 53.6% compared to the same period last year, exceeded the previous forecast of 0.83 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward 11.3%, from the previous forecast of 1.68 billion yen to 1.87 billion yen (compared to 1.55 billion yen in the previous period), increasing the growth rate from 8.4% to 20.7%, further surpassing the previous forecast of record-high profits for three consecutive terms.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the February to July period (2H) is expected to decrease 6.4% from the same period last year to 0.79 billion yen.

At the same time, due to a planned 3-for-1 forward stock split is scheduled for March 31, the year-end lump-sum dividend for the current fiscal year has been revised from the original plan of 10 yen to 3.5 yen (equivalent to 10.5 yen before the forward stock split) This effectively represents a 5.0% increase in the annual dividend.

In the most recent three-month period, from November to January (2Q), the consolidated ordinary profit increased 52.4% from the same period last year, reaching 1.14 billion yen. The operating profit margin rose from 26.9% in the same period last year to 32.8%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Aug - Jan, 2022	3,279	413	435	393	8.7	40.4	Mar 3, 2023	J-GAAP
Aug - Jan, 2023	3,917	703	701	487	10.7	45.1	Mar 8, 2024	J-GAAP
Aug - Jan, 2024	4,955	1,083	1,077	773	16.9	57.4	Mar 7, 2025	J-GAAP
YoY	+26.5%	+54.1%	+53.6%	+58.7%	+58.0%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug - Jan, 2024 Guidance	4,800	850	835	570	12.5	0	Sep 6, 2024	J-GAAP
Aug - Jan, 2024 Results	4,955	1,083	1,077	773	16.9	0	Mar 7, 2025	J-GAAP
Revision Rate	+3.2%	+27.4%	+29.0%	+35.6%	+35.7%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul, 2025 Prev	9,600	1,700	1,685	1,150	25.2	3.33	Sep 6, 2024	J-GAAP
Jul, 2025 New	9,850	1,900	1,875	1,280	28.0	3.50	Mar 7, 2025	J-GAAP
Revision Rate	+2.6%	+11.8%	+11.3%	+11.3%	+11.3%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb - Jul, 2024	4,328	849	853	606	13.3	3.33	Sep 6, 2024	J-GAAP
Feb - Jul, 2025 Guidance	4,895	817	798	507	11.1	3.50	Mar 7, 2025	J-GAAP
YoY	+13.1%	-3.8%	-6.4%	-16.3%	-16.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul, 2023	6,898	1,036	1,077	952	20.9	2.33	Sep 8, 2023	J-GAAP
Jul, 2024	8,245	1,552	1,554	1,093	24.0	3.33	Sep 6, 2024	J-GAAP
Jul, 2025 Guidance	9,850	1,900	1,875	1,280	28.0	3.50	Mar 7, 2025	J-GAAP
YoY	+19.5%	+22.4%	+20.7%	+17.1%	+16.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Nov - Jan, 2023	2,809	755	752	564	12.4	26.9	Mar 8, 2024	J-GAAP
Feb - Apr, 2024	3,397	1,284	1,281	895	19.7	37.8	Jun 7, 2024	J-GAAP
May - Jul, 2024	931	-435	-428	-289	-6.4	-46.7	Sep 6, 2024	J-GAAP
Aug - Oct, 2024	1,454	-64	-69	-37	-0.8	-4.4	Dec 6, 2024	J-GAAP
Nov - Jan, 2024	3,501	1,147	1,146	810	17.8	32.8	Mar 7, 2025	J-GAAP
YoY	+24.6%	+51.9%	+52.4%	+43.6%	+43.0%