Resorttrust (4681): FY2025 Results Summary — Record Highs on Strong Membership Sales

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Resorttrust, Inc. (securities code 4681) reported consolidated results for FY2025 (the fiscal year ended March 31, 2026) showing increased sales and income for the fourth consecutive term, with net sales of 263.0 billion yen and operating income of 29.1 billion yen. According to the company’s results presentation, record highs were reached in consolidated net sales, operating income, and ordinary income for three consecutive terms, and in net income for two consecutive terms. Membership contract volume also reached a record high for the fifth consecutive year, with contract values of membership totaling 132.2 billion yen across hotel, medical, and golf. For FY2026, the group expects record highs in all income items despite a projected decline in net sales.

Consolidated Results (Full-Year Actual)

Net sales rose 5.5% year on year to 263,020 million yen and operating income increased 10.6% to 29,161 million yen, with results exceeding the company’s revised targets (net sales +1.2% and operating income +0.6% versus the revision targets). Operating income to net sales was 11.1%, up 0.6 percentage points year on year. The company explains that the effects of various price revisions boosted sales and income, and that membership sales, mainly of unopened properties, increased significantly; SANCTUARY COURT NIKKO opened as planned in February. On the company’s “evaluated” basis, which restates special accounting factors (deferred real estate income) as actual values, evaluated net sales increased 10.8% to 267,321 million yen and evaluated operating income increased 25.4% to 32,804 million yen, which the company describes as an average growth rate of approximately 17% over the past three years.

Item (million yen)	FY2025 (2026/3 results)	FY2024 (2025/3 results)	YoY
Net Sales	263,020	249,333	+5.5%
Operating Income	29,161	26,365	+10.6%
Ordinary Income	29,281	26,848	+9.1%
Net Income	20,912	20,139	+3.8%
Evaluated net sales	267,321	241,356	+10.8%
Evaluated Operating Income	32,804	26,161	+25.4%

Segment Results

In the Membership segment, new membership sales for SANCTUARY COURT KANAZAWA (sales started March 2025) and SANCTUARY COURT AWAJISHIMA (sales started June 2025) contributed to a significant increase in contract volume; hotel membership contract value totaled 122.1 billion yen, surpassing the previous fiscal year’s record high by approximately 16%, with Kanazawa accounting for 59.0 billion yen and Awajishima for 31.5 billion yen. Because the period’s sales mix was based on properties not yet opened, segment income showed a slight decrease on an accounting basis, but both sales and income increased on an evaluated basis. In Hotel and Restaurant Operations, income increased 2.7-fold from the previous fiscal year to 5.6 billion yen, helped by approximately 1.2 billion yen from the revision of annual fees as well as revisions to fees charged for certain rooms and food and beverage prices. In Medical Operations, income reached a record high of 8.3 billion yen, an increase for the fifth consecutive term, supported by robust sales of the HIMEDIC Yokohama Bay Course and expansion of the general medical checkup operations; medical membership contract value was 9.4 billion yen, also a record high for the year, and the senior residence occupancy rate rose to approximately 89% as of the end of the fiscal year.

Segment	Metric (million yen)	FY2025 (2026/3 results)	FY2024 (2025/3 results)	YoY
Membership	Sales	95,529	93,642	+2.0%
Membership	Operating Income	25,548	27,445	(6.9%)
Membership	Evaluated net sales	99,830	85,664	+16.5%
Membership	Evaluated Operating Income	30,638	28,336	+8.1%
Hotel and Restaurant	Sales	110,935	103,978	+6.7%
Hotel and Restaurant	Operating Income	5,635	2,049	+175.0%
Medical	Sales	55,869	51,001	+9.5%
Medical	Operating Income	8,295	7,508	+10.5%

FY2026 Forecast

For FY2026, the group anticipates increased income by offsetting the 2.0 billion yen decrease in realized gains resulting from the opening of smaller properties with income from the group as a whole, and expects record highs in all income items. Consolidated net sales are projected to decline 3.0% to 255,000 million yen due to lower realized sales (a negative impact of 19.7 billion yen), while operating income is forecast to increase 6.3% to 31,000 million yen. Evaluated net sales are expected to increase by 10.7 billion yen and evaluated operating income to rise by 3.7 billion yen (up 11.3%). The plan assumes hotel membership contract value of 116.6 billion yen (one new property release) and HIMEDIC contract values of 8.0 billion yen, with deferred realized gains of +6.1 billion yen from Yatsugatake versus +8.1 billion yen from Nikko in FY2025.

Item (million yen)	FY2026 targets	FY2025 results	YoY
Net sales	255,000	263,020	(3.0%)
Operating income	31,000	29,161	+6.3%
Ordinary income	30,500	29,281	+4.2%
Net income	21,000	20,912	+0.4%
Evaluated net sales	278,000	267,322	+4.0%
Evaluated Operating Income	36,500	32,804	+11.3%

Shareholder Returns

Under its shareholder return policy for FY2025-FY2029, the company has adopted DOE (dividend on equity) in addition to the conventional dividend payout ratio, which is affected by the impact of deferred realization, to ensure more stable, progressive dividends. It has set a minimum DOE of 4.5% and a target of 5%, and is aiming for a total return ratio of 50% for the next three years (2025-2027), with additional return measures to be considered in periods when evaluated operating income exceeds operating income. In FY2025, DOE was 4.7% (between the minimum and the target) and the total return ratio was 34.5%, up 1.9 percentage points year on year. ROE was 13.7%, falling short of the previous fiscal year’s 14.7%, but the company notes that (adjusted) ROE calculated on an evaluated income basis was 15.4%, and that it will consider implementing capital policies starting this fiscal year and continuing into the next to achieve the average total return ratio target of 50% for the three-year period from FY2025 to FY2027.

Indicator	FY2024 result	FY2025 result	Medium-term management plan target
Operating Income (billion yen)	26.3	29.1	CAGR to FY3/2029: 10%
Evaluated Operating Income (billion yen)	26.1	32.8	10% annual growth
ROE	14.7%	13.7%	Medium to long-term target: 15%
DOE (Shareholders Return)	4.8%	4.7%	Target: 5.0% / Floor: 4.5%
Total return ratio	32.6%	34.5%	Aiming for a total of 50% for FY3/2026 to FY3/2028

Medium-Term Plan / Topics

FY2025 was the initial year of the medium-term management plan “Sustainable Connect 2.0” (FY2025-FY2029). Key management targets include an annual 10% increase in evaluated operating income (CAGR of 10% or more for FY2025-FY2028), consolidated operating income of more than 50 billion yen in FY2029, and a medium- to long-term ROE target of 15% (16.5% in the final year); five-year membership sales unit targets are 25,000 units for hotel and 15,000 units for medical. Hotel development is planned at a pace of approximately 1 to 1.5 facilities per year from FY2026 onward, with five-year Hotel Operations investment of 250 billion yen (including hotel inventory) and a planned investment of 100 billion yen over 10 years in Medical Operations. Topics during the period include the group’s selection for JPX400 for the first time since 2019, the reduction of the number of directors by half from 18 from June 2025, CICS, Inc.’s submission of a marketing authorization application for the accelerator-based BNCT treatment system on April 30, 2026, the acquisition of Nurse Attendant K.K. in April 2026 for full-scale entry into the visiting nursing business, and the establishment of the new senior brand “HIMEDIC RESIDENCE THE GARDEN” in November 2025. In Medical Operations, the company targets segment operating income of 20 billion yen or more in the long term, with HIMEDIC members growing from 35,000 in FY2025 to 65,000 in FY2034 and general health checkup examinees from 650,000 to 1,000,000.

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