2030 Medium-Term Management Plan (Business Plan and Matters Concerning Growth Potential)

Growth Strategy and Targets

The medium-term management plan aims to establish a three-axis diversified model centered on cruises, complemented by hotels, ryokan, and inbound tourism. By leveraging an M&A/investment allocation of 5-10 hundred million yen, the three axes will mutually complement each other to achieve revenue of 100 hundred million yen and operating income of 10 hundred million yen (EBITDA 12-15 hundred million yen) by 2030. Revenue in 2025 was 25 hundred million yen, and the plan sets out the growth pathway and investment schedule toward 2030.

Outlook and Investment Strategy

Pillars for realizing the three-axis model include expansion of cruises originating/landing overseas, horizontal expansion of the Ebisu Ryokan brand, and enlargement of the inbound market. The company will use the investment allocation for M&A and capital injections to balance risk diversification and growth potential. As a capital policy, the company states it does not anticipate equity financing and intends to fund operations with on-hand cash and borrowings.