Belluna Co., Ltd. · TSE:9997
Belluna — Investor Presentation (June 2026)
32 slides from Belluna's investor presentation, Jun 5, 2026
Slide 1: BELLUNA CO., LTD. Corporate Presentation
BELLUNA CO., LTD. Corporate Presentation For FY March 2026 Stock Code: Prime 9997 June 5, 2026 Hotel Zuiho
Slide 2: Table of Contents
Table of Contents 1. Financial Highlights P. 2 2. Targets for Current Fiscal Year P. 9 3. 6th Short-Term Business Plan P. 11 4. Individual Businesses P. 14 1
Slide 3: 1. Financial Highlights
1. Financial Highlights BELLUNA
Slide 4: 1-1. Financial overview
1-1. Financial overview Unit: Billion Yen FY March FY March FY March Consolidated 2025 2026 2026 Actual Plan Actual YoY Change Vs. Plan Net sales 210.85 214.60 218.09 +3.4% +1.6% Cost of sales 81.60 - 80.88 -0.9% - Selling, general & administrative expenses 117.36 - 120.73 +2.9% - Operating profit 1
Slide 5: 1-2. Profitability by segment
1-2. Profitability by segment Net sales: Increased in four segments, specifically Property & Hotel, Gourmet, Other, and Database Utilization. Operating profit: Increased in seven segments, specifically Property & Hotel, Cosmetics & Health Food, Gourmet, Nurse-Related, Kimono-Related, Apparel & Goods
Slide 6: 1-3. Analysis of increases and decreases in net sales
1-3. Analysis of increases and decreases in net sales • Catalog/Online -3.14 billion yen • Internet-specialized (subsidiaries) -1.94 billion yen Factors for change in net sales • Apparel stores -0.87 billion yen Unit: Billion Yen • Wine +0.85 billion yen • Gourmet +0.72 billion yen • Ozio -2.09 bill
Slide 7: 1-4. Analysis of increases and decreases in operating profit
1-4. Analysis of increases and decreases in operating profit • Enclosing and shipping service (0.69 billion yen) Factors for change in operating profit • Contracted services (0.15 billion yen) • Finance +0.21 billion yen Unit: Billion Yen • Catalog/Online +1.48 billion yen • Apparel stores (0.12 bil
Slide 8: 1-5. Consolidated balance sheet
1-5. Consolidated balance sheet Unit: Billion Yen End of March End of March Change 2025 2026 Current assets 131.44 131.45 +0.01 Accounts receivable 10.85 11.50 +0.64 Operating loans 34.46 37.75 +3.28 Merchandise 25.66 23.56 - 2.10 Real estate for sale 7.18 8.83 +1.65 Real estate for sale in process
Slide 9: 1-6. Statement of cash flows
1-6. Statement of cash flows Unit: Billion Yen Actual Actual YoY Change Cash flows from operating activities 9.69 18.47 8.78 Profit before income taxes 13.21 16.67 3.46 Depreciation 5.98 7.30 1.33 Interest expenses 0.78 1.42 0.63 Loss (gain) on sale of investment securities -0.36 -1.16 -0.80 Impairm
Slide 10: 2. Targets for Current Fiscal Year
2. Targets for Current Fiscal Year BELLUNA
Slide 11: 2. Targets for FY March 2027
2. Targets for FY March 2027 The current fiscal year is the second year of the 6th Short-Term Business Plan. We have formulated a three-year plan with the fiscal year ending March 2028 as the final year. Based on the achievement of the first-year (FY March 2026) targets, we have revised the second-y
Slide 12: 3. Progress of the 6th Short-Term Business Plan
3. Progress of the 6th Short-Term Business Plan BELLUNA 11
Slide 13: 3-1. Medium-term management plan
3-1. Medium-term management plan The Nine-Six-Five and One-Two-Three Plans Nine: Operating profit of 9.0 billion yen in the Property Business Six: Operating profit of 6.0 billion yen in the Database Utilization Business Five: Operating profit of 5.0 billion yen in the Specialty Mail-Order Business O
Slide 14: 3-2. Progress of the 6th Short-Term Business Plan
3-2. Progress of the 6th Short-Term Business Plan 6th Short-Term Business Plan (FY March 2026-FY March 2028) achieved ahead of schedule Based on the achievement of the three-year plan ahead of schedule, the target values for the second year (FY March 2027) have been revised upward. Targets for the t
Slide 15: 4. Individual Businesses
4. Individual Businesses BELLUNA 14
Slide 16: 4-1. Property & Hotels
4-1. Property & Hotels [Nine (9 billion yen) Business achieved] In Property & Hotels, the Company aims to achieve net sales of 47.20 billion yen, up 2.9% year on year, and operating profit of 9.00 billion yen, up 9.4% year on year, in the fiscal year ending March 2027. Trends in net sales Trends in
Slide 17: 4-2. Property & Hotels: Sapporo Hotel by Granbell
4-2. Property & Hotels [Nine (9 billion yen) Business achieved] Topics (1) Sapporo Hotel by Granbell (Domestic urban hotel) Opened in March 2025, 605 rooms 16
Slide 18: 4-4. Property & Hotels: Hotel Zuiho and Akiu Grand Hotel
4-4. Property & Hotels [Nine (9 billion yen) Business achieved] Topics (2) Hotel Zuiho and Akiu Grand Hotel (Domestic resort hotel) Acquired in October 2025, Hotel Zuiho 131 rooms / Akiu Grand Hotel 140 rooms 17
Slide 19: 4-3. Property & Hotels: Kussharo Prince Hotel
4-3. Property & Hotels [Nine (9 billion yen) Business achieved] Topics (3) Kussharo Prince Hotel (Domestic resort hotel) ※Management contract type Acquired in May 2026, 208 rooms 18
Slide 20: 4-4. Property & Hotels: Introduction of New Hotel
4-4. Property & Hotels [Nine (9 billion yen) Business achieved] Topics (4) Introduction of New Hotel The LakeSuite KO no SUMIKA "Bettei Ezo Fuji" (Domestic resort hotel) Scheduled to open in December 2027, 61 rooms 19
Slide 21: 4-5. Property & Hotels: Future Plan
4-5. Property & Hotels [Nine (9 billion yen) Business achieved] Future Plan ・Value Upgrading of Existing Facilities ・New launch of hotels in central parts of cities ・New launch of hotels outside Japan Establishment of Competitive Advantage ・Management in which all members participate ・Advantages of
Slide 22: 4-6. Domestic urban hotels
4-6. (Reference) Domestic urban hotels — monthly trends in average daily rate, occupancy rate and RevPAR Domestic urban hotels Occupancy rate Average daily rate RevPAR * Comparison with FY2023 actual as 100% 150% 145.3% 140.6% 140% 131.3% 138.4% 130% 134.5% 126.2% 120% 115.6% 110% 111.1% 100.8% 100%
Slide 23: 4-7. Domestic resort hotels
4-7. (Reference) Domestic resort hotels — monthly trends in occupancy rate, average daily rate and RevPAR Domestic resort hotels Occupancy rate Average daily rate RevPAR * Comparison with FY2023 actual as 100% 125% 120.9% 119.5% 120% 115% 113.3% 113.7% 113.0% 111.7% 112.4% 110% 106.3% 106.5% 105% 10
Slide 24: 4-7. Impact on the Hotel Business of Chinese Tourist Travel Trends
4-7. (Reference) Impact on the Hotel Business Regarding Travel Trends of Chinese Tourists Regarding the impact on the hotel business concerning the travel trends of Chinese tourists released on November 20, 2025, the level remained low at 3.4% in the second half of FY2025, a decrease of 0.6pt YoY. T
Slide 25: 4-8. Database Utilization Business
4-8. Database Utilization Business [Six (6 billion yen) Business achieved] The enclosing and shipping service is struggling due to a decrease in catalog circulation and product shipments in the Apparel & Goods Business. In contrast, the contracted services and finance businesses performed well. The
Slide 26: 4-9. Specialty Mail-Order Business
4-9. Specialty Mail-Order Business [Five (5 billion yen) Business achieved] In Specialty Mail-Order (Cosmetics & Health Food, Gourmet, and Nurse-Related), the Company plans to achieve net sales of 56.25 billion yen (down 2.1% year on year) and operating profit of 2.65 billion yen (down 1.9% year on
Slide 27: 4-10. Apparel & Goods Business
4-10. Apparel & Goods Business [One (2 billion yen) Business achieved] In Apparel & Goods Business, the Company plans to achieve net sales of 68.80 billion yen (down 0.2% year on year) and an operating loss of 0.30 billion yen (an improvement of 0.11 billion yen year on year) in FY March 2027. (Net
Slide 28: 4-11. Kimono-Related Business
4-11. Kimono-Related Business [Two (2.5 billion yen) Business achieved] In Kimono-Related Business, the Company plans to achieve net sales of 22.62 billion yen (up 0.2% year on year) and operating profit of 1.45 billion yen (up 5.1% year on year) in the fiscal year ending March 2027. Trends in net s
Slide 29: 4-12. Other Business
4-12. Other Business [Three (0.5 billion yen) Business achieved] In Other Business, the Company plans to achieve net sales of 5.80 billion yen (down 13.3% year on year) and operating profit of 0.40 billion yen (up 201.3% year on year) in the fiscal year ending March 2027. Trends in net sales and ope
Slide 30: 4-13. Actions to realize management with awareness of capital costs and share price
4-13. Actions to realize management with an awareness of capital costs and share price Performance improvement (1) Improve profitability of the Apparel & Goods Business and Specialty Mail-Order Business (2) Further improve profitability of Property & Hotels Management focused on capital efficiency (
Slide 31: 4-14. Shareholder return
4-14. Shareholder return <Dividends> We plan to pay an annual dividend of 39 yen per share, an increase for the ninth consecutive period. 38 yen 39 yen Interim dividends (yen) Year-end dividends (yen) 29 yen 19.50 yen 23.00 yen 20 yen 20.5 yen 19 yen 14.50 yen 16 yen 16.5 yen 15 yen 12.5 yen 10.00 y
Slide 32: Important notice
<Important notice> This document has been prepared to publicly disclose information concerning financial results in the fiscal year ending March 31, 2026. Nothing in this document shall be considered to be an offer to sell or a solicitation of an offer to buy securities issued by the Company. It is