November 7, 2025
Tsukada Global Holdings Inc. Consolidated Earnings Report for the Nine Months Ended September 30, 2025 (Japanese GAAP)Stock listing: Tokyo Stock Exchange Securities code: 2418 URL: https://www.tsukada-global.holdings/en/
Representative: Masayuki Tsukada, President and CEO
Information contact: Masahiro Yamasaki, Manager, Finance &
Accounting Department
(TEL) 03-5464-0081
Dividend payout: -
Supplementary materials to financial results available: No Earnings presentation held: No
(Amounts rounded down to the nearest million yen)
-
Consolidated Performance for the Nine Months Ended September 30, 2025 (January 1,
2025 - September 30, 2025)
Consolidated Operating Results (Percentages indicate year-on-year changes)
Net sales
Operating income
Ordinary income
Profit attributable to owners of the parent
million yen
%
million yen
3,585
2,676
%
million yen
%
million yen
%
Nine months ended September 30, 2025
49,113
14.8
34.0
1,805
(24.0)
3,345
71.8
Nine months ended September 30, 2024
42,773
7.8
74.8
2,375
(7.5)
2,295
(1.1)
Note: Comprehensive income: Nine months ended September 30, 2025: 3,610 million yen (113.4%)
Nine months ended September 30, 2024: 1,691 million yen ((36.0)%)
Profit per share
Diluted profit per share
yen
yen
Nine months ended September 30, 2025
83.22
-
Nine months ended September 30, 2024
48.13
-
Consolidated Financial Position
Total assets
Net assets
Equity ratio
million yen
million yen
%
September 30, 2025
138,512
37,898
25.5
December 31, 2024
111,711
34,030
28.9
Reference: Total equity: September 30, 2025: 35,286 million yen
December 31, 2024: 32,232 million yen
-
Dividends
Dividend per share
End-Q1
End-Q2
End-Q3
Year-end
Annual total
yen
yen
yen
yen
yen
Year ended December 31, 2024
-
5.00
-
6.00
11.00
Year ending December 31, 2025
-
6.00
Year ending December 31, 2025 (forecast)
-
6.00
12.00
Note: No revision has been made to the latest dividends forecast.
-
Earnings Forecast for the Fiscal Year Ending December 31, 2025 (January 1, 2025 -
December 31, 2025)
(Percentages indicate year-on-year changes)
Net sales
Operating income
Ordinary income
Profit attributable to owners of the parent
Profit per share
Year ending December 31, 2025
million yen
%
million yen
%
million yen
%
million yen
%
yen
70,954
11.7
8,800
18.8
6,870
(11.1)
7,208
40.0
152.11
Note: No revision has been made to the latest earnings forecast.
*NotesSignificant changes in the scope of consolidation during the period: Yes
Newly consolidated: Three companies: Victory Hotel Dunhill HN Investors LLC,
Victory Dunhill Hotel Mezz LLC, and Victory Dunhill Hotel HN LLC
Application of specific accounting methods for the preparation of quarterly consolidated financial statements: Yes
Note: For details, please refer to "(3) Notes on Quarterly Consolidated Financial Statements (Application of Specific Accounting Methods for the Preparation of Quarterly Consolidated Financial Statements)" in section "2. Quarterly Consolidated Financial Statements and Main Notes" on page 8 in the accompanying materials.
Changes in accounting policy, changes in accounting estimates, and retrospective restatement
Changes in accordance with amendments to accounting standards, etc.: Yes
Changes other than noted in 1) above: None
Changes in accounting estimates: None
Retrospective restatement: None
Shares issued (common stock)
Number of shares issued at end of period (including treasury stock)
Number of shares held in treasury at end of period
September 30, 2025 December 31, 2024
48,960,000 48,960,000
1,613,534 1,259,834
Nine months ended September 30, 2025
Nine months ended September 30, 2024
Average number of shares outstanding during the period
47,406,688 47,700,166
Review of the accompanying quarterly consolidated financial statements by a certified public accountant or an auditing firm: None
Appropriate Use of Earnings Forecast and Other Important Information (Cautionary Statement with Respect to Forward-Looking Statements)
Any forecasts and forward-looking statements given herein are based on information available as of this report's publication and on certain assumptions that are deemed reasonable. These forecasts are not guarantees of future performance, and actual results may differ from forecasts due to changes in the business environment. For the assumptions underlying the forecasts herein and other notice on the use of earnings forecasts, please refer to "(3) Earnings Forecast for the Fiscal Year Ending December 31, 2025" in the section "1. Review of Consolidated Financial Results" on page 3 in the accompanying materials.
Accompanying Material - Contents
Review of Consolidated Financial Results 2
Operating Results 2
Analysis of Financial Condition 3
Earnings Forecast for the Fiscal Year Ending December 31, 2025 3
Quarterly Consolidated Financial Statements and Main Notes 4
Consolidated Balance Sheets 4
Consolidated Statements of Income and Comprehensive Income 6
Consolidated Statements of Income 6
Consolidated Statements of Comprehensive Income 7
Notes on Quarterly Consolidated Financial Statements 8
(Note on the Going-concern Assumption) 8
(Note on Significant Changes in the Amount of Shareholders' Equity) 8
(Application of Specific Accounting Methods for the Preparation of Quarterly Consolidated Financial Statements) 8
(Notes to Segment Information, etc.) 9
(Revenue Recognition) 10
Supplementary Information 11
(Weddings Held and Orders Received) 11
1. Review of Consolidated Financial Results-
Operating Results
Operating Results and Analysis of Financial Condition
In the nine months ended September 30, 2025, the Japanese economy was on a moderate recovery path, supported by a pick-up in capital investment and consumer spending, as well as signs of improvement in employment conditions. However, the outlook remains uncertain due to the presence of downside risks to the economy from rising consumer prices, U.S. trade policy, and other factors, as well as the impact of the highly volatile foreign exchange market, and other concerns.
Amidst this environment, the Tsukada Global Holdings Group ("the Group") focused on creating new value, developing high-quality and attractive outlets, and providing high-value-added services in the bridal, hotel, and wellness and relaxation (W&R) markets, and on accurately responding to diversifying customer needs, and thereby strived to expand net sales and to improve profitability.
In the Hotel business, the cumulative number of foreign visitors to Japan for 2025 in the nine months through September reached 31 million (up 17.7% year on year: Japan National Tourism Organization "2025 Visitor Arrivals & Japanese Overseas Travelers (Preliminary figures in September 2025)"), surpassing 30 million at an unprecedented pace, and remains at a high level. As a result, domestic luxury hotels, including "Hotel InterContinental Tokyo Bay" (Minato-ku, Tokyo), remained stable on the whole. As for "Kaimana Beach Hotel" (Hawaii, U.S.) and "Kimpton Palladian Hotel" (Washington, U.S.), which the Company acquired last year, the Company worked to improve profitability through further revenue management and cost control.
In April 2025, the Company opened "ANA Holiday Inn Tokyo Bay" (Shinagawa-ku, Tokyo), its fifth facility in Japan, and acquired "W Hotel Dallas Victory" (Texas, USA) in May of the same year, focusing on expanding its business portfolio and strengthening its operating base in the U.S. market.
In the Wedding business, the number of weddings held decreased slightly to 6,364 (down 0.6% year on year) due to temporary closures for renovations and the closing of some outlets, and other factors, but the spend per wedding recovered moderately. On the other hand, the number of orders received decreased to 7,009 (down 12.2% year on year) due to the aforementioned factors, and some overseas wedding services continue to face challenging conditions due to a lag in the recovery in the number of Japanese traveling overseas resulting from the impact of foreign exchange rates.
In the W&R business, the closing of unprofitable outlets last year helped stabilize earnings and enabled us to realize a profitable business.
As a result, in the first nine months of fiscal 2025, the Group posted consolidated net sales of
¥49,113 million (up 14.8% year on year). Operating income was ¥3,585 million (up 34.0% year on year), and ordinary income was ¥1,805 million (down 24.0% year on year) due to interest expenses of ¥1,018 million associated with an increase in interest-bearing debt and foreign exchange loss of ¥610 million due to the impact of rapid currency fluctuations recorded in non-operating expenses. In addition, profit attributable to owners of the parent increased significantly to ¥3,945 million (up 71.8% year on year) due to the posting of ¥1,259 million in gain on step acquisitions where the Company acquired a portion of the equity interest in Victory Dunhill Hotel HN LLC, the operating company of above-mentioned "W Hotel Dallas Victory," and other companies, as well as the posting of ¥1,695 million yen in gain on bargain purchase, under extraordinary income.
The results for each business segment were as follows.
Wedding business
In the first nine months of fiscal 2025, the number of hotel weddings held slightly fell to 6,364 (down 0.6% year on year) due to temporary closures for renovations and the closing of some outlets, and other factors, but spend per wedding continued to recover moderately and thus net sales in the Wedding business also increased year on year. In terms of profitability, the recovery in spend per wedding absorbed the rise in energy costs and raw material prices, including purchase and outsourcing costs, resulting in an increase.
As a result, net sales in the Wedding business totaled ¥25,866 million (up 8.4% year on year) and segment income was ¥3,140 million (up 40.6% year on year).
Hotel business
In the first nine months of fiscal 2025, the number of hotel weddings slightly decreased to 1,081 (down 2.3% year on year). However, two facilities in the U.S. that the Company acquired last year contributed to an increase in sales. Moreover, the overnight occupancy rates and average charge per night for domestic luxury hotels were strong due to the impact of record-high numbers of international visitors to Japan. However, initial costs incurred for "ANA Holiday Inn Tokyo Bay," which opened in April of this year, pushed down the profit growth rate.
As a result, net sales in the Hotel business totaled ¥21,045 million (up 26.1% year on year) and segment income was ¥2,015 million (up 4.4% year on year).
W&R business
In the first nine months of fiscal 2025, the
number of visitors and food and beverage sales of the "Beauty & Relax SPA-HERBS" spa complex reached record highs, but net sales declined slightly due to the impact of the British-style "Queensway" reflexology salons where the closure of unprofitable outlets was promoted last year. Segment income increased year on year due to the closure of unprofitable outlets.
As a result, net sales in the W&R business totaled ¥2,200 million (down 1.3% year on year) and segment income was ¥119 million (up 81.7% year on year).
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Analysis of Financial Condition
Assets, Liabilities, and Net Assets
Total assets as of September 30, 2025, amounted to ¥138,512 million, an increase of ¥26,800 million from the end of the previous fiscal year (December 31, 2024). This was mainly due to an increase of ¥21,345 million in buildings and structures related to "ANA Holiday Inn Tokyo Bay" and related to "W Hotel Dallas Victory" included in the scope of consolidation from the current interim period.
Total liabilities as of September 30, 2025, came to ¥100,613 million, an increase of ¥22,933 million from the end of the previous fiscal year (December 31, 2024). This was mainly due to an increase of ¥14,744 million in long-term debt (including the current portion) and an increase of
¥4,052 million in bonds payable (including current portion) due to the acquisition of the above two facilities.
Total net assets as of September 30, 2025, amounted to ¥37,898 million, an increase of
¥3,867 million from the end of the previous fiscal year (December 31, 2024). This was mainly due to an increase of ¥3,374 million in retained earnings due to the recording of profit attributable to owners of the parent among others.
- Earnings Forecast for the Fiscal Year Ending December 31, 2025
There is no change to the consolidated earnings forecasts for the full fiscal year ending December 31, 2025, as announced in the Group's Consolidated Earnings Report for the Six Months Ended June 30, 2025 (Japanese GAAP) released on August 8, 2025.
Note that actual results may differ significantly due to various factors in the future. The Company will promptly release any revisions to its consolidated results forecasts should this become necessary.