Best One.com FY2026 Earnings Deep Dive: Drivers of Record Profits and the Growth Roadmap to ¥10 Billion in Sales by 2030

Best One.com, Inc. (Securities Code: 6577) has announced its financial results for the fiscal year ending July 2026. Driven by the success of large-scale charter cruises in its core cruise travel business and the establishment of an efficient customer acquisition and sales structure, the company achieved record-high operating, ordinary, and net profits . This report provides a detailed analysis of the company's financial performance, the characteristics of its revenue structure, a review of key initiatives, and its medium-to-long-term growth strategy and earnings forecast for the next fiscal year.

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1. FY2026 Full-Year Earnings Highlights

For the current fiscal year, consolidated net sales reached ¥2.907 billion (up 14.3% YoY) , gross profit was ¥836 million (up 64.8% YoY) , operating profit was ¥337 million (up 1,053.2% YoY, approx. 11.5x) , ordinary profit was ¥346 million (up 1,139.7% YoY, approx. 12.4x) , and net profit attributable to owners of the parent was ¥234 million (up 2,356.8% YoY, approx. 24.6x) .

The following slide summarizes the consolidated statement of income for the fiscal year ended July 2026.

A notable achievement in these results is the significant improvement in the gross profit margin, which rose by 8.8 percentage points from 19.9% in the previous year to 28.7% , alongside disciplined control of selling, general and administrative (SG&A) expenses. In particular, by keeping advertising expenses at 92.7% of the previous year's level (¥155 million) while achieving the second-highest sales level in company history, the operating profit margin surged from 1.1% in the previous year to 11.6% .

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2. Unique Business Structure Supporting High Profitability

The company emphasizes that this profit growth is not a one-time occurrence but is rooted in an established business model.

• Improved Customer Acquisition Efficiency : In addition to an efficient online (OTA) core model, the company has reduced its reliance on advertising by leveraging accumulated customer data and repeat business.
• Expansion of High-Margin Products : The company has increased the sales ratio of self-led products with higher margins, such as charter cruises and cabin buyouts.
• Lean Cost Structure : Through improved operational efficiency and appropriate SG&A control, the company has established a business model defined by " Customer Acquisition Power × High Margins × Low SG&A Expenses ."

It is noted that when adjusting for foreign exchange impacts and shareholder benefit-related expenses, the underlying earnings base is maturing toward an effective operating profit of ¥450 million to ¥500 million (an operating profit margin of approximately 15%) .

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3. Q4 Concentration and Charter Cruise Success

The company's quarterly performance exhibits seasonal characteristics, with results heavily skewed toward the fourth quarter (May–July) , which includes the Golden Week holidays.

• Q4 Standalone Results : Net sales were ¥1.464 billion (up 49.8% YoY), accounting for approximately 50% of annual sales. Operating profit reached ¥372 million (up 439.4% YoY) , and the gross profit margin hit 34.3% .
• GW Charter Cruise : The "Costa Serena" charter cruise departing from and returning to Kanazawa in May 2026 was nearly sold out, marking the highest customer turnout, sales, and profit in the three-year history of Kanazawa-based charters. This high-profit project, with a gross margin exceeding 30% , drove overall performance.

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4. Review of Key Initiatives: Cabin Buyouts, IP Collaborations, and Inbound/Hotels

Progress was made on multiple initiatives in areas peripheral to the core cruise business and in new business segments.

1. Expansion of Cabin Buyouts : Cruise sales for departures in April and May increased by 55.7% YoY . Strategies such as securing inventory and dynamic pricing tailored to demand, particularly for "MSC Bellissima" cruises departing from Japan, proved successful.
2. IP Collaboration Cruises : The company planned a collaboration cruise with the popular band "Junretsu" (scheduled for September 2026), successfully tapping into a new fan community distinct from the traditional cruise demographic.
3. Launch of Inbound Business : Sales have commenced via overseas OTAs such as "KKday" and "Trip.com," establishing a foundation for capturing inbound cruise bookings targeting the East Asian market.
4. Hotel Development (Ebisu Ryokan) : The existing "Ebisu Ryokan (Kyoto Station Front)" performed steadily with sales of ¥31.53 million (up 8.6% YoY), operating profit of ¥14.95 million (up 26.6% YoY), and an average occupancy rate (OCC) of 91.2% . Land has been acquired in Asakusa 3-chome (investment of approx. ¥930 million) and Kyoto Hachijo-cho, with development underway for openings in the spring of 2028.

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5. Shareholder Returns: Significant Dividend Increase and Revision of Benefits

Against the backdrop of strong performance, the annual dividend for the fiscal year ended July 2026 was raised in stages from the initial forecast of ¥20 to ¥30 per share (an increase of ¥12, or 66.7% YoY) .

Furthermore, to shift the shareholder return policy more toward dividends, a revision to the shareholder benefit program was announced. While the "(1) Travel Discount Coupon," which has high synergy with the company's business, will be continued, the "(2) Digital Gift" will be discontinued from the fiscal year ending July 2027 onwards, with those funds reallocated to enhance dividends.

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6. Medium-to-Long-Term Growth Strategy: Milestones Toward 2030

The company has set a medium-to-long-term growth scenario targeting "¥10 billion in sales" by 2030.

The following slide illustrates the milestones for each segment and the roadmap for the sales composition.

The breakdown of sales targets by business segment for 2030 is as follows:

• Cruise Business : ¥5.0 billion to ¥5.5 billion (Expansion of core business, B2B platform operation, and continuation of reproducible large-scale charters)
• Inbound Business : ¥4.0 billion to ¥4.5 billion (Scaling from overseas OTA partnerships to proprietary platforms and B2B expansion, with an EBITDA target of ¥400 million)
• Hotel/Ryokan Business : Over ¥500 million (Operation of 7–8 properties by 2030, with an operating profit target of ¥100 million to ¥200 million)

The fiscal year ending July 2027 is positioned as a "year of preparation" for the hotel and inbound businesses.

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7. FY2027 Full-Year Earnings Forecast and Assumptions

The consolidated earnings forecast for the fiscal year ending July 2027 is presented as a range, with the internal conservative budget as the lower limit and the internal budget as the upper limit.

[FY2027 Full-Year Consolidated Earnings Forecast]

• Net Sales : ¥2.555 billion to ¥3.227 billion (YoY: -11.4% to +11.0%)
• Operating Profit : ¥81 million to ¥161 million
• Ordinary Profit : ¥76 million to ¥156 million
• Net Profit : ¥49 million to ¥103 million
• Annual Dividend Forecast : ¥21 per share

[Background and Factors for Earnings Forecast] For the fiscal year ending July 2027, the only charter cruise scheduled is the "Diamond Princess (Joint Charter)" departing on April 29, resulting in a lower sales ratio of charter cruises compared to the previous year. While an increase in individual travel (FIT) volume is expected due to the rise in foreign vessels deployed in Japan, the gross margin per unit is lower than that of charters. Consequently, profit levels from operating profit downward are expected to fall below the previous year's results (¥337 million), even at the upper end of the forecast.

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8. Market Environment and Competitive Advantages in Systems

• Tailwinds from Market Expansion : The Ministry of Land, Infrastructure, Transport and Tourism aims for 1 million Japanese cruise passengers by 2030 (approx. 4.1x the 2025 estimate of 243,000). The industry is seeing a rush of new ship launches (e.g., "Asuka III," "MITSUI OCEAN SAKURA") and an increase in foreign ships departing from Japan. Global cruise passenger numbers are also projected to reach 42 million by 2029.
• Strength in API System Integration : The company's website has advanced API integration with major cruise lines, with the number of automatically registered courses reaching 10,440 (as of September 2026) . This platform functionality, among the best in Japan for real-time vacancy and price reflection, serves as the foundation for efficient business operations.

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Conclusion

Best One.com's fiscal year ended July 2026 was a milestone year, achieving record profits through sold-out charter cruises and disciplined SG&A control, while also realizing a significant dividend increase. Although the fiscal year ending July 2027 will be a period of profit adjustment due to changes in the charter composition, the company's diversification strategy—including the construction of an inbound platform and hotel development—is in full swing to achieve the goal of ¥10 billion in sales by 2030.