9376.T

• Company Background & Positioning

  • ユーラシア旅行社 is a travel company celebrating its 40th anniversary of founding in 2026, offering custom planned trips to 170 safe-to-travel countries across all continents from Europe to Antarctica.
  • The company has differentiated itself from the popular "cheap, close, short" travel trend since founding, focusing on high-effort, custom-curated travel experiences that expose customers to diverse worldviews and enrich personal lives, which management believes serves as a foundation for global peace.
  • The company has maintained a zero-debt经营 policy since founding, building a strong financial foundation to prepare for unexpected emergencies, a core part of its steady经营 philosophy.
  • Offering unpatented travel products means pure product development leads to endless competition with peers, so the company has adjusted its strategy and corporate structure over time to remain competitive.

• Operational Updates

  • All three months of the first quarter 2026 posted year-over-year operating revenue growth; in October 2025, the number of participants in international group package tours increased 12% year-over-year, and average tour price increased 5% year-over-year.
  • The company is developing 40th anniversary commemorative travel products to support expansion of the international travel market, and is actively working to acquire new customers and re-engage dormant customers to grow demand.
  • As of the end of the first quarter 2026 September fiscal year: total assets were 3.093 billion yen (down 125 million yen from the end of the 2025 September fiscal year); total liabilities were 1.340 billion yen (down 33 million yen); total net assets were 1.752 billion yen (down 92 million yen); shareholders' equity was 1.741 billion yen (down 94 million yen from the end of 2025 September fiscal year, due to the quarterly net loss and 88 million yen in dividend payments).

• New Mid-Term Management Plan

  • The company has published a new mid-term management plan, with an outline released in July 2025 and full details released in December 2025, to guide growth through the company's 40th anniversary milestone.
  • The plan focuses on increasing repeat business from existing customers who seek intellectual satisfaction and spiritual joy from travel, acquiring new and dormant customers, and evolving the company's value-proposed travel business to match current market conditions.
  • The company set a new financial target of ROE of 10% or higher under the new plan.

• New Dividend Policy

  • To support the ROE target, the company introduced a new dividend policy targeting a DOE (Dividend on Equity, defined as current period dividend divided by prior period end consolidated shareholders' equity) of 10% or higher, to make it easier for future profit growth to outpace shareholders' equity growth and lift ROE.
  • The new DOE-based framework allows investors to easily predict dividend amounts in advance and enables stable dividends independent of current period业绩. For the 2025 September fiscal year, the company increased its second half dividend to 24 yen, resulting in a full year dividend of 31 yen (up 17 yen from the original forecast), pushing the payout ratio to 100.4% from the prior 47.0%.

• Full year 2026 September fiscal year guidance expects continued growth in both revenue and profit: operating revenue is forecast at 5.150 billion yen, up 7.6% from the 2025 September fiscal year actual result; operating profit is forecast at 141 million yen, up 22.5% year-over-year; ordinary profit is forecast at 141 million yen, up 13.8% year-over-year; net profit attributable to parent company shareholders is forecast at 115 million yen, up 1.0% year-over-year.
  • Management expects the share of international travel revenue will continue to increase as international travel demand recovers further and geopolitical risks ease.
  • The company maintains a target DOE of 10% or higher through the end of the mid-term management plan period (2029 September fiscal year). Based on the 1.835 billion yen consolidated shareholders' equity at the end of the 2025 September fiscal year, the forecast full year dividend per share for the 2026 September fiscal year is 50 yen, which represents a 19 yen increase from the 2025 September fiscal year actual dividend of 31 yen.

The transcript does not break out separate product segment financial performance with absolute values and revenue contribution percentages. Management only provided overall consolidated performance for the first quarter of the 2026 September fiscal year: total operating revenue was 1.138 billion yen, up 16.8% year-over-year; operating profit turned to a surplus of 4 million yen, improving from a year-ago operating loss of 31 million yen; ordinary profit improved to 0.48 million yen, a 20 million yen increase year-over-year, bringing it near break-even; net loss attributable to parent company shareholders was 5 million yen, an improvement of 16 million yen from the prior year period. Management noted that during the COVID-19 pandemic, the company expanded its domestic travel business, and after full resumption of international travel in May 2023, the business has been steadily recovering, with the share of international travel expected to grow further going forward.

• The travel industry is inherently exposed to geopolitical risks and natural disasters, which can disrupt travel demand and operations. To mitigate this concentration risk, the company operates across 170 countries across all continents, rather than focusing on a small number of destinations.
  • If the company maintains its historical dividend payout level even after growing profits under the new mid-term plan, accumulated retained earnings will increase shareholders' equity, which could prevent the company from hitting its 10% ROE target by increasing the denominator of the ROE calculation.

No question and answer section was included in the provided earning call transcript.