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Overview

Land Transportation

FUJI KYUKO CO.,LTD.

Fuji Kyuko (Fujikyu) is a diversified regional conglomerate operating transportation, real estate, and leisure/service businesses primarily in the Mount Fuji and surrounding areas of Yamanashi, Shizuoka, and Kanagawa prefectures. The company's transportation segment operates railways (Fujisan Railway, Gakunan Railway), highway and local bus networks (638+ vehicles across 5 subsidiaries), taxi/hire car services, marine vessels, and ropeway facilities. Its leisure segment anchors around Fuji-Q Highland amusement park—one of Japan's most recognized theme parks—complemented by hotels, golf courses, ski resorts, outdoor/glamping facilities under the 'PICA' brand, and a travel agency, while the real estate segment develops and manages resort villa communities (approx. 5,900 lots at Lake Yamanakako and Juriginoki Kogen) and commercial property leasing.

Activists: Dalton Investments, Inc. 2.31%, Nippon Active Value Fund PLC (NAVF) 2.63%

Market Cap

¥139B

US$887M

¥157B

US$999M

Stock¥2,625▲+0.04%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

10.9

LTM EV/EBIT

17.8

LTM PER

24.0

LTM PBR

3.3

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-16.5%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Jun 9, 26Dalton Investments, Inc. filed large shareholding report

2Jul 22, 26Nippon Active Value Fund PLC (NAVF) changed stake (2.06%→2.63%)

MC → EV Bridge

AI Briefing

Mount Fuji transport-and-leisure conglomerate: railways, 600+ bus fleet, Fuji-Q Highland theme park, plus resort real estate across Yamanashi/Shizuoka/Kanagawa. FY26/3 revenue ¥53.5B, OP ¥8.8B (16.4% margin), steady growth from FY23/3's ¥42.9B on inbound and domestic tourism recovery. Closely held registry (top 5 holders ~49%, founding family and insurers); EV/EBITDA ~11x on ¥14.4B LTM EBITDA reflects a stable regional tourism cash-flow story, not a special situation.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

49%

51%

EquityD/E 1.05xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 63.3%

as of 2026-03-31 · Source: Annual Securities Report

Horiuchi Koan-kai Foundation

12.09%

F.J. Co., Ltd.

11.90%

Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

9.88%

Fukoku Mutual Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)

9.11%

Asahi Mutual Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)

5.73%

The Master Trust Bank of Japan, Ltd. (Trust Account)

5.05%

TOKYO DOME CORPORATION

2.86%

Mizuho Trust & Banking Co., Ltd. (Retirement Benefit Trust, Suruga Bank Ltd. Account; Re-trustee: Custody Bank of Japan, Ltd.)

2.39%

The Yamanashi Chuo Bank,Ltd.

2.32%

Kyoei Fire & Marine Insurance Co., Ltd.

1.94%

Management

17 officers

Koichiro HORIUCHI

Representative Director, President

Apr 1983 Joined Nippon Long-Term Credit Bank, Ltd. (now SBI Shinsei Bank, Ltd.) Mar 1988 Joined the Company; General Manager, Corporate Planning Department Jun 1988 Director Feb 1989 Managing Director Jun 1989 Representative Director, Managing Director Sep 1989 Representative Director, President (current) Jun 1999 Representative Director, Fujikyu Shoji Co., Ltd. (now F.J. Co., Ltd.) (current) Jun 1999 Representative Director, Highland Resort Co., Ltd. Jun 2016 Representative Director, Chairman, Highland Resort Co., Ltd. (current) Jun 2019 Representative Director, Chairman, Pika Co., Ltd. (current) Jun 2023 Representative Director, Chairman, Minobu Tozan Railway Co., Ltd. (current) Jun 2024 Representative Director, Chairman, Fujikyu Bus Co., Ltd. (current)

1960-09-17

Hiroki NODA

Managing Director, Managing Executive Officer

Apr 1990 Joined The Industrial Bank of Japan, Ltd. (now Mizuho Financial Group, Inc.) Jul 2005 Senior Advisor, Corporate Business Promotion Dept. I, Mizuho Corporate Bank, Ltd. (now Mizuho Bank, Ltd.) Apr 2007 Senior Deputy Manager, Sales Dept. XIV, Mizuho Corporate Bank Apr 2008 Chief Relationship Manager, Sales Dept. VI, Mizuho Corporate Bank Jul 2010 Senior Credit Officer, Corporate Credit Dept., Mizuho Corporate Bank Jul 2013 Credit Examiner, Corporate Credit Examination Dept. I, Mizuho Bank Oct 2013 Deputy General Manager, Large Corporate Banking Dept., Mizuho Bank Apr 2015 General Manager, Sales Dept. I, Mizuho Bank Apr 2018 General Manager, Fukuoka Sales Dept., Mizuho Bank Apr 2020 Joined the Company Jun 2020 Director Jun 2020 Executive Officer Jun 2020 General Manager, Office of the President; in charge of Sales Dept. Apr 2022 General Manager, Business Division; in charge of Sales Dept. Jun 2022 Managing Director (current) Jun 2022 Managing Executive Officer (current) Jun 2022 In charge of Business Division and Sales Dept. Jun 2024 General Manager, Business Division Jun 2025 General Manager, Internal Audit Office; in charge of Business Division; Compliance Officer (current) Jul 2025 Representative Director, Chairman, Fujigoko Kisen Co., Ltd. (current)

1967-03-28

Yoshiyuki YAMADA

Managing Director, Managing Executive Officer

Apr 1989 Joined Fujikyu Shoji Co., Ltd. (now F.J. Co., Ltd.) Feb 2000 Joined the Company Aug 2011 General Manager, Planning Dept. and General Manager, Sales Promotion Office Nov 2013 General Manager, Group Business Dept. Dec 2014 General Manager, Planning Dept. Jun 2015 Executive Officer; General Manager, Planning Dept. Jun 2020 Director Jun 2024 Managing Director (current) Jun 2024 Managing Executive Officer (current); in charge of Office of the President and Planning Dept. Jun 2025 In charge of Planning Dept. (current)

1962-10-21

Motomitsu HORIUCHI

Managing Director, Managing Executive Officer

Apr 2014 Joined Mizuho Bank, Ltd. Apr 2020 Joined the Company; Executive Manager, Planning Dept. Apr 2021 Executive Manager; General Manager, Office of the President and Planning Dept. Jun 2022 Executive Officer; Representative Director, President, Highland Resort Co., Ltd. Jun 2024 Director Jun 2024 Master of Business Administration (MBA), University of Chicago Graduate School of Business Jun 2024 General Manager, Office of the President and Planning Dept.; in charge of HR, Public Relations Jun 2025 Managing Director (current) Jun 2025 Managing Executive Officer (current) Jun 2025 General Manager, Office of the President and Planning Dept.; in charge of CLTV Promotion, General Affairs, HR and Public Relations (current) Jun 2025 Representative Director, Chairman, Fuji Express Co., Ltd. (current)

1992-01-12

Miki SATO

Director

Apr 1972 Joined Asahi Mutual Life Insurance Company Apr 2003 Executive Officer Apr 2004 Managing Executive Officer Jul 2004 Director, Managing Executive Officer Jul 2008 Representative Director, President Jun 2015 Director of the Company (current) Apr 2017 Representative Director, Chairman, Asahi Mutual Life Insurance Company Apr 2019 Director, Chairman, Asahi Mutual Life Insurance Company Jul 2021 Special Advisor, Asahi Mutual Life Insurance Company (current)

1949-12-05

Keiko OHARA

Director

Apr 1988 Registered as attorney (Daiichi Tokyo Bar Association) Apr 1988 Joined Komatsu Sogo Law Office (later Komatsu Koma Law Office) Sep 1992 Joined Weil, Gotshal & Manges, New York Office Aug 1993 Registered as attorney (New York State) Oct 1993 Returned to Komatsu Koma Law Office Feb 2000 Joined Kamiyacho Law Office; Founding Partner (current) Mar 2017 Auditor, Save the Children Japan (public interest incorporated association) (current) Jun 2019 Director of the Company (current)

1959-10-18

Hiroshi SHIMIZU

Director

Apr 1983 Joined Nippon Life Insurance Company Mar 2009 Executive Officer Mar 2012 Managing Executive Officer Jul 2013 Director, Managing Executive Officer Jul 2014 Managing Executive Officer Mar 2016 Senior Managing Executive Officer Jul 2016 Director, Senior Managing Executive Officer Apr 2018 Representative Director, President Jun 2021 Director of the Company (current) Jul 2022 Representative Director, President and Executive Officer, Nippon Life Insurance Company Apr 2025 Representative Director, Chairman, Nippon Life Insurance Company (current)

1961-01-30

Yoshiteru YONEYAMA

Director

Apr 1974 Joined Fukoku Mutual Life Insurance Company Jul 2002 Director Jul 2005 Managing Director Apr 2009 Director, Managing Executive Officer Jul 2010 Representative Director, President and Managing Executive Officer Jun 2022 Director of the Company (current) Apr 2025 Director, Chairman, Fukoku Mutual Life Insurance Company (current)

1950-06-23

Noriko IKI

Director

Apr 1979 Joined Ministry of Labour (now Ministry of Health, Labour and Welfare) Jul 2009 Director-General, Equal Employment, Children and Families Bureau, Ministry of Health, Labour and Welfare Jul 2010 Chief Research Fellow, Japan Institute for Labour Policy and Training (JILPT) Apr 2011 Chief Senior Research Fellow, JILPT Sep 2012 Director-General, Tokyo Labour Bureau, Ministry of Health, Labour and Welfare Apr 2014 Ambassador Extraordinary and Plenipotentiary to Brunei Darussalam, Ministry of Foreign Affairs Mar 2018 Director, 21st Century Job Foundation Jun 2018 President, 21st Century Job Foundation Jun 2023 Special Advisor, 21st Century Job Foundation Jun 2023 Director of the Company (current)

1956-03-21

Masao AMEMIYA

Director, Executive Officer

Mar 1987 Joined the Company Jun 2014 General Manager, HR Dept. Jun 2016 General Manager, Transportation Business Dept. Feb 2017 General Manager, Group Business Dept. May 2017 Representative Director, President, Gakunan Railway Co., Ltd. May 2017 Representative Director, President, Gakunan Densha Co., Ltd. Jun 2019 Executive Officer of the Company (current) Jun 2019 General Manager, Business Division Jun 2022 Director (current) Jun 2022 General Manager, Internal Audit Office and General Affairs Dept.; in charge of Office of the President, HR, Management Planning, Compliance; Chief Safety Officer Jun 2023 General Manager, Internal Audit Office and General Affairs Dept.; in charge of Office of the President, HR, Management Planning, Compliance Jun 2024 General Manager, Internal Audit Office and General Affairs Dept.; in charge of Compliance Jun 2025 General Manager, Business Division (current)

1963-04-28

Hiromasa IWATA

Director, Executive Officer

Mar 1989 Joined the Company Jun 2014 General Manager (equivalent treatment) Jun 2016 Representative Director, President, Sagamiko Resort Co., Ltd. Feb 2017 Representative Director, President, Fujikyu Highland Co., Ltd. Jun 2018 Executive Officer of the Company (current) Jun 2018 General Manager, Business Division Jun 2023 General Manager, Sales Dept. Jun 2023 Representative Director, President, Fujikyu Travel Co., Ltd. (current) Jun 2024 Director of the Company (current) Jun 2025 General Manager, CLTV Promotion Office and Sales Dept. (current)

1967-03-31

Mitsuharu AIOI

Director, Executive Officer

Mar 1993 Joined the Company Aug 2021 General Manager, Management Planning Dept. Jun 2022 Executive Officer of the Company (current) Jun 2022 General Manager, Management Planning Dept. (current) Jun 2024 Director of the Company (current)

1970-10-30

Yutaka SAITO

Director

Apr 2020 Executive Officer, Mitsui Fudosan Co., Ltd. Apr 2023 Managing Executive Officer, Mitsui Fudosan Co., Ltd. Apr 2024 Director, Tokyo Dome Corporation Jun 2024 Director, Managing Executive Officer, Mitsui Fudosan Co., Ltd. Apr 2026 Director, Group Senior Executive Officer, Mitsui Fudosan Co., Ltd. (current) Apr 2026 Representative Director, President and Executive Officer, Tokyo Dome Corporation (current)

Masanori HIROSE

Full-time Corporate Auditor

Mar 1981 Joined the Company Aug 2010 General Manager (equivalent treatment) Jun 2012 Executive Officer Jun 2012 General Manager, Transportation Business Dept. Jun 2013 Representative Director, President, Fujikyu Sales Co., Ltd. Jun 2014 Representative Director, President, Fuji Express Co., Ltd. Jun 2015 Executive Officer of the Company Jun 2015 General Manager, Internal Audit Office and General Affairs Dept. Jun 2018 Director Jun 2018 General Manager, General Affairs Dept. and HR Dept. Jun 2019 Managing Director; Managing Executive Officer Jun 2019 General Manager, Internal Audit Office, General Affairs Dept. and HR Dept. Jun 2020 General Manager, Internal Audit Office and General Affairs Dept.; in charge of Compliance Jun 2022 Full-time Corporate Auditor (current)

1958-03-07

Eiichiro KAZUHARA

Corporate Auditor

Mar 1980 Director, Mitsubishi Pencil Co., Ltd. Mar 1982 Managing Director, Mitsubishi Pencil Co., Ltd. Mar 1985 Vice President and Director, Mitsubishi Pencil Co., Ltd. Mar 1987 Representative Director, President, Mitsubishi Pencil Co., Ltd. Mar 2019 Representative Director, Chairman and President, Mitsubishi Pencil Co., Ltd. Mar 2020 Representative Director, Chairman, Mitsubishi Pencil Co., Ltd. (current) Jun 2020 Corporate Auditor of the Company (current)

1948-07-19

Mitsuyoshi SEKI

Corporate Auditor

Jul 2005 Executive Officer, The Yamanashi Chuo Bank, Ltd. Jun 2007 Director, The Yamanashi Chuo Bank, Ltd. Jun 2009 Managing Director, The Yamanashi Chuo Bank, Ltd. Jun 2011 Senior Managing Director, The Yamanashi Chuo Bank, Ltd. Jun 2015 Representative Director, Senior Managing Director, The Yamanashi Chuo Bank, Ltd. Jun 2017 Representative Director, President, The Yamanashi Chuo Bank, Ltd. Jun 2023 Corporate Auditor of the Company (current) Jun 2023 Representative Director, Chairman, The Yamanashi Chuo Bank, Ltd. (current)

1953-09-19

Koichi MICHIMOTO

Corporate Auditor

Mar 1985 Joined the Company Aug 2011 General Manager, Group Business Dept. Jun 2012 Representative Director, President, Fujikyu Department Store Co., Ltd. Jun 2013 Representative Director, President, Fujikyu Shizuoka Bus Co., Ltd. Jun 2013 Representative Director, President, Fujinomiya Fujikyu Hotel Co., Ltd. (now Hotel Fujikyu Co., Ltd.) Dec 2014 General Manager, Group Business Dept. Mar 2016 Representative Director, President, Hotel Fujikyu Co., Ltd. Feb 2017 Representative Director, President, Sagamiko Resort Co., Ltd. Jun 2017 Executive Officer of the Company (current) Jun 2017 General Manager, Group Business Dept. Apr 2018 General Manager, Business Division Jun 2020 Representative Director, President, Highland Resort Co., Ltd. Jun 2020 Representative Director, President, Hotel Fujikyu Co., Ltd. Nov 2021 General Manager, Safety Management Office (current)

Large Shareholding Reports

NIPPON ACTIVE VALUE FUND PLC

2026-07-31

2.06%→2.63%

NIPPON ACTIVE VALUE FUND PLC

2026-07-22

2.06%→2.63%

Dalton Investments, Inc.

2026-06-09

2.14%

FJ Co., Ltd.

2026-06-01

11.48%→11.58%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Annual report (as of 2026-03-31): 11.90%

FJ Co., Ltd.

2026-05-20

11.48%→11.58%

Annual report (as of 2026-03-31): 11.90%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-05

Q1 Earnings Flash

FY ending Mar 2027

FUJI KYUKO CO.,LTD.

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FUJI KYUKO CO.,LTD.

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