Vision <9416> has global WiFi business as its core, along with three sectors: Information Communications Services, Glamping Tourism.

The Global WiFi business accounts for 57.0% of revenue composition, providing unlimited packet overseas Wi-Fi router rental services for foreign visitors to Japan and overseas travelers. It covers over 200 countries and regions around the world, catering to corporate needs as well. In particular, 'Global WiFi for Biz' has gained the trust of corporate customers by adapting to various usage scenarios like sudden overseas business trips and telecommuting. Moreover, by expanding unlimited plans and services compatible with 5G communications, it enhances user convenience while strengthening competitive advantage. The number of users has exceeded a cumulative 21 million, maintaining a top-class position in the industry. In the customer demographics for overseas usage during the cumulative third quarter ending December 2024, on a case basis, corporations accounted for 53.9% and individuals 46.1%, while on a monetary basis, corporations represented 66.5% and individuals 33.5%. About 60% of the users are repeat customers and around 40% are new, with a diverse age range utilizing the service. Additionally, there is a focus on the sale of the eSIM service 'World eSIM', which is available in over 180 countries and regions.

The Information Communications Services business accounts for 39.1% of revenue composition, providing communication infrastructure and office equipment for both corporations and individuals. In particular, services for newly established corporations are a strength, responding to about 140,000 new corporate establishments annually through efficient sales strategies targeting startup companies. It has a strong position of trading with about 1 in 10 newly established corporations in Japan annually, adopting a stock-type business model that offers optimal solutions according to the growth stage. Furthermore, through a wide range of products and services like fixed communication, mobile communications, OA equipment, and website creation, it expands revenue by meeting customer needs based on their growth stage. By utilizing CRM for upselling and cross-selling, it also aims to maximize customer satisfaction and sustained revenue.

The Glamping Tourism business holds a 3.5% revenue composition, providing lodging services that blend natural experiences with private spaces, characterized by high-value experiences equipped with dome tents and open-air baths. This business is supported by customers seeking extraordinary experiences, with the recovery of domestic and international tourism demand acting as a tailwind. However, it is not a key business and there seems to be no plan for aggressively increasing facilities.

For the third quarter cumulative period ending December 2024, revenue reached 26,111 million yen, a 9.0% increase year-on-year, with operating profit landing at 4,317 million yen, up 16.1% from the previous year. The core Global WiFi business has steadily maintained corporate demand, with high demand noted in the data capacity 'unlimited plan' being the main driver of performance improvement. The utilization rates for the unlimited plan are 73% for corporations and 62% for individuals, and the areas offering the 'unlimited plan' expanded to 116 countries and regions in November. Additionally, the sales of the new product 'World eSIM' are progressing well, further strengthening the competitiveness of the business. The Information Communications Services business has also benefited from enhanced sales capabilities, achieving strong sales in OA equipment and mobile communication devices, along with the advancement of in-house stock service expansion, thereby improving revenue stability. The forecast for the full fiscal year's revenue is projected to be 36,145 million yen, a 13.6% increase from the previous year, with operating profit expected to be 5,707 million yen, up 33.3%.

In the medium-term growth image, expanding the business customer base in Global WiFi, strengthening overseas market expansion and M&A, and enhancing new services and cross-selling products will be the focus. Currently, the outbound demand from Japan to overseas occupies a large share, but there are plans to also consider inbound flows to Japan, as well as global expansion from overseas to overseas, indicating significant potential for revenue growth. Furthermore, in the Information Communications Services business, there will be a reinforcement of products, services, and business models to maximize in-house stock services. There are also plans for the expansion of SaaS and bookkeeping services, with a company-wide target of first achieving operating profit of 10,000 million yen. Moreover, the market size for the international tourism market, to which the Global WiFi business belongs, recorded 1.46 billion international tourist arrivals in 2019 and is showing signs of recovery post-pandemic. In Japan, the government goal aims to increase the number of foreign visitors to Japan to 60 million annually by 2030, expecting a rise in inbound demand. In addition, the Information Communications Services market sees around 140,000 new corporate establishments annually in Japan, continuously expanding the demand for communication infrastructure development.

Recently, changes to the shareholder benefit program have also been announced. The three-item set 'KO SHI KA | こしか' will discontinue the exchange for two vouchers of 3,000 yen due to rising costs and manufacturing constraints. However, for shareholders holding 300 shares or more, a voucher worth 3,000 yen per item for 'Global WiFi' and 'VISION GLAMPING Resort & Spa', along with a gift card worth 15,000 yen will be presented. In this favorable market environment with strong performance and expansion, active shareholder returns by the company are worth keeping an eye on for future developments.