Term September 2023, 4Q

Financial
Results

AirTrip Corp.
Tokyo Stock Exchange Prime: 6191
2023/11/14"Re-Start"- Beginning of the second stage after listing - AirTrip Group will restart -FY23.9 4Q "Re-Start"- Achieved a YoY increase in full-year operating profit (before impairment deductions) of 3.73 billion in FY23.9 3Q!

FY23.9 entered the third term of the growth strategy "AirTrip "Re-Start”",
we achieved full-year operating profit (before impairment deductions) of ¥ 3.73 billion,a significant increase compared to the previous year!
Unit: (0.1 billion yen)

- AirTrip travel business also continued to increase profit YoY (Full year results)

FY21.9(Full year results)

FY22.9(Full year results)△8.99 bn yen

4.05 bn yen

2.55 bn yen

FY20.9(after impairment losses)(before deduction of
impairment losses)

1st Stage△9.0

FY23.9(1Q results)

FY23.9FY23.9(2Q results)(3Q results)

FY23.9 ※1(4Q results)

Impairment
loss
included(Full year results)

3.73 bn yen

Under the growth strategy "AirTrip "Re-Start,
Airtrip travel business is growing at a higher level than in thesame period of the previous year, continued to build up
business revenues in the fourth quarter of FY23.9.

(before deduction of
impairment losses)(before deduction of
impairment losses)

2.39 bn yen

3 bn yen(after impairment losses)(Earnings Forecasts)(“Re-start” from FY21.9)

10.8
△3.6

Impairment
loss
included△89.9(after impairment losses)

10.0(after impairment
losses)

5/15
Publicdisclosure

5.8

Consolidated operating income(before deduction of impairment loss)

Full year results

Impairment
loss
included

30.0
23.9

(after impairment
losses)Consolidated operating income(after impairment losses)

Impairment
loss
included

37.3
21.9

△82.0

△13.3

10.7

31.5
(afterimpairment(after impairment
losses)losses)△7.9(Full Year Result
Forecast)※1

2nd Stage(from listing to FY20.9)(before deduction of
impairment loss)

FY23.9FY23.9Full year results

1Q Total

2Q Total

3Q Total(FY23.9)(FY23.9)(FY23.9)

Full Year Total

4Q Total (before deduction(FY23.9)of impairment
loss)

Full Year Total After Upward(afterRevision
impairment Full Year Earnings
losses)
Forecast(Planned value)※1: The above 4Q results and full year results are preliminary figures at this time and may differ from actual results.

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2

FY23.9 4Q "Re-Start"- Aim to expand operating income to 5 billion yen and 10 billion yen by launching one business each year -Aim to expand operating income to 5 billion yen and 10 billion yen
by launching one business each year
- Strategically strengthen the AirTrip Economic Zone by promoting diversified business development -Aim for further business growth by providing DX support tailored to customer needs through a hybrid, all-in-one
system that combines the upstream design capabilities and abundant offshore development capabilities of HybridTechnologies (TSE Growth listing: 4260)

In the domestic travel area, we aim to significantly expand earnings through strategic marketing investment in response to theincrease in domestic travel demand triggered by nationwide travel support, in the overseas travel area, we aim to restore
overseas travel demand due to the relaxation of waterfront measures in countries around the world, aiming to achieve thefastest business growth in the travel industry by enhancing products and promoting optimal UI/UX improvement of the website
through strengthening cooperation with various airlines and major hotel suppliers around the world.

AirTrip
Travel Business

IT Off-shore
Development
Business

Aim to become the No.1 creator-first platform throughsynergy-generating business growth between the platformbusiness, including "Magmag! Live", and advertising businessin four web-based media outlets.

Media
Business

Inbound Travel
Agency / Wi-Fi
Rental BusinessEconomic Zone
Promote business portfolio building by leveraging the AirTrip Group's assets,
including its strengths in business growth, marketing, system development, brand, financing,customer base, and management team

Regional
Revitalizing
Business

Cloud Business※Investment targets focus on※Preparing for listing※Preparing for listingWith Kanxashi as the core, aim for a more convenient world by developing
mainly cloud services to improve operational efficiency in the lodging
industry and consolidating expanded channels and scattered data.

Investment
Business(AirTrip CVC)

Healthcare
Business※Preparing for listingWith N's Enterprise as the core, aim to expand the number of peopleinteracting with each other and revitalize local economies by developing
solutions based on "tourism tech" and "HR tech" in order to solve social
issues such as the lack of population in rural areas.

With Inbound Platform (TSE Growth Listing: 5587) as the core,
aim to create new value in the market for foreign visitors andresidents in Japan by promoting the development of various
services that make the most of Japan's attractive cultural andtourist resources to meet the diverse needs of foreign visitors
and residents in Japan.

As an investment business (AirTrip CVC), aim tostrategically expand and strengthen the AirTrip
economic zone by actively investing in growth areas
with a high probability of IPO, utilizing our investment
knowledge and experience that have realized the
IPOs of 15 companies so far.

With Pikapaka as the core, aim to become a content platform that connects people and society in the
medical/healthcare/well-being field by developing DX support services for medical institutions, planningand operation services for PCR testing centers, and cloud-based corporate travel support services as awelfare business.

Copyright © AirTrip Corp. All Rights Reserved.

3

FY23.9 4Q "Re-start" - Executive Summary -●Y23.9 consolidated business results: Transaction volume: 104.5 billion yen, Net sales: 23.1 billion yen, Operating income (before impairment
losses): 37.3 billion yen
Positioning the current term as the third term of the second stage "Re-Start" after listing, and under the medium- to long-term growth strategy"AirTrip 5000" and the growth strategy "AirTrip "Re-Start"" for FY23.9, the company continued to build up business earnings throughout the
fiscal year, and achieved significant year-on-year increases in both sales and profit.
In particular, the AirTrip travel business grew significantly over the same period last year, exceeding 100 billion yen in full-year transaction volume
for the first time since FY19.9 before the COVID19.

●

In the AirTrip travel business, we steadily capture domestic travel demand, especially in conjunction with the increase in demand associated withthe transition of the COVID-19 virus to Class 5, and continue to make strategic marketing investments to drive the overall business portfolio as apillar of earnings.
Existing business areas other than travel business [IT Off-shore Development Business, Inbound Travel Agency and Wi-Fi rental business, media
business, investment business (AirTrip CVC), regional revitalizing business, and cloud business] are generally performing well, and we will
promote further business portfolio building to strategically build and strengthen the "AirTrip Economic Zone".

●The Inbound Travel Agency and Wi-Fi rental business performed well, steadily capturing the recovery of inbound demand, and Inbound Platform(Securities Code: 5587), a core subsidiary, is newly listed on the Growth Market of the Tokyo Stock Exchange.

●

In the investment business (AirTrip CVC), AVILEN (Securities Code: 5591) and Japan M&A Solution (Securities Code: 9236), in which wehave invested, were listed on the Tokyo Stock Exchange Growth Market, making them the 15th IPOs for our portfolio companies.
In addition, the '2nd AirTrip CVC Awards' will be held in January 2024.

●

FY24.9 full-year forecast disclosed with 120 billion yen in transaction volume and 26 billion yen in sales.
Announced the growth strategy "AirTrip 2024" for the current fiscal year, aiming to achieve a consolidated group transaction volume of 500 billion
yen as quickly as possible, ahead of the target set when the mid-term growth strategy "AirTrip 5000" was announced, by expanding earnings in the
AirTrip travel business and continuing growth in the six existing businesses other than the travel business.

●

AirTrip Group aims for never-ending growth by achieving the mid- to long-term growth strategy "AirTrip 5000" and expanding operating income to 5
billion yen and 10 billion yen by promoting strategic business portfolio building through the launch of at least one new business each year.
Copyright © AirTrip Corp. All Rights Reserved.

4

FY23.4Q Financial Summary

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5

Investment Business (AirTrip CVC) - Continue Investments in Further Growth Areas Investment Business(AirTrip CVC)

Continue to invest aggressively in growth areas
Cumulative operating investments in 123 companies,
total investment amount of approx. 5 billion yen※As of September 30, 2023･･･etc※Investments in our subsidiaries and affiliates (total of 4 companies, total investment amount of 3.4 billion yen) are excluded from the above total.
Copyright © AirTrip Corp. All Rights Reserved.

6

Transaction Volume Trends

Transaction volume: 104.5 billion yen, 196% compared to the previous quarter
Achieved over 100 billion yen for the first time since FY19.9 before COVID-19- Significant increase due to growth of AirTrip travel business Consolidated
transaction volume(0.1 billion yen)

※Changed to "transaction volume before cancellations" from FY19.4Q.
Copyright © AirTrip Corp. All Rights Reserved.

7

Sales Revenue Trends

Sales Revenue: 170% compared to the previous quarter
Significant increase due to growth of AirTrip travel business
Consolidated sales revenue(million yen)

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8

Operating Income Trends

Operating income: 107% compared to the previous quarter
Trend in profit growth due to growth of AirTrip travel business
Consolidated operating
revenue (million yen)

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9

Income Statement Overview

Revenues, gross profit and operating income
increased from the previous year
FY22.4Q
Amount(Million yen)

FY23.4Q

Ratio to Net Sales

AmountRatio to Net Sales

Transaction amount

53,463

ー

104,547

ーSales revenues

13,589100.0%

23,162100.0%

Gross profit

7,579

55.7%

13,606

58.7%

2,553

18.7%

3,732

16.1%

2,243

16.5%

2,398

10.3%

1,712

12.5%

1,489

6.4%

Operating income(Before Impairment
Losses, etc.)
Operating income(After Impairment
Losses, etc.)
Current net income
attributable toparent company

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10Impairment Losses and Valuation Losses

Making early conservative judgments on the outlook for each businessand strategically recording valuation losses, impairment losses, etc.
- Recorded approximately 1.3 billion yen for the group as a whole Impairment losses on certain assets in each business (approximately 1.3 billion yen in total for the group)
Reevaluation ofoperating investees（4Q）

The Company conducted a more conservative reevaluation of business investments that have beenin operation for a long period of time, based on the probability of IPO, achievement of business plans,
etc. Write-downs were recorded for business investments that have changed significantly from theoriginal plans and forecasts.

Write-downs related
to subsidiary business（4Q）

Losses on investments in software and other fixed assets at Magmag and other subsidiaries.

Write-down of parent
company's business（4Q）

Losses on investments in software and other fixed assets recorded at the parent company

Copyright © AirTrip Corp. All Rights Reserved.

11Summary of Balance Sheet

Equity capital steadily remains
due to the accumulation of profits
Cash position further improved due to subsidiary listing, etc.
FY22.4Q

FY23.4Q(Million yen)

Change in AmountCurrent assets

18,386

24,463

6,077

Cash and deposits

8,954

12,4383,484

Operating investment
securities, etc.

6,035

6,847

812

Non-current assets

5,748

6,397

649

Total assets

24,13530,860

6,725

Debts

14,226

17,421

3,195

Favorable debt

6,017

4,250

△1,767

Total capital

9,908

13,4383,530

Equity ratio

41.0%

43.5%

+2.5%

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12

FY23.9 Full-Year Results (Actual) vs. Full-Year Forecast

Operating income (before impairment and other items) for FY23.9
significantly exceeded the upwardly revised forecast- Continuing strong and solid business progress due to diversification and restructuring of business portfolio - Recording of strategic impairments, etc., in the settlement of accounts (Million yen)
FY23.9Full Year Earnings
Forecast

Net Sales
Operating income(Before Impairment
Losses, etc.)
Operating income(After Impairment
Losses, etc.)
Current net income
attributable to parent
company(Forecast at the
beginning of the term)

FY23.9
Revised※Full-Year
Earnings Forecast(Recent Forecast)

FY23.9Full Year Results(Actual Value)

Difference(vs. Recent Forecast)

17,00024,00023,162

△838

1,000

3,000

3,732

732

1,000

3,000

2,396

△604

700

2,000

1,487

△513

※The above revised full-year forecast is the full-year consolidated earnings forecast plan after the second upward revision of the current fiscal year announced on May 15, 2023.

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13

FY23.4Q Key KPIs Trends

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14

Key KPIs Trends - FY23.9 4Q Gross Profit Trends:
The domestic travel domain led the overall business portfolio, achieving the highest level of gross profit ever!

The domestic travel domain steadily captured summer travel demand, driving the overall business portfolio.
Other business area continued strong and solid business progress, achieving a record-high gross profit!
- Steadily capturing the growing travel demand associated with the transition to the 5th category,overseas travel area also increased significantly year-on-year Due to continued support fornationwide travel
the domestic travel businessincreased significantly from theprevious year, and overseas travelbusiness is also on a recovery trend.

(0.1 billion yen)

Other Business Areas

Domestic travel area significantly
increased YoY due to the shift to Class
5.
Recovery trend in the overseas travel
area.

Past record-high gross profit level
maintained due to significant growthin domestic travel after nationwide
travel support

Domestic travel remains at a solidly
high level, and recovery and growth
are expected in the overseas traveland other businesses

The start of nationwide travel support
has been a tailwind,the domestic travel area steadily
progressed
at a high level,
driving the overall portfolio.

Overseas Travel Areas
Domestic Travel Areas

FY22.9FY23.9Copyright © AirTrip Corp. All Rights Reserved.

※The above gross profit figures are preliminary figures for the Group's business management.

(preliminary
figures)(expected
value)

FY24.9(expected
value)

15

Key KPIs Trends FY23.9 4Q SG&A: Fixed cost remains lower than before COVID-19 due to continued SG&A reduction

Fixed cost continue to be lower than before COVID-19
due to ongoing review and reduction of S.G.&A. in the COVID-19 disaster- 4Q SG&A expenses were controlled at approximately ¥0.9-1.03 bn per month (0.1 billion
yen)
10.0

Variable
costs
Fixed
costs

4.0

Optimization of variable costs and advertising expenses
Variable costs
Increase in outsourcing expenses to meet travel demand
Quality improvement of CS system by increasing outsourcing costs by eachdepartment

8.0

7.1

6.8

6.0

AdvertisingexpensesContinue to optimize advertising expense to gross profit ratio

Continue to control labor costs and reduce other fixed costs

3.6
4.0

6.4

Personnel
costs

2.0

Optimization of personnel structure linked to travel demand
Reduce commuting costs by combining some remote works

2.0

2.6

2.9

3.2

3.2

0.0

20.2

21.9

22.9

23.9

23.10~12 ※FY20.9FY21.9FY22.9FY23.9FY24.9※These are planned figures and may differ from actual figures.

Copyright © AirTrip Corp. All Rights Reserved.

Other fixed costs
Optimization of system maintenance costs for infrastructure management
Reduction of land rent, etc. through combined use of remote works
Review and reduction of other fixed costs by each department

16

Key KPI Trends: Ratio of advertising expenses to gross profit of FY23.9 4Q: Execute strategic advertising
investment for "Profit Recovery Phase" by leveraging the recognition gained in the "Advertising Investment Phase"
AirTrip Travel
Business

By leveraging the recognition gained in the "Advertising Investment Phase” by FY19.9,
strategically invest in advertising to meet the current increase in travel demand
Advertising expenses as a percentage of gross profit decreased compared to FY19.4Q
due to an increase in the organic ratio- Gross profit recovered to the same level as in FY19.4Q, while advertising expenses decreased
compared to FY19.4Q -Gross profit

Advertising Costs
Advertising costs as a %of gross profit

Strategically invest in advertising
to meet the current increase in travel demand

Promoting awareness raising
as an advertising investment phase
until FY19.9

Raise awareness throughstrategic marketing investment

44.32%
32.47%

36.15%(ActualValue)

Organic ratio improvement

16.40%
Gross profit recovered to the same level as in
FY19.4Q
Advertising expenses decreased, advertisingexpense ratio △8%15.88%

FY19.4Q

FY20.4Q

FY21.4Q

FY22.4Q

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FY23.4Q
17

Key KPIs Trends Variable cost to gross profit ratio of FY23.9 4Q: Continue to optimize variable cost to gross profit ratio

Variable costs continue to optimize variable cost to gross profit ratio despite
increased marketing investment and operational costs due to rising travel demand- Strategic control of variable costs in response to fluctuations in travel demand By reviewing SG&A expenses,
convert some fixed costs to variable costs

Continued to optimize variable costs as apercentage of gross profit

Gross profit
Variable costs
Variable costs as % ofgross profit

53.22%

51.47%
38.34%

37.67%

53.96%

44.80%※

FY19.9FY20.9※These are planned figures and may differ from actual figures.

FY21.9FY22.9Copyright © AirTrip Corp. All Rights Reserved.

FY23.9FY24.918

Key KPIs Trends - FY23.9 4Q CVR and cross-sell rate:
Overall demand for travel is on the rise, and both CVR and cross-sell rates are recovering!
AirTrip Travel
Business

The most important KPI, CVR and cross-sell rate, also grew significantlywith the rise in travel demand!
- CVR was 105% compared to FY22, and cross-sell rate was 173% compared to FY19,
Gross profit at record high level -

CVR

※2

※1

Cross-sell rate

(FY23 actual results)

105％(FY23 actual results)

173％

Significantly
UP※Compared to FY22

Significantly
UP※Compared to FY19

※1 Calculated as a weighted average of domestic and overseas airfare, hotel, and DP.
※2 Calculated as a weighted average of domestic and overseas hotels (including DP), car rentals, and insurance
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19

Key KPIs Trends FY23.9 4Q Organic gross profit: Record-high level even at the end of the nationwide travel support program!
AirTrip Travel
Business

Organic gross profit, the most important KPI
Organic gross profit, the most important KPI, reached a record high leveleven at the end of the nationwide travel support program!
- Significant increase of 168% compared to FY22.4Q! Organic Gross Profit

FY22.4Q

Continuously achieved record-highlevels due to the accumulation ofrecognition over the years and theincrease in the number of loyal users

FY23.1Q

FY23.2Q

FY23.3Q

FY23.4Q※Aim at gross profit from sales to customers not via advertising or metasearch(from natural searches for AirTrip keywords and inflows via apps, etc.)
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20

Growth of Other Focused Products While airline ticket sales grew, bookings for other products also increased
AirTrip Travel
Business

While airline ticket products are driving growth,
other focused travel products are also running side by side,achieving a significant increase in bookings!
- Other focused travel products grew by 236% compared to FY22.4Q! Number of airline ticket
bookings
Number of bookings forother focused products ※FY20.4Q

Increased bookings for both
domestic and international
travel, as well as other focusedtravel products

FY21.4Q

FY22.4Q

FY23.4Q※ The figures are the sum of domestic and international car rental, insurance, hotel, and airfare + hotel.
Copyright © AirTrip Corp. All Rights Reserved.

21

Most Recent Actions and Results

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22Marketing - Branding measures and overseas appeal promotion AirTrip Travel
Business

TV commercials, traffic advertisements, and YouTube promotions
in conjunction with the "AirTrip Overseas Travel Support Campaign"!
AirTrip TV-CM "Motion & Overseas Travel Support 2023" version

AirTrip TV-CM "A Woman Who Does Not Sell at a Discount Brand &Overseas Travel Support 2023" version

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23

Gross profit in the domestic travel area - Achieved significantly higher level than the same period of the previous
year by capturing the recent increase in travel demand
AirTrip Travel
Business

Gross profit in the domestic travel area and strategic marketing investment
in response to the current rising demand for travel
achieved a significantly higher level than in the same period of the previous year
- Achieved 162% YoY growth in September, and continued to achieve YoY growth in gross profit 2023 Gross Profit
2022 Gross Profit

22.7

Aug Gross
ProfitYoY 144%

Jul Gross
ProfitYoY 152%

23.7

22.8

23.8

Sep Gross
ProfitYoY 162%

22.9

23.9

※ The above figures are gross profit (preliminary figures) for domestic airline tickets, domestic airline tickets + hotels,
domestic hotels, and domestic tours combined.
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24

Domestic and International Airline Tickets, Hotels, and AirTrip Plus (Airline Tickets + Hotels) –Study of Sales Methods in the After-COVID-19 Era AirTrip Travel
Business

Aiming to further improve customer service, opened the "AirTrip Trouble
Hotline" for feedback and complaints- AirTrip is "Making Fans Every Day! -AirTrip has established the "AirTrip Trouble
Hotline" for all AirTrip services, where you cansend your comments and complaints directly tothe person in charge, on all service pages and in
the e-mail sent to customers who have applied
for AirTrip services.

A link to the hotline is provided oneach service page and in the e-mailsent to customers who have applied
for the service.

■ AirTrip Trouble Hotline (https://www.airtrip.jp/hotline)

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25

(Reiteration) Inbound Platform, a subsidiary of the Company, is listed on the Growth Market of the Tokyo Stock Exchange - Our
13th IPO Project in which we have invested InboundTravel Agency

Inbound Platform (Securities Code: 5587),
a core company in the inbound travel and Wi-fi rental business,achieved listing on the Growth Market of TSE
This will be the third group company to go public,
following the September 2020 listing of Magmag (Securities Code: 4059)
and the December 2021 listing of Hybrid Technologies (Securities Code: 4260),
further strengthening the AirTrip Group's business foundation.

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26

(Reiteration) Investment Business (AirTrip CVC) - Management integration through M&A of N's Enterprise, asubsidiary of the Company, and Kanxashi, a cloud computing company invested in by AirTrip CVC Investment Business(AirTrip CVC)

Notice of Management Integration through M&A
of N's Enterprise, a subsidiary of the Company, and Kanxashi,a cloud computing company invested in by AirTrip CVC- For every IPO or M&A, AirTrip makes a donation to the Japan Future Sports
Promotion Association, which supports children who are unable
to participate in sports due to financial hardship or other reasons -Cloud Business

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27

Investment Business (AirTrip CVC)- The AirTrip CVC Award 2023 will be held in January 2024! Investment Business(AirTrip CVC)

The "2nd AirTrip CVC Award" will be held on Tuesday, January 30, 2024!
- Pitch Contest! Now inviting companies to participate! -

123

84

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15※For more information, please clickhere.

28

Mid- to Long-term Growth Strategy "AirTrip 5000"- Growth Strategy Aiming for Consolidated Group
Transaction Value of 500 Billion Yen -Copyright © AirTrip Corp. All Rights Reserved.

29

What the Med- to Long-term Growth Strategy "AirTrip 5000" Aims for Aiming for endless growth to achieve 500 billion yen in consolidated group transaction volume

Med- to long-term growth strategy "AirTrip 5000"(updated November 2023)

5000
Aiming for endless growth to achieve 500 billion yen inconsolidated group transaction volume
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30

Roadmap for Med- to Long-Term Growth Strategy "AirTrip 5000” Aiming for 500 billion yen in consolidated group transaction volume through sustained, discontinuous growth

Aiming for 500 billion yen in consolidated group transaction
volume through sustained, discontinuous growth
FY2024
Performance Targets

FY2025-27
Performance Targets

FuturePerformance Targets

Transaction amountTransaction amountTransaction amount

120 bn yen

150 bn yen

500 bn yen

Net Sales

Operating income

Operating income

26 bn yen

5 bn yen

not yet fixed

Strategy
3

Through aggressive investment in growth areas
creation of new business platform and IPOs

Strategy
2Continued growth of existing non-travelbusinesses

Strategy
1

Through strategic marketing investment
thoroughly strengthen the AirTrip Travel
Business

Changes in the Group's consolidated
transaction volume

New business including M&A
Existing businesses other than travel business

AirTrip Travel Business

Consolidate
Transaction
amount

FY2016FY2017FY2018FY201927.7 bn

40.3 bn

83.1 bn

146.0 bn

yen

yen

yen

yen

FY2020

FY2021

FY2022

FY202372.7

33.6 bn

53.5 bn

104.5 bnbn yenyen

yenMothers Listing

TSE First Section
Listing

DeNA Travel
M&A

DeNA Travel
PMI

FY2025-26

FY2026-28

Future
Image

120.0

150.0

300.0 bn

5,00.0 bn

Operating income
10 bn yen plan

AirTrip 5000
Achievedbn yenbn yenyenyen

2nd stage (from FY21.9 to "Re-start")

1st stage (from listing to FY20.9)
Business
Stage

yen

FY2024

Subsidiary Magmag
Listing

Affiliated company
Hybrid Technologies
listing
Record operating income
4.05 billion yen achieved

Subsidiary Inbound
Platform Listing

Net Sales
26 billion yen

Operating income
2.5 bn yen achieved(before deduction of
impairment loss)

Copyright © AirTrip Corp. All Rights Reserved.

Operating income
3.7 bn yen achieved(before deduction of
impairment loss)

Operating income
5 bn yen plan

※Expected to be achieved
ahead of schedule31

Action Plan for Medium- and Long-term Growth Strategy "AirTrip 5000"

Action Plan to achieve "AirTrip 5000" in the fastest possible time
- By continuing growth of 5 existing businesses + new businesses with the AirTrip travel business as a pillar,
strategically achieve discontinuous growth of the entire AirTrip Group-

Aiming to achieve 500 billion yen
in consolidated group transaction
volumeStrategy3Strategy2Strategy1With aggressive investment in growth areas
creation of new business platform and IPOs

Continued growth in existing businesses

Thoroughly strengthen the AirTrip travel businessthrough strategic marketing investment

Target achievementyear

FY2025 - 2027

Future Goals

Performance
Targets

Transaction volume: 150 billion yen /Operating income: 5 billion yen

Transaction volume 500 billion yen

AirTrip
Travel Business<Achieve dramatic growth through strategic marketing investment>- Target 150 billion yen in transaction volume and 5 billion yen in operating income<Create innovative innovations that will lead the travel industry>- Target 450 billion yen in transaction volume and 9 billion yen in operating income

IT Off-shore
Development
Business<Achieve large-scale growth by capturing development needs in all directions>- Focus on acquiring high-unit-price projects such as consulting and agile
development<Transformation into an industry-leading offshore development company>- Capture the offshore development industry with low cost, wide range, and highquality

Inbound Travel
Agency/ Wi-Fi
Business<Strengthening the service base to capture inbound demand>- Promote development and diversification of services for inbound demand<Capture the inbound industry through the development of diversified
services>- Capture significant inbound demand by diversifying services

Media Business<Strategic investment to expand platform business earnings>- Build platform business foundation through strategic investment<Realization of the No. 1 creator 1st platform in the industry>- Significantly expand market share by leveraging creator base

<Produce more "IPOs" through aggressive investment in growth areas>- Target to invest in over 200 companies and IPO 30 companies in total.

<Continue to produce "large-scale IPOs" through strategic investments>- Target to invest in over 300 companies and IPO 50 companies in total.

<Taking on the challenge of local issues through tourism tech and HR tech>- Challenging social issues in rural areas with two tech solutions<Transform into an industry-leading corporate entity that can provide solutions
to local issues>- Leading the industry in Regional Revitalizing by leveraging our expertise in solving
regional issues<Deployment of cloud services to improve operational efficiency in the lodging
industry>- Deployment to more than 5,000 lodging facilities nationwide<Achieving the industry's top market share in this category>- Maximize synergies with AirTrip's travel business and Regional Revitalizing
business

Investment Business(AirTrip CVC)
Regional
Revitalizing
Business

Cloud Business

Copyright © AirTrip Corp. All Rights Reserved.

32

Medium- to Long-Term Growth Strategy "AirTrip 5000" - Policy for SDGs Initiatives

Through various initiatives to achieve the SDGs,
continue endless growth and contribute to the sustainable development of Asia
- Aiming to further enhance corporate value to improve satisfaction of all stakeholders -Workplace
Reforms
Initiatives
Contributing
to
Local
Communities

PromotingInnovation

PublicHealthInitiatives

Contribution toSports SDGs

Globalization
and Diversity

Copyright © AirTrip Corp. All Rights Reserved.

33

FY23.9 4Q "Re-start" - Executive Summary (reiterated)●

Y23.9 consolidated business results: Transaction volume: 104.5 billion yen, Net sales: 23.1 billion yen, Operating income (before impairment
losses): 37.3 billion yen
Positioning the current term as the third term of the second stage "Re-Start" after listing, and under the medium- to long-term growth strategy"AirTrip 5000" and the growth strategy "AirTrip "Re-Start"" for FY23.9, the company continued to build up business earnings throughout the
fiscal year, and achieved significant year-on-year increases in both sales and profit.
In particular, the AirTrip travel business grew significantly over the same period last year, exceeding 100 billion yen in full-year transaction volume
for the first time since FY19.9 before the COVID19.

●

In the AirTrip travel business, we steadily capture domestic travel demand, especially in conjunction with the increase in demand associated withthe transition of the COVID-19 virus to Class 5, and continue to make strategic marketing investments to drive the overall business portfolio as apillar of earnings.
Existing business areas other than travel business [IT Off-shore Development Business, travel to Japan and Wi-Fi rental business, media
business, investment business (AirTrip CVC), regional revitalizing business, and cloud business] are generally performing well, and we will
promote further business portfolio building to strategically build and strengthen the "AirTrip Economic Zone".

●The Inbound Travel Agency and Wi-Fi rental business performed well, steadily capturing the recovery of inbound demand, and Inbound Platform(Securities Code: 5587), a core subsidiary, is newly listed on the Growth Market of the Tokyo Stock Exchange.

●

In the investment business (AirTrip CVC), AVILEN (Securities Code: 5591) and Japan M&A Solution (Securities Code: 9236), in which wehave invested, were listed on the Tokyo Stock Exchange Growth Market, making them the 15th IPOs for our portfolio companies.
In addition, the '2nd AirTrip CVC Awards' will be held in January 2024.

●

FY24.9 full-year forecast disclosed with 120 billion yen in transaction volume and 26 billion yen in sales.
Announced the growth strategy "AirTrip 2024" for the current fiscal year, aiming to achieve a consolidated group transaction volume of 500 billion
yen as quickly as possible, ahead of the target set when the mid-term growth strategy "AirTrip 5000" was announced, by expanding earnings in the
AirTrip travel business and continuing growth in the six existing businesses other than the travel business.

●

AirTrip Group aims for never-ending growth by achieving the mid- to long-term growth strategy "AirTrip 5000" and expanding operating income to 5
billion yen and 10 billion yen by promoting strategic business portfolio building through the launch of at least one new business each year.
Copyright © AirTrip Corp. All Rights Reserved.

34

FY24.9 Growth Strategy "AirTrip "Re-Start""- Growth strategy to achieve the Med- to Long-term Growth Strategy"AirTrip 5000" in the fastest time possible -Copyright © AirTrip Corp. All Rights Reserved.

35

FY24.9 Growth Strategy "AirTrip "Re-Start"" - Growth strategy to achieve "AirTrip 5000" at the fastest pace

Growth Strategy to Achieve "Re-Start" "AirTrip 5000" in the Fastest Time Possible- By continuing growth of 7 existing businesses + new businesses, with the AirTrip travel business as the main pillar,
strategically achieve discontinuous growth of the entire AirTrip Group(Revenue)

3
2

New businessdevelopment

With aggressive investment in growth areas
creation of new business platform and IPOs

Cloud
Business

Venturedevelopment
Regional
Revitalizing
Business

Capital andBusiness
Alliance

Existing businesses outside the travel domain+ Continued growth of new businesses

Investment
Business

M&A
Media
Business1

Thoroughly strengthen the AirTrip travel businessthrough strategic marketing investment

Inbound Travel
Agency / Wi-Fi
Business
IT Off-shore
Development
Business

AirTrip Travel
Business

1st Stage

2nd Stage(From listing to FY20.9)(From FY21.9 to “Re-Start")(time)
Copyright © AirTrip Corp. All Rights Reserved.

36

FY24.9 Growth Strategy "AirTrip 2024" - FY24.9 Earnings Forecast

FY24.9 Continued to promote strategic diversification
and restructuring of the business portfolio
by implementing the "AirTrip 2024" growth strategy!
- FY24.9 forecast is 120 billion yen in transaction volume and 26 billion yen in sales (Million yen)

FY24.9Forecast at the beginningof the period

Transaction
amount120,000

Net Sales

26,000Operating income-

Net income-

Dividends-

Policies for Earnings Forecasts
Conservative assumptions are used for the forecast, mainly for existing businesses, taking
the following factors into consideration:- Expansion of earnings in the AirTrip travel business- Expand earnings through diversification and restructuring of business portfolio"Not disclosed" because the impact of the following factors on the profit side of thebusiness performance cannot be foreseen at this time, and it is difficult to make a properand reasonable calculation.
- The Group is currently considering proactively investing in the future, launching new
businesses, and considering M&A with the aim of achieving the mid- to long-term growthstrategy "AirTrip 5000" at the fastest possible pace.
- To strengthen the AirTrip economic zone by restructuring the business portfolio in apositive manner.
- Aiming for a dividend payout ratio of 20% level

Copyright © AirTrip Corp. All Rights Reserved.

37

FY24.9 Growth strategy "AirTrip "Re-Start"" Expand the AirTrip Group's business portfolio by launching a new business, the "Cloud Business"

Launched "Cloud Business" as a new business,aiming to further expand the business portfolio of the AirTrip Group!

ITオフショア開発事業

投資事業

IT Off-shore Development
Business

Investment business※Focus at theportfolio company

エアトリ旅行事業
AirTrip Travel

訪日旅行事業／Wi-Fi事業

ヘルスケア事業

Inbound Travel Agency /Wi-Fi Rental Business

Health Care businessNew

メディア事業Media business

クラウド事業
Cloud business
Copyright © AirTrip Corp. All Rights Reserved.

地方創生事業
Regional Revitalization business38

FY24.9 Growth Strategy "AirTrip "Re-Start"" - AirTrip Travel Business
AirTrip Travel
Business

Expanding earnings at the fastest pace in the industry through strategic marketing investmentsthat accurately capture the diverse travel demand that will serve as a growth engine- Aiming for dramatic growth as a pillar of the entire group's business portfolio Growth Strategy for the AirTrip Travel Business●●

Action Plan for AirTrip Travel BusinessIn the domestic travel area, high growth is achieved by steadily capturing rising
travel demand through nationwide travel support and by expanding rental car,bullet train, and bus products, which are the new focus products of the company,
aiming for the fastest earnings growth in the industry through strategic marketinginvestments made throughout the year.

<Expansion of new focused products and implementation ofpoint measures>

In the overseas travel area, steady recovery trend in FY23.9 is expected tocontinue in FY24.9, but it will take a certain amount of time until overseas travel
is in full swing and is expected to remain sluggish. Further recovery in demand
expected in 3Q transition, the company aims to achieve an early recovery inearnings by expanding its product lineup to meet new overseas travel demandand optimizing UI/UX improvements.

<Thorough UI/UX improvements to improve CVR>

(Revenue)- Expansion of car rental, Shinkansen, and bus products- Retain repeat customers by offering large point reduction programs

Domestic
Travel<Strengthen brand power through strategic marketinginvestment><FY24.9 Estimated revenue transition of
AirTrip's travel business>- Continuation of AirTrip branding in various fields- Strategic marketing investment in response to increased or decreased demand- Increase awareness through SNS marketing such as Twitter, etc.
- Implementation of tie-up projects with airlines and accommodation facilities

Domestic Travel Areas
Overseas Travel Areas

Overseas
Travel
1Q

2Q

3Q

4Q

- Improve UI/UX to accurately capture diverse travel demands- Designing a user-friendly user interface and enhancing new functions to improvecustomer convenience<Execution of measures for early profit recovery to capture
steady demand recovery>- Strategic marketing investment for overseas travel demand- Expand product lineup to meet new overseas travel demand- Thorough UI/UX improvement to increase CVR(Time)
Copyright © AirTrip Corp. All Rights Reserved.

39

FY24.9 Growth strategy "AirTrip "Re-Start"" IT Offshore Development / Inbound Travel / Wi-Fi / Media / Regional Revitalizing
IT Off-shore Development Business
Inbound Travel Agency / Wi-Fi Rental
Business
Media Business

By continuing to grow existing businesses + new businesses,
further diversify and restructure business portfolio- Aim for sustainable growth by strengthening competitive advantage based on market trends -Regional Revitalizing
Business
Cloud Business

Existing Businesses + New Businesses Growth Strategy
●

●

●

●

●

In the IT Off-shore Development Business, we aim to achieve further business growth by providing agile
development that meets client needs through a hybrid, all-in-one system that combines the upstream
design capabilities of Hybrid Technologies (TSE Growth Listing: 4260) with the development capabilities ofour extensive offshore development network.
In Inbound Travel Agency/Wi-Fi Business, the company aims to create new value through the developmentof borderless services that accurately capture the diversifying inbound demand that accompanies changes
in the market environment, centered on the Wi-Fi business for domestic and overseas customers
developed by the Inbound Platform (TSE Growth Listing: 5587).
In the media business, at Magmag (TSE Standard Listing: 4059), we improved the monetization function of
the platform and promoted user usage. In addition, through new media projects and M&A, expand the Web
media economic zone, increase opportunities for creators' activities, and provide optimal services, aiming tobecome the No. 1 creator-first service.
In the regional development business, Kanxashi and N's Enterprise will play a central role, aiming to
expand the number of people interacting with each other and revitalize regional economies by developing
solutions based on N's Enterprise's "tourism tech" and "HR tech" to solve social issues such as population
shortage in rural areas.
In the cloud business, Kanxashi will play a central role in developing cloud services to improve operational
efficiency in the lodging industry, aiming to become the company most needed by inns, hotels, local
businesses, and local governments.

Existing Businesses + New Businesses Action PlanIT Off-shore
Development
Business
Inbound Travel
Agency / Wi-Fi
Rental BusinessMedia Business
Regional
Revitalizing
Business
Cloud Business<Execute measures to expand the scale of projects by acquiring high-skilledhuman resources>- Expand the scale of projects and improve development quality by appointing high-skilled personnel- Recruitment of high-skilled human resources and strategic marketing investment<Strengthen Wi-Fi rental and services for foreign residents in Japan>- Strengthen sales promotion of Wi-Fi rentals for domestic/international customers- Build service infrastructure for foreign residents in Japan & strengthen
competitiveness<Promote monetization of creators and expansion of the Web
media economic sphere>- Promote the use of monetization functions such as ticket sales- Expansion through new media projects and M&A<Launch of regional development projects under a new
business execution structure>- Strengthen promotion through collaboration with local governments, etc.
- Build a pipeline with local companies suffering from shortage of human resources<New business through management integration with AirTrip
CVC investee>- Combine sales, marketing, and development capabilities through integration- Expand solutions through synergies with existing businesses※Focus at portfolio
companies

Copyright © AirTrip Corp. All Rights Reserved.

40

FY24.9 Growth strategy "AirTrip 2024” - Investment Business (AirTrip CVC)
Investment Business(AirTrip CVC)

By aggressively investing in growth areas with emphasis on high probability of IPO,
aim to strategically expand the AirTrip economic zone
- Create a new business foundation and produce IPOs through active investment in growth areas Investment Business (AirTrip CVC) Growth Strategy
●

●

●

●

●

As the investment business (AirTrip CVC), we aim to strategically expand andstrengthen the AirTrip economic zone (create a new business foundation andproduce IPOs) by actively investing in growth areas with a high probability of
IPOs, utilizing the investment knowledge and experience of a cumulative totalof 15 companies that have been listed on the stock exchange.
Invest in growth companies with a high probability of IPO, focusing on"market/business growth potential," "high probability of future returns," and"qualitative evaluation of the competence and growth potential of the
management team and management control system" as the decision axis forinvestment.
As post-investment mentoring support, we provide highly feasible value-up
support toward IPO through interviews with portfolio companies by ourmanagement team, which has achieved listings on Mothers, TSE First Section,
subsidiaries, and affiliated companies since AirTrip's founding.
To support the establishment of a management control system, we provide
insight and practical support necessary for IPO preparation, including"introductions to audit firms and lead managing underwriters," "advisory
services for responding to short reviews," and "advisory services forestablishing a management control system.
As part of our commitment to the SDGs and social contribution, for every IPO
of a portfolio company, we will make a donation to the Japan Future Sports
Promotion Association, which provides an environment and services forchildren who have difficulty playing sports due to economic and environmental
reasons.

Investment Business (AirTrip CVC) Action Plan
Selection of
investment
targets

Mentoring

ProvidingInsight
on IPOs
Support for
Establishmentof Business
Management
SystemCopyright © AirTrip Corp. All Rights Reserved.

<Selection of portfolio companies with the potential andprobability of an IPO>
- Evaluate the market and business growth potential of the portfolio company.
- Evaluate the return on investment quantitatively.
- Evaluate the growth potential of the management team and management
structure.

<Mentoring support by a management team with extensive
listing experience>- Providing value-up support through interviews with AirTrip's management team,which has achieved a Mothers listing, TSE First Section listing, subsidiary listing,and affiliate listing since AirTrip's founding<Providing insight based on real-life IPO preparation
experience>- Provide IPO-related insights based on real-life IPO preparation experience, suchas how to overcome challenges faced by AirTrip and other group companies andportfolio companies in the process of preparing for IPOs.

<Advisory related to the establishment of management
control systems>- Introduction of audit firms and lead managing underwriters- Advisory services for short review- Advisory on practical aspects of establishing a management control system

41

Actions and Resultsfor Strengthening Business Portfolio- Business Progress of Group Companies -Copyright © AirTrip Corp. All Rights Reserved.

42

Group Company (Subsidiary): Magmag (Securities Code: 4059）- Sales and income declined for the full year due to a decrease in advertising unit
prices, but sales increased in the 4Q due to the impact of a strengthened sales structure -Media
Business

Sales recovered in 4Q thanks to strengthened sales structure
Full-year sales and income declined due to the trend of decrease in advertising unit price- Due to the significant impact of the decrease in unit price of advertisements,
net sales changed at 83.0% of the previous year <Sales / operating profit of Magmag>(Million yen)
Net Sales
Operating
Income572
500

Sales recovered in 4Q due to the acquisition of new projects by strengthening the sales
structure, despite the trend of declining advertising unit prices.

475

Sales are expected to increase in the future.

Net Sales

375

Despite a decline in advertising unit prices, sales are increasing due toa strengthened sales structure(Full year actual results)

83.0%

Substantial cost reductions were achieved by reviewing thedevelopment system※ Compared to FY22.9Q

250

OperatingincomeCompany-wide cost reductions resulted in positive cash flow in 4Q.

(Full year actual results)

125

88million yen
decrease

9

Business foundation is in place to return to operating income black by drastically reducing
fixed costs.

※ Compared to FY22.9Q△78
0
FY22.9Total

FY23.9Total

Copyright © AirTrip Corp. All Rights Reserved.

43
43

Group company (affiliated company): Hybrid Technologies (Securities code: 4260)
IT Off-shore
Development BusinessContinued 121% sales growth YoY
Plans to improve performance in FY2024, focusing on growth of existing projects■Net Sales ■Operating Income

Net Sales(Million yen)
Net sales grew steadily, but income declined due to higher costs

121%

Full-year sales grew by 21% YoY. On the other hand, operating income declinedby -7% due to increased costs, such as strengthening of the business structure
and one-time expenses related to M&A.

※ YoY change

Future growth will come from expansion of existing projects andcontribution to earnings of subsidiaries
In FY2024, the company will continue to win new projects by improving customer
support and development quality, while aiming for growth by increasing the unit
price of existing projects.

Operatingincome89%※ YoY change

Ixias absorption merger
Ixias, which became a subsidiary of the Company in June, was merged into theCompany on October 1. With Representative Director Kinugasa assuming theposition of CTO, the company will become a more unified organization to
maximize synergies.

Total

Total
Copyright © AirTrip Corp. All Rights Reserved.

44

Group Company (Subsidiary): Inbound Platform (Securities Code: 5587）

Listed on the Growth Market of TSE! (Securities Code: 5587)
Net sales YoY 182%! Operating income YoY 257%!

InboundTravel Agency

Growth due to strong sales of Wi-Fi rental and media for foreigners, along with a significant recovery in travel to JapanNet Sales

Net Sales

Operating income

182%■Net Sales ■Operating Income(Million yen)※Compared toFY22.4Q

2,077

2,100

1,400
1,138

0

FY22.4Q
Total

Full-year sales grew by 153% YoY due to strong sales of Wi-Fi rentals
for inbound travel to Japan in line with a significant recovery in inboundtravel.

257%
130

Achieved listing on the Growth Market of TSE in August 2023.
Aiming for further growth through financial stability.

Significant growth in Wi-Fi business due to recovery in traveler
numbers

OperatingincomeGrowth of Life Media Tech Business※Compared toFY22.4Q

700

Listed on the Growth Market of TSE

335

The number of cab agency services and real estate agency services forforeign residents were strong. Promote development of services tocreate a new axis of revenue.

FY23.4Q
Total Copyright © AirTrip Corp. All Rights Reserved.

45

FY23.4Q Business Progress

Copyright © AirTrip Corp. All Rights Reserved.

46

Marketing - Branding and Sponsorship AirTrip Travel
Business

Continue conducting various sponsorship activities and promotions for "AirTrip"!
- New measures such as collaboration promotions will be implemented to further gain new recognition Sponsorship of "Hokkaido Meiji
Cup"
Present for 20 people

Sponsorship of "3150FIGHT vol.6"
Present campaign for 20 pairs of 40
people"EGA-CHANNEL"
Collaboration campaign

Sponsorship of "3150FIGHT vol.7"
Present campaign for 100 pairs of
200 people

Influencer "The rich man's valet"
Collaboration campaign

Sponsorship of "World Karatedo
Championships"
Present for 30 people

Sponsorship of "Mamahori 2023"
Present for 20 people

Sponsorship of "Yokohama
Minato Championship"
Present for 50 people

Copyright © AirTrip Corp. All Rights Reserved.

47

Marketing - branding measures and SNS operation AirTrip Travel
Business

Promotion for the members was also conducted on the official SNS of "AirTrip"!
- Expansion of recognition by continuous giving back to the members and spreading through SNS August Domestic pairaccommodation
One pair of two people
present campaign

September Domestic pairaccommodation
One pair of two people
present campaign

October Domestic pairaccommodation
One pair of two people
present campaign"Stephen Fulton vs. Naoya Inoue"
20 people
present campaign

Mobile Battery
10 people
present campaign

Italian gelato
30 people
present campaign

9/24 "Katsudokugeki"
20 people
present campaign"Treasure Boxing 4: Casimero vs. Oguni"
150 people
present campaign

Copyright © AirTrip Corp. All Rights Reserved.

48

Marketing - AirTrip Branding Effect AirTrip Travel
Business

Keyword searches for "AirTrip" remained at a high level in summer,
when demand for travel is high,through various marketing measures from September onward!

Keyword searches remained at a high level during the busy summer season and beyond, thanks tomeasures centered on TV commercials that have been aired regularly since April and overseas
promotion in September!

Jul 2023- Oct 2023

Jul 2022- Oct 2022

Jul 2023

Aug 2023
Copyright © AirTrip Corp. All Rights Reserved.

Sep 2023

Oct 2023
49

Domestic airline tickets - Increased transaction volume due to travel demand and promotions AirTrip Travel
Business

Successfully retained users and increased transaction volume
by implementing measures in line with the recovery of travel demand- Achieved 130% increase in transaction volume compared to the previous quarter 4Q <Transaction volume of domestic airline tickets>
Transaction
amountTransaction
amount130%※Compared toFY22.4Q

Increased transaction volume through systemdevelopment and implementation of promotions
Succeeded in capturing reservations by developing asystem to meet the high season and implementing various
promotions and campaigns. Contributed to the increase intransaction volume.

Succeeded in capturing users in line with therecovery of travel demand.
Succeeded in retaining users by continuously improving
UI/UX and expanding customer support system to improvecustomer satisfaction.
FY22.4Q

FY23.4Q
Copyright © AirTrip Corp. All Rights Reserved.

50

Domestic Air Tickets - Stimulating Demand through Various Campaigns and Notices, Expanding Support System AirTrip Travel
Business

Stimulated travel demand by implementing various campaigns and enhancing exposure!
Contributed to CS improvement by expanding support system!

AirTrip Special Campaign

Following the "2023 AirTrip Super Summer
Sale," a "YouTube Collaboration
Campaign" was conducted. Collaboration
with famous influencers to increasecustomer interest and willingness toparticipate and expand awareness.

Announcement made in
Notice in conjunction withsimultaneous launch of wintertimetable

In conjunction with the start of sales forthe 2023 winter timetable, in addition totimely SNS and mail magazine
promotion, a dedicated LP was created
to strengthen promotion and maximize
reservations.

Establishment of the AirTrip
Trouble Hotline

Expanded customer support system by
opening the "AirTrip Trouble Hotline" forcomments and complaints. Contributed to
improving customer satisfaction by
installing on service pages and in
application completion e-mails.

※July-August 2023
Copyright © AirTrip Corp. All Rights Reserved.

51

Domestic AirTrip Plus (airline tickets + hotels) - Significant growth compared to the previous year due tomeasures to capture customer demand and cater to a wide range of customers AirTrip Travel
Business

Growth exceeding that of the previous quarter due to customer retention through original
campaigns and site improvements tailored to their needs!
- Achieved 124% of transaction volume and 163% of gross profit compared to FY22.4Q Transaction amountTransaction
amountGross Profit

124%

Successfully acquired customers by quickly catchingchanges in travel demand※Compared toFY22.4Q

Gross
Profit163%※Compared
to FY22.4Q

FY22.4Q

Successfully acquired customers on an ongoing basis byimplementing campaigns and marketing strategies that
respond to changes in booking trends.
Capture a wide range of users from business use to family
travelSucceeded in attracting a wide range of customers frombusiness to leisure travelers through targeting measures.
Increased sales by attracting a large number of travelers
during consecutive holidays.

FY23.4Q※This is the actual transaction volume/gross profit based on the reservation date.
Copyright © AirTrip Corp. All Rights Reserved.

52

Domestic AirTrip Plus (Air Tickets + Hotels) - Service development tailored to user needs AirTrip Travel
Business

Aiming to create a user experience unique to AirTrip and improve customer satisfaction!
- Continuous service improvement from a consistent perspective,
from attracting customers to making reservations Chain Hotel + Air Ticket ProductSearch Feature Released

As a new business strategy, released a
search function that combines directly
contracted chain hotels and airline tickets.
Approaching not only business users but
also those seeking a sense of security.

※Implemented in July 2023

AirTrip Special Campaign

Following the "2023 AirTrip New Year
Sale," a "YouTube Collaboration
Campaign" was launched. Collaboration
with famous influencers to increasecustomer interest and willingness toparticipate and expand awareness.

Improvement of the customer
service line

Improved the various inquiry channels intoa smooth flow. Furthermore, feedback was
actively collected and utilized to improve
the site and enhance services, leading tohigher customer satisfaction.

Thorough UI/UX improvements

Continuously implement improvements
to UI/UX and evaluate theeffectiveness of improvement
measures quantitatively andqualitatively. Actively collect and reflect
feedback from users to improvecustomer experience.

※July-August 2023
Copyright © AirTrip Corp. All Rights Reserved.

53

AirTrip Domestic Hotels - Steadily increasing transaction volume and gross profit by capturing a significant
recovery in domestic travel demand AirTrip Travel
Business

Significant growth due to recovery of travel demand within AirTrip
and expansion of business with partner companies beyond the COVID-19 Disaster!
- Achieved 165% of transaction volume compared to FY22.4Q Transaction amountGross Profit

Transaction
amount165%※Compared toFY22.4Q

Gross Profit

163%※Compared toFY22.4Q

Continue to maintain reservations through unique
discount promotions
Continuously capture maximum domestic travel needs byimplementing discount measures using points and coupons inaddition to discounts through national travel support and othermeans.
Significant growth at sales partners other than AirTrip
Significant growth in transaction volume was also achieved atsales partners other than AirTrip due to recovery in demand fortravel and business trips beyond the COVID-19 Disaster.

FY22.4Q

FY23.4Q※This is the actual transaction volume/gross profit based on the number of nights.
Copyright © AirTrip Corp. All Rights Reserved.

54

Car Rental - Transaction volume increased due to strengthened cross-selling leads in line with the recovery
in demand for travel AirTrip Travel
Business

Transaction volume increased due
to strengthened cross-selling channels in line with therecovery of travel demand- Achieved 152% of transaction volume compared to FY22.4Q <Trends in Car Rental Transaction Volume>
Transaction
amountTransaction
amount152%

Increased number of reservations by up-selling topurchasers of travel products
In line with the recovery in travel demand, the company
succeeded in retaining users by adding cross-selling
channels to other travel products as an additional
product.

※Compared toFY22.4Q

Focusing on expanding sales channels to further
increase transaction volume
In addition to expanding sales channels to acquire newusers and increase transaction volume, focusing on
UI/UX improvement to achieve further growth.
FY22.4Q

FY23.4Q
Copyright © AirTrip Corp. All Rights Reserved.

55

AirTrip Shinkansen- Growth in transaction volume and gross profit through demand recovery and increased recognition -Significant increase in the number of users
due to the recovery of demand for After COVID-19 andincreased recognition of the AirTrip Shinkansen!!

AirTrip Travel
Business- Achieved 160% of transaction volume and 219% of gross profit compared to FY22.4Q Transaction amountTransaction
amountGross Profit

160%※Compared toFY22.4Q

Gross Profit

219%※Compared toFY22.4Q

FY22.4Q

User growth due to demand recovery & increased
awareness
Achieved 200% increase in sessions compared to the same
period of the previous year
Doubled natural search inflows due to increased awareness,and decreased direct return rate due to site UI/UX
improvements

FY23.4Q※Transaction volume and gross profit are based on the date of ticketing.
Copyright © AirTrip Corp. All Rights Reserved.

56

AirTrip Bus- Increased transaction volume due to various measures in line with the recovery in travel demand AirTrip Travel
Business

Increased transaction volume due to various measures in linewith the recovery in travel demand- Achieved 114% of transaction volume compared to FY22.4Q -<Trends in AirTrip Bus Transaction Volume>
Transaction
amountTransaction
amount114%

Implement various measures to further increasetransaction volume※Compared toFY22.4Q

Focus on expanding sales channels by strengthening
cooperation with business partners, improving UI/UX andcross-selling leads, and developing new functions to achieve
further growth.

FY22.4Q

FY23.4Q
Copyright © AirTrip Corp. All Rights Reserved.

57

Overseas Airline Tickets, Overseas Hotels, Overseas AirTrip Plus (Airline Tickets + Hotels)- Study of Sales Methods in the After-COVID Era AirTrip Travel
Business"AirTrip Overseas Travel Support Promotion" was held from September 1 to September 20!
- Save 3,000 yen on international airline tickets and AirTrip Plus Capturing the growing demand for overseas travel
To encourage more people to enjoy overseas travel at
a discount, a campaign offering a 3,000 yen discountper person was implemented.

Airing of overseas travel commercials for the firsttime since COVID-19
Airing of commercials for the overseas travel support
promotion.
Promotional campaigns such as traffic advertisementswith giant posters in train stations and YouTube ads
were implemented.
Copyright © AirTrip Corp. All Rights Reserved.

58

Overseas Airline Tickets, Overseas Hotels, Overseas AirTrip Plus (Airline Tickets + Hotels)- Study of Sales Methods in the After-COVID Era AirTrip Travel
Business

Expanding the number of airlines handled through API connection- Real-time connection to airlines for better fares and seat availability -By connecting directly with airlines,
users can check the latest and best
fares and seat availability, and arrange
ancillary services at the same time.
Also, overseas domestic flights can now
be arranged independently, and thesales area is being expanded.

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59

Overseas Airline Tickets, Overseas Hotels, Overseas AirTrip Plus (Airline Tickets + Hotels)- Study of Sales Methods in the After-COVID Era AirTrip Travel
Business

From October 1, 2023
Introduced the qualified invoice storage method (invoice system)- Receipts and invoices containing required items can be issued -From now on
BeforeOn receipts, there is no indication of
applicable tax rate, consumption tax
amount, etc., so complicated and hard tounderstand

Properly calculate and confirm the consumption tax amount onreceipts by stating the consumption tax rate and the amount ofconsumption tax for each consumption tax rate on the merchandise.
As a qualified billing company, we issue appropriate invoices and continue
to do business with users with peace of mind.

INVOICE- Prompt response
as a qualified billing service provider –System modification for all AirTrip services,already implemented before 10/1

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60

Overseas Airline Tickets, Overseas Hotels, Overseas AirTrip Plus (Airline Tickets + Hotels)- Study of Sales Methods in the After-COVID Era AirTrip Travel
Business

Implemented tie-up promotions with Japan National Tourism Organization (JNTO) and airlines- Strengthening PR for each destination in anticipation of further increasein demand for overseas travel in the future -Food-themed initiatives in collaboration with Singapore Tourism
Board ※Now posted

Tourism New Zealand, WestJet Airlines and Alberta Tourism Corporation, Korean Air ※Now posted

Copyright © AirTrip Corp. All Rights Reserved.

61

Overseas tours - Strengthening sales of Hawaii tours, Merger of AirTrip International and AirTrip Hawaii
AirTrip Travel
Business

Continuing to strengthen Sales of Hawaii Travel
by Merging AirTrip International and AirTrip Hawaii- Further promote business synergies through marketing, procurement, customer collaboration, etc. -Business synergies through collaboration
Strengthen purchasing by increasing overall volume
Strengthen hotel sales by leveraging direct hotel contracts
Strengthening customer attraction through marketingcollaboration
Mutual complementation of customer collaboration andresponse
Strengthen services by leveraging local subsidiaries

Resource integration and cost reduction
Expected annual cost reduction of approx. 20 million yen
Reduction of personnel costs through optimization of
personnel and organization
Integration of insurance, credit card, and other contracts
Integration of licenses
Integration of web production
Stabilization and strengthening of systems and infrastructure

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62

Roadmap for system development- Strategic and rapid system development to capture further demand -Promoting strategic and rapid system development
to capture new demand in overseas travel

AirTrip Travel
Business- Continue aggressive system development and investment in anticipation of recovery in demand <System Development Plan for the Fiscal Year of September 2024>
Additional functions on the site

Expanding Variety of International Travel Merchandise- Expand variation of overseas travel products throughout the year

Improve UI/UX and add new functions- Improve UI/UX of overseas services and add new functions
throughout the year

Connect with and enhance external systems

New API connection for airlines
Strengthen airline
ticket sales functions- New API connection with airlines to be completed by 3Q- Strengthen sales function from 4Q after completion of new API
connection

Sophisticated search infrastructure

Strengthen and upgrade system infrastructure

Modernize various libraries- Strengthen and upgrade search infrastructure for overseas
services throughout the year
- Update various libraries throughout the year

24.9 1Q

24.9 2Q

Copyright © AirTrip Corp. All Rights Reserved.

24.9 3Q

24.9 4Q

63

AirTrip Travel Business - Execution of Share Transfer Agreement for the Acquisition of Skymark AirTrip Travel
Business

Execution of Share Transfer Agreement
for the Acquisition of Skymark
Acquisition for further business collaboration with Skymark,an important business partner Acquisition
For further
Businesscollaboration

Copyright © AirTrip Corp. All Rights Reserved.

64

IT Off-shore Development - Held a ChatGPT Seminar for Corporations
IT Off-shore
Development Business- Held a ChatGPT Seminar for Corporations –- Held an online seminar on ChatGPT jointly with Hybrid Technologies -Online seminar on
ChatGPT was held toannounce "AirTrip Smart
AI," a comprehensive
platform for generative
AI for corporate clients,
scheduled for release at
the end of December.

Copyright © AirTrip Corp. All Rights Reserved.

65

Investment Business (AirTrip CVC) - AVILEN listed on the Tokyo Stock Exchange Growth Investment Business(AirTrip CVC)AVILEN, in which we have invested,
listed on the Tokyo Stock Exchange Growth- Our 14th IPO deal with our investee - For every IPO or M&A, AirTrip makes a donation to the Japan FutureSports Promotion Association, which supports children who are unable
to participate in sports due to financial hardship or other reasons -Copyright © AirTrip Corp. All Rights Reserved.

66

Investment Business (AirTrip CVC) - Japan M&A Solutions listed on TSE Growth Investment Business(AirTrip CVC)

Invested company Japan M&A Solution
listed on TSE Growth Section- Our 15th IPO deal with our investee - For every IPO or M&A, AirTrip makes a donation to the Japan FutureSports Promotion Association, which supports children who are unable
to participate in sports due to financial hardship or other reasons -Copyright © AirTrip Corp. All Rights Reserved.

67

Investment Business (AirTrip CVC) - Investment in New Commerce Explosion Investment Limited Partnership Investment Business(AirTrip CVC)

Invested in New Commerce Explosion Investment Limited
Partnership, Japan's First VC Fund Specializing in the Commerce
DomainNew
investment

Copyright © AirTrip Corp. All Rights Reserved.

68Investment business (AirTrip CVC) - Investment in GOLDEN EGG No. 1 Investment Limited Partnership Investment Business(AirTrip CVC)

Invested in GOLDEN EGG No.1 Investment Limited Partnership with the vision of"creating a chain of open ecosystems for startups to co-create"New
investment

Copyright © AirTrip Corp. All Rights Reserved.

69

Investment business (AirTrip CVC) - Capital and business alliance with Xenodata Lab. Investment Business(AirTrip CVC)

Capital and business alliance with Xenodata Lab.,developer of the economic forecasting platform "xenoBrain"- The company has its sights set on going public in the future, and we will support its
efficient preparation by making the most of our listing experience and know-how Capital andBusiness
Alliance

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70

Investment business (AirTrip CVC) - Capital and business alliance with FUNDINNO Investment Business(AirTrip CVC)

Capital and business alliance with FUNDINNO,
operator of the equity investment crowdfunding service FUNDINNO- The company has its sights set on going public in the future, and we will support its
efficient preparation by making the most of our listing experience and know-how Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

71

Investment business (AirTrip CVC) - Capital and business alliance with Cyber Command Investment Business(AirTrip CVC)

Capital and business alliance with Cyber Command,a provider of professional human resources and learning services specializing in cybersecurity- The company has its sights set on going public in the future, and we will support its
efficient preparation by making the most of our listing experience and know-how Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

72

Investment Business (AirTrip CVC) - Capital and Business Alliance with HORIJUKU Investment Business(AirTrip CVC)

Capital and business alliance with HORIJUKU,
operator of UMITO- The company has its sights set on going public in the future,
and we will support its efficient preparation
by making the most of our listing experience and know-how Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

73

Investment Business (AirTrip CVC) - Capital and business alliance with Cell Cloud
Investment Business(AirTrip CVC)

Capital and business alliance with Cell Cloud,a provider of micro CTC inspection services- The company has its sights set on going public in the future,
and we will support its efficient preparation
by making the most of our listing experience and know-how Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

74

Investment Business (AirTrip CVC) - IPOs: Cumulative total of 15 companies Investment Business(AirTrip CVC)

Achieved cumulative total of 15 IPOs (including 2 subsidiary listing and 1 affiliate listing)- Continued to make IPOs in every fiscal year as the investment business (AirTrip CVC) - Japan M&A Solutions was listed on the in October 2023 as the 15th itemListed

Inbound Platform Subsidiary Listing
Japan M&A Solutions

AVILEN

Inbound Platform[TSE Growth: 9236] Listed in October 2023

[TSE Growth: 5591] Listed in September 2023

[TSE Growth: 5587] Listed in August 2023

Public offering: 1.8 bn yen, opening price: 3.1 bn yen

Public offering: 12.8 bn yen, opening price: 15.0 bn yen

Public offering: 6.2 bn yen, opening price: 8.6 bn yen

Hybrid Technologies affiliated company Listing[TSE Growth: 4260] Listed in December 2021
Public offering: 4.9 bn yen, opening price: 7.8 bn yen

Last One Mile
[TSE Growth: 9252] Listed in November 2021
Public offering: 4.6 bn yen, opening price: 6.8 bn yen

Prime Strategy

Mental Health Technologies[TSE Standard: 9250] Listed in February 2023

[TSE Growth: 9218] Listed in March 2022

Public offering: 4.6 bn yen, opening price: 10.3 bn yen

Public offering: 6 bn yen, opening price: 8.4 bn yen

ROBOT PAYMENTHeadwaters[TSE Growth: 4374] Listed in September 2021

[TSE Growth: 4011] Listed in September 2020

Magmag Subsidiary Listing[TSE Standard: 4059] Listed in September 2020
Public offering: 6.9 bn yen, opening price: 13.9 bn yen

Public offering: 2 bn yen, opening price: 26.3 bn yen
Public offering: 2.2 bn yen, initial public offering: 9.2 bn yen

Cyber Security Cloud

AI CROSS

Branding Technology

Piala

WASHIN[TSE Growth: 4493] Listed in March 2020

[TSE Growth: 4476] Listed in October 2019

[TSE Growth: 7067] Listed in June 2019

[TSE Prime: 7044] Listed in December 2018

[TSE Growth: 9271] Listed in March 2018

Public offering 9.2 bn yen, initial price 21.2 bn yen

Public offering: 3.8 bn yen, initial public offering: 6.9 bn
yen

Public offering 2.4 bn yen, opening price 7.7 bn yen

Public offering 7.6 bn yen, opening price 17.5 bn yen

Public offering: 4.4 bn yen, Opening price: 12.5 bn yen

Copyright © AirTrip Corp. All Rights Reserved.

※Market capitalization based on offering price and market capitalization based on initial price are our calculations.

75Local Development Project - Launch of a Tourism Promotion to Promote Visits to Hiji Town, Oita Prefecture Regional Revitalizing
Business

Launching a Tourism Promotion to Promote Visits to Hiji Town, Oita Prefecture- Developing "Regional Tourism Production" to Support
the Creation of 'Sustainable and Profitable Regions’ -- Local Tourism Produce Providing a full range of services, from"polishing" regional tourism to"promoting tourism throughsightseeing promotions" in cooperation
with local governments and otherorganizations
Supporting the creation of "sustainable
and profitable regions" with attractive
tourism resources through the powerof digital technology

Needs Tour BEPPU WAY "Wellness Tourism": https://www.needstour.com/sp/hiji/
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76Regional Development Project- Comprehensive Collaborative Agreement with Uda City, Nara Prefecture, in the Field of Tourism Regional Revitalizing
Business

Comprehensive Collaborative Agreement Signed with Uda City, Nara Prefecture, in the Field of Tourism- Developing "Regional Tourism Production"
to Support the Creation of 'Sustainable and Profitable Regions’ Started regional tourism
production to curb andcounteract overtourism
Promote efforts to build and refine
high-value-added tourism content
utilizing Uda City's resources,
promote tourism that communicatesthe region's diverse attractions, andincrease the number of peopleinteracting through the sale of travel
products
A press conference held at Ristorante ACQUAPAZZA (Minato-ku, Tokyo) on Tuesday, November 7,
2023.
(From left) Akiyama of Kanxashi and Mayor Kongo
of Uda City.

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77

Cloud Business
Cloud Business

Launch of WAKIZASHI Cloud Service for Restaurants- Launched a new service for restaurants that automates the billing and collection ofcancellation fees and the issuance of coupons -Copyright © AirTrip Corp. All Rights Reserved.

78

- This document also contains forward-looking statements regarding the Company's industry trends and business activities based on the Company's current plans, estimates, forecasts, andprojections.
- These forward-looking statements involve various risks and uncertainties. Known or unknown risks, uncertainties, and other factors may cause our actual results to differ materially from thosecontained in forward-looking statements.
- Actual future business operations and results may differ materially from those discussed in the forward-looking statements.
- Any forward-looking statements in this document are made by us based on available information and we do not intend to update or alter any forward-looking statements to reflect future events orcircumstances.

AirTrip Corp. (TSE Prime: 6191)
Atago green Hills MORI tower 19F, 2-5-1, Atago, Minato-ku, Tokyo 105-6219, JapanTEL 03-3431-6191
https://www.airtrip.co.jp