For the Fourth Quarter of the Fiscal YearEnding September 30, 2021

Results ofOperations
AirTrip Corp.
TSE 1st Section: 6191
November 12th , 2021

“Restart”～Start for the 2nd stage after being listed～～AirTrip Group restarts～

FY21.9 Period 4Q “Restart” ~ Achieve a high record of Full-year Operating Profit ~By implementing “AirTrip Restart” Growth Strategy,
Recorded a high Operating Profit (Before impairment loss deduction) of 4.05 billion yen,
Operation Profit (After impairment loss deduction) of 3.15 billion yen~ As in the previous fiscal year, we strategically recorded impairment losses ~~ Successfully accumulated Operating Profit at the same level of 1 st, 2nd and 3rd Quarter ~Unit: (Hundred Million Yen)

FY20.9 Period(Full-year result)

1st Stage(From the time being listed to FY
20.9)

FY21.9 Period(1Q’s Result)

FY21.9 Period

FY21.9 Period FY21.9 Period(2Q’s Result)(3Q’s Result)(4Q’s Result※)

FY21.9 Period

FY21.9 Period(Full-year result※)(Full-year Results
Forecast)

Start of 2nd Stage(“Restart” from FY21.9 period)

1

2

9.8

△9.0

10.7

1

40.5
1
1

12.4

△7.9

40.0
31.5

2 As in FY20.9 period, we strategically recorded a total of △900

Consolidated Operating Profit

Consolidated Operating Loss
(Before Impairment Loss)

Continue to accumulate Operating Profit
throughout the year with strategic businessportfolio diversification and restructuring

million yen for impairment of fixed assets and valuation loss of
securities at the end of this fiscal year.

7.6
1Q
Grand Total

2Q
Grand Total

3Q
Grand Total

4Q
Grand Total

Full-year
Cumulative Result(Before impairment
loss deduction)

Full-year
Cumulative Result(After impairment
loss deduction)

Full-year Cumulative

Result(After Revision of
Result Forecast)※The above-mentioned 4Q and full-year results are preliminary figures at the present, and may differ from actual results.

Copyright © AirTrip Corp. All Rights Reserved.

2

FY21.9 Period 4Q “Restart” ~ Strengthening the AirTrip Economic Zone through a diversification strategy ~Promote diversified business development and strategically strengthen
the AirTrip Economic Zone
~ Promoting to restructure and diversify the business portfolio by utilizing the asset of AirTrip Group ~※ As of the end of August 2021, PikaPaka Corp. was excluded from our consolidation scope, and the healthcare business was reorganized into the AirTrip Travel Business and the Investment Business.

In response to the changing travel demand due to the Covid 19 crisis,
we will be the lead on travel industry by promoting foreign travel
sales in areas that travel restrictions have been relaxed, and theincrease in sales of domestic travel domain by investing instrategical marketing.
Create innovations with MagMag's 4 media
website and Livestream platforms to meet
diversifying consumer needs.

AirTrip
TravelBusiness

Media
Business

Japan InboundTravel Business
Wi-Fi BusinessEconomic Zone

In addition to the Wi-Fi rental
business, we will provide optimal
solutions to meet various needschanging along with theenvironment, starting from aplatform for foreign residents inJapan.

Diversify business development by utilizing AirTrip Group’s Assets

IT Offshore
Development
Business

Promote digital transformation in various
industries and businesses through acomprehensive system that utilizes theoverwhelming development capabilities,
development resources, and businessdesign capabilities.

Healthcare
Business※

To meet the rapidly diversifying medical issues, wewill create new value provided by developing
services centered on digital x medical /clinics
focusing on PCR testing services.

Investment
Business

Utilize the knowledge and experience from having
successfully listed 8 companies in total, identify thegrowth source to meet rapid changes in theindustrial structure, and achieve discontinuous
growth through strategical M&A, capital andbusiness alliances, and aggressive investment.

Promoting our business portfolio diversification by utilizing our company’s strong assets
such as business development know-how, marketing know-how, system development
ability, brand power, customer base…
Copyright © AirTrip Corp. All Rights Reserved.

3

FY21.9 Period 4Q “Restart” ~ Executive Summary ~●Full-year’s operation performance in FY21.9 was 33.6 billion yen in Transaction Volume, 17.6 billion yen in Net Sales and 4.05 billion yen in
Operating Profit (Before impairment loss deduction).
Being positioned as the 1st year of the 2nd stage “Restart”, by executing the growth strategy [AirTrip “Restart”], successfully accumulated
business revenue at the same level of 1st, 2nd and 3rd Quarter, full-year Operating Profit reached a new high record.

●

In AirTrip Travel domain, despite being affected by the spread of Covid 19 crisis and repeated declarations of State of Emergency throughout theyear, by utilizing GoTo Travel during the 1st quarter and optimally investing in advertisements according to changes in travel demand, steadily
capture domestic travel during Covid 19 crisis and secure stable profits.
Other existing businesses except for Travel domain (IT Offshore Development Business, Japan Inbound Travel Business/ Wi-Fi Rental
Business,Media Business, Investment Business) all continue to steadily grow, consistently promoting diversification and restructuring of thebusiness portfolio from the beginning of the period, and strategically build and strengthen the AirTrip Economic Zone.

●

From today, as a new brand representative of all our company travel platform “AirTrip”, Ms. IKKO, a celebrity, will be appointed to further
strengthen air rebranding and raise awareness of the service.

●

Full-year’s operation performance of FY22.9 is forecasted to achieve 13 billion yen in Net Sales, 1 billion yen in Operating Profit
In view that the socio-economic situation remains uncertain, protect earnings forecast that does not incorporate upside factors such as profit
contribution from domestic travel recovery with GoTo Travel, recovery of overseas travel, recovery of tourists visiting Japan, contribution of
investment business, etc.

●

In the future, as vaccination progresses, besides there are signs of a recovery in travel demand due to the government policy of restrictions
relaxation of consumers’ activities, a significant recovery in AirTrip Travel Business’s profits due to the resumption of GoTo Travel, and bycontinuing to grow our businesses and promoting the diversification and restructuring business portfolio of 4 existing non-travel business,
AirTrip Group aims for endless growth.
Copyright © AirTrip Corp. All Rights Reserved.

4

FY21.4Q Financial Summary

Copyright © Air Trip Corp. All Rights Reserved.

5

Changes in Transaction Volume

Transaction Volume compared to the last period: 46％
Steadily increase despite the decrease due to changes in consolidation
scope and Covid 19 crisis
Consolidated Transaction
Volume (Hundred Million Yen)

※Changed to pre-cancellation Transaction Volume from FY19.4Q.
※Each quarter of FY20’s figures are based on continuing businesses, excluding discontinued businesses.

Copyright © AirTrip Corp. All Rights Reserved.

6

Changes in Net Sales

Net Sales compared to the last period 83％
Steadily increase despite the decrease due to changes in consolidation
scope and Covid 19 crisis
Consolidated Net Sales(Million Yen)

※Each quarter of FY20’s figures are based on continuing businesses, excluding discontinued businesses.

Copyright © AirTrip Corp. All Rights Reserved.

7

Changes in Operating Profit

Operating Profit has dramatically increased compared to the last period
The 4th Quarter also reached the highest Operating Profit recorded ever.
Consolidated Operating
Profit (Million Yen)

※Each quarter of FY20’s figures are based on continuing businesses, excluding discontinued businesses.

Copyright © AirTrip Corp. All Rights Reserved.

8

Statement of Income

Although handling volume has decreased compared to last year,
We achieved the highest recorded operating profit ever due to the recovery on
business performance of each business area.
(Million yen)
FY20.4Q
Amount

FY21.4Q
Amount% to Sales% to Sales

Transaction Volume

72,700ー

33,622ーNet Sales

21,241100.0%

17,662100.0%

Gross Profit

7,504

35.3％

7,646

43.3％

△786

ー

4,055

23.0％

△8,994

ー

3,159

17.9％

△8,692

ー

2,362

13.4％

Operating Profit(Before impairment loss
deduction)
Operating Profit(After impairment loss
deduction)
Profit attributable toowners of parent※FY20.4Q’s figures are calculated for continuing businesses, excluding discontinued businesses.
Copyright © AirTrip Corp. All Rights Reserved.

9

About impairment loss, one time depreciation and valuation loss recording

As in the previous fiscal year, we strategically recorded impairment
loss, one-time depreciation, valuation loss, etc., reflecting theuncertain demand prospect due to the impact of Covid 19~ Recorded 900 million yen in the whole Group ~Impairment loss of some assets in each business (about 900 million yen in the whole group)
Impact of uncertain
demand prospect due
to Covid 19(4Q)

Due to the uncertain prospect of travel demand due to the impact of Covid 19 crisis, software
impairment losses were recorded and part of the current investment was written off all thedepreciation at once.

Valuation loss related tosubsidiary’s business（4Q）

Recorded loss on fixed assets at subsidiaries, valuation loss on inventory investment, investment ingame business, etc.

Impact of Covid 19 ofoperation investee（4Q）

Recorded a valuation loss for operation investees with major changes from the initial plan andprospect due to changes in the business model due to Covid 19 crisis.

Copyright © AirTrip Corp. All Rights Reserved.

10Balance Sheet

Equity damaged due to impairment loss at the end of the last period
has been recovered through fundraising and profit record(Million yen)

FY20.4Q

FY21.4Q

Difference

Current Assets

15,023

15,653629

Cash and Deposits

7,042

8,771

1,728

Operational Investment
Securities

4,359

4,869

509

Non-current Assets

6,916

5,724

△1,192

Total Assets

21,94021,378△562

Liabilities

19,402

13,229△6,173

Interest-bearing Debts

11,028

7,443△3,585Equity

2,538

8,149

5,611

Equity ratio

11.5%

38.1%

26.5%

Copyright © AirTrip Corp. All Rights Reserved.

11

FY21.9 Period Comparison of full-year result (actual value) and full-year result forecast

Full-year result forecast has been revised a lot from the first forecast~ The result is not much different from latest forecast figures ~~ Recording strategic impairment, etc. in closing adjustment ~(Million yen)

Net Sales

Operating Profit(Before Impairment
Losses Deduction)
Operating Profit(After Impairment
Losses Deduction)
Net Profit

13th November, 2020
Published forecast(At the beginning of theperiod)6th September 2021
Published forecast(Latest forecast)

FY21.9 Period
Full-year result(Actual value)

Differences(Compared tolatest forecast）

23,50017,50017,662

162

300

4,000

4,053

53

300

4,000

3,157

△843

180

2,405

2,362

△43

Copyright © AirTrip Corp. All Rights Reserved.

12

FY22.9 Period Full-year Result Forecast

By implementing FY22.9 period new growth strategy “AirTrip 2022 Restart” 、
strategically continue to promote business portfolio diversification~ Based on uncertain socio-economic conditions, released a conservative result forecast ~~ Forecast considering the impact of consolidation exclusion ~ (Million Yen)
FY21.9 Period
Full-year forecast

Net Sales

13,000Operating Profit

1,000

Net Profit

700

Dividend-

Strategy based on results forecast
・Revenue recovery in AirTrip Travel Business (conservative
prospect at this time）
・Accumulating revenue by promoting businessportfolio dispersion.
・Revenue from proactive investing in developing
domains.
・Increasing profit by cutting down cash out.
・Revenue recovery in AirTrip travel business (conservative
prospect at this time）
・Accumulating business profits by promoting diversification ofbusiness portfolio

・Aiming for a payout ratio of 20%

Copyright © AirTrip Corp. All Rights Reserved.

13

Prospect for FY22.9 Full-year result forecast~ Changes in socio-economic conditions are expected to be positive and contribute to profits

FY22.9 earnings forecast is published in a conservative manner without
incorporating upside factors in view of uncertain socio-economic conditions withfull-year operating profit of 1 billion yen.
~ Profit contribution is expected due to changes in socio-economic conditions such as the recovery of domestic travel profits through
GoTo travel, the recovery of overseas travel, the recovery of tourists visiting Japan, the contribution of investment business, etc.~
Expected
Value

Consolidated Operating Profit

Upward revision due
to upside factors

Contribution to profits ininvestment business, etc.
Expected
Value

Recovery of overseas travel,
recovery of tourists visiting Japan

Upward revision due
to upside factors

Recovery of domestic travel profits
through GoTo Travel, etc.

Full-year operating
profit1Billion Yen(Business Forecast
Planned Value)

Full year cumulative(As of the end of September 2022)

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14

Strategies and Results against the impact of
COVID-19

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15

Future travel demand recovery prospects based on the impact Covid 19 crisis

During the 4th quarter, although demand was temporarily declining due to the 5 th wave of Covid 19 crisis andthe extension of the State of Emergency, with the spread of vaccination and antiviral drug and the relaxationin consumers activities restriction according to government's policy, there are signs of demand recovery~ Besides the recovery trend, travel demand will increase more than ever with the return of GoTo Travel ~5th Wave

Infection Cases
High

Spread of Vaccination andantiviral drug and the return of
GoTo Travel
Travel Demand tends
to increase more thaneverTravelers(Travel Demand)
4th Wave

Numberof People

3rd Wave

By the decrease in infection cases and therelaxation in consumer activities restrictions
due to vaccination spread, there are increase
signs of recovery in travel demand

Decrease ininfection
cases

2nd Wave
1st Wave
Increase ininfection
cases

Low

DemandDecrease
Phase

Now

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

Now
DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

Time
(1.5~2 Years)
Copyright © AirTrip Corp. All Rights Reserved.

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

Explosion indemand phase

Future16

About the impact of Covid 19 on the current business result

The domestic travel domain continues to be strong even under the longest State of
ウィルスによる業績への影響
Emergency in history~ Promoting diversification of business portfolio, all existing business domains other than Travel are doing well ~Declaration ofState of
Emergency (7/12)

Expanding theareas of State ofEmergency(8/27)

Lifting Declaration ofState of Emergency（9/30）

Reached 70% total
population with 2nd
vaccination(10/25)July

AugustSeptember

OctoberNovember December
January ~(Expected) (Expected) (Expected)

AirTrip Travel (Domestic)

◯

△～◯

△～◯

△～◯

△～◯?

△～◯?

◯?

AirTrip Travel (Overseas)

×

×

×

×

×?

×?

×?

IT Offshore Development
Business
Japan Inbound Travel／
Wi-Fi Business

◯

◯

◯

◯

◯?

◯?

◯?

◯

◯

◯

◯

◯?

◯?

◯?

Media Business

◯

◯

◯

◯

◯?

◯?

◯?

Investment Business

◯

◯

◎

◯

◯?

◯?

◯?

Copyright © AirTrip Corp. All Rights Reserved.

4Q’s Announcement offinancial statements(11/12)17

FY21.9 Period 4Q Changes in Sales, general, and administrative expenses~ Cash-out cost reduction results and implementation measures

In addition to continuing to reduce fixed costs, we have reduced variable cost ofoperating costs and optimized advertising costs to minimize cash out costs.
~ In the 4th quarter, monthly SG&A expenses will be suppressed to about 450-500 million yen.
Considering strategic large-scale marketing investment for resuming GoTo Travel in the future ~(Hundred Million Yen)

Optimizing variable cost and advertisement cost

10.0

0.5?

Variable Cost

Fixed Cost

Variable Cost

Along with the decrease in domestic travel demand,
implementing cost control according to operation volume.

4.0

8.0

2.0

1.8

2.2

Advertisement Cost
Continuing to optimize the advertisement cost ratio to gross profit.

6.0

Controlling labor cost and continuing to reduce other fixed
costs

4.0

Labor Cost

6.4

Continuing to return part of Directors’ bonuses ( Director /Supervisor)
Reducing labor cost by taking leave (Reducing working days)
Compensating for labor cost by utilizing Employment Adjustment
Subsidies.

0.5?

2.0

2.7

2.6

0.0

20.2

20.9

21.9
FY21.9FY20.9

2.5

Other fixed Cost

Optimizing system development by selecting and gathering
Reducing office related costs by changing to work from
21.10~12
home
FY22.9 (Planned Value) Continuing to review other fixed costs (Outsourcing…)※※Strategic marketing investment costs are not included in the above figures.

Copyright © AirTrip Corp. All Rights Reserved.

18

FY21.9 4Q Gross Profit Changes~ Continue to gain profit in monthly basis by promoting diversification of business portfolio-

Although the domestic travel area is affected by the decline in travel demand
under the long State of Emergency, the other business areas continue to growsteadily and remain in gaining profit in the 4th quarter.
~ Steadily secure gross profit by continuing to promote diversification of business portfolio ~(Hundred million yen)

Other Business Domains

12.0

Achieved stable monthly
profit by continuing topromote diversificationof business portfolio

Oversea Travel Domain
Domestic Travel Domain

10.0

Travel revenue is expected torecover significantly bystrengthening the approachto the recent increase intravel demand

8.0

6.0
3.1

1.9
0.2

4.0
1.5

1.6

1.5

0.0

2.5

2.5

2.6

20.7

20.8

20.9

1.5

3.2

3.2

0.1

2.9

3.8

0.1
0.1

3.6

2.3
2.9

0.2

4.4

0.1

3.3

3.6

20.11

20.12

FY20.9※Preliminary figures used for our Group management board.

21.1

21.2

21.3

0.1

0.1

0.1

2.4

3.0

21.4

21.5

21.6

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21.7

3.1

2.8

21.8

21.9

0.1

0.1

4.3

2.9

FY21.9

0.1

2.3

2.3
0.1

0.1

2.0
20.10

3.4

2.9

3.8

0.1

4.5

2.0

3.3

3.3

3.7

3.8

21.10

21.11

21.12

(Preliminary
Value)(Planned
Value)(Planned
Value)

FY22.919

Released today

Copyright © Air Trip Corp. All Rights Reserved.

20

IKKO is appointed as the new brand representatives of the whole "AirTrip“ travel platform !~AirTrip Travel
Business

From November 12th, 2021, Ms. IKKO, a celebrity, is appointed as the
new brand representatives of the whole “AirTrip” Travel Platform!
～ Our website, apps, TV commercials, and traffic advertisements are also updated 〜
Thank you Mr. Akiyama (Robert) for this 3 years!!!

Copyright © AirTrip Corp. All Rights Reserved.

21

Recent Actions and Achievements

Copyright © Air Trip Corp. All Rights Reserved.

22

The Board of Directors of our Company decided to select the new market category "Prime Market" of the TSE.

The Board of Directors of our Company decided to select the newmarket category "Prime Market" of the TSE~ From the TSE's primary judgment’s result, we are confirmed to meet the listing maintenance standardsof the "prime market", and the transition procedure will be promoted according to the application scheduleprescribed by the TSE ~Plan to change
from 4th April, 2022

Received the primary judgment result about thecompliance status with the listing standard in the newmarket category from Tokyo Stock Exchange. Alreadyconfirmed if it conformed to the listing standard of the“Prime Market” in the new market category※ Source: Partially cited from “Development of Listing Rules for market category review” of TSE
Copyright © AirTrip Corp. All Rights Reserved.

23

We participate in “the "Regional Revitalization SDGs Public-Private Partnership Platform" established by the
Cabinet Office

We participate in “the” Regional Revitalization SDGs PublicPrivate Partnership Platform" established by the Cabinet Office~ Promote SDGs (Sustainable Development Goals) Set through our five business domains ~Copyright © AirTrip Corp. All Rights Reserved.

24

Gross profit in the Domestic travel area achieved a significantly higher level than the same period of the previous
year even under the longest state of emergency in history
AirTrip Travel
Business

Gross profit in the Domestic travel area achieved a level significantly higher than thesame period of the previous year even under the longest state of emergency in history~ Compared to last year’s October when GoTo Travel started, it is expected to reach 110% compared tothe previous year ~FY21 Gross Profit
4th Declaration of State of Emergency(2021/7/12～2021/9/30)

FY20 Gross Profit
July Gross Profit
162% compared tolast year

Even under the state of emergency, gross profit increased
significantly at a much higher level than the same period of theprevious year due to steady capture of travel demand.
August Gross Profit
165% compared tolast year

October Gross Profit
110% compared to last year

September Gross Profit
115% compared to last year

GoTo Travel Start(2020/10/1～)

20.7

21.7

20.8

21.8

20.9

21.9

20.10

21.10

※The above figures are the total gross profit (preliminary figures) of domestic airline tickets, domestic airline tickets + hotels, domestic tours, and domestic hotels.
Copyright © AirTrip Corp. All Rights Reserved.

25

Started business alliance with ESCRIT INC. (Securities code: 2196), a wedding business!
AirTrip Travel
Business

Started business alliance with ESCRIT INC. (Securities code: 2196), a wedding
company, develop businesses such as weddings or receptions planning andmanagement!
~ Only couples who have booked a wedding service on the ESCRIT website could search and bookdomestic airline tickets, domestic hotels and bullet train on the same website ~Copyright © AirTrip Corp. All Rights Reserved.

26

"T Care Clinic Osaka" operated by PikaPaka Corp. , our investee company, was opened in Dotonbori, Chuo-ku, Osaka!
Healthcare
Business

On August 1, 2021, "T Care Clinic Osaka" operated by our investee,
PikaPaka Corp. , was opened in Dotonbori, Chuo-ku, Osaka!
~ Meeting the rapidly increasing demand for PCR testing in the Kansai area during Covid 19 period ~※ As of the end of August 2021, PikaPaka Corp. was excluded from our consolidation scope, and the healthcare business was reorganized into the AirTrip travel business and the investment business.

Copyright © AirTrip Corp. All Rights Reserved.

27

In collaboration with TABIKOBO CO. Ltd. , the “ PikaPaka PCR Quick Test Center " operated by our investee,
PikaPaka Corp. , was opened on the 46th floor of "Sunshine 60" in Ikebukuro!
Healthcare
Business

In collaboration with TABIKOBO CO. Ltd. the “ PikaPaka PCR Quick Test Center" operated by ourinvestee, PikaPaka Corp. , was opened in Ikebukuro "Sunshine 60"!
~ Aiming to all travelers, we plan to provide PCR tests to travel agencies nationwide ~※ As of the end of August 2021, PikaPaka Corp. was excluded from our consolidation scope, and the healthcare business was reorganized into the AirTrip travel business and the investment business.

Copyright © AirTrip Corp. All Rights Reserved.

28

ROBOT PAYMENT INC.(stock code: 4374), our investee , is newly listed on TSE Mothers!
Investment
Business

ROBOT PAYMENT INC. (stock code: 4374), our investee ,is newly listed on TSE Mothers!!
~ Got the 8th IPO project as our company investee ~Copyright © AirTrip Corp. All Rights Reserved.

29

Growth strategy “AirTrip 2022”

A new Growth Strategy to be achieved ~ “Restart” ~ “AirTrip 5000”
at the fastest speed

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30

Growth Strategy Aiming for "AirTrip 2022" Restart “~ New Growth Strategy to be achieved “AirTrip 5000" at the fastest speed"Restart" New growth strategy to be achieved “AirTrip 5000" at the fastest speed~ Starting from the AirTrip Travel Business, we will continue to grow the 5 existing businesses and strategicallyinvesting including M & A to achieve the fastest discontinuous growth of the entire group ~(Revenue)

32

Creating a new revenue base through strategic
investment including M & A

Continuing the growth in 4 existing business areas
other than the travel area

Capital andbusiness alliance

M&A

VentureDevelopment
New businessdevelopment

Investment
Business
Media
Business

Japan Inbound Travel／
Wi-Fi Business1

IT Offshore
Development
Business

Thorough strengthening of AirTrip Travel
Business

AirTrip Travel
Business

1st Stage

2nd Stage(From being listed to FY 20.0 Period)(From FY21.9 period “Restart)(Time)

Copyright © AirTrip Corp. All Rights Reserved.

31

“AirTrip 2022 Restart” Growth Strategy ~Reorganized the healthcare business and restructured the business portfolio in 5 new business areas

Reorganized the healthcare business and restructured thebusiness portfolio in 5 new business areas
訪日旅行事業
ITオフショア開発事業

メディア事業

エアトリ旅行事業

訪日旅行事業／Wi-Fi事業

Media

AirTrip Travel

Inbound Travel／Wi-Fi
Business
restructuring

ITオフショア開発事業

ヘルスケア事業

投資事業

IT Offshore Development

Health Care

Investment

Copyright © AirTrip Corp. All Rights Reserved.

32

Growth Strategy "AirTrip 2022" Restart "~AirTrip Travel Business

The fastest profit expansion in the industry through strategic mass marketing investment with aneye on the utilization of GoTo Travel, mainly in the domestic travel area
~ Accelerating business growth with new travel demand after Covid 19 as a growth driver ~Growth strategy of AirTrip Travel business●In the domestic travel area, demand is recovering in 1Q, profits are
expanding by utilizing GoTo Travel in 2Q to 3Q, and high growthcontinues in 4Q due to increased travel demand in summer. Aiming toincrease profits.

●

In the overseas travel area, 1Q to 2Q will be flat due to immigration
restrictions and quarantine conditions, and after 3Q, demand is
expected to gradually recover from the restriction relaxation area, andby expanding products and optimal UI / UX improvement to meet new
overseas travel demand. Aiming for early profit recovery.

Action plan of AirTrip Travel Business<Implementation of GoTo Travel utilization measures to increase profits>・ Strengthening competitiveness and promoting sales of GoTo Travel
products
・ Strengthening cross-selling sales of domestic airline tickets and domestic
hotels・ Promoting cross-selling of PCR test in partnership with medical institutions
nationwide (including negative certificate)

Domestic
Travel<Thorough UI / UX improvement to maximize CVR improvement>
・Improving optimal UI/UX for users who use GoTo Travel
・Designing services that capture travel demand after Covid 19<Changes in forecast revenue of AirTrip Travel Business in FY22.9><Acquisition of demand through strategic mass marketing investment>・ Strengthening branding with new brand representatives
・ Strategic marketing investment in GoTo travel demand

Domestic Travel(Revenue)

Overseas Travel<Implementation of early profit recovery measures assuming different
restriction relaxation >Overseas
Travel
1Q

2Q

3Q

4Q

・ Improving to distribute useful information related to restriction relaxation and optimal
UI / UX
・ Expanding products and marketing investment in restriction relaxation areas
・ Promoting cross-selling of PCR test in partnership with medical institutions
nationwide (including negative certificate)(Time)
Copyright © AirTrip Corp. All Rights Reserved.

33

Growth Strategy “AirTrip 2022” ~ Restart ~IT Offshore Development Business, Japan Inbound Travel Business / Wi-Fi Rental Business, Media BusinessAccelerate the promotion of diversification and restructuring of businessportfolios by continuing steady growth of the 3 existing businesses~ Continue growth by utilizing the business growth know-how cultivated by our Group
Growth Strategy for the 3 existing businesses

●

●

●

In the IT offshore development business, we accurately grasp the
DX needs of client companies after Covid 19 crisis, and digitaltransformation in various industries and businesses with acomprehensive system that utilizes the overwhelming development
capabilities, development resources, and business design
capabilities. And aiming to acquire new customers.
In the Japan Inbound Travel Business / Wi-Fi Rental Business, inaddition to the Wi-Fi rental business, we will continue to provide
optimal solutions to the needs of various foreign residents in Japandue to changes in the environment, starting from the platform forforeign residents in Japan. Aiming for continuous business growth.
In the media business, we aim to create new business
opportunities by expanding various contents and strengthening
broadcasting, starting from the 4 WEB media operated by MagMagand the livestream platform "MagMag! Live".

Action plan for the 3 existing businesses
IT Offshore
Development
Business<Acquiring customer's DX needs with IT development andconsulting capabilities>
・Providing development capabilities from upstream to downstream
・Promoting customer DX through business consulting
・Acquiring the demand through strategic marketing investment

Japan InboundTravel Business/ Wi-Fi Rental
Business<Wi-Fi rental and strengthening services for foreigners living inJapan>
・Promoting Wi-Fi rental to meet remote work demand・Expanding services for foreign residents in Japan, where demand
is diversifying
・Acquiring demand through full-scale life media tech businessMedia
Business<Expansion of functions and contents of Livestream PF>
・ Expanding functions pursuing UX on both the broadcasting sideand the viewing side・ Expanding content such as sport events video broadcasting・ Strengthening the approach to Japan's largest e-mail newsletter
membership base

Copyright © AirTrip Corp. All Rights Reserved.

34

Growth Strategy “AirTrip 2022” ~ “Restart” ~ Investment BusinessContinue strategic and aggressive investment in growth areas~ Accurately grasp the rapidly changing business environment after Covid 19 crisis, and continue toactively invest in growth areas that emphasize the high probability of IPO ~Growth Strategy of Investment Business●●●We will accurately grasp changes in the business environment
after Covid 19 crisis and strategically aggressively invest in
growth areas that emphasize the high probability of IPO.
As the decision axis for strategic investment, (1) whether it is a
growth company with a high probability of IPO, (2) a businessarea where growth is expected in the medium to long term,and (3) how much return probability is the target area.
We aim to improve the accuracy of a series of processes from
M & A target selection to DD → negotiation → contract → PMI,
further systematize the process, and improve the growth rate
after grouping.
<Strategic investment decision axis in the investment business>

IPO
Probability

Business
growthpotential

Action plan of Investment Business
Strategicaland active
investment<Plan of strategical investment after Covid-19 crisis>
・Accurately grasp the business environment after Covid-19
・Determine mid-to-long term growth and profitability of target
domains・Estimate whether investment can cause discontinuous
growth or not

Determine
investment
domains<Identification investment target domain after Covid-19 >・Emphasis on whether the company is a growing company
with a high probability of IPO
・Determine whether the business area is expected to grow・Quantitatively evaluate the early profit contribution rate afterinvestment

Improve
growthrate after
M&A<Pursuing growth rate improvement after grouping
through M&A>
・Systematize a series of processes in M&A
・Increase the M&A contract rate by committing management
・Verify the feasibility of synergy with precise DD
・Improve PMI accuracy and improve growth rate after M&A

Return
Probability

Copyright © AirTrip Corp. All Rights Reserved.

35

FY21.9 Period 4Q “Restart” ~ Executive Summary ~●Full-year’s operation performance in FY21.9 was 33.6 billion yen in Transaction Volume, 17.6 billion yen in Net Sales and 4.05 billion yen in
Operating Profit (Before impairment loss deduction).
Being positioned as the 1st year of the 2nd stage “Restart”, by executing the growth strategy [AirTrip “Restart”], successfully accumulated
business revenue at the same level of 1st, 2nd and 3rd Quarter, full-year Operating Profit reached a new high record.

●

In AirTrip travel domain, despite being affected by the spread of Covid 19 crisis and repeated declarations of State of Emergency throughout theyear, by utilizing GoTo Travel during the 1st quarter and optimally investing in advertisements according to changes in travel demand, steadily
capture domestic travel during Covid 19 crisis and secure stable profits.
Other existing businesses except for Travel domain (IT Offshore Development Business, Japan Inbound Travel Business/ Wi-Fi Rental Business,
Media Business, Investment Business) all continue to steadily grow, consistently promoting diversification and restructuring of the businessportfolio from the beginning of the period, and strategically build and strengthen the AirTrip economic zone.

●

From today, as a new brand representative of all our company travel platform “AirTrip”, Ms. IKKO, a celebrity, will be appointed to further
strengthen air rebranding and raise awareness of the service.

●

Full-year’s operation performance of FY22.9 is forecasted to achieve 13 billion yen in Net Sales, 1 billion yen in Operating Profit
In view that the socio-economic situation remains uncertain, protect earnings forecast that does not incorporate upside factors such as profit
contribution from domestic travel recovery with GoTo travel, recovery of overseas travel, recovery of tourists visiting Japan, contribution of
investment business, etc.

●

In the future, as vaccination progresses, besides there are signs of a recovery in travel demand due to the government policy of restrictions
relaxation of consumers’ activities, a significant recovery in AirTrip Travel Business’s profits due to the resumption of GoTo Travel, and bycontinuing to grow our businesses and promoting the diversification and restructuring business portfolio of 4 existing non-travel business,
AirTrip Group aims for endless growth.
Copyright © AirTrip Corp. All Rights Reserved.

36

Actions and Achievements to strengthen
the business portfolio～Business progress of Group Companies～

Copyright © Air Trip Corp. All Rights Reserved.

37

Group Company: Magmag, Inc. (Security Code: 4059) ~ Continuing stable business growth even after listing ~Media
Business

Continuing stable business growth even after listing, with a focus on “MagMag! Live” Platform,~ Although advertisement unit price tended to decrease under Covid 19 crisis, Net Sales achieved 98% compared tolast year ~※< Changes in MagMag’s Net Sales/ Operating Profit>(Million Yen)

800
683

Net
Sales
Operating Profit

666

Even after listing, by expanding new functions andimproving the convenience mainly in the country's largest
mail magazine and Livestream platforms, we expected togain more paying members.

600

400

Net Sales（Full-year
Preliminary value)

Operating
Profit98%

200※Compared toFY20.9Stable business growth focusing on Platform
Business（Full-year Preliminary
value)

145

128

0

FY20.9 Period

FY21.9 Period(Preliminary Value)

88%※Compared toFY20.9Strengthen Owned Media in the Media Advertising
Business
Promoting the strengthening of owned media byacquiring new writers and continuing to publish articles
by cooperating with external media and using it as acatalyst for business growth.
※The above results are preliminary figures at this time and may differ from the actual results.

Copyright © AirTrip Corp. All Rights Reserved.

38

Group Company: Inbound Platform Corp.
~ Continuing to grow by Wi-Fi for domestic corporations and Media for foreigners ~Japan Inbound Travel ／Wi-Fi BusinessContinuing to grow by Wi-Fi for domestic corporations and Media for foreigners~ Net Sales achieved 168% compared to last period, Operating Profit turned to be profitable ~1,000

Net Sales（Full-year
Preliminary value)(Million Yen)

946

Net Sales

168%

800

※Compared toFY20.9600

564

Maintain a high occupancy rate in Wi-Fi fordomestic corporations.
Due to the spread of remote working, capture thedemand of domestic corporations, continue to grow.
Full-scale start of Life Media Tech business

400

Various information broadcasting, reservation
platform businesses aiming for foreign residents
are started in sequence200

The number of PV of media for foreigners is
steadily increasing

59
0

FY20.9 Period

FY21.9 Period(Preliminary Value)△104

The number of PV of media for foreigners is
steadily increasing. It has recovered to the level
before Covid 19 crisis.
Copyright © AirTrip Corp. All Rights Reserved.

39

FY21.4Q Business Progress

Copyright © Air Trip Corp. All Rights Reserved.

40

Marketing ~ Slogan renewal ~AirTrip Travel
Business

Renewing “AirTrip” logo’s slogan!
The new slogan is “Travel App, AirTrip”~ Strengthening the app to provide customers with a more comfortable and more profitable purchasing experience ~Copyright © AirTrip Corp. All Rights Reserved.

41

Marketing ~ Marketing Measures ~AirTrip Travel
Business

Continue to implement "AirTrip" branding measures andcampaigns for AirTrip’s members!
~ Strengthening branding through promotion in various fields ~Panasonic Open Golf Championship
Sponsorship

Miyagi TV Cup
Dunlop Women's Open Sponsorship

7/3 boxing
Match Ticket’s Present CPN

KBC Augusta Golf Tournament
SponsorshipElectric toothbrush gift campaign

Domestic Pair accommodation voucher gift
campaign

Copyright © AirTrip Corp. All Rights Reserved.

42

Marketing ~ AirTrip rebranding’s effect ~AirTrip Travel
Business

With various marketing measures right at the time travel demand was increasing, as well as raising
the awareness, the number of "AirTrip" keyword searches has increased !
~ The number of keyword searches has steadily increased when travel demand returned ~Declaration of State ofEmergency(2021/7/12)

By implementing various marketing measures during the period whentravel demand increased due to the decrease in the number of infected
people, the number of AirTrip keyword searches has increased

Lifting the state of emergency(2021/9/30)

Domestic travel demand decreased
due to the 4th wave of Covid 19 andthe Declaration of State of Emergency

July 2021

August 2021

September 2021

Copyright © AirTrip Corp. All Rights Reserved.

October 2021
43

Marketing ~ Our affiliated clinic in Tohoku area first time broadcast on TV commercial ~Healthcare
Business

In order to meet the demand for PCR Tests in Kansai, where Covid 19 crisis isspreading, the TV commercial of our affiliated clinic will be broadcasted for the first timein the Kansai area!
~ We have increased awareness of "Osaka-in" which opened in August ~TV commercial (first time broadcasted in Kansai area)

Our affiliated clinics featured in News Channels in Tokyo and Osaka
10/6 Yomiuri TV "MONO Club"

8/6 Fuji TV "Mezamashi Eight"※This is an interview
with Tokyo Channel

Copyright © AirTrip Corp. All Rights Reserved.

44

Domestic flight ticket ~ Increase transaction volume by capturing Covid 19’s domestic travel demand ~AirTrip Travel
Business

Despite being influenced by the 5th wave of Covid 19 crisis and Declaration of State of Emergency,transaction volume increased by steadily capturing potential domestic travel demand~ Achieved 125％ in transaction volume compared to this period 3Q ~<Changes in Domestic Airline Ticket’s Transaction Volume>
Transaction
VolumeTransaction
Volume（4Q’s Actual value）

Even under the State of Emergency, reservation issteadily captured
With a positive marketing measure implemented
before high season, we’ve succeed in capturing
domestic travel demand before the 5th waves of Covid
19 crisis

125%※Compared to
FY21.3Q

Contributed to the increase in transaction
volume by continuously improve UI/UX

FY21.3Q

FY21.4Q

Contributed to the increase in transaction volume
by continuously improving UI / UX such as thesignificant renovation of payment function andsimplification of reservation flow.
Copyright © AirTrip Corp. All Rights Reserved.

45

Domestic AirTrip Plus (Flight ticket + Hotel)~ Even after GoTo Travel stopped, transaction volume has continuously recovered
AirTrip Travel
Business

Transaction volume continued to steadily recover!

We will continue to accumulate other measures, looking forward to the return of GoTo Travel~ Even after GoTo Travel stopped, Transaction Volume has continuously grown and achieved 133% compared to the 3Q ~<Changes in Transaction Volume of Domestic DP (Airplane Ticket + Hotel)>Transaction
VolumeTransaction
Volume（(Q’s Actual Value)

133%

Achieved topline recovery even under Covid 19 crisis
by improving UI/UX and continuously developing new
functions.
With the effect of the enclosure strategy, we’ve
gained repeat users.

※Compared to
FY21.3Q

FY21.3Q

By improving UI/UX such as adding functions,
Transaction Volume has steadily recovered

FY21.4Q

The repeat rate is improved, contributing tobusiness growth due to the enclosure measure’s
effect on users who often visited the site before
Covid 19 crisis.
Copyright © AirTrip Corp. All Rights Reserved.

46

Domestic Hotel~ Operating Profit recorded high by the enhancement of intensive accommodation products and D2C marketing that optimizes SNS ~AirTrip Travel
Business

By the enhancement of intensive accommodation products and D2C marketing that optimizes SNS, we succeed
to capture vacation rental demand under Covid 19 crisis and Operating Profit in full-year recorded high~ Continued to grow at a significantly higher standard and achieved 258％ in Operating Profit compared to last period ~<Changes in domestic hotel Operating Profit>
Capturing vacation rental demand by enhancing the purchaseof accommodation products and optimizing SNS

FY21.9 Period Operating Profit
FY20.9 Period Operating Profit

Capturing new customers and acquiring potential vacation rental
demand with the D2C marketing that optimizes SNS like Instagramor Twitter, as well as the expansion of special plan/content and new
accommodation setting.

Operating
Profit(Full-year Actual
Value）

258%※Compared toFY20.9 Period

1Q

Full-year Operating Profit recorded high by intensively
improving UI/UX,

2Q

3Q

4Q

In addition to improve the overall convenience of the website suchas adding booking and guest reservation functions, by different
policies such as adding coupon feature, autumn travel content,
Point 20% Return…, full-year Operating Profit have successfullyrecorded high.

Copyright © AirTrip Corp. All Rights Reserved.

47

Domestic Hotel ~ Provide optimal and flexible services to meet various accommodation demand ~AirTrip Travel
Business

Provide optimal and flexible services to meet various accommodation demand~ Continue various strategic measures to meet new accommodation demand for Covid 19 convergence ~Strengthening purchasing andsales of AirTrip special selectedfacilities

UI / UX improving to capture
new accommodation demand

Implementing AirTrip Point 20%
and big point return campaign

Gaining repeat users byimplementing coupon features

エアトリ厳選施設の仕入及び販売強化

エアトリ厳選施設の仕入及び販売強化

エアトリ厳選施設の仕入及び販売強化

エアトリ厳選施設の仕入及び販売強化

Implemented on-day reservation functions
and guest reservation functions on
reservation site. Promoted to capture newaccommodation during Covid 19 crisis
because even with sudden cases,
reservation could be smoothly bookedwithout logging in.

To capture new accommodation demandduring Covid 19 crisis, we’ve conducted acampaign that returns 20% AirTrip Point tocustomers who reserve accommodation at
the domestic hotel website before wintervacation and year-end period

Along with gaining repeat customers, repeat
rate and CVR improved significantly due todiscount coupons distribution only for user
who reserve accommodation after buying
flight ticket (same time purchase) or reserve
accommodation at the next time visit.

Promoting sales enhancement bysigning sales contracts with major
chain hotels such as: The New Otani
Hotel, Hotel Okura, Nikko Hotels
International and Hotel Jal City

Copyright © AirTrip Corp. All Rights Reserved.

48

Domestic Tour / Group Company N’s Enterprise~ Improve business management system and “Needs Tour”’ website’ s UI/UX to celebrates 30th anniversary next period ~AirTrip Travel
Business

Improve business management system and “Needs Tour” website’ s UI/UX to celebrate 30th
anniversary next period~ Improving core system from FrontEnd to BackEnd, sharply increasing the productiveness ~Improve UI/UX to look forward to various travel
demandLooking forward to various consumers’ demand
after Covid 19 crisis, UI design of “Needs Tour”
website and customer flow plan have beenreformed to accelerate the growth of business next
period.
Significantly improve business efficiency by renewing
business management system
Business management system (BackEnd) and theimprovement of the reservation website’s UI are reformed at
the same time, significantly promoting business efficiency forthe next fiscal year to celebrate the 30th anniversary inMarch 2022.
Copyright © AirTrip Corp. All Rights Reserved.

49

Overseas Airline Ticket / Overseas Hotel / Overseas AirTrip Plus (Airplane + Hotel) ~ Accelerating UI/UX
reformation of Overseas travel websites ~AirTrip Travel
Business

With an expectation of recovery on overseas travel demand, accelerating UI/UX Website
reformation~ Planed to improve the convenience in the view of the recovery of overseas travel demand after Covid 19 crisis ~With an expectation of recovery on overseas travel
demand, accelerating function repairing
In anticipation of a recovery in overseas travel demand,
we will accelerate website UI/UX improvement such as
expanding product line up, scrutinizing the validity ofselling prices, and adding function to sell PCR tests
together
Expanding the area where negative certificates required
for entry can be issued
Obtaining immigration information of Japan and othercountries as soon as possible, expanding the target area
including Asian countries such as Hawaii, China, and South
Korea, promoting preparations for deregulation of
immigration in other countries.
Copyright © AirTrip Corp. All Rights Reserved.

50

Overseas Tour ~ Significant renewal in Hawaii Tour Pages aiming to travel demand recovery and Hawaii relaxationin entry restriction ~AirTrip Travel
Business

Significant renewal in Hawaii Tour Pages aiming to travel demand recovery and
Hawaii relaxation in entry restriction！
~ Along with the relaxation in entry restriction, the demand for traveling from Japan is expected to recoverin the future ~The Website has significantly reformed according
to Hawaii relaxation in entry restriction
The Website has significantly reformed according to theacceleration of Hawaii relaxation in entry restriction
PCR Test and negative certificate service when you
go travel
The procedure when you go travel is simply with thenegative certificate issuance service specified for
Hawaii at our affiliate clinic.
Continue to expand supporting services related totravel for customers

Continue the preparation for “10 main support plans”
which supports free reservation cancellation andprepare documents needed for travel
Copyright © AirTrip Corp. All Rights Reserved.

51

IT Strategy / System development roadmap ~ Strategically and quickly promote system development to acquire
new travel demand ~AirTrip Travel
Business

Strategically and quickly promote system development to capture new travel demand in domestic
travel and overseas travel~ Continuing positive investment and system development looking forward to further recovery in travel demand next
period ~Expanding website’s functions

Strengthening system infrastructure

Strengthening and linking connection with external system

Building point system of domestic AirTrip plus, domestic tours, overseas products

Multilingual support
GDS / Airline / Hotel Supplier's new API connection and new function addition
Expanding various payment methods
Rebuilding member database infrastructure
Migrating to a cloud environment

Cloud Environment Configuration
Optimization

FY21.9 Period 1st Half

FY21.9 Period 2nd Half

Auto scaling (automatically changing according to access amount)

FY22.9 Period 1st Half

Copyright © AirTrip Corp. All Rights Reserved.

FY22.9 Period 2nd Half
52

Group Company: AirTrip Stay ~ Net Sales has significantly increased by capturing domestic Vacation Rental
demand under Covid 19 crisis ~Japan Inbound Travel Business
Wi-Fi Business

Steadily capturing domestic Vacation Rental demand under Covid 19 crisis,
Net Sales has significantly increased~ Net Sales has achieved 179％ compared to the 3Q ~< Changes in AirTrip Stay (Vacation Rental)’s Net Sales>
Net Sales

Net Sales（4Q’s Actual
Value）

179%

Steadily capturing domestic vacation rental demand
under Covid 19 crisis, Net Sales has significantly
increased
Capturing the increasing trend in vacation rental demandsuch as micro tourism under Covid 19 crisis, Net Sales
has sharply increased.

※Compared to
FY21.3Q

Strengthening the product by expanding property tomeet future people's vacation rental demand
In response to the demand for workation under Covid 19
crisis, we have expanding new management properties
and complete competitive products.
FY21.3Q

FY21.4Q
Copyright © AirTrip Corp. All Rights Reserved.

53

Investment Business ~ IPO Results ~Investment
Business

IPO results’ investees Total 8 companies (1 subsidiarycompany listed)～Continuing to increase IPO performance in the investment business this period～

Listing

ROBOT PAYMENT[TSE Mothers: 4374]
Listed in September 2021
Public Appeal：6.9 billion yen
Opening price：13.9 billion yen

Headwwaters

Magmag （Subsidiary Company listed）

Cyber Security Cloud[TSE Mothers: 4011][TSE JASDAQ: 4059][TSE Mothers: 4493]

Listed in September 2020

Listed in September 2020

Listed in March 2020

Public Appeal：2 billion yen

Public Appeal：2.2 billion yen

Public Appeal：9.2 billion yen

Opening price：26.3 billion yen

Opening price：9.2 billion yen

Opening price： 21.2 billion yen

Piala
AI CROSS

Branding Technology【 [TSE Mothers: 4476][TSE Mothers: 7067]

Listed in October 2019

Listed in June 2019

Public Appeal：3.8 billion yen

Public Appeal：2.4 billion yen,

Opening price：6.9 billion yen

Opening price：7.7 billion yen※The market capitalization based on the public offering price and the market capitalization based on theinitial price are estimated by the Company.

[TSE First Section: 7044]

Listed in December 2018July 2020
Market change to the first section of the Tokyo Stock Exchange
Public Appeal：7.6 billion yen
Opening price：17.5 billion yen

Copyright © AirTrip Corp. All Rights Reserved.

Wagokoro[TSE Mothers: 9271]
Listed in March 2018
Public Appeal：4.4 billion yen
Opening price：12.5 billion yen

54

Investment Business ~ Continuing the investment for further Growth ~Investment
BusinessStrengthening investment development, 66 companies in total
Total investment amount of about 2.8 billion yen※As of November 2021･･･etcCopyright © AirTrip Corp. All Rights Reserved.

55

・These materials contain forward-looking statements related to industry trends and the Company’s business development based on the Company’s current expectations, estimates, and forecasts.
・ A variety of risks and uncertainties are inherent in the assertions made in these forward-looking statements. Known and unknown risks, uncertainties, and other factors may result in differencesfrom the statements included in assertions related to forward-looking statements.
・ The Company’s actual future business and operating performance may differ from the forward-looking statements contained in these materials.
・ The assertions related to forward-looking statements made in these materials are based on the best information currently available to the Company and will not update or revise any forward-

looking statements to reflect future events or conditions.

AirTrip Corp.
(Tokyo Stock Exchange 1st Section：6191)
19th Fl. Atago Green Hills Mori Tower, 2-5-1 Atago, Minato-ku, Tokyo 105-6219
TEL 03-3431-6191
https://www.Airtrip.co.jp