For the Second Quarter of the Fiscal YearEnding September 30, 2022

Results ofOperations
AirTrip Corp.
TSE Prime Market: 6191
13th May, 2022

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

FY22.9 Period 2Q “Restart” ~ FY22.9 Achieved a real record high in Operating Profit for 1 st & 2nd quarters ～By implementing the growth strategy AirTrip “Restart”
Cumulative Operating Profit for the 1st & 2nd quarters reached a record high of 1.47 billion yen!
~ Continuing from the previous fiscal year, strategically promote diversification and restructuring of the business portfolio ~※The actual high record means the highest level of business profit (about 1.4 billion yen) excluding irregular factors (about 600 million yen: the profit along with the deconsolidation of HybridTechnologies Co., Ltd.) from the cumulative Operating Profit for the 1 st &2nd quarters of the current period (FY22.9) (approximately 1.47 billion yen) and the cumulative Operating Profit for the 1 st
&2nd quarters of the previous period (FY21.9) (approximately 2 billion yen).

Unit: (Hundred Million Yen)

FY20.9 Period

FY21.9 Period

FY22.9 Period

FY22.9 Period(Full-year Result)(Full-year Result)(1Q’s Result)(2Q’s Result) ※1st Stage

2nd Stage(From the time being listed to FY 20.9)(“Restart” from FY21.9 period)

FY22.9 Period(1Q&2Q’s Result)

FY21.9 Period(1Q&2Q’s Result)

6.0

5.3

31.5

14.7
9.4

Consolidated Operating Profit
Consolidated Operating Loss
(Before Impairment Loss)

Full-year Result△7.9(After deducting
impairment)

Profit is steadily accumulated in the 2Q
due to continued strategicaldiversification and restructuring of thebusiness portfolio

1Q Grand Total

2Q Grand Total（FY22.9 Period）（FY22.9 Period）

1Q&2Q Grand
Total（FY22.9 Period）

FY22.9 Period(Full-year Result
Forecast)

Exclude theprofit due tothedeconsolidati
on of HybridTechnologies
Co., Ltd.

7.6
14.0

20.0
Business
Profit

1Q・2Q Previous Period Full-year Forecast(Result Forecast Planned
Grand Total（FY21.9 Period）

Value)※The above-mentioned 2Q are preliminary figures at the present, and may differ from actual results.

Copyright © AirTrip Corp. All Rights Reserved.

2

FY22.9 2Q "Restart" ~ Strengthening AirTrip Economic Zone through a Diversification Strategy ~Promote the construction of diversified business foundation andstrategically strengthen AirTrip Economic Zone
~ Promote business portfolio diversification and restructuring by utilizing AirTrip Group’s assets ~In Domestic Travel Domain, along with the convergence of Covid-19’s cases, domestic travel
demand is expected to recover and the new GoTo travel is expected to resume, and the profits
will increase significantly through strategic marketing investment. In Overseas Travel Domain,
we aim to increase profits at the fastest speed in the travel industry by expanding products bystrengthening system cooperation with each airline and promoting UI / UX website’s
improvement along with the relaxation of immigration restrictions in Japan.

Aiming to become the No. 1
creator first platform byacquiring new creators of four
WEB media operated by
MagMag (listed subsidiarycompany) and actively
investing in content expansion.

AirTrip
TravelBusiness

Media
Business

Economic Zone

Japan InboundTravel Business
Wi-Fi Business

Diversify business development by utilizing AirTrip Group’s Assets

IT Offshore
Development
Business

Starting from the Life MediaTech business for foreign
residents in Japan, we aim togrow our business by providing
optimal solutions todiversifying needs due tochanges in the environment.

Investment
Business(AirTrip CVC)
According to Investment Business, AirTrip CVC, we
strategically aim to expand and strengthen the AirTrip
economic zone by utilizing the investment knowledge andexperience that has achieved the listing of a total of 11
companies so far, by aggressively investing in growth areasthat emphasize the high probability of IPO.

Aiming for further growth by providing development thatmeets customer needs through a hybrid-type comprehensive
system that combines the design capabilities of the upstream
process of Hybrid Technologies (listed group company) andthe abundant offshore development capabilities.

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

FY22.9 2Q "Restart" ~ Executive Summary ~●Consolidated results for the 2nd quarter of FY22.9 are 19.7 billion yen in Transaction Volume, 6.87 billion yen in Net Sales, and 1.47 billion
yen in Operating Profit.
In the 2nd quarter, by executing the growth strategy “AirTrip Restart”, business profit in each business domain were steadily accumulated,the cumulative Operating Profit for the 1st & 2nd quarters has achieved a high record (increase in real profit in businessperspective) of 1.47 billion yen (In the 2nd quarter of the previous period, with approximately 600 million yen profit from thedeconsolidation of Hybrid Technologies Co., Ltd., which is included in the figures in last period income statement, resulting in the decreaseof sales and profits.). We are doing well with the upwardly revised full-year result forecast announced in the 2nd quarter.

●

In AirTrip Travel Business, despite being affected by spread of Omicron Variant and pre-emergency measures during the 2nd quarter, bycontinuing AirTrip branding measures in various fields and optimizing advertising according to the changes in demand, we have succeededin securing stable profits by capturing potential domestic travel demand steadily.
The existing business areas other than Travel Business (IT Offshore Development Business, Inbound Travel Business / Wi-Fi Rental
Business, Media Business, Investment Business [AirTrip CVC]), all are strongly and smoothly growing, centered on the Investment Business(AirTrip CVC), continue to promote diversification and restructuring of the business portfolio.

●

Especially in the Investment Business (AirTrip CVC), Mental Health Technologies (stock code: 9218), one of our investees, was listedon the TSE Growth Market (former TSE Mothers Market) and became the 11th IPO project.
We will continue to make the best use of our listing experience and know-how, by aggressive investment in growing areas with a highprobability of IPO, aiming to generate further future returns by expanding and strengthening AirTrip Economic Zone.

●

In addition to the recovery of domestic travel demand by complete removing of pre-emergency measures, we assume the resumption of the
GoTo Travel. AirTrip Group aims for endless growth by expanding profits in AirTrip Travel Business through strategic marketinginvestment in response to growing travel demand for the summer and continuing growth of four existing businesses other than the Travel
Business and promoting diversification and restructuring of the business portfolio.
Copyright © AirTrip Corp. All Rights Reserved.

FY22.2Q Financial Summary

Copyright © AirTrip Corp. All Rights Reserved.

5

Changes in Transaction Volume

Transaction Volume compared to the last period 109％
Although being impacted by the changes of scope of consolidation, transaction
volume still steadily grows.
Consolidated Transaction Volume(Hundred Million Yen)

※Changed to pre-cancellation Transaction Volume from FY19.4Q.
※Each quarter of FY20.9’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 61％
Despite some decreases due to the changes in the scope of consolidation,
Net Sales still stably grows.
Consolidated Net Sales(Million Yen)

※Each quarter of FY20.9’s figures are based on continuing businesses, excluding discontinued businesses.

Copyright © AirTrip Corp. All Rights Reserved.

7

Changes in Operating Profit

Operating Profit compared to the last period 73％
Despite some decreases due to the changes in the scope of consolidation,
real profit increase was secured. Consolidated Operating Profit(Million Yen)

※ Each quarter of FY20.9’s figures are calculating by excluding discontinuing businesses from the figures before considering impairment loss published last period.

Copyright © AirTrip Corp. All Rights Reserved.

8

Statement of Income

Although both Net Sales and Operating Profit decreased compared to last year,
we secured the increasing actual profit in business.
(Million yen)

FY21.2Q
Amount

FY22.2Q
Amount% to Sales% to Sales

Transaction
Volume18,078ー

19,651ーNet Sales

11,202100.0%

6,870

100.0%

Gross Profit

3,855

34.4％

3,251

47.3％

Operating Profit

2,001

17.9%

1,477

21.5％

1,406

12.5%

1,477

21.5％

1,286

11.5%

1,118

16.3％

Actual Operating
ProfitProfit attributableto owners ofparentCopyright © AirTrip Corp. All Rights Reserved.

9Balance Sheet

Equity Capital remains stable due to accumulated profits~ Cash position continues to improve ~(Million Yen)

FY21.4Q

FY22.2Q

Difference

Current Assets

15,568

16,615

1,047

Cash and Deposits

8,771

8,629

△142

Operational Investment
Securities

4,852

5,091

239

Non-current Assets

5,804

5,936

132

Total Assets

21,37322,552

1,179

Liabilities

13,236

13,431

195

Interest-bearing Debts

7,443

6,899

△544

Equity

8,136

9,120

984

Equity ratio

38.1%

40.4%

2.3%

Copyright © AirTrip Corp. All Rights Reserved.

10

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 and restructuring.
~ Due to the smooth and strong growth of the business, Full-year result has been upward adjusted
compared to the first version. ~(Million yen)
FY22.9 Period
Full-year result first
forecast

FY22.9 Period
Full-year result revised※
forecast

Net Sales

13,00014,000Operating Profit

1,000

2,000

Net Profit

700

1,400

Dividend--

Strategy based on the result 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 cost・Revenue recovery in AirTrip Travel Business・Accumulating business profits by promoting diversification ofbusiness portfolio

・Aiming for a payout ratio of 20%※The above revised full-year forecast is based on the revised full-year consolidated forecast announced on March 15, 2022.

Copyright © AirTrip Corp. All Rights Reserved.

11

Strategies and Results against the impact of
COVID-19

Copyright © AirTrip Corp. All Rights Reserved.

12

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

Currently, travel demand is steadily recovering due to the effect of fully removing pre-emergency measures,and the number of infection cases is expected to decrease due to the booster vaccination and the spread of
medical treatment.
~ Besides the decrease in new infection cases, the demand will increase more than before with the resumption of the GoTo Travel ~The booster vaccination/ the spreadof medical treatment as well as theresumption of the new GoTo Travel

Infection Cases

6th Wave

Travelers(Travel Demand)

Travel Demand tends
to increase morethan ever

Numberof People

High

5th Wave

4th Wave

Now
3rd Wave
Travel demand tends to increase due to adecrease in the number of infection cases
through the spread of booster vaccinations
and medical treatment.

2nd Wave

1st Wave

Low

DemandDecrease
Phase

Now

DemandRecoveryPhase

Decreasein infection
cases
DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

Time
(2.5~3 Years)
Copyright © AirTrip Corp. All Rights Reserved.

DemandRecoveryPhase

Increase ininfection
cases
DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

Explosion indemand phase

Future13

About the impact of Covid 19 on the current business result

Steady recover in Domestic Travel domain by complete remove of pre-emergency measures.
The existing business domains, other than travel, has been making good progress led by the investment
ウィルスによる業績への影響
business (AirTrip CVC).
~ Continuing from the previous fiscal year, strategically promote business portfolio diversification and restruction ~Pre-emergency measures toprevent the spread of
Omicron Variant(21 Jan)Hospital bed occupancy
rate of over 50% in 22
prefectures nationwide(24 Feb)

Removal of preemergency measures inall areas(22 Mar)

Expansion of areas
covered by "Prefectural
Discount" nationwide(1 Apr)

2Q’s Announcement offinancial statements(13 May)

May
Jun
July
(Expected) (Expected) (Expected)

Jan

Feb

Mar

Apr

AirTrip Travel (Domestic)

△

△

△～◯

◯

◯?

◯?

◯?

AirTrip Travel (Overseas)

×

×

×

×

×?

×～△?

×～△?

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

◯

◯

◯

◯

◯?

◯?

◯?

◯

◯

◯

◯

◯?

◯?

◯?

Media Business

△～◯

△～◯

△～◯

△～◯

△～◯?

△～◯?

△～◯?

Investment Business(AirTrip CVC)

◯

◯

◎

◯

◯?

◯?

◯?

Copyright © AirTrip Corp. All Rights Reserved.

14

FY22.9 Period 2Q Changes in Sales, general, and administrative expenses ~ Cash-out cost optimization andimplementation measures ~In addition to continuing to reduce fixed costs, we have succeeded in minimizing cash-out costs by
optimizing advertising costs in response to the recent increase in travel demand.
~ In the second quarter, monthly SG & A expenses will be suppressed to just over 450-500 million yen.
Variable expenses will be controlled in response to the increase in travel demand
due to the fully removal of pre-emergency measures. ~(Hundred Million Yen)

Optimizing variable cost and advertisement cost

10.0
Fixed Cost

Variable Cost

1.0?

Variable Cost

Controlling outsourcing cost according to travel demand
Reducing of subcontract expenses and other temporary
cost at each department

4.0

8.0

2.0

2.6

2.0

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

6.0

Controlling labor cost and continuing to reduceother fixed costs
4.0

Labor Cost

6.4

Continuing to return part of Directors’ bonuses ( Director/Supervisor)
Reducing labor cost along with optimizing personnel
Together with partly remote work to reduce commuting cost

0.5?

2.0

2.6

2.5

2.5

0.0

20.2
FY20.921.9
FY21.922.4~622.3
FY22.9Other fixed Cost※

(Planned Value)※Because it is a planned value for 2Q, it may differ from the actual value. Copyright © AirTrip Corp. All Rights Reserved.

Reducing system’s maintenance fee related to infrastructure
management
Reducing expenses for space rent by switching to remote work
Review and reduce other fixed costs of each department

15

FY22.9 2Q Changes in Gross profit ~ With the business portfolio diversification and promotion of restructuring, we
will continue to be profitable in the 2nd quarter. ~The Domestic Travel domain, affected by the spread of Omicron Variant, is currently on a crucial
recovery trend. Other business domains also continued to smoothly grow. We will keep stably
profitable in the 2nd Quarter.
~ Steadily secure gross profit by promoting diversification and restructuring of the business portfolio ~(Hundredmillion yen)

12.0

Other Business Domains

Oversea Travel Domain
10.0

Domestic Travel Domain
Despite being affected by the
spread of Omicron Variant,steadily secure gross profit bydiversifying and restructuring
the business portfolio.

Gross profit in the domestic
travel area is expected toincrease significantly as
domestic travel demand
recovers due to the fully removalof pre-emergency measures.

8.0
3.3

6.0
3.2

3.2

2.9

3.8

4.0

3.4

2.9

2.9

0.2

2.0

0.1
0.1

3.3

3.6

2.0

0.0

21.1

21.2

21.3

0.1
0.1

2.9

2.4

21.4

21.5

1.6

0.1

0.1
0.1

21.6

21.7

2.8

21.8

21.9

1.4

0.2

0.2

5.2

5.3

2.1

1.4
3.9

3.1

0.2

1.4

0.2

0.1

0.1

4.3
3.0

1.4

1.8

0.1
0.1

1.5

3.1
3.8

21.10

4.4

21.11

4.2

21.12

FY21.9Copyright © AirTrip Corp. All Rights Reserved.
※ The above gross profit is preliminary figure used for our Group management board.

0.1

0.1

2.5

2.4

22.1

22.2

4.4

22.3

5.6

22.4
22.5
(Preliminary (Planned
Value)
Value)

22.6(Planned
Value)

FY22.916

Operating Profit and Loss Overview

Although Net Sales has decreased compared to the last year, actual operating
profit has been recorded high.
(Million yen)

FY21.2Q

FY22.2Q

AmountAmountNet Sales

11,202

6,870

Gross Profit

3,855

3,251

△2,644△2,861

595

-

165

144

-

49

74

1,086

Other expense

△45

△192

Operating Profit (B)

2,001

1,477

Actual Operating Profit (C＝B-A)

1,406

1,477

SG&A Expenses
Profit from child company’s
deconsolidation (A)Income from investment
Equity Gains (Losses) of AffiliatedCompanies
Other income

Copyright © AirTrip Corp. All Rights Reserved.

17

Recent Actions and Achievements

Copyright © AirTrip Corp. All Rights Reserved.

18

Gross profit in the Domestic Travel Domain ~ Achieved a level significantly higher than the previous year bycapturing the growing travel demand
AirTrip Travel
Business

Gross Profit of the Domestic Travel domain has achieved a significantly higher level than the previous year
by capturing increasing travel demand, despite being temporarily affected by the Omicron Variant.
~ Although January’s result was lower, February’s result exceed the previous year’s level, and April was expected toachieved 216% of previous year’s. ~2022’s Gross Profit

Apr gross profit
216% compared
to last year

Pre-emergency Measures applying period(2022/1/21～2022/3/20)

Mar gross profit
172% compared
to last year

2021’s Gross Profit

Jan gross profit
74% compared tolast year

21.1

22.1

Feb gross profit
134% compared
to last year

21.2

22.2

21.3

FY22.9

22.3

21.4

22.4
(preliminary figures)※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.

19

Start business collaboration with Kakaku.com at the site “AirTrip Domestic Hotel”, who operates the “4travel”, a
travel review and comparing site
AirTrip Travel
Business

Start business collaboration with Kakaku.com, Inc. at the site “AirTrip Domestic
Hotel”, who operates the “4travel’’, a travel review and comparing site!
~ Aiming to acquire more customers by listing more than 20,000 accommodation
facilities handled by "AirTrip Domestic Hotels" on “4travel” ~Providing Accommodation
Inventory

Bringing new customers

Copyright © AirTrip Corp. All Rights Reserved.

20

Started providing "AirTrip domestic and overseas hotels" to the welfare service "WELBOX" operated by Ewel Inc.!
AirTrip Travel
Business

Started providing "AirTrip domestic and overseas hotels" to the welfare service"WELBOX" operated by EWEL Inc.!
~ Aiming to further expand marketing channels and raise awareness of the "AirTrip" brand ~Copyright © AirTrip Corp. All Rights Reserved.

21

Mental Health Technologies,Co., Ltd. (stock code: 9218), one of our investees, has newly listed on the TSE
Growth Market (former TSE Mothers Market)!
Investment Business(AirTrip CVC)

Mental Health Technologies Co., Ltd. (stock code: 9218), one of our investees, has
newly listed on the TSE Growth Market (former TSE Mothers Market)!
~ Achieved the 11th IPO project as our investee ~As an initiative of SDGs (Goals for Sustainable Development) and social contribution, every time ourinvestee makes an IPO, we will donate to the Japan Future Sports Promotion Association which
provides an environment and services that allow children who have difficulty in playing sports due tofinancial or environmental reasons.
Copyright © AirTrip Corp. All Rights Reserved.

22

Investment Business (AirTrip CVC) ~ Decided to invest in Gazelle Capital Inc. No. 2 Fund!
Investment Business(AirTrip CVC)

Decided to invest in Gazelle Capital Inc. No. 2 Fund, which invests inunlisted companies in the early days trying the SaaS / DX!
~ This investment is an initiative as an investment business (AirTrip CVC) and is
expected for future returns. ~Copyright © AirTrip Corp. All Rights Reserved.

23

Investment Business (AirTrip CVC) ~ Capital and Business Alliance with KP TECHNOLOGIES Inc. ~Investment Business(AirTrip CVC)

Capital and business alliance with KP TECHNOLOGIES Inc., which operates theplatform "Kensetsu PAD" specialized in the construction industry!
~ Concluded a basic agreement for a business alliance related to development between our affiliate HybridTechnologies Co., Ltd. and KP TECHNOLOGIES Co., Ltd. ~Capital andbusiness alliance

Our affiliatedcompany

Business alliance related to development(Basic Agreement Conclusion)

Copyright © AirTrip Corp. All Rights Reserved.

24

Actions and Achievements to strengthen thebusiness portfolio～ Business progress of Group Companies ～Copyright © AirTrip Corp. All Rights Reserved.

25

Group company (subsidiary): MagMag Inc.(stock code: 4059)~ Despite the decrease in income and profit due to the impact of the Covid-19 crisis, Media Business continued to grow steadily ~MediaBusiness

Although income and profit decreased due to the impact of Covid-19 crisis, theMedia Business continued to grow steadily~ Promoting the acquisition of new creators and maintain 87% of sales compared to the previous 2Q ~< Changes in MagMag Inc.’s Net Sales / Operating Profit >(Million yen)400

Net Sales

347

304

Operating Profit

300

Net Sales
200（2Q’s Actual
Value）

87%

Operating
Profit※Compared to
FY21.2Q（2Q’s Actual Value）

100

27%

85

23
0
FY21.2Q
Total

FY22.2Q
Total※Compared to
FY21.2Q

Advertising unit price is declining, but businessgrowth continues steadily
The number of UUs in the media is steadily increasing,although ad network advertising revenue is declining due
to the trend of declining ad unit prices affected by
Covid-19 crisis.
Accelerate acquisition of new creators and paid members
While continuing to actively invest in the system, we will
promote the acquisition of new creators by supporting for
creators focusing on talking with celebrities at "MagMag! Live"and accelerate the expansion of the paid membership base.
※The above results are preliminary figures at this time and may differ from the actual
results.

Copyright © AirTrip Corp. All Rights Reserved.

26

Group companies (Affiliated companies): Hybrid Technologies Co., Ltd. (stock code: 4260)~ Business growth continues steadily even after listing ~IT Offshore
Development BusinessBusiness growth continues steadily even after listing.
~ Net sales has achieved 138% and Operating profit has achieved 264％ compared to last year’s 2Q. ~(Million yen)

Net Sales

650（2Q’s Actual
Value）

549

138%

Net Sales
Operating
Profit※Compared to
FY21.2Q

520
397
390

260

"Hybrid Technologies Capital" was newly launched.

264%

Launched a new program “Hybrid Technologies Capital”
that provides complex investment and development
resources. Aiming for business growth of both companies
by targeting companies that are expected to have highbusiness synergies.

※Compared to
FY21.2Q

73
28

0

FY21.2Q

Due to the steady progress in hiring high-priced humanresources, Net Sales and Operating Profit continued toincrease significantly from the same period of theprevious year.

Operating
Profit（2Q’s Actual Value）

130

Both Net Sales and Operating Profit significantly
increased from the same period of the previous year.

FY22.2Q※The above results are preliminary figures at this time and may differ from theactual results.

Copyright © AirTrip Corp. All Rights Reserved.

27

Group Company: Inbound Platform Corp.
~ Wi-Fi Rental Business and media channels for foreigners continued to grow strongly. ~Japan Inbound Travel／
Wi-Fi Business

Wi-Fi Rental Business and media channels for foreigners continued to grow strongly.

~ Net Sales achieved 131% compared to last year’s 2Q. ～(Million yen)

600

534

Net Sales

Wi-Fi rental for foreigners visiting Japan is
gradually recovering and continuing to grow.

480
408

Increasing demand for Wi-Fi rental foroverseas travelers

360

Net Sales（2Q’s Actual
Value）

240

131%※Compared to
FY21.2Q

120

0

Inbound Wi-Fi rental is on a recovery trend.

The recovery sign in demand for Wi-Fi rentals foroverseas travelers are increasing despite being
affected by Covid-19 crisis.
Strong Growth of Life MediaTech Business

Real estate leasing agency for foreign residents is
growing steadily, and further business growth isexpected.

FY21.2Q

FY22.2Q※The above results are preliminary figures at this time and may differ from theactual results.
Copyright © AirTrip Corp. All Rights Reserved.
28

FY22.2Q Business Progress

Copyright © AirTrip Corp. All Rights Reserved.

29

Marketing ~ AirTrip Branding Measures ~AirTrip Travel
Business

Signed a sponsorship contract with 8 male professional golfers in 2022!
~ Posting the "AirTrip" logo in golf tournaments and various golf activities ~Shingo Katayama

Chan Kim

Hideto Tanihara

Ryosuke Kinoshita

Naoyuki Kataoka

Tomohiro Ishizaka

Taisei Shimizu

Genki Okada

Copyright © AirTrip Corp. All Rights Reserved.

30

Marketing ~ Various marketing measures ~AirTrip Travel
Business

Continue to implement "AirTrip" branding measures and campaigns for AirTrip members!

~ Constant promotion in various fields and steadily strengthen "AirTrip" branding ~Meiji-Yasuda Ladies Yokohama Tire Golf
Tournament SponsorshipJAPAN Golf Tour Opening RoundToken Homemate Cup Sponsorship

Panasonic Open Ladies Golf Tournament
Sponsorship

Official Twitter exceeding 100,000 members
celebration
Thank you campaign

Tokyu Hotels Afternoon Tea Experience
Present campaign

Official partner contract signed with DSPEAnd the 2nd DSPEINVITATIONAL sponsorship

Dubai Tourism Board or Emirates Airlines
Travel pouch gift campaign

AJ InterBridge Kyoto / Kanazawa / Takayama Machiya Hotel
Installed AirTrip advertisements at all rooms and reception

April 22 "PXB PHOENIX BATTLE 87“
Logo posted on Masataka Taniguchi’s boxing pants

Copyright © AirTrip Corp. All Rights Reserved.

31

Marketing ~ AirTrip Branding Result ~AirTrip Travel
Business

The number of "AirTrip" keyword searches has steadily increased due to various
marketing measures in response to the recovery in travel demand!
~ Achieved an increase in the number of searches by optimally dropping advertisements when domestic
travel demand recovered ~The number of AirTrip Keyword searches has increased due to various
marketing measures in response to rising travel demand.

Domestic travel demand is on a temporary
decline due to the rapid spread of Omicron
Variant.

Fully removing pre-emergency
measures(March 22nd ~,2022)

Jan 2022

Feb 2022

Mar 2022

Copyright © AirTrip Corp. All Rights Reserved.

Apr 202232

Domestic flight tickets ~ Significant increase in Transaction Volume due to optimize advertising cut down forpotential demand ~AirTrip Travel
Business

Optimizing advertising cut down even under the influence of the 6th wave of
Covid-19 crisis, steadily capturing potential demand and transaction volume wassignificantly increased.
~ Achieved 155％ in Transaction Volume compared to last year’s 2Q ~<Changes in Domestic Airline Ticket’s Transaction Volume>
Transaction
VolumeTransaction
Volume（2Q’s Actual Value）

155%

Steadily capturing potential demand even under the
influence of the 6th wave of Covid-19 crisis
Even under the influence of the rapid expansion of
Omicron Variant, we have implemented various optimal
marketing measures and succeeded in capturing potential
demand.

※Compared to
FY21.2Q

Achieving an increase in Transaction volume
through various optimal application advertisements

FY21.2Q

FY22.2Q

Succeeded in acquiring users by implementing various
projects such as the Super New Year campaign andoptimal application advertisements and achieved asignificant increase in Transaction Volume.

Copyright © AirTrip Corp. All Rights Reserved.

33

Domestic AirTrip Plus (Flight ticket + Hotel)~ Significant growth in Transaction Volume and Operating Profit through various marketing measures ~AirTrip Travel
Business

While demand has fallen sharply due to the expansion of Omicron Variant,various marketing measures have made a significant growth in both Transaction
Volume and Gross Profit!
~ Achieved 247％ in Transaction Volume and 236％ in Gross Profit compared to last year’s 2Q ~<Changes in Transaction Volume of Domestic DP (Airplane Ticket + Hotel)>Transaction Volume
Gross Profit

Transaction
Volume（2Q’s Actual Value）

In addition to continuous UI / UX improvement, we haveachieved an increase in Transaction Volume throughoptimal marketing measures according to demand.

247%※Compared to
FY21.2Q

Gross
ProfitStarted preparing for GoTo Travel236%

As travel demand is rising, we will implement measures todesign various system specifications and expand sales
channels assuming resumption of GoTo Travel.

（2Q’s Actual
Value）※Compared to
FY21.2Q

FY21.2Q

Achieved an increase in Transaction Volume throughvarious marketing measures

FY22.2Q
Copyright © AirTrip Corp. All Rights Reserved.

34

Domestic Hotel ~ Gross profit and Operating Profit significantly increased due to the synergistic effect ofstrengthening various services and aggressively expanding sales channels. ~AirTrip Travel
Business

With the synergistic effect of introducing new payment methods, strengthening services throughcontinuous UI / UX improvements, and aggressively expanding sales channels, both gross profit
and operating profit will increase significantly!
~ Achieved 159％ in Gross Profit and 346％ in Transaction Volume compared to the last year’s 2Q ~<Changes in domestic hotel Transaction Volume’s Gross Profit / Operating profit>
Gross Profit

Transaction
VolumeOperating Profit（2Q’s Actual Value）

159%※Compared to
FY21.2Q

Operating
ProfitIncrease business profits by introducing new payments andimproving UI / UX
As a result of introducing new payments that allow people to pay ininstallments and strengthening services through continuous UI / UX
improvements, we have contributed to improve CVR, increasecustomer unit prices, and achieve a significant increase in grossprofit and operating profit.
Acquire new customers by aggressively expanding sales
channels（2Q’s Actual Value）

346%※Compared to
FY21.2Q

FY21.2Q

We have newly started cooperation with "WELBOX", which
provides welfare services and the travel’s review and comparison
website "4travel" to raise brand awareness and acquire newcustomers.

FY22.2Q
Copyright © AirTrip Corp. All Rights Reserved.

35

Domestic Hotel ~ Besides strengthening purchasing, we have achieved the acquisition of new customers byimplementing new payment methods and responding to demand stimulation measures of each local government ~AirTrip Travel
Business

In addition to thoroughly strengthen the purchase of accommodation facilities, we have achieved
new customers acquisition by implementing new payment methods and responding to demand
stimulation measures of each local government!
~ Strategically implement various measures to capture diversifying accommodation demand ~Strengthen purchasing andsales of AirTrip's carefully
selected facilities

UI / UX improvements toimprove revenue and CVR

Implement new payment
method "paidy"

Acquire accommodation demandthrough early response to local
government demand stimulus
measures

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

Concluded a sales contract with APA
Hotels & Resorts, the largest businesshotel chain in Japan, strengthened thepurchase of accommodation facilities,
implemented various campaign plans, andfurther strengthened sales promotion.

By reviewing user flow leading to theaccommodation reservation and each UI on
the "Domestic Hotel" site and optimizing andsimplifying the flow up to the reservation,
usability was improved which directly linked
to profitability and CVR improvement.

Introducing the post-paid payment service"paidy", a new payment method for "domestic
hotels ", has greatly contributed to theacquisition of a new customer base who
desires post-paid payment for accommodation
charges or multiple installment payments.

By early responding to "Sapporo WinterDiscount" and "Hakodate Discount", measures
to stimulate tourism demand of local
governments, have resumed due to the declineof Covid 19 crisis, we have succeeded in
capturing accommodation demand throughD2C marketing utilizing SNS.

Copyright © AirTrip Corp. All Rights Reserved.

36

Domestic Tour / N's Enterprise (Group company)~ Steadily secure potential demand for Covid-19 crisis by developing various campaigns and continue UI / UX improvements ~AirTrip Travel
Business

Steadily secure potential demand for Covid-19 crisis by developing various
campaigns to recover travel demand and continuing to improve UI and UX~ Maintained 91% Transaction Volume compared to this year’s 1Q ~<Changes in Domestic Tour’s Transaction Volume>
Transaction
VolumeTransaction volume is expected to recover after the fully
removal of pre-emergency measures.

During the 2Q, after the pre-emergency measures are fully removed,
also the Omicron Variant’s effect has temporally decreased, theTransaction Volume is expected to significantly recover due toaggressive campaign development.
Transaction
Volume（2Q’s Actual Value）

Steadily capture potential demand by continuing to improve UI /UX

91%

※Compared toFY22.1Q

Steadily secure potential demand for Covid -19 crisis by continuing
to improve the UI / UX of the "Needs Tour" site operated by N’s
enterprise Inc., a group company which were celebrating its 30th
anniversary.

FY22.1Q

FY22.2Q
Copyright © AirTrip Corp. All Rights Reserved.

37

Group company: N's Enterprise Inc.
~ A big thank you campaign will be held to celebrate the 30th anniversary of the establishment ~AirTrip Travel
Business"Needs Tour 30th Anniversary Great Thanks Campaign" was held tocelebrate the 30th anniversary of N's Enterprise Inc.!
~ Okinawa travel special feature is being implemented as the first big thank you campaign. ~Copyright © AirTrip Corp. All Rights Reserved.

38

Overseas Flight Tickets / Overseas Hotel / Overseas AirTrip Plus (Flight Tickets + Hotels)~ ZIPAIR Tokyo Inc. is now on sale to recover demand ~AirTrip Travel
Business

Looking ahead to the recovery of overseas travel demand in the future, ZIPAIR
Tokyo Inc. (LCC wholly owned by JAL) is now on sale!
~ Expanding the product lineup to recover travel demand for the period after the Covid-19 crisis ~ZIPAIR Tokyo Inc.(LCC wholly owned by JAL) is now
on sale.
By starting a new collaboration with ZIPAIR Tokyo INC. ,amedium- and long-distance low-cost carrier (LCC) wholly
owned by JAL, we will further expand our product lineup to
recover demand.
Accelerate UI / UX improvement along with therecovery in overseas travel demand

Along with the recovery in overseas travel demand, we will
accelerate UI / UX improvements for the website such assystem renovation to expand overseas airline ticket
products centered on LCCs and implement other additional
functions.
Copyright © AirTrip Corp. All Rights Reserved.

39

Overseas Flight Tickets/ Overseas Hotel/ Overseas AirTrip Plus (Flight Tickets + Hotels)~ By shortening the quarantine period after returning to Japan, it will be a boost for resuming overseas travel. ~AirTrip Travel
Business

By shortening the quarantine period after returning to Japan, which is applicable to many majorcountries that are overseas travel destinations, it will be a boost for resuming overseas travel!
~ With 3 doses of vaccinations, the quarantine period can be significantly reduced more realistically. ~Vaccination reduces quarantine period after returning
to Japan.
Until now, it took a certain quarantine period after
returning to Japan from overseas, but it was announced
that the quarantine period would be significantly shortenedwith 3 doses of vaccinations (as of April 8, 2022).
The current reservation situation is going well, andthere are signs that overseas travel demand will
recover.

※ As of April 8, 2022

Currently, reservations for overseas travel are increasing
significantly, especially during Golden Week and summer
vacation, and by reducing the quarantine period after
returning to Japan in the future, it will be a boost for therecovery of overseas travel demand!
Copyright © AirTrip Corp. All Rights Reserved.

40

Overseas Tour ~ Hawaii tours will be on sale from May 2022 to capture Hawaii travel demand. ~AirTrip Travel
Business

Hawaii tours will be on sale from May 2022 to capture Hawaii travel demand, whichis expected to recover quickly!
~ Always providing the latest Hawaii travel information in cooperation with related authorities ~Started selling Hawaii tours to capture demand

Hawaii tours will be on sale from May 2022 in order tocapture Hawaii travel demand, which is expected torecover quickly due to the relaxation of immigration
restrictions, etc.
Updated the latest local information in cooperation
with each related authority
In collaboration with airlines, accommodation facilities,
local authorities, etc., we constantly updated the latest
information and prices when traveling to Hawaii, andsteadily promote the acquisition of Hawaii travel demand.
Copyright © AirTrip Corp. All Rights Reserved.

41

IT strategy / System development roadmap~ Promote strategic and swift promotion of functional expansion and infrastructure sophistication to capture new travel demand ~AirTrip Travel
Business

Strategically and swiftly promote the expansion of functions and the sophisticationof infrastructure to capture new demand in domestic and overseas travel~ Proactively continue system development and investment in anticipation of further travel recovery demand in the future ~＜FY22.9 Period System Development Plan＞<Progress of action plan>
Expanded functions of AirTrip Website

Construction of a point system for Domestic AirTrip Plus, domestic tours, and overseas travel
products

・ Implemented a point system for domestic airline
tickets + hotels (AirTrip Plus) (finished)

Multilingual

New API connection and new function addition for GDS / airline / hotel supplier・Implemented a point system for domestic tours
and overseas travel products (under development)
Coordinating and strengthening connection
with external systems

Expansion of various payment methods
Reconstruction of member database infrastructure
Infrastructure Auto scaling (Automatic optimization of processing performance according to the amount of access)FY22.9 Period
1Q

FY22.9 Period
2Q

FY22.9 Period
3Q・Connection with new LCC such as ZIPAIR Tokyo Inc.
・Introduced payment method "paidy" at domestic
hotels.(completed)
Strengthening and sophisticating systeminfrastructure

・Investigation and examination of overall design
toward the auto-scaling of infrastructure

FY22.9 Period
4Q

Copyright © AirTrip Corp. All Rights Reserved.

42

Group Company: AirTrip Stay
~ Significant increase in Net Sales due to the recovery trend of domestic demand for vacation rental ~Japan Inbound Travel Business
Wi-Fi Business

Net Sales (daily sales per room) increased significantly by steadily capturing
the increasing domestic demand for vacation rental.
~ Net sales achieved 243% compared to last year’s 2Q~<Changes in AirTrip Stay (Vacation Rental)’s Net Sales>
Net Sales

Net Sales(2Q’s Actual
Value)

243%

Acquired increasing domestic demand for private lodging,
resulting in a significant increase in Net Sales
Steadily capture demand for private lodging such as micro tourism,
which has been on an increasing trend since the previous fiscal
year, and Net sales have increased significantly.

※Compared to
FY21.2Q

Strengthen product capabilities to meet growing inbounddemandIn order to meet the demand for vacation rental from inboundtourists, we will extend the reservation acceptance period fromhalf a year to a year ahead, promote the acquisition of new
properties, and thoroughly strengthen our product appeal.

FY21.2Q

FY22.2Q
Copyright © AirTrip Corp. All Rights Reserved.

43

Investment Business (AirTrip CVC) ~ IPO Result, cumulative total 11 companies ~Investment Business(AirTrip CVC)

Achieved a cumulative total of 11 IPOs investees(including 1 listed subsidiary company and 1 listed affiliated company)~ According to Investment Business / AirTrip CVC, we will continue to accumulate IPO results every fiscal year. ~Listing

Lastonemile Co., Ltd.

Mental Health Technologies Co., Ltd.

Hybrid Technologies Co., Ltd. affiliated company listed[TSE Growth: 9252] Listed in November 2021

[TSE Growth: 9218] Listed in March 2022

[TSE Growth: 4260] Listed in December 2021

Public offering 6 billion yen, initial price 8.4 billion yen

Public offering 4.6 billion yen, initial price 6.8 billion yen
Public offering 4.9 billion yen, initial price 7.8 billion yen

ROBOT PAYMENT Inc.
[TSE Growth: 4374] Listed in September 2021

Public offering 6.9 billion yen, initial price 13.9 billion yen

Headwwaters Co., Ltd.

MagMag Inc. Subsidiary Company listed[TSE Growth: 4011] Listed in September 2020

[TSE Standard: 4059] Listed in September 2020

Public offering 2 billion yen, initial price 26.3 billion yen

Public offering 2.2 billion yen, initial price 9.2 billion yen

Cyber Security Cloud Inc.

AI CROSS Inc.

Branding Technology Inc.

[TSE Growth: 4493] Listed in March 2020

【 [TSE Growth: 4476] Listed in October 2019

[TSE Growth: 7067] Listed in June 2019

Public offering 9.2 billion yen, initial price21.2 billion yen

Public offering 3.8 billion yen, initial price 6.9 billion yen

Public offering 2.4 billion yen, initial price 7.7 billion yen※The market capitalization based on the public offering price and the market
capitalization based on the initial price are estimated by the Company.

Copyright © AirTrip Corp. All Rights Reserved.

Piala Inc.

Wagokoro Co., Ltd.

[TSE Prime: 7044] Listed in December 2018

[TSE Growth: 9271] Listed in March 2018

Public offering 7.6 billion yen, initial price17.5 billion yen

Public offering 4.4 billion yen, initial price12.5 billion yen

44Investment Business (AirTrip CVC) ~ Capital and business alliance with Effectual Co., Ltd.~
Investment Business(AirTrip CVC)

Capital and business alliance with Effectual Co., Ltd.,
which helps stores attract customers by using Google Business Profile!
~ The company is currently preparing for listing, and we will make the most of our listing experience and know-how. ~Capital andbusiness alliance

Copyright © AirTrip Corp. All Rights Reserved.

45

Investment Business (AirTrip CVC) ~ Capital and business alliance with Corntec Inc. ~Investment Business(AirTrip CVC)

Capital and business alliance with Corntec Inc., which provides livestock
management service "PIGI" that utilizes AI and big data!
~ The company is currently preparing for listing, and we will make the most of our listing experience and know-how. ~Capital andbusiness alliance

Copyright © AirTrip Corp. All Rights Reserved.

46

Investment Business (AirTrip CVC) ~ Additional investment in AJ InterBridge Inc. ~Investment Business(AirTrip CVC)

Additional investment in AJ Interbridge Inc., a company running Town House
Hotel business, Travel Tabinaka business, and digital platform business!
~ Aiming to create synergies by leveraging the strengths of both companies in the inbound area ~Additional investment

Allocation of new stocks to athird party

Copyright © AirTrip Corp. All Rights Reserved.

47

Investment Business (AirTrip CVC) ~ Capital and business alliance with Neton Inc. ~Investment Business(AirTrip CVC)

A capital and business alliance with Neton Inc.,
which provides “Saiyo-Kakaricho", a cloud service,that solves recruitment issues for small and medium-sized enterprises!
~ The company is currently preparing for listing, and our listing experience and know-how will be a very efficient support. ~Capital andbusiness alliance

Copyright © AirTrip Corp. All Rights Reserved.

48

Investment Business (AirTrip CVC) ~ Continuing the investment for further Growth ~Investment Business(AirTrip CVC)

Strengthening investment development : cumulative 73 investees
Net investment amount 3.1 billion yen (approx)※ As of May 2022 (Financial results announcement date)･･･etcCopyright © AirTrip Corp. All Rights Reserved.

49

FY22.9 2Q "Restart" ~ Executive Summary ~●Consolidated results for the 2nd quarter of FY22.9 are 19.7 billion yen in Transaction Volume, 6.87 billion yen in Net Sales,
and 1.47 billion yen in Operating Profit.
In the 2nd quarter, by executing the growth strategy AirTrip “Restart”, business profit in each business domain were steadily
accumulated, the cumulative Operating Profit for the 1st & 2nd quarters has achieved a high record (increase in real
profit in business perspective) of 1.47 billion yen (In the 2nd quarter of the previous period, with approximately 600
million yen profit from the deconsolidation of Hybrid Technologies Co., Ltd., which is included in the figures in last period
income statement, resulting in the decrease of sales and profits.). We are doing well with the upwardly revised full-year result
forecast announced in the 2nd quarter.

●

In AirTrip travel business, despite being affected by spread of Omicron Variant and pre-emergency measures during the 2nd
quarter, by continuing AirTrip branding measures in various fields and optimizing advertising according to the changes indemand, we can secure stable profits by steadily capturing potential domestic travel demand.
The existing business areas other than Travel Business (IT Offshore Development Business, Inbound Travel Business / WiFi Rental Business, Media Business, Investment Business [AirTrip CVC]), all are strongly and smoothly growing, centered on
the Investment Business (AirTrip CVC), continue to promote diversification and restructuring of the business portfolio.

●

Especially in the Investment Business (AirTrip CVC), Mental Health Technologies Co.,Ltd. (stock code: 9218), one of ourinvestees, was listed on the TSE Growth Market (former TSE Mothers Market) and became the 11th IPO project.
We will continue to make the best use of our listing experience and know-how, by aggressive investment in growing areas
with a high probability of IPO, aiming to generate further future returns by expanding and strengthening AirTrip Economic
Zone.

●

In addition to the recovery of domestic travel demand by complete removing of pre-emergency measures, we assume theresumption of the GoTo Travel. AirTrip Group aims for endless growth by expanding profits in AirTrip Travel Businessthrough strategic marketing investment in response to growing travel demand for the summer and continuing growth of four
existing businesses other than the Travel Business and promoting diversification and restructuring of the business portfolio.
Copyright © AirTrip Corp. All Rights Reserved.

50

Appendix
Growth strategy “AirTrip 2022”

A new Growth Strategy to achieve ~ “Restart” ~ “AirTrip 5000” faster than everCopyright © AirTrip Corp. All Rights Reserved.

51

Growth Strategy Aiming for "AirTrip 2022" Restart"~ New Growth Strategy to Achieve "AirTrip 5000" at the fastest speed ~"Restart" New growth strategy to achieve "AirTrip 5000" at the fastest speed~ Starting from the AirTrip Travel Business, we will achieve the fastest discontinuous growth of the entire groupthrough continuing growth of five existing businesses and strategic investment including M & A ~(Revenue)

32

Creating a new revenue base throughstrategic investment including M & A

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

Capital andbusiness alliance

M&A

VentureDevelopment
New businessdevelopment

Investment
Business
Media
Business

Japan InboundTravel Business
Wi-Fi Business1

Thorough strengthening of AirTrip Travel Business

IT Offshore
Development
Business

AirTrip Travel
Business

1st Stage

2nd Stage(From being listed to FY 20.9 Period)(From FY21.9 period " Restart ")(Time)

Copyright © AirTrip Corp. All Rights Reserved.

52

"AirTrip 2022 Restart" Growth Strategy~ Reorganized the healthcare business and restructured the business portfolio in 5 new business areas ~Reorganized the healthcare business and restructure thebusiness portfolio into 5 new business areas
訪日旅行事業
ITオフショア開発事業

Media Business

AirTrip Travel Business

Inbound Travel Agency /Wi-Fi Rental BusinessBusiness
restructuring

IT Off-shore Development
Business

Health Care Business
Copyright © AirTrip Corp. All Rights Reserved.

Investment Business(AirTrip CVC）
53

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

Domestic
Travel<Changes in forecast revenue of AirTrip
Travel Business in FY22.9>
Overseas Travel

Overseas
Travel
1Q

2Q

3Q

4Q

<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<Acquisition of demand through strategic mass marketing investment>・ Strengthening branding with new brand representatives
・ Strategic marketing investment in GoTo travel demand

Domestic Travel(Revenue)<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)(Time)
Copyright © AirTrip Corp. All Rights Reserved.

<Implementation of early profit recovery measures assuming different
restriction relaxation >・ Improving to distribute useful information related to restriction relaxationand optimal UI / UX・ Expanding products and marketing investment in restriction relaxationareas
・ Promoting cross-selling of PCR test in partnership with medical institutions
nationwide (including negative certificate)54

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 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.

55

Growth Strategy “AirTrip 2022” ~ “Restart” ~ Investment Business ~Continue strategic and aggressive investment in growth areas~ Accurately grasp the rapidly changing business environment after Covid-19 crisis,continue active investment 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, we take threebasis down below.
(1) a growth company with a high probability of IPO(2) a business area where growth is expected in the medium
to long term(3) return probability
We continuously improve accuracy of a series of processes
from M & A target selection→DD → negotiation → contract →PMI and aim further systematization of the process andimprovement of 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.

56

・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 Prime Market：6191)
19Fl Atago Green Hills Mori Tower, 2-5-1 Atago, Minato-ku, Tokyo 105-6219
TEL 03-3431-6191
https://www.airtrip.co.jp