For the Second Quarter of the Fiscal YearEnding September 30, 2023

Results ofOperations"Re-start."

AirTrip Corp.
TSE Prime Market: 6191
24th May, 2023

~ Beginning of the second stage after listing~~AirTrip Group will be restarted ~FY23.9 2Q "Re-start" - FY23.9 2Q operating profit increased yoy!

FY23.9 Entered the third year of the growth strategy "AirTrip 'Re-Start'",Operating income was 1.58 billion yen, a year-on-year increase in the second quarter!
~ AirTrip Online Travel Business also posted higher earnings YoY, and earnings forecasts were revised upward to reflect the strong performance ~Unit: (Billions of yen)

FY20.9FY21.9(Full year results)

FY22.9FY23.9(Full year results) (Full year results)(1Q Results)

FY23.9 ※(2Q Results)

FY23.9FY23.9※(1Q and 2Q results)(Full-year earnings
forecast)

40.5 (before impairment losses)
Stage 1(from the time of listing to FY20.9)△9.0

2nd stage

impairment loss(Re-start from FY21.9)(before25.5 impairment
losses)△3.6impairment loss31.5
Consolidated operating
income (net of impairment)

Under the growth strategy "AirTrip Re-Start",
The AirTrip Online Travel Business grew at a higher level than in thesame period of the previous year,
Favorable progress against forecasts in 2Q FY23.9

30.0

21.9

10.0
15.8

Consolidated operating income(before impairment losses)

14.7

5.8
△7.9
△82.0

1Q Total
impairment lossFull Year Results(FY23.9 period)

10.0
beginningof a term
point intime

2Q Total(FY23.9
period)(net of impairment)

1Q/2Q Total Previous 1Q & 2Q
(FY23.9 period)
Cumulative(FY22.9 period)

Full Year
Earnings
Forecast(planned value)*The above 2Q results are preliminary figures at this time and may differ from actual results.

△89.9(net ofimpairment)

Copyright © AirTrip Corp. All Rights Reserved.

2

FY23.9 2Q "Re-Start" - Strengthening the "AirTrip Economic Zone" by implementing the business portfolio strategy-

Promote diversified business development and strategically strengthen the AirTrip economic zone
~ Promoting business portfolio building through the utilization of AirTrip Group's assets ~In the domestic travel domain, we aim to significantly expand earnings through strategic marketing investments in
Aiming for further growth by providing
development that meets customer needs througha hybrid-type comprehensive system thatcombines the design capabilities of the upstream
process of Hybrid Technologies (listed groupcompany) and the abundant offshore development
capabilities.

IT Off-shore
Development
Business

AirTrip Online
TravelBusiness

response to the increase in domestic travel demand triggered by nationwide travel support, and in the overseas
travel domain, we aim to achieve the fastest business growth in the travel industry by strengthening cooperation
with airlines and major global hotel suppliers and expanding products and promoting optimal UI/UX improvementsof the website in preparation for the recovery of overseas travel demand due to the relaxation of waterfront
measures around the world. Aiming for the fastest business growth in the travel industry by promoting optimal
UI/UX improvements

Economic Zone

Inbound Travel
Agency / Wi-Fi
Rental Business
Aiming to create new value in the inboundand outbound markets by promoting thedevelopment of various services thatmake the most of Japan's attractive
cultural and tourism resources to meetthe diverse needs of inbound andoutbound foreign residents.

Diversified business development by utilizing assets of the AirTrip Group

Aiming to become the No. 1 creator firstplatform by acquiring new creators of four
WEB media operated by MagMag (listed
subsidiary company) and actively investing incontent expansion.

Media
Business

Regional
Revitalization
Business

Aiming to solve social issues such as population shortages in ruralareas, the company aims to
expand the number of people interacting with the local population and revitalize the local economy bydeveloping solutions based on "tourism tech" and "HR tech".

Investment
Business(AirTrip CVC)

As an Investment Business (AirTrip CVC), we aim tostrategically expand and strengthen the AirTrip economic zone
by aggressively investing in growth areas with a high probabilityof an IPO, leveraging our investment knowledge and experiencein having a cumulative total of 12 companies go public.

AirTrip Group's strengths in business growth, marketing, system development, andPromote business portfolio building by leveraging assets such as brand power, fund-raising capacity, customer base, and management team
Copyright © AirTrip Corp. All Rights Reserved.

3

FY23.9 2Q "Re-Start" ~ Executive Summary ~●FY23.9 2Q consolidated results: transaction volume 43.3 billion yen, sales 11.5 billion yen, operating income 1.58 billion yen
This fiscal year is the third year of "Re-Start", the second stage after listing, and under the medium- to long-term growth strategy"AirTrip 5000" and the FY23.9 growth strategy "AirTrip "Re-Start"", AirTrip Online Travel Business has grown significantly and achieved
year-on-year growth in both sales and profit in the second quarter. The company announced a further upward revision to its
full-year earnings forecast for the fiscal year ending March 31, 2012, which was announced during the second quarter after
the upward revision.

●

In the AirTrip Online Travel Business Business, driven by rising demand for domestic travel triggered by nationwide travel support,
AirTrip branding measures in multiple directions and continued strategic marketing investment in response to increasing travel demand
will steadily capture rising domestic travel demand and drive the overall business portfolio as a pillar of revenue.
Existing business areas other than travel business [IT Off-shore Development Business, travel to Japan and Wi-Fi rental business,
Media Business, Investment Business (AirTrip CVC), and regional development business] are generally performing well and steadily,
and we will promote further business portfolio building to strategically build and strengthen the "AirTrip Economic Zone".

●

In particular, in the Investment Business (AirTrip CVC), Prime Strategy Co., Ltd.(stock code: 5250), in which we invested, waslisted on the Tokyo Stock Exchange's Standard Market, becoming the 12th IPO for our portfolio company.
Also, the first AirTrip CVC event, "AirTrip CVC Award 2023" will be held.
Continue to make maximum use of the Company's experience and know-how in going public to date, aiming to create further future
returns through aggressive investment in growth areas with a high probability of an IPO, and expand the "AirTrip Economic Zone"
through aggressive investment in niche growth areas.

●

We expect a further increase in domestic and international travel demand in conjunction with the transition of the new Corona to Class
5. We expect to increase earnings in the AirTrip Online Travel Business through strategic marketing investments to meet travel demand
based on new patterns of behavior, and by continuing growth in the five existing businesses outside the travel business and building astrategic business portfolio, AirTrip Group aims for endless growth.
Copyright © AirTrip Corp. All Rights Reserved.

4

FY23.2Q Financial Summary

Copyright © AirTrip Corp. All Rights Reserved.

5

Transition of Transaction Volume

Volume handled 220% of previous year
Significant increase due to growth in
AirTrip Online Travel Business
Consolidated transaction
volume (billions of yen)

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

6

Sales Revenue Trends

Sales revenue 210% of previous year's level
Significant increase due to growth in AirTrip Online
Travel Business
Consolidated sales revenue(Millions of yen)

Copyright © AirTrip Corp. All Rights Reserved.

7

Operating Profit Trends

Operating income 108% of previous year
Profit increased due to growth in AirTrip Online Travel
Business
Consolidated operating income(Millions of yen)

Copyright © AirTrip Corp. All Rights Reserved.

8

Income Statement Overview

Revenues, gross profit and operating income increased fromthe previous year
(Millions of yen)
FY22.2Q

FY23.2Q

Amount of money

Percentage of net
sales

volume handled

19,651ー

43,297ーsales revenue

5,526

100.0%

11,588100.0%

Gross profit

3,251

58.8%

5,903

50.9%

Operating income

1,477

26.7%

1,588

13.7 %

Attributable toparent company
Net income

1,118

20.2%

1,114

9.6%

Amount of money

Percentage of net
sales

Copyright © AirTrip Corp. All Rights Reserved.

9(Supplementary data) Record operating income in 2Q (3 months)!

Record-high 2Q (3 months) actual operating profit!
~ AirTrip Online Travel Business led the overall sales, with operating income of 1.0 billion yen in the 2Q (3 months) ~Gain on loss of control of subsidiary
Unit: (Billions of yen)

Profit for the quarter excluding gain on loss of control of subsidiaries

6.0

Excludinggain from thedeconsolidati
on of HybridTechnologies, Inc.

10.0
6.4

Real operating
profit5.3

3.6
FY20.2Q
FY19.2Q

FY21.2Q

FY22.2Q

FY23.2Q△14.6
Copyright © AirTrip Corp. All Rights Reserved.

10Balance Sheet Overview

Equity capital remains strong due to the accumulation of profits.
(Millions of yen)

FY22.4Q

FY23.2Q

Increase/Decrease

Current assets

18,386

20,8762,490

cash equivalent

8,954

9,568

614

Operating investment
securities, etc.

6,035

6,962

927

Non-current assets

5,748

6,057

309

total assets

24,13526,933

2,798

liabilities

14,226

16,126

1,900

interest-bearing debt

6,017

5,535

△482

total equity

9,908

10,806

898

41.0%

40.1%

△0.9%

Capital adequacy ratio

Copyright © AirTrip Corp. All Rights Reserved.

11

FY23.9 Full-Year Earnings Forecast

FY23.9 By implementing the growth strategy "AirTrip 2022 "Re-Start"",Strategically promote business portfolio diversification and restructuring~ Upward revision from the forecast at the beginning of the fiscal year due to strong and steady business progress ~FY23.9Full Year
Forecast(announced at
the beginning of
the period)

FY23.9Full Year
Forecast(published 3/1)

(Millions of yen)

FY23.9Full Year
Forecast(Published 5/15)

Net sales

17,00019,00024,000Operatingincome

1,000

1,600

3,000

net income

700

1,100

2,000

dividend---

Policies for Earnings Forecasts
Recovery of AirTrip Online Travel Business Business
Earnings
Build up business earnings by promoting diversificationof the business portfolio
Profit from aggressive investment in growth areas
Recovery of AirTrip Online Travel Business Business
Earnings
Build up business earnings by promoting diversificationof the business portfolio

Aim for a dividend payout ratio of 20%.

Copyright © AirTrip Corp. All Rights Reserved.

12

FY23.2Q Key KPIs

Copyright © AirTrip Corp. All Rights Reserved.

13

Changes in Key KPIs - Impact of Changes in External Environment on Business Performance

Domestic travel area was favorable due to increased demand associated with nationwide travel support
All existing
businessareas other than travel are performing well and progressing steadily.
e new coronavirus
on businessperformance~ Expect future recovery due to transition of new coronas to class 5 infection ~The new Corona
Class 5 Infectious Disease
Transition(From May 8)

2Q Results
Announcement(May15)May
June
July ~(Estimated) (Estimated) (Estimated)

January

February

March

April

〇

〇

◎

〇

◎?

◎?

◎?

×～△

×～△

×～△

×～△

△?

△?

△~◯?

〇

〇

〇

〇

〇?

〇?

〇?

〇

〇

〇

〇

〇?

〇?

〇?

Media Business

〇

◎

〇

〇

△?

△?

△?

Investment Business(AirTrip CVC)

〇

〇

〇

〇?

〇?

〇?

Regional Revitalization
Business

〇

〇

〇

〇
〇

〇?

〇?

〇?

AirTrip Online Travel
Business (Domestic Travel)
AirTrip Online Travel
Business (Overseas Travel)
IT Off-shore Development
Business
Inbound Travel Agency /Wi-Fi Rental Business

Copyright © AirTrip Corp. All Rights Reserved.

14

Changes in major KPIs~.
FY23.9 2Q SG&A Trends: Strategic marketing investments and optimization of cash-out costs

Maximize marketing investments as travel demand increases
Other fixed costs remain under control at low levels~ In the second quarter, monthly SG&A expenses were controlled at approximately 700 to 900 million yen ~(Billions of yen)

14.0

Optimize variable and advertising costs
variable cost
fixed cost

12.0

variable cost
Increase in outsourcing costs to meet travel demand
Improve quality of CS system by increasing outsourcing costs by eachdepartment

10.0

5.5
4.0

8.0

advertising expenses

4.5

3.6

2.0

Continue to optimize advertising spend to gross profit ratio
Continue to control labor costs and reduce other fixed costs

6.0

personnel expenses
4.0

Optimize personnel structure linked to travel demand
Reduction of commuting costs by combining some remote work

6.4
2.0

2.6

3.1

3.1

3.1

20.2

21.9

22.9

23.1~323.4~6※

FY20.9FY21.9FY22.90.0

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

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

*These are planned figures and may differ from actual figures.

15

Changes in major KPIs~.
FY23.9 2Q Gross Profit Trends: The domestic travel domain led the overall business portfolio, achieving a record high level of gross profit!

The domestic travel domain captured the increase in demand associated with nationwide travel support,
driving the overall business portfolio
The other business areas continued strong and solid business progress, achieving a record level of gross profit!
~ Steadily capturing growing travel demand in line with nationwide travel support, the domestic travel domain led the overall growth ~(Billions of yen)

14.0

Strategic marketing investments in
response to increased summer travel
demand further boosted gross profit
in the domestic travel domain.

Other Business Areas
Overseas Travel Domain

The start of nationwide travel support
provided a tailwind, and the domestic
travel domain remained strong at ahigh level, driving the entire businessportfolio.

With the move to Class 5.
Domestic travel area exceeded theprevious year's level.
The company expects to increase its
earnings by
Overseas travel area is also
recovering.

Domestic travel area significantly
increased year-on-year due tocontinued support for nationwide
travel, and overseas travel area is also
on a recovery trend.

Domestic Travel Domain

1.5

12.0

1.1
10.0

1.0
1.7

8.0
1.2
1.7

6.0
1.4
4.0

2.0

0.2

0.4

0.4

1.6

1.2

1.0

0.6

0.6

0.9

1.1

0.5

0.7

1.1

1.0

0.1

1.4
0.1

2.5

2.4

22.1

22.2

4.4

1.5

1.5

9.3

9.5

9.5

23.4

23.5

23.6

1.3

1.0

1.0
11.0

0.3

8.4
6.3

5.5

5.3

22.4

22.5

7.2

6.5

6.6

6.9

6.8

6.3

6.8

22.8

22.9

22.10

22.11

22.12

23.1

0.0
22.3

1.0

0.8

0.2

2.1

1.0
1.0

22.6

22.7

23.2

23.3

(Preliminary (planned (planned
figures)value)
value)

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

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

16

Key KPI's - Advertising spend as a percentage of gross profit:
Execute strategic advertising investments for the "profit recovery phase" by leveraging the recognition gained in the "advertising investment phase.

AirTrip Online Travel
Business

Capitalize on the recognition gained during the "advertising investment phase,
Strategic advertising spending in line with the current increase in travel demand
Profit recovery is expected in the second half of the year due to an increase in the organic ratio~ Steady increase in organic ratio and continued optimization of gross profit as a percentage of ad spend ~gross profit
advertising expenses
Advertising expense as apercentage of gross profit

In line with the current increase intravel demand
Strategically invest advertising dollars

Advertising investment phase until
FY19.9Promoting recognition as a

48.80%

35.65%

33.71%(in %)(Actual value)

FY20.2Q

FY21.2Q(planned value)plannedvalue

13.08%

Organic ratio increase

31.65%

31.07%

FY19.2Q

Strategic Marketing
Investments
Increased recognition throughplannedvalue

FY22.2Q

by increasing the organic ratio
Profit recovery expected in thesecond half of the year

FY23.2Q

Copyright © AirTrip Corp. All Rights Reserved.

17

Changes in major KPIs~.
Achieved a significant increase in the cross-sell rate by improving the number of customers attracted and the price-per-purchase!
AirTrip Online Travel
Business

Cross-sell rate grew significantly in line with the overall boom in travel demand!
~ 318% of the number of customers attracted vs. FY22.2Q, with a significant increase in the price per purchase,
CVRs maintained at the same level and gross profit at a record high level ~

※２

CVR※１

cross-sell rate

(2Q actual results)

102%(2Q actual results)

Keep*Compared toFY22.2Q

109%*Compared toFY22.2Q

growsignificatly

1 Calculated as a weighted average of own customer traffic on domestic and overseas airline tickets,
hotels, and DP reservation pages.
2 Calculated as a weighted average of domestic and overseas hotels (including DP)/rental
cars/insurance
Copyright © AirTrip Corp. All Rights Reserved.

18

Changes in major KPIs~.
Organic Gross Profit Trends: Significantly higher than the previous record level due to national travel support and recognition buildup!
AirTrip Online Travel
Business

Organic gross profit, the most important KPI
Significantly higher than the previous record level due to the
support of national travel and the buildup of awareness!
~ 150% growth compared to FY23.1Q, the highest level ever ~Organic Gross Profit

FY22.2Q

In the tailwind of the extension of nationwide travel support, we
will demonstrate the recognition we have built up over the years.
Organic gross profit significantly increased to a record high level

FY22.3Q

FY22.4Q

FY23.1Q

FY23.2Q*Refers to gross profit from sales to customers not via advertising or metasearch(from natural searches for AirTrip keywords and inflows via apps, etc.)
Copyright © AirTrip Corp. All Rights Reserved.

19

Growth of other focused products~.
Mainstay airline ticket sales recovered to pre-Corona levels, and other focused products grew substantially.
AirTrip Online Travel
Business Business

While airline ticket merchandise recovered to pre-Corona levels,
Other focused travel products achieved significant growth over pre-Corona!
~ Other focused travel products achieved 167% compared to FY20.2Q before Corona! ~Other
focused travel products achieved a 167% increase over pre-Corona FY20.2Q!
Number of airline ticket
reservations
Number of reservations forother focused products*.

FY20.2Q

Utilizing our expertise in airline ticket
sales,
Other focused travel products are
Driving the growth of the entire service!

FY21.2Q

FY22.2Q

FY23.2Q※ The total value is the sum of car rental, insurance, hotel, and air ticket + hotel in Japan.
Copyright © AirTrip Corp. All Rights Reserved.

20

Most recent actions and results

Copyright © AirTrip Corp. All Rights Reserved.

21

Gross profit in the domestic travel domain - achieved a significant increase over the same period last year by capturing the current
rising travel demand
AirTrip Online Travel
Business

Gross profit in the domestic travel domain, in response to current rising travel demand
Strategic marketing investments have resulted in a significant increase over the same period last year.
~ Achieved 252% year-on-year growth in February and continued to achieve year-on-year growth in gross profit since then ~2023 Gross Profit
2022 Gross Profit

22.1

February
Gross Profit
Year on year
252

January
Gross Profit
Year-on-yearchange 160

23.1

22.2

23.2

March Gross Profit
Year on year 144%
Year on year

22.3

23.3

*The above figures are gross profits (preliminary figures) for domestic airline tickets, domestic airline tickets + hotels,
domestic hotels, and domestic tours combined.
Copyright © AirTrip Corp. All Rights Reserved.

22Marketing - branding measures and time commercials
AirTrip Online Travel
Business

Time commercials will begin airing in the Kanto area from April 2023!
~ To further expand awareness through regular weekly exposure at a time when demand for travel is increasing ~Motion Brand

The Woman Who Doesn't Sell at a Discount: The Brand

Copyright © AirTrip Corp. All Rights Reserved.

23

Domestic AirTrip Plus (airfare + hotel) - Continuous service improvement measures

From attracting customers to making reservations, we will work on
measures to improve our services from a consistent perspective.
Aiming for further service growth!
~ Continuously improve audience and CVR ~Super New Year Sale.
Conducted during the year-end and
New Year's holidays

AirTrip point
Conducted a major reduction festival.

National Travel Assistance to be
Extended
Ongoing dissemination and sales

Thorough UI/UX improvement

As part of the "2023 AirTrip Super New
Year Sale," a campaign was launched
to attract more customers by offering
10,000 points to 10 people every day
who make a reservation for domestic
travel by drawing lots.

The company aims to acquire sales
from new users and increase therepeat rate of existing users by offeringa 24-hour limited point reduction rate
policy for reservations made via theapp, with same-day notifications only.

Maximized travel demand throughtimely SNS and mail magazine
appeals, enhanced on-page discountappeals, and UI improvements. Sales
were also improved by attracting highunit price and family customers.

Continuous improvement of UI and
UX. Also, continue to enhance
product appeal and improve CVR
and sales by adding more airlines
and ticket types to the productlineup.

*Practice to be
implemented in January2023*Started in April 2023

*Continued in FY23.2Q
Copyright © AirTrip Corp. All Rights Reserved.

24Investment Business (AirTrip CVC) - Prime Strategy listed as the 12th IPO of the Company's portfolio company
Investment Business(AirTrip CVC)

AirTrip CVC investee Prime Strategy Co., Ltd.
Listed on the Tokyo Stock Exchange Standard!

~ The 12th IPO of our investment ~Copyright © AirTrip Corp. All Rights Reserved.

25

Investment Project (AirTrip CVC) - "AirTrip CVC Award 2023" will be held on March 2, 2023! ~~Investment Business(AirTrip CVC)First AirTrip CVC event on Thursday, March 2, 2023
The "AirTrip CVC Award 2023" was held with great success!

Part I] Pitch Contest ResultsNo. 1: Cuebus Corporation (https://cuebus.jp)
No. 2: NOW ROOM Corporation (https://fukuri-kousei.nowroom.jp)
No. 3: TouchSpot Corporation (https://ceoclone.com/touchspot)

Part 2: Awards ceremony (awards to investee companies in four categories)
Sales Growth Division: Algorithm, Inc. (https://algorithms.co.jp)
Profit Growth Division: Will Gate, Inc. (https://www.willgate.co.jp)
Funding Division: Zehitomo Corporation (https://www.zehitomo.com)
AirTrip Award : Upsell Technologies Corporation (http://upselltech-group.co.jp)

Copyright © AirTrip Corp. All Rights Reserved.

26

Investment Business (AirTrip CVC)
～Ltd. and AirTrip CVC investee Kanzashi Co～
Investment Business(AirTrip CVC)

A subsidiary of the Company, and N's Enterprises Co.
Ltd., an AirTrip CVC investee, merges with KANXASHI Corporation!
~ By Tourism Tech Business x HR Tech Business x Ryokan/Hotel Tech Business
Aiming to list a subsidiary company in a new company ~Copyright © AirTrip Corp. All Rights Reserved.

27

Actions and results to strengthen the businessportfolio~ Business Progress of Group Companies ~Copyright © AirTrip Corp. All Rights Reserved.

28

Group company (subsidiary): Magmag, Inc. (Securities code: 4059)～However, the company aims to increase sales and profits by hiring core personnel and strengthening the sales structure.
Media
Business

Steady implementation of strategic investments and landing with a decrease in profit, but
Aiming to increase sales and profits by hiring core personnel and strengthening the sales structure~ Sales increased by 77.8% compared to the previous year's 2Q due to the trend of declining advertisement unit prices ~<Magmag, Inc.'s sales/operating profit transition>(Millions of yen)

Net sales

304

Operatingincome300
Net sales237(2Q cumulative
results)

200

77.8%
*Compared toFY22.2Q cumulative
total

Operating income(2Q cumulative
results)

62

Decrease of
million yen

100
23

△39

*Compared toFY22.2Q cumulative
total

Strengthen platform competitiveness throughaggressive investment
Continued strategic investment to realize the industry's
No. 1 creator 1st platform by expanding new functions
and hiring core personnel
Media on the road to recovery amid declining ad
spend
Despite the trend of declining ad spend, media PVs areon the rise, and with the strengthening of the sales
structure, a gradual recovery is expected in the future.

0
FY22.2Q
Total

FY23.2Q
Total

Copyright © AirTrip Corp. All Rights Reserved.

29

Affiliated Company: Hybrid Technologies Co.,Ltd.(Securities Code: 4260)
IT Off-shore
Development BusinessAlthough profits temporarily decreased compared to last year due to organizational
reinforcement, we are aiming for growth in the second half of the year.
Establishment of a new management structure■Net sales■Operating income(Millions of yen)
Net sales

Sales are expected to slow down, but growth in the second half ofthe year is expected to be in line with the earnings forecast.
Progress in sales and operating profit was behind due to delays in acquiring new
projects and larger projects due to the trend of yen depreciation from the end of theprevious fiscal year to the beginning of the current fiscal year. In the second half ofthe fiscal year, we expect growth in line with our full-year forecast, taking into
account the new structure with two subsidiaries and a new CTO on board, as wellas the recent acquisition of new projects due to the stabilization of the exchange
rate.

126%
*Year-on-yearchangeBecame a subsidiary of Ixias Corporation and assumed theposition of Director and CTO
Operatingincome81%*Year-on-yearchangeOn May 1, 2023, Ixias Corporation, a company with specialists in quality control andrecruitment, as well as Japanese project managers and engineers, became asubsidiary of the Company. Mr. Kinugasa, the representative director of thecompany, was appointed as our Director and CTO.

Basic agreement to establish a JV to deploy Salesforce services
Circlase Inc. agrees to establish a joint venture with Growth Link Inc. to develop
Salesforce-related development globally and to build a structure with more than 100
IT personnel.
Copyright © AirTrip Corp. All Rights Reserved.

30

Main Subsidiaries: Inbound Platform Corp.
Inbound Travel
Agency / Wi-Fi Rental
Business

Growth due to strong Wi-Fi business and media for foreigners~ Net sales 165% compared to the same period last year ~Net sales

Significant recovery in inbound Wi-Fi

165%(Millions of yen)*Compared toFY22.2Q

881

900

600

Wi-FI for international use gradually
recovered
Wi-Fi rentals for international travelers have been on
a gradual recovery since the beginning of the year.

534

Growth of Life Media Tech Business

300

0Wi-Fi rentals used by foreign visitors to Japan arerecovering significantly.

Steady growth in cab agency services for foreign
residents and real estate agency services
FY22.2Q

FY23.2Q
Copyright © AirTrip Corp. All Rights Reserved.

31

FY23.2Q Business Progress

Copyright © AirTrip Corp. All Rights Reserved.

32

Marketing - Branding measures and time commercials
AirTrip Online Travel
Business

Sponsorship contracts with nine professional golfers were signed for FY2023 as well!
~ "AirTrip" logo displayed at golf tournaments and other golf activities ~Shinkure Katayama

Jang Kim Player

Taisei Shimizu Player

Tomoharu Otsuki
PlayerRyuichi Oiwa Player

Naoyuki Kataoka

Taiga Nagano Player

Tomohiro Ishizaka
PlayerGenki Okada Player

Copyright © AirTrip Corp. All Rights Reserved.

33

Marketing - branding measures and sponsorship activities
AirTrip Online Travel
Business

Sponsored "PRIME VIDEO PRESENTS LIVE BOXING Vol. 4!
Commercials will be aired during the live broadcast and the AirTrip logo will be displayed in the ring!
~ Ticket present campaign for AirTrip members is also underway ~*Image of ring advertisement
Copyright © AirTrip Corp. All Rights Reserved.

34

Marketing - branding measures and sponsorship activities
AirTrip Online Travel
Business

Continued various sponsorship activities and campaigns for"AirTrip"!
~ To further strengthen AirTrip's branding and gain new recognition ~Sponsored "Meiji Yasuda Seimei Ladies

Sponsored "Token Homemate Cup

Sponsored "3150FIGHT vol.5

The Moonlit Karakuri House.

Stage: "Hokusai the Painting Madman

Ticket Giveaway Campaign

Ticket Giveaway Campaign

Ticket Giveaway Campaign

Ticket Present Campaign

Ticket Present Campaign

The Seven Lamentations of
Lamentations" (Katsudo Gekijo)
Ticket Present Campaign

Alice in Muscle Land.
Ticket Present Campaign

Copyright © AirTrip Corp. All Rights Reserved.

35

Marketing - branding measures and SNS operation
AirTrip Online Travel
Business

Follow & retweet campaign for members on official Twitter!
~ Expanding awareness by giving back to AirTrip members and spreading
through social networking services ~Anywhere in Japan! Domestic
Pair Accommodation
Present Campaign

Oita Onsen Prefecture Goods
5 personsPresent Campaign

Hinode Town, Oita Prefecture
Workcation Experience
Monitor Tour Recruitment
Campaign

Yogibo neck pillow
5 personsPresent Campaign

Copyright © AirTrip Corp. All Rights Reserved.

Commemorating the acquisitionof the Twitter Mark
Pair of airline tickets to
Bangkok for 4 pairs of 8 people
Present Campaign

Anywhere in Japan! Domestic
Pair Accommodation
Present Campaign

36Marketing - AirTrip Branding Effectiveness
AirTrip Online Travel
Business

The number of searches for the keyword "AirTrip" exceeded that of the same period last year,
Maintaining a steady high level through various marketing measures!
The Company has been promoting the airing of commercials since April, as well as various
sponsorship activities and campaign measures, etc.
Increase the number of "contact points" with AirTrip and the number of "keyword searches
Steadily maintained a high level from last year!

February 2023
~April 2023

February 2022
~April 2022

February

March

April

Copyright © AirTrip Corp. All Rights Reserved.

37

Domestic Air Tickets - Significant increase in transaction volume by capturing domestic travel demand~.
AirTrip Online Travel
Business

Through the implementation of aggressive promotional measures

Significant increase in transaction volume due to steady demand~ Achieved 230% of transaction volume compared to FY22.2Q ~<Transaction volume of domestic airline tickets
volume handledvolumehandled

Aggressive promotion succeeded in capturing demand230%

Successfully acquired new users in addition to existing users byimplementing various promotional measures and appealing to
AirTrip members.

*Compared toFY22.2Q

Successful user retention through improved quality ofservice
By improving the quality of customer service and the UX of thesite, the company succeeded in retaining users captured throughpromotional measures.
FY22.2Q

FY23.2Q
Copyright © AirTrip Corp. All Rights Reserved.

38

Domestic airline tickets - Expand sales by strengthening exposure through campaigns, etc.

Various campaigns using points andAggressive exposure and increased sales!
Super New Year Sale.
Conducted during the year-end
and New Year's holidays

Simultaneous release of the summer
timetable
Notification was made in conjunction
with theAirTrip point
Conducted a major reduction
festival.

As part of the "2023 AirTrip Super
New Year Sale," a campaign was
launched to attract more customers
by offering 10,000 points to 10
people every day who make areservation for domestic travel bydrawing lots.

In conjunction with the start of sales
for the summer 2023 diamond, in
addition to timely SNS and mailmagazine promotion, a dedicated
LP was created to strengthen theappeal and maximize the number ofreservations.

The company aims to acquire sales
from new users and increase therepeat rate of existing users byoffering a 24-hour limited point
reduction rate policy for reservations
made via the app, with same-day
notifications only.

*Practice to be
implemented in January
2023

Copyright © AirTrip Corp. All Rights Reserved.

*Implemented from April 2023.
39

Domestic Airline Ticket - Roadmap for System Development
AirTrip Online Travel
Business

Aiming to further improve the quality of AirTrip's domestic airline tickets,
Development roadmap established~ Continued aggressive system development and investment<System Development Plan for the Fiscal Year Ending September 30, 2023><Quarterly progress>

Continuous UI/UX improvement

Site improvements and additional functions
Continuous UI/UX improvement.
Implementing new features in the purchase process.

Implementation of new functions

Further expansion of sales channels
System development to improve customer support

September2011 1Q

September2011 2Q

September2011 3Q

Continuous development for long-term growth
Promote sequential development to expand sales channels
Developing systems to enhance customer support

September2011 4Q

Copyright © AirTrip Corp. All Rights Reserved.

40

Domestic AirTrip Plus (airline tickets + hotels) - Significant growth compared to the previous year by capturing needs due tothe extension of nationwide travel support
AirTrip Online Travel
Business

Don't miss the opportunity to extend national travel support,
Maximize travel demand and further increase growth over the previous year!
~ Achieved 407% of transaction volume and 730% of gross profit compared to FY22.2Q ~volume handledgross profit

Significant growth due to extension of national travel
supportvolumehandled407%

With the extension of national travel support, the number of users
increased significantly due to continuous travel demand. Also, actively
approached repeat customers through campaigns, etc.

FY22.2Q
contrast

gross profit

730%
FY22.2Q
contrast

FY22.2Q

Increased travel by multiple and large groups of people
Optimal marketing investments were made, and especially with regard
to March, the number of multiple and large group travelers increased.
Unit sales price increased significantly.

FY23.2Q*This is the actual transaction volume/gross profit based on the reservation date.
Copyright © AirTrip Corp. All Rights Reserved.

41

Domestic AirTrip Plus (airfare + hotel) - Continuous service improvement measures

From attracting customers to making reservations, we will work on
measures to improve our services from a consistent perspective.
Aiming for further service growth!
~ Continuously improve audience and CVR ~Super New Year Sale.
Conducted during the year-end and
New Year's holidays

AirTrip point
Conducted a major reduction festival.

National Travel Assistance to be
Extended
Ongoing dissemination and sales

As part of the "2023 AirTrip Super
New Year Sale," a campaign was
launched to attract more customers
by offering 10,000 points to 10
people every day who make areservation for domestic travel bydrawing lots.

The company aims to acquire sales
from new users and increase therepeat rate of existing users byoffering a 24-hour limited point
reduction rate policy for reservations
made via the app, with same-day
notifications only.

Maximized travel demand throughtimely SNS and mail magazine
appeals, enhanced on-page
discount appeals, and UI
improvements. Sales were also
improved by attracting high unit
price and family customers.

*Practice to be
implemented in January2023*Started in April 2023

Thorough UI/UX improvement

Continuous improvement of UI
and UX. Also, continue toenhance product appeal andimprove CVR and sales byadding more airlines and ticket
types to the product lineup.

*Continued in FY23.2Q
Copyright © AirTrip Corp. All Rights Reserved.

42

Domestic AirTrip Plus (Air Tickets + Hotels) - Roadmap for System Development

Aiming for long-term service growth of "Domestic AirTrip Plus",
Development roadmap established

AirTrip Online Travel
Business~ Continue aggressive system development and investment to achieve further service growth ~<System Development Plan for the Fiscal Year Ending September 30, 2023><Quarterly progress>
Site improvements and additional functions

Continuous UI/UX improvement

Continuous UI/UX improvement.
Improvement of payment functionality to be releasedin 2Q.
Development to strengthen hotel sales to be released
in 3Q.

Improvement of payment functions

Continuous development for long-term growth

Additional hotel sales enhancement
features
Further expansion of sales channels

・Promote sequential development to expand sales
channels,
Development for sales of new ticket types for airlines
Aiming to further improve the usability of the website

Addition of new airline ticket types

September 2011
1Q

September 2011
2Q

September 2011
3Q

September 2011
4Q

43

Copyright © AirTrip Corp. All Rights Reserved.

Domestic Hotels - Steadily increase gross profit and operating income by capturing significant recovery in domestic travel demand~.
AirTrip Online Travel
Business

Significant improvement in gross profit and operating income through active
participation in Motto TOKYO and Kenminwari!
~ Gross profit: 217%, operating income: 925% compared to FY22.2Q ~<Transition of Gross Profit and Operating Profit of AirTrip Hotels in Japan>
gross profit
Operating income

gross profit

Operatingincome(FY23 actual)(FY23 actual)

217%

925%

*Compared toFY22.2Q*Compared to FY22.2

Q

Capture growing travel demand through active
participation in Motto TOKYO and Kenminwari
Aggressive participation in the "More TOKYO" and "Prefectural
Discount" programs, which have been implemented since 1Q, in
response to rising travel demand, led to a remarkable increase ingross profit and operating income.

Achieved solid CVR improvement through UI/UX
improvements and support for new site measurement
tools

FY22.92Q

FY23.92Q

Continued UI/UX improvements to further improve usability, including
various functional modifications and enhancements, and introductionof a new site measurement tool to enable more in-depth accessanalysis and further improve CVR.
Copyright © AirTrip Corp. All Rights Reserved.

44

Domestic Hotels - Steadily increase gross profit and operating income by capturing significant recovery in domestic
travel demand~.

Various approaches to ensure travel demand is captured

AirTrip Online Travel
Business~ Proactive participation in Motto TOKYO and Kenminwari, and continuous expansion of sales channels to
attract a diverse customer base ~AirTrip Selected Facilities
Strengthening Purchasing and Sales

Capturing demand growth throughimmediate use of AirTrip points

AirTrip Premium Club
Online medical care can be provided!

Expansion of sales channels
through increased listings

AirTrip Premium Club, which offers peaceof mind and premium travel, launches abusiness alliance with "Online Medical
Treatment at J-Frontier". Actively
promoting business alliances withcommercial products that have a highaffinity with travel

Linked API with Skyscanner, a travel
planning and reservation service, toprovide AirTrip's extensive inventory.
The number of UUs via the partner
increased to 108%, contributing to the
expansion of sales channels.

Point Conversion!
Fufu" is located in resort areas loved by all
generations and in ancient cities with long
histories such as Kyoto and Nara, andFujita Kanko Meitetsu, which has a wide
range of needs for business and tourism,
has signed a sales agreement with Fujita
Kanko Meitetsu to further strengthen
purchasing and sales.

Started to use points instantly at AirTrip
hotels in Japan! Also, a 20% point
campaign was implemented for a limited
time. Aggressive marketing strategy tocapture growing demand and significantly
increase transaction volume and grossprofit.

Copyright © AirTrip Corp. All Rights Reserved.

45

Overseas Airline Tickets, Overseas Hotels, Overseas AirTrip plus (Airline Tickets + Hotels) - Study of Sales Methods in the After-Corona Era -.

AirTrip Online Travel
Business

Combination round-trip tickets on multiple airlines are now on sale!
~ Enabling us to propose the best airline ticket combinations! Enables us to propose the best
combination of airline tickets! ~Inexpensive round-trip
plan

Round-trip plans with a wide
variety of flight times

Ideal combination

Copyright © AirTrip Corp. All Rights Reserved.

46

Overseas Airline Tickets, Overseas Hotels, Overseas AirTrip plus (Airline Tickets + Hotels) - Study of Sales Methods in the After-Corona Era -.

AirTrip Online Travel
Business

Began listing on "Cheap Moves", a batch comparison site for transportationmeans.
~ Further strengthen sales network in preparation for rising demand for overseas travel ~International Airline Ticket
Service Listings

Sending new customers

Copyright © AirTrip Corp. All Rights Reserved.

47

Overseas Airline Tickets, Overseas Hotels, Overseas AirTrip plus (Airline Tickets + Hotels) - Study of Sales Methods in the After-Corona Era -.

AirTrip Online Travel
Business

Aiming to meet the growing demand for international travel, the "2023 AirTrip Super New Year Sale"
will be held from the beginning of the year!
~ Up to 10% of AirTrip points will be rewarded for international travel reservations made during the New Year's holiday! ~Copyright © AirTrip Corp. All Rights Reserved.

48

Overseas Airline Tickets, Overseas Hotels, Overseas AirTrip plus (Airline Tickets + Hotels) - Study of Sales Methods in the After-Corona Era -.

AirTrip Online Travel
Business

Implement tie-up promotions with government tourism bureaus (Japan Tourism Agency)
and airlines~ Strengthening PR for each destination in anticipation of further increase in demand foroverseas travel in the future ~Marianas Visitors
Authority*Now listed

Asiana Airlines*Published January 2023

Hong Kong Tourism
Board*Published February2023

United Airlines, San Francisco

Virgin Australia Airlines / Tourism

Convention & Visitors

Queensland

Association, Marriott Hotel*Published March 2023

Group* Listed March 2023

Tourism Authority of Thailand*Now listed

Copyright © AirTrip Corp. All Rights Reserved.

49

Roadmap for System Development - Strategic and rapid system development to capture new travel demand.

Capturing new demand in overseas travel
Promoting strategic and rapid system development

AirTrip Online Travel
Business~ Continuing to aggressively develop and invest in systems in anticipation of further travel recovery demand in the future ~<System Development Plan for the Fiscal Year Ending September 30, 2023><Quarterly progress>

multilingual support

Additional functions on the site
Development of multilingual support for international airline
tickets was completed and launched in 1Q.
Development of interline function expansion completed,launched in 2Q
UI/UX improvements to be implemented throughout the year

Expanded interline functionality
UI/UX Improvement

Expansion of settlement methods

Expansion of settlement functions

Additional and enhanced connections to external systems
Development for expanded settlement methods completed
and launched in 2Q
Started to expand settlement functions in 3Q.
Connect with FSCs and LCCs and utilize new functions
throughout the year

New API connection for airlines, utilizing new features

Strengthening the System Infrastructure

Enhanced search infrastructure

Started strengthening overseas airline ticket searchplatform in 2Q.

September 2011
1Q

September 2011
2Q

September 2011
3Q

September 2011
4Q

Copyright © AirTrip Corp. All Rights Reserved.

50

Overseas tours - In response to rising demand for Hawaii travel, strengthened products and held special sales inline with needs.
AirTrip Online Travel
Business

In response to the growing demand for travel to Hawaii, we are meeting the needs of
Hawaii Tour Product Enhancement and Special Sale
~ Special products are sold through the continuation of special sponsorship by airlines and hotels ~product enhancement
Continued special sponsorship fromairlines and hotels to strengthen tour
products and capture growing demandSpecial Sale Held
Held first sale and spring sale, mainly
promoting value-added products withspecial offers at deluxe hotels that are inhigh demand, and succeeded in attracting
customers with high unit prices.
Copyright © AirTrip Corp. All Rights Reserved.

51

IT Strategy
AirTrip Online Travel
Business

Development system strengthened in tandem with aggressive systemdevelopment and investment
Expansion of IT department headcountnumber of
personnel+12persons

number of
personnel

Reinforced the development system by resuming the hiring ofengineers and expanding the number of outside subcontractors'
personnel.
Further system expansion is planned for FY9/2023.

Development Structure to Achieve Business
GrowthStrengthen collaboration with business divisions and move fromstrengthening the development system to business growthHigh-performance systems and IT environments thatleverage our expertise

As of September
30, 2009

As of
September
30,
Number of IT Strategy Division employees plus the number of
employees at external subcontractors (number 2010of employees
exclusively engaged in our projects).

Build a system infrastructure with higher performance and morestable operation by leveraging cloud computing capabilities
Realization of an even more secure internal IT environment,
including security measures.

Copyright © AirTrip Corp. All Rights Reserved.

52

Investment Business (AirTrip CVC) - Capital alliance with Flier Inc.
Investment Business(AirTrip CVC)

Operator of the book summary service "flier"
Capital alliance with Flier Inc.

capital tie-up

Copyright © AirTrip Corp. All Rights Reserved.

53

Investment Business (AirTrip CVC) - Capital and business alliance with Value Creation Inc.
Investment Business(AirTrip CVC)

Focus on Marketing DX business
Formed capital and business alliance with Value Creation, Inc.

capital and businessalliance

Copyright © AirTrip Corp. All Rights Reserved.

54

Investment Business (AirTrip CVC) - Capital and business alliance with HR Cloud Co., Ltd.
Investment Business(AirTrip CVC)

Operates a cloud-based recruitment management system, "Recruitment Batch Kanrikuun
Capital and business alliance with HR Cloud Co., Ltd.
~ The company has its sights set on a future IPO,
We support efficient preparation by making the most of our listing experience and know-how ~capital and businessalliance

Copyright © AirTrip Corp. All Rights Reserved.

55

Investment Business (AirTrip CVC) - Capital and business alliance with KOL Technologies CO.,LTD.
Investment Business(AirTrip CVC)

Influencer matching service "Beee" andOperates Sustainamall, an e-commerce site that sells excess inventory.
Formed capital and business alliance with KOL Technologies CO.,LTD.

~ The company has its sights set on a future IPO,
We support efficient preparation by making the most of our listing experience and know-how ~capital and businessalliance

Copyright © AirTrip Corp. All Rights Reserved.

56

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

Deployment of "Procan," a cloud-based project income/expense management systemCapitaland business alliance with CBT Inc.
~ The company has its sights set on a future IPO,
We support efficient preparation by making the most of our listing experience and know-how ~capital and businessalliance

Copyright © AirTrip Corp. All Rights Reserved.

57

Investment Business (AirTrip CVC) - Continued investment in further growth areas~.
Investment Business(AirTrip CVC)

Continue to invest aggressively in growth areas
Cumulative operating investments: 94 companies Total investments: approx. 4.1 billion yen*As of April 2023...etc.
*Investments in the Company's subsidiaries and affiliatestotal(of 4 companies, total investment of 3.4 billion yen)are excluded from the above total.
Copyright © AirTrip Corp. All Rights Reserved.

58

Investment Business (AirTrip CVC) - IPOs: 12 companies in total
Investment Business(AirTrip CVC)

IPOs of portfolio companies: 12 companies in total (including 1 listed subsidiary and 1 listed affiliate)~ Continuously accumulate IPO results in each fiscal year as an Investment Business (AirTrip CVC)
Prime Strategies, Inc. will list its shares in February 2023 ~taking a company public

Hybrid Technologies Listing of affiliated companies

prime strategy

Mental Health Technologies, Inc.

TSE Standard: 9250] Listed in February 2023
Public offering 4.6 billion yen, opening price 10.3 billion yen

last one mile

TSE Growth: 4260] Listed in December 2021

TSE Growth: 9218] Listed in March 2022

Public offering 4.9 billion yen, opening price 7.8 billion yen

Public offering 6 billion yen, opening price 8.4 billion yen

Magmagu Subsidiary Listed

Headwaters.

ROBOT PAYMENTTSE Growth: 9252] Listed in November 2021

TSE Growth: 4374] Listed in September 2021

TSE Growth: 4011] Listed in September 2020

TSE Standard: 4059] Listed in September 2020

Public offering 4.6 billion yen, opening price 6.8 billion yen

Public offering 6.9 billion yen, opening price 13.9 billion yen

Public offering 2 billion yen, opening price 26.3 billion yen

Public offering 2.2 billion yen, opening price 9.2 billion yen

Cyber Security Cloud

AI CROSS

Branding Technology

piara

peace of mind

TSE Growth: 4493] Listed in March 2020

[TSE Growth: 4476] Listed in October 2019

[TSE Growth: 7067] Listed in June 2019

[TSE Prime: 7044] Listed in December 2018

[TSE Growth: 9271] Listed in March 2018

Public offering 9.2 billion yen, initial price 21.2 billion yen

Public offering 3.8 billion yen, opening price 6.9 billion yen

Public offering 2.4 billion yen, opening price 7.7 billion yen

Public offering 7.6 billion yen, initial price 17.5 billion yen

Public offering 4.4 billion yen, opening price 12.5 billion*Market capitalization based on offering price and market capitalization based on
initial price are calculated by the Company.

Copyright © AirTrip Corp. All Rights Reserved.

59

Tourism Tech
Regional Revitalization
Business

National Travel Support Extended and Hokkaido Ski Products Strengthened~ Plan to expand sales of package tours in Okinawa and Hokkaido ~volumehandledvolumehandledTravel Demand Recovers with Continued National Travel
Support390%

Sales continued to grow in tandem with the recovery of market
demand through aggressive sales promotion campaigns inconjunction with the continuation of nationwide travel support.

New sales of tours with local transportation attached toland-based tours
Started sales of package tours with local transportation by JR or
express bus. Develop differentiated travel products by expanding
highly original and unique products.
FY22.2Q*This is the actual transaction volume
based on the date of return.

FY23.2Q
Copyright © AirTrip Corp. All Rights Reserved.

60

Tourism Tech
Regional Regional
Business

Promoting Local Government Collaboration and Expanding Alliances to Promote Local
Development Business~ Expand new hotel contracts, services, municipal partnerships, and promotions ~Newly opened hotels and more
Expansion of hotel sales in Okinawa

Hijimachi, Oita Prefecture
Work Vacation Tour

Travel zoo
New Promotion Starts

Expanding the number of Hokkaido ski
products by incorporating local products
Expansion of Hokkaido ski products

Expand contract sales of Okinawa
resort hotels such as Hilton Okinawa
Miyakojima Resort and Watermark
Hotel Miyakojima, which opened in
June.

Started tourism promotion ofHijimachi, Oita Prefecture. Started
with an introduction of sightseeing
around Hijiemachi, Oita Prefecture,including a workcation experience ata castle.

Began submitting tour products fromthe Kanto and Kansai regions to theweekly "Top 20" listings in the travel
media "TRAVELZOO.

New sales of JR and highway
buses between New Chitose
Airport and each hotelSales of
Hokkaido skiing with expanded
number of products to support
access to each ski resort in
Hokkaido.

Copyright © AirTrip Corp. All Rights Reserved.

61

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

62

Medium- to Long-Term Growth Strategy "AirTrip 5000" Aimed at
Aiming for never-ending growth to achieve 500 billion yen in consolidated group transaction volume

New medium- to long-term growth strategy"AirTrip 5000" formulated.

5000
Aiming for endless growth to achieve 500 billion yen in consolidated
group transaction volume
Copyright © AirTrip Corp. All Rights Reserved.

63

Roadmap for the medium- to long-term growth strategy "AirTrip 5000" ~.
Aiming for 500 billion yen in consolidated group transaction volume through continued discontinuous growth

Aiming for 500 billion yen in consolidated group transaction
volume through continued discontinuous growth
FY2023
performance
objective

FY2025-27
performance objective

Futureperformance
objective

volume handledvolume handledvolume handled

Aggressive investment in growth areas
strategy3Creation of new business platform and production of IPOs

150

500

billion yen

billion yen

Operating income

Operating income

Operating income

1 billion yen

5 billion yen

undecided65-75 billion yen

strategy
2Continued growth of existing non-travelbusinesses

strategy1through strategic marketing investments.
Thoroughly strengthen AirTrip Online Travel Business

Consolidated Group Transaction
VolumeNew business including M&A
Existing businesses other than travelbusiness
AirTrip Online Travel Business

FY2016connection
volume handled

FY2017FY201840.3

billion yen

83.1

billion yen

billion yen

Mothers Listing

Listed on the First Section of
the Tokyo Stock Exchange

27.7

FY2019FY2020

146.0

72.7

billion yen

billion yen

FY2021

33.6

billion yen

FY2022

53.5

billion yen

M&A of DeNA Travel

75.0

billion yen

FY2025-27

150.0

billion yen

FY2027-29

300.0

vision of the
future500.0

billion yen

billion yen

Operating income

AirTri5000
Achievement ofStage 2 ("re-start" from FY21.9)

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

FY2023

PMI for DeNA Travel

Subsidiary Magmagu
Listing ofListing of affiliated company
Hybrid Technologies, Inc.

Operating income

2.5 billion yen achieved

Operating income
Billion yen plan

Operating income
5 billion yen plan

10 billion yen plan

Record operating income
4.05 billion yen achieved(beforeimpairment
Copyright © AirTrip Corp. All Rights Reserved. losses)

64

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

Plan an action plan to achieve the "AirTrip 5000" in the fastest time possible.
~ By continuing growth of five existing businesses + new businesses, with AirTrip Online Travel
Business as the main pillar,
Strategically achieve discontinuous growth of the entire AirTrip Group ~Group consolidated transaction
volumeAiming to reach ¥500 billion

Target year

FY2025-2027

Future Goals

performance
objective

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

Volume of business ¥500.0 billion

AirTrip
Travel Business
IT Offshoredevelopment(work)

Achieve dramatic growth through strategic marketing investments.
150 billion yen in transaction volume and 5 billion yen in operating income

Creating Innovative Innovations to Drive the Travel Industry
Targets 450 billion yen in transaction volume and 9 billion yen in operating income

Achieve large-scale growth by acquiring development needs in all directions
Focus on acquiring high-unit-price projects such as consulting and agile development[Transformation into an industry-leading offshore development company
Offshore development industry capture with low cost, wide range, and high quality.

Aggressive investment in growth areas
strategy3Creation of new business platform and production of IPOs

Inbound Travel
Agency / Wi-Fi
Rental Business(Strengthening the service infrastructure to capture inbound demand)
Promote development and diversification of services for inbound demand

Capture the inbound industry by developing diversified services.
Significantly increase inbound demand through diversification of services

strategy
2Media Business(Strategic investment to increase platform business earnings)
Build platform business foundation through strategic investment[Realization of the No. 1 Creator 1st Platform in the Industry].
Substantial expansion of industry share by leveraging creator base

Investment
Business(AirTrip CVC)

Producing more "IPOs" through aggressive investment in growth areas
Targets over 200 companies invested in and 30 IPOs in total

Continuous "large IPOs" through strategic investment
Targets over 300 companies invested in and 50 IPOs in total

Regional
Revitalization
Business

The Challenge of Addressing Local Challenges through Tourism Tech x HR
Tech
Tackling Local Social Issues with Two Tech Solutions[Transformation into an industry-leading corporate entity that can provide solutions
to local issues
Leading the local development industry by leveraging our expertise in solving local
issuesstrategy
1Continued growth of existing non-travel businesses

through strategic marketing investments.
Thoroughly strengthen AirTrip Online Travel Business

Copyright © AirTrip Corp. All Rights Reserved.

65

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

Through various initiatives to achieve the SDGs,
Continuing to Grow Endlessly and Contribute to Asia's Sustainable Development~ Aiming to further enhance corporate value to improve satisfaction of all stakeholders ~work-stylereformInitiatives for
local
community
Contribution
toinnovate
Promotion of

public health
Initiatives forSports SDGs
Contribution
to
Globalization andDiversity

Copyright © AirTrip Corp. All Rights Reserved.

66

To all stakeholders, including shareholders and investors,
The first integrated report of the AirTrip Group is released!
Group-wide

To all stakeholders, including shareholders and investors,
The first integrated report of the AirTrip Group is released!
~ Strive to strengthen communication of initiatives that contribute to further enhancementof corporate value and resolution of social issues ~*For more information, please click here.

Copyright © AirTrip Corp. All Rights Reserved.

67

Integrated Report: Synergies among Businesses and Business Transition

Copyright © AirTrip Corp. All Rights Reserved.

68Integrated Report: Value Creation Model

Copyright © AirTrip Corp. All Rights Reserved.

69(Reiteration) FY23.9 2Q "Re-start" - Executive Summary - (Reiteration) FY23.9 2Q "Re-start" - Executive Summary●

FY23.9 2Q consolidated results: transaction volume 43.3 billion yen, sales 11.5 billion yen, operating income 1.58 billion yen
This fiscal year is the third year of "Re-Start", the second stage after listing, and under the medium- to long-term growthstrategy "AirTrip 5000" and the FY23.9 growth strategy "AirTrip "Re-Start"", AirTrip Online Travel Business has grownsignificantly and achieved year-on-year growth in both sales and profit in the second quarter. The company announced afurther upward revision to its full-year earnings forecast for the fiscal year ending March 31, 2012, which wasannounced during the second quarter after the upward revision.

●

In AirTrip Online Travel Business, driven by rising demand for domestic travel triggered by nationwide travel support, AirTrip
branding measures in multiple directions and continued strategic marketing investment in response to increasing travel
demand will steadily capture rising domestic travel demand and drive the overall business portfolio as a pillar of revenue.
Existing business areas other than travel business [IT Off-shore Development Business, travel to Japan and Wi-Fi rental
business, Media Business, Investment Business (AirTrip CVC), and regional development business] are all performing well andsteadily, and we will promote further business portfolio building to strategically build and strengthen the "AirTrip Economic
Zone". Strategically build and strengthen the "AirTrip Economic Region●

In particular, in the Investment Business (AirTrip CVC), Prime Strategy (stock code: 5250), in which we invested, waslisted on the Tokyo Stock Exchange's Standard Market, becoming the 12th IPO for our portfolio company.
Also, the first AirTrip CVC event, "AirTrip CVC Award 2023" will be held.
Continue to make maximum use of the Company's experience and know-how in going public to date, aiming to create further
future returns through aggressive investment in growth areas with a high probability of an IPO, and expand the "AirTrip
Economic Zone" through aggressive investment in niche growth areas.

●

We expect a further increase in domestic and international travel demand in conjunction with the transition of the new Corona
to Class 5. We expect to increase earnings in AirTrip Online Travel Business by making strategic marketing investments tomeet travel demand based on new patterns of behavior, and by continuing growth in the five existing businesses outside of
travel and building a strategic business portfolio,Copyright
AirTripGroup
aims
for endless growth© AirTrip
Corp. All Rights
Reserved.
70

Appendix
Medium- to Long-term Growth Strategy "AirTrip 5000
FY23.9 Growth Strategy "AirTrip "Re-Start

Copyright © AirTrip Corp. All Rights Reserved.

71

FY23.9 Growth Strategy "AirTrip "Re-Start~ Growth strategy to achieve "AirTrip 5000" in the fastest time possible ~Copyright © AirTrip Corp. All Rights Reserved.

72

FY23.9 Growth Strategy "AirTrip "Re-Start"" Aimed at - Growth strategy to achieve "AirTrip 5000" in the fastest
possible time

"Re-Start" Growth Strategy to Achieve "AirTrip 5000" in the Fastest Time~ By continuing to grow our five existing businesses + new businesses, with AirTrip Online Travel Business as the main pillar,
Strategically achieve discontinuous growth of the entire AirTrip Group ~(Revenue)

3
2
1

New Business
Development

Aggressive investment in growth areas
Creation of new business platform and production of IPOs

VentureDevelopment

Regional
Revitalization
Business

capital andbusiness alliance

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

Investment Business(AirTrip CVC)Media
Business

M&A
Inbound Travel Agency /Wi-Fi Rental Business
Wi-Fi Businessthrough strategic marketing investments.
Thoroughly strengthen AirTrip Online Travel Business

IT Offshoredevelopment (work)

AirTrip Online
Travel BusinessStage 1

2nd stage(From the time of listing to FY20.9)(Re-start" from FY21.9)(hours)Copyright © AirTrip Corp. All Rights Reserved.

73

FY23.9 Growth strategy "AirTrip "Re-Start
Newly launched the "Regional Development Business" as the sixth business and restructured the business portfolio of the AirTrip Group.

A new sixth project, the "Regional Development Project" was launched,
Restructured the AirTrip Group's business portfolio and started FY23.9!

Media Business

AirTrip Online Travel
Business

Inbound Travel Agency / Wi-Fi
Rental Businessnewbusiness

IT Off-shore Development Business

Regional Revitalization Business

Copyright © AirTrip Corp. All Rights Reserved.

Investment Business(AirTrip CVC)
74

FY23.9 Growth Strategy "AirTrip "Re-Start"" - AirTrip Online Travel Business
AirTrip Online Travel
Business

Accurately capturing diverse travel demand as a growth engine
Strategic marketing investments to expand revenues at the fastest rate in the industry~ Aiming for dramatic growth as a pillar of the Group's overall business portfolio ~Growth Strategy for AirTrip Online Travel Business●In the domestic travel domain, aim for earnings growth in 1Q due to increased demand
triggered by nationwide travel support, stable demand in 2Q and beyond, high growth in
4Q due to increased summer travel demand, and the fastest earnings growth in theindustry through strategic marketing investments throughout the year.
In the overseas travel domain, demand is expected to recover in the 1Q and 2Q due to theeasing of border control measures in countries around the world, but it will take a certain
amount of time for overseas travel to get back into full swing, so we expect demand to
recover gradually from the 3Q onward and aim for an early earnings recovery by
expanding product offerings to meet new overseas travel demand and optimizing UI/UX
improvements. Aim for early earnings recovery by adding new overseas travel products
and optimizing UI/UX improvements.

●

Action Plan for AirTrip Online Travel Business(Execution of measures to leverage nationwide travel support tocapture demand)
AirTrip x Nationwide Travel Support Campaign
Retain repeat customers by offering large point redemption programs

domestic
travelStrengthening Brand Strength through Strategic Marketing Investments
Continuation of AirTrip branding measures in multiple directions
Strategic marketing investment in response to demand increase/decrease
Increase awareness through SNS marketing such as Twitter, etc.
Implement tie-up projects with airlines and lodging facilities<FY23.9 Assumed revenues from AirTrip Online Travel
Business>(Revenue)

Domestic Travel Domain

Overseas Travel Domain

vacationabroad
1Q

2Q

3Q

4Q

Thorough UI/UX Improvement to Increase CVRUI/UX improvements that accurately capture diverse travel demands
Design of new features and new functions to improve convenience.

(hours)(Execution of measures to restore earnings as soon as possible inresponse to mitigation of waterfront measures)
Dissemination of useful information on waterfront mitigation
Expand product lineup and advertisements focusing on waterfront mitigation
areas
Strategic marketing investment for international travel demand

Copyright © AirTrip Corp. All Rights Reserved.

75

FY23.9 Growth Strategy "AirTrip "Re-Start
IT Off-shore Development Business, Inbound Travel Agency / Wi-Fi Rental Business / Wi-Fi business, Media Business, regional
development businessMedia Business

IT Off-shore Development Business

Regional Revitalization Business

Inbound Travel Agency / Wi-Fi Rental Business

Through continued growth of existing businesses + new businesses,
Further diversification and restructuring of the business portfolio~ Strengthen our competitive advantage based on market trends and aim for sustainable growth ~Existing Business + New Business Growth Strategy
●

●

●

●

In the IT Off-shore Development Business, Hybrid Technologies (TSE Growth
listing: 4260) aims to achieve further business growth by providing agile
development that meets customer needs through a hybrid, one-stop system thatcombines the upstream design capabilities of Hybrid Technologies and thedevelopment capabilities of its extensive offshore operations.
In the inbound travel business/Wi-Fi business, aim to create new value through thedevelopment of borderless services that accurately capture the diversifying
inbound demand that accompanies changes in the market environment, centeredon the Wi-Fi business for domestic and overseas customers developed by the
inbound platform.
In the Media Business, Magmagu (TSE Standard Listing: 4059) is aiming tobecome the No. 1 creator-first platform by expanding new content and making
strategic investments in platform development for "Magmagu!
In the regional development business, N's Enterprise aims to expand the numberof people interacting with each other and revitalize local economies by developing
solutions based on "tourism tech" and "HR tech" in order to solve social issues
such as the lack of population in rural areas.

Existing Business Existing Business + New Business Action PlanIT Offshoredevelopment(work)(Execution of measures to expand the scale of projects by acquiring highly
skilled human resources)
Expand the scale of projects and improve development quality through theappointment of high unit-price personnel
Recruitment of highly skilled personnel and strategic marketing investments

Inbound Travel
Agency / Wi-Fi
Rental Business

Strengthening Wi-Fi rental and services for foreign residents in Japan
Strengthen sales promotion of Wi-Fi rentals for domestic and overseas customers
Establishment of service infrastructure for foreign residents and enhancement ofcompetitive advantage

Media Business

Strategic investment in the development of a live-streaming platform
Strategic investment in the implementation of a throw-in and ticket sales
functionality.
Strengthen recruitment of development personnel to bring system development
in-house

Regional
Revitalization
Business

Launching Local Development Businesses under a New Business Execution
Structure
Strengthen promotion through collaboration with local governments, etc.
Building a pipeline with local companies suffering from a shortage of humanresources

Copyright © AirTrip Corp. All Rights Reserved.

76

FY23.9 Growth Strategy "AirTrip "Re-Start"" - Investment Business (AirTrip CVC)
Investment Business (AirTrip CVC)

By aggressively investing in growth areas with an emphasis on the highprobability of an IPO,
Strategically expand the AirTrip Economic Zone
~ Creation of a new business foundation and IPOs through aggressive investment in growth areas ~Growth strategy for Investment Business (AirTrip CVC)
●

●

●

●

●

As an Investment Business (AirTrip CVC), we aim to strategically expand andstrengthen the AirTrip economic zone (create a new business foundation andproduce IPOs) by actively investing in growth areas with a high probability of IPOs,
leveraging our investment knowledge and experience that have realized acumulative total of 11 IPOs.
Invest in growth companies with a high probability of IPO, focusing on"market/business growth potential," "high probability of future returns," and"qualitative evaluation of the competence and growth potential of the management
team and management control system" as the decision axis for investment.
As mentoring support after the investment is made, we provide highly feasible
value-up support for IPO through interviews with the investee by our management
team, which has achieved a Mothers listing, TSE First Section listing, subsidiarylisting, and affiliate listing since AirTrip's founding.
To support the establishment of a management control system, we provide insightand practical support necessary for IPO preparation, including "introductions toaudit firms and lead managing underwriters," "advisory services for responding toshort reviews," and "advisory services for establishing a management control
system.
As part of our commitment to the SDGs and social contribution, for every IPO of
one of our portfolio companies, we will make a donation to the Japan Future Sports
Promotion Association, which provides an environment and services for children
who are unable to participate in sports due to economic or environmental reasons.

Action Plan for Investment Business (AirTrip CVC)
Selection of
investment
destinations(Selection of investments that have the probability or potential for an IPO)
Evaluate market/business growth potential of portfolio companies
Quantitative evaluation of return probability after investment
Assessment of the growth potential of the management team and management
control structure

mentoring

Mentoring support by a management team with extensive listing experience
After the founding of AirTrip, our management team, which has achieved listings
on Mothers, the First Section of the Tokyo Stock Exchange, subsidiaries, andaffiliated companies, will meet with the client to provide value-up support.

IPOs
Providing insight

Providing insight based on real-life listing preparation experience.
Provide IPO-related insights based on actual IPO preparation experience, such as
how to overcome challenges faced by AirTrip and other group companies andportfolio companies in the process of preparing for IPOs.

Management
Control System
Construction
SupportAdvisory services for the establishment of business management systems
Introduction of auditing firms and lead securities firms
Advisory on Short Review Response
Advisory services on practical aspects of establishing business management
systems

Copyright © AirTrip Corp. All Rights Reserved.

77

This document also contains forward-looking statements based on our current plans, estimates, estimates or projections regarding industry trends and our business activities.
These forward-looking statements are subject to various risks and uncertainties. Known or unknown risks, uncertainties, and other factors could cause results to differ materially from thosecontained in the forward-looking statements.
The actual future business activities and performance of the Company may differ from the future outlook described in this document.
Forward-looking statements in this document are made by the Company based on available information and are not intended to update or alter any forward-looking statements to reflect future
events or circumstances.

AirTrip Corporation（TSE Prime: 6191)
Atago Green Hills MORI Tower 19F, 2-5-1 Atago, Minato-ku, Tokyo 105-6219, Japan
tel: 03-3431-6191
https://www.AirTrip.co.jp