September 30, 2023, 3Q

Financial
Results

AirTrip Corp.
Tokyo Stock Exchange Prime: 6191
2023/8/14"Re-Start"- Beginning of the second stage after listing - AirTrip Group will restart -FY23.9 3Q "Re-Start" - Operating income continued to increase YoY in FY23.9 3Q!
FY23.9 entered the third term of the growth strategy "Airtrip "Re-Start"",operating income continued to increase YoY in 3Q, reaching 2.65 billion yen!
Unit: (0.1 billion yen)

- AirTrip Online Travel Business also continued to increase profit YoY FY22.9

FY20.9FY21.9(Full year results)(Full year results)△8.99 billion yen

4.05 billion yen(after deduction of
impairment loss)(before deduction of
impairment loss)

1st Stage△9.0(from listing to FY20.9)(Full year results)
2.55 billion yen(before deduction of
impairment loss)

FY23.9(1Q results)

FY23.9(2Q results)

FY23.9(3Q results)※

FY23.9FY23.9(Full year earnings
forecast)(1Q-3Q results)※

Under the growth strategy "Airtri "Re-Start,
Airtrip travel business is growing at a higher level than in the same
period of the previous year,
strong progress against forecasts in 3Q FY23.9.

3.0 billion yen

2nd Stage

Impairment
loss(“Re-Start” from FY21.9)△3.6

Impairment
loss

10.7

31.5
(afterimpairment（減損控除後）losses)30.0
21.9

Consolidated operating income(before impairment losses)△82.0

Impairment
loss

△89.9
(after impairment losses)

10.0
At thebeginningof theperiod

5.8
Full Year
Result△7.9(before impairment
losses)10.0(afterimpairment
losses)Consolidated operating income(after impairment losses)

Full Year
Result5/15
Publicdisclosure

26.5

1Q Total

2Q Total

3Q Total

1Q - 3Q Total（FY23.9）（FY23.9）（FY23.9）（FY23.9）

Full Year
Earnings
Forecast(Planned value)※The above 3Q results are preliminary figures at this time and may differ from actual results.
Copyright © AirTrip Corp. All Rights Reserved.

2

FY23.9 3Q "Re-Start" - Strengthening of the "AirTrip Economic Zone" through implementation of the businessportfolio strategy -Strategically strengthen the AirTrip Economic Zone by promoting diversified business development- Promoting business portfolio building by leveraging assets of the AirTrip Group -Aim for further business growth by providing DX support
tailored to customer needs through a hybrid, all-in-one
system that combines the upstream design capabilities andabundant offshore development capabilities of HybridTechnologies (TSE Growth listing: 4260)

Aim to become the No.1 creator-firstplatform through synergy-generating
business growth between the platformbusiness, including "Magmag! Live", andadvertising business in four web-based
media outlets.

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

AirTrip Online
TravelBusiness

IT Off-shore
Development
Business

Inbound Travel
Agency / Wi-Fi
Rental Business

AirTrip Economic Zone
Media
Business

Diversified business development by utilizing
assets of the AirTrip GroupRegional
Revitalization
Business

Aim to create new value in the market forforeign visitors and residents in Japan bypromoting the development of various
services that make the most of Japan's
attractive cultural and tourist resources tomeet the diverse needs of foreign visitors
and residents in Japan.

(AirTrip CVC)

Cloud Business※Preparing for listing
Aim to expand the number of people interacting with eachother 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.

Investment
Business※Preparing for listing※Preparing for listing

As an investment business (AirTrip CVC), aim tostrategically expand and strengthen the AirTrip economic
zone by actively investing in growth areas with a highprobability of IPO, utilizing our investment knowledge
and experience that have realized the IPOs of 12
companies so far.

Aim for a more convenient world by developing mainly cloud services toimprove operational efficiency in the lodging industry and consolidating
expanded channels and scattered data.

Promote business portfolio building by leveraging the AirTrip Group's assets, including its strengths in business growth,marketing, system development, brand, financing, customer base, and management team
Copyright © AirTrip Corp. All Rights Reserved.

3

FY23.9 3Q "Re-start" - Executive Summary -●Y23.9 3Q consolidated business results: Transaction volume: 72.5 billion yen, Net sales: 16.7 billion yen, Operating income: 2.65 billion yen
Positioning the current term as the third term of the second stage "Re-Start" after listing, and under the medium- to long-term growth strategy"AirTrip 5000" and the growth strategy "AirTrip "Re-Start"" for FY23.9, the AirTrip Online Travel Business grew significantly over the same period
last year, achieving higher sales and profits in Q3 compared to Q3 last year, and steadily increasing profits over the nine months against thesecond upwardly revised full-year forecast announced during Q3, with a busy Q4 left to come. For the full year, we expect to achieve atransaction volume of over 100 billion yen for the first time since pre-COVID-19 FY9/19, with sales of 24 billion yen and operating profitof 3 billion yen (both figures revised upward on 5/15).

●

In the AirTrip Online Travel Business, we steadily capture domestic travel demand, especially in conjunction with the increase in demandassociated with the transition of the new coronavirus to Class 5, and continue to make strategic marketing investments to drive the overallbusiness portfolio as a pillar of earnings.
Existing business areas other than travel business [IT Off-shore Development Business, Inbound Travel Agency / Wi-Fi Rental Business, MediaBusiness, Investment Business (AirTrip CVC), and Regional Revitalization Business] are generally performing well, and we will promote further
business portfolio building to strategically build and strengthen the "AirTrip Economic Zone".

●

The inbound travel business and Wi-Fi rental business performed well, steadily capturing the recovery of inbound demand, and the initial listing of
the core subsidiary Inbound Platform on the Growth Market of the Tokyo Stock Exchange was approved.

●

In the investment business (AirTrip CVC), the AirTrip CVC Report Vol. 5 was published. At the time of publication, the total amount of investment
was 7.9 billion yen in 109 companies, and the total amount of collected and recently evaluated investments was 17.8 billion yen, achieving an ROIof 226%.

●

In addition, we have launched a cloud business as our seventh new business.
Merging N's Enterprise, a subsidiary of the Company, and Kanxashi, a cloud computing company invested in by AirTrip CVC, through M&A, withthe aim of listing the new company as a subsidiary company after the merger.
The new company will be listed as a subsidiary after the merger.

●

Going forward, domestic travel demand is expected to remain strong and overseas travel demand is expected to further recover, AirTrip Groupaims for endless growth by increasing earnings in AirTrip Online Travel Business through strategic marketing investments to meet travel demand
based on new patterns of behavior, continuing growth in six existing businesses other than travel business, and building a strategic business
Copyright © AirTrip Corp. All Rights Reserved.
portfolio.
4

FY23.3Q Financial Summary

Copyright © AirTrip Corp. All Rights Reserved.

5

Transaction Volume Trends

Transaction volume: 206% compared to the previous quarter
Significant increase due to growth of AirTrip Online Travel Business
Consolidated
transaction volume(0.1 billion yen)

※Changed to the amount handled before cancellations from FY19.4Q.
Copyright © AirTrip Corp. All Rights Reserved.

6

Sales Revenue Trends

Sales Revenue: 196% compared to the previous quarter
Significant increase due to growth of AirTrip Online Travel Business
Consolidated sales revenue(million yen)

Copyright © AirTrip Corp. All Rights Reserved.

7

Operating Income Trends

Operating income: 152% compared to the previous quarter
Trend in profit growth due to growth of AirTrip Online Travel Business
Consolidated operating
revenue (million yen)

Copyright © AirTrip Corp. All Rights Reserved.

8

Income Statement Overview

Revenues, gross profit and operating income
increased from the previous year
(Million yen)
FY22.3Q
Amount

FY23.3Q

Ratio to Net Sales

AmountRatio to Net Sales

Transaction
amount35,262

ー

72,481

ーSales revenues

8,545

100.0%

16,752100.0%

Gross profit

5,131

60.0%

9,327

55.6%

Operating income

1,743

20.3%

2,657

15.8%

1,273

14.8%

1,873

11.1%

Current net income
attributable toparent company

Copyright © AirTrip Corp. All Rights Reserved.

9

Summary of Balance Sheet

Equity capital steadily remains
due to the accumulation of profits
FY22.4Q

FY23.3Q(Million yen)

Change in amountCurrent assets

18,38623,955

5,569

Cash and deposits

8,954

10,9742,020

Operating investment
securities, etc.

6,035

8,034

1,999

Non-current assets

5,748

6,120

372

Total assets

24,13530,076

5,941

Debts

14,22618,196

3,970

Favorable debt

6,017

5,010

△1,007

Total capital

9,908

11,8801,972

Equity ratio

41.0%

39.4%

△1.6%

Copyright © AirTrip Corp. All Rights Reserved.

10

FY23.9 Full-Year Earnings Forecast (Restated)

By implementing the growth strategy "AirTrip 2022 "Re-Start"" in FY23.9,
strategically promote business portfolio diversification and restructuring※- Due to strong and steady business progress, the forecast was revised upward
on May 15 from the beginning of the fiscal year -(Million yen)

FY23.9Full Year Forecast(Announced at the
beginning of theterm)

FY23.9Full Year Forecast(Announced on
3/1)

FY23.9Full Year Forecast(Announced on
5/15)

Policies for Earnings Forecasts- Recovery of AirTrip Online Travel Business- Accumulation of business earnings by promoting diversification of
the business portfolio- Profit from aggressive investment in growth areas

Net Sales

17,00019,00024,000Operatingincome

1,000

1,600

3,000

Net income

700

1,100

2,000

Dividend---- Recovery of AirTrip Online Travel Business- Accumulation of business earnings by promoting diversification of
the business portfolio- The existing dividend amount of 10 yen per share will bemaintained.
- Aimed for a dividend payout ratio of 20% before COVID-19

Copyright © AirTrip Corp. All Rights Reserved.

11

FY23.3Q Key KPIs Trends

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12

Key KPIs Trends FY23.9 3Q SG&A: SG&A remains lower than before COVID-19 due to continued fixed cost reduction

S.G.&A. expenses continue to be lower than before COVID-19
due to ongoing review and reduction of fixed costs in the COVID-19 disaster- 3Q SG&A expenses were controlled at approximately ¥0.9-0.95 bn per month (0.1 billion
yen)
10.0

Variable
costs
Fixed
costs

4.0
8.0

6.3

6.2

6.0

Variable costs
Increase in outsourcing expenses to meet travel demand
Quality improvement of CS system by increasing outsourcing costsby each department
Advertising costs
Continue to optimize advertising expense to gross profit ratio

Continue to control labor costs and reduceother fixed costs

3.6
4.0

6.4

Optimization of variable costs and advertisingexpenses

Personnel costs

2.0

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

2.0

2.6

2.9

3.2

3.2

0.0

20.2

21.9

22.9

FY20.9FY21.9FY22.9※These are planned figures and may differ from actual figures.

23.7~9 ※23.6

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

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

13

Key KPIs Trends Variable cost to gross profit ratio: Continue to optimize variable cost to gross profit ratio

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

Gross profit

Continued to optimize variable
costs as a percentage
of gross profit

Variable costs
Variable costs as % ofgross profit

53.22%

50.42%
38.34%

37.67%

50.56%

44.80%※

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

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

FY23.914

Key KPIs Trends FY23.9 3Q Gross Profit Trends: The domestic travel domain led the overall business portfolio, achieving the highest level of grossprofit ever!

The domestic travel area captured the increase in demand associated with the transition of COVID-19 to Class 5
and led the overall business portfolio.
Other business area continued strong and solid business progress, achieving a record-high level of gross profit!
- The domestic travel area led the overall business portfolio by steadily
capturing the increased demand for travel associated with the transition to Class 5 Due to continued support fornationwide travel
the domestic travel businessincreased significantly from theprevious year, and overseas travelbusiness is also on a recovery trend.

(0.1 billion
yen)

Other Business Areas

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

Domestic travel area is expected toincrease over the previous year bysteadily capturing the increase insummer travel demand, and overseas
travel area is also on a recovery trend.

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

Overseas Travel Areas
Domestic Travel Areas

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

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

(preliminary
figures)(expected
value)(expected
value)

15

Key KPI Trends: Ratio of advertising expenses to gross profit:
Execute strategic advertising investment for the "Profit Recovery Phase" by leveraging the recognition gained in the "Advertising
Investment Phase"

AirTrip Online
Travel Business

By leveraging the recognition gained in the "Advertising Investment Phase,"strategically invest in advertising to meet the current increase in travel demand.
Expect to recover profits in 4Q, the busy season, by increasing the organic ratio.
- Continued to optimize gross profit as a percentage of advertising expenses
through a steady increase in the organic ratio Gross profit
Advertising Costs
Advertising costs as a %of gross profit

Strategically invest in advertising
to meet the current increase in travel
demandPromoting awareness raising
as an advertising investment phase
until FY19.9

Raise awareness throughstrategic marketing investment

48.00%

33.25%

36.51%

30.37%(Actual results)

31.67%

Organic ratio improvement(Plannedvalue)

Expect profit recovery in 4Q
due to higher organic ratio

Plannedvalue

14.39%

Plannedvalue

FY19.3Q

FY20.3Q

FY21.3Q

FY22.3Q

Copyright © AirTrip Corp. All Rights Reserved.

FY23.3Q
16

Key KPIs Trends Overall demand for travel is on the rise, and both CVR and cross-sell rates are recovering!
AirTrip Online
Travel BusinessIn part due to the coronavirus Class 5 transition,
CVR recovered significantly as overall travel demand was boosted!
- Number of customers attracted was 165% of FY22.3Q,
and both cross-sell rate and CVR recovered, resulting in record-high gross profit -

CVR

※2

※1

Cross-sell rate

(3Q actual results)

133％※Compared toFY22.3Q(3Q actual results)

Significa
ntly
UP

103％

UP

※Compared toFY22.3Q※1 Calculated as a weighted average of domestic and overseas airfare, hotel, and DP.
※2 Calculated as a weighted average of domestic and overseas hotels (including DP), car rentals, and insurance

Copyright © AirTrip Corp. All Rights Reserved.

17

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

Organic gross profit, the most important KPI
Organic gross profit, the most important KPI, reached a record high leveleven at the end of the nationwide travel support program!
- Significant increase of 177% compared to FY22.3Q! -Organic Gross Profit

FY22.3Q

Despite the headwind of the end of nationwide travel support, theorganic gross profit reached a record high level,
demonstrating the recognition that has been built up over the years.

FY22.4Q

FY23.1Q

FY23.2Q

FY23.3Q※Aim at 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.

18

Growth of Other Focused Products Demand for airline tickets has recovered, and the number of reservations for other focused products has increased significantly
both domestically and internationally!

AirTrip Online
Travel Business

While airline ticket sales are recovering steadily,other focused travel products have achieved a significant increase in both
domestic and international bookings!
- Other focused travel products grew by 178% compared to FY22.3Q! Number of airline ticket
bookings
Number of bookings forother focused products ※FY20.3Q

With the recovery of overseas demand,
the number of bookings for otherfocused travel products increased
significantly.

FY21.3Q

FY22.3Q

FY23.3Q※ The figures are the sum of domestic and international car rental, insurance, hotel, and airfare + hotel.
Copyright © AirTrip Corp. All Rights Reserved.

19

Most Recent Actions and Results

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20

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

Gross profit in the domestic travel area and strategic marketing investment
in response to the current rising demand for travel
achieved a significantly higher level than in the same period of the previous year.
- Achieved 168% YoY growth in May, and continued to achieve YoY growth in gross profit 2023 Gross Profit
2022 Gross Profit

22.4

May Gross
ProfitYoY 168%

April Gross
ProfitYoY 164%

23.4

22.5

23.5

June Gross
ProfitYoY 151%

22.6

23.6

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

21

Marketing - Branding measures and time commercials AirTrip Online
Travel BusinessContinue airing time commercials from June 2023 onward!
- TV commercials will be aired from April to ensure regular exposureand to gain first impressions when traveling AirTrip TV-CM "Motion Brand" version

AirTrip TV-CM "A Woman Who Does Not Sell at a Discount Brand" version

Copyright © AirTrip Corp. All Rights Reserved.

22Marketing - Branding measures and improving customer service measures AirTrip Online
Travel Business

Aiming to further improve customer support in the future,
we launched the "Customer Experience Improvement Campaign" in July!
- Air ticket giveaway to 10 winners drawn from those who commented in the survey -Copyright © AirTrip Corp. All Rights Reserved.

23

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

Investment Business(AirTrip CVC)

- For every IPO or M&A,
AirTrip makes a donation to the Japan Future Sports Promotion Association,
which supports children who are unable to participate in sports due to financial hardship or other reasons -Cloud Business

Copyright © AirTrip Corp. All Rights Reserved.

24

FY23.9 3Q "Re-start" - Executive Summary (reiterated) -●Y23.9 3Q consolidated business results: Transaction volume: 72.5 billion yen, Net sales: 16.7 billion yen, Operating income: 2.65 billion yen
Positioning the current term as the third term of the second stage "Re-Start" after listing, and under the medium- to long-term growth strategy"AirTrip 5000" and the growth strategy "AirTrip "Re-Start"" for FY23.9, the AirTrip Online Travel Business grew significantly over the same period
last year, achieving higher sales and profits in Q3 compared to Q3 last year, and steadily increasing profits over the nine months against thesecond upwardly revised full-year forecast announced during Q3, with a busy Q4 left to come. For the full year, we expect to achieve atransaction volume of over 100 billion yen for the first time since pre-COVID-19 FY9/19, with sales of 24 billion yen and operating profitof 3 billion yen (both figures revised upward on 5/15).

●

In the AirTrip Online Travel Business, we steadily capture domestic travel demand, especially in conjunction with the increase in demandassociated with the transition of the new coronavirus to Class 5, and continue to make strategic marketing investments to drive the overallbusiness portfolio as a pillar of earnings.
Existing business areas other than travel business [IT offshore development business, travel to Japan and Wi-Fi rental business, media business,investment business (AirTrip CVC), and regional Revitalization business] are generally performing well, and we will promote further businessportfolio building to strategically build and strengthen the "AirTrip Economic Zone".

●

The inbound travel business and Wi-Fi rental business performed well, steadily capturing the recovery of inbound demand, and the initial listing of
the core subsidiary Inbound Platform on the Growth Market of the Tokyo Stock Exchange was approved.

●

In the investment business (AirTrip CVC), the AirTrip CVC Report Vol. 5 was published. At the time of publication, the total amount of investment
was 7.9 billion yen in 109 companies, and the total amount of collected and recently evaluated investments was 17.8 billion yen, achieving an ROIof 226%.

●

In addition, we have launched a cloud business as our seventh new business.
Merging N's Enterprise, a subsidiary of the Company, and Kanxashi, a cloud computing company invested in by AirTrip CVC, through M&A, withthe aim of listing the new company as a subsidiary company after the merger.
The new company will be listed as a subsidiary after the merger.

●

Going forward, domestic travel demand is expected to remain strong and overseas travel demand is expected to further recover, AirTrip Groupaims for endless growth by increasing earnings in AirTrip Online Travel Business through strategic marketing investments to meet travel demand
based on new patterns of behavior, continuing growth in six existing businesses other than travel business, and building a strategic businessportfolio.
Copyright © AirTrip Corp. All Rights Reserved.
25

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

26

Major Subsidiaries: Magmag (Securities Code: 4059）- Aim to increase sales and profit by hiring core personnel and strengthening the sales structure, despite lower income due tostrategic investments. MediaBusiness

Although the business was affected by the trend of declining advertising unit prices up to 3Q,
new projects were acquired by strengthening the sales structure and expanding the business base.
- Due to the significant impact of the decrease in unit price of advertisements, net sales remained at 80.3% of theprevious year's 3Q level ＜Sales / operating profit of Magmag>(Million yen)
Net Sales
Operatingincome

438
400

351

New functions of "Magmag Live" and "Magmag Reader App"
were enhanced and continued to be invested strategically!

Net Sales(3Q cumulative
results)

300

80.3%
200
100

Strengthen platform competitiveness through aggressive
investment

Operatingincome※ Compared toFY22.3Q cumulativetotal(3Q cumulative
results)

86 million
yen decrease

16

△69
0
FY22.3Q
Total

FY23.3Q
Total※ Compared toFY22.3Q cumulative
total

Despite a decline in advertising unit prices, sales are
increasing due to a strengthened sales structure
Despite the declining trend in advertising unit prices, thestrengthening of the sales structure, which started in the second
half of the fiscal year, has laid the foundation for sales growth,
resulting in an increase in sales for the month of June alone.
Sales are expected to increase in the future.

Copyright © AirTrip Corp. All Rights Reserved.

27

Affiliated company: Hybrid Technologies (Securities code: 4260)
IT Off-shore
Development Business

Maintain YoY sales growth by acquiring new clients
Aim for sales growth by expanding the scale of projects■Net Sales■Operating Income(Million yen)
Increase in new projects forms the foundation for sales

Net Sales

122%

Strengthening of the sales structure and expansion of thecorresponding areas of development led to an increase in the number of
new clients for stock services, a core service. Orders received
increased by 15 from 54 as of the end of the second quarter to 70 as ofthe end of the third quarter.

※ YoYchangeOperating income declined due to one-time expenses related to
M&A.
Operatingincome65%※ YoYchangeOperating income declined due to the recording of acquisition costs for
Hybrid Tech Agent and IxiaS, two companies that became subsidiaries
during the period.
Establishment of Vietnam joint venture completed
The establishment of Circlace HT Co., Ltd. as a joint venture in
Vietnam, which was announced on April 13, 2023, has been completed
and operations have started.
Copyright © AirTrip Corp. All Rights Reserved.

28

Affiliated company: Hybrid Technologies (Securities code: 4260)
IT Off-shore
Development Business

Completed establishment of Vietnam joint venture"Circlace HT Co., Ltd." and started the business.

- Aim for Global expansion of Salesforce-related development
and establishment of a system with more than 100 Salesforce engineers Company
Name

Circlace HT Co., Ltd.

Location

Ho Chi Minh City
Socialist Republic of Vietnam

Representative

General Director Jun SatoBusiness
Activities

System development and operation in
Vietnam

Capital400,000 USD
Circlace Co, Ltd. 75.00%

Investment
Ratio

Hybrid Technologies 12.50%
Growth Link 12.50%

Establishment

June 2023

Fiscal YearEnd

March 31

Copyright © AirTrip Corp. All Rights Reserved.

29

Main Subsidiaries: Inbound Platform
InboundBusiness

Growth due to strong sales of Wi-Fi rental and media
for foreigners as travel to Japan recovers- Net sales 183% compared to the same period last year Net Sales

183%

Significant recovery in Wi-Fi for inbound(Million yen)※Compared toFY22.3Q

1,519

900

600

Significant recovery in Wi-Fi rentals used byforeigners visiting Japan
Wi-Fi for overseas use is gradually
recovering
Wi-Fi rentals for overseas travelers have been
recovering since the beginning of the year

828

Growth of Life Media Tech Business
300

0Steady growth in cab agency services forforeign residents and real estate agency
services
FY22.3Q

FY23.3Q
Copyright © AirTrip Corp. All Rights Reserved.

30

Main Subsidiaries: Inbound Platform
InboundBusiness

July 27, 2023
Inbound Platform, a subsidiary of our company that develops inbound travel business,has been approved for initial listing on the Growth Market of the Tokyo Stock Exchange.

Inbound Platform Corp. (Securities Code: 5587) will be listedon the Growth Market of the Tokyo Stock Exchange on August 30, 2023.

Copyright © AirTrip Corp. All Rights Reserved.

31

FY23.3Q Business Progress

Copyright © AirTrip Corp. All Rights Reserved.

32

Marketing - Branding and Sponsorship AirTrip Online
Travel BusinessSpecial sponsorship of the Golf Partner PRO-AM Tournament 2023!
Held "AirTrip Pro-Am Golf" on the day before the tournament!
- Special sponsorship of the men's regular tour and pro-am tournament at the same course - Promotion to give away domestic airline tickets to 10 people every month for six months! -Copyright © AirTrip Corp. All Rights Reserved.

33

Marketing - Branding measures and improving customer service measures AirTrip Online
Travel BusinessConducted the "AirTrip Super Summer Sale!"
Offered limited-time-only special deals on domestic and overseas products and services!

Copyright © AirTrip Corp. All Rights Reserved.

34

Marketing - Branding and Sponsorship AirTrip Online
Travel BusinessConducted various sponsorship activities and promotions for "AirTrip"!
- Continue to gain new recognition and strengthen the AirTrip branding Sponsorship of Panasonic Open Ladies
Tournament
Ticket present promotion

DANGAN259 & Sumida Boxing Festival
Ticket present promotion

Performance of Reading Play "Shichido
Garan" on May 20
Ticket present promotion

Copyright © AirTrip Corp. All Rights Reserved.

"Alice in Muscle Land" July
performance in Osaka
Ticket present promotion

Sponsorship of "Influencer General
Election"Seoul Air Ticket Present

35Marketing - branding measures and SNS operation AirTrip Online
Travel Business

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

Peach x Amami Oshima
Dashi Chazuke set
present campaign for 10 people

toroa mellow and raw cheesecakepresent campaign for 50 people

THE SWINGGGR
Golf wear
present campaign for 50 people

Copyright © AirTrip Corp. All Rights Reserved.

Fast Bodywork Stand CHARGE
20 minute trial ticket
present campaign for 100 people

GALLEIDO Shower Headpresent campaign for 100
peopleCollaboration with "Mecha-comi”
Air ticket + Mecha-comi points
present campaign for 5 people

36Marketing - AirTrip Branding Effect AirTrip Online
Travel Business

Keyword searches for "AirTrip" steadily increase toward summer,
when travel demand is expected to further increase, thanks to marketing efforts!
Due to regular exposure of AirTrip through airing of time commercials and various campaign activities,
Keyword searches exceeded the previous year's level, and have been increasing steadily since April.

April 2023
- July 2023

April 2022
- July 2022

April 2023

May 2023
Copyright © AirTrip Corp. All Rights Reserved.

June 2023

July 2023
37

Domestic airline tickets - Improving transaction volume by capturing domestic travel demand and aggressive
promotions AirTrip Online
Travel Business

Increased transaction volume due to aggressive promotional measuresin line with increased demand accompanying the shift of the corona virus to Class 5- Achieved 142% of transaction volume compared to FY22.3Q <Transaction volume of domestic airline tickets>
Transaction
amountTransaction
amountIncreased transaction volume due to promotional
measures in line with the transition to Class 5.

142%

Successfully captured summer travel demand and increasedtransaction volume by implementing various promotional
measures in line with increased demand.

※Compared toFY22.3Q

Success in retaining users through functional
improvements.
Successfully captured existing users and new users captured
through promotional activities by simplifying the screen
through website UI improvement.
FY22.3Q

FY23.3Q
Copyright © AirTrip Corp. All Rights Reserved.

38

Domestic airline tickets - Increased sales through various campaigns and UI improvements AirTrip Online
Travel Business

Increased the number of sales by implementing various campaigns
with AirTrip points and airline ticket gifts as hooks and improving the UI!!
Single-line display of flightinformationon the search results screen

Implemented
AirTrip Point Reduction
Festival!

Implemented
AirTrip Super Summer Sale

Implemented
Customer Experience
Improvement Campaign

UI was renewed to improveusability by expanding therefinement function on the search
results screen, which contributed
to an increase in transaction
volume.

Implemented a 24-hour limited point
reduction rate policy for reservations
made via the app with same-day
notification only, resulting in new usersales and increased repeat businessamong existing users.

Conducted a sale offering cash
back and AirTrip point reductions
jointly with a payment company.
Stimulated demand through mailmagazines and app pushes.

As part of the "Customer Experience
Improvement Campaign," 10customers who participated in acustomer survey were selected in a
drawing to receive a domestic air
ticket each month.

※Implemented in April 2023

※Implemented from June 2023

※Implemented from July 2023

Copyright © AirTrip Corp. All Rights Reserved.

39

Domestic AirTrip Plus (airfare + hotel) -Attracting a continuous traveler base through discount measuresin addition to nationwide travel support -Significant growth in transaction volume due to the dual approach ofnationwide travel support and AirTrip's unique discount support

AirTrip Online
Travel Business- Achieved 159% increase in transaction amount and 257% increase in gross profit compared to FY22.3Q -Transaction amountTransaction
amountGross profit

159%

Increase in transaction volume due to further extended support
for national travel support※FY22.3Q
Comparison

Grossprofit257%※FY22.3Q
Comparison

Continuously acquire travel users through tuning of advertisements
and distribution of SNS, newsletters, etc. Significant increase intransaction volume due to higher unit prices and increased number ofreservations resulting from the application of discounts.
Continue to maintain a high number of reservations throughunique discount promotions
Maximize domestic travel needs even in areas sold out for nationwide
travel support by implementing discount measures using points andcoupons.

FY22.3Q

FY23.3Q※ This is the actual transaction volume/gross profit based on the date of return.
Copyright © AirTrip Corp. All Rights Reserved.

40

Domestic AirTrip Plus (airfare + hotel) - Implementation of continuous service improvement measures AirTrip Online

In addition to nationwide travel support, effective introduction ofTravel Businessoriginal campaigns and thorough site improvement to attract a wide range of travelers- Implement measures and improvements with a view to acquiring users that will lead to repeat business -Implemented
AirTrip Point Reduction
Festival

Implemented AirTRip special
travel discounts

Implemented Super Summer
Sale!

Implemented a 24-hour point reduction
rate increase policy for reservations
made via the app. Successfully
approached potential customers by
regularly notifying them on the same
day without notice.

Implemented AirTrip's own discountcampaign in response to sold-out
travel support. By notifying andappealing to AirTrip members, users
acquired during the travel support
program were retained.

Aiming to capture summer travel
demand, applied a discount of up to
5,000 yen and offered a gift card
worth 500 yen to all customers who
paid with Amazon Pay.

※Continuous implementation from May to June 2023

※Continuous implementation from June to July 2023

※Implemented in April 2023

Copyright © AirTrip Corp. All Rights Reserved.

UI/UX Improvement

Continuous UI/UX improvements.
Several times a quarter, based oncontinuous verification through A/B
testing, we aim to optimize UI/UX
and improve the convenience of theservice.

41

AirTrip Domestic Hotels - Steadily increasing transaction volume and gross profit by capturing a significant
recovery in domestic travel demand. AirTrip Online
Travel BusinessIn addition to the nationwide travel support + Motto Tokyo,
transaction volume has grown significantly through the use of AirTrip points and coupons!
- Achieved 172% in transaction volume and 139% in gross profit compared to FY22.3Q -Transaction
amountTransaction amountGross profit

172%※FY22.3Q
Comparison

Grossprofit139%※FY22.3Q
Comparison

Increase in transaction volume due to nationwide
travel support and Motto Tokyo extension support
Achieved growth in both transaction volume and gross profit
through active participation in nationwide travel support andMotto Tokyo, etc., which continued from 1Q and 2Q.

Continue to maintain a high number of reservations
through unique discount promotions

FY22.3Q

Continuously capture maximum domestic travel needs byimplementing discount measures using points and coupons inaddition to discounts through national travel support and othermeans.

FY23.3Q※This is the actual transaction volume/gross profit based on the number of days of stay.
Copyright © AirTrip Corp. All Rights Reserved.

42

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

Overseas Airline Ticket: Booking Volume Exceeded Pre-COVID Volume on a Single Day
Overseas AirTrip Plus (Air + Hotel)
Booking volume exceeded that of FY19.3Q<<Trend of Overseas Air Ticket Transaction Volume
Change Compared to FY19>>

Overseas Airline Ticket
After the COVID-19 disaster, single-day
booking volume exceeded that of the samemonth, week, and day in 2019 on April 30,
May 7, and May 8, 2023.
Recovery trend in 19-year comparison witheach passing month. Further recovery is
expected in the future.

Transaction
amountSignificant
recoverysince April<<Overseas Air Ticket Transaction Volume
Change Compared to FY19>>

Transaction
amount110%※Compared tothe same period
in 2007

Overseas AirTrip Plus(airline tickets + hotel)
Achieved 110% of booking volume comparedto FY19.3Q. Currently, bookings are still
steady.
Copyright © AirTrip Corp. All Rights Reserved.

43

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

Revival of overseas travel campaign due to rapid recovery of overseas travel
after the COVID disaster- Held Super Summer Sale, Korean Event First in 4 Years Holding of Super Summer Sale

Hosting of "Korean Event" Tours in South Korea

Super Summer Sale to coincide with the recovery in demand foroverseas travel

Departing on June 15 and 16 (3 days/2 nights) from Tokyo, Osaka, and Fukuoka

Copyright © AirTrip Corp. All Rights Reserved.

44

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

Implemented tie-up promotions with Japan National Tourism Organization (JNTO) and airlines- Strengthening PR for each destination in anticipation of further increase in demand for overseas travel in the future -Air China※Now on the web

Jetstar Airways※Now on the web

Qantas Airways

Aircalin※Now on the web※Now on the web

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-COVID Era AirTrip Online
Travel Business

Customer support continues to maintain a response rate of over 80%!
Responding to recovery in demand for overseas travel- Campaign to improve the customer experience with the aim of further enhancing customer service! -Call center
response ratecontinues to
exceed 80%!

Copyright © AirTrip Corp. All Rights Reserved.

46

Roadmap for system development- Strategic and rapid system development to capture demand in the after-COVID-19 -Promoting strategic and rapid system development
to capture new demand in overseas travel

AirTrip Online
Travel Business- Continue aggressive system development and investment in anticipation of recovery- in demand for after-COVID-19 <System Development Plan for the Fiscal Year of September 2023>
Multilingual support

Additional functions within the site
- Development of multilingual support for overseas airline tickets
completed. Launched in 1Q.
- Development of interline function expansion completed. Launched in
2Q.
- UI/UX improvements to be implemented throughout the year.

Expansion of interline functions
UI/UX improvement

Expansion of settlement methods

Expansion of settlement functions

Connect to new APIs of airlines, utilize new functions
Ancillary enhancement
Strengthening the search infrastructure

September 2011 2Q

Add connection with external systems, enhance- Development for expansion of settlement methods completed.
Launched in 2Q.
- Expansion of settlement functions has been ongoing since 3Q.
- FSC, LCC connection and utilization of new functions, and NDC
support for the full year.
- Ancillary enhancement started in 4Q.

Strengthening of system infrastructure- Started in 2Q to enhance search infrastructure for overseas airline
tickets.
- Upgrading of various libraries to be implemented throughout theyear.

Update various libraries

September 2011 1Q<Quarterly Progress>

September 2011 3Q

September 2011 4Q

Copyright © AirTrip Corp. All Rights Reserved.

47

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

Strengthening Sales of Hawaii Travel
by Merging AirTrip International and AirTrip Hawaii- Promote business synergies through marketing, procurement, customer collaboration, etc. -Strengthen sales of Hawaii travel
Strengthening sales through both online
sales and customer service at specialty
stores in Hawaii in preparation for the70th anniversary of regular flights to
Hawaii.

Promote business synergies
Further promote business synergies inmarketing, customer collaboration,
airline seat and hotel procurement, etc.

Copyright © AirTrip Corp. All Rights Reserved.

48

Released sales DX tool "Airtris Smart DX"
IT Off-shore
Development Business

Rebranding through name change and developmentof additional features to make the tool even easier to use!
- Easy! Convenient! DX tool for salespeople "AirTrip Smart DX"
Sales Management x MA (Marketing Automation) tool -Copyright © AirTrip Corp. All Rights Reserved.

49

Investment Business (AirTrip CVC) - Capital and Business Alliance with Strategy Advisors
Investment Business(AirTrip CVC)

Capital and Business Alliance with Strategy Advisors,a Comprehensive ESG Consulting Firm
- The company has its sights set on going public in the future,
and we will support its efficient preparation by making the most of our experience and expertise in going public -Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

50

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

Capital and business alliance with Visualize, a company
that develops visuals, communication, and games in the metaverse space- Also entered into a capital and business alliance for development between Hybrid Technologies, an affiliate of the Company,
and Visualize - The company has its sights set on going public in the future, and we will support its efficient preparation by making
the most of our experience and expertise in going public -Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

51

Investment Business (AirTrip CVC) - Capital and business alliance with H.I.F.
Investment Business(AirTrip CVC)

Development and provision of AI credit screening technology andprovision of Fintech services using the technology- The company has its sights set on going public in the future,
and we will support its efficient preparation by making the most of our experience and expertise in going public -Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

52

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

Capital and business alliance with FUNDiT,
a business investment company specializing in M&A and roll-ups in the IT domain- The company has its sights set on going public in the future,
and we will support its efficient preparation by making the most of our experience and expertise in going public -Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

53

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

Capital and business alliance with ABCash Technologies,
which operates ABCash, a money training studiowith the mission of “no more anxiety about money”- The company has its sights set on going public in the future,
and we will support its efficient preparation by making the most of our experience and expertise in going public -Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

54

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

Capital and business alliance with Dricos,
a company that aims to automate health care through technology- The company has its sights set on going public in the future,
and we will support its efficient preparation by making the most of our experience and expertise in going public -Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

55

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

Capital and business alliance with Asian Bridge,
a company that develops cross-border EC support business for Asia
under the vision of "Transcending Borders and Delivering Joy"
- The company has its sights set on going public in the future,
and we will support its efficient preparation by making the most of our experience and expertise in going public -Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

56

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

Capital and business alliance with STANDAGE,a developer and provider of digital trade platforms- The company has its sights set on going public in the future,
and we will support its efficient preparation by making the most of our experience and expertise in going public -Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

57

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

Capital and business alliance with AVILEN,
a provider of AI-powered software development and build-up packages- The company has its sights set on going public in the future,
and we will support its efficient preparation by making the most of our experience and expertise in going public. -Capital andBusiness
Alliance

Copyright © AirTrip Corp. All Rights Reserved.

58

Investment Business (AirTrip CVC) - AirTrip CVC Report Vol.5 is released Investment Business(AirTrip CVC)

Investment Business - AirTrip CVC Report Vol.5 is released- While the total investment of 109 companies/¥7.9 billion, including subsidiaries and affiliates aiming for IPO,
the total amount of collected and recent valuation is ¥17.8 billion,
and the investment multiple is 226%, showing a steady growth. - Donations to the Japan Association for the Promotion of Future Sports
for each IPO or M&A as part of our SDGs initiatives and social contributions -※The above figures are as of July 3, 2023 (AirTrip CVC Report Vol. 5 Revised).
※Further details can be foundhere.
Copyright © AirTrip Corp. All Rights Reserved.

59

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

Continue to invest aggressively in growth areas
Cumulative operating investments in 112 companies,
total investment amount of approx. 4.8 billion yen

Investment Business(AirTrip CVC)※As of July 31, 2023･･･etc※Investments in our subsidiaries and affiliates(total of 4 companies, total investment amount of 3.4 billion yen)
are excluded from the above total.
Copyright © AirTrip Corp. All Rights Reserved.

60

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

Achieved cumulative total of 12 IPOs (including 1 subsidiary listing and 1 affiliate listing)- Continued to make IPOs in every fiscal year as the investment business (AirTrip CVC) - Inbound Platform, a subsidiary of the Company, is scheduled to be listed on the stock exchange in August 2023 -Listing

Prime Strategy

Inbound Platform, subsidiary, to be listed[TSE Standard: 9250] Listed in February 2023
[TSE Growth: 5587] Scheduled to be listed on August 30, 2023
Public offering: 4.6 billion yen,initial price: 6.8 billion yen

ROBOT PAYMENTHeadwaters

Cyber Security Cloudinitial price: 13.9 billion yen

AI CROSS

Public offering: 4.9 billion yen,

Public offering: 6 billion yen,initial public offering: 8.4 billion yen[TSE Growth: 9252] Listed in November 2021 [TSE Growth: 4374] Listed in September 2021
Public offering: 4.6 billion yen,
Public offering: 6.9 billion yen,

[TSE Growth: 4260] Listed in December 2021

[TSE Growth: 9218] Listed in March 2022

initial price: 10.3 billion yen

Last One Mile

Hybrid Technologies affiliated company listed

Mental Health Technologies

initial public offering: 7.8 billion yen

Magmag, subsidiary listed[TSE Growth: 4011] Listed in September 2020

[TSE Standard: 4059] Listed in September 2020
Public offering: 2.2 billion yen,

Public offering: 2 billion yen,initial price: 9.2 billion yen

initial price: 26.3 billion yen

Branding Technology

Piala

WASHIN[TSE Growth: 4493] Listed in March 2020

[TSE Growth: 4476] Listed in October 2019

[TSE Growth: 7067] June 2019 listing[TSE Prime: 7044] Listed in December 2018

[TSE Growth: 9271] Listed in March 2018

Public offering: 9.2 billion yen,

Public offering: 3.8 billion yen,

Public offering: 2.4 billion yen,

Public offering: 7.6 billion yen,

Public offering: 4.4 billion yen,initial price: 21.2 billion yen

initial price: 6.9 billion yen

initial price: 7.7 billion yen

initial price: 17.5 billion yen

initial price: 12.5 billion yen※Market capitalization based on offering price and market capitalization
based on initial price are calculated by the Company.

Copyright © AirTrip Corp. All Rights Reserved.

61

Regional Revitalization Business - Sales of Package Tours to Expand the Exchange Population Regional Revitalization
Business

Re-extension of nationwide travel support and extension of tour sales period up to spring 2024
- Expansion of highly original and unique products and special pages -Transaction
amountTransaction amount147%※FY22.3Q
Comparison

Travel Demand Recovers due to Re-Extension of National Travel
AssistanceAggressive launch of sales promotion campaign in conjunction withnationwide travel support to expand sales in tandem with market
demand recovery. Extend the sales period to a maximum of spring
2024 to attract customers earlier for earlier departures.

Expansion of Highly Original and Unique Products and Special
Pages
Develop seasonal travel specials featuring original prices, special
plans, and newly opened or newly handling hotels.

FY22.3Q※This is the actual transaction
volume based on the date of return.

FY23.3Q
Copyright © AirTrip Corp. All Rights Reserved.

62

Cloud Business - Cloud services to cope with the shortage of staff for tourist agencies Cloud Business

Developing cloud services and cloud interviewing services for lodging and hotels to solve
business issues that require a shortage of personnel and expertise in lodging facilities

Cloud business meeting anywhere
SHOWBYhttps://www.showby.cloud

Copyright © AirTrip Corp. All Rights Reserved.

63

Appendix
Medium- to Long-term Growth Strategy "AirTrip 5000"
FY23.9 Growth strategy "AirTrip "Re-Start""
Copyright © AirTrip Corp. All Rights Reserved.

64

Medium- to Long-term Growth Strategy"AirTrip 5000"- New growth strategy aiming forconsolidated group transaction volume of 500 billion yen -Copyright © AirTrip Corp. All Rights Reserved.

65

Vision of the Medium- to Long-Term Growth Strategy "AirTrip 5000"
Aiming for endless growth to achieve the group's consolidated transaction volume of 500 billion yen

Established New Medium- to Long-Term Growth
Strategy "AirTrip 5000"

5000
Aiming for never-ending growth to achieve 500 billion yen
in consolidated group transaction volume
Copyright © AirTrip Corp. All Rights Reserved.

66

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

Aiming for 500 billion yen in consolidated group transaction
volume through continuous, discontinuous growth
FY2023
Performance Targets

FY2025 - 27
Performance Targets

FuturePerformance Targets

Transaction amountTransaction amountTransaction amount65-75 billion yen

150 billion yen

500 billion yen

Operating income

Operating income

Operating income

1 billion yen

5 billion yen

Undecided

Strategy
3With aggressive investment in growth areas
creation of new business platform and IPOs

Strategy
2Continued growth in existing businesses

Strategy1

Thoroughly strengthen the AirTrip Online Travel Businessthrough strategic marketing investment

Group consolidated
transaction volume
New business including M&A
Existing businesses other than travel business
AirTrip Online Travel Business

Consolidated
Transaction
amount

FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY2025 - 27

FY2027 - 29

Future Vision

27.7
billion yen

40.3
billion yen

83.1
billion yen

146.0
billion yen

72.7
billion yen

33.6
billion yen

53.5
billion yen

75.0
billion yen

150.0
billion yen

300.0
billion yen

500.0
billion yen

Operating income
Achieved 10.0 billion yen

Achieved
AirTrip 5000

2nd stage (from FY21.9 to “Re-Start")

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

Listed on Mothers

Listed on TSEFirst Section

M&A of DeNA
TravelPMI of DeNA
TravelListing of Magmag
a subsidiary

Listing of affiliated company
Hybrid Technologies
Record operating income
Achieved 4.05 billion yen

Operating income
Achieved 2.5 billion yen

Operating income
Achieved 3.0 billion yen

Operating income
Achieved 5.0 billion yen(before impairment losses)

Copyright © AirTrip Corp. All Rights Reserved.

67

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

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

Aiming to achieve 500 billion yen
in consolidated group transaction volume

Target achievementyear

FY2025 - 2027

Future Goals

Performance
Targets

Transaction volume: \150 billion / Operating income: \5billionTransaction volume ¥500 billion<Achieve dramatic growth through strategic marketing investment>- Target 150 billion yen in transaction volume and 5 billion yen in operating income<Create innovative innovations that will lead the travel industry>- Target 450 billion yen in transaction volume and 9 billion yen in operating income<Achieve large-scale growth by capturing development needs in all directions>- Focus on acquiring high-unit-price projects such as consulting and agile
development<Transformation into an industry-leading offshore development company>- Capture the offshore development industry with low cost, wide range, and highquality<Strengthening the service base to capture inbound demand>- Promote development and diversification of services for inbound demand<Capture the inbound industry through the development of diversified
services>- Capture significant inbound demand by diversifying services<Strategic investment to expand platform business earnings>- Build platform business foundation through strategic investment<Realization of the No. 1 creator 1st platform in the industry>- Significantly expand market share by leveraging creator base

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

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

Regional
Revitalization
Business<Taking on the challenge of local issues through tourism tech and HR tech>- Challenging social issues in rural areas with two tech solutions<Transform into an industry-leading corporate entity that can provide solutions
to local issues>- Leading the industry in Regional Revitalizing By leveraging our expertise in solving
regional issues

Cloud Business<Deployment of cloud services to improve operational efficiency in the lodging
industry>- Deployment to more than 5,000 lodging facilities nationwide<Achieving the industry's top market share in this category>- Maximize synergies with AirTrip's travel business and Regional
Revitalizationbusiness

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

Strategy
3With aggressive investment in growth areas
creation of new business platform and IPOs

Media Business

Strategy2Strategy
1Continued growth in existing businesses

Thoroughly strengthen the AirTrip Online Travel Businessthrough strategic marketing investment

Investment Business(AirTrip CVC)

Copyright © AirTrip Corp. All Rights Reserved.

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

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

PromotingInnovation

PublicHealthInitiatives

Contribution toSports SDGs

Globalization andDiversity

Copyright © AirTrip Corp. All Rights Reserved.

69

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

70

FY23.9 Growth Strategy "AirTrip "Re-Start"" - Growth strategy to achieve "Airtori 5000" at the fastest pace

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

3
2

New businessdevelopment

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

Cloud
Business

Venturedevelopment
Regional
Revitalization
Business

Capital andBusiness Alliance

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

Investment
Business

M&A
Media
Business

1

Inbound Travel
Agency / Wi-Fi Rental
Business

Thoroughly strengthen the AirTrip Online Travel Businessthrough strategic marketing investment
IT Offshore
Development
Business

AirTrip Online
Travel Business1st Stage

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

71

FY23.9 Growth strategy "AirTrip "Re-Start"" Expand the AirTrip Group's business portfolio by launching a seventh new business, the "Cloud Business"

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

IT Offshore Development

Inbound Travel／Wi-Fi

Investment

AirTrip Travel

Regional Revitalization
New Business

Cloud

Media
Copyright © AirTrip Corp. All Rights Reserved.

72

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

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

Action Plan for AirTrip Online Travel Business●In the domestic travel area, earnings are expected to increase in 1Q due toincreased demand triggered by the nationwide travel support, stable demand will
be captured in 2Q and beyond, and high growth will be realized in 4Q due toincreased summer travel demand, aiming for the fastest earnings growth in theindustry through strategic marketing investments made throughout the year.

<Execution of measures to utilize nationwide travel support to capture
demand>- Hold AirTrip x Nationwide Travel Support Campaign- Retain repeat customers by offering large point reduction programs●

In the overseas travel area, demand is expected to recover in 1Q-2Q due to theeasing of waterfront measures in countries around the world, but it will take acertain amount of time until overseas travel is in full swing and is expected toremain sluggish. From 3Q, a gradual recovery in demand is expected, and thecompany aims to achieve an early recovery in earnings by expanding its productlineup to meet new overseas travel demand and optimizing UI/UX improvements.

<Thorough UI/UX improvements to improve CVR>
- Improve UI/UX to accurately capture diverse travel demands- Designing a user-friendly user interface and enhancing new functions toimprove customer convenience(Revenue)

Domestic
Travel<Strengthen brand power through strategic marketing investment>- Continuation of Airtori branding in various fields- Strategic marketing investment in response to increased or decreased
demand- Increase awareness through SNS marketing such as Twitter, etc.
- Implementation of tie-up projects with airlines and accommodation facilities<FY23.9 Estimated revenue transition of
AirTrip's travel business>
Domestic Travel Area
Overseas Travel Area

Overseas
Travel
1Q

2Q

3Q

4Q

(time)
Copyright © AirTrip Corp. All Rights Reserved.

<Execution of measures to quickly recover earnings in response to theeasing of border control measures>- Disseminate useful information on the easing of border control measures- Expansion of product lineups and advertising in areas where border control
measures have been eased- Strategic marketing investment for overseas travel demand73

FY23.9 Growth strategy "AirTrip "Re-Start"" IT Off-shore Development / Inbound Travel / Wi-Fi / Media / Regional Revitarizing
IT Off-shore Development
Inbound and Wi-Fi

By continuing to grow existing businesses + new businesses,
further diversify and restructure business portfolio

Media
Regional Revitalization
Cloud- Aim for sustainable growth by strengthening competitive advantage based on market trends Existing Businesses + New Businesses Growth Strategy●●●

In the IT offshore development business, we aim to achieve further business growth byproviding agile development that meets client needs through a hybrid, all-in-one system thatcombines the upstream design capabilities of Hybrid Technologies (TSE Growth Listing:4260) with the development capabilities of our extensive offshore development network.
In Inbound Business/Wi-Fi Business, the company aims to create new value through thedevelopment of borderless services that accurately capture the diversifying inbound demandthat accompanies changes in the market environment, centered on the Wi-Fi business fordomestic and overseas customers developed by the Inbound Platform.
In the media business, aim to become the No. 1 creator-first platform by strategicallyinvesting in new content expansion and platform development for "Magmag! Live" and four
web media developed by Magmag (TSE Standard Listing: 4059)

Existing Businesses + New Businesses Action PlanIT Offshore
Development<Execute measures to expand the scale of projects by acquiring high-skilledhuman resources>- Expand the scale of projects and improve development quality by appointing high-skilled personnel- Recruitment of high-skilled human resources and strategic marketing investment

Inbound/ Wi-Fi<Strengthen Wi-Fi rental and services for foreign residents in Japan>- Strengthen sales promotion of Wi-Fi rentals for domestic and internationalcustomers- Build service infrastructure for foreign residents in Japan and strengthen
competitiveness●In the regional revitalization business, we aim to expand the number of people interactingwith each other and revitalize local economies by developing solutions based on N's
Enterprise's "tourism tech" and "HR tech" to solve social issues such as the lack of
population in rural areas.

Media<Strategic investment in development of live-streaming platform>- Strategic investment in the implementation of tipping and ticket sales
functionality.
- Strengthen recruitment of development personnel to bring system development
in-house●

In the cloud business, we focus on cloud services to improve operational efficiency in thelodging industry, and aim for a more convenient world by consolidating expanded channels
and scattered data.

Regional
Revitalizing<Launch of regional development projects under a new business execution
structure>- Strengthen promotion through collaboration with local governments, etc.
- Build a pipeline with local companies suffering from a shortage of humanresources

Cloud<New business through management integration with AirTrip CVC investee>- Combine sales, marketing, and development capabilities through integration- Expand solutions through synergies with existing businesses

Copyright © AirTrip Corp. All Rights Reserved.

74

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

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

As the investment business (AirTrip CVC), we aim to strategically expand andstrengthen the AirTrip economic zone (create a new business foundation andproduce IPOs) by actively investing in growth areas with a high probability of
IPOs, utilizing the investment knowledge and experience of a cumulative totalof 11 companies that have been listed on the stock exchange.

●

Invest in growth companies with a high probability of IPO, focusing on"market/business growth potential," "high probability of future returns," and"qualitative evaluation of the competence and growth potential of the
management team and management control system" as the decision axis forinvestment.

●

●

●

As post-investment mentoring support, we provide highly feasible value-up
support toward IPO through interviews with portfolio companies by ourmanagement team, which has achieved listings on Mothers, TSE First Section,
subsidiaries, and affiliated companies since AirTrip's founding.
To support the establishment of a management control system, we provide
insight and practical support necessary for IPO preparation, including"introductions to audit firms and lead managing underwriters," "advisory
services for responding to short reviews," and "advisory services forestablishing a management control system.

Investment Business (AirTrip CVC) Action Plan
Selection of
investment
targets<Selection of portfolio companies with the potential and probability of an
IPO>- Evaluate the market and business growth potential of the portfolio company.
- Evaluate the return on investment quantitatively.
- Evaluate the growth potential of the management team and management
structure.

Mentoring<Mentoring support by a management team with extensive listing
experience>
Providing value-up support through interviews with AirTrip's management team,which has achieved a Mothers listing, TSE First Section listing, subsidiary listing,and affiliate listing since AirTrip's founding.

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

Support for
Establishmentof Business
Management
SystemAs part of our commitment to the SDGs and social contribution, for every IPO
of a portfolio company, we will make a donation to the Japan Future Sports
Promotion Association, which provides an environment and services forchildren who have difficulty playing sports due to economic and environmental
Copyright © AirTrip Corp. All Rights Reserved.
reasons.

<Advisory related to the establishment of management control systems>- Introduction of audit firms and lead managing underwriters- Advisory services for short review- Advisory on practical aspects of establishing a management control system75

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

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