tripla Co., Ltd. (5136) — Company information

Business

tripla Inc. offers a comprehensive ecosystem centered on its cloud-based official website booking system "tripla Book" for lodging facilities, supplemented by the AI chatbot "tripla Bot," the CRM/MA tool "tripla Connect," the channel manager "tripla Link," and the advertising management service "tripla Boost," among others, supporting lodging facilities in increasing direct bookings and maximizing revenue. Its main customers are lodging facilities both in Japan and overseas, with the number of facilities using tripla Book reaching 3,840 and those using tripla Bot reaching 2,136 as of the end of October 2025. The company is centered in Japan and is expanding into APAC markets including Taiwan, South Korea, Indonesia, Singapore, and the Philippines.

Business Model

tripla Book adopts a two-tier pricing structure combining a monthly base fee (fixed revenue) tied to the number of rooms with accommodation usage fees and payment usage fees (usage-based revenue) linked to accommodation transaction volume/GMV. In FY2025 (ending October 2025), usage-based revenue of ¥1,179,635 thousand significantly exceeded fixed revenue of ¥430,145 thousand, reflecting a structure in which GMV expansion translates directly into revenue growth. The company also aims to raise average revenue per customer through cross-selling of peripheral services such as tripla Bot and tripla Connect.

Company Strengths

tripla Book's GMV expanded significantly for two consecutive periods, from ¥64,369 million in FY2023 (ending October 2023) to ¥125,548 million in FY2024 (ending October 2024) to ¥174,426 million in FY2025 (ending October 2025). FY2025 (ending October 2025) achieved a year-on-year increase of 38.9%. The GMV expansion directly translated into a sharp increase in usage-based revenue (from ¥463,485 thousand in FY2023 (ending October 2023) to ¥1,179,635 thousand in FY2025 (ending October 2025)), demonstrating that revenue leverage is functioning effectively.

The number of facilities using tripla Book continued to grow net each period, from 2,485 facilities at the end of FY2023 (ending October 2023) to 2,953 facilities at the end of FY2024 (ending October 2024) to 3,840 facilities at the end of FY2025 (ending October 2025). tripla Bot also reached 2,136 facilities at the end of FY2025 (ending October 2025). The stock-type model, in which fixed monthly revenue accumulates, provides high revenue stability and predictability.

The company operates 11 services including tripla Book, Bot, Connect, Boost, Link, Page, Analytics, and Guide, providing integrated support for accommodation facilities spanning reservation acquisition, guest service, CRM, marketing, payment, and external channel integration. While tripla Book and Bot account for 93.6% of non-consolidated operating revenue of ¥2,150 million, there is substantial room for unit price improvement through cross-selling of peripheral services.

ENVALITH's Perspective

In the first half of FY2026 (ending October 2026), operating revenue came to ¥1,662 million (up 35.1% year on year), while operating profit reached ¥467 million (up 95.6%) and ordinary profit ¥537 million (up 99.0%), with the profit growth rate substantially exceeding the revenue growth rate. An increase in interest income (from ¥12 million in the same period last year to ¥39 million this period) also boosted ordinary profit. The full-year earnings forecast has been revised upward from the figures announced in December 2025, now projecting operating revenue of ¥3,501 million, operating profit of ¥822 million, and net income of ¥601 million. The first-half progress rate stood at 47.5% for operating revenue and 56.8% for operating profit, indicating high progress on the profit side.

Since volume-based revenue linked to GMV is the primary driver of revenue growth, fluctuations in inbound demand have a direct impact on performance. During the current first half, the number of Chinese travelers declined significantly due to the Chinese government's request for its citizens to refrain from traveling to Japan, affecting some facilities. While demand from Taiwan and South Korea has expanded to offset this, limiting the overall impact on inbound demand, external risks remain wide-ranging, including deteriorating conditions in the Middle East, foreign exchange fluctuations, and continued interest rate hikes by the Bank of Japan, leaving uncertainty regarding the sustainability of GMV growth.

Overseas expansion is accelerating, with the Thai subsidiary acquiring a hotel reservation system business and the resolution to establish an Australian subsidiary (February 2026). While this presents growth opportunities, concerns remain over PMI costs, expenses for building local operations, and the potential materialization of security risks. On the financial side, the income tax adjustment amount for the current first half increased substantially to ¥75 million (compared with a tax effect of -¥19 million in the same period last year), while deferred tax assets decreased from ¥167 million to ¥89 million. The rise in the effective tax rate has significantly dragged down the net income growth rate (+54.1%) relative to the operating profit growth rate (+95.6%), and future trends in tax burden will continue to affect net income levels.

Performance Trend

Operating revenue continued its high growth trajectory: ¥818 million in FY2022 → ¥1,176 million in FY2023 → ¥1,867 million in FY2024 → ¥2,574 million in FY2025. For the first half of FY2026 (ending March 2026), operating revenue was ¥1,662 million (+35.1% year on year), with full-year guidance of ¥3,501 million (+36.1% year on year). The operating margin improved rapidly, from 10.3% in FY2022 to 20.2% in FY2025 and 28.1% in the first half of FY2026. As an external factor, expanding inbound demand driven by the weak yen trend supported GMV growth, while the impact of declining Chinese tourist numbers remained limited. An increase in interest income received (+¥27 million year on year) also boosted ordinary profit, which doubled to ¥537 million (+99.0% year on year). However, due to an increase in corporate income taxes and other levies, growth in net income attributable to owners of the parent was limited to +54.1%.

Growth Strategy

Two-pronged growth strategy combining domestic expansion of installed properties, GMV growth, and cross-selling with overseas expansion into the APAC region

Continued feature expansion, including rollout of regional DMO-linked area reservation functionality across multiple regions and expanded PMS integration via tripla Link. The number of properties reached 3,812 (up 16.6% year on year) at the interim period-end, steadily accumulating and continuing to expand the fixed revenue base.

Achieved interim GMV of ¥100,267 million (up 30.1% year on year). Driving take rate improvement through payment cost reduction using overseas payment subsidiaries in Hong Kong, the US, and Australia, aiming to increase net revenue on top of GMV growth.

Launched "tripla Buzz," a performance-based SNS customer acquisition service utilizing domestic and international influencers. Aiming to raise customer unit prices through cross-selling to existing installed properties. Strengthening end-to-end support for accommodation facilities, from customer acquisition to revenue management, in combination with tripla Connect and tripla Boost.

The Thai subsidiary concluded an agreement to acquire a hotel reservation system business, and the establishment of an Australian subsidiary (tripla Australia Pty Ltd) was resolved at the board of directors meeting in February 2026. Aiming to become the largest hospitality solutions company in Asia through APAC expansion following Hong Kong and the US.

tripla Co., Ltd.

Business

Business Model

Company Strengths

ENVALITH's Perspective

Profit growth significantly outpaces revenue growth, revealing a clear improvement in earnings structure; full-year forecast also revised upward

Close attention warranted on external environment risks inherent to the GMV-dependent model and the impact of the decline in Chinese travelers

Attention should be paid to PMI- and cost-increase risks accompanying accelerated overseas expansion, as well as the increase in income tax adjustment amount

Performance Trend

Growth Strategy

Disclaimer

tripla Co., Ltd.

Business

Business Model

Company Strengths

GMV high growth driving usage-based revenue

Recurring revenue base built on continuous accumulation of adopting facilities

Cross-sell foundation through a multi-service ecosystem

ENVALITH's Perspective

Profit growth significantly outpaces revenue growth, revealing a clear improvement in earnings structure; full-year forecast also revised upward

Close attention warranted on external environment risks inherent to the GMV-dependent model and the impact of the decline in Chinese travelers

Attention should be paid to PMI- and cost-increase risks accompanying accelerated overseas expansion, as well as the increase in income tax adjustment amount

Performance Trend

Growth Strategy

Continued expansion of tripla Book installed properties and competitive strengthening through new features

Improving take rate and maximizing volume-based revenue through GMV expansion

Promoting cross-selling and raising customer unit prices through the launch of new services such as tripla Buzz

Accelerating overseas expansion into Southeast Asia and the Pacific region

Disclaimer