ENVALITH
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Adventure, Inc.

6030・Growth Market・Services

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株式会社アドベンチャー logo
Adventure, Inc.6030

Business

Adventure, Inc. operates a platform enabling online comparison and booking of domestic and international travel products—including airline tickets, accommodations, and optional tours—centered on "skyticket," an online travel booking site launched in 2008. The company adopts an online-only business model without physical stores, targeting individual travelers as its primary customers. It advances its Travel Business and Investment Business through a group of 19 companies, including 18 consolidated subsidiaries. The company has established overseas bases mainly in Southeast Asia (South Korea, Bangladesh, India, the Philippines, Singapore, Malaysia, etc.), pursuing international expansion with the aim of becoming a Global OTA.

Business Model

Adopts an intermediary model connecting travel suppliers such as airlines and accommodation facilities with consumers. It has a net revenue-type structure that earns revenue (¥25,082 million) relative to cost of sales (FY2025: ¥54,668 million). It optimizes customer acquisition costs through proprietary marketing know-how without using advertising agencies, and enhances cost efficiency by improving repeat usage rates through UI/UX improvements. In addition to airline tickets, it is diversifying revenue through the expansion of "other" products such as accommodation and tours (revenue up 28.1% year on year).

Company Strengths

The company has built a system development and modification framework driven by in-house engineers, enabling rapid response, and optimizes customer acquisition costs through proprietary marketing know-how without relying on advertising agencies. Systemization supporting lean, store-less operations sustains cost competitiveness.

In the Travel Business, revenue from "Other" (non-airline-ticket) products grew 28.1% year on year to ¥14,319 million, with gross merchandise value up 31.1% year on year to ¥20,848 million, representing high growth. The business is moving away from dependence on airline tickets, and diversification of the revenue structure is progressing.

Cash and cash equivalents at the end of FY2025 stood at ¥16,345 million, accounting for roughly 60% of total assets of ¥27,462 million. The net loss was mainly attributable to a non-cash goodwill impairment charge, and the company secured positive operating cash flow of ¥2,221 million.

ENVALITH's Perspective

Revenue for the cumulative nine months increased only slightly by 0.6% year-on-year to ¥19,688 million, while cost of sales rose approximately 16% from ¥7,237 million in the same period of the previous year to ¥8,421 million, worsening the gross profit margin. Cost increases due to price inflation are squeezing profits in the Travel Business, resulting in a significant decline in profit: operating profit fell 35.4% year-on-year to ¥1,389 million, and quarterly profit attributable to owners of parent fell 45.0% year-on-year to ¥676 million. Price inflation as an external factor is directly impacting profitability.

The full-year forecast calls for revenue of ¥26,000 million, operating profit of ¥1,800 million, and profit attributable to owners of parent of ¥1,000 million (no revision to the forecast). As of the cumulative nine months, operating profit of ¥1,389 million had been recorded, meaning operating profit of ¥411 million is required in the remaining one quarter. Considering the Q4 standalone results of the previous year (working backward from the full-year operating loss of ¥1,156 million for FY2025 (ended June 2025) suggests a substantial loss), whether the full-year forecast can be achieved depends heavily on Q4 trends.

The Investment Business, which had both revenue and profit of ¥263 million in the same period of the previous year, deteriorated in the current period to revenue of ¥135 million and a loss of ¥21 million, revealing worsening business conditions at investee companies. On the other hand, the company acquired ¥469 million of treasury shares during the cumulative nine months (compared to ¥32 million in the same period of the previous year), indicating a strengthened stance on shareholder returns. The year-end dividend forecast remains undecided at this time, and clarification of the dividend policy is a point of interest for investors.

Growth Strategy

Establishing a Global OTA through M&A, skyticket expansion, and overseas development

Three companies (Five Star Corporation, Five Star Corporation Tokyo, and Island Cleaners) were newly consolidated during the cumulative nine months of the third quarter. Goodwill increased to ¥2,999 million, and the business expansion strategy through acquisitions continues to be executed.

The company continues UI/UX improvements, service enhancements, and multilingual support to capture travel demand. In terms of market environment, the number of foreign visitor nights has expanded, up 8.2% year on year, making the capture of inbound demand a key challenge. Travel Business revenue increased only slightly, by +1.3% year on year, and accelerated growth is required.

The company continues to invest in companies with growth potential and expected capital returns, but in the cumulative nine months of the third quarter, it recorded a segment loss of ¥21 million due to deterioration in the business conditions of investees. The balance of operating investment securities stood at ¥777 million. Improvement in the business conditions of investees is key to earnings contribution.

The full-year forecast calls for revenue of ¥26,000 million (+2.5% year on year), operating profit of ¥1,800 million, and profit attributable to owners of parent of ¥1,000 million. Operating profit of ¥1,389 million was recorded for the cumulative nine months of the third quarter, requiring an additional ¥411 million to be accumulated in the remaining quarter. No revision has been made to the forecast.

Last updated: July 17, 2026