AirTrip Corp.
6191・Prime Market・Services
Business
AirTrip Corporation originated as an online travel company founded in 2007 and is a comprehensive IT group listed on the TSE Prime Market. In its core Online Travel Business, the company operates BtoC direct sales of domestic and international air tickets, hotels, and travel products, as well as Travel Content OEM Provision (BtoBtoC Service), and boasts one of the largest domestic air ticket handling volumes in the industry. In travel-adjacent areas, the group also operates inbound tourism and Wi-Fi rental services, cloud SaaS for the lodging industry (Kanzashi Cloud, etc.), regional revitalization initiatives, media (Mag2), and matching platforms. In addition, the company has built a three-segment structure encompassing a CVC business that invests in and nurtures growth companies (145 cumulative portfolio companies) and an IT Offshore Development Business based in Vietnam, driving the construction of the "AirTrip Economic Zone." Its main customers span a wide range, including domestic and international travelers, lodging operators, and startup companies.
Business Model
The vast majority of revenue (¥27,744 million in FY2025 (ending September 2025), 98.7% of total) comes from the Online Travel Business, with the primary revenue source being the sales margin on procurement of airline tickets and travel products (procurement cost of ¥11,757 million in FY2025 (ending September 2025)). This is supplemented by OEM provision fees from BtoBtoC services, subscription revenue from cloud SaaS for the accommodation industry, and revenue from inbound travel and Wi-Fi rental. In the Investment Business, capital gains are generated from IPOs and similar events (5 companies achieved IPOs in FY2025 (ending September 2025)). The IT Offshore Development Business earns revenue based on a model of unit price per person-month multiplied by headcount.
Company Strengths
Through authorized agency agreements with All Nippon Airways and Japan Airlines, as well as a partnership with East Japan Railway Company, the company has achieved the largest scale of domestic air ticket handling in the industry. Online Travel Business transaction value reached ¥100,937 million in FY2025 (ended September 2025), with strong procurement capabilities and sales networks serving as key differentiators from competitors.
In addition to travel BtoC and BtoBtoC sales, the company operates a cloud SaaS platform for the accommodation industry (six services including Kanzashi Cloud), inbound travel and Wi-Fi rental services, media (Mag2), regional revitalization initiatives, and matching platforms, building an "AirTrip Economic Zone" while diversifying risk associated with fluctuations in travel demand.
In the Investment Business, the company has invested in and nurtured a cumulative total of 145 companies (as of the end of FY2025, ended September 2025). In FY2025 alone, five portfolio companies achieved IPOs, generating capital gains. Investment Business segment profit turned positive, reaching ¥104 million, up from a loss of ¥36 million in the previous fiscal year, contributing to an overall boost in group profitability.
ENVALITH's Perspective
Performance Trend
Net sales for the first half of FY2026 (ending March 2026) (October 2025–March 2026) were ¥17,739 million (up 35.5% year on year), operating profit was ¥2,505 million (up 63.2%), and profit attributable to owners of parent for the interim period was ¥1,867 million (up 106.4%), representing a substantial increase in profit on a standalone half-year basis. The main drivers of the sales increase were the rapid expansion of the IT Development Business through the consolidation of Hybrid Technologies (¥3,538 million), as well as growing inbound demand (up 39.1% year on year) and strong performance in the Investment Business (up 73.2%). On the other hand, the full-year earnings forecast has been substantially revised downward, with net sales projected at ¥34,000 million (up 20.9% year on year) but operating profit at ¥1,500 million (down 48.4%) and profit attributable to owners of parent at ¥600 million (down 33.7%), indicating an expected deterioration in profitability in the second half. Net sales over the past five fiscal years have maintained an expanding trend, from ¥17,524 million in FY2021 to ¥28,104 million in FY2025, but challenges remain regarding the stability of profits.
Growth Strategy
Under "AirTrip 5000," the company is building an economic zone through a three-pronged approach: strengthening the travel business, expanding IT development, and CVC investment.
Capturing travel demand through improved usability via UI/UX enhancements and various promotional campaigns. Continuing strategic marketing investment in line with fluctuations in domestic and overseas travel demand, and diversifying sales channels by expanding BtoBtoC OEM provision. Interim revenue of ¥9,137 million was solid, but growth of 2.7% remained modest, making acceleration measures a challenge going forward.
Expanding Japan-Vietnam integrated DX support services through Hybrid Technologies, which became a consolidated subsidiary from FY2026 (ending September 2026). Interim revenue of ¥3,538 million and segment profit of ¥107 million marked a return to profitability, but improving the profit margin of approximately 3% remains the next challenge. The company is also promoting expansion of intra-group synergies (inter-segment revenue of ¥385 million).
Continuing investment and nurturing of growth companies, expanding the number of investee companies to 149 (as of the interim period-end). Aiming to secure capital gains from IPOs and listings of investee companies. Interim segment profit reached ¥410 million, up 152.2% year on year, achieving high growth and functioning as a strategic pillar in strengthening the "AirTrip Economic Zone."
Integrating six businesses—media, regional revitalization, cloud, matching platform, CXO community, and HR consulting—into the "AirTrip Economic Zone & Others" segment, promoting mutual customer referrals and synergy creation within the group. Interim revenue reached ¥3,214 million (up 22.9% year on year), with segment profit of ¥250 million (up 36.0% year on year), showing steady growth.
Last updated: July 17, 2026