ENVALITH
ベルトラ株式会社 logo

VELTRA Corporation

7048・Growth Market・Services

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ベルトラ株式会社 logo
VELTRA Corporation7048

Business

VELTRA Inc. is a travel-tech company whose core business is "VELTRA," an online booking site specializing in local experiential optional tours across 150 countries both in Japan and overseas. The company has direct contracts with approximately 8,000 tour operators and offers over 22,000 products, including sightseeing tours, cultural experiences, gourmet experiences, cruises, and spas. Its main customers are Japanese travelers using the Japanese-language site and inbound visitors to Japan/overseas travelers using the English-language site "Hawaii Activities." In addition, through its consolidated subsidiary Linktivity Inc., the company operates a two-pillar structure that also includes a Ticket Platform Business and an IT Infrastructure Business for transportation and tourism operators. As of the end of December 2025, the company had a member base of approximately 2.6 million and is listed on the Tokyo Stock Exchange Growth Market.

Business Model

When travelers book local experience tours on the VELTRA site, the Group serves as an intermediary that connects the booking to the activity operator, and receives a commission from the operator based on the tour price—a consignment sales model. A key feature is its asset-light structure, which carries no inventory risk. Customer acquisition is driven through listing ads, SEO, and SNS content marketing, while a membership base of approximately 2.6 million users and a points program help boost repeat usage rates. In the Tourism IT Business, B2B2C revenue is also added through the Ticket Platform and IT infrastructure offerings.

Company Strengths

The company has direct contracts with approximately 8,000 tour operators across 150 countries both in Japan and overseas, offering over 22,000 local experience tours. It handles many unique small-scale, limited-capacity tours, differentiating itself from other OTAs. Over 400,000 traveler reviews also contribute to enhanced reliability.

In FY2025 (fiscal year ended December 2025), through strict cost management of marketing and personnel expenses and the promotion of DX, the OTA Business operating margin improved by 11.6 percentage points year-on-year to reach 23.2%. The group as a whole also returned to profitability for the first time in five years since the pandemic, posting net income attributable to owners of the parent of ¥141 million.

As of the end of December 2025, the company had approximately 2.6 million members. A points program that grants points based on purchase amounts and review submissions provides an incentive for repeat use, forming a mechanism designed to enhance customer loyalty and repeat usage rates.

ENVALITH's Perspective

Operating loss for the first quarter of FY2026 (ending December 2026) was ¥38 million (versus operating income of ¥56 million in the same period of the prior year), turning negative. In the OTA Business, deteriorating inflow conditions caused by changes in Google search specifications combined with intensifying competition, leaving overseas travel business operating revenue at ¥842 million, down 8.1% year on year. Increased software amortization expenses and continued marketing investment have limited the scope for cost reduction, suggesting that improving the revenue structure may take time.

In the first quarter, extraordinary losses totaling ¥107 million were recorded, comprising an affiliated company liquidation loss of ¥57 million and a remittance fraud loss related to an affiliated company of ¥50 million, expanding the quarterly net loss attributable to owners of the parent to ¥119 million. While the remittance fraud loss is a one-time factor, it is a point investors should watch closely as a concern regarding internal controls and group management structure. Achieving the full-year earnings forecast (operating income of ¥380 million) will require a substantial recovery in profitability over the remaining three quarters.

Operating revenue in the Tourism IT Business for the first quarter showed dramatic growth, reaching ¥294 million (up 36.0% year on year), while the operating loss widened to ¥41 million (versus a loss of ¥23 million in the same period of the prior year). Despite benefiting from the external tailwind of increasing inbound travelers, continued upfront investment in the IT Infrastructure Business and higher-than-expected system-related variable costs are pressuring profits. The timeline for monetization remains unclear, and no outlook for full-year profitability has been presented.

Growth Strategy

Accelerating growth through three pillars: improving OTA profitability, monetizing Tourism IT, and enhancing productivity through AI utilization

Promoting optimization of the cost structure through the use of AI and digital tools, while diversifying revenue sources through global expansion of domestic travel (nature/resort areas), inbound tourism, B2B, and the cruise business. Breaking away from dependence on Google traffic and establishing a stable revenue structure are urgent priorities.

Accelerating the expansion of Linktivity's ticket platform into the Asian region, including South Korea and China. Building on achievements such as the e-ticket integration with the Okinawa Churaumi Aquarium and TripAdvisor official partner certification, strengthening platform profitability while capturing inbound demand.

Building up a track record of DX achievements in the railway and transportation sector, including the launch of the "Digital Ticket Sales Service with Limited Express Ticket" with Kintetsu Railway. In FY2026, the company aims to advance selection and concentration of development investment, moving away from the upfront investment phase and establishing a medium- to long-term revenue base.

Last updated: July 17, 2026