AirTrip (6191): FY2025 Results Summary — Record Operating Income as the Investment Business Offsets an Online Travel Slowdown

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: AirTrip’s fiscal year ends in September. The presentation labels the fiscal year covered by this article as “FY25.9” (also shown as “FY25.4Q” in the results tables) and the following fiscal year as “FY26.9”; those labels are retained in the text and tables below.

AirTrip Corp. reported FY25.9 consolidated transaction volume of 120.3 billion yen (YoY 97.4%), revenue of 28.02 billion yen (YoY 105.4%) and operating income before deduction of impairment losses, etc. of 4.66 billion yen (YoY 130.2%), which the company describes as a record high. Operating income after impairment losses was 3.15 billion yen. Growth in the AirTrip Online Travel Business slowed, while the Investment Business (AirTrip CVC) and other businesses in the “AirTrip Economic Zone” supported profits. The company recorded approximately 1.5 billion yen of impairment losses and valuation losses across the group.

Consolidated Results (Full-Year Actual)

The Consolidated Income Statement Summary shows transaction volume broadly flat year on year, with revenue, gross profit and operating income all higher. Net income attributable to owners of parent declined to 1,839 million yen.

Item (million yen)	FY24.4Q	FY25.4Q	FY25.4Q Ratio to Sales
transaction volume	123,498	120,292	—
revenue	26,571	28,024	100.0%
Gross profit	15,530	16,120	57.5%
Operating Income (before deduction of impairment losses, etc.)	3,585	4,667	16.6%
Operating Income (after impairment losses)	2,368	3,159	11.2%
Net income attributable to owners of parent	2,013	1,839	6.5%

Within the AirTrip Travel and toC service domain, the company states that the inbound domain grew significantly, with transaction volume of 7.6 billion yen (213.2% YoY), the domestic travel domain at 64.0 billion yen (97.3% YoY) and the overseas travel domain at 42.1 billion yen (87.5% YoY). In the toB non-travel service domain, the company reports a total of 4,007 client companies and total sales of 1.28 billion yen (4.3% of the consolidated total), and discloses toB business ARR of 1.28 billion yen for the first time this fiscal year.

Segment Results

AirTrip reports three segments: Online Travel Business, IT Off-shore Development Business and Investment business. The Online Travel Business accounted for almost all consolidated revenue and segment profit. Adjustments, which mainly consist of company-wide expenses not attributable to any reporting segment and inter-segment transactions, were (1,248) million yen.

Reporting Segment (million yen)	revenue	Segment Profit
Online Travel Business	27,618	4,304
IT Off-shore Development Business	64	(61)
Investment business	345	164
Total	28,028	4,407
Adjustments	(3)	(1,248)
Consolidated Total	28,024	3,159

The presentation also breaks the reporting segments down by business. Operating income in this breakdown is stated before deduction of impairment losses, etc.

Business Category	Transaction volume	Gross profit	Operating income
Domestic Travel Business	63.9 billion yen	9.8 billion yen	—
Overseas Travel Business	42.1 billion yen	2.63 billion yen	—
AirTrip Online Travel Business (total)	105.9 billion yen	12.43 billion yen	3.01 billion yen
IT Off-shore Development Business	0.1 billion yen	0.0 billion yen	(0.04) billion yen
Investment business	0.3 billion yen	0.12 billion yen	1.08 billion yen
Other Focus Businesses	12.1 billion yen	3.38 billion yen	0.51 billion yen
Other Focus Businesses (total)	12.5 billion yen	3.5 billion yen	1.55 billion yen
New Businesses	1.9 billion yen	0.41 billion yen	0.1 billion yen

By business, operating income before deduction of impairment losses, etc. moved from 2.75 billion yen to 2.91 billion yen in the AirTrip Travel Business, from (20 million) yen to 370 million yen in AirTrip Economic Zone other businesses, from 580 million yen to 1.08 billion yen in the Investment business (AirTrip CVC), and from 270 million yen to 300 million yen for the three listed subsidiaries.

Results versus Forecast

Against the revised full-year forecast announced on July 1, 2025, transaction volume reached 89.1% of plan at 120,292 million yen, revenue 100.1% at 28,024 million yen, operating income before deduction of impairment losses, etc. 233.4% at 4,667 million yen, and operating income after impairment losses 158.0% at 3,159 million yen. The initial forecast had been transaction volume of 135,000 million yen, revenue of 28,000 million yen and operating income of 1,000 million yen.

FY26.9 Forecast

For FY26.9 the company forecasts transaction volume of 135 billion yen, revenue of 34 billion yen and operating income of 1 billion yen. The presentation states that among selling, general and administrative expenses, fixed costs are expected to increase by approximately 10% compared to the previous period, primarily driven by personnel expenses, while variable costs are expected to be at the same level as the previous year in terms of the ratio of variable costs to gross profit. For operating income before impairment losses, etc., the company has set a target of achieving 5 billion yen within the three-year period from FY26.9 to FY28.9 rather than a single-year figure.

Item (million yen)	FY25.9 Full-year forecast at beginning of period	FY26.9 Full-year forecast at beginning of period
transaction volume	135,000	135,000
revenue	28,000	34,000
Operating Income (before impairment losses)	–	Achieve 5 billion yen by FY28.9
Operating Income	1,000	1,000

The FY26.9 bridge shows FY25.9 transaction volume of 120.3 billion yen, gross profit of 16.12 billion yen and SG&A expenses of 12.96 billion yen, with a take rate of 13.4%, a variable cost ratio to gross profit of 44.3% and fixed costs of 0.4 billion yen per month. For FY26.9 the company plans a take rate and variable cost ratio at the same level as FY25.9 and fixed costs at about 110% of FY25.9, with transaction volume of 135 billion yen (112.2% YoY).

Shareholder Returns

The comparison of FY25.9 results with the earnings forecast shows a dividend amount of 10 yen per share for FY25.9, against no dividend figure in either the initial or the revised forecast. The presentation states that, to enhance shareholder returns, AirTrip is considering implementing dividends and other measures funded by profits from businesses within the AirTrip Economic Zone that have grown to a certain scale and generate stable earnings, and that it plans to announce its dividend and other return policies during the current fiscal year based on the external environment surrounding the AirTrip Online Travel Business. A dividend forecast for FY26.9 cannot be confirmed from the materials.

Medium-Term Growth Strategy ‘AirTrip 5000’ and Topics

AirTrip revised its medium-term growth strategy ‘AirTrip 5000’, first announced in November 2022. The basic policy of aiming for a consolidated transaction volume of 500 billion yen is unchanged, while the profit target has been changed to operating income before deduction of impairment losses, etc.; the company aims to achieve 5 billion yen at an early stage (FY26.9 to FY28.9) and 10 billion yen thereafter. On the operating income trend chart, the figures shown are 6.8 for FY19.9, (89.9) after impairment losses for FY20.9, 40.5 for FY21.9, 25.5 for FY22.9, 36.9 for FY23.9, 35.8 for FY24.9 and 46.6 for FY25.9, in units of 0.1 billion yen.

Other topics disclosed for FY25.9 include 8 M&A deals and capital/business alliances during the fiscal year (YoY +1 deal), expansion to 21 businesses (YoY +5 businesses), 145 AirTrip CVC investee companies (YoY +7 companies), 5 investee IPOs including IPO approvals this fiscal year (YoY ±0 companies) for a cumulative 23 IPOs, and 600 paid member companies at the AirTrip CXO Salon. The company also plans to change its reporting segments from 1Q FY2026.9, from ‘Online Travel Business’, ‘IT Off-shore Development Business’ and ‘Investment Business’ to ‘Online Travel Business’, ‘Inbound Business’, ‘AirTrip Economic Zone and Other Businesses’, ‘IT Development Business’ and ‘Investment Business’. Hybrid Technologies Co., Ltd. (Stock Code: 4260) is to be consolidated from October 1, 2025, together with NGS Consulting of Vietnam.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.