Komori

(Changes and Additions) Partial Changes and Additions to the Financial Results Presentation Materials for the Fourth Quarter of the Fiscal Year Ending September 2026

Results presentationFull year, FY ending Sep 2026Published 2026-11-13 20:46

For the FY26.9 fourth-quarter earnings presentation, the lead text, growth strategy and earnings forecast, and shareholder returns sections were corrected, and 2 pages on Hybrid Technologies were added.

In short

  • Corrected portions of the earnings presentation and added pages on Hybrid Technologies.
  • For FY26.9, revenue was ¥37.81 billion and operating profit was ¥5.05 billion, before impairment and other charges.
  • As part of its growth strategy, the company is targeting ¥10 billion in operating profit and forecasts FY27.9 revenue of ¥40 billion and operating profit of ¥5 billion, before impairment and other charges.

What they reported

this period against the same period a year earlier, and where they now expect the year to end

Sales

¥37.8bn+34.5%vs a year earlier
FY FY25/9¥28.1bnFY FY26/9¥37.8bn
FY24/9FY25/9FY26/9 · this year6810¥bnQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4+26%+44%+35%this yearvs same quarter last yearlast year
Sales by quarter
Period¥bn
FY24/9 Q16.4
FY24/9 Q26.1
FY24/9 Q36.0
FY24/9 Q48.1
FY25/9 Q16.4
FY25/9 Q26.7
FY25/9 Q36.9
FY25/9 Q48.1
FY26/9 Q18.0
FY26/9 Q29.7
FY26/9 Q39.4
last forecast 34.0
result 37.8
Full year: forecast against result, ¥bn+11.2% vs the last forecast
Next year's forecast: ¥40.0bn
Old and new forecast from the company's results releases
Why

Despite slower growth and intensifying competition in the AirTrip travel business, revenue increased as the AirTrip ecosystem expanded.

● エアトリ旅⾏事業の成⻑鈍化‧競争激化があるものの、エアトリ経済圏の拡⼤により増収
● Despite slower growth and intensifying competition in the AirTrip travel business, revenue increased as the AirTrip ecosystem expanded
Forecast

Revenue for FY27.9 is forecast at ¥40 billion.

FY27.9期の通期業績予想は取扱⾼1,350億円、売上収益400億円、営業利益50億円（減損等控除前）にて発表
The full-year forecast for FY27.9 calls for transaction volume of ¥135 billion, revenue of ¥40 billion, and operating profit of ¥5 billion, before impairment and other charges.

Operating profit

¥5.1bn+63.0%vs a year earlier
FY FY25/9¥3.1bnFY FY26/9¥5.1bn
FY24/9FY25/9FY26/9 · this year01¥bnQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4+84%+48%−42%this yearvs same quarter last yearlast year
Operating profit by quarter
Period¥bn
FY24/9 Q11.0
FY24/9 Q21.0
FY24/9 Q30.7
FY24/9 Q4-0.3
FY25/9 Q10.7
FY25/9 Q20.9
FY25/9 Q31.2
FY25/9 Q40.4
FY26/9 Q11.2
FY26/9 Q21.3
FY26/9 Q30.7
last forecast 3.0
result 5.1
Full year: forecast against result, ¥bn+68.3% vs the last forecast
Next year's forecast: ¥5.0bn
Old and new forecast from the company's results releases
Why

While each business segment other than online travel performed well, operating profit after impairment declined due to the recognition of impairment losses and other factors.

● オンライン旅⾏に続く各事業セグメントがそれぞれ好調に推移。減損損失の計上等により前年同期⽐減益
● Each business segment following online travel performed well. Profit declined year on year due to the recognition of impairment losses and other factors
Forecast

Operating profit for FY27.9 is forecast at ¥5 billion, before impairment and other charges.

FY27.9期の通期業績予想は取扱⾼1,350億円、売上収益400億円、営業利益50億円（減損等控除前）にて発表
The full-year forecast for FY27.9 calls for transaction volume of ¥135 billion, revenue of ¥40 billion, and operating profit of ¥5 billion, before impairment and other charges.

Net profit

¥1.3bn−29.0%vs a year earlier
FY FY25/9¥1.8bnFY FY26/9¥1.3bn
FY24/9FY25/9FY26/9 · this year01¥bnQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4+173%+56%−56%this yearvs same quarter last yearlast year
Net profit by quarter
Period¥bn
FY24/9 Q10.2
FY24/9 Q20.8
FY24/9 Q31.4
FY24/9 Q4-0.4
FY25/9 Q10.4
FY25/9 Q20.5
FY25/9 Q30.7
FY25/9 Q40.2
FY26/9 Q11.1
FY26/9 Q20.8
FY26/9 Q30.3
last forecast 2.0
result 1.3
Full year: forecast against result, ¥bn−35.2% vs the last forecast
Old and new forecast from the company's results releases

Dividend

cash paid per share for the year, and how much of profit that is
¥170+10 yenper share
last year¥160FY27/9 plan¥170

The policy is to pay dividends based on a target payout ratio of 100% (annual dividends, interim plus year-end, divided by after-tax operating profit before impairment and other charges).

Their own numbers

figures this company chose to report, a year ago against now
Transaction Value+106.0%
¥127.6bn · a year ago ¥120.3bn

Consolidated transaction volume increased year on year.

B2B business ARR
¥1.4bn

ARR in the B2B business is expanding.

Inbound transaction volume+153.7%
¥11.8bn · a year ago ¥7.7bn

Inbound transaction volume grew significantly.

Online travel transaction volume+91.7%
¥90.0bn · a year ago ¥98.2bn

Online travel transaction volume was below the prior-year level.

Number of M&A and capital and business alliances
11 postings · a year ago 8 postings

11 items were announced from October 2025 onward.

Number of paid members of the AirTrip CXO Salon
900 companies

Reached 900 paid member companies.

Number of businesses in the AirTrip ecosystem
23 Businesses · a year ago 21 Businesses

The number of businesses increased by 2 year on year.

Number of AirTrip CVC portfolio companies
155 companies · a year ago 145 companies

The cumulative number of investee companies reached 155.

The low–high ranges are Komori's estimate, not figures the company gave.

Everything else in the deck

By business

bar = share of sales · rows = operating profit and change vs a year earlier
Online travel 49%
sales ¥18.3bn
profit ¥2.6bn
Inbound Tourism 10%
sales ¥3.8bn
profit ¥0.4bn
IT development 20%
sales ¥7.6bn
profit ¥0.1bn
Investment 2%
sales ¥0.7bn
profit ¥1.2bn
Other AirTrip economic zone businesses 20%
sales ¥7.4bn
profit ¥0.7bn

What moved

change vs a year earlier, by the company's own breakdown
Operating profit (before impairment and other adjustments)
Online travel−¥0.5bn
Inbound Tourism+¥0.1bn
IT development+¥0.2bn
Investment+¥0.1bn
Other AirTrip economic zone businesses+¥0.5bn
Operating profit (after impairment losses, etc.)
Impairment losses, etc.−¥2.4bn
Bar colour is the direction of the amount (red = up, teal = down).

New initiatives

what they said they're starting
  • Completed 11 M&A transactions and capital and business alliances from October 2025 onward.
  • Added a global comprehensive IT services business, including Hybrid Technologies.
  • Reformulated the new medium- to long-term growth strategy, “AirTrip 100,” and is targeting ¥10 billion in operating profit.
  • Will introduce interim dividends in FY27.9 and FY28.9 and pay dividends twice a year.
  • Plans to introduce a support program to help employees balance work and caregiving responsibilities.

Buying back its own shares

the other way to return cash, besides dividends
Done
¥2.4bn

As the first step in expanding shareholder returns, the company completed a ¥2.42 billion share repurchase in FY26.9.

What decks usually leave out

COMPUTED = worked out by Komori from reported numbers; the rest are stated in this deck

Margins and overheads

where each ¥100 of sales goes
Computed
a year ago¥11.0 profit per ¥100
42.7
46.3
11.0
now¥13.4 profit per ¥100
49.3
37.3
13.4
Cost of making itOverheads (selling, admin)Operating profit
Gross margin
57.3% → 50.7% −6.6 pts
Operating margin
11.0% → 13.4% +2.3 pts

Financial targets

the last five years against the target (green band), where one is stated
Computed
Return on equity11.4%
profit earned on shareholders' money
−2.9 pts on last year
9%28%46%FY21/9FY22/9FY23/9FY24/9FY25/9FY21/9: 44.4%FY22/9: 20.9%FY23/9: 12.7%FY24/9: 14.3%FY25/9: 11.4%11.4%
Return on equity
Period%
FY21/944.4
FY22/920.9
FY23/912.7
FY24/914.3
FY25/911.4
Equity ratio47.4%
how much of the balance sheet is owned outright
−0.3 pts on last year
33%42%50%FY21/9FY22/9FY23/9FY24/9FY25/9FY21/9: 34.9%FY22/9: 38.9%FY23/9: 40.6%FY24/9: 47.7%FY25/9: 47.4%47.4%
Equity ratio
Period%
FY21/934.9
FY22/938.9
FY23/940.6
FY24/947.7
FY25/947.4

Yearly figures are computed by Komori from J-Quants results data (ROE = net profit ÷ average equity). The last point is this year's forecast or latest figure. Targets show only when this deck states them.

How they rate themselves against plan

the company's own grade for the period, next to the numbers
What they said
In line with plan

The company explained that actual results for FY26.9 came in without significant deviation from the full-year earnings forecast.

FY26.9期 通期業績予想に対して、大きな乖離なく着地
Actual results came in without significant deviation from the full-year earnings forecast for FY26.9
What the numbers say
+11%Revenue vs plan
Revenue
plan ¥34.0bn · got ¥37.8bn
+11%
Operating profit (before impairment and other adjustments)
plan ¥4.5bn · got ¥5.1bn
+12%

The line is the plan; a bar grows right by how far the result beat it and left by how far it missed, as a share of the plan.

Mid-term plan targets

AirTrip 100
Operating profit
¥5.0bn → ¥5.1bn · target ¥10.0bn
1%

Not mentioned in this deck

9
Capital spendingForecast assumptionsRisks priced into the forecastOrders and backlogPrice and volumeStore or site countHeadcountMarket size and shareInvestor Q&A
(Changes and Additions) Partial Changes and Additions to the Financial Results Presentation Materials for the Fourth Quarter of the Fiscal Year Ending September 2026 | AirTrip Corp. (6191) timely disclosure | Komori