GLOBE-ING (277A) FY2026 Earnings Presentation Deep Dive Report

The FY2026 earnings presentation materials for GLOBE-ING (Securities Code: 277A) provide a detailed overview of the company's ambitious mid-to-long term growth strategy, the specific business plans supporting it, and its unique management philosophy. This report, based on key topics extracted from the materials, offers a deep dive into the company's overall business landscape and future growth story.

I. Overview of Mid-to-Long Term Growth Strategy and Vision (GoFor2031 & Vision2040)

GLOBE-ING has outlined a mid-to-long term growth strategy called "GoFor2031 & Vision2040," spanning from its founding to 2040. This strategy is divided into three main phases:

1. Founding Period (~FY26/5): Focused on establishing its unique JI-type consulting model as "a step towards becoming an indispensable entity = JI." During this period, the company aimed to implement change through "inside-out" hands-on engagement, deeply embedding itself within client organizations.
2. Growth Period (FY27/5 ~ FY31/5): With the theme "from being disrupted to disrupting," the company aims to become a leading company in the "AI-X" era . In this phase, GLOBE-ING will make focused investments in building its AI-PF (AI Platform) business, combining JI and AI. It will promote its consulting business (JI × AI-X), launch its AI-PF business, and expand its investment business through AI startup acquisitions.
3. Leap Period (FY32/5 ~ Vision2040): Transitioning to "managing with awareness (investment)," the company will leverage the management talent, AI-PF, and FDE (Future Design Engine) acquired through JI. It aims to establish a "Digital Estate" model by acquiring highly competitive companies and managing them with ultra-efficiency .

To achieve this vision, the company is transitioning to a WAO! Holdings structure . This move is intended to serve as a flexible vehicle for M&A, promote autonomous management while integrating independent subsidiaries swiftly, and enhance corporate value by leveraging human and business know-how. It also aims to ensure robust governance and optimal resource allocation.

II. Three Business Pillars Supporting Growth and Evolution of the Business Model

GLOBE-ING's growth strategy is supported by the following three business pillars :

1. Base Business (JI × AI-X): Combines traditional consulting with AI-X (AI Transformation) to support clients' management reforms. This forms a stable revenue base as the company's "cash cow."
2. Challenge Business (AI-PF): Develops and provides an AI platform that serves as the core of the Management OS, establishing a recurring revenue model. This business is expected to deliver high growth and profitability.
3. Growth Business (Investment & M&A): Utilizes generated capital to acquire and nurture AI-related companies and valuable Japanese companies, aiming to create a conglomerate similar to a "Japanese Berkshire."

Through the promotion of these business pillars, the company's revenue model is planned to evolve from the initial "consulting fee (human resources) ultra-high unit price" to "recurring + consulting fee," and eventually to "recurring + BS leverage (investment income) + consulting fee." This diversification aims to secure more stable and varied revenue streams.

The company has set a target to maintain over 60% annual growth company-wide towards FY31/5. Specifically, the investment/M&A and AI-PF businesses are expected to be the main drivers of growth, with revenue targeting 120 billion yen by FY31/5 , and over 70% of that revenue projected to come from AI-related sales.

The past performance and future growth targets are shown below:

This graph clearly illustrates GLOBE-ING's trajectory of rapid growth and future aspirations . The ambitious target of 60% CAGR from FY26/5 to FY31/5 reflects the company's strong commitment to business expansion. It indicates that while the base business, JI × AI-X, provides stable growth, the AI-PF and Investment/M&A segments are expected to become major revenue contributors , leading to a significant transformation of the business structure. Achieving these targets will require aggressive investment in AI-related technologies and the expansion of the business portfolio through M&A.

III. Specific Growth Targets and Strategies for Each Business Segment

Specific growth targets have been set for each business segment:

• JI × AI-X (Base Business): Aims for Sales CAGR of 35% and Operating Profit Margin of 35% from FY27/5 to FY31/5, and plans to maintain Sales CAGR of 20% and Operating Profit Margin of 35% from FY32/5 to FY40/5. The strategy is to continue pursuing high profitability and growth while acquiring industry and domain-specific knowledge.
• AI-PF (Challenge Business): Targets 4 billion yen in sales and an Operating Profit Margin of 50% by FY31/5, and aims for an exceptionally high Sales CAGR of 70% and Operating Profit Margin of 50% towards FY40/5. This segment focuses on vertical AI (implicit knowledge PF) and strengthening the provision of "Management OS" in combination with JI.
• Investment & M&A (Growth Business): Utilizes generated capital to acquire AI companies and operating companies, aiming to enhance their value through industry knowledge and human/business know-how. The focus is on AI business roll-ups, with a future strategy of AI company + business acquisition/management strengthening.

The three-pillar business expansion strategy, considering market outlook, is as follows:

This slide presents specific numerical targets for GLOBE-ING's business strategy , illustrating how each business will drive growth. It clearly shows that while the base business, JI × AI-X, maintains stable high profitability, the AI-PF business is positioned to accelerate overall growth with outstanding growth rates and high-profit margins . Furthermore, the Investment & M&A business is strategically placed to achieve discontinuous growth through capital utilization. The achievement of these targets suggests that the implementation of AI technology and the utilization of management know-how in each business will be key.

IV. Source of Competitiveness and Unique Management Philosophy

GLOBE-ING's source of competitiveness lies in its "human and business know-how." The company does not merely sell human resources as "man-hours" but possesses strong business know-how to "sell human resources with added value," combining "human know-how × man-hours."

As a result, its annual sales per person are 61.68 million yen , achieving 2.46 times higher productivity compared to the average of 25.10 million yen per year for competitors. This demonstrates that the company stands apart from many Japanese businesses that focus on selling "man-hours" or "goods," positioning it as a rare entity that "sells with added value."

GLOBE-ING's source of competitiveness, "human and business know-how," is illustrated below:

This graph visually demonstrates GLOBE-ING's overwhelmingly high productivity , providing crucial data that underpins its strong competitive advantage . The significantly higher sales per person compared to competitors indicates that the consulting services and solutions offered by the company possess high added value and efficiently generate revenue. This high productivity suggests that the company has the ability to create significant business impact with limited human resources through its "people-centric dynamic equilibrium management" and AI-driven business transformation.

Furthermore, the company advocates a unique management philosophy called "people-centric dynamic equilibrium management." Unlike the Western mechanistic management approach (which prioritizes organization, functions, and standard operations), this philosophy posits that people are central, forming mutual subjectivity and acting autonomously and complementarily to achieve long-term prosperity by aligning the company with its social mission. AI-X (AI Transformation), based on this philosophy, aims to shift from traditional process-centric BPR to data-centric BPR , creating an environment where human potential can be maximized.

V. "AI Digital Estate Concept" and Value Creation from Japan

GLOBE-ING addresses the current situation where valuable Japanese assets such as "craftsmanship," "tourism and hospitality," and "technology and companies" are being acquired by foreign capital. It embraces the mission to "proactively secure, protect, and enhance Japan's value before it is 'discovered' by foreign capital."

The "Digital Estate Platform" offered by the company aims to boost Japan's inherent strengths, including JI consulting, dynamic equilibrium management, and implicit knowledge platforms, with AI and digital platforms. By spreading these strengths globally, it seeks to become a foundation for growth that creates a richer society . This is an ambitious vision to become a "Japanese Berkshire" with the potential to multiply Japan's GDP by tenfold.

From the analysis above, GLOBE-ING possesses a clear growth strategy that integrates its unique management philosophy with AI technology to redefine and globally deploy Japan's inherent value. This strategy is underpinned by specific numerical targets and business plans, making its future developments noteworthy.