A 39% top line, with profit growing faster
Globing Inc. (TSE: 277A) published consolidated results for the year to May 31, 2026 on August 26, 2026 — the first set prepared under IFRS, which the company adopted voluntarily this year with the prior year restated on the same basis. Revenue rose 39.4% to ¥11,512 million, operating profit 53.6% to ¥4,003 million and pre-tax profit 54.4% to ¥3,952 million. Profit attributable to owners of the parent rose 81.7% to ¥2,875 million, for basic earnings per share of ¥100.98 against ¥57.74. The operating margin widened to 34.8% from 31.6%.
Management attributes the growth to mid-career hiring of consultants, new mandates, larger existing engagements and the expansion of what it calls Joint Initiative work — deals built around long-term strategic accounts rather than one-off projects. Demand for digital-transformation support held up through a year in which Japanese consumption was soft and U.S. tariff policy weighed on corporate confidence.
The AI segment stops losing money
Consulting is still essentially the whole business: external revenue of ¥11,107 million (+35.2%) and segment profit of ¥4,938 million (+33.5%). The much smaller AI segment is where the rate of change sits — external revenue rose 856.8% to ¥405 million and it produced a segment profit of ¥233 million after a ¥206 million loss a year earlier, a year that also carried a ¥105 million impairment. Globing is co-developing three products with large corporate clients: a spend-intelligence suite, a planning-support agent it calls Globing-kun, and a meeting-minutes agent. The year went on proofs of concept and requirements definition.
One client accounted for ¥2,313 million of revenue, roughly a fifth of the group total: Toyota Motor Corporation, which buys from both segments. A year earlier the two disclosed customers were Honda Motor at ¥1,274 million and MTG at ¥983 million — so customer concentration has tightened rather than eased.
Cash moves into deposits, buybacks and floor space
Total assets rose ¥2,830 million to ¥12,017 million, and the composition changed more than the total. Other current financial assets rose ¥2,002 million as the company placed ¥2,000 million into time deposits; right-of-use assets rose ¥989 million on additional office space; contract assets rose ¥428 million; cash and equivalents fell ¥918 million. Liabilities rose ¥995 million to ¥4,384 million, of which lease liabilities accounted for ¥945 million. Equity attributable to owners reached ¥7,633 million and the equity ratio 63.5%, up from 61.8%.
Operating cash flow was an inflow of ¥3,334 million against ¥3,255 million. Investing turned into a ¥2,552 million outflow from ¥446 million, almost entirely the time deposits, plus ¥240 million of office lease deposits and ¥223 million of fixed assets. Financing swung to a ¥1,711 million outflow from a ¥2,414 million inflow in the listing year, on ¥900 million of share buybacks and ¥410 million spent buying in subsidiary shares. Cash ended the year at ¥5,693 million.
A first dividend, then more than double
Globing is paying ¥16.10 a share for FY5/2026 — its first dividend, ¥459 million in total, a payout ratio of 15.9% and a 6.9% return on shareholders' equity. For FY5/2027 it plans ¥35.60, split ¥14.20 at the half year and ¥21.40 at the year end, lifting the payout ratio to 30.0%. The company listed on the TSE Growth market in November 2024 and paid nothing for FY5/2025.
Guidance asks for another 40% year
For the year to May 2027 the company guides to revenue of ¥16,100 million (+39.8%), operating profit of ¥4,830 million (+20.6%), pre-tax profit of ¥4,830 million (+22.2%) and profit attributable to owners of ¥3,381 million (+17.6%), for earnings per share of ¥118.55. That holds the revenue growth rate but lets the operating margin fall back toward 30%, which is what a year of continued consultant hiring looks like. Management names four metrics it steers on: consultant headcount, average consultant pay, the share of revenue from Joint Initiative work, and AI-related revenue.
WAO Holdings from December 1
On July 15, 2026 the board resolved to convert to a holding-company structure. Globing has established a wholly owned preparatory subsidiary and signed an absorption-type company split that transfers every business except group management to it. Subject to approval at the annual meeting on August 27, the split takes effect on December 1, 2026, on which date the listed parent changes its name to WAO Holdings Inc. and amends its articles for a holding-company structure. The parent stays listed. Because both parties are under common control, the company describes the effect on consolidated results as minor, and frames the change as preparation for M&A and new-business expansion.
| Metric | FY5/2026 | FY5/2025 | Change |
|---|---|---|---|
| Revenue (¥ million) | 11,512 | 8,255 | +39.4% |
| Operating profit (¥ million) | 4,003 | 2,606 | +53.6% |
| Pre-tax profit (¥ million) | 3,952 | 2,559 | +54.4% |
| Net profit attrib. to owners of parent (¥ million) | 2,875 | 1,582 | +81.7% |
| Comprehensive income (¥ million) | 2,904 | 1,593 | +82.3% |
| EPS (¥) | 100.98 | 57.74 | +74.9% |
| Operating margin | 34.8% | 31.6% | +3.2 pt |
| Consulting — revenue (¥ million) | 11,107 | 8,213 | +35.2% |
| Consulting — segment profit (¥ million) | 4,938 | 3,698 | +33.5% |
| AI — revenue (¥ million) | 405 | 42 | +856.8% |
| AI — segment profit (¥ million) | 233 | -206 | loss to profit |
| Total assets (¥ million) | 12,017 | 9,186 | +30.8% |
| Equity attrib. to owners of parent (¥ million) | 7,633 | 5,679 | +34.4% |
| Equity ratio | 63.5% | 61.8% | +1.7 pt |
| FY5/2027 guidance — revenue (¥ million) | 16,100 | — | +39.8% |
| FY5/2027 guidance — operating profit (¥ million) | 4,830 | — | +20.6% |
| FY5/2027 guidance — pre-tax profit (¥ million) | 4,830 | — | +22.2% |
| FY5/2027 guidance — net profit (¥ million) | 3,381 | — | +17.6% |
| FY5/2027 guidance — EPS (¥) | 118.55 | — | — |
| Annual dividend per share (¥) | 35.60 | 16.10 | +121.1% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.