AEON Fantasy Co.,LTD.
4343・Prime Market・Services
Business
AEON Fantasy Co., Ltd. was established in 1997. The company operates family-oriented Amusement Facilities (prize games, medal games, etc.) and Playground Facilities (time-based play facilities), primarily within shopping centers operated by the AEON Group and other developers. It runs a total of 1,228 stores (as of end-February 2025), led by 753 Domestic stores, supplemented by 327 stores across five ASEAN countries—Malaysia, Thailand, the Philippines, Indonesia, and Vietnam—and 137 stores in China. Its primary customers are children and their families, and it upholds the purpose of "nurturing children's passions and creating a world filled with smiles." The company achieved 1,000 stores worldwide in October 2022 and is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The core of revenue is amusement machine sales (prize games, medal games, time-based play equipment, etc.), and domestic amusement machine sales for FY2025 (ended February 2025) were ¥57,594 million, accounting for approximately 83% of domestic sales. As a tenant within shopping centers, the business bears fixed rent while managing procurement costs for prizes and merchandise to secure gross profit. Capital expenditure (acquisition and replacement of amusement machines) is continuously implemented, driving both revitalization of existing stores and new store openings in tandem. Depreciation expense is substantial (approximately ¥107,560 million in FY2025, ended February 2025), and operating profit before depreciation serves as an indicator of the underlying earning power of the business.
Company Strengths
In FY2025 (ending February 2025), the Domestic Business recorded net sales of ¥69,468 million (up 7.7% year on year) and operating income of ¥6,210 million (up 35.9% year on year), both setting new record highs. Existing-store sales significantly exceeded plan at 106.0% of the prior period, driven by the Prize segment (110.4%) and the Medal segment (103.4%). Sales per square meter also improved from ¥188 thousand in the prior period to ¥197 thousand.
By leveraging the GMS and shopping center network of parent company AEON CO., LTD., the company has a locational advantage that allows it to preferentially open stores inside shopping centers nationwide. The Domestic Business is deployed across six areas nationwide, with wide-ranging presence including the Kanto area (193 stores), Kinki area (129 stores), and Hokkaido-Tohoku area (142 stores), among others. Overseas expansion is also accelerating in tandem with the AEON Group's expansion of shopping centers, particularly in ASEAN.
Net sales of the ASEAN Business in FY2025 (ending February 2025) reached ¥13,181 million (up 19.8% year on year), setting a new record high. The company continued aggressive store openings in growth-focused countries such as Indonesia (50 stores) and Vietnam (40 stores). It operates a diverse range of formats—including Kidzooona, Kidzooona Safari, and KID'S BOX JUMBO—tailored to trade area and facility size, and sales per store also improved from ¥4,587 thousand to ¥4,863 thousand.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, rising from ¥60,171 million in FY2022 (ended February 2022) to ¥93,290 million in FY2026 (ended February 2026). Operating profit recovered sharply from a loss of ¥3,408 million in FY2022 (ended February 2022) to ¥6,114 million in FY2026 (ended February 2026), with a clear improving trend. On the other hand, net income fluctuated significantly due to extraordinary losses related to the China Business (¥3,190 million in FY2025 (ended February 2025)) and foreign exchange losses, resulting in a net loss of ¥1,817 million in FY2025 (ended February 2025). In FY2026 (ended February 2026), net income recovered to ¥2,790 million. On an operating profit before amortization basis, a steady improvement in underlying earning power can be confirmed.
Growth Strategy
Three-axis strategy of expanding new domestic business formats, positioning ASEAN as the second growth driver, and restructuring the China Business
Actively expanding new Playground Facilities formats "Chikyu no Niwa" and "Nobikko Jumbo", the new Amusement format "Feedy Diner&Arcade", and strategic small-format stores such as capsule toy specialty stores and prize specialty stores. In FY2025 (ending February 2025), 85 stores were opened (including 73 small-format stores).
In addition to core formats such as Kidzooona in five Southeast Asian countries, formats are being categorized by trade area and facility size to actively expand into regional cities and small-scale facilities. Indonesia and Vietnam are designated as growth-focused countries, with management resources allocated preferentially. In FY2025 (ending February 2025), 72 stores were opened, building a network of 327 stores.
Building a leaner management structure through accelerated closure of unprofitable stores (82 stores closed in FY2025, ending February 2025), conversion of business formats from Amusement to Playground, and expansion of the low-cost, high-ROI small-format store "Moley Fantasy Space" (34 stores opened in FY2025, ending February 2025).
Promoting expansion of loyalty through digitalization of the membership program, expanding customer acquisition through unification of member IDs with the AEON Group (OneID), and improving productivity per labor hour through greater efficiency in head office and back-of-store operations.
Promoting a strategy of opening multiple business formats within a single commercial facility, both domestically and in ASEAN, to increase the density and efficiency of business profitability. This strategy is being coordinated with the AEON Group's expansion of shopping center openings.
Last updated: April 27, 2026