Global Kids Company Corp.
6189・Standard Market・Services
Business
Global Kids Company Co., Ltd. is a childcare-support-focused group operating 209 facilities in total, centered on the Greater Tokyo area (Tokyo, Kanagawa Prefecture, etc.), including 168 Licensed Nursery Schools and 25 After-School Clubs & Children's Centers, among others. The company began operations in 2006 by operating Tokyo-Certified Nursery Schools, listed on the Tokyo Stock Exchange Mothers market in 2016, and changed its market listing to the TSE First Section in 2017. In July 2025, it made Associe Academy and Associe International wholly owned subsidiaries, substantially expanding its number of facilities. Its main customers are the guardians of children using its nursery schools, and the majority of its revenue comes from facility-based benefits (outsourcing fees and subsidies) from national and local governments, giving it a highly public-oriented business model.
Business Model
Licensed Nursery Schools derive their principal revenue source from facility-based benefits (subcontracting fees) borne by the national government and local municipalities, while Independently Certified Nursery Schools and small-scale nurseries generate revenue through a combination of user childcare fees and municipal subsidies. Since the government-set price is revised in line with the National Personnel Authority recommendation, unit sales prices are subject to policy trends, while at the same time forming a stable revenue base. After-School Clubs & Children's Centers are operated using usage fees or municipal operating expenses. The cost of sales ratio is high at approximately 90%, making scale expansion and control of the SG&A ratio key to improving profitability.
Company Strengths
The number of children on waiting lists in Tokyo, where the Group's operations are concentrated, stood at 339 as of April 2025, remaining at a high level relative to the national figure. Tokyo continues to experience population inflow, giving it a geographic advantage that makes it less susceptible to the effects of the nationwide declining birthrate and decreasing waiting-list numbers. The number of enrolled children reached a record high of 10,391 as of the end of FY2025 (ending September 2025).
Following the full consolidation of Ohayo Kids in June 2023 and the full consolidation of Associe Academy and Associe International in July 2025, the number of operated facilities increased by 41, from 168 at the end of FY2024 (ending September 2024) to 209 at the end of FY2025 (ending September 2025). Goodwill of ¥1,968 million was recorded, and the profit and loss of both companies will be reflected in consolidated results from Q1 of FY2026 (ending September 2026).
Operating profit for FY2025 (ending September 2025) was ¥858 million (up 8.7% year on year), marking a record high for the second consecutive fiscal year. This was supported by an improvement in the SG&A expense ratio (from 7.1% in the previous fiscal year to 6.8% in the current fiscal year) following the completion of a round of ICT investment, with the operating profit margin rising from 3.0% to 3.2%. EBITDA also improved to ¥1,689 million (EBITDA margin of 6.3%).
ENVALITH's Perspective
Performance Trend
Revenue had been on a gradual growth trend, rising from ¥23,529 million in FY2021 to ¥26,997 million in FY2025, but growth accelerated in the first half of FY2026 (ending September 2026), with revenue up 20.7% year on year to ¥16,868 million due to the newly consolidated Associe Academy and Associe International. Operating profit surged 142.8% year on year to ¥724 million, and EBITDA rose 67.8% year on year to ¥1,197 million, marking a substantial improvement. As an external factor, an increase in subsidies for the Nursery Service Promotion Business boosted revenue. The full-year forecast remains unchanged, with revenue of ¥33,000 million (up 22.2% year on year), operating profit of ¥1,200 million (up 39.8% year on year), and net income attributable to owners of parent of ¥650 million (up 796.1% year on year).
Growth Strategy
Pursuing M&A, improved childcare quality, ancillary businesses, ICT, and HR strategy toward realizing the "2030 Triple Trust"
In July 2025, the company made Associe Academy and Associe International wholly-owned subsidiaries, reflecting them in consolidated earnings from the first half of FY2026 (ending September 2026). This contributed significantly to a 20.7% year-on-year increase in net sales. The company will continue to pursue scale expansion through M&A, focusing on Tokyo and Yokohama.
With "ensuring safety and security" as the top priority, the company is promoting the introduction of "Jena Plan education" to improve childcare quality. Through differentiation, it aims to raise enrollment rates and build facilities that are chosen by families.
The company is expanding ancillary childcare businesses such as Extracurricular Lesson Classes (GlobalKids Plus+) and physical education play programs to diversify revenue sources. Improved profitability of the photo sales service also contributed to the improved results in the first half of FY2026 (ending September 2026).
The company is pursuing industry-leading digital utilization to improve operational efficiency and quality. ICT investment has reached a plateau, and the decrease in ICT expenses contributed to improved profits in the first half of FY2026 (ending September 2026). Going forward, the company will move into a phase of strengthening the utilization of its digital infrastructure.
The company aims to improve profitability and capital efficiency and enhance shareholder returns with an awareness of the cost of capital, while maintaining financial soundness. The projected annual dividend for FY2026 (ending September 2026) is ¥40 (interim ¥20, year-end ¥20), maintaining the same level as the previous fiscal year.
Last updated: July 17, 2026