Worth reading
53Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
9.5
Year-on-year change in operating profit (%)Wording
Avoiding a definitive answer
How definitive the wording is.Results for this period
Interim period (second quarter)1 September 2025–28 February 2026ConsolidatedJapanese GAAPNet Sales15,180¥ millionYear on year +2.1%Progress 27.9%
Operating profit1,301¥ millionYear on year -9.5%Progress 11.4%
Ordinary income563¥ millionYear on year -49.4%Progress 5.8%
Net income attributable to owners of the parent357¥ millionYear on year -34.6%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥9.02
Financial position at period-end
Total assets146,042¥ million
of which net assets 34,735 ¥ millionEquity ratio 23.5%vs. prior year-end -0.9pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+10,370
Investment-73
Financials-3,840
Net change+6,457
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥42,283 million
Segment revenueRenewable energy business ¥8,085 million (YoY -29.0%), Energy Storage Business ¥3,046 million, Energy-Saving Business ¥549 million (YoY -10.1%), Electricity Business ¥2,765 million (YoY +31.0%), Maintenance Business ¥987 million (YoY +3.7%), Other ¥1 million (YoY +120.8%)
Segment profitRenewable energy business ¥-150 million, Energy Storage Business ¥911 million, Energy-Saving Business ¥55 million (YoY -70.3%), Electricity Business ¥54 million (YoY -68.2%), Maintenance Business ¥375 million (YoY +22.9%), Other ¥1 million (YoY +120.8%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥54,460 million (YoY +15.3%)
Operating profit¥11,376 million (YoY +31.6%)
Ordinary income¥9,676 million (YoY +21.5%)
Profit attributable to owners of the parent¥6,602 million (YoY +23.2%)
Annual Dividend Forecast¥65 → ¥70（+7.7%）
Factors Behind Changes in Business Performance
Revenue increased due mainly to steady orders and construction in the contract business for industrial solar power plants and higher revenue from the Electric Power Business. In non-FIT power plant development, however, many projects were scheduled to begin supplying power from April 2026, causing revenue to fall below plan, while revenue in the Energy-Saving Business declined as LED lighting contracts reached maturity. In the Energy Storage Business, the Company concentrated management resources in response to market expansion.
Disclosure regarding the going concern assumption
No applicable matters.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidation0 additions, 0 exclusions (no material changes)
Material subsequent eventsEffective 1 March 2026, an absorption-type merger was conducted with 株式会社ウエストエネルギーソリューション, a consolidated subsidiary, as the surviving company and 株式会社ウエストO&M as the absorbed company. The merger was intended to make effective use of the Group's management resources, improve efficiency and accelerate decision-making. Its impact on consolidated results is considered immaterial.
Impairment lossNo applicable matters.
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥11 million / Extraordinary loss Loss on sale of fixed assets ¥1 million, Loss on Disposal of Fixed Assets ¥3 million
Depreciation and amortization¥1,371 million
Availability of Supplementary Financial Results MaterialsNo
Availability of Financial Results BriefingNo (no eligible attendees)
Issued Shares at Period-End46,027,488 Shares
Treasury Shares at Period-End6,368,338 Shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Interim period (second quarter) |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 September 2025–28 February 2026 |
| Net Sales | ¥15,180 million (YoY +2.1%) |
| Operating profit | ¥1,301 million (YoY -9.5%) |
| Ordinary income | ¥563 million (YoY -49.4%) |
| Profit attributable to owners of the parent | ¥357 million (YoY -34.6%) |
| Net income per share | ¥9.02 |
| Equity ratio | End of the current fiscal period 23.5 / End of previous period 24.4 |
| Total assets | ¥146,042 million |
| Net assets | ¥34,735 million |
| Cash flows from operating activities | ¥10,370 million |
| Cash flows from investing activities | ¥-73 million |
| Cash flows from financing activities | ¥-3,840 million |
| Cash and cash equivalents at end of period | ¥42,283 million |
| Full-year earnings forecast | Net Sales ¥54,460 million (YoY +15.3%) / Operating profit ¥11,376 million (YoY +31.6%) / Ordinary income ¥9,676 million (YoY +21.5%) / Profit attributable to owners of the parent ¥6,602 million (YoY +23.2%) |
| Annual Dividend Forecast | ¥65 → ¥70（+7.7%） |
| Segment revenue | Renewable energy business ¥8,085 million (YoY -29.0%), Energy Storage Business ¥3,046 million, Energy-Saving Business ¥549 million (YoY -10.1%), Electricity Business ¥2,765 million (YoY +31.0%), Maintenance Business ¥987 million (YoY +3.7%), Other ¥1 million (YoY +120.8%) |
| Segment profit | Renewable energy business ¥-150 million, Energy Storage Business ¥911 million, Energy-Saving Business ¥55 million (YoY -70.3%), Electricity Business ¥54 million (YoY -68.2%), Maintenance Business ¥375 million (YoY +22.9%), Other ¥1 million (YoY +120.8%) |
| Depreciation and amortization | ¥1,371 million |
| Impairment loss | No applicable matters. |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥11 million / Extraordinary loss Loss on sale of fixed assets ¥1 million, Loss on Disposal of Fixed Assets ¥3 million |
| Disclosure regarding the going concern assumption | No applicable matters. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | 0 additions, 0 exclusions (no material changes) |
| Material subsequent events | Effective 1 March 2026, an absorption-type merger was conducted with 株式会社ウエストエネルギーソリューション, a consolidated subsidiary, as the surviving company and 株式会社ウエストO&M as the absorbed company. The merger was intended to make effective use of the Group's management resources, improve efficiency and accelerate decision-making. Its impact on consolidated results is considered immaterial. |
| Availability of Supplementary Financial Results Materials | No |
| Availability of Financial Results Briefing | No (no eligible attendees) |
| Issued Shares at Period-End | 46,027,488 Shares |
| Treasury Shares at Period-End | 6,368,338 Shares |
| Factors Behind Changes in Business Performance | Revenue increased due mainly to steady orders and construction in the contract business for industrial solar power plants and higher revenue from the Electric Power Business. In non-FIT power plant development, however, many projects were scheduled to begin supplying power from April 2026, causing revenue to fall below plan, while revenue in the Energy-Saving Business declined as LED lighting contracts reached maturity. In the Energy Storage Business, the Company concentrated management resources in response to market expansion. |
Items this document does not state (6)
Operating MarginRevision to Earnings ForecastPayout ratioShareholder Return PolicyRegional salesOrders received and order backlog
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In non-FIT solar power plant development, many projects were scheduled to begin supplying power from April 2026, causing revenue to fall below plan. The Company concentrated management resources on the business as the energy storage market expanded much faster than expected. In the energy-saving business, LED lighting contracts reached maturity, resulting in declines in revenue-generating assets and revenue.
How to read this page
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