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
510
¥ million (year-on-year increase in first-half revenue)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Earnings presentation materialsSecond quarter of the fiscal year ending March 2027 (six-month cumulative period)7 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥4,426 million+13.0%
Operating profit¥900 million+28.6%
Ordinary income¥918 million+30.0%
Net income¥610 million +62.7%net income attributable to owners of the parent
Results for the three months of the current quarterRevenue: ¥2,294 million; operating income: ¥493 million (second quarter of the fiscal year ending March 2027, three-month period)
Full-year earnings forecast
Net Sales
¥9,250 million
Operating profit
¥1,860 million
Ordinary income
¥1,867 million
Net income
¥1,240 million net income attributable to owners of the parent
EBITDA
¥2,516 million
Operating profit margin
20.1 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The first half progressed smoothly.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Change in operating profit, full year
Operating profit, fiscal year ended March 20261,649
Variable Profit · Recruitment Costs829
Change in personnel expenses-207
Expansion and operation of electronic certification center facilities-158
Sales activity expenses-98
Other-155
Operating profit for the fiscal year ending March 20271,860
First-Half Sales by Service
Trust Services286
Platform services223
New initiatives
- Launch of a domestic key management service capable of supporting post-quantum cryptography (PQC)
- Launch of a service providing construction and outsourced operation of a certificate authority for Matter-compatible devices
- Launch of the TuxCare ELS PHP Emergency Mitigation Pack
- Expansion of iTrust identity verification deployments to financial institutions and major mobile carrier stores
Key KPIsA metric the company considers important as a management benchmark.
- Number of paid iTrust API transactions (first-half cumulative)4,031 ten thousand itemsYear on year against the same period last year+62.0%
- iTrust revenue (recurring revenue from trust services)Up 80% year on yearYear on year against the same period last year+80.0%
- iTrust recurring revenue mix39 %Year on year against the same period last yearChanged from 25% to 39%
- iTrust identity verification2.2 timesYear on year against the same period last year2.2x
- iTrust electronic signature51 %Year on year against the same period last year+51.0%
- Vulnerability assessments20 %Year on year against the same period last year+20.0%
- Number of financial institutions beginning new useMore than 30
Unit price and quantity metricsThese figures show sales broken down by price and volume.
The number of paid iTrust API uses and transactions was disclosed. A breakdown combining unit price and volume was Not disclosed.Segment results
Trust Services
Net Sales
¥2,486 million
Year on year against the same period last year+13.0%
Platform services
Net Sales
¥1,940 million
Year on year against the same period last year+13.0%
Annual Dividend
Annual dividend per share¥14.00
Interim Dividend¥0.00
Year-end dividend¥14.00
| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Second quarter of the fiscal year ending March 2027 (six-month cumulative period) |
| Net Sales | ¥4,426 million (YoY +13.0%) |
| Operating profit | ¥900 million (YoY +28.6%) |
| Ordinary income | ¥918 million (YoY +30.0%) |
| Net income | ¥610 million (net income attributable to owners of the parent) (YoY +62.7%) |
| Results for the three months of the current quarter | Revenue: ¥2,294 million; operating income: ¥493 million (second quarter of the fiscal year ending March 2027, three-month period) |
| Full-year earnings forecast | Net Sales ¥9,250 million / Operating profit ¥1,860 million / Ordinary income ¥1,867 million / Net income ¥1,240 million (net income attributable to owners of the parent) / EBITDA ¥2,516 million / Operating profit margin 20.1 % |
| Self-assessment against the plan | The first half progressed smoothly. |
| Segment results | Trust Services Net Sales ¥2,486 million / yoy_pct 13 / Platform services Net Sales ¥1,940 million / yoy_pct 13 |
| Breakdown of Factors Affecting the Change | Change in operating profit, full year Operating profit, fiscal year ended March 2026 1,649 / Variable Profit · Recruitment Costs 829 / Change in personnel expenses -207 / Expansion and operation of electronic certification center facilities -158 / Sales activity expenses -98 / Other -155 / Operating profit for the fiscal year ending March 2027 1,860 / First-Half Sales by Service Trust Services 286 / Platform services 223 |
| Key KPIs | Indicator name Number of paid iTrust API transactions (first-half cumulative) / Value 4,031 ten thousand items / Year on year against the same period last year 62 ten thousand items, Indicator name iTrust revenue (recurring revenue from trust services) / Value Up 80% year on year / Year on year against the same period last year 80 %, Indicator name iTrust recurring revenue mix / Value 39 % / Year on year against the same period last year Changed from 25% to 39%, Indicator name iTrust identity verification / Value 2.2 times / Year on year against the same period last year 2.2x, Indicator name iTrust electronic signature / Value 51 % / Year on year against the same period last year 51 %, Indicator name Vulnerability assessments / Value 20 % / Year on year against the same period last year 20 %, Indicator name Number of financial institutions beginning new use / Value More than 30 / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | The number of paid iTrust API uses and transactions was disclosed. A breakdown combining unit price and volume was Not disclosed. |
| Annual Dividend | Annual dividend per share ¥14.00 / Interim Dividend ¥0.00 / Year-end dividend ¥14.00 |
| New initiatives | Launch of a domestic key management service capable of supporting post-quantum cryptography (PQC), Launch of a service providing construction and outsourced operation of a certificate authority for Matter-compatible devices, Launch of the TuxCare ELS PHP Emergency Mitigation Pack, Expansion of iTrust identity verification deployments to financial institutions and major mobile carrier stores |
Items this document does not state (16)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A
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.Factors contributing to higher revenue included accelerating growth in iTrust, wider use of identity verification and electronic signatures, growth in comprehensive Linux OS support and AlmaLinux support, and continued orders for security consulting and contract development. Operating income increased despite investment in human capital and service delivery infrastructure, in addition to the effect of higher revenue. Revenue from server certificates is expected to decline due to the shortening of validity periods and the temporary suspension of the issuance service, but demand is expected to increase for identity verification using IC-chip readers at financial institutions and for responses to PHP vulnerabilities.
How to read this page
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