H1 revenue and profit growth, but a substantial second-half buildup is needed to meet the full-year forecast

Revenue for the six months from January through June 2026 was ¥9,233 million, up 84.2% year on year. Operating income was ¥387 million, up 428.8%, ordinary income was ¥328 million, up 58.9%, and interim net income attributable to owners of the parent was ¥239 million, up 34.7%. On the results alone, the recovery from the year-earlier period is clear, and the operating margin also improved to approximately 4.2%.

However, the full-year forecasts are ¥35,000 million for revenue, ¥2,400 million for operating income, ¥2,200 million for ordinary income and ¥2,000 million for net income attributable to owners of the parent. H1 progress was 26.4%, 16.2%, 14.9% and 12.0%, respectively, well below the 50% mark based simply on half the fiscal year having elapsed. To reach the full-year forecasts after H1, the company needs to add ¥25,767 million in revenue, ¥2,013 million in operating income, ¥1,872 million in ordinary income and ¥1,761 million in net income during the remaining period.

In past disclosures, the company has explained that revenue and operating income are weighted toward the fourth quarter, ahead of the peak season for rental demand. In some past fiscal years, the fourth quarter accounted for 35.8% of full-year revenue and 50.5% of operating income. However, these specific seasonal ratios have not been updated in recent earnings briefings, so it has not been confirmed whether the historical pattern applies to the current flow businesses to the same extent.

In FY2026-Q3, it will be necessary to confirm how much the cumulative progress rates for revenue and operating income have risen from H1, as well as whether building and land handovers, the number of managed units and the buildup of recurring revenue support the remaining amounts required to meet the full-year forecasts. At present, the company has maintained its full-year forecasts but has not explicitly stated the amounts required during the remaining period or its own assessment of progress against plan.