Can the company maintain strong earnings progress in FY2026-Q3 even after the upward revision?

FY2026-H1 consolidated revenue was ¥294,258 million and operating profit was ¥17,948 million, up 28.8% and 180.9%, respectively, from the previous interim period. The full-year forecast was revised upward in the interim period to revenue of ¥580,000 million and operating profit of ¥26,500 million, putting H1 progress at 50.7% for revenue and 67.7% for operating profit. Simply deducting H1 results from the full-year forecast leaves required second-half revenue of ¥285,742 million and operating profit of ¥8,552 million.

The main reason profit progress substantially outpaced revenue was that all segments, including logistics, real estate and other businesses, reported higher profit. In H1, the logistics business recorded revenue of ¥269,087 million and operating profit of ¥8,334 million, the real estate business recorded revenue of ¥19,094 million and operating profit of ¥9,084 million, and other businesses recorded revenue of ¥6,076 million and operating profit of ¥463 million. However, the reasons for the increase in operating profit have only been listed qualitatively, including new consolidated companies, real estate securitization, pricing optimization and improvements at unprofitable sites, with no breakdown of the amounts attributable to each factor disclosed.

In FY2026-Q3, in addition to assessing how far nine-month cumulative revenue and operating profit have progressed against the full-year forecast, it will be necessary to determine whether the real estate securitization profit concentrated in H1 has continued. In particular, if operating profit rises further from H1's ¥17,948 million, the increase must be separated into the portion attributable to improved profitability in the logistics business and the portion attributable to real estate sales. Key points for the next results announcement will be whether the full-year forecast is maintained or revised again, the contribution by factor, and any additional disclosure on the logistics business's profit margin.