Establish the FY2027 assumptions after the 14 September forecast revision in Q1

Actual results for the fiscal year ended June 2026 were revenue of ¥1,461.239 million, operating profit of ¥135.477 million, ordinary profit of ¥136.732 million and net profit of ¥86.053 million. The initial forecast for the fiscal year ending June 2027 was revenue of ¥1,475 million, operating profit of ¥163 million, ordinary profit of ¥164 million and net profit of ¥101 million. The plan called for revenue growth of only 1.0% year on year, while forecasting operating profit growth of 20.8% and net profit growth of 18.4%. In other words, the initial plan was centred not on substantial revenue growth but on earnings recovery as withdrawal-related burdens subsided and cost efficiency improved.

However, on 14 September 2026, the company announced an increase in shareholder benefit amounts and a revision to its earnings forecast at the same time. The news summary provided confirms that a revision was made, but not the revised figures for revenue, operating profit, ordinary profit, net profit, EPS, dividends or shareholder benefits. The same day, the company also announced corrections to XBRL data and the release of an explanatory video, indicating that the disclosures concerning earnings figures and shareholder returns have been updated multiple times.

Accordingly, it would not be appropriate to use the pre-revision figures of ¥1,475 million or ¥163 million as the company’s current plan when assessing the FY2027-Q1 progress rate. In Q1, it will be important to restate the revised full-year forecasts for revenue, operating profit, ordinary profit and net profit and show the reasons for the revision broken down into factors such as the impact of withdrawing from non-core businesses, investment in human capital, shareholder benefit expenses, and listing maintenance and IR expenses. In particular, the relationship with the confirmed ¥7.00 annual dividend paid or forecast for the fiscal year ended June 2026 must also be clarified together with the revised dividend policy.

For the shareholder benefits, the company should disclose more than simply that the amount was increased. The amount per distribution, annual total return amount, record date and continuous holding period requirements should be confirmed. If these are not disclosed in the Q1 materials, it will not be possible to assess not only the scale of the earnings forecast revision but also the fiscal year and amount in which the SG&A burden associated with shareholder returns was incorporated. In this earnings release, the revised guidance figures themselves and the revised shareholder-return terms are the highest-priority items to confirm.