First-half revenue reached half of the full-year forecast, while operating profit reached two-thirds

Revenue for the period from January to June 2026 was ¥43,305 million, up 80.7% year on year, while operating profit was ¥4,954 million, up 33.9%. A simple calculation of first-half progress against the company's forecasts shows revenue at 43,305 million ÷ 85,800 million, or 50.5%, and operating profit at 4,954 million ÷ 7,502 million, or 66.0%. Revenue was broadly in line with the 50% expected after six months, while profit was 15.5 percentage points ahead of revenue.

On a standalone quarterly basis, first-quarter revenue was ¥21,104 million and operating profit was ¥2,467 million, compared with second-quarter revenue of ¥22,201 million and operating profit of ¥2,486 million. Second-quarter standalone EBITDA was ¥3,309 million and profit before tax was ¥2,365 million. Although revenue and operating profit increased from the first quarter, the increase in operating profit was limited to ¥19 million. Whether the strong first-half profit progress can be interpreted directly as an acceleration in second-half profit growth needs to be tested against standalone third-quarter profit levels.

In the next third quarter, using nine-month cumulative revenue of ¥64,350 million and operating profit of ¥5,627 million as mechanical benchmarks that do not account for seasonality, progress would be equivalent to 75% of the full-year forecasts. These are not quarterly targets disclosed by the company, but checkpoints based on simple time apportionment. Even if results exceed these levels, we will separately assess Zoff's same-store growth, VH's contribution to consolidated results and the decline in gross margin, and confirm whether the company can maintain or raise its full-year operating profit forecast of ¥7,502 million. Consistency between business progress and the full-year net income forecast of ¥4,752 million and annual dividend forecast of ¥51 will also be disclosure points in the next earnings release.