First-quarter progress was broadly in line with the full-year plan, but sustainability will be assessed in H1

In the first quarter from 1 March to 31 May 2026, operating revenue was ¥63,769 million and operating income was ¥4,644 million, up 8.0% and 13.2% year on year, respectively. Ordinary income was also ¥4,891 million, up 12.8%, while net income attributable to owners of the parent was ¥3,057 million, up 4.6%. All major profit levels were above the year-earlier period.

On a simple comparison with the full-year forecasts, operating revenue progress was ¥63,769 million ÷ ¥257,270 million, or 24.8%, while operating income progress was ¥4,644 million ÷ ¥17,527 million, or 26.5%. Progress was 27.2% for ordinary income and 27.7% for net income. The first quarter alone delivered roughly one-quarter of the annual plan, implying mechanical six-month benchmarks of ¥128,635 million for operating revenue and approximately ¥8,764 million for operating income. These are calculation-based benchmarks that do not take seasonality into account and are not the H1 forecasts provided by the company.

FY2026 actual operating revenue was ¥245,548 million and operating income was ¥17,070 million, up 3.5% and 0.9% year on year, respectively. Against this, the FY2027 full-year forecasts assume growth of 4.8% in operating revenue and 2.7% in operating income, making the first quarter's 8.0% revenue growth and 13.2% operating income growth appear to represent a stronger-than-planned start. However, the factors behind first-quarter revenue growth included variable factors such as temperatures, typhoons and tourists. In H1, it will be necessary to assess the contribution from Q2 and whether the full-year forecasts remain unchanged or are revised.