Most of the FY2026 plan has been delivered in 3Q YTD, shifting the focus to the fourth quarter's sustainability

For FY2026 3Q YTD (1 September 2025 to 31 May 2026), revenue was ¥73,491 million, operating income was ¥3,401 million and net income attributable to owners of the parent was ¥2,278 million. The full-year forecast recorded in the financial summary is revenue of ¥105,980 million, operating income of ¥4,561 million and net income of ¥2,814 million, representing progress rates of 69.3%, 74.6% and 81.0%, respectively. Earnings are further along than revenue, with improved profitability putting the company ahead of schedule in achieving the plan.

A simple calculation of the amounts required in the remaining quarter gives revenue of ¥32,489 million, operating income of ¥1,160 million and net income of ¥536 million. Based on the difference from 2Q YTD, 3Q standalone results can be calculated as revenue of ¥27,899 million, operating income of approximately ¥886 million and net income of ¥596 million. Accordingly, achieving full-year operating income requires fourth-quarter operating income to increase by approximately 31% from the 3Q standalone level. Net income, by contrast, can reach the plan even at a level below the 3Q standalone result.

Accordingly, at the next earnings announcement, it will be necessary to assess not only whether the full-year forecast was achieved, but also whether fourth-quarter revenue grew by at least 16% from the 3Q standalone level and whether the operating margin was maintained. Even if fourth-quarter operating income reaches ¥1,160 million, the sustainability of the following fiscal year's earnings level remains a separate issue if the result depends on price increases or temporary transaction-mix effects.

The financial summary disclosed as of 3Q does not include 3Q YTD revenue and earnings by segment or specific assumptions for the fourth quarter. At the next earnings announcement, it will be important to confirm the full-year breakdown for the non-ferrous metals and arts and crafts businesses, fourth-quarter sales volumes and unit prices, and the factors behind achievement of the full-year forecast.