Testing the raised guidance against strong first-half progress and the remaining amount required in the third quarter

Revenue for the interim period of FY2026 ending December was ¥16,590 million, operating profit was ¥2,573 million, ordinary profit was ¥2,278 million, and interim net profit attributable to owners of the parent was ¥1,584 million. Year on year, these increased by 14.3%, 14.9%, 9.7% and 12.3%, respectively, with revenue and all major profit measures increasing. Following the upward revision, the full-year forecasts are revenue of ¥31,000 million, operating profit of ¥3,680 million, ordinary profit of ¥3,050 million and net profit of ¥2,190 million.

The interim period accounted for 53.5% of the full-year revenue forecast, 69.9% of the operating profit forecast, 74.7% of the ordinary profit forecast and 72.3% of the net profit forecast. Compared with a simple halfway point in the fiscal year, profit is therefore progressing ahead of schedule. The amounts required in the second half to meet the full-year forecasts are ¥14,410 million of revenue, ¥1,107 million of operating profit, ¥772 million of ordinary profit and ¥606 million of net profit. In FY2026-Q3, it will be necessary to determine whether the high profit progress in the first half reflects sales brought forward or earnings power that will continue into the second half.

At the end of the first quarter, the company forecast full-year revenue of ¥25,500 million, operating profit of ¥2,400 million, ordinary profit of ¥1,900 million and net profit of ¥1,330 million. At the interim stage, the forecasts were raised by ¥5,500 million for revenue, ¥1,280 million for operating profit, ¥1,150 million for ordinary profit and ¥860 million for net profit. Given the scale of the increases, the next results announcement should confirm not only year-on-year revenue and profit growth, but also the sales contracts, scheduled settlements and profit contribution by product category that support maintaining the revised forecasts.

In the previous fiscal year, cumulative nine-month results were revenue of ¥19,714 million, operating profit of ¥2,650 million, ordinary profit of ¥2,390 million and net profit of ¥1,623 million. Whether cumulative nine-month results this year exceed those levels, and whether the ¥32,706 million of real estate held for sale at the end of the interim period leads to revenue recognition in Q4, will provide concrete evidence for assessing the credibility of the full-year plan.