The revised full-year plan reaches a key third-quarter checkpoint for confirming both sales growth and operating profit recovery

FY2026-H1 revenue was ¥19,595 million, up 4.9% year on year, while operating profit was ¥262.941 million, down 18.0%. Ordinary profit was ¥433.022 million, up 0.3%, and interim net income attributable to owners of the parent was ¥339.921 million, up 83.0%. Revenue progress was approximately 50.5% against the revised full-year forecast of ¥38,800 million dated 30 September, but operating profit progress was only approximately 30.6% against the ¥860 million forecast.

Simply comparing the revised forecasts with first-half results, the remaining period requires revenue of ¥19,205 million, operating profit of ¥597 million, ordinary profit of approximately ¥717 million, and net income of approximately ¥410 million. The previous forecasts were revenue of ¥38,700 million, operating profit of ¥710 million, ordinary profit of ¥910 million, and net income of ¥570 million. In the latest filing, revenue, operating profit, and net income were raised to ¥38,800 million, ¥860 million, and ¥750 million, respectively. The reported materials also indicate that the ordinary profit forecast was raised from ¥910 million to ¥1,150 million.

Standalone FY2026-Q2 revenue was ¥10,611 million, operating profit was ¥424 million, and ordinary profit was ¥515 million. The reason cumulative first-half operating profit appears low is that the ¥161 million operating loss in the first quarter was absorbed by standalone second-quarter profit. However, the earnings presentation materials do not disclose revenue and operating profit progress against the FY2026 full-year forecasts. In Q3, it will be important to determine whether standalone Q3 revenue, gross margin, operating profit, and SG&A expenses, including July and August, can be separately presented, in addition to the nine-month cumulative figures.

At the next earnings announcement, assess how much profit has been accumulated through Q3 in order to maintain the revised operating profit forecast of ¥860 million. In particular, it is necessary to distinguish whether the ¥424 million of standalone Q2 operating profit was a temporary improvement or is being replicated in Q3. If only revenue remains on plan while operating profit progress again lags, one of the assumptions behind the upward revision, such as higher-priced vehicles, improved cost ratios, or recovery of advertising investment, may be breaking down.