Assess in Q1 the gap between the FY2027 fiscal-year targets and the company forecast.

Consolidated revenue in FY2026 was ¥12,570 million, operating income was ¥280 million and the operating margin was 2.2%. The FY2027 company forecast calls for revenue of ¥13,305 million and operating income of ¥336 million, representing revenue growth of 5.9% and operating income growth of 20.0%. The operating margin calculated from the forecast is approximately 2.5%, an improvement from FY2026 actual results, although the margin itself remains low.

The medium-term management plan Vision 24 sets targets for the fiscal year ending June 2027 of ¥14,000 million in revenue, ¥700 million in operating income and a 5.0% operating margin. The latest company forecast is therefore ¥695 million below the medium-term revenue target and ¥364 million below the operating income target. In particular, forecast operating income is only approximately 48% of the target, making the delay in improving margins a more significant issue than sales scale.

In the next Q1, the issue is not simply whether the full-year forecast is left unchanged. For revenue, approximately ¥3,326 million, obtained by mechanically dividing the full-year forecast of ¥13,305 million by 4, provides a simple comparison benchmark, but it is not a company plan that takes seasonality into account. The same applies to operating income, for which approximately ¥84 million is a mechanical benchmark and the reasons for any variance from actual results need to be checked.

The latest materials do not disclose standalone FY2027-Q1 revenue or operating income targets, or annual progress rates against the Vision 24 targets. In the next results announcement, we will assess whether the company forecasts of ¥13,305 million in revenue and ¥336 million in operating income represent a step toward the medium-term targets or a realistic landing point based on external conditions, including Q1 progress toward the full-year operating income forecast of ¥336 million, improvement in loss-making businesses outside Thailand, and the launch of the India business.