The third quarter of FY2026 ending December is a pivotal period for determining whether the company can return to profitability

Consolidated revenue for the first half of the fiscal year ending December 2026 was ¥3,238 million, representing 46.9% progress against the ¥6,900 million full-year forecast. Operating loss was ¥49 million, ordinary loss was ¥24 million, and interim net loss attributable to owners of the parent was ¥54 million, indicating that profitability has not yet been achieved despite revenue progress.

Based on the full-year forecast, the company needs ¥3,662 million in revenue in the second half. Operating profit is planned to move from a ¥49 million first-half loss to a ¥66 million full-year profit, requiring approximately ¥115–116 million in operating profit in the second half on a simple calculation. In its Q&A, the company also explained that it needs to generate approximately ¥115 million in operating profit in the second half, making the third quarter the first period in which investors can assess whether this plan is actually getting underway.

The company considers first-half revenue to have been broadly in line with expectations, stating that the historical first-half progress rate has generally been 47–50%. At the same time, the earnings presentation materials noted that progress in the first half was somewhat cautious because of the impact of domestic store restructuring. Accordingly, the key issue is not simply whether revenue increased year on year, but whether peak-season dining demand, accumulated recurring revenue, and overseas business growth are translating into operating profit.

In the next results, we will check whether quarterly operating profit exceeds ¥0 million in the third quarter and the extent to which the nine-month cumulative revenue progress rate improves from 46.9%. Even if the full-year forecast is maintained, it will be important for the company to provide quantified support for the required approximately ¥115 million in remaining operating profit, including the effects of store restructuring, fixed-cost reductions, and improved profitability in the overseas business.