Interim profitability confirmed, but earnings are concentrated in the Green Recycling business

Revenue in the FY2026 interim period was ¥552.063 million, up 5.5% year on year. The company reported operating profit of ¥85.498 million, ordinary profit of ¥24.117 million and interim net profit attributable to owners of the parent of ¥43.592 million, turning profitable from losses in the same period of the previous fiscal year at the operating, ordinary and bottom-line levels. The first point to confirm in the next FY2026-Q3 results is whether this profitability was more than a temporary interim-period improvement and can be maintained through the cumulative third quarter.

Interim-period segment revenue was ¥47.178 million for Green Finance, ¥173.186 million for Green Recycling, ¥204.001 million for Green Energy and ¥127.697 million for Green Digital. Their approximate revenue shares were 8.5%, 31.4%, 37.0% and 23.1%, respectively, representing a significant shift from the former mix centered on the reuse and resource and energy businesses. The exclusion of アイレス株式会社 from the consolidated group and the addition of AI Tech Tomakomai株式会社 as a consolidated subsidiary also mean that the comparison with the previous year includes differences in business scope.

By profit, Green Recycling generated ¥149.904 million, the majority of the four segments' profit, followed by ¥51.007 million from Green Digital and ¥19.063 million from Green Energy. Green Finance, in contrast, reported a ¥33.125 million loss. The simple total of the four segment profits was ¥186.849 million, ¥101.351 million above consolidated operating profit of ¥85.498 million, although the company has not broken down this difference by factor. In Q3, the key points to confirm will include gross profit levels in metal reuse, sorghum and electricity sales revenue, the sustainability of server sales, and the burden of company-wide expenses and intersegment adjustments.

In particular, Green Recycling's ¥149.904 million profit exceeded consolidated operating profit of ¥85.498 million, making it the main driver of the group's return to profitability. Green Finance, by contrast, is described as having been affected by the absence of overseas investment advisory revenue recorded in the same period of the previous fiscal year and lower fees from certain asset management operations. If the business's revenue falls below ¥47.178 million in FY2026-Q3 and its loss widens from ¥33.125 million, concerns about the repeatability of company-wide profitability will intensify.