Q1 reached approximately 22% of the full-year plan; can the sales shortfall be recovered in H1?

Revenue in April–June 2026 was ¥722 million, operating profit was ¥58 million, ordinary profit was ¥57 million, and net profit attributable to owners of the parent was ¥33 million. The full-year forecasts are revenue of ¥3,300 million, operating profit of ¥270 million, ordinary profit of ¥260 million, and net profit of ¥192 million, putting revenue progress at approximately 21.9% and operating profit progress at approximately 21.7%. On a simple time-apportioned basis, the benchmarks for H1 of the fiscal year ending March 2027 are revenue of ¥1,650 million and operating profit of ¥135 million, although these are mechanical benchmarks that do not take seasonality or the timing of project recognition into account.

In the year-earlier period, revenue was ¥735 million and the company posted an operating loss of ¥35 million. Thus, Q1 revenue fell by approximately ¥13 million, but operating results moved from a loss to a profit. Because revenue declined while profit improved, H1 needs to be assessed not only for a simple recovery in revenue but also for how much of the operating margin can be maintained. The full-year operating profit forecast of ¥270 million for the fiscal year ending March 2027 is ¥23 million above the ¥247 million recorded in the fiscal year ended March 2026. A key question is whether Q1 operating profit of ¥58 million reflects temporary cost reductions or a broader improvement in the full-year earnings structure.

By segment, revenue from the Sharo-yume business was ¥604.7 million, up 1.4% year on year, while segment profit was ¥73.5 million, up 140.8%. The CuBe business, by contrast, generated revenue of ¥119.7 million, down 15.3%, and recorded a segment loss of ¥18.4 million. Consolidated progress therefore depends on higher revenue and profit from the Sharo-yume business. The balance between revenue progress and margins will change depending on whether CuBe projects are recognized in H1.

There was no revision to the full-year earnings forecasts as of Q1, and the full-year dividend forecast remained unchanged at ¥8. Neither supplementary results materials nor a results briefing was provided for Q1. At the next H1 results announcement, the simple benchmarks of ¥1,650 million in revenue and ¥135 million in operating profit should be used to assess the variance from actual results, the timing of CuBe project recognition, and whether the full-year forecasts have been revised.