Profit growth is front-loaded in FY2026 H1, with operating profit reaching 74.8% of the full-year forecast.

Revenue in the interim period of the fiscal year ending December 2026 was ¥4,139 million, operating profit was ¥374 million, ordinary profit was ¥402 million and interim net profit was ¥273 million. In the same period of the previous year, revenue was ¥3,806 million, operating profit was ¥24 million, ordinary profit was ¥91 million and interim net profit was ¥59 million. Against revenue growth of 8.8%, operating profit increased 1,454.3%, ordinary profit increased 338.3% and interim net profit increased 355.8%, with the recovery in profitability far outpacing revenue growth. As these figures also reflect the rebound from the previous year's low profit base, the key issue is whether profit and margins can be maintained in the next quarter rather than the growth rates themselves.

At the interim point, the full-year forecasts were revenue of ¥7,700 million, operating profit of ¥500 million, ordinary profit of ¥500 million and net profit of ¥340 million. The earnings summary states that these forecasts were unchanged from the previous outlook. H1 progress rates were 53.8% for revenue, 74.8% for operating profit, 80.4% for ordinary profit and 80.3% for net profit. If 75% of the annual figures is used simply as a benchmark for cumulative Q3, the reference levels would be revenue of ¥5,775 million, operating profit of ¥375 million, ordinary profit of ¥375 million and net profit of ¥255 million. However, the company has not quantitatively disclosed quarterly seasonality or the timing of project recognition, so these benchmarks should not be treated as the company's own plan.

The amounts required in H2 to achieve the full-year forecasts, based on H1 results, are revenue of ¥3,561 million, operating profit of ¥126 million, ordinary profit of ¥98 million and net profit of ¥67 million. For operating profit, the calculation indicates that securing ¥126 million in H2 would be sufficient to meet the full-year forecast, a low hurdle compared with the H1 result of ¥374 million. If operating profit in FY2026 Q3 falls below the H1 result or the operating margin declines sharply, however, it will be necessary to consider whether the H1 improvement depended on one-off factors such as public-sector demand, price revisions, fixed-cost reductions or project-recognition timing.

At the next results announcement, the focus will be not only on whether the full-year forecasts are maintained, but also on whether the drivers of profit growth can be explained separately in terms of pricing, sales volume, public-sector demand, WEB and BPO projects, production efficiency, outsourcing and fixed costs. At present, the company lists multiple factors behind the changes but does not disclose the profit contribution of each initiative or project-level profitability. Even if operating profit reaches at least ¥375 million in FY2026 Q3, it will also be necessary to confirm whether this is accompanied by healthy margins and cash generation.