Can the upward revision for the first half be converted into actual results in the third and fourth quarters?

First-half FY2026 revenue was ¥2,284.474 million, up 33.4% year on year; operating profit was ¥232.932 million, up 115.3%; ordinary profit was ¥237.406 million, up 110.3%; and interim net income attributable to owners of the parent was ¥158.018 million, up 119.3%. Profit growth significantly outpaced revenue growth, with the first-half operating margin rising to approximately 10.2% from approximately 6.3% in the same period of the previous year.

Following the first-half results, the full-year forecast was raised to ¥5,155 million in revenue, ¥550 million in operating profit, ¥558 million in ordinary profit, and ¥366 million in net income attributable to owners of the parent. First-half progress against these forecasts was 44.3% for revenue, 42.4% for operating profit, 42.5% for ordinary profit, and 43.2% for net income. Although profit progress was not materially out of line with revenue progress, it remained below the 50% midpoint of the calendar year, so full-year achievement was not yet in sight based on the first half alone.

At the results briefing, the company explained that the SaaS and subscription-based nature of its businesses creates seasonality, with the third and fourth quarters making larger contributions to revenue and profit. Rather than judging performance against a simple 50% benchmark, it is therefore necessary to use nine-month progress benchmarks of ¥3,866 million in revenue, approximately ¥413 million in operating profit, and approximately ¥275 million in net income, equivalent to 75% of the full-year forecasts, and assess how much is accumulated in the standalone third quarter. These are comparison benchmarks based on calendar-year progress, however, and are not targets explicitly set by the company.

The latest third-quarter-related disclosure currently available is a notice stating that the company plans to announce its results and hold an online results briefing on 13 November. No third-quarter results or changes to the full-year forecast have yet been disclosed. Because the company reports a single segment, it is difficult to determine from consolidated results alone which of TUNAG, FANTS, or Watchy drove third-quarter revenue and profit. In the third quarter, four points should be reviewed together: standalone quarterly revenue and operating profit, nine-month progress against the full-year forecast, whether the full-year forecast is maintained or revised again, and KPIs supporting second-half seasonality.