Focus on the buildup required in the final quarter to meet the full-year plan after the upward revision

For the cumulative third quarter of the fiscal year ending September 2026, revenue was ¥16,172 million, operating profit was ¥2,239 million, profit before tax was ¥2,220 million, and profit attributable to owners of the parent was ¥1,503 million. The full-year forecast as of the August announcement was revenue of ¥19,730 million and operating profit of ¥2,800 million, putting progress against the initial plan at approximately 82.0% for revenue and 80.0% for operating profit.

The full-year forecast was subsequently raised on 10 September to revenue of ¥22,000 million, operating profit of ¥2,900 million and profit attributable to owners of the parent of ¥1,903 million, while the forecast year-end dividend was also increased to ¥127. The company cited merchant acquisition through promotions targeting the SME segment, growth in active IDs, expansion in payment processing and upside in initial revenue as reasons for the revision. The upward revision to revenue was ¥2,270 million versus the previous plan, while the revisions to operating profit and profit attributable to owners of the parent were ¥100 million and ¥33 million, respectively. The fact that the profit forecasts were not raised as much as revenue warrants attention.

Working backward from the revised plan, the fourth quarter requires revenue of ¥5,828 million, operating profit of ¥661 million and profit attributable to owners of the parent of approximately ¥400 million. The required operating margin on the remaining revenue is approximately 11.3%, below the cumulative third-quarter operating margin of approximately 13.8%. Maintaining a particularly high margin is therefore not an absolute requirement. However, the company reports a single segment, its face-to-face payment services business, and does not disclose revenue and profit contributions from commercial facilities, drugstores, SMEs or individual projects as segment results. In the full-year results, it will be necessary to confirm whether the major projects underlying the upward revision actually moved into full-scale operation and translated into revenue and profit, and whether changes in the mix of development revenue and terminal sales put downward pressure on margins.