FY2026 is within reach of the full-year plan, but Q4 requires revenue of ¥1.11 billion and operating profit of ¥166 million

For the nine months ended September 2026, revenue was ¥3,393.604 million, operating profit was ¥634.398 million, ordinary profit was ¥637.081 million, and net income attributable to owners of the parent was ¥418.414 million. Revenue increased 11.9% year on year and operating profit increased 18.9%, with operating profit growth exceeding revenue growth. The full-year forecasts are revenue of ¥4,500 million, operating profit of ¥800 million, ordinary profit of ¥801 million, and net income of ¥539 million. Revenue progress was 75.4%, while operating profit had reached 79.3% of the full-year forecast.

Simply deducting the nine-month results from the full-year forecasts leaves required Q4 revenue of ¥1,106.396 million and operating profit of ¥165.602 million. Standalone Q3 revenue was approximately ¥1,139 million and operating profit was approximately ¥209 million, so the required amounts are equivalent to 97.1% and 79.2%, respectively, of the latest quarterly results. On the surface, the hurdle does not appear high, but the interim materials indicate a tendency for results to be concentrated in all four quarters, and results may fluctuate depending on the timing of project recognition and acceptance of large projects in each quarter.

FY2025 results were revenue of ¥4,103 million and operating profit of ¥756 million. Against this base, the company’s FY2026 forecasts call for revenue growth of 9.7% and operating profit growth of 5.8%. The nine-month operating margin was 18.7%, improving from approximately 17.6% in the same period of the previous year and exceeding the 17.8% operating margin implied by the full-year forecast. Accordingly, the key to meeting the full-year plan is not simply the scale of revenue, but whether projects can be recognized in Q4 without a significant deterioration in the operating margin.

At the next earnings release, in addition to reaching revenue of ¥4,500 million and operating profit of ¥800 million, it will be important to compare Q4 revenue and operating profit with the year-earlier period and the immediately preceding quarter. As order intake and order backlog amounts have not been disclosed at this point, the certainty of remaining projects, acceptance schedules for major customers, and whether the assumptions underlying the full-year forecasts have changed are difficult to assess.