Even after the upward revision, Q3 will be a checkpoint for progress toward full-year profit targets

Revenue for the first half, from January through June 2026, was ¥2,932 million, up 30.5% year on year, while operating profit was ¥1,246 million, up 45.6%. Ordinary profit was ¥1,250 million and interim net profit attributable to owners of the parent was ¥824 million, up 45.9% and 46.4%, respectively, from the same period a year earlier. Operating profit growth exceeded revenue growth by 15.1 percentage points, indicating that revenue growth was flowing efficiently through to profit in the first half.

The full-year forecast was raised in Q2 to ¥6,000 million in revenue and ¥2,100 million in operating profit, from the Q1 forecasts of ¥5,800 million and ¥1,900 million, respectively. First-half progress was 48.9% for revenue and 59.4% for operating profit, with profit progress 10.5 percentage points ahead of revenue progress. Simply deducting first-half results from the full-year forecast leaves ¥3,068 million in revenue and ¥854 million in operating profit required in the second half.

Using a mechanical 75% progress benchmark that does not account for seasonality, cumulative Q3 revenue of ¥4,500 million and operating profit of ¥1,575 million would provide one reference point. This is not a Q3 target presented by the company, but it provides a basis for measuring whether progress through Q2 is genuinely ahead of the full-year forecast. Standalone Q2 revenue was ¥1,543 million, operating profit was ¥646 million and the operating margin was 41.9%, so whether this level of profitability can be maintained in standalone Q3 will also be important.

The company has disclosed a full-year forecast, but not standalone Q3 forecasts, quarterly seasonality or a specific build-up of second-half revenue and profit. Accordingly, the next update will need to examine not only cumulative Q3 results, but also whether the factors behind the upward revision were increased recurring revenue, subsidiary revenue or cost controls, and whether profit is excessively concentrated in Q4.