First-half results are on track for the full-year plan, but profit is weighted toward the second quarter

Revenue for January–June 2026 was ¥263.6 billion, up 14.3% year on year, while core operating profit was ¥66.1 billion, up 79.6%. The full-year forecasts are revenue of ¥520.0 billion and core operating profit of ¥130.0 billion, putting first-half progress at approximately 50.7% and 50.9%, respectively. Based on the first-half total alone, revenue and core profit are broadly on track against the plan.

However, the quarterly breakdown is not even. First-quarter revenue was ¥118.5 billion, core operating profit was ¥20.0 billion, and the core operating margin was 16.9%. In the second quarter, revenue was ¥145.2 billion, core operating profit was ¥46.1 billion, and the margin rose to approximately 31.7%. Second-quarter core operating profit was approximately 2.3 times the first-quarter figure, and the first-half average core operating margin of 25.1% was lifted by the high margin in the second quarter.

Looking mechanically at the difference between the full-year forecasts and first-half results, the second half requires approximately ¥256.4 billion in revenue and ¥63.9 billion in core operating profit. In the third-quarter results, it will be important to examine not only the nine-month cumulative figures but also standalone July–September revenue, core operating profit and margin, and determine whether the second quarter's high profitability reflected temporary expense recognition or the timing of revenue recognition, or whether it represents sustainable underlying earnings power.