Full-year forecast unchanged, but first-half profit progress below the 50% benchmark

Consolidated revenue for January to June 2026 was ¥4,179 million, operating profit was ¥287 million, ordinary profit was ¥325 million, and interim net profit attributable to owners of the parent was ¥211 million. As this was the first interim period since establishment, a straightforward year-on-year comparison is not possible. However, the operating margin was 6.9% on a simple calculation, and the company at least avoided a return to the red or an operating loss.

The full-year forecasts are revenue of ¥9,600 million, operating profit of ¥700 million, ordinary profit of ¥705 million, and net profit of ¥443 million. First-half progress was 43.5%, 41.0%, 46.1% and 47.6%, respectively. Both revenue and operating profit were below the simple 50% benchmark at the six-month mark, with operating profit 9 percentage points below it. Meeting the full-year forecast will require ¥5,421 million in revenue and ¥413 million in operating profit in the second half alone.

Because the disclosure materials do not quantitatively separate seasonality from the timing of contributions from acquired subsidiaries, the 50% benchmark should not be used by itself to determine whether the company is on track to meet its forecast. However, if the second half is divided evenly between Q3 and Q4, quarterly revenue of ¥2,710.5 million and operating profit of ¥206.5 million will be required. The first-half quarterly averages were revenue of ¥2,089.5 million and operating profit of ¥143.5 million, meaning that from Q3 onward, revenue will need to be approximately 30% higher and operating profit approximately 44% higher.

In FY2026-Q3, it will be necessary to review not only standalone Q3 revenue and operating profit, but also cumulative progress against the full-year forecast, the amounts required in the remaining Q4, and the assumptions underlying the unchanged forecast. Reaching cumulative Q3 revenue of ¥7,200 million and operating profit of ¥525 million, equivalent to 75% of the full-year forecasts, provides one mechanical benchmark. However, progress rates alone cannot complete the assessment without an explanation of the extent to which the company has incorporated seasonality and acquisition effects.