Q3 progress against the full-year plan after the upward revision is the key test

The first half from January through June 2026 generated revenue of ¥3,397 million, operating profit of ¥638 million, ordinary profit of ¥633 million and interim net profit attributable to owners of the parent of ¥435 million. Year on year, revenue increased 23.7%, operating profit 31.3%, ordinary profit 32.3% and net profit 33.8%, with profit growth outpacing revenue growth. Revenue progress against the full-year forecast of ¥7,002 million was 48.5%, while progress against the operating profit forecast of ¥1,200 million was 53.2% and against the net profit forecast of ¥850 million was 51.2%.

The full-year forecasts were subsequently raised on 27 October to revenue of ¥7,850 million, operating profit of ¥1,470 million, ordinary profit of ¥1,444 million and net profit of ¥1,003 million. The increases from the previous forecasts were ¥848 million for revenue and ¥270 million for operating profit. After deducting first-half results, the revised plan requires the company to add ¥4,453 million in revenue, ¥832 million in operating profit and ¥568 million in net profit during the second half. Beyond the standalone Q3 figures, the key point will be how much this remaining gap has narrowed by the end of Q3 year to date.

As the reason for the revision, the company indicated that revenue from the Data Security business is expected to exceed the previous assumption by ¥200 million, and revenue from the Network Security business by ¥220 million. In addition, the plan assumes that ¥428 million in revenue will be added through consolidation of アンペール's income statement from Q4. In Q3, we therefore want to distinguish the upside from the two existing businesses from the contribution of the acquired company, and confirm whether results through Q3 for the existing businesses, アンペール's Q4-only contribution and the profit margins of both can be disclosed separately.

The first-half results did not disclose orders received, order backlog, the assumptions underlying the full-year forecast, the amount of risk incorporated into the forecast or the profit increase by factor. Although the upward revision was driven mainly by expanding demand, unless Q3 discloses order volumes, progress by sales channel, increases in selling and promotional expenses and R&D expenses, and the profit plan for the remaining period, information for validating the ¥1,470 million operating profit forecast will remain limited.