FY2026 first-half operating profit is ahead of plan; Q3 focus shifts to covering the balance of the full-year forecast

In the six months ended June 2026, revenue was ¥5,809 million, operating profit was ¥2,372 million, ordinary profit was ¥2,390 million, and interim net profit attributable to owners of the parent was ¥1,656 million. The full-year forecasts are revenue of ¥11,000 million, operating profit of ¥3,100 million, ordinary profit of ¥3,113 million, and net profit of ¥2,151 million. Operating profit is already at 76.5% of its forecast, well ahead of revenue at 52.8%. As of the first half, the fact that profit is significantly ahead of revenue will be the starting point for assessing the Q3 results.

In the earnings forecast revision dated 31 July, the full-year revenue forecast was raised by ¥500 million and the operating profit forecast by ¥100 million. Year on year, first-half revenue increased 44.8% and operating profit increased 73.9%, both strong rates of growth. In Q3, it will be important to determine how much of this growth can be sustained. However, because the company began preparing consolidated financial statements in FY2025, there are disclosure limitations on simple year-on-year comparisons. In Q3, the key question will be whether the company can explain separately the scope of comparability and the contributions from existing businesses and subsidiaries.

Based on the current full-year forecasts, the second half requires revenue of ¥5,191 million and operating profit of ¥728 million. This means that 47.2% of the annual revenue forecast must be generated in the second half, while only 23.5% of the annual operating profit forecast is required, implying a plan based on the high first-half profit margin. In the Q3 earnings release, the ability to show not only cumulative Q3 revenue and operating profit but also the amounts required in Q4 after the end of Q3, in millions of yen, will determine how readily the full-year plan can be assessed.

Even if the recruitment market and corporate customer base continue to expand, profit can fluctuate depending on the timing of quarterly revenue recognition and marketing and recruitment investments. Accordingly, in Q3 the most important points to verify will be whether the company discloses together the revenue progress rate, operating profit progress rate, second-half expense plan, and whether the full-year forecasts have been revised, rather than simply stating that the full-year forecasts remain achievable.