H1 tracking broadly in line with the full-year plan; Q3 to test H2 profit delivery

For H1 of the fiscal year ending November 2026, revenue was ¥706.929 million, operating profit was ¥97.934 million, ordinary profit was ¥100.464 million, and net income attributable to owners of the parent was ¥64.198 million. Compared with revenue of ¥676.082 million and operating profit of ¥75.236 million in the same period of the previous year, revenue increased 4.6% and operating profit increased 30.2%. The H1 operating margin was 13.9% on a simple calculation, improving by approximately 2.7 percentage points from around 11.1% in the same period of the previous year.

The full-year forecast is revenue of ¥1,451 million, operating profit of ¥204 million, ordinary profit of ¥206 million, and net income attributable to owners of the parent of ¥133 million. As of H1, the company had not revised its earnings forecast. Progress rates were 48.7% for revenue, 47.9% for operating profit, 48.6% for ordinary profit, and 48.2% for net income, putting revenue and profit at broadly similar levels of progress. On a simple difference basis, ¥744.071 million in revenue and ¥106.066 million in operating profit remain to be generated to meet the full-year forecast.

Compared with the previous year’s H2 results, FY2025 H2 revenue was ¥710.734 million, calculated by subtracting H1 revenue of ¥676.082 million from full-year revenue of ¥1,386.816 million. H2 operating profit was ¥114.719 million, calculated by subtracting H1 operating profit of ¥75.236 million from full-year operating profit of ¥189.955 million. Accordingly, the revenue required to meet this year’s full-year forecast is approximately 4.7% above the previous year’s H2 level, while operating profit could reach the target even if it were approximately 7.5% below the previous year’s H2 level. The focus will therefore be the combination of revenue accumulation and margin maintenance.

In Q3, the extent to which the company discloses nine-month revenue and operating profit will be important. Whether the company is approaching 75% of its full-year forecast at the nine-month point, namely approximately ¥1,088 million in revenue and ¥153 million in operating profit, is only a time-apportioned reference benchmark and not a quarterly plan provided by the company. In addition, the group reports a single consulting business segment and does not disclose revenue or profit by segment. It will therefore be important to see whether Q3 provides supplementary explanations of contributions from consulting, CoBrain, Eureka Box and other services, rather than only total company figures.