Interim results exceed profit plan; focus shifts to revenue build-up and earnings sustainability in Q3

Revenue for the six months ended November 2026 was ¥5,372 million, representing 51.2% of the full-year forecast of ¥10,500 million. This was 1.2 percentage points above the 50% halfway mark implied by allocating the full-year plan evenly over the period, so revenue alone was broadly on plan. To meet the full-year plan, ¥5,128 million in revenue will be required in the second half.

Profit is well ahead of revenue. Operating profit was ¥1,121 million, equivalent to 112.1% of the full-year forecast of ¥1,000 million, already exceeding the annual plan by ¥121 million. Interim net income attributable to owners of the parent was also strong at ¥760 million, reaching 102.7% of the full-year forecast of ¥740 million. Accordingly, the key point to check in Q3 is not simply whether profit rises or falls, but whether the profit level recorded in the first half can be reproduced in the second half or whether the amount above the annual plan reflects temporary front-loading.

For reference, cumulative Q3 revenue would be ¥7,875 million if the full-year plan progressed evenly by quarter. Reaching this level from the interim result would require standalone Q3 revenue of ¥2,503 million. Because ¥7,875 million is not the company's published Q3 forecast but a monitoring benchmark based on allocating 75% of the full-year plan, any deviation from actual results needs to be viewed alongside project progress and the timing of revenue recognition.

The financial summary available for reference this time confirms total revenue and operating profit, but does not provide a breakdown of the profit increase by project or business, or revenue and profit by segment. In Q3, it will be necessary to assess not only changes in revenue but also how much of the ¥1,121 million in operating profit reflects sustainable profitability improvement, and whether the company revises its earnings outlook after exceeding the full-year plan.