FY2026 full-year guidance maintained, but profit recovery is needed in Q4

For the nine months ended Q3 of the fiscal year ending September 2026, revenue was ¥8,428 million, down 4.9% year on year; operating profit was ¥382 million, down 30.6%; and ordinary profit was ¥524 million, down 16.7%. Although both revenue and operating profit declined, full-year guidance remains unchanged at revenue of ¥11,333 million and operating profit of ¥510 million. Progress toward full-year guidance after nine months was approximately 74.4% for revenue and 74.9% for operating profit.

At the interim stage, revenue progress was approximately 49.5%, calculated as ¥5,613 million ÷ ¥11,333 million, while operating profit progress was approximately 45.5%, calculated as ¥232 million ÷ ¥510 million. Operating profit progress recovered to approximately 75% by the end of Q3, but operating profit was still down 30.6% year on year, meaning progress alone cannot be used to assess the quality or sustainability of the profit recovery. The operating margin for the nine months ended Q3 was also approximately 4.5%, down about 1.7 percentage points from approximately 6.2% in the same period of the previous year.

On a simple calculation, Q4 revenue of ¥2,905 million and operating profit of ¥128 million are needed to reach full-year guidance. Revenue does not represent a major shortfall based on progress through Q3, but operating profit remains affected by expanding losses in the core security business. Accordingly, the full-year results should be reviewed to determine whether losses in the security business narrowed in Q4, whether profit in the power supply business was maintained, and whether fixed costs and personnel costs were absorbed more effectively.

The scheduled date for the full-year results announcement is 16 November 2026. Key points for the full-year results are the variance between actual results and guidance of revenue of ¥11,333 million, operating profit of ¥510 million, ordinary profit of ¥715 million and net profit attributable to owners of the parent of ¥536 million, as well as whether guidance was revised, the final decision on the ¥37 annual dividend, and special gains and losses in Q4.