First-quarter revenue and profit growth marks initial progress toward the full-year recovery scenario, but its reproducibility must be confirmed in the first half

In the first quarter of FY2027, covering the three months from 1 March to 31 May 2026, revenue was ¥4,517.821 million, operating profit was ¥107.334 million, ordinary profit was ¥78.888 million and net profit attributable to owners of the parent was ¥51.270 million. Revenue rose 13.6% year on year and operating profit rose 24.3%, indicating growth in both the top line and core operating profit. By contrast, ordinary profit increased only 3.8% and net profit 1.1%, showing relatively weaker growth below operating profit.

The full-year forecast for FY2027, announced on 13 April, calls for revenue of ¥18,361 million, operating profit of ¥394 million, ordinary profit of ¥275 million and net profit of ¥187 million, and remained unchanged as of the first-quarter results. On a simple calculation, first-quarter progress was 24.6% for revenue, 27.2% for operating profit, 28.7% for ordinary profit and 27.4% for net profit. However, the company has not disclosed specific forecast figures for the six months through the second quarter, so the likelihood of achieving the plan cannot be judged from the current progress rates alone, given quarterly seasonality and the timing of order recognition.

In the year-earlier quarter, revenue was ¥3,976.224 million and operating profit was ¥86.384 million, meaning that this first quarter saw increases of ¥541.597 million in revenue and ¥20.950 million in operating profit. The operating margin improved by approximately 0.21 percentage points, from approximately 2.17% in the year-earlier quarter to approximately 2.38%. It will be important to determine whether the recovery in orders translates into more than higher recognized revenue and whether margins can be maintained through the first half. In the second quarter, we will want to confirm whether the increase in operating profit is keeping pace with revenue growth.

If 50% of the full-year forecast is used mechanically as a first-half benchmark, revenue of ¥9,180.5 million, operating profit of ¥197.0 million, ordinary profit of ¥137.5 million and net profit of ¥93.5 million would provide one reference line. These are not first-half targets set by the company and cannot be used as a pass-or-fail test that ignores seasonality, but they can serve as benchmarks when first-half progress against the full-year forecast is disclosed. It should also be confirmed whether order intake and order backlog, which have so far been described only qualitatively, are disclosed in monetary terms and support the sustainability of revenue growth.