The focus is whether the company can deliver its revised FY2026 full-year forecast in Q4

For the nine months ended FY2026 Q3, revenue was ¥2,039 million, operating profit was ¥415 million, ordinary profit was ¥409 million, and net income attributable to owners of the parent was ¥392 million. The full-year forecasts are revenue of ¥2,750 million, operating profit of ¥560 million, ordinary profit of ¥550 million, and net income of ¥410 million. Progress was 74.1% for revenue, 74.3% for operating profit, 74.5% for ordinary profit, and 95.8% for net income. As of Q3, revenue and operating profit were close to the 75% mark based on the calendar year, while most of the full-year net income forecast had already been achieved.

On a simple difference basis, the amounts required in Q4 are approximately ¥711 million of revenue, ¥145 million of operating profit, ¥141 million of ordinary profit, and ¥17–18 million of net income. In FY2025, full-year revenue was ¥1,960 million and operating profit was ¥150 million, while nine-month revenue was ¥1,316 million and the company posted an operating loss of ¥32 million. Accordingly, the previous-year Q4 revenue can be calculated at approximately ¥644 million and operating profit at approximately ¥184 million. Thus, FY2026 Q4 requires revenue above the previous-year Q4 level, while the required operating profit is below the previous-year result.

This indicates that FY2026 earnings growth does not depend on an exceptionally high level of Q4 profit. However, the remaining revenue requirement of approximately ¥711 million is about 10% above the previous-year Q4 level. Key issues are whether the Medical Support business can continue building its pipeline and whether consolidated revenue can be secured while allowing for the decline in the D2C business. Net income had reached ¥392 million for the nine months, but the Q3 materials did not provide a sufficient breakdown of extraordinary gains and losses or temporary profit factors.

At the next earnings release, we will first confirm whether the company achieved its full-year forecasts of ¥2,750 million in revenue, ¥560 million in operating profit, ¥550 million in ordinary profit, and ¥410 million in net income. We will then review standalone Q4 segment revenue and profit, advertising expenses, depreciation, and the breakdown of extraordinary gains and losses to determine whether the upward revision reflects a one-off Q4 factor or the continued accumulation of earnings from the Medical Support business. Because specific foreign exchange, project, and cost assumptions underlying the full-year forecasts have not been disclosed, the level of disclosure regarding how the targets were achieved will be assessed alongside the numerical results.