Revenue growth was on track with the full-year plan as of Q3, but ¥2.21 billion in operating profit is needed in Q4.

Cumulative revenue for the 9 months ended 30 September 2026 was ¥167.867 billion, and operating profit was ¥6.892 billion. The full-year forecasts are ¥216.5 billion in revenue and ¥9.1 billion in operating profit, putting progress at approximately 77.5% for revenue and 75.7% for operating profit. Compared with the simple 75% time-based ratio after 9 months, revenue is broadly on track with the plan, while operating profit is also at roughly the same level.

Subtracting cumulative Q3 results from the full-year forecasts leaves required Q4 revenue of ¥48.633 billion and operating profit of ¥2.208 billion. Achieving this entirely in Q4 would require an operating margin of approximately 4.54%, above the cumulative Q3 operating margin of approximately 4.11% and the approximately 4.20% implied by the full-year forecast. Accordingly, the full-year plan will depend not only on whether revenue accumulates, but also on the Q4 project mix and margin.

At Q2, the company raised its full-year revenue forecast by ¥40.0 billion, or 22.7%, from ¥176.5 billion to ¥216.5 billion, and its operating profit forecast by ¥0.7 billion, or 8.3%, from ¥8.4 billion to ¥9.1 billion. As the plan revised upward at Q2 was unchanged at Q3, the next results announcement will need to confirm whether the spot demand and large projects incorporated at Q2 continued through the end of the fiscal year or whether they resulted in a pullback in Q4.

The disclosures provided do not give figures for orders received, order backlogs, contributions by project, or quarterly profit breakdowns. In the next results announcement, it will be necessary to review not only actual results against the full-year forecasts of ¥216.5 billion in revenue and ¥9.1 billion in operating profit, but also how the company achieved Q4 revenue of ¥48.633 billion and operating profit of ¥2.208 billion, the factors behind any variance from the full-year forecasts, and whether projects were carried over or included one-off large transactions.