FY2026-Q3: assessing progress toward the full-year plan

Revenue for the first half of fiscal 2026 was ¥1,991.274 million, up 24.2% year on year, while operating profit was ¥946.631 million, up 20.1%. The full-year forecast is ¥4,277 million for revenue and ¥1,927 million for operating profit, putting first-half progress at 46.6% and 49.1%, respectively. Revenue is approximately 3.4 percentage points behind the halfway mark for the calendar year, while operating profit is nearly halfway to the forecast.

Assuming simple 25% quarterly progress, the benchmark for cumulative FY2026-Q3 results is ¥3,207.75 million in revenue and ¥1,445.25 million in operating profit. Accordingly, the key test for standalone Q3 is whether the company can add approximately ¥1,216 million in revenue and approximately ¥499 million in operating profit from the end of the interim period. These levels are monitoring thresholds obtained by mechanically dividing the full-year forecast into four, not additional company guidance.

To achieve the full-year forecast, the required H2 revenue is ¥2,285.726 million and the required operating profit is ¥980.369 million. At the Q2 briefing, the company identified new contracts, upselling to existing customers, and the start of billing for AI visit scheduling and routing as H2 growth drivers. Q3 should therefore confirm whether these initiatives have translated into actual revenue and profit. In particular, it will be important to see whether standalone Q3 revenue, operating profit and operating margin are disclosed alongside cumulative Q3 progress.

As of Q2, the company attributed growth mainly to an increase in the number of contracted stations driven by new customer acquisition and a low churn rate, and maintained its full-year forecast. In Q3, the forecast should be checked alongside updates to contracted stations, NRR and the number of paid AI service contracts, including whether the forecast is revised or maintained and why. Even if revenue progress is below 75%, the key consideration will be whether the company presents specific measures and cost assumptions capable of generating the ¥2,286 million in revenue required in H2.