Full-year guidance was revised sharply downward, making the extent to which FY2026-Q3 converges with the revised plan the key focus.

For the cumulative second quarter of the fiscal year ending December 2026, revenue was ¥1,135 million, operating profit was ¥162 million, ordinary profit was ¥159 million, and interim net income attributable to owners of the parent was ¥104 million. Progress against the original forecasts was 45.9%, 48.9%, 48.0% and 49.0%, respectively, making it difficult to conclude at the end of the first half that the company was materially off its full-year plan. However, the subsequent revised forecasts are revenue of ¥2,300 million, operating profit of ¥201 million and net income of negative ¥113 million, with revenue expected to fall ¥169 million and operating profit ¥130 million short of the original forecasts.

Comparing cumulative Q2 results simply with the revised forecasts, revenue has already reached 49.3% and operating profit 80.6%. To achieve full-year revenue of ¥2,300 million, however, revenue of ¥1,165 million will be required in the second half. The revised operating profit forecast would be reached if ¥39 million of operating profit is secured in the second half, but the full-year net income forecast of negative ¥113 million implies a ¥217 million net loss in the second half, following the ¥104 million profit in the first half. This gap is difficult to explain through ordinary revenue growth alone, making it necessary to examine the timing and accounting classification of the losses in Q3.

The reasons given for the revision in the news release were the postponement of software release timing in the new investment business, difficulty acquiring paid job listings in the atB Group, the delayed release of KIKAN flex, and the resulting downside to the ID plan. Accordingly, in Q3 we will need to determine not only whether consolidated revenue and operating profit are on plan, but also whether the shortfall occurred in the PORTERS segment or the new investment business, and whether the delay reflects a temporary shift in delivery timing or a postponement of the service launch itself.

Although the company has indicated that an extraordinary loss is expected, the information provided does not specify its amount or breakdown. In Q3, it will be important to disclose separately the amount of the extraordinary loss, the affected assets or company, whether it involves a cash outflow, its impact on operating profit and the tax effect. Unless the revised year-end paid ID target and the software release plan following the downward revision are also provided, it will be difficult to assess the validity of the forecasts for operating profit of ¥201 million and net income of negative ¥113 million.