The key focus for the full-year plan after the upward revision is adding ¥135 million in operating profit in Q4.

For the 9-month period of FY2026 ending September, revenue was ¥1,911 million, operating profit was ¥245 million, ordinary profit was ¥249 million and net income attributable to owners of the parent was ¥176 million. Year on year, revenue increased 38.8%, operating profit 85.7%, ordinary profit 93.8% and net income 150.0%, showing that profit growth outpaced revenue growth rather than this being simply a case of higher sales.

9-month cumulative revenue of ¥1,911 million represents approximately 74.1% of the upwardly revised full-year forecast of ¥2,578 million. This leaves approximately ¥667 million in revenue required in Q4. Operating profit, however, was ¥245 million, only approximately 64.7% of the full-year forecast of ¥380 million, leaving approximately ¥135 million to be earned in Q4. While the remaining proportion of revenue is approximately 25.9%, the remaining proportion of operating profit is approximately 35.3%, meaning that the operating margin in Q4 would need to rise to approximately 20% to achieve the full-year targets.

The company revised its full-year forecasts to revenue of ¥2,578 million, operating profit of ¥380 million, ordinary profit of ¥384 million and net income of ¥268 million. The upward revision rates versus the previous plan are 4% for revenue and 29% for operating profit. The company attributes the revisions to customer demand for DX investment, the acquisition of new customers, continued projects from existing customers, improved project productivity through the use of AI, and cost controls. However, these forecasts assume that projects progress and personnel are allocated as planned, so it is necessary to determine whether the concentration of profit in Q4 is due to temporary factors.

In the past, project schedules for some large projects that had already been won were changed, deferring revenue recognition from the fiscal year ended September 2025 to Q1 of FY2026. It is important to determine how much projects recognized through Q1 of FY2026 will contribute to the Q4 revenue plan and whether there will be any further deferrals. In the full-year results, disclosure of orders received and order backlog, the acceptance timing of major projects, and standalone Q4 revenue and operating profit will help assess the repeatability of the upward revision.