Full-year forecast progress is weighted toward revenue in H2 and profit in H1

FY2026-H1 revenue was ¥1,298.807 million and operating profit was ¥170.375 million. The full-year forecasts are ¥3,109.128 million for revenue and ¥312.364 million for operating profit, representing progress rates of 41.8% and 54.3%, respectively. At the halfway point of the calendar year, revenue was below the simple 50% benchmark, while operating profit was above 50%.

To achieve the full-year forecasts, H2 requires revenue of ¥1,810.321 million and operating profit of ¥141.989 million. For operating profit, adding the H1 result of ¥170.375 million in H2 would be sufficient to reach the full-year forecast, whereas revenue still requires an amount well above the H1 result. The company assumes that the revenue mix tends to be more heavily weighted toward the second half of the year and that demand related to the new lease accounting standards will gain momentum from April 2027 onward. The risk of a revenue shortfall therefore depends on the timing of project recognition in H2.

Comparable consolidated figures for the single segment are disclosed, but revenue by service and project-level revenue scheduled for recognition in H2 are not provided. In addition, the Q2 earnings presentation does not disclose standalone income statement figures for the three months of the quarter, so external parties cannot directly verify how much of the H1 operating profit of ¥170.375 million was generated in Q2 alone.

In the next FY2026-Q3 update, it will be necessary to confirm how far cumulative 3Q revenue has progressed against the full-year forecast of ¥3,109.128 million, as well as standalone Q3 revenue and operating profit. The key points are how much of the revenue required for H2 has been recognized by Q3, and whether concrete progress in new lease-related projects and large-scale AI projects is presented as the basis for maintaining the earnings forecast.