Full-year forecast has already been largely achieved in the first half; focus turns to the second-half build excluding the investment business

Revenue for the six months from January to June FY2026 was ¥2,387.199 million, up 47.1% year on year, while operating profit was ¥500 million, up 164.8%. Ordinary profit was ¥491.776 million and interim net profit attributable to owners of the parent was ¥280.007 million, up 113.3% and 101.8%, respectively. All major profit measures were positive, and the level of performance itself was strong in the first half.

As of August, the full-year forecasts were revenue of ¥4,400 million, operating profit of ¥650 million, ordinary profit of ¥620 million and net profit attributable to owners of the parent of ¥405 million. First-half progress was 54.3% for revenue, 76.9% for operating profit, 79.3% for ordinary profit and 69.1% for net profit. This leaves only ¥150 million of the full-year operating profit forecast, approximately ¥128 million of the ordinary profit forecast and approximately ¥125 million of the net profit forecast to be generated. With profit having built substantially in the first half, the key point to confirm in Q3 is not simply the growth rate, but whether first-half profit can be reproduced in the second half.

The full-year forecast was raised from the first-quarter forecasts of ¥3,936 million in revenue, ¥400 million in operating profit, ¥376 million in ordinary profit and ¥245 million in net profit. The increase reflected the transfer of operating investment securities and the receipt of dividends in the investment business. However, revenue of ¥419.075 million and operating profit of ¥268.289 million in the investment business lifted first-half profit, and the disclosure does not support attributing the revision solely to expanding demand in the consulting business.

In FY2026-Q3, we will confirm whether cumulative revenue exceeds ¥3,300 million, equivalent to 75% of the full-year forecast, and whether operating profit can avoid a significant deterioration from the first-half result of ¥500 million and secure the remaining ¥150 million required to meet the full-year forecast of ¥650 million. In particular, whether additional gains on transfers or dividends arise in the investment business, or whether the second half can be supported solely by higher revenue and improved margins in the consulting business, will be key to assessing the quality of the full-year forecast.