First-quarter results are ahead of the full-year forecast, but the full-year plan, which assumes lower revenue and profit, remains unchanged

In the first quarter of the fiscal year ending March 2027, revenue was ¥5,633 million, up 9.6% year on year, and operating profit was ¥782 million, up 77.5%. Ordinary profit was also ¥966 million, up 62.9%, while quarterly net profit attributable to owners of the parent was ¥611 million, up 40.9%. All major profit measures exceeded the year-earlier levels.

Progress against the full-year forecast was 28.7% for revenue, 32.6% for operating profit, 36.8% for ordinary profit and 35.0% for net profit. Compared with the simple quarterly run-rate of 25%, revenue was 3.7 percentage points ahead and operating profit was 7.6 percentage points ahead, with profit progress outpacing revenue. However, based solely on this disclosure, it is not possible to quantitatively determine whether the company’s performance is seasonal or whether projects were brought forward.

For comparison with the first half of the previous fiscal year ending March 2027, cumulative revenue for the second quarter of the fiscal year ended March 2026 was ¥11,060 million, operating profit was ¥1,343 million, ordinary profit was ¥1,526 million and net profit was ¥1,114 million. At the next earnings release, comparing current first-half revenue and operating profit with these levels will help determine whether the first-quarter profit growth extended across the first half.

Meanwhile, the full-year forecast for the fiscal year ending March 2027 is revenue of ¥19,656 million, operating profit of ¥2,401 million, ordinary profit of ¥2,626 million and net profit of ¥1,747 million, all substantially below the previous fiscal year’s actual revenue of ¥23,747 million, operating profit of ¥3,147 million and net profit of ¥2,483 million. No revision to the earnings forecast was made with the first-quarter results. The first-half results and any forecast revision will need to be monitored to determine how much of the full-year contribution from the completion of major transmission tower projects and the contribution from underground transmission, communications equipment, and maintenance and renewal projects can be sustained.