First-half profit progress is ahead of revenue, but the focus is on whether the company can maintain its upgraded full-year forecast

For the first half of the fiscal year ending December 2026, revenue was ¥14,043 million, operating profit was ¥2,487 million, ordinary profit was ¥2,422 million, and interim net profit attributable to owners of the parent was ¥1,238 million. Year on year, revenue increased 44.3%, operating profit 38.7%, ordinary profit 36.0%, and net profit 13.0%. Although operating profit growth lagged revenue growth, the company achieved higher revenue and profit across all measures.

Based on the first-half results, the full-year forecast was raised to revenue of ¥28,905 million, operating profit of ¥4,647 million, ordinary profit of ¥4,523 million, and net profit of ¥2,523 million. First-half progress was 48.6% for revenue, 53.5% for operating profit, 53.6% for ordinary profit, and 49.1% for net profit, indicating that profit items are ahead of revenue. The earnings presentation also provided a breakdown of the ¥598 million increase from the initial operating profit forecast: ¥172 million for IBJ on a standalone basis, ¥425 million for the IBJ Group, and ¥267 million for ZWEI.

If the elapsed portion of the fiscal year is simply assumed to be 75% by the cumulative third quarter, revenue of ¥21,679 million and operating profit of ¥3,485 million would provide reference points for progress. However, the wedding and photo business has peak seasons in autumn and spring, so profit is not allocated evenly across quarters. At the next results announcement, it will be necessary to determine which businesses are expected to generate the remaining second-half revenue of ¥14,862 million and operating profit of ¥2,160 million required to achieve the full-year forecast, particularly separating the seasonal contribution in the third quarter from growth in existing businesses.

The earnings summary does not sufficiently break down the increases in each item from the previous forecast or the business- and expense-specific assumptions incorporated into the full-year forecast. In the third quarter, it will be necessary to examine not only cumulative progress in revenue and operating profit, but also whether the first-half outperformance resulted from a temporary M&A consolidation effect or from sustained growth in existing businesses such as member-affiliated and directly operated stores.