Can the revenue and profit growth in FY2027-Q1 carry through to the full-year plan in the first half?

FY2027-Q1 revenue was ¥7,565.9 million, operating profit was ¥498.2 million, ordinary profit was ¥497.6 million and net profit attributable to owners of the parent was ¥362.9 million. Year on year, revenue increased 12.2%, operating profit 11.7%, ordinary profit 5.3% and net profit 18.8%, with all major profit-and-loss items exceeding the prior-year period. The first point to confirm is whether this revenue and profit growth is maintained through the end of the first half.

The company's FY2027 full-year forecasts are revenue of ¥33,367 million, operating profit of ¥2,001 million, ordinary profit of ¥2,010 million and net profit attributable to owners of the parent of ¥1,323 million. Based on FY2027-Q1 results, simple progress rates are 22.7% for revenue, 24.9% for operating profit, 24.8% for ordinary profit and 27.4% for net profit. However, the company has seasonal demand, with loads on air-conditioning equipment and refrigeration and freezing equipment increasing from June to August and driving higher maintenance demand. Full-year achievement cannot therefore be assessed from the Q1 progress rate alone.

FY2026-H1, the comparable period, generated revenue of ¥15,399.4 million and operating profit of ¥1,157.0 million. Using 50% of the full-year forecast as a simple benchmark for FY2027-H1, revenue of ¥16,683.5 million and operating profit of ¥1,000.5 million would provide reference points. Exceeding the prior-year first-half revenue is the minimum condition for continued growth, while operating profit requires closer scrutiny because the prior-year first-half result was high. We will need to assess whether revenue growth and profit growth diverge.

As of FY2027-Q1, the full-year earnings forecasts had not changed from the figures announced on 14 April 2026. In addition, the quarterly disclosure does not provide segment profit and loss or a statement of cash flows. The first-half results will therefore need to be reviewed not only for cumulative profit and loss, but also for Q2 standalone profit and loss, operating margin, service-specific revenue, and the reasons for maintaining or revising the full-year forecasts. In particular, even if revenue reaches around 50% of the full-year forecast in the first half, it will be necessary to separately assess whether margins can be maintained in the second half after the summer demand season has passed.