The FY2026 full-year forecast appears achievable on an operating-income basis, but the fourth-quarter profit level and the reversal in net income will be key points of focus.

Revenue for the nine months ended Q3 of the fiscal year ending September 2026 was ¥25,097 million, operating income was ¥1,254 million, ordinary income was ¥1,195 million, and profit attributable to owners of the parent was ¥835 million. Year on year, revenue increased 22.4%, operating income 95.9%, ordinary income 94.1%, and profit attributable to owners of the parent 138.4%. The expansion of the scope of consolidation through M&A and cost improvements have led to the upward revision of the full-year forecasts.

The full-year forecasts are revenue of ¥33,100 million, operating income of ¥1,400 million, ordinary income of ¥1,320 million, and profit attributable to owners of the parent of ¥700 million. Revenue, operating income, and ordinary income have reached approximately 75.8%, 89.6%, and 90.5% of their respective full-year forecasts. On an operating-income basis, an additional ¥146 million in Q4 would be enough to meet the forecast. The operating margin for the nine months was approximately 5.0%, whereas the operating margin required in Q4 to meet the forecast is only approximately 1.8%, so the numerical hurdle to achieving the forecast is not high even after taking seasonal expenses into account.

Meanwhile, profit attributable to owners of the parent was ¥835 million for the nine months, ¥135 million above the full-year forecast of ¥700 million. This may indicate that the full-year forecast is conservative, but it may also include extraordinary gains, taxes, or a reversal of non-recurring income. At the next results announcement, it will be necessary to check not only whether fourth-quarter operating income was secured as planned, but also whether net income remained above ¥700 million, or whether extraordinary income and losses, tax expenses, impairment losses, or other items arose in Q4.