Revenue growth has been confirmed, but the full-year profit plan requires a sharp recovery in the second half.

Revenue in the first half of the fiscal year ending December 2026 was ¥15,853 million, up 14.5% from ¥13,850 million in the same period of the previous year. However, operating profit was ¥1,087 million, below the ¥1,107 million recorded in the same period of the previous year, and the operating margin declined from approximately 8.0% to approximately 6.9%. Ordinary profit also fell 35.5% to ¥717 million from ¥1,112 million, while interim profit attributable to owners of the parent turned into a loss of ¥17 million. The first point to confirm in the Q3 results is that revenue growth has not translated directly into profit growth.

The full-year forecasts remain unchanged at revenue of ¥38,200 million, operating profit of ¥6,200 million, ordinary profit of ¥7,400 million, and net profit attributable to owners of the parent of ¥5,600 million. First-half progress was only 41.5% for revenue, 17.5% for operating profit, and 9.7% for ordinary profit, with the profit items well below the 50% pace expected after six months. To meet the full-year forecasts, the company must record ¥22,347 million in revenue, ¥5,113 million in operating profit, ¥6,683 million in ordinary profit, and ¥5,617 million in net profit in the second half alone. In particular, with second-half revenue set at ¥22,347 million, the required second-half operating margin would be approximately 22.9%, far above the 6.9% achieved in the first half.

In the second quarter alone, revenue is calculated at ¥8,885 million, obtained by subtracting first-quarter revenue of ¥6,968 million from cumulative first-half revenue of ¥15,853 million. Operating profit was ¥576 million, ordinary profit ¥431 million, and net profit approximately ¥66 million. Second-quarter revenue rose 49.4% year on year and operating profit rose 63.5%, indicating signs of recovery in the latter half of the first half. However, the profit amounts required in the second half are substantially higher than the second-quarter results alone. In addition to growth in Q3 revenue and operating profit, the company needs to be monitored for the mix of high-margin equipment, the absence of inventory valuation losses and bad debt expenses, and improvement in equity-method income.

In Q3, the focus will be on whether revenue alone continues to grow while operating margin remains in the 6–7% range, or whether margins improve as order backlog converts into revenue and the sales mix improves. Even if the company maintains its full-year plan, it is important whether it can explain the amounts required for the remainder of the period by application and equipment type. A qualitative explanation simply stating that demand is strong makes it difficult to assess the likelihood of achieving the plan.