FY2026-H1 is tracking ahead of the full-year forecast, with the sustainability of high profitability the focus for Q3

FY2026-H1 revenue was US$2,447,050 thousand, up 18.0% from US$2,074,296 thousand in the same period of the previous year. Operating profit was US$293,022 thousand, up 70.2% from US$172,196 thousand, while interim profit attributable to owners of the parent rose 54.4% year on year to US$224,046 thousand. Operating profit grew faster than revenue, indicating that profit is ahead of revenue in terms of progress at the half-year stage.

The full-year forecasts are revenue of US$4,600,000 thousand, operating profit of US$460,000 thousand, ordinary profit of US$500,000 thousand and profit attributable to owners of the parent of US$370,000 thousand. No revisions were made to the forecasts in the interim results disclosure. Progress against the full-year forecasts was 53.2% for revenue, 63.7% for operating profit and 60.6% for profit attributable to owners of the parent. Simply looking at the difference from the full-year forecasts, the amounts required in the second half are revenue of US$2,152,950 thousand, operating profit of US$166,978 thousand and profit attributable to owners of the parent of US$145,954 thousand.

The company said that it recorded new orders of US$481,202 thousand and an order backlog of US$17,021,399 thousand, including orders arising from specification changes to existing FPSO construction projects, and that revenue and gross profit were recorded as FPSO construction projects progressed steadily. Accordingly, it will be important to determine whether first-half profit growth was supported by construction progress and improved project profitability, rather than merely by financial income or temporary factors.

In FY2026-Q3, the next focus will be whether nine-month cumulative results reach a level commensurate with the passage of 75% of the fiscal year. Operating profit had already reached 63.7% of the full-year forecast in the first half alone, so a benchmark will be whether it exceeds US$345,000 thousand on a nine-month cumulative basis while the full-year forecast remains unchanged. Conversely, if profit growth slows relative to revenue growth, the contributions from construction profitability, equity-method investment income and financial income will need to be examined separately.