Record first-half performance driven by AI infrastructure demand; Q3 focus is on confirming progress against the revised upward forecast

For the six-month interim period from January to June 2026, revenue was ¥27,055 million, up 48.3% year on year, operating income was ¥7,595 million, up 81.4%, ordinary income was ¥8,034 million, up 109.4%, and interim net income attributable to owners of the parent was ¥5,962 million, up 108.7%. The operating margin was approximately 28.1%, calculated as ¥7,595 million divided by ¥27,055 million, up approximately 5.1 percentage points from approximately 22.9% in the prior-year period. The company attributed the increases mainly to expanding investment in AI infrastructure, demand from data centers, particularly for AI servers, and increased sales of high-quality products.

First-quarter revenue was ¥12,551 million and operating income was ¥3,544 million, representing year-on-year increases of 42.6% and 60.4%, respectively. The full-year forecast as of the first quarter was revenue of ¥49,600 million and operating income of ¥13,000 million, but this was raised in the interim period to revenue of ¥56,100 million and operating income of ¥16,800 million. However, the latest revision to the earnings forecast does not disclose the pre-revision figures or the size of the revision, nor does it disclose the contribution of AI-related demand by volume, price or product mix, making it impossible to determine how much upside in demand has been factored in.

Progress against the full-year plan at the interim stage was 48.2% for revenue and 45.2% for operating income. If cumulative nine-month results are simply benchmarked at 75% of the full-year plan, revenue of ¥42,075 million and operating income of ¥12,600 million provide reference points for monitoring. However, quarterly seasonality and order backlog have not been disclosed, so these are merely progress benchmarks, not company guidance. Since the company needs to generate revenue of ¥29,045 million and operating income of ¥9,205 million in the second half alone, the next earnings release should be assessed for whether continued AI-related demand and capacity expansion have translated into higher actual shipments and utilization rates.