FY2027-Q1 is ahead of schedule on revenue, while the full-year plan will be reassessed in H1

Consolidated revenue in FY2027-Q1 was ¥77.764 billion, operating profit was ¥15.572 billion, ordinary profit was ¥12.447 billion and net income attributable to owners of the parent was ¥7.941 billion. In the same period a year earlier, revenue was ¥70.249 billion, operating profit was ¥15.353 billion and net income was ¥8.180 billion. Revenue therefore increased by ¥7.515 billion, while operating profit rose by only ¥219 million and net income declined by ¥239 million. The first question is whether revenue growth is translating directly into profit growth.

The company’s full-year forecasts are revenue of ¥285.9 billion, operating profit of ¥52.0 billion, net income attributable to owners of the parent of ¥20.3 billion and annual dividends of ¥80. Dividing the FY2027-Q1 results by the full-year forecasts gives simple progress rates of 27.2% for revenue, 29.9% for operating profit and 39.1% for net income. However, the available sources do not provide quarterly seasonality or profit plans for H1 and H2, so it is too early to judge whether the full-year plan will be exceeded or missed based on these progress rates alone. In FY2027-H1, it will be important to see how the company explains the revenue and profit still required in H2, in addition to the revenue and operating profit achieved.

The FY2027-Q1 financial summary covers consolidated results and does not disclose results by segment for the gaming machine and golf businesses, the breakdown between existing Accordia Golf facilities and acquisition effects, or the profit contribution by gaming machine unit sales. In FY2027-H1, we will look for confirmation not only of whether the ¥285.9 billion revenue and ¥52.0 billion operating profit forecasts are maintained or revised, but also of how much net income grows relative to operating profit and the breakdown of extraordinary items, financial expenses and tax expense.