Can the full-year plan, following the upward revision, reach 75% progress by 3Q?

Revenue for the first half of the fiscal year ending December 2026 was ¥98,232 million, and operating profit was ¥8,143 million. Progress against the upwardly revised full-year forecasts of ¥210,000 million in revenue and ¥18,000 million in operating profit was 46.8% and 45.2%, respectively. In the first quarter, revenue was ¥46,625 million and operating profit was ¥3,697 million, representing progress of 23.9% and 21.7% against the full-year forecasts. Thus, both metrics were broadly on plan through the 2Q cumulative period, although operating profit has accumulated slightly more slowly than revenue.

At the end of the first half, the remaining amounts required to achieve the full-year plan were ¥111,768 million in revenue and ¥9,857 million in operating profit. Assuming simple, even quarterly progress, the nine-month cumulative benchmarks would be ¥157,500 million in revenue and ¥13,500 million in operating profit. These are mechanical benchmarks set at 75% of the full-year forecasts, not quarterly targets disclosed by the company, and do not take seasonality or a second-half bias into account.

The full-year operating margin is 8.57%, while the actual operating margin for the first half was only 8.29%. Based on the remaining revenue after the first half, an operating margin of approximately 8.82% will be required in the second half to achieve full-year operating profit of ¥18,000 million, requiring profitability above the first-half level. In 3Q, progress in operating profit, cumulative operating margin, and whether the full-year forecasts are maintained or revised again should be checked alongside revenue progress.