Whether the strong first-quarter progress will continue through FY2027-H1

In Q1, covering April through June 2026, revenue was ¥1,190 million, up 30.4% year on year, and operating profit was ¥213 million, up 91.8%. Ordinary profit was ¥217 million and net income attributable to owners of the parent was ¥136 million, up 86.7% and 79.5% year on year, respectively. Revenue and profit both increased, with profit growth substantially outpacing revenue growth.

Progress against the full-year forecasts was approximately 27.0% for revenue, calculated as ¥1,190 million ÷ ¥4,400 million, and approximately 34.4% for operating profit, calculated as ¥213 million ÷ ¥620 million. Compared with the simple 25% elapsed-time benchmark at the end of Q1, revenue was approximately 2 percentage points ahead and operating profit approximately 9 percentage points ahead. However, because the company has not disclosed a cumulative forecast for FY2027-H1, the continuation of Q1's lead into Q2 cannot be assessed based on progress rates alone.

The previous year's results for the six months to Q2 were revenue of ¥1,937 million, operating profit of ¥237 million and profit attributable to owners of the parent of ¥170 million. Based on the Q1 results, revenue for the six months to Q2 in FY2027 would need to exceed approximately ¥747 million in Q2 alone to surpass the previous year's figure, while operating profit would need to exceed approximately ¥24 million and net income approximately ¥34 million. Whether Q2 standalone revenue and operating profit exceed these levels will provide a minimum checkpoint for determining whether the first-half recovery is temporary.

The amounts remaining after Q1 to achieve the full-year forecasts are ¥3,210 million in revenue, ¥407 million in operating profit, ¥403 million in ordinary profit and ¥264 million in net income. Because Q1 generated 34.4% of the full-year operating profit forecast, the profit level required in the second half is lower than in the previous year. However, the fact that the company has not revised its forecasts and whether it maintains those forecasts in FY2027-H1 are separate issues. The next results announcement is scheduled for 12 November 2026. At that time, we will want to review together the cumulative Q2 results, whether the full-year forecasts have changed, and the explanation regarding first-half orders and demand.