Will Q1 revenue and profit growth boost first-half progress toward the FY2027 plan?

FY2027-Q1 revenue was ¥33,918 million, up 18.4% year on year; operating profit was ¥3,872 million, up 28.6%; ordinary profit was ¥4,257 million, up 55.9%; and net income attributable to owners of the parent was ¥2,964 million, up 57.5%. Operating profit growth outpaced revenue growth, and profit momentum early in the first half was strong compared with FY2026-H1 revenue of ¥58,832 million and operating profit of ¥6,192 million.

The FY2027 full-year plan calls for revenue of ¥144,800 million, up 9.6% year on year, and operating profit of ¥16,500 million, up 6.3%. It is not a plan that simply extrapolates Q1's year-on-year growth rates. Against FY2026 actual revenue of ¥132,132 million and operating profit of ¥15,524 million, the company forecasts higher revenue and operating profit, but takes a more cautious view of ordinary profit, forecasting ¥16,400 million, down 1.2%.

Q1 progress against the full-year plan was 23.4% for revenue, 23.5% for operating profit, 26.0% for ordinary profit and 25.9% for net income. Since seasonality has not been disclosed quantitatively in the source materials, a simple 50% first-half benchmark cannot be treated as the company's target. However, whether first-half operating profit reaches approximately ¥8,250 million and whether margins are maintained in Q2 will be practical indicators of the likelihood of achieving the full-year plan.

At the next earnings release, we will assess whether the Q1 revenue drivers, including power supplies, mice, smartphone and tablet accessories, NAS, memory for industrial equipment and the consolidation of Nippon Antenna, continued into Q2. The Q1 summary did not repeat the full-year forecast figures and stated only that there had been no changes from the previously disclosed figures. Accordingly, in FY2027-H1 it will be important to confirm whether the full-year forecast has been revised and to obtain specific disclosure of downside factors affecting ordinary profit, not only revenue and operating profit.