FY2027-Q1 is ahead of the full-year forecast on profit, with H1 set to test whether the strong progress can be sustained

Revenue for the first quarter of the fiscal year ending March 2027 was ¥9,641 million, operating profit was ¥3,094 million, ordinary profit was ¥3,192 million, and net income attributable to owners of the parent was ¥2,169 million. The full-year forecasts are ¥36,400 million, ¥9,450 million, ¥9,300 million and ¥6,700 million, respectively. If the elapsed portion of the fiscal year is mechanically assumed to be 25%, progress stands at 26.5% for revenue, 32.7% for operating profit, 34.3% for ordinary profit and 32.4% for net income. The fact that profit is progressing faster than revenue is the first point to verify in the next results release.

In FY2026-Q1, revenue was ¥5,437 million and operating profit was ¥1,475 million, so revenue increased 77.3% year on year and operating profit increased 109.7%. This was more than a recovery in sales scale, as profit growth outpaced revenue growth. It will therefore be important to see whether the product mix of high-value-added memory products, expanded production capacity and utilization at domestic plants are maintained in the second quarter.

Using 50% of the full-year forecast as a mechanical midyear benchmark, FY2027-H1 would require revenue of ¥18,200 million, operating profit of ¥4,725 million, ordinary profit of ¥4,650 million and net income of ¥3,350 million. After deducting first-quarter results, second-quarter standalone revenue of ¥8,559 million, operating profit of ¥1,631 million, ordinary profit of ¥1,458 million and net income of ¥1,181 million serve as reference thresholds. However, these are estimates that do not account for seasonality and were not specified by the company as H1 targets.

Next time, we will review not only cumulative H1 results but also second-quarter standalone revenue, operating profit and operating margin. If the first quarter's strong performance was driven by shipments being brought forward or temporary foreign-exchange effects, the standalone second-quarter margin could decline even if cumulative progress remains high. Conversely, if results exceed the midyear benchmarks above and the full-year forecast is maintained, confidence in the FY2027 earnings-growth outlook will increase further.