Whether the first quarter's sharp acceleration continues through the first half

In the first quarter of the fiscal year ending March 2027, revenue was ¥346.621 billion, operating profit was ¥187.076 billion, ordinary profit was ¥196.793 billion, and profit attributable to owners of the parent was ¥139.133 billion. Year on year, revenue increased 32.8%, operating profit 44.7%, ordinary profit 49.6%, and net income 51.0%, with all four major profit-and-loss items posting substantial increases.

The operating margin was approximately 54.0%, calculated by dividing operating profit of ¥187.076 billion by revenue of ¥346.621 billion. In the prior-year quarter, revenue was ¥261.076 billion and operating profit was ¥129.301 billion, implying an operating margin of approximately 49.5%. The margin therefore rose by approximately 4.5 percentage points. It was also approximately 3.0 percentage points above the 51.0% operating margin for the fiscal year ended March 2026, confirming strong profitability at the first-quarter stage.

The company attributes the increase in revenue and profit to continued capital investment, particularly by manufacturers, solid performance in North, Central and South America, Asia, Europe, and Japan, stronger product planning and development, and strengthened sales activities. However, it has not disclosed a monetary breakdown showing how much demand, pricing, product mix, and the stronger sales structure each contributed to revenue of ¥346.621 billion or operating profit of ¥187.076 billion. The company has a single reportable segment, so business-level margins cannot be confirmed.

At the first-half results, we will examine whether year-on-year revenue growth slows materially from the first-quarter rate of 32.8% and whether operating profit growth continues to exceed revenue growth. The full-year revenue and operating profit forecasts had not been disclosed as of the first quarter, so progress against the full-year forecast cannot be calculated. Whether the first-half earnings release provides monetary forecasts will therefore be tracked with the same priority as the performance figures themselves.