FY2026 full-year forecast on track for profit ahead of sales in Q3

The period covered by the nine months ended June 2026 was from 1 October 2025 to 30 June 2026. Revenue was ¥54,693 million, operating profit was ¥9,356 million, ordinary profit was ¥9,677 million, and net profit attributable to owners of the parent was ¥6,277 million. Year on year, revenue increased 21.1%, operating profit 32.3%, ordinary profit 30.0%, and net profit 26.3%, with all major profit measures increasing.

The full-year forecasts are revenue of ¥71,500 million, operating profit of ¥11,480 million, ordinary profit of ¥11,800 million, and net profit attributable to owners of the parent of ¥7,600 million, unchanged from the most recent forecasts. On a simple calculation, revenue progress for the nine-month period was 76.5% and operating profit progress was 81.5%. Revenue exceeded the 75% benchmark for nine months, while operating profit was at an even higher level.

The gaps to the full-year forecasts are ¥16,807 million for revenue and ¥2,124 million for operating profit. The operating margin for the nine-month period was 17.1%, approximately 1.0 percentage point above the 16.1% operating margin calculated from the full-year forecast. However, the Q3 earnings release does not include a specific revenue operating margin line item; this figure is calculated from the disclosed figures. The Q3 earnings release also does not disclose cash flow information such as cash flow from operating activities.

Accordingly, at the next full-year results announcement, it will be necessary to examine not only whether the forecasts were achieved, but also the factors behind the ¥16,807 million in revenue and ¥2,124 million in operating profit recorded in Q4. The key question is whether profit leading revenue through Q3 was due to product mix or a temporary concentration of sales, or reflects structural improvement that allows the company to maintain an operating margin in the 16% range for the full year. It will also be necessary to check whether full-year operating cash flow, capital expenditure, and the cash balance after share buybacks are disclosed.