FY2026 first-half progress falls short of half of the full-year plan

In the first half of FY2026, revenue was ¥12,540 million, operating income was ¥1,566 million, ordinary income was ¥1,560 million, and interim net income attributable to owners of the parent was ¥1,079 million. Year on year, revenue increased 12.5%, operating income 37.0%, ordinary income 36.2%, and interim net income 46.8%, with operating income growth outpacing revenue growth in addition to the benefit of higher revenue.

The full-year forecasts are revenue of ¥26,000 million and operating income of ¥3,000 million. First-half progress was 48.2% for revenue and 52.2% for operating income, with operating income progress 4.0 percentage points ahead of revenue progress. On a simple calculation, the second-half revenue and operating income required to meet the full-year forecasts are ¥13,460 million and ¥1,434 million, respectively. The second-half ranges indicated by the company are revenue of ¥13,300–13,700 million and operating income of ¥1,500–1,800 million. Revenue would fall short at the lower end of the range, while operating income would exceed the level required to meet the full-year forecast even at the lower end.

Cumulative operating income was ¥955 million in the first quarter and ¥1,566 million for the first half. Operating income in the second quarter alone was ¥611 million, so cumulative figures alone do not provide a sufficient basis for assessing quarterly earnings contributions or seasonality. In the next results announcement, it will be necessary to review third-quarter revenue and operating income on a standalone basis, actual performance relative to the second-half plan, and the operating margin after absorbing recruitment and branding costs.

The full-year forecasts were maintained as of the first-half results announcement. However, order intake, order backlog, regional revenue, and operating income by reportable segment have not been disclosed. Accordingly, the third-quarter assessment should examine not only revenue progress but also whether business KPIs such as the number of PMO consultants, utilization, and average unit prices, which support the full-year forecasts, remain consistent with the assumptions underlying the second-half plan.