Can the high first-half earnings progress be maintained in the second half?

For the interim period of FY2026 ending December, revenue was ¥1,983.973 million, operating profit was ¥322.962 million, ordinary profit was ¥324.239 million, and interim net income attributable to owners of the parent was ¥146.887 million. Year on year, revenue increased 14.3%, operating profit 120.9%, ordinary profit 116.3%, and interim net income attributable to owners of the parent 65.3%, confirming improvement at every level of the income statement.

The full-year forecasts are revenue of ¥3,934 million, operating profit of ¥409 million, ordinary profit of ¥402 million, and net income attributable to owners of the parent of ¥247 million. At the interim stage, progress was 50.4% for revenue, 78.9% for operating profit, 80.5% for ordinary profit, and 59.4% for net income, with earnings progress well ahead of revenue progress. On a simple calculation, the company needs to generate second-half revenue of ¥1,950.027 million and operating profit of ¥86.038 million to achieve the full-year forecasts.

However, Alue has consistently disclosed seasonality, with revenue and profit weighted toward the interim period, when new-hire onboarding training is concentrated. Standalone second-quarter revenue in the interim period was ¥1,377 million and operating profit was ¥444 million, so the results of this busy period cannot simply be extrapolated to the third quarter and beyond. In FY2026-Q3, it will be necessary to examine not only cumulative figures but also standalone third-quarter revenue, operating profit, and operating margin to determine whether earnings levels are being maintained after the busy season.

In its interim results briefing, the company maintained its full-year forecasts while assuming a conservative second half. However, it has not disclosed a quantitative bridge showing the quarterly breakdown of the full-year forecasts, orders received and order backlog, or which projects and businesses will generate the ¥86 million of operating profit required in the second half. In FY2026-Q3, it will be important to see whether more specific explanations are added regarding second-half orders and deliveries and the required profit remaining for the fourth quarter, in addition to whether the full-year forecasts are maintained.