First-half earnings are ahead, but the focus is on the revenue impact and seasonal trends in the second half

For the interim period of FY2026 ending December 2026, revenue was ¥3,437.904 million, operating profit was ¥823.225 million, ordinary profit was ¥822.675 million, and interim net profit attributable to owners of the parent was ¥538.433 million. Compared with revenue of ¥2,365.153 million and operating profit of ¥727.354 million in the same period of the previous year, revenue increased by ¥1,072.751 million, while the increase in operating profit was limited to ¥95.871 million. The relatively modest increase in profit compared with the expansion in revenue requires confirmation in the next results release.

The full-year forecasts were unchanged at revenue of ¥6,470 million, operating profit of ¥1,300 million, ordinary profit of ¥1,300 million, and net profit attributable to owners of the parent of ¥845 million. As of the interim period, progress was 53.1% for revenue, 63.3% for operating profit, 63.3% for ordinary profit, and 63.7% for net profit, with profit progress outpacing revenue. On a simple calculation, the second half would need to generate revenue of ¥3,032.096 million, operating profit of ¥476.775 million, ordinary profit of ¥477.325 million, and net profit of ¥306.567 million to meet the full-year forecasts. For FY2026-Q3, we will check how much the nine-month cumulative progress rates have increased from the interim-period levels.

Meanwhile, according to the earnings presentation, standalone revenue and operating profit were ¥1,794 million and ¥583 million, respectively, in FY2026-Q1, compared with ¥1,642 million and ¥239 million in standalone FY2026-Q2. Although profit increased on a cumulative interim-period basis, profit fluctuated significantly quarter to quarter. As hiring activity has been brought forward, results tend to be weighted toward the first half and the fourth quarter. It would therefore be premature to conclude immediately that demand has deteriorated based solely on the decline in standalone Q2 profit, but whether operating profit recovers in standalone Q3 is an important point to verify.

The company explained that first-half results were running ahead of the full-year forecast, driven by the consolidation of 株式会社リンドスポーツ and higher revenue from its existing recruitment and placement services for new graduates and experienced candidates. However, it has not disclosed quarterly revenue and profit plans underlying the full-year forecast, monetary caps on advertising and personnel investment, or the potential financial impact of external risks. For FY2026-Q3, we will look for disclosure not only on whether the full-year forecast is maintained, but also on cumulative revenue and operating profit, second-half cost increases, and the extent to which revenue is weighted toward the fourth quarter.