Consumed approximately 94% of the full-year operating profit forecast in the first half, but the full-year forecast remains unchanged

For the first half of FY2026, from January through June, revenue was ¥3,798 million, operating profit was ¥234 million, ordinary profit was ¥266 million, and interim net income attributable to owners of the parent was ¥135 million. Year on year, revenue increased 19.6%, operating profit 66.8%, ordinary profit 153.4%, and net income 196.2%, while the operating margin improved to approximately 6.2%. Operating profit increased by ¥94 million from ¥140 million in the first half of the previous year, with profit growth outpacing revenue growth.

Progress against the full-year forecast was 58.4% for revenue, 93.6% for operating profit, 102.5% for ordinary profit, 122.8% for net income attributable to owners of the parent, and 73.5% for EBITDA, with profit items further ahead. Operating profit in particular was only ¥16 million short of the full-year forecast of ¥250 million, so the required second-half profit is small if the focus is simply on meeting the forecast. However, while ordinary profit and net income have already exceeded their full-year forecasts, operating profit has not, so progress in the core business excluding non-operating income and temporary factors needs to be assessed separately.

Despite strong first-half results, the company has not raised its full-year earnings forecast at this point, leaving revenue at ¥6,500 million, operating profit at ¥250 million, ordinary profit at ¥260 million, and net income attributable to owners of the parent at ¥110 million. The stated reason is that the company is examining the impact of growth investments, including M&A planned from the third quarter onward, strategic investments, and the recognition of temporary expenses. The important point is that it has not simply extrapolated the strong first-half results into full-year profit.

For FY2026-Q3, we will look to confirm whether cumulative third-quarter operating profit exceeds ¥234 million and whether the operating margin improves further from approximately 6.2% in the first half. Because specific amounts for investment from the third quarter onward, M&A-related expenses, and revenue contributions from acquired IP have not been adequately disclosed, the key to assessing the appropriateness of maintaining the full-year forecast will be whether operating profit growth reflects the core business's recurring performance or is offset by temporary factors such as investments and asset sales.