FY2027 is expected to deliver revenue growth without a recovery in operating profit

FY2026 consolidated results were revenue of ¥2,699 million, operating profit of ¥361 million, ordinary profit of ¥403 million, and net income attributable to owners of the parent of ¥237 million. Compared with the previous fiscal year's revenue of ¥2,919 million, operating profit of ¥841 million, ordinary profit of ¥844 million, and net income attributable to owners of the parent of ¥539 million, revenue fell 7.6%, operating profit fell 57.0%, and net income fell 56.0%, showing that profits declined more sharply than revenue.

Meanwhile, the next-period forecast presented with the FY2026 full-year results calls for FY2027 revenue of ¥3,510 million, operating profit of ¥322 million, net income attributable to owners of the parent of ¥195 million, EPS of ¥28.90, and annual dividends of ¥40. Viewed solely in terms of revenue, the plan represents a 30.0% increase from FY2026 actual results. However, operating profit is expected to decline 10.9% and net income 17.7%, implying that revenue growth will not translate into profit recovery. The forecast may incorporate revenue contributions from new businesses and acquired companies, while also assuming upfront costs, depreciation, and amortization or other expenses related to goodwill and intangible assets, but the segment-level profit plan and cost breakdown for FY2027 have not been confirmed.

FY2026-Q1 revenue was ¥508 million and operating profit was ¥32 million. Because the company has not disclosed a FY2027-Q1 forecast or quarterly guidance, the initial points of verification will be whether revenue recovers year on year and whether operating profit exceeds ¥32 million. A mechanical benchmark obtained by simply dividing the full-year forecast by four would be revenue of ¥877.5 million and operating profit of ¥80.5 million, but this is only a reference figure, not the company's quarterly plan, and does not reflect seasonality or the timing of consolidation of acquired companies.

Accordingly, in FY2027-Q1, it will be necessary to assess not only the absolute level of revenue but also the operating margin, the contributions of the existing PR business and new businesses, and whether acquisition-related costs were incurred. If revenue exceeds the year-earlier level but operating profit is ¥32 million or less, or turns negative, the "revenue growth, profit decline" structure of the next-period forecast can be considered to have worsened further. Conversely, if both revenue recovery and an improvement in the operating margin are confirmed, normalization may have begun following the decline in headcount and delays in revenue recognition that occurred in FY2026.