FY2026 full-year forecast: operating profit nearly achieved, while fourth-quarter revenue build is the focus

Nine-month revenue was ¥47,452 million, operating profit was ¥3,484 million, ordinary profit was ¥3,731 million, and interim net income attributable to owners of the parent was ¥2,537 million. The respective full-year forecasts are ¥59,300 million, ¥3,580 million, ¥3,870 million and ¥2,590 million, representing progress rates of 80.0% for revenue, 97.3% for operating profit, 96.4% for ordinary profit and 98.0% for net income. As the period covered is the nine months from 1 October 2025 to 30 June 2026, revenue already exceeds the 75% elapsed-period ratio compared with a simple even quarterly allocation, while profit is substantially ahead.

Working back from the full-year forecasts, the fourth quarter requires revenue of ¥11,848 million, operating profit of ¥96 million, ordinary profit of ¥139 million and net income of ¥53 million. Since operating profit had already reached 97.3% of the full-year forecast by the nine-month period, the key issue at the final results is not the absolute increase in profit but the extent to which margins can be maintained as revenue is added in the fourth quarter. It will also be necessary to confirm that operating profit does not fall sharply from the third quarter to the full year.

FY2026 is the first year of consolidated reporting following the conversion of 株式会社システムメイク into a subsidiary, and no consolidated figures were prepared for the same period of the previous year. Accordingly, the simple interim results alone cannot determine how much operating profit of ¥3,484 million increased or decreased year on year, or whether the improvement in margins came from existing operations or the broader consolidation scope. At the full-year results, we will check for disclosure of revenue and operating profit from existing operations excluding the consolidated subsidiary, in addition to comparisons with the previous year's non-consolidated results.

The main focus at the final results is whether the company can achieve the full-year revenue forecast of ¥59,300 million while exceeding operating profit of ¥3,580 million. Since the earnings forecast was left unchanged at the third-quarter results, if revenue falls short of ¥11,848 million, the timing of revenue recognition from the order backlog and progress on large projects will be key issues. Conversely, if revenue exceeds plan but operating profit falls below ¥96 million, the deterioration in project mix, outsourcing and personnel costs, and the cost burden of the consolidated subsidiary will need to be reviewed.