Consolidated revenue and profit continue to grow, but profit growth varies widely by segment

In FY2026-H1, consolidated revenue was ¥3,522 million, up 4.0% year on year; operating income was ¥442 million, up 5.7%; ordinary income was ¥445 million, up 6.4%; and interim net income attributable to owners of the parent was ¥289 million, up 6.0%. Results improved from FY2025-H1 revenue of ¥3,385 million and operating income of ¥418 million, although both revenue growth and operating income growth remained in the single digits.

The operating margin calculated from revenue rose approximately 0.19 percentage points, from approximately 12.37% in FY2025-H1 to approximately 12.56% in FY2026-H1. The company as a whole achieved higher revenue and profit, but the improvement in profitability was limited. The key issue is therefore how the profit mix changed by business rather than simple expansion in revenue scale. In FY2026-Q3, it will be important to determine whether the nine-month cumulative operating margin can remain at 12.56% or falls below it.

By segment, Investment Information posted revenue of ¥785.321 million and operating income of ¥330.163 million, up 4.4% and 10.9%, respectively, year on year. Fund Disclosure also performed strongly, with revenue of ¥747.506 million and operating income of ¥183.293 million, up 15.3% and 61.4%, respectively. In contrast, Document Solutions increased revenue 8.1% to ¥909.979 million, but operating income fell 39.5% to ¥65.530 million. IT Solutions reported revenue of ¥431.842 million, essentially flat, while operating income fell 13.2% to ¥51.687 million. Language Solutions posted revenue of ¥647.711 million and operating income of ¥35.409 million, with both declining year on year.

Accordingly, the central issue to assess in FY2026-Q3 is not only whether profit growth continues in Investment Information and Fund Disclosure. It is also necessary to determine whether the declines in Document, IT and Language, the 3 businesses, narrow, or whether company-wide operating income growth falls below 5.7%. As of the interim period, no quantitative breakdown had been disclosed for the increase or decrease attributable to each factor, orders received, order backlog or print volumes.