First-half progress is on track, but growth in the second half is the focus after the upward revision

For the six months ended June 2026, revenue was ¥534,483 million, up 32.7% year on year, operating income was ¥120,486 million, up 48.5%, and interim net income attributable to owners of the parent was ¥82,171 million, up 53.3%. The operating margin also rose 2.4 percentage points from the same period of the previous year to 22.5%, indicating that the earnings increase was driven not only by revenue growth but also by a richer mix of higher-value-added products and improved gross margins.

The full-year forecast revised in August was ¥1,050,000 million in revenue, ¥195,000 million in operating income, ¥189,000 million in ordinary income and ¥120,000 million in net income attributable to owners of the parent. First-half progress against the full-year forecast was approximately 50.9% for revenue and 61.8% for operating income, with profit progress substantially ahead of revenue progress. At the next results announcement, the focus will be on how far operating income progress has accumulated on a nine-month basis.

Subtracting first-half results from the full-year forecasts leaves required second-half revenue of ¥515,517 million and operating income of ¥74,514 million. Second-half 2025 results are calculated at ¥408,118 million in revenue and ¥61,387 million in operating income, based on full-year revenue of ¥810,916 million less first-half revenue of ¥402,798 million, and full-year operating income of ¥142,519 million less first-half operating income of ¥81,132 million. Accordingly, achieving the current full-year forecasts will require year-on-year growth of approximately 26.3% in revenue and 21.4% in operating income in the second half.

The key issue is not simply confirming the strong first half, but determining whether regional growth, particularly in Europe and North America, sales momentum in Sportstyle and Onitsuka Tiger, and the contribution from higher-value-added products continued through the nine months. Particular attention will be paid to whether nine-month cumulative operating income exceeded ¥127,606 million in the same period of the previous year and whether progress is sufficient to secure the required second-half operating income of ¥74,514 million without difficulty, as well as whether the full-year forecast is maintained or revised again.