Operating profit reached 21.5% of the full-year forecast, with first-half results set to test whether the plan is on track

The latest posted information lists 6 November 2026 as the scheduled date for the next earnings announcement. First-quarter results were revenue of ¥9,937 million, operating profit of ¥103 million, ordinary profit of ¥415 million and net income attributable to owners of the parent of ¥276 million. The immediate focus is how much first-half profit will accumulate in the second-quarter cumulative results.

The simple first-quarter progress rates against the full-year forecasts are 24.1% for revenue, calculated as ¥9,937 million ÷ ¥41,200 million, and 21.5% for operating profit, calculated as ¥103 million ÷ ¥480 million. Operating profit progress was approximately 2.6 percentage points below revenue progress, but the gap is not necessarily significant in a comparison based on only three months. First-quarter operating profit increased by ¥58 million, from ¥45 million in the prior-year quarter to ¥103 million. Whether this improvement continues into the first half will be important.

Ordinary profit reached ¥415 million against a full-year forecast of ¥950 million, while net income reached ¥276 million against a forecast of ¥620 million. These represent progress rates of 43.7% and 44.5%, respectively, both well above the 21.5% operating profit rate. The gap between operating profit and ordinary profit was ¥312 million in the first quarter, but the information provided does not identify the breakdown of non-operating income and expenses or the amount attributable to recurring items. In the first-half results, it will be important to determine whether this gap is temporary or reflects a structure also seen in the prior-year quarter.

The mechanical 50% first-half benchmarks are ¥20,600 million for revenue, ¥240 million for operating profit, ¥475 million for ordinary profit and ¥310 million for net income. These are not company-provided first-half forecasts, but merely comparison benchmarks obtained by dividing the full-year forecasts by two, so they cannot be used to assess performance after taking seasonality into account. Even so, they provide a basis for testing whether operating profit maintains progress comparable to revenue, whether the strong progress in ordinary profit and net income carries through to operating profit, and whether the full-year forecasts remain unchanged.