Q1 was broadly on track against the full-year plan, but H1 execution is the focus

Revenue for Q1 of the fiscal year ending March 2027 was ¥40,035 million, up 27.8% year on year, while operating profit was ¥1,331 million, up 393.6%. Progress against the full-year forecasts was 23.1% for revenue and 22.2% for operating profit, respectively, 1.9 and 2.8 percentage points below the simple 25% benchmark after one quarter of the year. Operating profit progress was not materially out of line with revenue, so it is difficult to conclude at this stage that the company is significantly behind plan.

Meanwhile, the full-year forecasts presented in the company’s supplementary materials were revenue of ¥173,000 million and operating profit of ¥6,000 million, representing ambitious increases of 16.6% and 47.8%, respectively, from FY2026 results of ¥148,329 million in revenue and ¥4,058 million in operating profit. If half the year is used as a simple benchmark, first-half cumulative revenue of ¥86,500 million and operating profit of ¥3,000 million would represent one progress reference point. However, the company has not disclosed a first-half plan reflecting seasonality or specific revenue and profit levels required for the remainder of the year, so the 50% figure is only a comparative benchmark, not a company forecast.

The company cited AI-related investment, a recovery in demand in the semiconductor manufacturing equipment industry, increased production by major customers, new projects and large battery-system projects as factors behind Q1 revenue growth. The explanation is focused mainly on demand conditions, and does not indicate how quarterly revenue and profit build up or what percentage of the full-year forecast each factor supports. At the next earnings announcement, the focus will be first-half cumulative results, whether the forecasts of ¥173,000 million and ¥6,000 million are maintained or revised, and the explanation of the levels required in the remaining two quarters.