Even after the first-half upward revision, can FY2026-Q3 steadily build the remaining portion of the full-year plan?

In the first half of the fiscal year ending December 2026, revenue was ¥16.338 billion, up 16.1% year on year; operating profit was ¥3.607 billion, up 19.4%; ordinary profit was ¥3.375 billion, up 15.5%; and interim net income was ¥2.360 billion, up 13.7%. Revenue, operating profit, ordinary profit, and net income all increased. Operating margin was approximately 22.1%, calculated as ¥3.607 billion divided by ¥16.338 billion, exceeding the target of at least 20% operating margin on revenue set from the fiscal year ended December 2025.

The full-year forecasts disclosed on 29 July were revised upward to revenue of ¥28.700 billion, operating profit of ¥6.050 billion, ordinary profit of ¥5.670 billion, and net income of ¥3.815 billion. Progress based on first-half actual results was 56.9% for revenue, 59.6% for operating profit, 59.5% for ordinary profit, and 61.9% for net income, with profit items slightly ahead of revenue. The amounts required in the second half to meet the full-year forecasts are ¥12.362 billion in revenue, ¥2.443 billion in operating profit, ¥2.295 billion in ordinary profit, and ¥1.455 billion in net income.

First-half profit growth was driven not only by higher volumes in the storage business, but also by settlements brought forward from projects scheduled for the second half and settlements of large projects in the land-rights development business. Accordingly, at the next third-quarter results announcement, it will be necessary to assess not only the 9-month cumulative progress rate but also how much recurring revenue remains after excluding the effects of projects brought forward. As project-level amounts underlying the earnings forecast and the risks incorporated into the second-half assumptions have not been disclosed, whether the full-year forecast is maintained or revised again, and the reasons, will be important points to confirm.