Revenue is tracking to plan, but the Q3 FY2026 results will test the concentration of profit in the second half

Revenue for the interim period of the fiscal year ending December 2026 was ¥3,180 million, representing progress of 48.2% against the ¥6,600 million full-year forecast. Revenue was therefore close to the level implied by a simple time-based allocation at the half-year mark, while operating profit was ¥77 million, or 15.4% of the ¥500 million full-year forecast, and interim net income attributable to owners of the parent was ¥22 million, or only 6.5% of the original ¥340 million forecast. The net income forecast was subsequently revised to ¥150 million, bringing first-half progress against the current forecast to 14.7%.

This gap indicates that the first-half revenue increase has not translated directly into full-year profit progress. Revenue consisted of ¥2,286.820 million from the digital transformation business, ¥746.751 million from the DX×Technology business and ¥146.555 million from the DX×HR business, for a total of ¥3,180.126 million. Meanwhile, achieving full-year operating profit of ¥500 million requires approximately ¥422 million of operating profit in the second half after simply deducting the first-half result. Utilisation, pricing and the absorption of recruitment-related costs in the second half will therefore be important.

For Q3, cumulative revenue of ¥4,950 million, operating profit of ¥375 million and net income of ¥112.5 million provide mechanical benchmarks for recalculating the distance to the full-year plan. In particular, because the September earnings forecast revision was attributed to an extraordinary loss, it will be necessary to assess separately how far pretax profit and net income have recovered, even if operating profit from the core business is progressing as planned.

At the next results announcement, the focus will be not only on whether the full-year forecasts are maintained, but also on whether operating profit and net income are improving relative to revenue progress, and whether revenue and profit growth continues across all 3 segments. If revenue continues to lead, as it did in the first half, while profit progress remains around 15%, the assumptions underpinning achievement of the full-year forecasts will become excessively concentrated in Q4.