First-half results reached half of the full-year plan, with Q3 set to test whether the pace toward the plan can be sustained

For the second quarter of FY2026 ending November, cumulative revenue was ¥2,525 million, operating profit was ¥320 million, ordinary profit was ¥332 million and net profit attributable to owners of the parent was ¥265 million. The full-year forecasts are ¥5,100 million in revenue, ¥650 million in operating profit and ¥480 million in net profit. By the end of the first half, progress had reached 49.5% for revenue, 49.2% for operating profit and 55.2% for net profit.

Profit progress can also be assessed through earnings per share. First-half EPS was ¥44.89, compared with a full-year forecast of ¥81.06, representing progress of approximately 55.4%. Revenue and operating profit were progressing at roughly a half-year pace, while net profit and EPS were relatively ahead. The issue for Q3 is whether this gap is temporary or represents potential upside to full-year profit.

Compared with the same period of the previous year, cumulative Q2 revenue increased 2.9% from ¥2,454 million to ¥2,525 million, operating profit rose 15.5% from ¥277 million to ¥320 million, ordinary profit increased 38.3% from ¥240 million to ¥332 million, and net profit rose 65.6% from ¥160 million to ¥265 million. It will be necessary to confirm whether this pattern, in which profit growth exceeds revenue growth, is maintained through cumulative Q3.

Subtracting first-half results from the full-year forecasts leaves ¥2,575 million in revenue, ¥330 million in operating profit and ¥215 million in net profit required during the second half. Using a simple nine-month benchmark, cumulative Q3 would be expected to reach ¥3,825 million in revenue, ¥487.5 million in operating profit and ¥360 million in net profit. However, this is a mechanical benchmark that does not reflect seasonality and is not the company’s plan. In the Q3 financial results release, we will look for any revision to the full-year forecasts, as well as an explanation of the factors behind the first-half lead in net profit.