First-half results are on track for the full-year plan, but ¥2,740 million in operating profit is needed in the second half

Operating revenue for the six months ended May 2026 was ¥102,735 million, up 3.1% year on year. Operating profit, however, was ¥2,960 million, down 3.6%; ordinary profit was ¥2,481 million, down 5.7%; and interim net profit attributable to owners of the parent was ¥1,263 million, down 13.9%. The expansion in revenue has therefore not translated directly into higher profits.

The full-year forecasts are operating revenue of ¥205,000 million and operating profit of ¥5,700 million, against which first-half progress was approximately 50.1% and 51.9%, respectively. Compared with a simple half-year run rate, there is no significant delay, but the company will need to generate operating revenue of ¥102,265 million and operating profit of ¥2,740 million over the remaining period. For operating profit, this means earning 48.1% of the full-year forecast in the second half alone, making it important to determine whether the decline in the first-half margin will continue.

Operating revenue and operating profit for the nine months ended February were ¥50,089 million and ¥1,289 million, respectively, while the six-month figures expanded to ¥102,735 million and ¥2,960 million. Based on the difference between the cumulative figures, operating profit for the second quarter alone was ¥1,671 million, but the company has not revised its full-year earnings forecast. In the third quarter, it will be necessary to assess whether the revenue growth seen in the first half is also leading to further profit accumulation.

At the next results announcement, the focus will be not only on cumulative operating revenue progress but also on whether operating profit progress falls below the first-half level of 51.9%, and on the gap between actual results and the ¥2,740 million required in the second half. Even if the full-year forecast is maintained, the key issue will be whether the company can show quantified progress in fee revisions capable of absorbing transport, warehousing and labor costs, expansion of existing business and expense control.