Revenue is on track, but a sharp fourth-quarter recovery is needed to achieve profitability in FY2026

For the nine months from October 2025 through June 2026, operating revenue was ¥4,104.321 million, the operating loss was ¥49.416 million, the ordinary loss was ¥58.028 million, and the quarterly net loss attributable to owners of the parent was ¥63.990 million. In the same period of the previous year, operating revenue was ¥3,429.890 million and operating profit was ¥52.181 million. Operating revenue therefore increased by ¥674.431 million, while operating income declined by ¥101.597 million. The operating margin also fell from approximately 1.52% in the previous year to approximately negative 1.20% in the current period, making the divergence between revenue growth and profit the central issue in these results.

The FY2026 full-year forecast recorded in the latest financial summary is operating revenue of ¥5,660 million, zero operating profit, a net loss attributable to owners of the parent of ¥10 million, and earnings per share of negative ¥2.91. Nine-month operating revenue of ¥4,104.321 million represents 72.5% of the full-year forecast, so reaching the revenue target would require adding ¥1,555.679 million in the fourth quarter alone. However, operating income is already ¥49.416 million in the red, meaning that fourth-quarter operating profit of ¥49.416 million is required to reach zero for the full year. Net income would likewise need to be ¥53.990 million in the fourth quarter to keep the full-year result within the forecast net loss of ¥10 million.

For the fiscal year ended September 2025, operating revenue was ¥4,787 million and operating profit was ¥115 million, producing an operating margin of approximately 2.40%. By contrast, the FY2026 forecast calls for operating revenue to rise approximately 18.2% year on year, while operating profit is forecast at zero. Accordingly, the final results should be assessed not only on whether revenue was achieved, but also on whether higher travel prices exceeded procurement costs, whether additional expenses converged in the fourth quarter, and how much of the increase in advertising and recruitment costs remained. The reported business consists of a single travel segment, so the source of the recovery cannot be identified from segment-level margins.

The current disclosure covers the nine-month period, and does not show standalone fourth-quarter operating revenue, operating profit, ordinary profit or net profit. In the next results release, at a minimum, the four standalone fourth-quarter metrics and their differences from the full-year forecasts should be reviewed, together with whether the ¥49.4 million recovery in operating profit came from volume and pricing or from cost normalization. If operating profit remains near zero even when revenue exceeds plan, the structure in which FY2026 revenue growth fails to translate into profit growth should be considered to remain in place.