Full-year forecast maintained, with profit ahead of revenue at the nine-month mark

Cumulative revenue for the third quarter of FY2026 ending September 2026 was ¥15,927 million, operating profit was ¥4,447 million, and profit attributable to owners of the parent was ¥2,645 million. Year on year, revenue increased 37.3%, operating profit 42.0%, and profit attributable to owners of the parent 45.5%, representing clear consolidated revenue and profit growth. The operating margin also rose by approximately 0.9 percentage points, from around 27.0% in the same period of the previous year to approximately 27.9%.

The full-year forecasts are revenue of ¥22,292 million, operating profit of ¥5,778 million, and profit for the year attributable to owners of the parent of ¥3,405 million, and the company has maintained its consolidated earnings forecasts. After nine months, revenue had reached 71.5% of the full-year forecast, 3.5 percentage points below the simple 75% time-based benchmark, while operating profit and net profit had reached 77.0% and 77.7%, respectively. Accordingly, the amounts required in the fourth quarter are approximately ¥6,365 million of revenue, ¥1,331 million of operating profit, and ¥760 million of net profit. The key to meeting the full-year targets is not only building revenue, but also recognizing these remaining amounts while maintaining margins.

In the third quarter alone, the M&A advisory business generated revenue of ¥4,372 million, operating profit of ¥1,845 million, and 67 completed deals. Quarterly revenue from the consulting business also expanded to ¥1,049 million. Cumulative third-quarter segment revenue was ¥12,896 million for M&A advisory, ¥2,707 million for consulting, and ¥323 million for operating leases, showing progress in recognizing revenue from new businesses in addition to growth in the core business.

However, maintaining the overall full-year forecast indicates that there were changes at the business-segment level. The earnings presentation raised the M&A advisory operating profit forecast from ¥6.499 billion to ¥6.949 billion, while lowering the consulting operating loss forecast from ¥650 million to ¥1.100 billion. Since these changes offset one another at the consolidated level, the next earnings release should separately review fourth-quarter revenue, operating profit, and completed deals by business to determine how much of the larger M&A advisory profit absorbed the wider consulting loss. The amount of risk incorporated into the forecasts and the profit bridge by factor have not been disclosed, so the full-year results should also be reviewed for the breakdown of changes in expenses.