Additional profit is needed in Q4 to meet the full-year plan

For the nine months of FY2026, revenue was ¥2,966 million and operating profit was ¥795 million. The full-year forecast, revised upward in Q2, is ¥4,008 million in revenue and ¥1,127 million in operating profit, putting cumulative progress at 74.0% for revenue and 70.6% for operating profit. Revenue is close to the simple 75% benchmark after nine months, while operating profit is slightly below it, making the maintenance of margins, rather than revenue scale alone, important over the remainder of the year.

A simple reverse calculation from the full-year plan indicates that Q4 will require approximately ¥1,042 million in revenue and approximately ¥332 million in operating profit. Q3 alone generated revenue of ¥1,110 million, operating profit of ¥320 million and an operating margin of 28.9%. Revenue can therefore reach the plan even at a level slightly below Q3 alone, but operating profit must exceed Q3 alone by approximately ¥12 million. If Q4 revenue is assumed to be approximately ¥1,042 million, the required operating profit of approximately ¥332 million corresponds to an operating margin of approximately 31.8%.

Cumulative quarterly results were revenue of ¥820 million and operating profit of ¥198 million in Q1, revenue of ¥1,856 million and operating profit of ¥475 million for the first half, and revenue of ¥2,966 million and operating profit of ¥795 million for the nine months. Q3 operating profit alone increased 96.6% year on year to ¥320 million, described as a record quarterly operating profit. On a cumulative basis, revenue increased 65.0% year on year, compared with a 57.9% increase in operating profit. Although the effect of higher revenue is evident, margins in Q4 will need to be monitored carefully to determine whether the full-year plan can be met.

In Q3, results were boosted by increased orders from major enterprise customers, in addition to Spica's contribution to the consolidated results. Spica has been consolidated for profit and loss purposes since February 2026, so only part of the year is reflected in FY2026. At the next earnings announcement, it will be necessary to check revenue and operating profit attributable separately to the existing digital marketing business and Spica, as well as the status of recurring revenue that does not depend on spot projects or the acceleration of budgets by large customers.

At the next FY2026 full-year earnings announcement, the key points will be whether revenue of ¥4,008 million and operating profit of ¥1,127 million were achieved, together with Q4 revenue, operating profit and operating margin. In particular, based on Q3 operating profit of ¥320 million, whether at least approximately ¥332 million can be secured and whether an operating margin of around 28.1% can be achieved for the full year while absorbing increases in outsourcing and personnel costs will be important indicators of plan achievement.