Operating profit ahead of plan in the interim period; convergence with the full-year forecast to be assessed in 3Q

Revenue for January through June 2026 was ¥12,876 million, representing 50.1% of the full-year forecast of ¥25,700 million. Operating profit was ¥2,217 million, or 65.2% of the full-year forecast of ¥3,400 million, 15.1 percentage points ahead of revenue. Ordinary profit was ¥2,303 million, representing 66.6% progress, while interim net income attributable to owners of the parent was ¥1,561 million, or 65.0% of the full-year forecast.

On a quarterly basis, first-quarter revenue was ¥7,000 million and operating profit was ¥1,264 million, representing 27.2% and 37.2%, respectively, of the full-year forecasts. By the interim period, revenue progress had risen to 50.1%, while operating profit had reached 65.2%, indicating that profit continued to lead revenue. However, the company does not disclose quarterly seasonality or the allocation of its forecasts, so this gap cannot be regarded as upside potential without further analysis.

The amounts required after the interim period to achieve the full-year forecasts are ¥12,824 million in revenue, ¥1,183 million in operating profit, ¥1,157 million in ordinary profit and ¥839 million in net income. In the 3Q results, in addition to the cumulative amount achieved as of the end of September, it will be important to assess whether revenue progress moves closer to operating profit progress and whether the high operating margin is maintained. The company cited large-scale marine environmental surveys, AUV-related work, environmental risk assessments for chemical substances and soil surveys as factors behind the interim-period revenue increase, but it has not disclosed the revenue contribution of each type of work.

The company also attributed the increase in operating profit not only to higher revenue but also to stricter process management and reductions in costs and expenses. However, the amount of the ¥2,217 million operating profit increase attributable to these measures has not been broken out. In 3Q, it will be necessary to assess whether revenue increases by at least ¥12,824 million after the interim period, whether operating profit rises by at least ¥1,183 million, and whether the additional profit is driven by growth in the environmental consulting business or by cost factors, together with the segment-level figures.