Progress is broadly in line with the full-year plan as of Q3, but the remaining amount must be achieved in Q4

The period covered by the nine months ended Q3 of the fiscal year ending September 2026 was from 1 October 2025 to 30 June 2026. Revenue was ¥12,220.905 million and operating profit was ¥3,026.718 million. The company's full-year forecasts are revenue of ¥16,494 million and operating profit of ¥3,942 million, representing progress rates of 74.1% and 76.8%, respectively. Compared with the simple nine-month benchmark of 75%, revenue was slightly below while operating profit was approximately 1.8 percentage points above.

Working back from the full-year plan, Q4 requires revenue of ¥4,273.095 million and operating profit of ¥915.282 million. Revenue was ¥15,846 million and operating profit was ¥3,780 million in the fiscal year ended September 2025, so the current full-year forecast is a relatively moderate plan, calling for revenue growth of 4.1% and operating profit growth of 4.3%. In the next earnings release, it will be necessary to check not only whether the full-year forecast was achieved, but also how far Q4 revenue exceeded the year-earlier level and whether operating profit continued to grow faster than revenue.

The company did not revise its latest earnings forecasts in the Q3 results. Accordingly, the final FY2026 results will allow a clear view of the variance from revenue of ¥16,494 million and operating profit of ¥3,942 million. The company operates a single segment, cram schools, and does not disclose revenue or profit by segment. It is therefore not possible to determine from the financial figures alone which divisions, regions or schools generated the additional Q4 revenue needed to fill the gap.

The points to monitor include not only whether the plan was achieved, but also whether it was achieved while maintaining margins. The operating margin for the nine months ended Q3 was approximately 24.8%, an improvement of approximately 0.6 percentage points from approximately 24.1% a year earlier. We will track whether any revenue shortfall was offset by price increases or temporary cost reductions, whether student growth and school utilization continued through the full year, and whether the final results include additional disclosure of the amounts or operating metrics behind the changes.