First-quarter performance is running ahead of the full-year plan, but sustainability must be confirmed in the first half.

Revenue in the first quarter of the fiscal year ending March 2027 was ¥2,056.587 million, operating profit was ¥261.232 million, ordinary profit was ¥270 million, and net profit attributable to owners of the parent was ¥163 million. Year on year, revenue increased 110.6%, operating profit 294.2%, ordinary profit 259.4%, and net profit 297.8%. The operating margin was approximately 12.7%, up approximately 5.9 percentage points from approximately 6.8% in the same quarter of the previous year.

The full-year forecasts are revenue of ¥6,100 million, operating profit of ¥686 million, ordinary profit of ¥700 million, and net profit of ¥426 million. As of the first quarter, progress rates were 33.7%, 38.0%, 38.6%, and 38.3%, respectively. Operating profit and net profit are progressing ahead of revenue, and profit has made a strong start compared with a simple even quarterly allocation. However, the full-year forecasts were not revised following the first-quarter results.

Using a mechanical first-half benchmark of 50% without taking seasonality into account, the reference levels are revenue of ¥3,050 million, operating profit of ¥343 million, and net profit of ¥213 million. Working back from first-quarter results, the company would need to secure ¥994 million in revenue, ¥82 million in operating profit, and ¥50 million in net profit in the second quarter alone to reach these levels. These are not the company's first-half forecasts, so at the next results announcement it will be necessary to examine not only simple progress rates, but also the timing of revenue recognition for large-scale office construction and whether the 12.7% operating margin reflects a temporary project mix.