Profit is ahead of plan, but revenue is weighted toward the second half

For the first half of the fiscal year ending November 2026, revenue was ¥7,772 million, operating profit was ¥379 million, ordinary profit was ¥299 million, and interim net profit attributable to owners of the parent was ¥301 million. The full-year forecasts are revenue of ¥18,000 million, operating profit of ¥700 million, ordinary profit of ¥500 million, and net profit attributable to owners of the parent of ¥400 million. Progress was 43.2% for revenue, 54.1% for operating profit, and 75.3% for net profit. The fact that profit is progressing faster than revenue suggests that improved profitability and fixed-cost controls are contributing more than volume growth.

The first-half operating margin was approximately 4.9%, calculated by dividing ¥379 million by ¥7,772 million. Revenue in Q1 was ¥3,446 million and operating profit was ¥26 million, resulting in an operating margin of approximately 0.8%, so the margin improved substantially by the end of the six-month period. Based on a simple difference, Q2 revenue was approximately ¥4,326 million and operating profit was approximately ¥353 million. However, the company has not disclosed quarterly standalone segment factors or a profit bridge, so the expense items responsible for the improvement will need to be confirmed in the next results announcement.

Based on first-half results, achieving the full-year forecast will require revenue of ¥10,228 million, operating profit of ¥321 million, ordinary profit of ¥201 million, and net profit of ¥99 million over the remaining six months. This means generating 56.8% of forecast full-year revenue in the second half, while 45.9% of forecast operating profit would need to be generated in the second half. Accordingly, the next Q3 results will need to distinguish whether profit is merely being maintained without a recovery in revenue, or whether it is accompanied by a recovery in sales in the trading business.

The simple even-progress benchmarks at the end of Q3 are revenue of ¥13,500 million and operating profit of ¥525 million. However, the company has not disclosed seasonality or quarterly plans, so these are merely reference figures for verification, not company forecasts. In the next results announcement, in addition to whether the full-year forecasts are revised, it will be necessary to check whether improved margins are offsetting revenue progress below the 75% benchmark and whether the approximately 4.9% operating margin seen in the first half is continuing.