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What Okabe reported for the first half
The figures cover the six months ended June 30, 2026. Okabe reported consolidated revenue of ¥34.557 billion, up 4.5% year over year, and operating profit of ¥1.806 billion, down 20.5%. Overseas building-materials sales were ¥10.239 billion, up 26.5%, as presented at the August briefing. The overseas sales milestone did not translate into higher consolidated operating profit.
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Okabe’s interim results were released July 31, 2026, and its earnings briefing was held August 21; the briefing transcript was published September 3. The company’s IR archive lists the release and briefing dates. The detailed explanations below are management’s statements in the briefing transcript reproduced by Logmi Finance.
Why profit fell while revenue grew
Management pointed to cost increases and the composition and timing of sales, rather than an overall revenue contraction. Cost of sales rose ¥1.492 billion and selling, general and administrative expenses (SG&A) increased ¥461 million year over year, according to the briefing.
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- Business and project timing: Diversified businesses were affected by timing shifts and comparison effects against the prior year.
- Higher expenses: Selling and personnel expenses contributed to the increase in SG&A.
Performance varied across the business. Management said domestic building-material sales benefited from stronger coordination with distributors despite some supply shortages, and civil engineering products were firm. Structural equipment faced stronger competition and slower demand for large projects; temporary-building and formwork demand remained weak. Overseas construction-materials performance benefited from U.S. infrastructure demand and improved prompt-delivery capability after a new warehouse began operating.
How much of the full-year forecast had been achieved?
At the August 21 briefing, management said its FY2026 forecast was unchanged: revenue of ¥72.5 billion, operating profit of ¥5.15 billion, ordinary profit of ¥5.3 billion and net profit attributable to owners of the parent of ¥3.7 billion. These are forecasts, not reported full-year results.
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| Measure | FY2026 first-half result | Progress against August forecast | August 2026 full-year forecast |
|---|---|---|---|
| Revenue | ¥34.557 billion | 47.7% | ¥72.5 billion |
| Operating profit | ¥1.806 billion | 35.1% | ¥5.15 billion |
The progress rates make the operating-profit challenge more pronounced than the revenue one. To meet the forecast, the second half would need to contribute ¥37.943 billion in revenue and ¥3.344 billion in operating profit—about 52.3% of forecast annual revenue and 64.9% of forecast annual operating profit. Those amounts are arithmetic differences between the stated first-half results and full-year forecasts, not separate company guidance.
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Management said the plan was weighted toward the second half in light of seasonality and construction trends. It also said the first half fell behind plan amid timing, mix and supply constraints. That explanation describes the expected shape of the year, but the 35.1% operating-profit progress rate still leaves a substantial share of forecast profit to be delivered in the remaining six months.
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The August forecast is not the OX-2026 plan target
Okabe’s OX-2026 medium-term plan document gives FY2026 targets of ¥75.5 billion in consolidated sales, ¥5.0 billion in operating profit and ¥18.71 billion in overseas building products/materials sales. These plan targets are distinct from the later August 2026 full-year forecast of ¥72.5 billion in revenue and ¥5.15 billion in operating profit. The briefing says the current forecast was maintained from the initial forecast; the two documents should not be combined into one set of company guidance. The plan figures appear in the OX-2026 medium-term plan document.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What management says it will pursue in the second half
Management described opportunities and actions intended to support the remaining-year performance, not guaranteed results. Its market assessment cited U.S. road and bridge projects supported by infrastructure investment and demand from data centers. The company also identified skilled-labor shortages, project delays, steel-price increases, geopolitical conditions and tariff measures as risks.
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- Make use of North American production and logistics capacity, broaden the sales network and expand U.S.-made products.
- Develop engineering work and strategic partnerships.
- Advance domestic solutions, strengthen the rental business and restructure production.
- Address demand in maintenance and disaster-prevention markets.
Tariff refunds and exchange rates could affect reported results
Management said OCM, Inc. was expected to recognize more than ¥960 million in tariff refunds and interest in the second half. It also used an FY2026 exchange-rate assumption of ¥147 per U.S. dollar. Management estimated that if the first-half rate of ¥154.51 continued, it could add approximately ¥1.08 billion in sales and ¥79 million in operating profit versus that assumption. These are management’s stated expectations and conditional estimates; neither establishes that the operating-profit recovery will occur.
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The key test is whether higher overseas sales and the stated initiatives convert into operating profit quickly enough to close the gap implied by the annual forecast. Investors can track whether North American delivery capacity, broader sales and U.S.-made products support business growth, while monitoring supply availability, product mix, project timing, labor constraints and costs. The tariff-related recognition and exchange-rate effect may also shape reported figures, but should be separated from underlying operating execution.
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