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Okabe Co., Ltd. reported ¥10.239 billion in overseas building-materials sales for the six months ended June 30, 2026, up 26.5% year over year. But consolidated operating profit fell 20.5% to ¥1.806 billion, leaving the company at 35.1% of its full-year operating-profit forecast. Management says the plan is weighted toward the second half; meeting it now depends on a stronger finish, not just continued sales growth.
What Okabe reported for the first half of FY2026
In its interim results, 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 reached ¥10.239 billion, a 26.5% increase. These figures cover the six months ended June 30, 2026; the company held its earnings briefing on August 21. Okabe’s briefing transcript identifies Hirohide Kawase as representative director and president executive officer.
The contrast is the key: overseas sales growth was strong, but it was not enough to prevent a decline in consolidated operating profit. The transcript’s opening Japanese statement by Kawase translates as: “I am Kawase, Representative Director and President Executive Officer of Okabe Co., Ltd.”
Why profit fell despite higher sales
Management attributed the decline to a combination of product mix, supply constraints, timing and higher expenses—not to an overall fall in sales. Cost of sales rose by ¥1.492 billion and selling, general and administrative expenses (SG&A) rose by ¥461 million, according to the August briefing.
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- Mix and input costs: Changes in product mix and higher costs weighed on profitability.
- Supply and project timing: Shortages of some materials and the timing of projects affected performance.
- Higher expenses: Selling and personnel expenses contributed to the increase in SG&A.
- Diversified-business comparisons: Timing shifts and prior-year effects also influenced results.
Business conditions were uneven. Management said U.S. infrastructure demand and improved prompt-delivery capability after a new warehouse began operating helped overseas construction-materials performance. Domestic building-material sales benefited from stronger coordination with distributors despite some supply shortages. Civil engineering products were firm, while structural equipment faced more intense competition and slower demand for large projects. Temporary-building and formwork demand remained weak.
What 35.1% progress means for the full-year forecast
Okabe had reached 47.7% of its full-year revenue forecast but only 35.1% of its operating-profit forecast at the half-year mark. The company said its plan is weighted toward the second half because of seasonality and construction trends. Management also said first-half timing, product mix and supply constraints left results behind plan.
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| Measure | FY2026 first half | Full-year forecast at August 21 briefing | Progress |
|---|---|---|---|
| Revenue | ¥34.557 billion | ¥72.5 billion | 47.7% |
| Operating profit | ¥1.806 billion | ¥5.15 billion | 35.1% |
On the maintained forecast, the arithmetic implies about ¥37.943 billion in revenue and ¥3.344 billion in operating profit for the second half: the full-year forecasts minus the first-half results. That means the remaining six months would need to produce roughly 64.9% of forecast operating profit. It is a demanding back-half contribution, even allowing for management’s stated seasonality.
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Management maintained its forecast—but it is not an achieved result
At the August 21 briefing, management said it had not changed its FY2026 forecast. It remained at ¥72.5 billion in revenue, ¥5.15 billion in operating profit, ¥5.3 billion in ordinary profit and ¥3.7 billion in net profit attributable to owners of the parent. These are management forecasts, not results already earned.
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Those figures differ from the FY2026 targets in Okabe’s OX-2026 medium-term plan, which lists ¥75.5 billion in consolidated sales, ¥5.0 billion in operating profit and ¥18.71 billion in overseas building products/materials sales. The plan document and the later briefing forecast are separate reference points; the August briefing says its forecast was maintained from the initial forecast. Readers should not combine the plan targets and current forecast into one set of guidance. Okabe’s IR archive lists the interim results release on July 31 and the briefing on August 21; the OX-2026 plan is available from the company’s IR library.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What management says it needs from the second half
Management described actions intended to support North American growth and broader operating performance. These are plans and initiatives, not guaranteed outcomes.
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- Use North American production and logistics capacity and expand prompt delivery.
- Widen the sales network and expand sales of U.S.-made products.
- Build engineering work and strategic partnerships.
- Advance domestic solutions, strengthen the rental business, and restructure production.
- Address demand in maintenance and disaster-prevention markets.
For market conditions, management pointed to U.S. road and bridge projects supported by infrastructure investment and demand related to data centers as opportunities. It also identified skilled-labor shortages, project delays, higher steel prices, geopolitical conditions and tariff measures as risks. These are the company’s assessment of its market outlook, not independently verified forecasts.
Tariff refunds and exchange rates could affect the comparison
Management said OCM, Inc. was expected to recognize more than ¥960 million in tariff refunds and interest in the second half. That expected recognition could support reported results, but it is not evidence by itself that underlying operating performance has recovered.
Okabe’s FY2026 exchange-rate assumption was ¥147 per U.S. dollar. Management estimated that if the first-half average rate of ¥154.51 continued, it could add approximately ¥1.08 billion to sales and ¥79 million to operating profit versus the assumption. This was a conditional estimate, not a guaranteed contribution.
How to read the second-half outlook
The central question is whether Okabe can convert the second-half opportunities it described into enough operating profit to reach its maintained forecast. Overseas growth, capacity measures and new sales channels may help, while supply limits, labor shortages, project delays, costs and competitive pressure remain risks. The 35.1% progress rate makes the second-half delivery burden clear; it does not, on its own, establish whether the forecast will be met.
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