USS (4732) Q4 2026 earnings summary

Executive summary

• FY2025 net sales reached ¥113,854 million, up 9.5%, and operating profit reached ¥59,847 million, up 10.4%; both were record highs.

• Profit attributable to owners of parent rose 9.9% to ¥41,360 million.

• Auto Auction consigned and contracted vehicle volumes rose 9.4%, with a 67.0% contract completion rate.

• Dividends increased for a 27th consecutive year; FY2025 payout was ¥54.7 per share, with a total payout ratio of at least 100%.

Financial highlights

• Net sales were ¥113,854 million; operating profit was ¥59,847 million; ordinary profit was ¥60,590 million; EPS was ¥88.78.

• Gross profit rose to ¥71,451 million from ¥64,821 million; gross margin was 62.8% and operating margin was 52.6%.

• Operating cash flow was ¥43,913 million; free cash flow was ¥22.6 billion; capital expenditures were ¥11.0 billion.

• Cash and cash equivalents were ¥88,933 million at period end, down from ¥104,719 million; total assets were ¥270,130 million.

• Net assets were ¥210,966 million; the equity-to-asset ratio was 76.7%.

Outlook and guidance

• FY2026 forecast: net sales ¥119,800 million, operating profit ¥61,000 million, profit attributable to owners of parent ¥41,600 million, and EPS ¥91.35.

• FY2026 annual dividend forecast is ¥55 per share, with a 60.0% payout ratio; the dividend is ¥0.3 above FY2025.

• Capital expenditures of ¥40.0 billion are planned for FY2026–FY2027; growth investments of approximately ¥50 billion are planned for FY2025–FY2027.

• Auto auction market share goal is 50%; the ROE target is 20% or higher and the dividend payout ratio target is at least 60%.