ZERO (9028) Q4 2026 earnings summary

Executive summary

• FY2026 revenue was ¥150,556 million (+1.8%), operating profit ¥10,311 million (+0.8%) and profit attributable to equity shareholders ¥7,212 million (+0.5%).

• Domestic automotive-related, human resources and general cargo businesses grew; overseas segment profit fell 51.0% amid weaker China performance and a prior-year one-time positive factor.

• Expanded used-car transport, business domain expansion and price revisions supported growth; human resources and digital investments continued to strengthen the business foundation.

Financial highlights

• Gross profit was ¥21,781 million versus ¥21,753 million; profit before tax was ¥10,308 million versus ¥10,213 million, and net income was ¥7,201 million versus ¥7,199 million.

• Total comprehensive income rose to ¥7,725 million from ¥7,084 million; basic EPS was ¥424.94 versus ¥423.91.

• Total assets increased 4.4% to ¥77,184 million; total equity rose to ¥48,420 million from ¥43,530 million, while liabilities declined to ¥28,763 million from ¥30,417 million.

• Operating profit margin was 6.8% versus 6.9%; profit ratio attributable to equity shareholders was 15.9% versus 17.9%.

• Annual dividend per share was ¥140.30 at a 33.0% payout ratio; DOE was 5.2%, down 0.7 points.

Outlook and guidance

• FY2027 guidance: revenue ¥155,000 million (+3.0%), operating profit ¥11,000 million (+6.7%), attributable profit ¥7,300 million (+1.2%) and basic EPS ¥429.18.

• Annual dividend guidance is ¥141.60 per share at a 33.0% payout ratio; operating margin is expected to improve to 7.1%.

• Growth drivers include expanded used-vehicle transport capacity and full-year contributions from USS Tokyo, USS Yokohama and Auto Carrier (Thailand); human resources and general cargo are expected to grow organically.