DISCLAIMER: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
November 11, 2025
Consolidated Financial Results for the Six Months Ended September 30, 2025 (Under Japanese GAAP)
Company name: USS Co., Ltd.
Listing: Tokyo Stock Exchange / Nagoya Stock Exchange
Securities code: 4732
URL: https://www.ussnet.co.jp/en/
Representative: Yukihiro Ando, Chairman and Representative Director
Inquiries: Masafumi Yamanaka, Executive Vice President and Officer of Supervisory Office Telephone: +81-52-689-1129
Scheduled date to file semi-annual securities report: November 13, 2025
Scheduled date to commence dividend payments: December 12, 2025
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes (for institutional investors and analysts)
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
-
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Six months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
September 30, 2025
53,979
7.0
28,709
9.4
29,041
9.2
19,951
10.0
September 30, 2024
50,456
4.9
26,230
10.3
26,587
10.2
18,140
12.2
Note: Comprehensive income For the six months ended September 30, 2025:
¥20,106 million
[10.4%]
For the six months ended September 30, 2024:
¥18,204 million
[10.5%]
Basic earnings per share
Diluted earnings per share
Six months ended
Yen
Yen
September 30, 2025
42.67
42.55
September 30, 2024
37.75
37.69
- Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
Millions of yen
Millions of yen
%
September 30, 2025
252,738
200,681
78.0
March 31, 2025
267,348
207,354
76.2
Reference: Equity
As of September 30, 2025: ¥197,209 million
As of March 31, 2025: ¥203,761 million
-
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
-
Cash dividends
Annual dividends per share
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Fiscal year ended March 31, 2025
-
20.60
-
22.80
43.40
Fiscal year ending March 31, 2026
-
25.20
Fiscal year ending
March 31, 2026 (Forecast)
-
26.20
51.40
Note: Revisions to the forecast of cash dividends most recently announced: Yes
- Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Fiscal year ending March 31, 2026 | Millions of yen 111,800 | % 7.5 | Millions of yen 57,400 | % 5.9 | Millions of yen 58,100 | % 5.9 | Millions of yen 39,650 | % 5.3 | Yen 85.17 |
Note: Revisions to the earnings forecasts most recently announced: Yes
* NotesSignificant changes in the scope of consolidation during the period: None
Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements: Yes (Calculation of tax expenses)
Taxes are calculated by determining a reasonable estimate of the effective tax rate, after the application of tax effect accounting, for profit before income taxes in the current fiscal year (including the first half). Semi-annual profit before income taxes is then multiplied by this estimated effective tax rate to calculate taxes.
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations: None
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement: None
Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2025
474,000,000 shares
As of March 31, 2025
514,000,000 shares
Number of treasury shares at the end of the period
As of September 30, 2025
10,821,802 shares
As of March 31, 2025
40,694,522 shares
Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2025 | 467,507,638 shares |
Six months ended September 30, 2024 | 480,455,065 shares |
Note: The number of treasury shares at the end of the fiscal year includes shares owned by the USS Employee Stock Ownership Plan Trust. (188,800 shares for the six months ended September 30,2025 (interim period), 306,900 shares for the fiscal year ended March 31, 2025)
Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.
Proper use of earnings forecasts, and other special matters (Cautions on forward-looking statements, etc.)
The forward-looking statements, including forecasts of financial results, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. However, the Company makes no guarantee that these forecasts will be achieved. Actual financial results, etc. may differ substantially due to various factors.
(Method of accessing supplementary material on financial results and contents of the financial results briefing) The Company plans to hold a briefing for institutional investors and analysts on Wednesday, November 12, 2025.
The supplementary financial results briefing materials and financial results briefing videos distributed at this briefing will be posted on the
Company's website promptly after the meeting.
Semi-annual consolidated balance sheet(Millions of yen)
As of March 31, 2025 As of September 30, 2025Assets | ||
Current assets | ||
Cash and deposits | 113,219 | 99,219 |
Receivables due from member dealers at auction | 13,767 | 12,945 |
Notes and accounts receivable - trade, and contract assets | 2,419 | 2,377 |
Operating loans | 8,844 | 9,844 |
Securities | 3,000 | 2,000 |
Inventories | 1,656 | 1,507 |
Other | 1,987 | 2,340 |
Allowance for doubtful accounts | (253) | (288) |
Total current assets | 144,641 | 129,945 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 30,694 | 29,709 |
Land | 63,564 | 63,566 |
Construction in progress | 1,271 | 2,653 |
Other, net | 2,802 | 2,747 |
Total property, plant and equipment | 98,333 | 98,675 |
Intangible assets | ||
Goodwill | 6,747 | 6,477 |
Other | 6,119 | 6,054 |
Total intangible assets | 12,866 | 12,531 |
Investments and other assets | ||
Investments and other assets | 11,942 | 12,112 |
Allowance for doubtful accounts | (435) | (528) |
Total investments and other assets | 11,506 | 11,584 |
Total non-current assets | 122,706 | 122,792 |
Total assets | 267,348 | 252,738 |
(Millions of yen)
As of March 31, 2025 | As of September 30, 2025 | ||
Liabilities | |||
Current liabilities | |||
Payables due to member dealers at auction | 30,005 | 24,732 | |
Notes and accounts payable - trade | 904 | 789 | |
Short-term borrowings | 340 | 370 | |
Current portion of long-term borrowings | 220 | 324 | |
Income taxes payable | 10,215 | 9,561 | |
Provisions | 1,144 | 1,159 | |
Other | 8,320 | 6,604 | |
Total current liabilities | 51,151 | 43,542 | |
Non-current liabilities | |||
Long-term borrowings | 1,617 | 1,210 | |
Provisions | 115 | 82 | |
Retirement benefit liability | 1,007 | 1,051 | |
Asset retirement obligations | 641 | 645 | |
Other | 5,459 | 5,524 | |
Total non-current liabilities | 8,842 | 8,514 | |
Total liabilities | 59,993 | 52,057 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 18,881 | 18,881 | |
Capital surplus | 9,057 | 9,038 | |
Retained earnings | 214,166 | 185,076 | |
Treasury shares | (32,958) | (10,428) | |
Total shareholders' equity | 209,147 | 202,567 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 111 | 142 | |
Revaluation reserve for land | (5,563) | (5,563) | |
Remeasurements of defined benefit plans | 66 | 63 | |
Total accumulated other comprehensive income | (5,385) | (5,357) | |
Share acquisition rights | 442 | 442 | |
Non-controlling interests | 3,150 | 3,029 | |
Total net assets | 207,354 | 200,681 | |
Total liabilities and net assets | 267,348 | 252,738 |
Semi-annual consolidated statement of income | |||
(Millions of yen) | |||
Six months ended September 30, 2024 | Six months ended September 30, 2025 | ||
Net sales | 50,456 | 53,979 | |
Cost of sales | 19,064 | 19,781 | |
Gross profit | 31,392 | 34,197 | |
Selling, general and administrative expenses | 5,161 | 5,487 | |
Operating profit | 26,230 | 28,709 | |
Non-operating income | |||
Interest income | 11 | 43 | |
Rental income from real estate | 343 | 304 | |
Miscellaneous income | 108 | 89 | |
Total non-operating income | 463 | 436 | |
Non-operating expenses | |||
Interest expenses | 4 | 5 | |
Rental costs on real estate | 86 | 89 | |
Miscellaneous losses | 16 | 9 | |
Total non-operating expenses | 107 | 104 | |
Ordinary profit | 26,587 | 29,041 | |
Extraordinary income | |||
Gain on sale of non-current assets | 120 | 24 | |
Subsidy income | - | 102 | |
Other | 3 | 0 | |
Total extraordinary income | 124 | 127 | |
Extraordinary losses | |||
Loss on sale of non-current assets | 0 | 0 | |
Loss on retirement of non-current assets | 132 | 34 | |
Total extraordinary losses | 132 | 35 | |
Profit before income taxes | 26,578 | 29,134 | |
Income taxes | 8,263 | 9,055 | |
Profit | 18,315 | 20,078 | |
Profit attributable to non-controlling interests | 175 | 126 | |
Profit attributable to owners of parent | 18,140 | 19,951 |
Semi-annual consolidated statement of comprehensive income | ||
(Millions of yen) | ||
Six months ended September 30, 2024 | Six months ended September 30, 2025 | |
Profit | 18,315 | 20,078 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | (110) | 30 |
Remeasurements of defined benefit plans, net of tax | (0) | (2) |
Total other comprehensive income | (111) | 28 |
Comprehensive income | 18,204 | 20,106 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 18,028 | 19,979 |
Comprehensive income attributable to non-controlling interests | 175 | 126 |
(Millions of yen)
Six months ended September 30, 2025Cash flows from operating activities | ||
Profit before income taxes | 26,578 | 29,134 |
Depreciation and amortization | 2,228 | 2,512 |
Amortization of goodwill | 269 | 269 |
Increase (decrease) in allowance for doubtful accounts | 161 | 127 |
Increase (decrease) in provision for bonuses | 14 | 15 |
Increase (decrease) in retirement benefit liability | 54 | 40 |
Interest and dividend income | (20) | (48) |
Interest expenses | 4 | 5 |
Loss (gain) on sale and retirement of property, plant and equipment | 11 | (2) |
Net change in due from/to member dealers at auction | (2,838) | (4,450) |
Decrease (increase) in trade receivables | 640 | 42 |
Decrease (increase) in operating loans receivable | (1,112) | (1,000) |
Increase (decrease) in trade payables | (283) | (115) |
Increase (decrease) in accounts payable - other | (536) | (656) |
Increase (decrease) in deposits received | (973) | (953) |
Other, net | (457) | (186) |
Subtotal | 23,742 | 24,735 |
Interest and dividends received | 32 | 49 |
Interest paid | (5) | (7) |
Income taxes paid | (8,664) | (9,616) |
Net cash provided by (used in) operating activities | 15,105 | 15,160 |
Cash flows from investing activities | ||
Net decrease (increase) in time deposits | (2,000) | (10,000) |
Purchase of property, plant and equipment | (835) | (2,432) |
Proceeds from sale of property, plant and equipment | 209 | 32 |
Purchase of intangible assets | (503) | (608) |
Other, net | (127) | (50) |
Net cash provided by (used in) investing activities | (3,256) | (13,058) |
Cash flows from financing activities | ||
Net increase (decrease) in short-term borrowings | 100 | 30 |
Repayments of long-term borrowings | (296) | (303) |
Proceeds from guarantee deposits received from member dealers | 84 | 118 |
Refund of guarantee deposits received from member dealers | (84) | (52) |
Purchase of treasury shares | (0) | (16,000) |
Proceeds from sale of treasury shares | 176 | 188 |
Dividends paid | (9,787) | (10,798) |
Dividends paid to non-controlling interests | (283) | (248) |
Repayments of finance lease liabilities | (47) | (36) |
Net cash provided by (used in) financing activities | (10,139) | (27,102) |
Net increase (decrease) in cash and cash equivalents | 1,709 | (24,999) |
Cash and cash equivalents at beginning of period | 102,509 | 104,719 |
Cash and cash equivalents at end of period | 104,218 | 79,719 |
(Notes on segment information, etc.) Segment Information
Previous interim consolidated accounting period (April 1, 2024 to September 30, 2024)
Information on sales and the amount of profit or loss for each reported segment
(Millions of yen)
Reportable segments
Other (Note) 1
Total
Adjustment amount (Note) 2
Interim Consolidated Statements of Income (Note) 3
Auto Auction
Used Vehicle Sales/Purchases
Recycling
Total
Sales
Revenues from external customers
39,453
6,361
4,127
49,942
514
50,456
-
50,456
Internal sales or transfers between segments
155
-
2
158
-
158
(158)
-
Total
39,609
6,361
4,129
50,100
514
50,614
(158)
50,456
Segment Profit
25,625
277
252
26,155
39
26,194
36
26,230
Notes: 1. The "Other" category refers to business segments that are not included in the reporting segments, such as the auto loan business and the electricity sales business through solar power generation systems.
The adjustment amount of 36 million yen in segment profit is the elimination of inter-segment transactions.
Segment profit is adjusted to operating profit in the interim consolidated statements of income.
Current interim consolidated accounting period (April 1, 2025 to September 30, 2025)
Information on sales and the amount of profit or loss for each reported segment
(Millions of yen)
Reportable segments
Other (Note) 1
Total
Adjustment amount (Note) 2
Interim Consolidated Statements of Income (Note) 3
Auto Auction
Used Vehicle Sales/Purchases
Recycling
Total
Sales
Revenues from external customers
43,696
5,945
3,654
53,296
682
53,979
-
53,979
Internal sales or transfers between segments
205
0
2
208
-
208
(208)
-
Total
43,901
5,945
3,657
53,504
682
54,187
(208)
53,979
Segment Profit
28,414
122
39
28,576
62
28,639
69
28,709
Notes: 1. The "Other" category refers to business segments that are not included in the reporting segments, such as the auto loan business and the electricity sales business through solar power generation systems.
The adjustment amount of 69 million yen in segment profit is the elimination of inter-segment transactions.
Segment profit is adjusted to operating profit in the interim consolidated statements of income.