Q2 FY2
Consolidated Results of Operations
USS Co., Ltd.
November 2025
FY2025 (FY3/2026) : from April 1, 2025 to March 31, 2026
Contents
Highlights of 1H FY2025
1H FY2025 Summary of Consolidated Results of Operations
Net Sales and Operating Profit by Business Segment
1H FY2025 Reasons for Change in Operating Profit (Actual)
Consolidated Balance Sheets and Statements of Cash Flows
Automobile Market
Auto Auction Segment
Used Vehicle Purchasing and Selling Segment
Recycling Segment
P.3
Ⅰ :1H FY2025 Results of Operations
Used Car Auction Market and USS Market Share
Medium-to Long-Term Management Goal
Cash Allocation Policy
Investment for Growth
Medium-term Business Plan and Raising the ROE
Earnings Distributions - Dividend Policy
Earnings Distributions - Stock Repurchase
Earnings Distributions - Total Payout Ratio
Cycle of Rising Corporate Value Driven by Business Growth and Shareholder Distributions
Ⅲ:Market Overview and Strategy for Creating Value Over the Medium-term P.21
FY2025 Consolidated Forecast
2H FY2025 Reasons for Change in Operating Profit (Forecast)
FY2025 Reasons for Change in Operating Profit (Forecast)
FY2025 Forecast by Business Segment
P.16
Ⅱ:FY2025 Consolidated Forecast
Business Models for USS
Pricing Power Derived from Solid Positioning
New/Used Car Registrations and Auto Auction Market
Appendix
P.32
Ⅳ:Reference
1H FY2025
Results of Operations
株主還 元
Highlights of 1H FY2025
1H FY25 Results
Net sales ¥53.9 billion
(up 7.0% YoY)
Operating profit
¥28.7 billion (up 9.4% YoY)USS Auto Auction result in 1H FY2025: vehicles consigned was 1.72 million (up 15.9% YoY), contract completions was 1.13 million (up 8.9 % YoY), contract completion rate was 65.6%.
In the used vehicle purchasing and selling segment, sales and earnings decreased due to a smaller number of vehicles sold.
In the recycle segment, sales and earnings decreased due to lower metal prices and increased depreciation expenses.
FY25 Forecast
Revisions to the FY2025 plan
Revised upward the FY2025 plan to reflect higher-than-forecasted Q2 results.
Net sales ¥111.8 billion (no change)
Operating profit increased
from ¥56.5 billion to
→ ¥57.4 billion
1.6% higher than the previous plan
(Aug. 5, 2025)
Earnings Distributions
FY2025 dividend forecast has been raised from ¥50.4 to ¥ 51.4
* This will be the 26th consecutive year
of dividend increases.
Total payout ratio : at least 100%
(by FY2027)
Dividend payout ratio : at least 60%
ROE target : 20% or higher
Repurchase and cancelation of stock
As of June 25, 10.32 million shares had been repurchased at a cost of approximately ¥16 billion
40 million shares* were cancelled as of June 30.
1H FY2025 Summary of Consolidated Results of Operations
Sales was up 7.0% YoY to ¥53.97 billion, operating profit was up 9.4% to ¥28.70 billion, and profit attributable to owners of parent up 10.0% to ¥19.95 billion.
Record-high net sales, operating profit, ordinary profit and profit attributable to owners of parent
1H FY24
(per sales)
1H FY25
(per sales)
Year on year
Previous plan
(Aug. 5, 2025)
(per sales)
VS. Plan
(Million yen)
Net Sales and Operating Profit by Business SegmentNet sales
50,456
53,979
107.0%
54,750
98.6%
Cost of sales
19,064
37.8%
19,781
36.6%
103.8%
21,113
38.6%
93.7%
Gross profit
31,392
62.2%
34,197
63.4%
108.9%
33,636
61.4%
101.7%
Selling, general and administrative expenses
5,161
10.2%
5,487
10.2%
106.3%
5,486
10.0%
100.0%
Operating profit
26,230
52.0%
28,709
53.2%
109.4%
28,150
51.4%
102.0%
Ordinary profit
26,587
52.7%
29,041
53.8%
109.2%
28,460
52.0%
102.0%
Profit attributable to owners of parent
18,140
36.0%
19,951
37.0%
110.0%
19,410
35.5%
102.8%
(Million yen)
Net sales
1H FY23
1H FY24
1H FY25
Year on year
Auto auction
36,468
39,453
43,696
110.8%
Used vehicle purchasing and selling
5,314
6,361
5,945
93.5%
Recycling
6,149
4,127
3,654
88.5%
Other
161
514
682
132.8%
Total
48,093
50,456
53,979
107.0%
Operating profit (operating margin)
1H FY23
1H FY24
1H FY25
Year on year
Auto auction
22,807
(62.3%)
25,625
(64.7%)
28,414
(64.7%)
110.9%
Used vehicle purchasing and selling
144
(2.7%)
277
(4.4%)
122
(2.1%)
44.1%
Recycling
854
(13.9%)
252
(6.1%)
39
(1.1%)
15.7%
Other
-41
(-)
39
(7.7%)
62
(9.2%)
159.4%
Adjustment
14
(-)
36
(-)
69
(-)
192.1%
Total
23,779
(49.4%)
26,230
(52.0%)
28,709
(53.2%)
109.4%
* Net sales are sales to external customers and operating profit is based on business segment earnings. Operating margins (shown % in parenthesis) are calculated by dividing segment profit by segment sales.
1H FY2025 Reasons for Change in Operating Profit (Actual)Net sales
Increase in vehicles consigned 5.14 bn Increase in fee rates 0.32 bn Decline in contract completion rate -1.65 bn Decline in recycling -0.47 bn Decrease in used vehicle purchasing and selling -0.41 bn
SG&A expenses
Increase in sales promotion expenses -0.04 bn
Increase in taxes and dues -0.04 bn Increase in communication cost -0.03 bn Increase in expenses for supplies -0.03 bn Increase in Employee Salaries and Bonuse -0.03 bn
Cost of sales
Decrease in purchases
0.26 bn
Increase in outsourcing expenses -0.51 bn
Increase in depreciation -0.25 bn Increase in employee salaries and bonuses -0.12 bn
Increase in rent -0.08 bn
(billion yen)
30
3.52
▲0.71
▲0.32
28.70
26.23
15
0
1H FY2024 1H FY2025
Consolidated Balance Sheets and Statements of Cash Flows
The primary use of cash in financing activities was purchase of treasury shares and dividends paid.
Equity ratio : 78.0%
FY2024
End of Q2 FY25
Current assets
144,641
129,945
Cash and
deposits
113,219
99,219
Other
31,421
30,726
Non-current assets
122,706
122,792
Property, plant and equipment
98,333
98,675
Other
24,373
24,116
Total assets
267,348
252,738
FY2024
End of Q2 FY25
Current liabilities
51,151
43,542
Payables due to member dealers at auction
30,005
24,732
Other
21,145
18,809
Non-current liabilities
8,842
8,514
Total liabilities
59,993
52,057
Total net assets
207,354
200,681
Total liabilities and net assets
267,348
252,738
Consolidated balance sheets (summary)
(Million yen)
Consolidated statements of cash flows (summary)
(Million yen)
1H FY23
1H FY24
1H FY25
Changes
Net cash provided by (used in) operating activities
21,324
15,105
15,160
55
Net cash provided by (used in) investing activities
-1,254
-3,256
-13,058
-9,801
Free cash flow
20,070
11,848
2,102
-9,746
Net cash provided by (used in) financing activities
-19,676
-10,139
-27,102
-16,962
Capital expenditures (Cash payments)
1,260
1,338
3,041
1,702
Depreciation
2,238
2,176
2,445
269
Automobile MarketNew car registrations and YoY changes Used car registrations and YoY changes
(Thousand vehicles) (Thousand vehicles)
3,000
40%
2,050
2,225
2,168
2,179
1,923
15.7%
1.1%
0.5%
-6.2%
-2.6%
20%
4,000
40%
3,221
3,032
3,088
3,116
3,165
-1.3%
1.8%
0.9%
1.6%
-5.9%
20%
1,500
0% 2,000 0%
0
1H FY21 1H FY22 1H FY23 1H FY24 1H FY25
-20%
-40%
0
1H FY21 1H FY22 1H FY23 1H FY24 1H FY25
-20%
-40%
Used car exports and YoY changes AA market: vehicles consigned and contracted and YoY changes
873
42.3%
802
759
650
616
-5.2%
-5.3%
30.1%
15.0%
(Thousand vehicles) (Thousand vehicles)
900
50%
25%
5,000
40%
Vehicles consigned
Vehicles contracted
YoY(consigned)
YoY(contracted)
3,519
11.5%
3,345
3,939
17.8%
4,047
3,601
12.4%
-2.5%
11.1%
-0.4%
7.1%
4.1%
-5.0%
-8.6%
2,384
2,324
2,583
2,573
2,756
20%
450 0% 2,500 0%
-25%
-20%
0
1H FY21 1H FY22 1H FY23 1H FY24 1H FY25
-50%
0
1H FY21 1H FY22 1H FY23 1H FY24 1H FY25
-40%
* Vehicles consigned and contracted in 1H FY21 have been revised to reflect revisions to data announced by USEDCAR Co., Ltd.
-30%
1H FY25
1H FY24
1H FY23
1H FY22
1H FY21
0
-15%
0%
3.9%
8.2%
25,000
10.8%
9.9%
13.0%
15%
33,168
39,453
36,468
31,929
30%
43,696
(Million yen)
50,000
Net sales and YoY changes
Auto Auction Segment (1) Overview1H FY23
1H FY24
1H FY25
Year on year
Net sales
36,468
39,453
43,696
110.8%
Consignment fees
8,669
8,557
9,746
113.9%
Contract completion fees
8,329
9,052
9,663
106.8%
Successful bid fees
12,693
14,730
16,747
113.7%
Other
6,775
7,113
7,538
106.0%
Operating profit
22,807
25,625
28,414
110.9%
Operating margin
62.3%
64.7%
64.7%
-
Sales and earnings increased mainly because of the larger number of vehicles
consigned and contracted and higher fees resulting from an increase in the
fee for successful bids submitted using the dedicated terminal
Auto auction segment performance in 1H
Contract completion rate
65.6%
69.8% (in 1H FY24)
No. of contract completions
1.131million
Up 8.9% YoY
No. of vehicles consigned 1.724 million
Up 15.9% YoY
-60%
1H FY25
1H FY24
1H FY23
1H FY22
1H FY21
0
-30%
2.9%
0%
10.9%
12.4%
11.6%
15,000
26.5%
30%
20,434
19,852
Operating profit and YoY changes
28,414 60%
25,625
22,807
(Million yen)
30,000
* Net sales are sales to external customers and operating profit is based on business segment earnings. Operating margins are calculated by dividing segment profit by segment sales.
Auto Auction Segment (2) Average Price of Vehicle Contracted
The average price of vehicles contracted remains high
(Thousand yen)
1,500
1,300
USS
Industry's average (excl. USS)
Monthly data : Average price of vehicle contracted
1,305
1,100
900
770
700
500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
300
2020 2021 2022 2023 2024 2025
* In auto auctions in Japan, notwithstanding the vehicle contract price, consignment fees, contract completion fees and successful bid fees are fixed for each category. Therefore, commission does not fluctuate with the amount of the contracted price of a vehicle.
Auto Auction Segment (3) No. of Vehicles Consigned and Contracted, etc.No. of vehicles consigned and contracted Contract completion rate
(Thousand vehicles)
1,800
Vehicles consigned
1,533
1,361
1,356
1,487
876
908
950
1,038
1,131
1,724
80%
900
65%
0
1H FY21 1H FY22 1H FY23 1H FY24 1H FY25
50%
69.9%
71.2%
72.6%
67.9%
70.0%
69.8%
67.0%
64.4%
65.6%
62.0%
1H FY21 1H FY22 1H FY23 1H FY24 1H FY25
* The figure for "Industry's average (excl. USS)" in 1H FY21 has been revised to reflect revisions to
data announced by USEDCAR Co., Ltd.
Market share Average price of vehicle contracted
42.8%
40.7%
40.8%
41.1%
41.4%
39.6% 39.6%
45%
(Thousand yen)
1,217
1,208
1,085
1,018
868
629
658
483
554
556
1,400
40%
900
35%
22.6 22.12 23.6 23.12 24.6 24.12 25.6
400
1H FY21 1H FY22 1H FY23 1H FY24 1H FY25
Period ending in December: 12-month data; Period ending in June: 6-month data. * The figures in this slide do not include JBA data.
Market share in Dec. 2021 and Jun. 2022 have been revised to reflect revisions to data announced by USEDCAR Co., Ltd.
* The figure for "Industry's average (excl. USS)" in 1H FY21 has been revised to reflect revisions to
data announced by USEDCAR Co., Ltd.
Auto Auction Segment (4) Fees, etc.
Total consignment fees and consignment fee per vehicle Total contract completion fees and contract completion fee per vehicle
(Million yen)
10,000
9,746
(Yen)
8,669
8,557
7,538
7,595
5,565
5,628
5,679
5,782
5,674
12,000
(Million yen)
10,000
9,052
9,663
7,394
7,619
8,329
8,483
8,432
8,815
8,773
8,586
(Yen)
15,000
5,000
6,000
5,000
7,500
0 0
1H FY21 1H FY22 1H FY23 1H FY24 1H FY25
0 0
1H FY21 1H FY22 1H FY23 1H FY24 1H FY25
Total successful bid fees and successful bid fee per vehicle No. of members and off-site ratio
16,747
14,730
11,367
11,653
12,693
12,837
12,981
13,366
14,196
14,810
(Million yen) (Yen) (Companies)
48,345
48,590
48,379
48,135
48,792
33,042
33,817
34,246
34,842
35,735
2,132
2,020
1,871
1,941
1,964
53.4% 52.2% 52.3% 53.1% 52.0%
20,000
20,000
60,000
50%
10,000
15,000
10,000
40,000
20,000
40%
30%
20%
10%
0
1H FY21 1H FY22 1H FY23 1H FY24 1H FY25
5,000
0 0%
1H FY21 1H FY22 1H FY23 1H FY24 1H FY25
Fee per vehicle is calculated before eliminations for consolidation.
The figures in this slide do not include JBA data.
Used Vehicle Purchasing and Selling Segment
-50%
1H FY25
1H FY24
1H FY23
1H FY22
1H FY21
0
-25%
-6.5%
0%
5.2%
4,229
3,500
19.7%
19.4%
25%
5,314
5,049
18.4%
5,945
50%
Net sales and YoY changes
6,361
(Million yen)
7,000
In the Rabbit used vehicle purchasing business, sales and earnings decreased because of a decrease in vehicles sold and a decrease in the gross profit per vehicle sold.
Net sales ¥3,461million
(down 7.9% YoY)
Operating profit ¥26 million
(down 84.5%YoY)
In the accident-damaged vehicle purchasing business, sales volume increased, but sales and earnings decreased because of a decrease in average selling price and a decrease in the gross profit per vehicle sold.
Net sales ¥2,483 million
(down 4.5% YoY)
Operating profit ¥96 million
(down 11.7% YoY)
-150%
1H FY25
1H FY24
1H FY23
1H FY22
1H FY21
0
-75%
122
144
0%
-55.9%
-31.6%
-13.2%
85
211
277
300
75%
91.7%
150%
147.2%
(Million yen)
600
Operating profit and YoY changes
Used vehicle purchasing and selling segment performance in 1H
1H FY23 | 1H FY24 | 1H FY25 | Year on year | |
Net sales | 5,314 | 6,361 | 5,945 | 93.5% |
Operating profit | 144 | 277 | 122 | 44.1% |
Operating margin | 2.7% | 4.4% | 2.1% | - |
* Net sales are sales to external customers and operating profit is based on business segment earnings. Operating margins are calculated by dividing segment profit by segment sales.
Recycling Segment
-60%
1H FY25
1H FY24
1H FY23
1H FY22
1H FY21
0
-30%
-11.5%
-32.9%
0%
4,162
3,654
3,579
4,000
4,127
30%
6,149
16.3%
60%
47.7%
58.7%
(Million yen)
8,000
Net sales and YoY changes
-70.5%
252
-500%
1H FY25
1H FY24
1H FY23
1H FY22
1H FY21
0
39
-250%
-84.3%
(Million yen)
1,000
-10.5%
0%
500
61.9%
527
589
250%
1500%
Operating profit and YoY changes
1443.0%
854
1H FY23 | 1H FY24 | 1H FY25 | Year on year | |
Net sales | 6,149 | 4,127 | 3,654 | 88.5% |
Operating profit | 854 | 252 | 39 | 15.7% |
Operating margin | 13.9% | 6.1% | 1.1% | - |
500%
In the resource recycling business, sales and earnings were down mainly
because of low metal prices and an increase in depreciation.
In the industrial plant recycling business, there was an operating loss
due to a decline in orders for large plant demolition projects.
Recycling segment performance in 1H
Operating loss ¥37million
(Operating loss ¥64 million in 1H FY24)
Net sales ¥1,076 million
(down 17.5% YoY)
Operating profit ¥76 million
(down 75.7% YoY)
Net sales ¥2,578 million
(down 8.7% YoY)
* Net sales are sales to external customers and operating profit is based on business segment earnings. Operating margins are calculated by dividing segment profit by segment sales.
FY2025
Consolidated Forecast
FY2025 Consolidated Forecast
The fiscal year forecast has been revised to reflect Q2 performance. Favorable market conditions combined with successful sales activities leveraging our reputation as Auction sites where vehicles command premium prices resulted in both the number of vehicles consigned and the number of vehicles contracted exceeding expectations.
Revision of vehicles handled at auctions: 3.43 million vehicles consigned (1.0% above the previous plan); 2.24 million vehicles contracted
(2.0% above the previous plan); contract completion ratio of 65.3% vs. 64.7% in the previous plan.
(Million yen)
FY24 (Actual) | FY25 previous plan (Aug. 5, 2025) | Changes | FY25 revised plan (Nov. 11, 2025) | Revised plan vs FY24 | ||||
Net sales | 104,021 | 111,800 | - | 111,800 | 107.5% | |||
Gross profit (Per sales) | 64,821 | (62.3%) | 67,866 | (60.7%) | 744 | 68,610 | (61.4%) | 105.8% |
Operating profit (Per sales) | 54,206 | (52.1%) | 56,500 | (50.5%) | 900 | 57,400 | (51.3%) | 105.9% |
Ordinary profit (Per sales) | 54,883 | (52.8%) | 57,200 | (51.2%) | 900 | 58,100 | (52.0%) | 105.9% |
Profit attributable to owners of parent (Per sales) | 37,636 | (36.2%) | 38,850 | (34.7%) | 800 | 39,650 | (35.5%) | 105.3% |
EPS (Yen) | 78.65 | 83.46 | 1.71 | 85.17 | 108.3% | |||
Capital expenditures (Cash payments) | 4,270 | 16,900 | -5,100 | 11,800 | 276.3% |
Depreciation | 4,637 | 5,647 | -423 | 5,224 | 112.7% |
Auto Auction Business (excl. JBA) | FY24 (Actual) | FY25 previous plan (Aug. 5, 2025) | Changes | FY25 revised plan (Nov. 11, 2025) | Revised plan vs FY24 |
No. of vehicles consigned (Thousands) | 3,202 | 3,396 | 33 | 3,430 | 107.1% |
No. of vehicles contracted (Thousands) | 2,145 | 2,196 | 43 | 2,240 | 104.5% |
Contract completion rate | 67.0% | 64.7% | 0.6p | 65.3% | - |
2H FY2025 Reasons for Change in Operating Profit (Forecast)
Net sales
Rise in recycling
Increase in fee rates Increase in the used vehicle purchasing and selling Increase in contract completion rate Increase in CIS
2.65bn
0.79bn
0.26bn
0.19bn 0.15bn
27.97
28.69
Cost of sales
Increase in purchases -1.78bn Increase in cost of materials purchased -0.40bn
Increase in depreciation -0.34bn Increase in cost of goods sold -0.24bn Increase in employee salaries and bonuses -0.17bn
Increase in outsourcing expenses -0.15bn
SG&A expenses
Decrease in provision of allowance for doubtful accounts 0.12bn Increase in taxes and dues -0.21bn Increase in sales promotion expenses -0.13bn
Increase in employee salaries and bonuses -0.09bn
(Billion yen)
30
4.25 -3.27 -0.26
15
0
2H FY2024 2H FY2025 (Forecast)
FY2025 Reasons for Change in Operating Profit (Forecast)
Net sales
Increase in fee rates 4.81bn
Rise in recycling 2.18bn
Increase in fee rates 1.12bn
Increase in auto loan 0.32bn Decrease in contract completion rate
-1.30bn
Cost of sales
Increase in purchases -1.51bn Increase in outsourcing expenses -0.66bn Increase in depreciation -0.60bn Increase in employee salaries and bonuses -0.30bn
Increase in cost of materials purchased -0.27bn Increase in Maintenance and Sanitation expenses -0.20bn
SG&A expenses
Increase in taxes and dues -0.25bn Increase in sales promotion expenses -0.17bn
Increase in employee salaries and bonuses -0.13bn
(Billion yen)
600
54.20
-3.98 -0.59
7.77
300 57.40
0
FY2024 FY2025 (Forecast)
FY2025 Forecast by Business Segment
(Million yen)
FY24 (Actual) | FY25 previous plan (Aug. 5, 2025) | Changes | FY25 revised plan (Nov. 11, 2025) | Revised plan vs FY24 | |
Net sales | |||||
Auto auction | 81,843 | 86,170 | 1,088 | 87,258 | 106.6% |
Used vehicle purchasing and selling | 12,651 | 12,798 | -293 | 12,505 | 98.8% |
Recycling | 8,407 | 11,390 | -799 | 10,591 | 126.0% |
Other | 1,119 | 1,440 | 4 | 1,445 | 129.1% |
Total | 104,021 | 111,800 | - | 111,800 | 107.5% |
Operating profit (per sales) | 54,206 (52.1%) | 56,500 (50.5%) | 900 | 57,400 (51.3%) | 105.9% |
Market Overview and Strategy for Creating Value Over the Medium-term
Used Car Auction Market and USS Market Share
Maintained higher market shares and profit in the period of sluggish markets
following the financial crisis of 2008-2009.
The medium/long-term goal is a market share of 50%.
AA market: vehicles consigned (left axis, thousands)
USS vehicles consigned
39.4%
39.6%
(left axis, thousands)
USS Market share Operating profit
(right axis, million yen)
34.7%
31.8%
26.8%
21.2%
(Thousands)
12,000
41.4%
(Million yen)
2024 (CY) market share
Other 25.5%
USS
41.4%
Top 6
33.1%
60,000
9,000
6,000 30,000
3,000
0 0
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024
* Market share in 2021 has been revised to reflect revisions to data announced by USEDCAR Co., Ltd.
Medium-to Long-Term Management GoalFocus resources on market share growth in the core auto auction business for higher profitability of the entire USS Group.
Resource
concentration for
overall growth
Auto Auction
Business
Stable profitability
Recycling
Business
Growth
¥10.0 billion
¥10.0 billion
Resource recycling
sales in FY2027
Industrial plant recycling sales in FY2027
Market share 50%
Profitability
Raised the ROE goal from 15% or higher to 20% of higher and the dividend payout ratio goal from at least 55% to at least 60%.
Positioning of USS Group businesses
Goals for individual businesses
Consolidated financial goals
ROE 20% or higher |
Payout ratio at least 60% |
Total payout ratio at least 100% |
Cash Allocation Policy
Make investments needed for medium to long-term growth while raising the shareholder distribution payout ratio from 80% to 100%.
Investments for growth of approximately ¥50 billion during the three-year period ending with FY2027
Total for FY2025 -2027
Earnings distributions
About ¥120 billion
Operating cash flow
¥140 billion
Total payout ratio: at least 100%
DPS : Consolidated dividend payout ratio of at least 60%
Stock repurchase: Repurchase stock with the proper timing based on cash flows, investments for growth, the business climate and other factors
Investments for
growth
About ¥50 billion
Actions primarily in the auto auction business:
Cash and other sources
of liquidity
¥30 billion
Capital expenditures and a larger workforce to increase the number of vehicles
Auction system update and other digital transformation
initiatives
Recent investments (up to October 2025)
Planned investments (up to FY2027)
Auto auction business
Tokyo site: New multi-level parking
structure
Two-stories, three levels; visitor parking for 2,600 vehicles
Yokohama and Kyushu sites: More
lanes
Expanded from four to six lanes
Tokyo site: More lanes
Increased the number of lanes from 12 to 16, a first in
the automobile auction industry.
Nagoya site: More lanes
Increased the number of lanes from 10 to 12
Auto auction business
Yokohama site (FY2024-FY2025) About ¥10 billion
Construction of a new auction site with a multi-level parking structure to accommodate the rapid growth in the number of vehicles consigned
Construction to start in November 2024 with completion in January 2026
Tokyo Site (After FY2026) About 20 billion
The Tokyo Auction Site is the largest in Japan (an average of about 16,000 vehicles), and it was built 20 years ago. USS plans to build a new facility with multi-level parking structure to expand its auction capabilities
HAA Kobe Site (After FY2026) About 12 billion
Conversion to USS membership standards and fee structures following the 2017 acquisition lowered the number of vehicles
consigned. Currently, the number of vehicles is recovering steadily.
USS plans to replace this auction site, which is the largest in western Japan, with a new building and multi-level parking structure.
Auto auction operations IT system (FY2024-FY2027) About ¥5 billion
Recycling business
Resource recycling business (ARBIZ) ¥3 billion
ARBIZ plans to expand resource recycling operations to more types of materials, including a business for the direct recycling of aluminum. Plans include the start of a recycling business for solar panels as the volume of panels that need to be recycled increases significantly.
Medium-term Business Plan and Raising the ROE
In FY2025, raised the goal for the ROE, an indicator of efficient capital use, from 15% or higher to 20% or higher.
Plan to accomplish this goal by repurchasing stock to reduce equity while expanding business
operations for higher earnings.
KPI for raising the ROE and actions ROE formula/improvement measures
Auction site renovations
and enlargements
Acquisition of treasury stock
Dividend policy
Capitalization strategies
Total payout ratio
target
at least 100%
Business alliances and M&A
Business expansion
Market share target
50%
System investment
(digital transformation)
ROE target: 20% or higher
Business growth for
higher earnings
Net income
=
Equity
Stock repurchases and other measures for lower equity
ROE
(%)
Earnings Distributions - Dividend Policy
The dividend forecast for FY2025 has been increased from 50.4 yen to 51.4 yen,
8.0 yen more than the FY2024 dividend.
Forecasting 26 consecutive years of dividend growth since listing
(Yen)
50
344.5%
51.4
160%
300%
DPS
43.4
Consolidated payout ratio
33.1 33.75
37.7
120%
25
20.4
18.85
23.2 23.9
25.2
27.7 27.75
55.1%
60.1%
80%
2.4%
11.9%
22.4%
30.5%
7.25
43.1%
8.25 8.4 9.6
12.2
15.375
17.35
45.1%
51.5% 50.1% 67.0%
55.0%
55.0%
55.0%
40%
0.25 1.0 1.5 2.0 2.5 3.25 4.0 5.0
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0%
(FY)
(Forecast)
Earnings Distributions - Stock RepurchaseIn order to further reinforce its commitment to shareholder returns, USS implemented a facility share repurchase by SMBC Nikko(Japanese ASR)
On June 25, 2025, USS implemented the share repurchase and completed the repurchase of the anticipated
number of shares, 10,325,900 shares (approx. JPY 16.0 billion)
USS believes that the demand and supply of its shares are expected to increase as a result of the market purchase transaction executed by SMBC Nikko to return the number of shares it has borrowed
Results of acquisition
Type of shares | Common shares |
Period of repurchase | June 25, 2025 |
Total number of shares repurchased | 10,325,900 shares |
Aggregate value of shares repurchased | 15,999,982,050 yen |
*For details of the share repurchase, please refer to the USS's IR information entitled "Notice regarding Share Repurchase through the Off-Auction Own Share Repurchase Trading (ToSTNeT-3) System (Share
Repurchase through a Facility Share Repurchase (Japanese ASR)) " dated June 24, 2025.
Earnings Distributions - Total Payout Ratio
Policy for shareholder distributions: Total shareholder distributions of at least 100% (from FY2025 to FY2027)
(Million yen)
40,000
Dividend paid
Stock repurchasedTotal payout ratio224.5%
344.5%
200%
300%
30,000
160%
20,000
10,000
0
3.6%
11.9% 16.7%
33.0%
53.8%
117.6%
76.8%
111.4%
103.5%
45.1% 45.1%
52.1%
84.2%
50.1%
59.3%
104.0%
81.8%
60.5%
91.0%
81.6%
100.0%
120%
80%
40%
0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
(FY)
(Forecast)
Cycle of Rising Corporate Value Driven by Business Growth and Shareholder DistributionsAim at increasing shareholder value by a two-pronged strategy of solid
investments in growth and active shareholder distributions
26 years in a rowafter going public Rising Stock Price
Further Increase in No. of
No.1 Market Share in No. of Vehicles Consigned
No. of Vehicles Consigned
3.20 (Million Units)
Diversification of Vehicles Consigned
Consecutive Dividend Hikes
Total payout Ratio at least 100%
Vehicles Consigned
Rising Corporate ValueIncrease in No. of Vehicles
No. of Auction Members
48,160 (Companies)Increase in No. of
Auction Members
Invigorate Auction
Contracted Contract Completion Rate
Increasing Investment for Growth
Higher Avg. Price of Vehicle Contracted
/Higer Contract Completion Rate
67.0 %No. of vehicles consigned, Avg. price of vehicles contracted, and contract completion rate are as of FY2024. No. of auction members is as of the end of FY2024.
Industry's Avg. is the Avg. excluding USS.
Avg. Price of Vehicles Contracted
1.20 (JPY Million)