2Q FY3/2026 Consolidated Results of Operations（1.1 MB）

Q2 FY2

25

Consolidated Results of Operations

USS Co., Ltd.

November 2025

FY2025 (FY3/2026) : from April 1, 2025 to March 31, 2026

Contents

P.3

Ⅰ ：1H FY2025 Results of Operations

P.16

Ⅱ：FY2025 Consolidated Forecast

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	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%

  Net Sales and Operating Profit by Business Segment
  
  
  

  (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

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 Market

  New 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) Overview

  	1H 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)

-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

Vehicles contracted

1,533

1,361

1,356

1,487

876

908

950

1,038

1,131

1,724

80%

USS Industry's average (excl. USS)

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

USS Industry's average (excl. USS)

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

Consignment fees Fee per vehicle (yen)

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

Contract completion fees Fee per vehicle (yen)

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

Successful bid fees Fee per vehicle (yen)

16,747

14,730

11,367

11,653

12,693

12,837

12,981

13,366

14,196

14,810

(Million yen) (Yen) (Companies)

On-site auction members CIS members USS JAPAN members Off-site ratio

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.

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.

-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

* 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

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

* 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)

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

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

-3.98 -0.59

7.77

300 57.40

0

FY2024 FY2025 (Forecast)

FY2025 Forecast by Business Segment

(Million yen)

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 Goal

• Focus 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

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

Total payout ratio: at least 100%

Actions primarily in the auto auction business:

initiatives

Investment for Growth

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

Business growth for

higher earnings

Net income

＝

Equity

Stock repurchases and other measures for lower equity

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 Repurchase

• In 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

*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 repurchased
  Total payout ratio
  
  

  224.5%

  
  
  

  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 Distributions

  • Aim at increasing shareholder value by a two-pronged strategy of solid

investments in growth and active shareholder distributions

26 years in a row

after 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 Value

Increase 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)