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.
February 10, 2026
Consolidated Financial Results for the Nine Months Ended December 31, 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 commence dividend payments: -
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: None
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
-
Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Nine months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
December 31, 2025
82,969
8.2
43,895
10.2
44,436
10.1
30,431
10.2
December 31, 2024
76,652
7.2
39,825
11.4
40,365
11.2
27,610
12.9
Note: Comprehensive income For the nine months ended December 31, 2025:
¥30,759 million
[11.0%]
For the nine months ended December 31, 2024:
¥27,705 million
[12.1%]
Basic earnings per share
Diluted earnings per share
Nine months ended
Yen
Yen
December 31, 2025
65.25
65.05
December 31, 2024
57.54
57.44
- Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
Millions of yen
Millions of yen
%
December 31, 2025
245,943
199,754
79.7
March 31, 2025
267,348
207,354
76.2
Reference: Equity
As of December 31, 2025: ¥196,065 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)
26.60
51.80
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 111,900 | % 7.6 | Millions of yen 58,000 | % 7.0 | Millions of yen 58,700 | % 7.0 | Millions of yen 40,000 | % 6.3 | Yen 85.86 |
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 quarterly 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 third quarter). Quarterly 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 December 31, 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 December 31, 2025
9,733,902 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)
Nine months ended December 31, 2025 | 466,320,776 shares |
Nine months ended December 31, 2024 | 479,790,959 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. (107,300 shares in the third quarter of the fiscal year ending March 31, 2026, 306,900 shares in the fiscal year ended March 31, 2025)
Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes (optional)
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)
On Tuesday, February 10, 2026, the Company will post supplementary financial results explanatory materials on the Company's website.
Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2025 As of December 31, 2025Assets | ||
Current assets | ||
Cash and deposits | 113,219 | 91,482 |
Receivables due from member dealers at auction | 13,767 | 10,000 |
Notes and accounts receivable - trade, and contract assets | 2,419 | 3,220 |
Operating loans | 8,844 | 10,267 |
Securities | 3,000 | - |
Inventories | 1,656 | 1,488 |
Other | 1,987 | 2,186 |
Allowance for doubtful accounts | (253) | (278) |
Total current assets | 144,641 | 118,368 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 30,694 | 29,225 |
Land | 63,564 | 63,566 |
Construction in progress | 1,271 | 7,977 |
Other, net | 2,802 | 2,646 |
Total property, plant and equipment | 98,333 | 103,415 |
Intangible assets | ||
Goodwill | 6,747 | 6,342 |
Other | 6,119 | 6,275 |
Total intangible assets | 12,866 | 12,617 |
Investments and other assets | ||
Investments and other assets | 11,942 | 12,159 |
Allowance for doubtful accounts | (435) | (617) |
Total investments and other assets | 11,506 | 11,542 |
Total non-current assets | 122,706 | 127,575 |
Total assets | 267,348 | 245,943 |
(Millions of yen)
As of March 31, 2025 | As of December 31, 2025 | |||
Liabilities | ||||
Current liabilities | ||||
Payables due to member dealers at auction | 30,005 | 17,817 | ||
Notes and accounts payable - trade | 904 | 1,235 | ||
Short-term borrowings | 340 | 880 | ||
Current portion of long-term borrowings | 220 | 324 | ||
Income taxes payable | 10,215 | 5,532 | ||
Provisions | 1,144 | 696 | ||
Other | 8,320 | 11,546 | ||
Total current liabilities | 51,151 | 38,033 | ||
Non-current liabilities | ||||
Long-term borrowings | 1,617 | 1,155 | ||
Provisions | 115 | 103 | ||
Retirement benefit liability | 1,007 | 1,072 | ||
Asset retirement obligations | 641 | 648 | ||
Other | 5,459 | 5,177 | ||
Total non-current liabilities | 8,842 | 8,156 | ||
Total liabilities | 59,993 | 46,189 | ||
Net assets | ||||
Shareholders' equity | ||||
Share capital | 18,881 | 18,881 | ||
Capital surplus | 9,057 | 9,038 | ||
Retained earnings | 214,166 | 182,914 | ||
Treasury shares | (32,958) | (9,366) | ||
Total shareholders' equity | 209,147 | 201,467 | ||
Accumulated other comprehensive income | ||||
Valuation difference on available-for-sale securities | 111 | 99 | ||
Revaluation reserve for land | (5,563) | (5,563) | ||
Remeasurements of defined benefit plans | 66 | 62 | ||
Total accumulated other comprehensive income | (5,385) | (5,401) | ||
Share acquisition rights | 442 | 442 | ||
Non-controlling interests | 3,150 | 3,245 | ||
Total net assets | 207,354 | 199,754 | ||
Total liabilities and net assets | 267,348 | 245,943 |
Quarterly consolidated statement of income | |||
(Millions of yen) | |||
Nine months ended December 31, 2024 | Nine months ended December 31, 2025 | ||
Net sales | 76,652 | 82,969 | |
Cost of sales | 29,035 | 30,717 | |
Gross profit | 47,616 | 52,252 | |
Selling, general and administrative expenses | 7,791 | 8,356 | |
Operating profit | 39,825 | 43,895 | |
Non-operating income | |||
Interest income | 20 | 79 | |
Rental income from real estate | 496 | 453 | |
Miscellaneous income | 179 | 164 | |
Total non-operating income | 696 | 696 | |
Non-operating expenses | |||
Interest expenses | 7 | 8 | |
Rental costs on real estate | 130 | 130 | |
Miscellaneous losses | 19 | 16 | |
Total non-operating expenses | 156 | 155 | |
Ordinary profit | 40,365 | 44,436 | |
Extraordinary income | |||
Gain on sale of non-current assets | 129 | 46 | |
Gain on sale of investment securities | 80 | 0 | |
Subsidy income | - | 103 | |
Compensation income | - | 337 | |
Other | 3 | 0 | |
Total extraordinary income | 213 | 487 | |
Extraordinary losses | |||
Loss on sale of non-current assets | 0 | 0 | |
Loss on retirement of non-current assets | 135 | 65 | |
Loss on fire | - | 175 | |
Total extraordinary losses | 135 | 242 | |
Profit before income taxes | 40,442 | 44,681 | |
Income taxes | 12,574 | 13,905 | |
Profit | 27,868 | 30,775 | |
Profit attributable to non-controlling interests | 257 | 343 | |
Profit attributable to owners of parent | 27,610 | 30,431 | |
Quarterly consolidated statement of comprehensive income | |||
(Millions of yen) | |||
Nine months ended December 31, 2024 | Nine months ended December 31, 2025 | ||
Profit | 27,868 | 30,775 | |
Other comprehensive income | |||
Valuation difference on available-for-sale securities | (162) | (12) | |
Remeasurements of defined benefit plans, net of tax | (0) | (4) | |
Total other comprehensive income | (163) | (16) | |
Comprehensive income | 27,705 | 30,759 | |
Comprehensive income attributable to | |||
Comprehensive income attributable to owners of parent | 27,447 | 30,415 | |
Comprehensive income attributable to non-controlling interests | 257 | 343 | |
(Millions of yen)
Nine months ended December 31, 2025Cash flows from operating activities | ||
Profit before income taxes | 40,442 | 44,681 |
Depreciation and amortization | 3,450 | 3,827 |
Amortization of goodwill | 404 | 404 |
Increase (decrease) in allowance for doubtful accounts | 232 | 205 |
Increase (decrease) in provision for bonuses | (419) | (449) |
Increase (decrease) in retirement benefit liability | 81 | 58 |
Interest and dividend income | (30) | (84) |
Interest expenses | 7 | 8 |
Loss (gain) on sale of investment securities | (80) | (0) |
Loss (gain) on sale and retirement of property, plant and equipment | 6 | 2 |
Net change in due from/to member dealers at auction | (14,681) | (8,420) |
Decrease (increase) in trade receivables | 756 | (801) |
Decrease (increase) in operating loans receivable | (2,084) | (1,423) |
Increase (decrease) in trade payables | (200) | 330 |
Increase (decrease) in accounts payable - other | (757) | (29) |
Increase (decrease) in deposits received | (1,599) | (1,514) |
Other, net | (681) | (951) |
Subtotal | 24,845 | 35,845 |
Interest and dividends received | 44 | 58 |
Interest paid | (8) | (10) |
Income taxes paid | (16,463) | (18,309) |
Net cash provided by (used in) operating activities | 8,419 | 17,583 |
Cash flows from investing activities | ||
Net decrease (increase) in time deposits | (2,000) | (10,000) |
Purchase of property, plant and equipment | (2,189) | (3,305) |
Proceeds from sale of property, plant and equipment | 226 | 57 |
Purchase of intangible assets | (1,216) | (765) |
Proceeds from sale of investment securities | 146 | 0 |
Other, net | (173) | (108) |
Net cash provided by (used in) investing activities | (5,206) | (14,121) |
Cash flows from financing activities | ||
Net increase (decrease) in short-term borrowings | 180 | 540 |
Repayments of long-term borrowings | (351) | (358) |
Proceeds from guarantee deposits received from member dealers | 125 | 195 |
Refund of guarantee deposits received from member dealers | (101) | (73) |
Purchase of treasury shares | (5,148) | (16,000) |
Proceeds from sale of treasury shares | 265 | 277 |
Decrease(increase) in money held in trust for purchase of treasury stock | (1,851) | - |
Dividends paid | (19,695) | (22,475) |
Dividends paid to non-controlling interests | (283) | (248) |
Repayments of finance lease liabilities | (82) | (58) |
Other, net | - | 0 |
Net cash provided by (used in) financing activities | (26,944) | (38,200) |
Net increase (decrease) in cash and cash equivalents | (23,731) | (34,737) |
Cash and cash equivalents at beginning of period | 102,509 | 104,719 |
Cash and cash equivalents at end of period | 78,778 | 69,982 |
(Notes on segment information, etc.) Segment Information
The nine months of the previous fiscal year (April 1, 2024 to December 31, 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
Quarterly Consolidated Statements of Income (Note) 3
Auto Auction
Used Vehicle Sales/Purchases
Recycling
Total
Net sales
Revenues from external customers
60,125
9,396
6,323
75,845
807
76,652
-
76,652
Internal sales or transfers between segments
220
-
2
223
-
223
(223)
-
Total
60,345
9,396
6,326
76,069
807
76,876
(223)
76,652
Segment Profit
39,022
286
382
39,691
72
39,764
61
39,825
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 61 million yen in segment profit is due to the elimination of inter-segment transactions.
Segment profit is adjusted to operating profit in the quarterly consolidated statements of income.
The nine months of the current fiscal year (April 1, 2025 to December 31, 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
Quarterly Consolidated Statements of Income (Note) 3
Auto Auction
Used Vehicle Sales/Purchases
Recycling
Total
Net sales
Revenues from external customers
66,017
8,968
6,947
81,933
1,036
82,969
-
82,969
Internal sales or transfers between segments
262
0
3
265
-
265
(265)
-
Total
66,280
8,968
6,950
82,199
1,036
83,235
(265)
82,969
Segment Profit
43,147
243
302
43,693
93
43,787
108
43,895
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 108 million yen in segment profit is due to the elimination of inter-segment transactions.
Segment profit is adjusted to operating profit in the quarterly consolidated statements of income.