Zenrin Co., Ltd.TSE: 9474

Financial Result for the First 3 Quarters of Fiscal 2025

· Issued by Zenrin Co., Ltd.

*Disclaimer:

This document has been translated from 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.

Securities Code: 9474

Financial Results for

the First 3 Quarters of Fiscal 2025

(Year Ending March 31, 2025)

Feb. ３, 202５

*Note:

Thisdocumentcontainsforward-lookingstatementsbasedonassumptions,forecastsandplansin lightofinformationavailabletoZENRIN Co.,Ltd. asofthe preparation date of this document. Actual performance may vary significantly from the forecast figures due to various risks and uncertainties owing to globaleconomictrends,marketdemand,statusofcompetition,exchangefluctuationsandotherfactors.

The information thatappears in this document rounds down fractions to the nearest specified unit androunds off decimals in the percentage of change to thefirstdecimalplace.

Inaddition,caseswherethepercentageofchangeexceeds 1000%andcaseswhereoneorbothoftheitemsofcomparisonarenegativeareshownas "-."

Results for

３Qs of FY25

Table of Contents

Ⅰ . Summary of Results for the First ３ Quarters of Fiscal 2025

  1. Summary of Financial Results
  2. Changes in Net Sales, Income and Profit
  3. Changes in Sales by Business
  4. Causes for Change in Operating Income [Sales / Cost]
  5. Shareholder Returns [Dividend]

©

ZENRIN CO., LTD. All Rights Reserved.

1

Results for

Ⅰ . Summary of Results for the First 3 Quarters of Fiscal 2025

1. Summary of Financial Results

３Qs of FY25

Key Points of

Increase in Sales and profit

Results for the 3Qs of FY2５

Sales

Result

Increase in sales for 4 consecutive periods

  • In the Automotive-related business, sales of data for in-car navigation systems increased, partly due to one- time factors.
  • In the IoT-related business, revenues increased due to steady growth in API services and solution services.
  • In the Product-related business also increased.

Expenses

・

Profit and loss

Income and profit returned to profitability for the first time in 3 periods

  • Personnel expenses increased due to the impact of base salary increases and other factors, each profit measure improved due to the effect of price revisions in addition to changes in the sales mix.
  • It shouldbe noted that whilefixedcosts, suchas map database development expenses,are incurredthroughoutthe year,expensesgenerallyprecede net sales dueto the strongseasonalnatureof netsales, whichtend to be concentratedat theendof the fiscalyear.

(Amounts in million yen)

3Qs of FY24

3Qs of FY25

Compared to 3Qs of FY24

Actual

Actual

%of Change

Net Sales

42,013

44,355

+2,342

+5.6%

Detailsof

salesbybusiness

▶ P４

Detailsof

Operating Expenses

43,117

43,624

+506

+1.2%

operatingexpenses

▶ P５

Operating Income

-1,104

731

+1,835

-

Operating Margin

-2.6%

1.6%

+4.2pt

-

Ordinary Income

-1,097

711

+1,809

-

Profit Attributable to

-871

541

+1,413

-

Owners of Parent

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ZENRIN CO., LTD. All Rights Reserved.

2

Results for

Ⅰ . Summary of Results for the First ３ Quarters of Fiscal 2025

2. Changes in Net Sales, Income and Profit

３Qs of FY25

(Amounts in million yen)

45,000

40,316

39,990

40,000

38,429

35,000

30,000

20/12

19/12

21/12

40,210

42,013

44,355

22/12

23/12

24/12

3,000

2,000

1,000

0

-1,000

-2,000

-3,000

731

61

-466

1,719

-851

-1,104

20/12 -

19/12

21/12

22/12

23/12

24/12

321

711

-160

1,482

-643

-1,097

20/12 -

19/12

21/12

22/12

23/12

24/12

2,067

236

180

541

-758

-871

19/12

20/12

21/12

22/12

23/12

24/12

Compared to 3Qs of FY24

(% of Changes)

Net Sales

Operating Income Ordinary Income

Profit Attributable to

Owners of Parent

+2,342

+1,835

+1,809

+1,413

(+5.6%)

(-)

(-)

(-)

Increase in sales

Increase in income and profit

for 4 consecutive periods

for the first time in 3 periods

*the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020), etc. have been applied from the beginning of the first quarter of fiscal 2022.

*Regarding figures for the previous fiscal year (fiscal 2021) and earlier, the increase (decrease) and rates (%) are reference values because the Accounting Standard for Revenue Recognition, etc. are not applied retrospectively (same as the next page and after).

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ZENRIN CO., LTD. All Rights Reserved.

3

Results for

Ⅰ . Summary of Results for the First 3 Quarters of Fiscal 2025

３Qs of FY25 3. Changes in Sales by Business

(Amounts in billion yen)

44.3

42.0

11.6

11.1

4.6

4.7

4.8

4.9

10.5

9.7

11.5 12.7

3Qs of FY24

3Qs of FY25

Compared to

Business overview for the 3Qs of FY25

3Qs of FY24

(% of change)

+2.3

TOTAL

ー

(+5.6%)

⚫ Stock-type services and residential map data sales are performed well.

＋0.5

⚫ Decrease in sales of flow-type products

Product

Business

(＋4.9%)

⚫ Decrease due to increased revenue shift to IoT business asa result of

increased adoption of ZENRIN Maps API.

-0.0

⚫ Although sales of residential map data and entrusted services increased,

Public solution

Business

(-1.6%)

sales declined slightly due to the reactionary drop of the large-scale

entrusted services recorded in the previous fiscal year.

-0.0

⚫ Sales of "RakuRaku sales promotion map" performed well, but declined

Marketingsolution

Business

(-1.9%)

slightly due to a decrease in general commercial printing and DMshipping

contracts.

⚫ "ZENRIN Maps API" performed well, including revenue transfer from the

＋0.7

Product business.

IoT

⚫ Solution services for major companies are also steady.

Business

(＋7.5%)

⚫ Decrease due to the exclusion of a subsidiary from consolidation.

⚫ The domestic automotive market declined 3.4% year-on-year, but sales

+1.2

increased due to ,at some customers, market share gains and higher unit

Automotive

Business

(+10.8%)

prices

  • Under-reportedsales in prior years were recognized in Q1(one-time factor).
    • : Reference data

Domestic car sales

2023

2024

% of change

April 2024

- December 2024

3.40 millionunits

3.29 millionunits

-3.4％

October 2024

- December 2024

1.17 millionunits

1.12 millionunits

-4.3％

(Source:JapanAutomobileDealersAssociation&JapanLightMotorVehicleandMotorcycleAssociation)

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ZENRIN CO., LTD. All Rights Reserved.

4

Results for

Ⅰ . Summary of Results for the First 3 Quarters of Fiscal 2025

３Qs of FY25 4. Causes for Change in Operating Income [Sales / Cost]

(Amounts in billion yen)

Operating Income (compared to 3Qs of FY24)

+1.8 billion yen

2

Effect of Changes in subsidiaries *

Decrease

sales

Cost of sales

Personnel

expenses

  • Impact of a base-pay up

1.5

1

Decrease

costs

Development expenses of map databases

Other

0.5

0

Sales increasedueto pricerevisions

◼Dueto a changeinthe sales mix anda decreaseinsome entrustedservices,at the same level as thepreviousyear.

expenses

0.7

-0.5

◼Map data maintenancecosts remainedat about

◼Increasemainly inamortization

◼ Sales increasedriven

the same level as thepreviousyear.

andoperatingexpensesfor

primarilyby automotive

serviceplatforms.

andIoT businesses

-1

-1.1

Increase

in sales

Operating

Changes in Sales

(compared to ３Q of FY24)

Income

3Qs of FY24

+ 2.3

billion yen

  • :Changesin subsidiaries
  • WillSmartCo., Ltd. :Became an associateaccounted for usingequitymethod upon stock listingin April 2024.

Changes in Operating Expenses

Operating

(compared to ３Q of FY24)

Income

+ 0.5

3Qs of FY25

billion yen

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5

Results for

Ⅰ . Summary of Results for the First ３ Quarters of Fiscal 2025

５. Shareholder Returns [Dividend]

３Qs of FY25

Basic Policy on

We position shareholder returns as our top priority and will implementstable and continuous dividends based

Shareholder

Returns

on profit growth in the medium- to long-term business plan on a consolidated basis

Dividend

Dividend Increase

Target dividend on equity (DOE) on a consolidated basis of 3%or higher

ZENRIN has never reduced its common dividendsince its stock listing in 1994.

  • The year-end dividend for the fiscal year ending March 31,2025,which was originally set at 15 yen per share, has been increased by 5 yen to 20 yen per sharein order to respond to the support ofour shareholders, in light of the steady performance of our business andour internal reserves.
  • As a result, including interim dividend of 15yen per share, which has already been implemented, the annual dividend is

expected to be 35 yen per share*.

（*Please note thatthe Company plans to submit this matter to the 65th OrdinaryGeneralMeeting of Shareholders scheduled to be held in June 2025.）

Dividend 50 (yen/share)

3.7％ 4.3％ DOE(%)

(Initialforecast) (Revisedforecast)

40

3.4%

3.4%

3.5%

3.5%

3.6%

35.00

(Ｒｅｖｉｓｅdforecast)

4.0%

DOE

30

20

25.00

12.50

25.00

12.50

26.00

13.50

27.00

13.50

Increase

28.50

＋ 5.00

15.00

15.00

(Initialforecast)

3.0%

2.0%

Annual

Year-end

Interim

10

12.50

12.50

12.50

13.50

13.50

15.00

0

FY20

FY21

FY22

FY23

FY24

FY25

© ZENRIN CO., LTD. All Rights Reserved.

1.0%

0.0%

6

Results for

Table of Contents

３Qs of FY25

  • Appendix

【Results for the First 3 Quarters of Fiscal 2025】

  1. Changes in Quarterly Sales by business
  2. Changes in Composition of Net Sales by Quarter
  3. Trends of Quarterly Sales and Operating Income
  4. Amount of Capital Investment, Depreciation and R&D Cost

【Earnings Forecast for Fiscal 2025】

  1. Earnings Forecast for Fiscal 2025
  2. Changes in Net Sales, Income and Profit

7-1. Assumptions for Earnings Forecasts [Sales by business] 7-2. Assumptions for Earnings Forecasts [Sales / Costs]

8. Amount of Capital Investment, Depreciation and R&D Cost

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7

Results for

３Qs of FY25

Appendix: Results for the First 3 Quarters of Fiscal 2025

1. Changes in Quarterly Sales by business

(Amounts in billion yen)

20.0

16.7

* FY25 4Q forecast is the full-

17.1

16.016.0

16.4

16.1

16.1

year forecast minus 3Q results.

15.8

15.0

14.2 14.1 14.214.5

14.6

6.4

14.0

13.6

13.9

4.3

5.0

5.1 5.0

4.8

5.0

4.6

4.6

4.5

4.1

4.2

4Q

5.0 4.6 4.7

4.1

4.2

4.2

10.0

4.3

3.9 3.8 3.7 4.2

3.5

3.6 3.9

7.7

8.1

3.7

3.6

4.1

3Q

7.0

7.4

7.4

3.4

3.3

3.5

3.3

3.5

6.7

3.1

3.4

6.6

6.5

3.2

3.4

2.8

5.5

5.9

4.0

4.2

4.2 3.9 3.9

3.0

3.3 3.3

1.5

1.8

1.8 2.0

4.0

3.9

5.0

4.1

3.9

1.6

3.0 3.0 3.0 3.3 3.2 3.4

3.5 3.2

2Q

1.6

1.7

1.7

1.6

3.0

1.7

1.6

1.7

1.4

1.7

1.6

1.6

1.5

1.6

1.5

1.6

1.6

1.3

1.4

1.5

1.5

3.7 2.9 3.2 3.0 3.4 4.3

1Q

3.0

3.1

3.5 3.4 3.3 3.4

1.4

1.6

1.4

1.4

1.1

2.9 3.0 3.0 3.2 3.0 3.3

0.0

1.0

1.0

1.0

1.0

1.2

1.2

1.7

1.1

1.3

1.4

1.6

1.6

20/3

21/3

22/3

23/3

24/3

25/3

20/3

21/3

22/3

23/3

24/3

25/3

20/3

21/3

22/3

23/3

24/3

25/3

20/3

21/3

22/3

23/3

24/3

25/3

20/3

21/3

22/3

23/3

24/3

25/3

Product

Public Solution

Marketing Solution

IoT

Automotive

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8

Results for

３Qs of FY25

Appendix: Results for the First 3 Quarters of Fiscal 2025

2. Changes in Composition of Net Sales by Quarter

*Please note that past net sales of the ZENRIN Group have shown trends of large seasonal

fluctuations and a concentration of sales at the end of the fiscal year.

1Q

2Q

3Q

4Q

FY25

22.0%

22.7%

24.3%

31.0% (Forecast)

FY24

20.9%

23.4%

24.2%

31.5%

FY23

20.8%

23.2%

24.2%

31.8%

FY22

20.7%

23.1%

23.9%

32.3%

FY21

19.8%

22.5%

24.9%

32.8%

FY20

21.1%

23.8%

22.6%

32.5%

0%

25%

50%

75%

100%

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9