Zenrin Co., Ltd.TSE: 9474

Financial Results for the First 2 Quarters of Fiscal 2026

Nov 18, 2025 at 3:34 AM UTC · 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 2 Quarters of Fiscal 2026 (Year Ending March 31, 2026)

Nov. 18, 2025

Table of Contents

Appendix

Ⅲ． Business Segments Overview

Ⅱ． Earnings Forecast for Fiscal 2026

Ⅰ． Summary of Results for the First 2 Quarters of Fiscal 2026

* Note:

This document contains forward-looking statements based on assumptions, forecasts and plans in light of information available to ZENRIN Co., Ltd. as of the preparation date of this document. Actual performance may vary significantly from the forecast figures due to various risks and uncertainties owing to global economic trends, market demand, status of competition, exchange fluctuations and other factors.

The information that appears in this document rounds down fractions to the nearest specified unit and rounds off decimals in the percentage of change to the first decimal place.

In addition, cases where the percentage of change exceeds 1000% and cases where one or both of the items of comparison are negative are shown as "-."

Summary of Results for the First 2 Quarters of Fiscal 2026

１) Summary of Financial Results
２) Changes in Net Sales, Income and Profit
３) Changes in Sales by Business
４) Causes for Change in EBITDA, Operating Income 【Sales / Cost】
５) Changes in Cash Flows
６) Shareholder Returns
© ZENRIN CO., LTD. All Rights Reserved.
2

１) Summary of Financial Results

Key Points
- Net sales marked a fifth consecutive increase.
- EBITDA rose for a second consecutive period and operating income improved for a second consecutive period, returning to profitability in the second quarter for the first time in seven years.
  - Although net sales decreased in the Mobility Solution business due to a reactionary decline from one-off sales recorded in the first quarter of the previous period and a decrease in car navigation data sales, sales increased overall because of growth in the Public Solution business-primarily through the provision of residential map data (including some deliveries brought forward) and an increase in contracted projects-as well as steady growth in stock-type services such as "GIS Packages".
  - In terms of profit and loss, while personnel expenses increased, this was absorbed by higher sales and changes in the sales mix, resulting in higher EBITDA compared to the previous period and an improvement in operating income year on year.
  - Ordinary income increased due to higher dividend income and foreign exchange effects; however, the increase in interim net income narrowed due to a reactionary impact from the gain on sale of subsidiary shares recorded in the first quarter of the previous period in connection with the listing of Will Smart Co., Ltd.

(Amounts in million yen)	① FY25 2Q Actual	② FY26 2Q Actual	YoY （②－①）
(Amounts in million yen)	① FY25 2Q Actual	② FY26 2Q Actual		rate of %
Net Sales	28,712	29,523	＋ 810	＋ 2.8%
Operating Expenses	28,988	29,440	＋ 451	＋ 1.6%
EBITDA （EBITDA Margin）	2,513 8.8%	2,944 10.0%	＋ 431 + 1.2pt	＋ 17.2% -
Operating Income （Ｏperating Margin）	- 275 - 1.0%	83 0.3%	＋ 358 + 1.3pt	- -
Ordinary Income	- 341	388	＋ 730	-
Profit Attributable to Owners of Parent	- 116	260	＋ 377	-
ROE （Return On Equity）	- 0.2%	0.5%	+ 0.7pt	-

２) Changes in Net Sales, Income and Profit

40,000

4,000

(Amounts in million yen)

25,880

25,929

27,153

28,712

29,523

2,125

2,513

2,944

3,000

1,561

1,133

30,000

2,000

388

260

1,000

20,000

-80

-456

-275

-322

-982

-341

-703

-116

△1,000

-985

10,000

-1,581

-1,626

-1,221

△2,000

21/9

22/9

23/9

24/9

25/9

21/9

22/9

23/9

24/9

25/9

21/9

22/9

23/9

24/9

25/9

21/9

22/9

23/9

24/9

25/9

21/9

22/9

23/9

24/9

25/9

0 △3,000

Net Sales

EBITDA

Operating Income

Ordinary Income

Profit Attributable to Owners of Parent

YoY

(rate of %)

＋ 810 million yen (+ 2.8%)

＋ 431 million yen (+ 17.2%)

＋ 358 million yen (－)

＋ 730 million yen (－)

＋ 377 million yen (－)

increase in sales

for 5 consecutive periods

increase in profit

for 2 consecutive periods

improve in profit for 2 consecutive periods

３) Changes in Sales by Business

(Amounts in billion yen)

28.7 29.5

YoY

(rate of %)

Business overview of FY26 2Q

Total

+ 0.8

billion yen

(+ 2.8%)

Product Solution

＋ 0.4

(＋ 6.5%)

ー

Remained steady stock-type services such as "GIS packages"
Marketing Solution

- 0.2

(－ 6.5%)

Decrease in general commercial printing
Public Solution
+ 1.4
(＋ 48.7%)
Increased provision of residential map data for fire department dispatch systems (including some advance deliveries
Increased in contracted business such as the Population Census related project.
Infrastructure Solution

＋ 0.2

(＋ 3.1%)

ZENRIN Maps API and other services remained solid
FY25 2Q FY26 2Q
- 1.0
Mobility Solution

(－ 13.0%)

Reactionary decline due to sales recorded in 1Q of the previous period for underreported quantities in past years (approximately 400 million yen)

Decreased in sales of car models adopting our applications and data (due to model phase-out and adjustments)

（Reference） Domestic automobile sales	previous year	current year	rate of change
2Q Cumulative （April to September）	216 million units	218 million units	+0.5％
2Q Period （July to September）	117 million units	111 million units	－4.5％
（Source: Totaled by our company based on the figures published by the Japan Automobile Dealers Association and the Japan Light Motor Vehicle and Motorcycle Association）

Reduction of contracted business at overseas subsidiaries (review of unprofitable business)

* The figures for FY25 2Q are reclassified into the business segments of the Medium- to Long-Term Management Plan (ZGP2030).

6.8

6.3

3.0

3.2

4.4

2.9

7.8

8.0

7.2

8.3

４) Causes for Change in EBITDA, Operating Income 【Sales / Cost】

(Amounts in billion yen)

-10

4.0

EBITDA(YoY)： +0.4 billion yen

40 40

35 35

30 30

25 25

20 20

15 15

10 10

5 5

- -

△5 △5

△10 △10

Operating Income(YoY)： +0.3 billion yen

Personnel expenses

3.0

2.0

Increase in sales

Cost of

sales

Development expenses of Map database

Impact of a base-pay up

Other expense

1.0

2.5

2.9

△5

Depreciation etc.

（FY25 2Q）

Although net sales increased, the cost of sales (excluding personnel expenses) remained nearly unchanged from the same period of the previous year due to changes in the sales mix.

0.0

Changes in Depreciation

Expenses 0.0

Despite a decrease in sales in the Mobility Solution business, overall sales increased year on year due to higher sales in the Public Solution business and steady performance in the Product Solution business.

△10

－1.0

Net Sales

(YoY)

Operating Expenses（excluding depreciation etc.） (YoY)

Depreciation etc.

FY26 2Q

EBITDA FY26 2Q

Operating Income FY26 2Q

EBITDA FY25 2Q

+0.8 +0.3

５) Cash Flow

4,774

4,859

(Amounts in million yen)

Free ＣＦ

298

Financial ＣＦ

Translation adjustment

Decrease in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

－1,837

－４０

－1,579

13,906

12,326

Proceeds from the sale of fixed assets, etc., associated with subsidiary reorganization

Increase in expenditure due to inorganic growth investments

・Acquisition of UrbanX Technologies as a subsidiary

・Capital participation in GO Drive

・Capital and business alliance with Map4, etc.

4,265

6,000

3,744

2,227

4,000

298

1,830

1,425

433

1,158

2,000

-1,837

-1,397

△ 2,000

-3,967

-3,349

-2,585

-2,631

-3,411

-2,027

-2,819

-3,174

△ 4,000

21/9

22/9

23/9

24/9

25/9

21/9

22/9

23/9

24/9

25/9

21/9

22/9

23/9

24/9

25/9

21/9

22/9

23/9

24/9

25/9

△ 6,000

Operating CF

Investing CF

Free CF

Financial CF

FY26 2Q

Revenue of

4,265 million yen

Expenditure of

3,967 million yen

Revenue of

298 million yen

Expenditure of

1,837 million yen

YoY

Decrease in revenue of

593 million yen

Increase in expenditure of

1,335 million yen

Decrease in revenue of

1,929 million yen

Decrease in expenditure of

1,337 million yen

Basic Policy on

Shareholder Return

Based on the profit growth outlined in the Medium- to Long-Term Management Plan,

Implement stable and continuous dividends and flexible buybacks

６) Shareholder Returns

Dividend

＜FY26＞ Interim 21yen 、 Year-end 21yen(Forecast) 、 Annual 42yen(Forecast) ／ DOE 5.1%（Forecast）

（YoY ＋7yen）（YoY ＋0.8pt）

70 円

60 円

Dividend Per Share (yen）

円

3.5% 3.5% 3.6%

4.3%

5.1%

42.00

Has never reduced its ordinary dividend since its stock listing in 1994.
From FY2026 onwards, the DOE target will be raised from the current 3% or more to 5% or more.
FY26 (forecast) is expected to mark the fifth consecutive year of dividend increases.

（Forecast）

DOE

6.0%

5.0%

4.0%

30 26.00

27.00 28.50

35.00

20.00

21.00

（Forecast）

3.0%

13.50

10 12.50

13.50

15.00

13.50

15.00

21.00

2.0%

1.0%

0.0%

-1.0%

DOE

年間合計

Annual

中間配当

期末配当

End of term Interim

2022年3月期

FY22

FY23 FY24 FY25 FY26

2023年3月期

2024年3月期

2025年3月期

2026年3月期

（Forecast）

Earnings Forecast for Fiscal 2026

【 No change from the initial forecast 】

Although there is a reactionary decrease in the mobility solutions-related business, overall revenue is expected to increase due to the expansion of stock-type services such as GIS packages, and solution businesses
Regarding profit and loss, while there will be an increase in personnel expenses due to the impact of base-pay up, profits are

expected to increase due to increased sales.

(Amounts million yen)	① FY25 Actual	② FY26 Forecast	YoY （②－①）
(Amounts million yen)	① FY25 Actual	② FY26 Forecast		rate of %
Net Sales	64,363	65,500	＋ 1,136	＋ 1.8%
Operating Expenses	60,440	61,200	＋ 759	＋ 1.3%
EBITDA （EBITDA Margin）	9,578 14.9％	10,000 15.3％	＋ 421 + 0.4pt	＋ 4.4% -
Operating Income （operating Margin）	3,923 6.1％	4,300 6.6％	＋ 376 ＋ 0.5pt	＋ 9.6% -
Ordinary Income	3,936	4,400	＋ 463	＋ 11.8%
Profit Attributable to Owners of Parent	2,606	3,000	＋ 393	＋ 15.1%
ROE （Return On Equity）	5.3%	6.0%	＋ 0.7pt	-

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