ZERO : Financial Results for the Third Quarter of FY2025

May 14, 2026

(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the third quarter ending of the fiscal year June 30, 2026 (From July 1, 2025 to March 31, 2026)

   1. Consolidated operating results (cumulative)

      (Percentages indicate year-on-year changes)

      	Sales revenue		Operating income		Profit before tax		Quarterly income		Profit attributable to equity shareholders of the company		Total comprehensive income of the quarter
      	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      3Q FY2025/2026	111,925	△1.0	7,503	△2.8	7,502	△2.6	5,097	△6.9	5,091	△6.6	5,716	8.0
      3Q FY2024/2025	113,023	7.1	7,717	71.4	7,705	70.8	5,471	82.0	5,452	84.2	5,291	55.7

      	Basic quarterly earnings per share	Diluted quarterly earnings per share
      	Yen	Yen
      3Q FY2025/2026	300.02	300.00
      3Q FY2024/2025	322.03	322.00

   2. Consolidated financial position

   	Total assets	Total capital	Equity attributable to equity shareholders of the company	Equity ratio attributable to equity shareholders of the company
   	Millions of yen	Millions of yen	Millions of yen	%
   3Q FY2025/2026	75,588	46,312	46,037	60.9
   FY2024/2025	73,948	43,530	42,901	58.0

2. Cash dividends

   	Annual dividends per share
   	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
   FY2024/2025 FY2025/2026	Yen --- ---	Yen 43.00 56.00	Yen --- ---	Yen 96.90	Yen 139.90
   FY2025/2026 (forecast)				84.30	140.30

   (Note) Amendment from the most recently announced dividend forecast: No

3. Forecast of consolidated financial results for the year ending June 30, 2026 (From July 1, 2025 to June 30, 2026)

(Percentages indicate year-on-year changes)

(Note) Revisions from the most recently released business forecast: No

※(Note)

1. Changes in significant subsidiary companies during the current quarter (Changes in the specific subsidiary companies following changes in the scope of consolidation): No

   New ⎯ Co. (Company name), Exclusions ⎯ Co. (Company name)

2. Changes in accounting policies, changes in accounting estimates

   ➀ Changes in the accounting policies required by IFRS : No

   ➁ Changes in the accounting policies due to other reasons : No

   ➂ Changes in the accounting estimates : No

3. Number of issued shares (common shares)

➀ Total number of issued shares at the end of the period (including treasury shares)

➁ Number of treasury shares at the end of the period

➂ Average number of shares during the period (total up to this quarter)

※ Review of the attached consolidated quarterly financial statements by a certified public accountant or audit firm : No

※Explanation of the proper use of financial results forecast and other notes

The earnings forecast, and other forward-looking statements herein are based on the information currently available to the Company and certain assumptions that the Company considers reasonable. Such statements are not guarantees of future performance. The actual results may differ significantly from these forecasts due to a wide range of factors such as economic status of the major domestic and international markets or exchange rates fluctuation.

Attached Documents - Table of Contents

1. Overview of business results 2

   1. Overview of Operating Results for the Consolidated Cumulative Period of the Quarter 2

   2. Overview of Financial Position for the Consolidated Cumulative Period of the Quarter 4

   3. Overview of Cash Flows for the Consolidated Cumulative Period of the Quarter 5

   4. Explanation on future forecast information, such as consolidated earnings forecast 5

2. Summary of the quarterly consolidated financial statements and major notes 6

   1. Summary of the quarterly consolidated financial position 6

   2. Summary of the quarterly consolidated profit and loss statement 8

   3. Summary of the quarterly consolidated comprehensive income statement 9

   4. Summary of the quarterly consolidated statement of changes in equity 10

   5. Summary of the quarterly consolidated statement of cash flows 11

   6. Notes regarding summary of the quarterly consolidated financial statements 13

(Notes on going concern assumption) 13

(Segment information) 13

1. Overview of business results

   1. Overview of Operating Results for the Consolidated Cumulative Period of the Quarter

During the third quarter of the consolidated cumulative period, the Japanese economy continued on a moderate recovery trend, although some regions showed weaker movement. However, uncertainty about the future remained due to the effects of rising prices, the deterioration of Japan-China relations, and heightened geopolitical risks surrounding the Middle East region.

In the domestic automobile market, total new vehicle sales declined to 97.0% (Statistical data of the Japan Automobile Manufacturers Association) compared to the same consolidated cumulative period of the previous fiscal year (hereinafter, "the same period of the previous year"). On the other hand, used vehicle registrations and sales slightly increased to 100.5% compared to the same quarter of the previous year, as used vehicle exports remained firm.

Number of units related to domestic distribution of automobiles Units: vehicles

*1 Calculated from Japan Automobile Industry Association Statistics *2 Calculated from Japan Automobile Importers' Association statistics *3 Calculated from Japan Automobile Dealers Association statistics

*4 Calculated from Japan Mini Vehicles Association statistics*5 Trial calculated from the number of export deleted registered vehicles in the Japan Automobile Dealers Association statistics

Against this market environment, the Group's operating results were as follows: revenue was 111,925 million yen (99.0% compared with the same period of the previous year), and operating profit was 7,503 million yen (97.2% compared with the same period of the previous year). Profit before tax was 7,502 million yen (97.4% compared with the same period of the previous year), and quarterly profit attributable to owners of the parent was 5,091 million yen (93.4% compared with the same period of the previous year).

The segment business results are as follows.

① Domestic automotive related businesses

In the core vehicle transportation business, through the end of the current interim consolidated accounting period, transport volumes-mainly for new vehicles-had decreased due to the sluggish domestic automobile market and the poor performance of manufacturers for whom we handle new vehicle transportation. However, during the third quarter accounting period, the number of vehicles transported increased year-on-year due to strengthened efforts in handling used vehicle transportation. In addition, higher unit prices per vehicle, supported by profit-conscious sales activities, continued to contribute, resulting in a return to revenue growth. Furthermore, in the automobile-related business, revenue increased due not only to higher sales in the vehicle maintenance business following the consolidation of Zero Plus Maintenance Co., Ltd. as a consolidated subsidiary in March 2025, but also from the contract to manage the onsite operations of the automobile auction venues (USS Tokyo and USS Yokohama) from the USS Group beginning in January 2026. As a result, the decline in revenue from new vehicle transportation in the vehicle transportation business was offset by used vehicle transportation and the automobile-related business, and the domestic automobile-related business as a whole also turned to revenue growth.

As for segment profit, improvements such as the effective utilization of transportation equipment and the review of maritime shipping routes in the vehicle transportation business contributed to an increase in profit. On the other hand, costs increased mainly due to the following items as future investments: "1) increased labor costs from raising wage levels to secure drivers from July 2025: "2) increased system expenses associated with promoting digitalization and addressing system aging," as well as the following measures taken in response to the 2024 problem and rising prices: "3) increased costs resulting from establishing a division-of-labor structure such as preparing vehicles to be loaded onto car carriers in advance in order to reduce drivers' working hours: "4) increased maintenance expenses due to rising parts and labor costs for car carrier maintenance, as well as temporary maintenance carried out in response to car carrier fires." Consequently, the domestic automobile-related business as a whole recorded a decrease in profit.

As a result, revenue in the domestic automobile-related business was 52,470 million yen (101.3% compared with the same period of the previous year), and segment profit was 6,925 million yen (96.2% compared with the same period of the previous year).

② Human resource businesses

In the shuttle transportation business, revenue increased as we advanced price revisions at unprofitable sites and reviewed driver recruitment methods and post-hiring follow-up systems, enabling it to respond to new contracts. In the staffing service business, revenue increased as the number of dispatched drivers rose following the centralization of driver recruitment for the vehicle transportation business was centralized within the human resources businesses.

As for segment profit, the shuttle transportation business increased profit in line with higher revenue. In the staffing service business, although profit declined due to increased labor costs associated with the minimum wage hike and the hiring of indirect staff, the effect of revenue growth exceeding these costs and operational efficiency improvements proved effective, resulting in an overall increase in profit in the human resources businesses.

As a result, revenue from the human resources businesses was 17,722 million yen (102.9% compared with the same period of the previous year), and segment profit was 754 million yen (109.2% compared with the same period of the previous year).

③ General cargo businesses

In the transportation and warehousing business, revenue increased due to the launch of new projects in the warehousing business. In the port cargo handling business, although cargo handling of automobiles decreased, revenue increased due to higher cargo handling volumes of biomass fuel and cargo for certain customers, resulting in increased revenue for the general cargo business as a whole.

As for segment profit, in addition to higher profit in the transportation and warehousing business and the port cargo handling business due to increased revenue, rental income increased in the real estate business following contract renewals, resulting in increased profit across the general cargo business as a whole.