USS (4732) Q3 2025 earnings summary

Executive summary

• Net sales for Q1-3 FY2024 reached ¥76.652 billion, up 7.2% year-over-year, with operating profit at ¥39.825 billion, up 11.4%, and profit attributable to owners of parent up 12.9% to ¥27.610 billion, all record highs for the period.

• Comprehensive income increased 12.1% year-over-year to ¥27.705 billion for the nine-month period.

• The FY2024 full-year forecast was revised upward, with net sales now expected at ¥102.9 billion and operating profit at ¥53.17 billion, both above previous forecasts.

• The dividend forecast was raised to ¥42.1 per share, marking 25 consecutive years of dividend increases, and a total payout ratio of at least 80% is maintained.

Financial highlights

• Gross profit margin improved to 62.1% in Q1-3 FY2024 from 60.5% a year earlier, with gross profit at ¥47.616 billion.

• Basic earnings per share for the period was ¥57.54, reflecting a 2-for-1 stock split.

• Total assets as of December 31, 2024, were ¥236.594 billion, with an equity ratio of 83.9%.

• Net cash provided by operating activities was ¥8.419 billion, down from ¥18.158 billion year-over-year.

• Record-high sales, operating profit, ordinary profit, and profit attributable to owners of parent were achieved.

Outlook and guidance

• FY2024 net sales forecast revised to ¥102.9 billion, up 5.4% year-over-year; operating profit forecast at ¥53.17 billion, up 8.6% year-over-year.

• Profit attributable to owners of parent is projected at ¥36.65 billion, with basic EPS forecast at ¥76.49.

• Vehicles consigned at auctions expected to reach 3.12 million, with a contract completion rate of 66.9%.

• Investments for growth of approximately ¥30 billion planned through FY2026.