ZERO CO.,LTD.
9028・Standard Market・Land Transportation
Domestic Automotive-Related Business
The core segment of the Zero Group, centered on domestic vehicle transport
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (external customers), cumulative 3Q | ¥52,470 million | ¥51,784 million | ↑ |
| Segment profit (operating profit), cumulative 3Q | ¥6,925 million | ¥7,195 million | ↓ |
| YoY change, revenue | 101.3% | ― | ↑ |
| YoY change, segment profit | 96.2% | ― | ↓ |
Business Details
Provides a wide range of services related to automotive distribution in Japan, including transport of new cars, used cars, and motorcycles, pre-delivery inspection and maintenance, large-vehicle maintenance, on-site operations at used car auctions, and in-plant transport. The segment is centered on Zero Co., Ltd. and comprises a nationwide network of transport subsidiaries organized into five regional blocks, together with Zero Plus BHS Co., Ltd., Zero Plus IKEDA Co., Ltd., Soing Co., Ltd., and Zero Plus Maintenance Co., Ltd. The Nissan Motor group is one of the segment's major customers. From January 2026, the segment also began contracting on-site operations at USS Tokyo and USS Yokohama.
Recent Overview
Cumulative 3Q revenue increased but profit declined due to higher costs. Transport volume turned positive year on year on a standalone 3Q basis.
Revenue for the cumulative nine months of FY2026 (ending March 2026), covering July 2025 to March 2026, was ¥52,470 million (101.3% year on year), turning to revenue growth. This was driven by strengthened used car transport contracting and higher per-unit rates. On the other hand, segment profit declined to ¥6,925 million (96.2% year on year). Profit was pressured by wage increases implemented in July 2025 to secure drivers, higher costs related to digitalization and aging system countermeasures, increased costs for building a division-of-labor structure, and rising car carrier maintenance costs (including temporary repairs related to fire incidents).
Key Products
Growth Drivers
- Recovery in transport volume driven by strengthened used car transport contracting (turned positive year on year on a standalone 3Q basis)
- Continued increase in per-unit rates through sales activities focused on gross margin
- Expansion of the vehicle maintenance business through the consolidation of Zero Plus Maintenance Co., Ltd. (March 2025)
- Revenue growth in the Automotive Ancillary Business from the start of on-site operations contracts for USS Tokyo and USS Yokohama (January 2026)
- Firm used car transport demand supported by steady growth in used car exports (105.3% year on year)
- Cost efficiency gains through effective use of transport equipment and review of maritime transport routes
Risks
- Contracting trend in the domestic new car sales market (total new car sales volume for July 2025–March 2026 was 97.0% year on year, with Nissan Motor down sharply to 85.9%)
- Increased costs to address the logistics "2024 problem" (driver working-hour regulations, costs of building a division-of-labor structure)
- Continued increase in labor costs due to wage level increases to secure drivers (implemented July 2025)
- Increased maintenance costs due to aging car carriers (rising parts and labor costs, temporary repairs related to fire incidents)
- Increased system costs associated with digitalization initiatives and aging system countermeasures
- Revenue dependence on the Nissan Motor group (Nissan's new car transport volume fell sharply to 85.9% year on year)
- Risk of additional goodwill impairment at Soing Co., Ltd. (due to divergence from the business environment)
Last updated: September 29, 2025