AS Onepla leads a shift in the revenue mix

Revenue in FY2026-H1 was ¥3,595.319 million. By service, AS Onepla generated ¥1,741.895 million, the auction agency service generated ¥1,618.739 million, and Other generated ¥234.685 million. In the same period of the previous year, AS Onepla generated ¥1,399.479 million and the auction agency service ¥1,669.049 million. AS Onepla therefore increased by ¥342.416 million, or approximately 24.5%, while the auction agency service declined by ¥50.310 million, or approximately 3.0%. The ranking of the two main services reversed from the same period of the previous year, confirming that AS Onepla, rather than the auction agency service, became the main driver of company-wide revenue growth.

In terms of volumes, AS Onepla transactions totaled 57,401 vehicles on a second-quarter cumulative basis, up 19.6% year on year. By contrast, auction agency transactions totaled 70,489 vehicles, down 7.4% year on year. The disclosed revenue per vehicle was ¥30,199 for AS Onepla and ¥23,192 for the auction agency service. AS Onepla’s volume growth may therefore be increasing its contribution to revenue mix, rather than merely offsetting the number of transactions. However, margins and contribution margins by service have not been disclosed, so the higher revenue per vehicle does not necessarily indicate a higher profit margin.

Although ASNET comprises 7 services, the auction agency and AS Onepla services accounted for 93.1% of full-year FY2025 revenue. Their combined revenue in FY2026-H1 was ¥3,360.634 million, equivalent to approximately 93.5% of company-wide revenue. Accordingly, the key point to assess in Q3 is not only total revenue, but also whether revenue, transaction volumes and revenue per vehicle for AS Onepla and the auction agency service are disclosed separately.

Meanwhile, transactions at venues operated by USS accounted for 55.6% of full-year FY2025 auction agency transaction volume. When auction agency volumes decline, the issue may involve not only a change in service mix but also a relative increase in concentration among specific partners. In Q3, the points to confirm are the updated USS ratio, the number of connected venues, the reasons for the decline in auction agency transactions, and whether the increase in AS Onepla is attributable to new or existing customers.