イトゥラン（ITRN）2026年第2四半期決算説明会：過去最高売上高と25%のサブスクリプション成長

要点

• Ituranの2026年第2四半期売上高は前年同期比21%増の1億480万ドルとなり、過去最高を記録しました。ストック型のサブスクリプション売上高が25%増の7,980万ドルに増加したことが寄与しました。
• 当四半期に4万1,000件の純増を獲得した結果、2026年6月30日時点の加入者数は271万1,000人に達しました。
• EBITDAは24%増の2,850万ドルに増加し、EBITDAマージンは前年同期の26.4%から27.2%に拡大しました。純利益は29%増の1,730万ドル（希薄化後1株当たり利益は0.88ドル）となりました。
• 営業キャッシュフローは四半期として過去最高の3,220万ドルに達しました。期末時点のネット現金および有価証券残高は1億370万ドルとなり、無負債経営を維持しています。
• OEM向けプログラムは引き続き主要な成長ドライバーであり、Stellantisとの「Connect Fiat」や、ブラジルにおけるヤマハおよびBMWとのオートバイ向けプログラムの本格化が含まれます。
• 経営陣は2026年を通じて継続的な成長と収益性を維持できるとの自信を示していますが、IturanMobの米国での事業拡大については2026年および2027年のいずれにおいても大幅な収益貢献は見込んでいないと言及しました。

主要財務データ

地域別売上高構成比は、イスラエルが56%、ブラジルが22%、その他の地域が22%でした。

事業および業績の動向

ストック型のサブスクリプション収入は引き続きIturanの主要な収益源であり、総売上高の76%を占めました。経営陣は、当四半期の加入者純増数4万1,000件は想定通りのペースであり、主要市場全体におけるオーガニックな成長を反映していると述べました。

OEMとの提携関係は引き続き加入者数の増加を支えています。Ituranは、フィアット・ストラーダ向けにStellantisと立ち上げた「Connect Fiat」を含め、南米全体で既存プログラムを拡大しています。また同社は、日産、ルノー、ゼネラルモーターズ、ヤマハ、BMWとの関係拡大を目指すとともに、他の自動車メーカーともプログラム導入に向けた協議を進めています。

ブラジルでは、ヤマハおよびBMWとのオートバイ向けプログラムが急速に立ち上がっており、加入者成長への貢献が始まっていると経営陣は語りました。同社は他のオートバイOEMとの提携も推進していますが、新たな合意の発表には至っていません。

Ituranのビッグデータ事業は、初期段階としてイスラエルに焦点を当てています。同国には約300万台の車両が存在し、そのうち約100万台がIturanの加入者です。以前発表されたイスラエル運輸省とのプロジェクトは第1四半期末に完了し、数百万イスラエル・シェケルの収益をもたらしました。このプロジェクトでは、過去の車両データを利用してトラックの事故発生場所や休憩所の候補地を分析しました。

経営陣によると、政府機関、交通局、自治体、OEM、法人顧客など、他の潜在的なビッグデータ顧客との協議やパイロットプロジェクトが進行中とのことです。時期や金額についての約束はなされていないものの、同社は近い将来に新たな契約を発表したい考えです。

同社のレンタカー向けソリューションであるIturanMobは、米国でパイロット運用や見込み顧客を獲得し、展開都市を拡大しています。しかし、収益化はまだ限定的であり、ビジネスモデルに対する確信が深まるまでは営業および導入ペースを抑制しています。

経営見通し

経営陣は、2026年を通じて持続的な成長と収益性を達成できるとの自信を表明しました。長期的な成長機会として、OEM展開の拡大、新製品、付加価値サービス、ビッグデータの収益化を挙げています。

同社は、サービスをブラジルやメキシコに展開する前に、まずイスラエルでより強固なビッグデータ市場を確立する計画です。経営陣は、これらの国々におけるデータ精度や潜在的なユースケースは、Ituranの加入者基盤のカバレッジや相対的な規模に依存すると説明しました。

IturanMobは中期的取り組みと位置付けられています。経営陣は、2026年または2027年において本事業が大幅な収益貢献を果たすとは予想していません。

リスクと注目点

• 米国のIturanMobからの売上高は、市場の関心の高まりやパイロット活動の活発化にもかかわらず、まだ初期段階にあり僅少な水準にとどまっています。
• Ituranのビッグデータカバレッジはイスラエルで最も強力です。ブラジルでは全車両に対する加入者数の割合が低く、核心市場以外ではデータの網羅性や精度が制限される可能性があります。
• テレマティクス自動車保険（UBI）はイスラエルで成長を続けていますが、経営陣はARPUの低さや、イスラエルおよびアルゼンチン以外への拡大が限定的であることを指摘しました。
• 経営陣は、保険会社について、データを活用した新たな料率設定手法の導入に慎重で動きが遅いと表現しました。
• イスラエル・シェケルの上昇により、イスラエルで保有する米ドル連動預金の評価額が減少し、当四半期に130万ドルの財務費用が発生する要因となりました。

アナリスト質疑応答の要点

ビッグデータの商業化：経営陣によると、運輸省のプロジェクトは第1四半期に完了し、数百万イスラエル・シェケルを売り上げました。Ituranは現在、交通局、政府機関、自治体などが関与する、より大規模な機会を追求しています。

ビッグデータの海外展開：Ituranの搭載車両が国内全車両の約3分の1を占めているため、イスラエルが引き続き最初の市場となります。ブラジルとメキシコが次の展開候補ですが、提供サービスはIturanのデータカバレッジが十分な精度を持つユースケースに絞る必要があります。

米国向けレンタカーソリューション：IturanMobはパイロット運用、顧客数、対象地域の拡大を進めていますが、顧客からの収益化はまだ低い水準です。ビジネスモデルの検証がさらに進むまでは、事業開発や営業への支出を抑制する方針です。

二輪車およびテレマティクス保険：ヤマハおよびBMWとのオートバイ向けプログラムがブラジルでの加入者成長を支え始めています。一方、テレマティクス自動車保険（UBI）の拡大ペースは緩やかで、ARPUが低く対象地域も限定的です。

ビッグデータの保険分野への応用：Ituranは、顧客の走行場所や運転方法に基づく保険料設定など、データの広範な活用についてイスラエルの保険会社と協議を行っています。経営陣は、公共分野の交通関連取引に続く次の段階の潜在顧客として、保険会社、自動車ディーラー、インポーターを挙げています。

決算説明会 文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Kenny Green

Ladies and gentlemen, thank you for standing by. My name is Kenny Green, and I'm part of the Investor Relations team at Ituran. I would like to welcome all of you to Ituran's results Zoom webinar, and I would like to thank Ituran's management for hosting this conference call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded, and the recording will be available from the link in the earnings press release and on Ituran's website from tomorrow.

With me today on the call are Mr. Eyal Sheratzky, CEO; Mr. Udi Mizrahi, Deputy CEO and VP Finance; and Mr. Eli Kamer, CFO of Ituran. Eyal will begin with a summary of the quarter's results, followed by Eli with a summary of the financials. We'll then open the call for the question-and-answer session. You should have all received by now the company's press release. If not, please view it on the company's website. I would like to remind everyone that the safe harbor statement in today's press release also covers the contents of this conference call and the associated presentation. And now Eyal, would you like to begin, please?

Eyal Sheratzky

Thank you, Kenny. I'd like to welcome all of you to our second quarter 2026 results call, and thank you for joining us today. We are very pleased to report an excellent second quarter for Ituran with record revenue and profitability with strong growth across every line of our income statement. For the quarter, overall revenue grew 21% year-over-year to a record of $104.8 million. Our recurring subscription revenue grew by 25% to $80 million making up 76% of our total revenues.

Beyond that, we grow all of our profit metrics, operating income, EBITDA and net income, all ahead of revenue, allowing the operating leverage built into our business model to shine through. During the quarter, we added 41,000 net new subscribers, bringing our total subscriber base to 2,711,000 at the end of June 2026. This is in line with our expected run rate and shows continued healthy organic growth across our core markets.

Our long-term success is growing our global subscriber base constantly is due to our ongoing efforts in offering new products and value-added services to our customer base, while at the same time tapping into new market segments and new regions. Our OEM relationships remain a key growth driver. During the second quarter, we continued to ramp our existing OEM program across South America, including Connect Fiat, our new program with Stellantis launched earlier this year exclusive to the Fiat Strada.

We remain in active discussions with additional OEMs that you do not see on this list, while at the same time, looking to expand our existing relationships with Nissan, Renault, General Motors, Yamaha, BMW and others. Growing our OEM roster has been and continue to be the main vector for Ituran long-term growth. Beyond our core subscriber-based telematics business, we continue to advance the growth initiatives I have discussed on previous calls, which we believe can become meaningful long-term contributors to Ituran. These include IturanMob, our car rental solution, which we recently launched in the U.S. market. Credit Carbon, our platform that lets drivers of electric and zero-emission vehicles generate and sell verified carbon savings, connecting them with the companies that need to offset emissions and leveraging our big data capabilities, all of which significantly grow our addressable markets.

On the big data side, following the initial agreement we announced last quarter, we're continuing in advanced discussions with a number of potential customers, and we are active on a number of pilot projects. We would hope to be able to announce a further big data agreement with one of these in the near term. Our big data capabilities have significant long-term potential to support governments, transport authorities, commercial centers, OEMs and other customers, enabling them to make better decision based on vast amount of transportation data while creating revenue opportunities that can grow beyond our traditional subscription model.

Turan continues to be a strongly cash-generating business, and we generated our highest ever cash flow from operations during the quarter, amounting to $32.2 million, reflecting our continuing strong profitability, ongoing and significant positive cash flow and strong balance sheet, the Board of Directors declared dividend of $10 million for the quarter, which represents $0.50 per share, in line with our standard dividend policy.

In addition, $3 million in shares were purchased under our buyback program, which is another return of capital to shareholders to enhance value. We see our ongoing dividends and buyback program as a reward to our shareholders for their loyalty and long-term support of our company.

In summary, we are very pleased with our performance in the second quarter. with record revenue and record profitability and continued healthy subscriber additions. At the same time, we continue to look for new revenues to drive further growth across all of our regions. Our expanding OEM programs, our growth engines and opportunities to monetize our big data assets are all examples of this.

We remain confident in our ability to deliver continued growth and profitability through 2026 and in our long-term strategy to transform Ituran into a significantly larger company. And with that, I hand over to Eli. Eli, please go ahead.

Eli Kamer

Thanks, Eyal. I will provide a short summary of the financial results. You can find the more detailed results in the press release that we issued earlier today. Second quarter revenues were a record $104.8 million, a 21% increase compared with revenues of $86.8 million in the second quarter of last year. Revenues from subscription fees in the quarter were $79.8 million, an increase of 25% year-over-year and represented 76% of total revenues. Product revenues in the quarter were $25 million, an increase of 8% year-over-year. The subscriber base expanded to 2,711,000 by the end of the second quarter, an increase of 41,000 from the end of the previous quarter.

The geographic breakdown of revenues in the second quarter was as follows: Israel, 56%; Brazil, 22%; Rest of World, 22%. EBITDA for the quarter was $28.5 million or 27.2% of revenues, an increase of 24% compared with EBITDA of $22.9 million or 26.4% of revenues in the second quarter of last year.

Finance expenses in the second quarter were $1.3 million, in line with finance expenses of $1.3 million in the second quarter of last year. The expense this quarter was mainly due to the strengthening of the Israeli shekel against the U.S. dollar, which lowered the value of U.S. dollar-linked deposits held in Israel, resulting in a finance expense on those deposits. Net income for the second quarter was $17.3 million or 16.5% of revenues or diluted earnings per share of $0.88, an increase of 29% compared with $13.5 million or 15.5% of revenues or diluted earnings per share of $0.68 in the second quarter of last year.

Cash flow from operations for the second quarter of 2026 was $32.2 million. As of June 30, 2026, the company had net cash, including marketable securities of $103.7 million, which includes no debt. This is compared with net cash, including marketable securities of $107.6 million as of year-end 2025. The Board of Directors declared a dividend of $10 million for the quarter or $0.50 per share. The current dividend takes into account the company's continuing strong profitability, ongoing positive cash flow and a strong balance sheet.

During the quarter, $3 million in shares were purchased under the buyback program. The total remaining authorization is about $10 million. Share buybacks will be funded by available cash and will be made in line with SEC Rule 10b-18. And with that, I'd like to open the call for a question-and-answer session. Operator?

Eyal Sheratzky

Okay. We'll now open the call for question and after the session we will get back.

Kenny Green

On behalf of the management of Ituran, I would like to thank...

Eyal Sheratzky

We'll poll for questions. Our first question will be from Derek Greenberg from Maxim.

質疑応答

Derek Greenberg

I wanted to start just on the big data opportunity you're pursuing. I was wondering, first, if you could just talk about the engagement you already had with the Ministry of Transportation in Israel. I was wondering if that had concluded, any feedback you had received? And if that's concluded, where that might show up on the income statement?

Eyal Sheratzky

This deal transaction was already concluded in the end in Q1, and it was not -- as we said, it was not a very large deal, but still, it was few millions of shekels and it was basically a need of a specific division in this ministry to look for places where trucks in Israel are making specific accidents in order to analyze where is the best place to open a rest areas. In Israel, there is no rest areas for trucks like in the States or in Europe. And this is the next phase they want to do in order to prevent accidents and fatigue of drivers, et cetera. And based on historical data, by the way, because we have different prices for range time data 1-year old data, et cetera.

And in that case, we saw data a few years ago for these millions of shekels, and this was the first need. And as I said in my speech, we see more needs of public transportation agents or governmental, which we have discussions. And as I said, we are optimistic that soon we will have -- we're expecting to have more deal or deals, which can be more valuable and more larger deals in different aspects of public transportation, municipality needs, et cetera.

Eli Kamer

Okay. Great. And just on the pipeline, I was curious, do you think the majority of opportunities currently are predominantly in Israel? Or are you seeing opportunities internationally as well?

Eyal Sheratzky

Currently, we started in Israel. The advantage that we have to start in Israel is that in Israel, the portion of -- or the ratio between the total vehicles on roads with Ituran cars -- I mean, Ituran subscriber base is very high.

We have about 1 million subscribers, cars among 3 million. So it means that we have a lot of data when we talk about rows, when we talk about cars, we talk about preferences, et cetera. So it's -- first, it's something which we can create more confidence, and we can really start with a specific agents such as governmental, et cetera. But our goal is after we will create a substantial market in Israel, and we will have some experience of more and more commercial deals to take it out to our next geographies, which is typical should be Brazil and Mexico. But in that case, we will have to focus on our specific customers, which our customer base on those countries will allow us to provide a very accurate data. Just to remind you, if we have about 0.5 million subscribers in Brazil, it represent much lower percentage of the total cars, and they drive in a lower number of places in Brazil. But still, we have a lot to contribute to customers, and we will do it, but we start with Israel.

Derek Greenberg

Okay. That makes a lot of sense. That was super helpful. I had one on just FX impacts in the quarter. I was wondering if there was anything noteworthy there. I know last quarter, I think there was like a $1 million benefit from FX. I was wondering if there was anything to call out on that front.

Eli Kamer

It's almost the same as the last quarter, meaning almost an effect of $1 million on the EBIT.

Derek Greenberg

Okay. Got it. And then lastly, just on [ Eternob ] in the U.S. I was wondering if you could just talk about how that's progressing so far, the discussions you're having and what you're seeing there?

Eli Kamer

So from the side of the marketing side, the interest of the market, we see higher and higher traction. On the other hand or the other part is our part to install, to marketing and sales. We're still going in a very low mode in order to get our own confidence before we start spending more money, more budget basically on business development and sales. But compared to last quarter, we have more and more pilots and more and more customers.

The numbers in terms of -- I mean, when we monetize it from customers to money, we are still in a very low numbers. So this is the reason why we are not yet provide specific data. We are in the beginning. But as I said, the most important issue is the interest of the market, of the car rentals company, et cetera. We spread now and we expand our capabilities in more and more cities. And as I said at the beginning, this is a midterm project. It's not something that will contribute substantial amount in 2026 and also in 2027. But once we will see that it's ramping up with a more material numbers, of course, we will inform everyone.

Eyal Sheratzky

Our next question is going to be from Sergey Glinyanov of Freedom Capital Markets.

Sergey Glinyanov

So I'm just wondering how today training on such products and markets like motorcycle market and UBI, how it's trading for Ituran?

Eyal Sheratzky

Regarding motorcycles, as you know, Sergey, and as we stated in the past, our main focus in the Brazilian market -- we started with the OEM deals with Yamaha and then [ BMW ]. And this is ramping up very impressive. We see that our customers, Yamaha and BMV are very satisfied with the capabilities with no problems, et cetera. And it's now started to contribute to our growing subscriber base in Brazil.

Our next phases will be or already exist is talking and try to expand those names to other names, and we have discussion. Again, I don't have any new deal that I can report, but I hope and believe that we will continue to push and we will get it. And then, of course, you will know. And this is regarding motorcycles. And I really believe that it's start and go and to be a major portion of our growth in subscribers in Brazil. Regarding UBI, we are still focusing in the Israeli market.

We see a growth, but it's still something that I have to remind you, the ARPU is low. And second is go to a specific usually segment of the second car at home or young people cars, but it's still growing, but it's not yet something that we succeed to expand it to other geographies, except Argentina, which is a smaller numbers as well.

Sergey Glinyanov

Okay. Got it. And maybe you can share your thoughts on could you use your big data project to accumulate the data for using it in UBI segments as well?

Eyal Sheratzky

The answer is absolutely yes. Currently, we use the UBI based on personal data. And of course, we have discussions with insurance companies in Israel for showing them there is a lot of usage that they can do, not only based on Ituran subscriber and need to run hardware, but also about the big data that Ituran can provide.

And this is something that can give for them a lot of benefits of how they can pricing new and old insurers based on where they live, how they drive, where they drive, et cetera. And they are looking on that. But like it was with the UI, insurance industry is a very, very traditional industry, very traditional ways of taking decision. It's changing, but it's changing slow. But this is what we believe will be the next phase after we will continue to close deals with the governmental authorities and public transportation authorities.

And then we have 2, I would say, 2 customers, which is -- which are today traditionally our channels, which is insurance companies and car dealers and car importers to Israel. And this is something that will be the next phase, and we put a lot of efforts on that.

Eli Kamer

That looks like the end of the questions.

So before I hand back to Eyal, I just want to let everybody know that this conference call will be available from tomorrow on Ituran's website on the Investor Relations side or alternatively, you can get through the Zoom link. And with that, I'd like to hand back to Eyal for the closing statement. Eyal, please go ahead.

Eyal Sheratzky

On behalf of the management of Ituran, I would like to thank you, our shareholders, for your continued interest and long-term support of our business. We look forward to continuing our success over the coming years. If you are interested in meeting or speaking with us, please feel free to reach out to our Investor Relations team. And with that, we end our call. Have a good day. Thank you.