Subaru Corporation · TSE:7270
Subaru — Q3 FYE2025 Earnings Presentation
38 slides from Subaru's earnings presentation, Feb 7, 2025
Slide 1: Consolidated Financial Results for the 3rd Quarter of FYE 2025
Consolidated Financial Results for the 3rd Quarter of FYE 2025 SUBARU CORPORATION Katsuyuki Mizuma, Director, Senior Managing Executive Officer & CFO February 7 th , 2025 https://www.subaru.co.jp/en/ir/ 1
Slide 2: Key Points
Key Points Results for the nine months ended December 2024 • Production: 725,000 units (down 4.2% Y/Y) / Consolidated Unit Sales: 707,000 units (down 3.8% Y/Y) Global production and consolidated unit sales decreased year on year due to production and shipments that took into account sales trends a
Slide 3: Consolidated Financial Results for the 3rd Quarter of FYE 2025
Consolidated Financial Results for the 3rd Quarter of FYE 2025 https://www.subaru.co.jp/en/ir/ 3 3
Slide 4: Consolidated Unit Sales / Complete Cars Production
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2024 FYE 2025 Variance 3Q Results 3Q Results Production in U.S. 266 264 -2 Production in Japan 491 461 -30 Production* Total 757 725 -32 FYE 2024 FYE 2025 Variance 3Q Results 3Q Results Con
Slide 5: Consolidated Unit Sales (by market)
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Unit Sales (by market) (Thousand Units) : FYE 2024 FYE 2025 Variance 3Q Results 3Q Results Passenger cars 64 66 +1 Minicars 11 10 -1 Domestic total 75 75 +0 U.S. 519 506 -14 Canada 48 52 +4 Europe 21 16 -5 Australia 40 32 -8 China 6 2 -3 Others 27
Slide 6: Consolidated Profit Results
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Profit Results (100 Million Yen) FYE 2024 FYE 2025 Variance 3Q Results 3Q Results Revenue 34,964 35,363 +399 Domestic 4,537 4,738 +201 Overseas 30,427 30,626 +199 Operating profit 3,710 3,692 -18 Profit before tax 4,162 4,260 +98 Profit for the per
Slide 7: Analysis of Variance in Operating Profit (Consolidated)
3 rd Q u a r t e r ( 9 m o n t h s ) ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +1,126 -725 -252 -93 -72 -2 Sales volume & Gain on currency SG&A expenses, mixture, etc. Cost impacts R&D expenses Other exchange etc. New car sal
Slide 8: Consolidated Statement of Cash Flows / Cash and cash equivalents
3 rd Q u a r t e r ( 9 m o n t h s ) ： Consolidated Statement of Cash Flows / Cash and cash equivalents (100 Million Yen) FYE 2024 FYE 2025 3Q Results 3Q Results Net cash provided by (used in) operating activities 4,679 3,346 Net cash provided by (used in) investing activities -4,188 -2,588 Free cas
Slide 9: Capex / Depreciation / R&D
3 rd Q u a r t e r ( 9 m o n t h s ) ： Capex / Depreciation / R&D (100 Million Yen) FYE 2024 FYE 2025 Variance 3Q Results 3Q Results Capex *1 1,234 1,091 -144 Depreciation *1 720 714 -6 R&D expenditures *2 909 1,052 +143 *1 : Leases, capex & amortization for intangible assets and lease liabilities a
Slide 10: Forecast for FYE 2025
Forecast for FYE 2025 https://www.subaru.co.jp/en/ir/ 10 10
Slide 11: FYE 2025 Plan: Consolidated Unit Sales / Complete Cars Production
FYE 2025 Plan ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2024 FYE 2025 FYE 2025 Variance Variance Results(a) Previous Plan*2(b) Revised Plan(c) (c)-(a) (c)-(b) Production in U.S. 368 - - - - Production in Japan 602 - - - - Production*1 Total 970 950 950 -20 ±0 FYE 2024
Slide 12: FYE 2025 Plan: Consolidated Unit Sales (by market)
FYE 2025 Plan ： Consolidated Unit Sales (by market) : (Thousand Units) FYE 2024 FYE 2025 FYE 2025 Variance Variance Results(a) Previous Plan(b) Revisd Plan(c) (c)-(a) (c)-(b) Passenger cars 87 98 98 +11 +0 Minicars 12 14 14 +2 +0 Domestic total 99 112 112 +14 +0 U.S. 695 663 666 -29 +4 Canada 68 69
Slide 13: FYE 2025 Plan: Consolidated Profit Plan
FYE 2025 Plan ： Consolidated Profit Plan (Yen in 100 millions) FYE 2024 FYE 2025 FYE 2025 Variance Variance Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Revenue 47,029 47,200 47,600 +571 +400 Domestic 6,275 6,710 6,724 +449 +14 Overseas 40,754 40,490 40,876 +122 +386 Operating profit
Slide 14: Analysis of Variance in Operating Profit (Consolidated)
Rev ised Plan FYE20 2 5 : A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +934 +78 -927 SG&A expenses, -290 etc. -188 +11 Gain on currency Sales volume & exchange mixture, etc. R&D expenses Cost impacts Other 4,682 4,300 FYE 2024 FYE
Slide 15: Previous Plan vs Revised Plan: Variance in Operating Profit
P r e v i o u s P l a n F Y E 2 0 2 5 ( a s o f N o v e m b e r 1 st) v s R e v i s e d P l a n : A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +29 +17 +12 -18 -36 +296 SG&A expenses, R&D expenses Sales volume & Other Cost impacts
Slide 16: FYE 2025: Capex / Depreciation / R&D
FYE 2025 : Capex / Depreciation / R&D (100 Million Yen) FYE 2024 FYE 2025 FYE 2025 Variance Variance Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Capex *1 1,675 1,800 1,800 +125 ±0 Depreciation *1 974 1,000 1,000 +27 ±0 R&D expenditures *2 1,306 1,550 1,550 +244 ±0 *1 : Leases, capex
Slide 17: Yajima Plant Construction / CY U.S. Retail Unit Sales Outlook
Ya j i m a P l a n t C o n s t r u c t i o n / C Y 2 0 2 5 U . S . R e t a i l U n i t S a l e s O u t l o o k Retail Sales Market Share (Thousand Units) (%) 750 4.5 700 4.0 650 600 3.5 550 500 3.0 CY2020 CY2021 CY2022 CY2023 CY2024 CY2025 (Outlook) Construction to build ICE/BEV mixed production lin
Slide 18: Shareholder Returns
Shareholder Returns Returns Policy Based on comprehensive assessment of business performance, investment plans, and the business environment, Pay stable, continuous dividends and flexibly repurchase shares Aggressive and Aim for total return ratio of 30-50% appropriate Growth investment Sharehol
Slide 19: Shareholder Returns
Shareholder Returns (Yen) FYE2025 FYE2025 FYE2024 Previous Forecast Revised Forecast Interim Dividend 48 48 48 Year-end Dividend 58 48 67 Annual Dividend 106 96 115 DOE * - - 3.5% Share Repurchases 60 billion yen - TBD 40% or more Total return ratio 36.3% TBD (Target) * Calculated by excluding "othe
Slide 20: Appendix
Appendix • Segment information by Business & Geographic (3rd Quarter) • Consolidated Financial Results for 3rd Quarter (3 months) • Overseas Revenue (3rd Quarter) • Forecast for 4th Quarter (3 months) • Consolidated Statement of Financial Position • Forecast for 2nd Half FYE 2025 • Non-consolidated
Slide 21: Revenue and Operating Profit by Business Segment (Consolidated)
3 rd Q u a r t e r ( 9 m o n t h s ) ： Revenue and Operating Profit by Business Segment (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2024 FYE 2025 Variance FYE 2025 FYE 2024 FYE 2025 Variance FYE 2025 3Q Results 3Q Results Plan 3Q Results 3Q Results Plan Automobile 34,215 34,563 +34
Slide 22: Revenue and Operating Profit by Geographic Area (Consolidated)
3 rd Q u a r t e r ( 9 m o n t h s ) ： Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2024 FYE 2025 Variance FYE 2024 FYE 2025 Variance 3Q Results 3Q Results 3Q Results 3Q Results Japan 6,914 6,878 -36 2,635 2,961 +325 North America 26,9
Slide 23: Overseas Revenue (Consolidated)
3 rd Q u a r t e r ( 9 m o n t h s ) ： Overseas Revenue (C onsolida ted) (100 Million Yen) FYE 2024 FYE 2025 Variance 3Q Results 3Q Results North America 27,466 28,260 +793 Europe 886 692 -194 Asia 465 288 -177 Other 1,609 1,385 -224 Total 30,427 30,626 +199 https://www.subaru.co.jp/en/ir/ 23 23
Slide 24: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of December Variance 2024 2024 Total assets 48,141 50,470 +2,328 Current assets 30,192 31,744 +1,553 Non-current assets 17,950 18,725 +776 Total liabilities 22,488 22,807 +319 Interest bearing debts 3,995 3,975 -20 Total e
Slide 25: Non-consolidated Unit Sales
3 rd Q u a r t e r ( 9 m o n t h s ) ： Non-consolidated Unit Sales (Thousand Units) : FYE 2024 FYE 2025 Variance 3Q Results 3Q Results Domestic production* 491 461 -30 Domestic sales 79 82 +3 Passenger cars 69 71 +2 Minicars 10 11 +1 Export total 415 387 -28 Components for overseas 271 256 -14 produ
Slide 26: Operating Results of Subsidiaries in U.S.
3 rd Q u a r t e r ( 9 m o n t h s ) ： Operating Results of Subsidiaries in U.S. （Million US$） FYE 2024 FYE 2025 SOA *1 Variance 3Q Results 3Q Results Net sales 17,466 16,773 -692 Operating income 890 348 -543 Net income 763 362 -402 Retail sales (Thousand units) 487 513 +26 FYE 2024 FYE 2025 SIA *2
Slide 27: Consolidated Unit Sales (by market)
3 rd Q u a r t e r ( 3 m o n t h s ) ： Consolidated Unit Sales (by market) (Thousand Units) : FYE 2024 FYE 2025 Variance 3Q Results 3Q Results Passenger cars 26 22 -4 Minicars 4 3 -0 Domestic total 30 26 -4 U.S. 193 189 -4 Canada 17 17 -0 Europe 7 7 +0 Australia 13 10 -3 China 2 1 -1 Others 6 9 +3 O
Slide 28: Consolidated Profit Results
3 rd Q u a r t e r ( 3 m o n t h s ) ： Consolidated Profit Results (100 Million Yen) FYE 2024 FYE 2025 Variance 3Q Results 3Q Results Revenue 12,829 12,702 -128 Domestic 1,651 1,616 -35 Overseas 11,178 11,086 -93 Operating profit 1,852 1,472 -380 Profit before tax 1,898 2,051 +153 Profit for the per
Slide 29: Analysis of Variance in Operating Profit (Consolidated)
3 rd Q u a r t e r ( 3 m o n t h s ) ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +406 -302 -284 -132 Gain on currency SG&A expenses, -85 +17 etc. Sales volume & exchange mixture, etc. Cost impacts R&D expenses Other 1,852 New c
Slide 30: 4th Quarter: Consolidated Unit Sales (by market)
4 th Q u a r t e r ： Consolidated Unit Sales (by market) (Thousand Units) : FYE 2024 FYE 2025 Variance 4Q Results 4Q Plan Passenger cars 22 32 +10 Minicars 1 5 +3 Domestic total 24 37 +13 U.S. 176 161 -15 Canada 20 19 -1 Europe 6 6 -0 Australia 7 14 +7 China 1 1 -0 Others 7 6 -1 Overseas total 217 2
Slide 31: 4th Quarter: Consolidated Profit Results
4 th Q u a r t e r ( 3 mo n t h s ) ： Consolidated Profit Results (100 Million Yen) FYE 2024 FYE 2025 Variance 4Q Results 4Q Plan Revenue 12,065 12,237 +171 Domestic 1,738 1,986 +248 Overseas 10,328 10,250 -77 Operating profit 972 609 -364 Profit before tax 1,163 540 -624 Profit for the period attri
Slide 32: 4th Quarter: Analysis of Variance in Operating Profit
4 th Q u a r t e r ( 3 mo n t h s ) ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +330 -202 -218 Sales volume & -192 SG&A expenses, mixture, etc. etc. R&D expenses -95 +13 Loss on 972 currency exchange Cost impacts Other 609 FYE
Slide 33: Plan for 2nd Half: Consolidated Unit Sales (by market)
P l a n f o r 2 nd H a l f ： Consolidated Unit Sales (by market) (Thousand Units) FYE 2024 FYE 2025 FYE 2025 Variance Variance nd 2 Half Results(a) Previous Plan(b) Revisd Plan(c) (c)-(a) (c)-(b) : Passenger cars 49 54 54 +6 +0 Minicars 5 8 8 +3 +0 Domestic total 54 62 63 +9 +0 U.S. 368 346 349 -19
Slide 34: Plan for 2nd Half: Consolidated Profit Results
P l a n f o r 2 nd H a l f ： Consolidated Profit Results (100 Million Yen) FYE 2024 FYE 2025 FYE 2025 Variance Variance nd 2 Hlaf Results(a) Previous Plan(b) Revised Plan(c) (c)-(a) (c)-(b) Revenue 24,895 24,538 24,938 +44 +400 Domestic 3,389 3,588 3,602 +213 +14 Overseas 21,506 20,950 21,336 -170 +
Slide 35: Plan for 2nd Half: Analysis of Variance in Operating Profit
P l a n f o r 2 nd H a l f ： A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) (100 Million Yen) +28 -486 +214 SG&A expenses, Gain on currency etc. -303 exchange Sales volume & -227 mixture, etc. +30 2,824 R&D expenses Cost impacts Other 2,080 FYE 2024
Slide 36: FYE 2024 and FYE 2025 Results (by Quarter)
FYE 2024 and FYE 2025 Results(by Quarter) (100 Million Yen, Thousand Units) FYE 2024 FYE 2025 Results Results 1Q 2Q 3Q 4Q 1Q 2Q 3Q Consolidated Unit Sales 236 234 266 241 212 238 258 Production * 243 250 264 213 239 236 250 Revenue 10,821 11,313 12,829 12,065 10,921 11,740 12,702 Operating profit 84
Slide 37: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000units） Production Retail Sales 300 280 276 278 273 276 277 271 271 268 270 269 269 269 264 262 262 262 264 260 264 250 258 261 257 254 250 254 250 250 249 253 249 252 246 245 243 241 239 242 242 241 241 240 236 240 240 236 237 236 232 227 229 228 2
Slide 38: Forward-looking statements disclaimer
Forward-looking statements including projections and future strategies mentioned in this presentation are based on currently available information and assumptions and are subject to risks and uncertainties. Actual results may vary materially as a result of various factors including, without limitati