Subaru Corporation · TSE:7270
Subaru — H1 FYE2025 Earnings Presentation
33 slides from Subaru's earnings presentation, Nov 1, 2024
Slide 1: Consolidated Financial Results for the 1st Half of FYE 2025
Consolidated Financial Results for the 1st Half of FYE 2025 SUBARU CORPORATION Katsuyuki Mizuma, Director, Senior Managing Executive Officer & CFO November 1 st, 2024 https://www.subaru.co.jp/en/ir/
Slide 2: Key Points
Key Points ◼ Results for the 1st Half of FYE 2025 • Production: 475,000 units (down 3.7% Y/Y) / Consolidated Unit Sales: 450,000 units (down 4.2% Y/Y) Global production and consolidated unit sales decreased year on year as production and sales volumes declined in the first quarter. • Operating profi
Slide 3: Consolidated Financial Results for the 1st Half of FYE 2025
Consolidated Financial Results for the 1st Half of FYE 2025 https://www.subaru.co.jp/en/ir/ 3
Slide 4: Consolidated Unit Sales / Complete Cars Production
1 st H a l f ： Consolidated Unit Sales / Complete Cars Production (Thousand Units) FYE 2024 FYE 2025 st st Variance 1 Half Results 1 Half Results Production in U.S. 173 177 +4 Production in Japan 320 298 -23 Production* Total 493 475 -18 FYE 2024 FYE 2025 st st Variance 1 Half Results 1 Half Results
Slide 5: Consolidated Unit Sales (by market)
1 st H a l f ： Consolidated Unit Sales (by market) (Thousand Units) : FYE 2024 FYE 2025 st st Variance 1 Half Results 1 Half Results Passenger cars 38 44 +6 Minicars 7 6 -1 Domestic total 45 50 +5 U.S. 327 317 -10 Canada 31 35 +4 Europe 15 9 -5 Australia 27 21 -6 China 4 1 -2 Others 21 16 -5 Oversea
Slide 6: Consolidated Profit Results
1 st H a l f ： Consolidated Profit Results (100 Million Yen) FYE 2024 FYE 2025 Variance 1st Half Results 1st Half Results Revenue 22,135 22,662 +527 Domestic 2,886 3,122 +236 Overseas 19,248 19,540 +291 Operating profit 1,858 2,220 +362 Profit before tax 2,265 2,210 -55 Profit for the period attribu
Slide 7: Analysis of Variance in Operating Profit (Consolidated)
1 st 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) +50 +39 +13 -441 +720 -19 Cost impacts R&D expenses SG&A expenses, etc. Sales volume & Other mixture, etc. Gain on currency exchange New car sales total： +14 2,220 1,858
Slide 8: Consolidated Statement of Cash Flows / Cash and cash equivalents
1 st H a l f ： Consolidated Statement of Cash Flows / Cash and cash equivalents (100 Million Yen) FYE 2024 FYE 2025 st st 1 Half Results 1 Half Results Net cash provided by (used in) operating activities 2,674 2,370 Net cash provided by (used in) investing activities -3,191 -1,559 Free cash flows -5
Slide 9: Capex / Depreciation / R&D
1 st H a l f ： Capex / Depreciation / R&D (100 Million Yen) FYE 2024 FYE 2025 st st Variance 1 Half Results 1 Half Results Capex *1 964 823 -141 Depreciation *1 483 476 -7 R&D expenditures *2 621 687 +65 *1 : Leases, capex & amortization for intangible assets and lease liabilities are not included i
Slide 10: Forecast for FYE 2025
Forecast for FYE 2025 https://www.subaru.co.jp/en/ir/ 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(b) Revised Plan(c) (c)-(a) (c)-(b) Production in U.S. 368 - - - - Production in Japan 602 - - - - Production*1 Total 970 960 950 -20 -10 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 94 98 +11 +4 Minicars 12 14 14 +2 +0 Domestic total 99 108 112 +13 +4 U.S. 695 700 663 -33 -37 Canada 68 64
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 47,200 +171 ±0 Domestic 6,275 6,580 6,710 +435 +130 Overseas 40,754 40,620 40,490 -264 -130 Operating profit 4
Slide 14: Analysis of Variance in Operating Profit: Revised Plan FYE2025
Revised Plan FYE2025 : 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) +638 +61 -909 SG&A expenses, -302 -217 Gain on currency etc. +47 Sales volume & exchange R&D expenses mixture, etc. Cost impacts Other 4,682 New car sales total：
Slide 15: Analysis of Variance in Operating Profit: Previous vs Revised Plan
P r e v i o u s P l a n F Y E 2 0 2 5 ( a s o f A u g u s t 5 th) 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) +920 -578 -207 -148 -46 +59 Sales volume & Gain on currency mixture, etc. Cost impacts SG&A
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: Shareholder Returns
Shareholder Returns ➢ Dividend per share (Yen) FYE2025 FYE2025 FYE2024 Previous Forecast Revised Forecast Interim Dividend 48 48 48 Year-end Dividend 58 48 48 Total 106 96 96 Total return ratio 36.3% 24.1% 23.4% https://www.subaru.co.jp/en/ir/ 17
Slide 18: Appendix
Appendix • Segment information by Business & Geographic • Consolidated Financial Results for 2nd Quarter (3 months) • Overseas Revenue • Forecast for 2nd Half FYE 2025 • Consolidated Statement of Financial Position • FYE 2024 and FYE 2025 Results (by Quarter) • Non-consolidated Unit Sales • Complete
Slide 19: Revenue and Operating Profit by Business Segment (Consolidated)
1 st H a l f ： Revenue and Operating Profit by Business Segment (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2024 FYE 2025 FYE 2025 FYE 2024 FYE 2025 FYE 2025 Variance Variance 1st Half Results 1st Half Results Plan 1st Half Results 1st Half Results Plan Automobile 21,635 22,090 +45
Slide 20: Revenue and Operating Profit by Geographic Area (Consolidated)
1 st H a l f ： Revenue and Operating Profit by Geographic Area (Consolidated) (100 Million Yen) Revenue Operating profit FYE 2024 FYE 2025 FYE 2024 FYE 2025 Variance Variance 1st Half Results 1st Half Results 1st Half Results 1st Half Results Japan 4,495 4,485 -10 1,080 1,898 +818 North America 16,9
Slide 21: Overseas Revenue (Consolidated)
1 st H a l f ： Overseas Revenue (Consolidated) (100 Million Yen) FYE 2024 FYE 2025 st st Variance 1 Half Results 1 Half Results North America 17,200 18,026 +826 Europe 594 413 -181 Asia 339 188 -151 Other 1,115 913 -202 Total 19,248 19,540 +291 https://www.subaru.co.jp/en/ir/ 21
Slide 22: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (100 Million Yen) As of March As of September Variance 2024 2024 Total assets 48,141 47,971 -170 Current assets 30,192 29,765 -427 Non-current assets 17,950 18,206 +256 Total liabilities 22,488 22,608 +120 Interest bearing debts 3,995 4,005 +10 Total equi
Slide 23: Non-consolidated Unit Sales
1 st H a l f ： Non-consolidated Unit Sales : (Thousand Units) FYE 2024 FYE 2025 st st Variance 1 Half Results 1 Half Results Domestic production* 320 298 -23 Domestic sales 46 54 +8 Passenger cars 39 47 +8 Minicars 7 7 +0 Export total 273 245 -28 Components for overseas 164 155 -9 production Total 4
Slide 24: Operating Results of Subsidiaries in U.S.
1 st H a l f ： Operating Results of Subsidiaries in U.S. （Million US$） FYE 2024 FYE 2025 SOA *1 st st Variance 1 Half Results 1 Half Results Net sales 11,066 10,652 -414 Operating income 597 265 -332 Net income 501 272 -229 Retail sales (Thousand units) 322 340 +17 FYE 2024 FYE 2025 SIA *2 st st Var
Slide 25: Consolidated Unit Sales (by market) 2nd Quarter
2 nd 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 2Q Results 2Q Results Passenger cars 21 23 +3 Minicars 3 4 +0 Domestic total 24 27 +3 U.S. 164 170 +6 Canada 15 17 +2 Europe 8 4 -4 Australia 12 12 -1 China 2 1 -1 Others 9 8 -1 O
Slide 26: Consolidated Profit Results 2nd Quarter
2 nd 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 2Q Results 2Q Results Revenue 11,313 11,740 +427 Domestic 1,476 1,619 +142 Overseas 9,837 10,122 +285 Operating profit 1,014 1,309 +295 Profit before tax 1,111 1,129 +19 Profit for the per
Slide 27: Analysis of Variance in Operating Profit 2nd Quarter
2 nd 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) +122 +16 -127 +311 -21 -6 Cost impacts SG&A expenses, Sales volume & R&D expenses Other etc. mixture, etc. Gain on currency exchange New car sales
Slide 28: 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 nd nd Variance 2 Half Results 2 Half Plan Passenger cars 49 54 +6 Minicars 5 8 +3 Domestic total 54 62 +9 U.S. 368 346 -23 Canada 37 34 -3 Europe 13 11 -2 Australia 20 25 +5 China 3 2 -1 Others 13 2
Slide 29: Plan for 2nd Half: Consolidated Profit Plan
P l a n f o r 2 nd H a l f ： Consolidated Profit Plan (100 Million Yen) FYE 2024 FYE 2025 Variance 2nd Half Results 2nd Half Plan Revenue 24,895 24,538 -357 Domestic 3,389 3,588 +199 Overseas 21,506 20,950 -556 Operating profit 2,824 1,780 -1,044 Profit before tax 3,061 1,990 -1,071 Profit for the p
Slide 30: 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) +11 -468 SG&A expenses, -315 etc. -256 Sales volume & -82 +66 mixture, etc. R&D expenses Cost impacts Loss on currency 2,824 Other New car sales total： -249
Slide 31: FYE 2024 and FYE 2025 Results (by Quarter)
FYE 2024 and FYE 2025 Results(by Quarter) (Yen in 100 millions, Units in thousands) FYE 2024 FYE 2025 Results Results 1Q 2Q 3Q 4Q 1Q 2Q Consolidated Unit Sales 236 234 266 241 212 238 Production * 243 250 264 213 239 236 Revenue 10,821 11,313 12,829 12,065 10,921 11,740 Operating profit 845 1,014 1,
Slide 32: Complete Cars Production / Retail Sales Units
Complete Cars Production / Retail Sales Units (1,000units） Production Retail Sales 300 280 276 278 273 277 276 271 271 268 270 269 269 269 264 262 262 262 264 260 264 258 250 261 257 254 250 254 250 249 253 249 252 246 245 243 241 239 242 242 241 241 240 236 236 240 237 236 232 227 229 228 225 220 2
Slide 33: Forward-looking statements
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