Nissan Motor Co., Ltd. · TSE:7201
Nissan Motor — FY2025 Earnings Presentation
47 slides from Nissan Motor's earnings presentation, May 13, 2026
Slide 1: FY2025 Financial Results
FY2025 Financial Results 1 3 M AY 2 0 2 6 1
Slide 2: FY2025 Financial Results
FY2025 Financial Results 2
Slide 3: Retail Sales Volume
Retail Sales Volume (Thousand units) (Thousand units) -5.8% -5.9% 3,346 950 3,151 vs. FY24 894 vs. FY24 697 200 653 China -6.3% 196 China -1.9% 461 133 399 Japan -13.5% 129 Japan -3.2% 1,303 North Excluding 364 North Excluding 1,291 -0.9% 342 -6.0% America China: America China: -5.7% -7.0% 351 317 E
Slide 4: FY25 Financial Performance
FY25 Financial Performance ■ FY24 ■ ■ FY25 (Billion Yen) Operating Profit Net Revenue (OP margin) Net Income *1 CAPEX R&D 12,633.2 12,007.9 577.3 619.0 10.6 499.2 562.5 Consolidated 69.8 45.5 Lease (0.6%) 58.0 Asset (0.5%) 566.7 453.7 -533.1 -670.9 Operating Profit Net Revenue (OP margin) Free Cash
Slide 5: Operating Profit Variance Analysis
Operating Profit Variance Analysis (Billion Yen) FY25 Actual vs. Previous Year 69.8 58.0 (0.6%) -21.7 +55.6 (0.5%) -5.0 -286.0 +148.3 +227.0 -95.0 -35.0 Raw Sales Monozukuri FY24 Forex Tariff Inflation One Time Others FY25 Materials Performance Cost Warranty Sales Finance +16.0 Volume/Mix +75.3 Manu
Slide 6: FY2026 Outlook
FY2026 Outlook 6
Slide 7: FY26 Volume Outlook
FY26 Volume Outlook Retail Sales Production Volume* (Thousand units) (Thousand units) +4.7% 3,300 vs. FY25 +1.6% 3,151 2,903 2,950 710 China +8.7% 653 China 661 399 430 Japan +7.9% North Excluding 1,291 1,320 +2.2% America China: +3.7% Excluding 2,242 China 317 340 Europe +7.2% 491 500 Others +1.8%
Slide 8: FY26 Outlook
FY26 Outlook (Billion Yen) FY25 FY26 Variance Actual Outlook vs FY25 Net Revenue 12,007.9 13,000.0 +992.1 Operating Profit 58.0 200.0 +142.0 OP Margin 0.5% 1.5% +1.0pts Net Income*1 -533.1 20.0 +553.1 FX Rate*2 (USD/JPY) 151 150 -1 (EUR/JPY) 175 175 - Dividend per share 0 yen 0 yen *1 Net income att
Slide 9: Operating Profit Variance Analysis: FY26 Outlook
Operating Profit Variance Analysis (Billion Yen) FY26 Outlook vs. Previous Year +340.0 -60.0 -148.0 -70.0 200.0 (1.5%) 58.0 +155.0 (0.5%) -20.0 -85.0 +30.0 FY25 Raw Sales Monozukuri FY26 Forex Tariff Inflation One Time Others Actual Materials Performance Cost Outlook Warranty Sales Volume/Mix +95.0
Slide 10: Key Takeaways
Key Takeaways Sales Performance Financial Performance Outlook ▪ FY25 moderate sales impacted by difficult ▪ Q4 reflects accelerated cost savings, with fixed- ▪ New models to drive retail sales growth to 3.3 M market environment cost savings above 200B and variable cost 55B ▪ FY26: YTD ▪ US resilient
Slide 11: Re:Nissan Update
Re:Nissan Update 11
Slide 12: Re:Nissan Pillars
REDUCE COST REDEFINE MARKET & REINFORCE STR UCTU R E P R O D U C T S T R AT E GY PA R T N E R S H I P S 12
Slide 13: Reduce Cost Structure: Fixed Cost
Reduce Cost Structure: Fixed Cost Ahead-of-plan cost savings through disciplined execution (Billion JPY) Q1 Q2 Q3 Q4 >30 >80 >160 >200 250 Continue cost savings momentum and navigate risks 13
Slide 14: Reduce Cost Structure: Fixed Cost - Restructure Manufacturing
Reduce Cost Structure: Fixed Cost RESTRUCTURE MANUFACTURING 3. Oppama plant 1. Argentina plant 4. Nissan Shatai Shonan plant 6. COMPAS plant, Mexico 7. Rosslyn plant in South Africa 2. India plant 5. CIVAC plant (Agreement reached - subject to conditions & regulatory approvals) 7/7 sites announced i
Slide 15: Reduce Cost Structure: Fixed Cost - Engineering Cost
Reduce Cost Structure: Fixed Cost ENGINEERING COST-PER-HOUR 12% 15% 20% engineering 18% cost target Q2 Q3 Q4 Achieved 18% reduction in 10 months 15
Slide 16: Reduce Cost Structure: Variable Cost
Reduce Cost Structure: Variable Cost REALIZED 55 BILLION YEN IN FY25 Idea Feasibility Implementation (Billion JPY) 250* 270 240 200 150 Q1 Q2 Q3 Q4 *Potential impact 16
Slide 17: Reduce Cost Structure: Progress
Reduce Cost Structure: Progress Actions FY25 Results FY26 Actions Reduce production capacity from 3.5 to 2.5 million (without China) by consolidating Announced 7 out of 7 sites in 10 months Complete consolidation of 6 sites Restructure production sites from 17 to 10 by FY27 Manufacturing Streamlined
Slide 18: Re:Nissan Pillars
REDUCE COST REDEFINE MARKET & REINFORCE STR UCTU R E P R O D U C T S T R AT E GY PA R T N E R S H I P S 18
Slide 19: FY25 Product Momentum
FY25 Product Momentum Q1 Q2 Q3 Q4 EUROPE | MICRA EV JAPAN | ROOX US | SENTRA INDIA | G RAVITE JULY 2025 OCTOBER 2025 NOVEMBER 2025 FEBRUARY 2026 CHINA | N7 EUROPE | QASHQAI e-POWER CHINA | TEANA HUAWEI CHINA | N6 PHEV US | ROG U E P H EV APRIL 2025 AUGUST 2025 NOVEMBER 2025 DECEMBER 2025 FEBRUARY 20
Slide 20: FY25 Market Momentum
FY25 Market Momentum HIGH VALUE US JAPAN CH I NA MARKETS • Fastest growing mainstream • Product momentum is growing: • Retail sales recovery: • Mexico No.1 share for 18 brand for 8 consecutive Roox (55K orders) +4.5% in FY25 H2 years months LEAF (8K orders) • 14 consecutive months of • Ongoing NEV o
Slide 21: FY26 Momentum
FY26 Momentum NX8 TEKTON N7 & FRONTIER PRO CHINA INDIA EXPORT FROM CHINA INFINITI QX65 ELGRAND US JAPAN SOS MURANO IMPORT TO JAPAN SCH E DU LE D I N FY26 PRODUCTION VEHICLES TO BE UNVEILED ROGUE e-POWER KICKS WITHIN ONE YEAR FROM APRIL 2026 US JAPAN *Image US model TERRANO PHEV URBAN PHEV SUV CONCEP
Slide 22: Re:Nissan Pillars
REDUCE COST REDEFINE MARKET & REINFORCE STR UCTU R E P R O D U C T S T R AT E GY PA R T N E R S H I P S 22
Slide 23: Reinforce Partnerships
Reinforce Partnerships AUG UST 2025 OCTOB E R 2025 DECE M B E R 2025 MARCH 2026 ▪ Autonomous mobility ▪ intelligent ▪ Wayve AI Driver for ▪ Wayve x Uber for service pilot program HarmonySpace5.0 the next generation Robotaxi (Tokyo) (Yokohama and Kobe) cockpit (China) ProPILOT ▪ LiCAP for ASSB (US) 2
Slide 24: Portfolio, Partnerships, Market
PORT -OLEro WHAT WE DELIVER PARTNERSHIP PS HOW WE SCALE y MARKET WHERE WE COMPETE
Slide 25: Mobility Intelligence for Everyday Life
MOBILITY INTELLIGENCE FOR EVERYDAY LIFE モビリティの知能化で、毎日を新たな体験に
Slide 26: 26
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Slide 27: Appendix
Appendix
Slide 28: FY25 Q4 Financial Performance
FY25 Q4 Financial Performance ■ FY24 Q4 ■ ■ FY25 Q4 (Billion Yen) Operating Profit Net Revenue (OP margin) Net Income * CAPEX R&D 3,490.0 3,429.9 68.1 196.3 0.9 164.1 (2.0%) 150.0 149.9 Consolidated Lease 2.3 Asset -282.9 195.4 147.6 5.8 (0.2%) -676.0 Operating Profit Net Revenue (OP margin) Free Ca
Slide 29: Operating Profit Variance Analysis: Q4
Operating Profit Variance Analysis (Billion Yen) FY25 Q4 Actual vs. Previous Year +67.0 -28.3 68.1 +116.6 -32.0 (2.0%) +30.5 -14.3 5.8 -54.0 (0.2%) -23.2 FY24 Raw Sales Monozukuri FY25 Forex Tariff Inflation One Time Others Q4 Materials Performance Cost Q4 Volume/Mix +26.4 Manufacturing +3.3 Monozuk
Slide 30: Funding and Liquidity Status
Funding and Liquidity Status (Trillion Yen) Auto Segment (Trillion Yen) ~3.6 +0.2 ~2.4 +0.66 ~1.9 Internal Loan ~ -0.5 from Auto to 1.4 ~2.3 Sales Finance Unused FY24 End FY25 Straight Convertible FY25 End 0.7 Securitization Auto Debt Maturities *3 Bond Bond Auto Debt Lines Cash & Cash Equivalent 2.
Slide 31: Sales Financing
Sales Financing ■ FY24 ■ FY25 (Billion Yen) Net Credit Net Revenue Operating Profit Total Assets Penetration Loss Ratio 1,262.1 1,318.0 10,145.6 10,726.8 285.6 297.9 0.75% 0.63% 45% 41% Funding Sources (as of Mar 2026) Total Funding Amount: 10,013 Billion Yen • Despite negative foreign exchange impa
Slide 32: Penetration
Penetration ■ Lease ■ Retail N FS N MAC NCF N R FM D NAF/ D N FL 74% 73% 63% 62% 53% 1% *1 46% 41% 2% 27% 47% 35% 36% 21% 27% *2 5% 6% 60% 23% 51% 3% 1% 36% 33% 30% 29% 25% 27% 24% 22% FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 NFS: Nissan Financial Services, sales finance company in Japan NR
Slide 33: Net Credit Loss Ratio
Net Credit Loss Ratio N FS N MAC NCF D NAF/ D N FL Lease Retail Total Lease Retail Total Lease Retail Total Lease Retail Total FY24 0.02% 0.06% 0.06% 0.43% 0.91% 0.74% 0.04% 0.14% 0.09% 1.20% 0.80% 0.89% FY25 0.01% 0.06% 0.06% 0.52% 1.02% 0.83% 0.07% 0.18% 0.12% 2.87% 1.01% 1.41% Variance -0.01pt 0.
Slide 34: Operating Profit & Asset
Operating Profit & Asset N FS N MAC NCF N R FM D NAF/ D N FL (Billion JPY) (Million USD) (Million CAD) (Million MXN) (Million CNY) Asset OP Asset OP Asset OP Asset OP Asset OP FY24 1,536.9 32.9 39,774 890 7,741 217 126,670 4,892 35,112 1,210 FY25 1,553.4 29.6 38,012 969 6,920 229 143,820 5,412 33,57
Slide 35: Financial Performance
Financial Performance (Billion Yen) FY24 FY25 Variance FY24 Q4 FY25 Q4 Variance Net Revenue 12,633.2 12,007.9 -625.3 3,490.0 3,429.9 -60.1 Operating Profit 69.8 58.0 -11.8 5.8 68.1 +62.3 OP Margin 0.6% 0.5% -0.1 point 0.2% 2.0% +1.8 points Non-Operating*1 140.4 -56.9 45.0 43.8 Ordinary Profit 210.2
Slide 36: FY25 Sales Performance
FY25 Sales Performance TIV* (Million units) Retail Volume (Thousand units) +3.5% -5.8% 90.38 vs. FY24 3,346 87.30 3,151 vs. FY24 697 26.70 China +6.2% 653 China -6.3% 25.14 461 399 Japan -13.5% 4.58 4.53 Japan -0.9% 19.35 North 19.36 America -0.1% (15.94) (16.02) (-0.5%) 1,303 North (U.S.) 1,291 -0.
Slide 37: FY25 Q4 Sales Performance
FY25 Q4 Sales Performance TIV* (Million units) Retail Volume (Thousand units) -1.3% 23.85 23.55 vs. FY24 -5.9% 950 894 vs. FY24 200 8.21 7.71 China -6.0% 196 China -1.9% 133 1.29 1.25 Japan -2.5% 129 Japan -3.2% 4.42 North 4.70 America -6.0% (3.91) (3.63) (U.S.) (-7.1%) 364 North (267) 342 -6.0% Exc
Slide 38: Production Volume
Production Volume* FY25 (Thousand units) FY25 Q4 (Thousand units) -6.4% 3,101 vs. FY24 -1.3% 2,903 801 vs. FY24 790 665 661 China -0.7% 184 222 China +20.6% 2,436 2,242 Others -8.0% 616 568 Others -7.8% FY24 FY25 FY24 Q4 FY25 Q4 *Excludes OEM-IN from partners 38
Slide 39: Consolidated Sales Volume
Consolidated Sales Volume FY25 (Thousand units) FY25 Q4 (Thousand units) -8.4% -8.4% 731 2,657 2,435 vs. FY24 670 vs. FY24 119 439 385 Japan -12.2% 111 Japan -6.2% 1,303 353 North 334 North 1,253 -3.9% -5.4% America America 337 108 310 Europe -7.9% 103 Europe -5.2% 132 83 Asia 36 -37.2% 21 Asia -40.
Slide 40: Operating Profit Variance Analysis: Forex
Operating Profit Variance Analysis Forex FY24 FY25 OP Impact FY24 Q4 FY25 Q4 OP Impact Currency Currency Rate Rate (Billion Yen) Rate Rate (Billion Yen) USD 152.6 150.7 -1.3 USD 152.6 157.0 17.9 INR 1.8 1.7 5.9 CAD 106.3 114.4 7.7 GBP 194.7 202.0 5.6 GBP 192.2 211.6 3.2 MXN 8.0 8.2 -1.1 INR 1.8 1.7
Slide 41: Operating Profit Variance Analysis: Volume/Mix
Operating Profit Variance Analysis Sales Performance (Billion Yen) FY25 FY25 Q4 Volume *1 Mix Incentives *2 Total Volume*1 Mix Incentives*2 Total Japan -9.2 -0.4 +4.7 -4.9 -1.4 +4.4 +0.9 +3.8 Volume/Mix US -94.5 +57.0 +89.9 +52.3 -18.3 +15.4 +33.3 +30.4 Europe -33.9 +5.7 +34.3 +6.1 -7.9 -2.2 +11.8 +
Slide 42: Inventory Status (Excluding China JV)
Inventory Status (Excluding China JV) (Thousand units) ■ Dealer inventory (except some minor countries) ■ Consolidated Nissan inventory (except some minor countries) 640 640 660 570 600 580 560 580 550 530 390 250 FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q
Slide 43: Automotive Free Cash Flow
Automotive Free Cash Flow (Billion Yen) FY25 Q1 Q2 Q3 Q4 Full year Net Cash Inflow from P&L Items -132.1 -51.9 +10.2 +2.3 -171.6 Working Capital -125.7 -32.2 +71.5 +251.9 +165.5 AP/AR -154.1 -23.0 +79.3 +62.6 -35.2 Inventory +28.4 -9.2 -7.8 +189.3 +200.7 Tax/Other Operating Activities -68.5 -35.4 -1
Slide 44: Net Cash by Business Segment
Net Cash by Business Segment (Billion Yen) As of March 31, 2025 As of March 31, 2026 Automobile & Sales Automobile & Sales Total Total Eliminations Financing Eliminations Financing Borrowings from Third Parties 1,947.6 6,152.2 8,099.9 2,376.7 6,543.4 8,920.1 Internal Loan to Sales Financing (Net) -1
Slide 45: Auto Net Cash & FCF
Auto Net Cash & FCF Auto Net Cash (Billion Yen) Auto Free Cash Flow (Billion Yen) 263.9 210.6 1,546.0 1,403.8 1,498.4 141.2 1,364.1 109.5 84.4 1,498.4 1,134.3 1,170.4 990.9 957.8 -12.1 -58.4 -98.6 -145.6 -202.3 -302.8 -390.5 FY23 FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY25 FY23 FY23 FY23 FY23 FY24 FY24
Slide 46: Auto Net Cash Change Analysis
Auto Net Cash Change Analysis (Billion Yen) 1,498.4 -227.3 -482.8 +203.4 -50.6 1,170.4 +229.3 FCF: -480.8 Cashflow from Dividends FY24 Operating from Sales FY25 End CAPEX* Others Others End Activities Finance * CAPEX does not include finance lease-related investments 46
Slide 47: Forward-looking statements
This presentation contains forward-looking statements, based on judgments and estimates that have been made on the basis of currently available information. By nature, such statements are subject to uncertainty and risk. Therefore, you are advised that the final results might be significantly differ