Nissan Motor Co., Ltd. · TSE:7201
Nissan Motor — H1 FY2026 Earnings Presentation
39 slides from Nissan Motor's earnings presentation, Nov 11, 2026
Slide 1: FY2026 First Half Financial Results
FY2026 First Half Financial Results 11 November 2026
Slide 2: Re:Nissan Update
Re:Nissan Update
Slide 3: H1: Momentum in key markets; sharper challenge in China
H1: Momentum in key markets; sharper challenge in China GLOBAL MOMENTUM CHINA ▪ Lower demand + faster -than -expected NEV shift ▪ Intense competition pressuring Nissan U.S. Retail growth and JAPAN Strong demand for new improving share models and higher trims Strategic direction remains right; Produc
Slide 4: U.S.: Retail momentum and improved business quality
U.S: Retail momentum and improved business quality Winning strategy ▪ “Built in the U.S. for the U.S.” and retail -led strategy are moving the business forward 469k +5.5% Product momentum H1 TOTAL SALES YOY GROWTH ▪ H1 YoY growth: Rogue +31%, Frontier +36% and Pathfinder +12% ▪ All -new Rogue e -POW
Slide 5: Japan: Renewed products and customer traction
Japan: Renewed products and customer traction Rising customer demand ▪ Elgrand (11,000 orders)* and Kicks (20,000 orders)* show encouraging starts. 197k +6.3% *Orders received by the end of October H1 TOTAL SALES YOY GROWTH Richer mix ▪ Increased demand for higher grades Market recognitions ▪ Elgran
Slide 6: China: Strategy holds; staying agile
China: Strategy holds; staying agile Market decline ▪ For Jul - Oct, market headwinds continue to weigh on Nissan sales -22% -15% Rebase the business ▪ Immediate actions taken: Adjusted ICE production H1 CHINA H1 NISSAN and dealer inventory TIV YOY RETAIL Accelerate NEVs ▪ Maximizing NEV mix to meet
Slide 7: Progress continues across the company, with efficiencies building
Tangible cost impact Progress continues across the company, with efficiencies building 110B JPY Fixed Costs ▪ Disciplined expense control continues to deliver results Total savings Variable ▪ Idea adoption is progressing, with further delivered in H1 Costs impact expected in H2 365B JPY Cumulative r
Slide 8: First Half Financial Results
First Half Financial Results
Slide 9: Retail Sales Volume
Retail Sales Volume Retail Sales Production Volume (Thousand units) (Thousand units) -4.7% 1,480 vs. FY25 -6.6% 1,410 1,389 1,298 vs. FY25 279 China * -15.0% 237 268 224 China -16.3% 186 197 Japan +6.3% 634 North 648 +2.1% Excluding (445) America (+5.5%) (469) China: (U.S.) 1,121 1,074 Others -4.3%
Slide 10: FY26 First Half Financial Performance
FY26 First Half Financial Performance ■ FY25 H1 ■ ■ FY26 H1 (Billion Yen) Operating Profit * Net Revenue (OP margin) Net Income CAPEX R&D 6,072.0 80.0 274.8 5,578.7 (1.3%) 213.0 240.7 232.1 4.0 Consolidated Lease -39.7 39.6 Asset 192.5 209.0 -27.7 (-0.5%) -221.9 Operating Profit Net Revenue (OP marg
Slide 11: Operating Profit Variance Analysis
Operating Profit Variance Analysis FY26 First Half Actual vs. Previous Year (Billion Yen) +127.3 - 26. 1 - 3.8 - 30 .4 80 .0 (1. 3 %) - 27.7 +47.9 - 69. 9 +20. 4 ( - 0. 5 %) +42 .3 FY25 Raw Sales Monozukuri FY26 Forex Tariff Inflation One Time Others H1 Materials Performance Cost H1 Warranty Sales F
Slide 12: 2026 Outlook
2026 Outlook
Slide 13: FY26 Volume Outlook
FY26 Volume Outlook Retail Sales Production Volume (Thousand units) vs. FY25 3,000 3,151 3,150 ~ (Thousand units) 2,970 Global -4.8% ~ -5.7% 653 580 China * -38.7% ~ -43.3% 400 ~370 2,903 2,800 2,570 2,600 Excl. China +4.1% 2,650 2,498 430 435 Japan +9.0% China 661 399 North 1,291 1,320 1,345 +4.2%
Slide 14: FY26 Outlook
FY26 Outlook Full Year Outlook Reaffirmed (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) 151 157 +6 (EUR/JPY) 175 183 +8 Dividend per sha
Slide 15: Road to FY26 Outlook
Road to FY26 Outlook H1 Actual vs H2 Outlook (Billion Yen) 12 0 + 10 (1.7%) +105 80 (1.3%) - 60 +30 -20 - 25 FY26 H1 Tariff Q2 specific items FX Raw Sales Monozukuri FY26 H2 ACT One -Time (boost to Q3) Materials Performance / Performance / Outlook Seasonality Other 15
Slide 16: Key takeaways
Key takeaways Sales Performance Financial Performance FY26 Outlook Growth in U.S. and Japan; China remains H1 OP improved, with Auto OP and net Re:Nissan shows encouraging progress; challenging amid a sharp market income recovering continued focus on delivery contraction ▪ H1 OP improved by 108B to
Slide 17: H2: Building momentum, market by market
H2: Building momentum, market by market On Sale in Q3 Exports started Coming soon Rogue NX7 Frontier Pro N7 Patrol PIXO J UKE Skyline Navara Pro Primera EV [Unveil] U.S. and Japan China Mexico and Europe Accelerate growth momentum: turn Stay agile: continue NEV acceleration Build the next wave: capt
Slide 18: New Nissan Business Plan
New Nissan Business Plan Translate our longer -term vision to concrete priorities and actions WHE R E WE FOCUS The areas where Nissan will create distinctive value. HOW W E DE LIVE R The capabilities and execution to compete. W H AT I T M E A N S A path to sustainable growth, profitability and cash
Slide 19: Appendix
Appendix 19
Slide 20: Liquidity Status
Liquidity Status (Trillion Yen) (Trillion Yen) ~3.6 ~3.2 Internal Loan from Auto to 1.4 Internal Loan ~ 2.3 from Auto to Sales Finance 1.0 Sales Finance Unused 0.7 Securitization ~ 1.9 Lines Unused 0.4 Securitization Lines Cash & Cash & Cash Equivalent 2.2 2.2 Unused Cash Equivalent 1.6 Commitment L
Slide 21: Sales Financing
Sales Financing ■ FY25 H1 ■ FY26 H1 (Billion Yen) Net Credit Net Revenue Operating Profit Total Assets Penetration Loss Ratio 640.3 706.8 161.4 10,235.1 10,605.1 149.0 0.69% 0.70% 44% 39% Funding Sources (as of Sep 2026) • Profits are higher year over year mainly due to positive foreign Total Fundin
Slide 22: Penetration
Penetration ■ Lease ■ Retail NFS NMAC NCF NRFM DNAF/DNFL 78% 65% 63% 56% 1% 56% 41% 2% 36% 22% 39% * 43% 32% 6% 27% 6% 22% 61% 19% 54% 7% 37% 1% 30% 33% 27% 22% 17% 18% 21% FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 NFS: Nissan Financial Services (Japan) NRFM: NR
Slide 23: Net Credit Loss Ratio
Net Credit Loss Ratio NFS NMAC NCF DNAF/DNFL Lease Retail Total Lease Retail Total Lease Retail Total Lease Retail Total FY25 H1 0.01% 0.06% 0.05% 0.43% 0.86% 0.70% 0.06% 0.16% 0.10% 3.88% 0.94% 1.57% FY26 H1 0.01% 0.05% 0.05% 0.41% 1.01% 0.76% 0.04% 0.15% 0.09% 1.62% 0.95% 1.15% * Variance 0.00pt -
Slide 24: Operating Profit & Asset
Operating Profit & Asset NFS NMAC NCF NRFM DNAF/DNFL (Billion JPY) (Million USD) (Million CAD) (Million MXN) (Million CNY) Asset OP Asset OP Asset OP Asset OP Asset OP FY25 H1 1,479.9 16.6 41,289 486 8,014 132 131,674 2,836 31,250 403 FY26 H1 1,530.3 16.4 38,154 521 6,665 94 155,746 2,805 33,284 372
Slide 25: FY26 First Half Sales Performance
FY26 First Half Sales Performance TIV *1 (Million units) Retail Sales (Thousand units) -2.4% -4.7% vs. FY25 1,480 43.65 42.59 vs. FY25 1,410 279 China *2 -15.0% 12.30 9.58 China -22.1% 237 186 197 Japan +6.3% 2.29 Japan +5.1% 2.18 10.13 North 10.06 (8.34) America +0.7 % (8.31) (U.S.) (+0.4%) North 6
Slide 26: FY26 Second Quarter Sales Performance
FY26 Second Quarter Sales Performance TIV *1 (Million units) Retail Sales (Thousand units) -2.7% vs. FY25 22.04 21.45 -8.3% 773 709 vs. FY25 6.38 4.94 China -22.6% 158 107 China *2 -32.1% 1.16 Japan +3.4% 1.12 98 109 North Japan +10.7% 5.01 4.98 (4.13) America +0.6 % (4.12) (U.S.) (+0.1%) 319 North
Slide 27: Consolidated Sales Volume
Consolidated Sales Volume FY2 6 First Half FY26 Second Quarter (Thousand units) (Thousand units) -2.7% -0.2% 1,172 594 593 vs. FY25 1,141 vs. FY25 180 86 96 Japan +11.0% 183 Japan +1.7% 619 311 318 North 633 North +2.2% +2.3% America America 134 70 131 71 Europe +1.0% Europe -2.3% 21 42 37 20 Asia A
Slide 28: Production Volume
Production Volume FY2 6 First Half FY26 Second Quarter (Thousand units) (Thousand units) -6.6% 1,389 1,298 vs. FY25 -9.0% 268 716 224 China -16.3% vs. FY25 652 151 106 China -29.6% 1,121 1,074 Others -4.3% 566 546 Others -3.5% FY25 H1 FY26 H1 FY25 Q2 FY26 Q2 28
Slide 29: FY26 Second Quarter Financial Performance
FY26 Second Quarter Financial Performance ■ FY25 Q2 ■ ■ FY26 Q2 (Billion Yen) Operating Profit * Net Revenue (OP margin) Net Income CAPEX R&D 3,107.8 2,871.8 134.6 104.7 120.5 Consolidated 99.3 51.5 5.0 3.4 Lease Asset (1.8%) -43.5 99.7 95.9 2.1 (0.1%) -106.2 Operating Profit Net Revenue (OP margin)
Slide 30: Operating Profit Variance Analysis
Operating Profit Variance Analysis FY26 Second Quarter Actual vs. Previous Year (Billion Yen) +45.7 - 12. 1 - 36.0 +12.9 - 46. 4 51.5 (1. 8 %) +24 .0 - 3. 3 - 34 .2 2 .1 (0. 1 %) FY25 Raw Sales Monozukuri FY26 Forex Tariff Inflation One Time Others Q2 Materials Performance Cost Q2 Sales Finance -1.4
Slide 31: Financial Performance
Financial Performance (Billion Yen) FY25 H1 FY26 H1 Variance FY25 Q2 FY26 Q2 Variance Net Revenue 5,578.7 6,072.0 +493.3 2,871.8 3,107.8 +236.0 Operating Profit -27.7 80.0 +107.7 51.5 2.1 -49.4 OP Margin -0.5% 1.3% +1.8 points 1.8% 0.1% -1.7 points Non -Operating *1 -50.3 -44.1 -20.2 -15.3 Ordinary
Slide 32: Operating Profit Variance Analysis Forex
Operating Profit Variance Analysis Forex FY2 5 H1 FY26 H1 OP Impact FY25 Q2 FY26 Q2 OP Impact Currency Currency Rate Rate (Billion Yen) Rate Rate (Billion Yen) USD 146.0 159.5 86.5 USD 147.5 159.4 39.1 CAD 105.8 114.5 14.7 CAD 107.1 113.9 4.6 AUD 94.5 112.8 9.8 AUD 96.4 112.5 3.5 GBP 195.9 214.2 4.8
Slide 33: Operating Profit Variance Analysis Sales Performance
Operating Profit Variance Analysis Sales Performance (Billion Yen) FY26 H1 FY26 Q2 Volume *1 Mix Incentives *2 Total Volume *1 Mix Incentives *2 Total Japan +0.9 +0.8 -3.9 -2.3 +4.1 +2.5 -3.9 +2.8 Volume/Mix US +70.0 +41.4 -40.3 +71.0 +29.7 +13.5 -17.9 +25.3 Europe -4.8 -10.1 +6.9 -8.0 +1.1 -5.3 +0.
Slide 34: Inventory Status
Inventory Status (Excluding China JV) (Thousand units) ■ Dealer inventory (except some minor countries) ■ Consolidated Nissan inventory (except some minor countries) 600 580 560 580 570 550 530 560 FY23 Q4 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 34
Slide 35: Automotive Free Cash Flow
Automotive Free Cash Flow (Billion Yen) FY26 Q1 Q2 H1 Net Cash Inflow from P&L Items +74.8 -90.3 -15.5 Working Capital -168.1 -38.7 -206.9 AP/AR -45.8 +14.4 -31.5 Inventory -122.3 -53.1 -175.4 Tax/Other Operating Activities -174.2 +1.3 -172.8 Cash Flow from Operating -267.5 -127.8 -395.2 Activities
Slide 36: Net Cash by Business Segment
Net Cash by Business Segment (Billion Yen) As of March 31, 2026 As of September 30, 2026 Automobile & Sales Automobile & Sales Total Total Eliminations Financing Eliminations Financing Borrowings from Third Parties 2,376.7 6,543.4 8,920.1 2,359.4 6,933.8 9,293.2 Internal Loan to Sales Financing (Net
Slide 37: Auto Net Cash & FCF
Auto Net Cash & FCF Auto Net Cash (Billion Yen) Auto Free Cash Flow (Billion Yen) 263.9 1,498.4 210.6 1,403.8 1,364.1 1,241.0 1,134.3 1,170.4 990.9 957.8 969.2 831.2 -58.4 -98.6 -145.6 -169.0 -202.3 -302.8 -323.9 -390.5 FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY25 FY26 FY26 FY24 FY24 FY24 FY24 FY25 FY25
Slide 38: Auto Net Cash Change Analysis
Auto Net Cash Change Analysis (Billion Yen) 1,170.4 - 395.2 +223.8 - 70.1 - 139.0 831.2 +41.4 FCF: - 492.9 Cashflow from Dividends FY26 FY25 Operating * from Sales September March End CAPEX Others Others Activities Finance End * CAPEX does not include finance lease -related investments 38
Slide 39: 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