Nissan Motor Co., Ltd. · TSE:7201
Nissan Motor — Q3 2022 Earnings Presentation
29 slides from Nissan Motor's earnings presentation, Feb 9, 2023
Slide 1: Fiscal Year 2022 Third-Quarter Financial Results
NISSAN MOTOR CORPORATION FISCAL YEAR 2022 THIRD-QUARTER FINANCIAL RESULTS Nissan Motor Co., Ltd. February 9th, 2023
Slide 2: FY22 Q3 Results
FY22 3" QUARTER RESULTS FY22 OUTLOOK NISSAN Mor RATION
Slide 3: FY22 3rd Quarter Volume Results
FY22 3'¢ QUARTER (3 montHs) VOLUME RESULTS PRODUCTION VOLUME RETAIL SALES (K-units) (K-units) | 10, 834 O° 5 ga2 vs. FY21 3 7 JAPAN +11.4% CHINA 6.9% NORTH AMERICA ~2:1% EUROPE -14.9% Excluding Russia + 1.8% OTHERS -22.7% enteral VZV OB FY 22 08 EY 2T OB FY 22 O08 Q3 YTD (9 months) Results Q3 YTD (9
Slide 4: 3rd Quarter Core Products Highlight
FY22 3'¢ QUARTER (3 MontHs) CORE PRODUCTS HIGHLIGHT CORE MODEL PERFORMANCE MARKET ACCEPTANCE Note + Aura Segment Share Net Revenue Sakura 3 onic’ Be 15.7% ae Ow 22 ; +1.8pt 1. CAR OF THE YEAR Sage as vs FY Pp vsFY21 03 Triple Crown No.1 sedan sales 3 years ina row Sylphy a3 » on ee -2.6pt vsFY21 Q3
Slide 5: 3rd Quarter Financial Performance
FY22 3" QUARTER (montis) FINANCIAL PERFORMANCE = OPERATING PROFIT 4 AUTO AUTO ET (UEWENIUIE (OP MARGIN) RET UNCONIE FREE CASH FLOW NET CASH 2,837.4 133.1 ea 2,207.0 (4.7%) 1,093.9 < rs 52.2 646.0 iS (2.4%) p=) oO Lu FY21 03 FY22.Q3 FY21 Q3 FY22Q3 FY21 Q3 FY22Q3 FY21 Q3 FY22Q3 FY21 03 FY22Q3 3,194.6
Slide 6: 3rd Quarter YTD Financial Performance
FY22 3'¢ QUARTER YTD FINANCIAL PERFORMANCE ‘eILLION YEN) OPERATING PROFIT 4 AUTO AUTO ET (UEWENIUIE (OP MARGIN) RET UNCONIE FREE CASH FLOW NET CASH 7499.7 289.7 21.0 3.9 i 2 6,154.0 1913 (3.9%) 1,093.9 a (3.1%) : oq — — 5 Daimler share oO sale oI -600.2" FY21 Q3 FY22 03 FY21 Q3 FY22 03 FY2103 FY22 0
Slide 7: 3rd Quarter Financial Performance (Equity Basis)
FY22 3'¢ QUARTER FINANCIAL PERFORMANCE (EQUITY BASIS) ( N YEN) FY21 Q3 (BILLION YEN) YTD NET REVENUE 6,154.0 OPERATING PROFIT 191.3 OP MARGIN 3.1% NON-OPERATING't 647 ORDINARY PROFIT 256.0 EXTRAORDINARY2 71.3 PROFIT BEFORE TAX 3273 TAXES -107.9 MINORITY INTEREST? -18.1 NET INCOME“ 201.3 (USD/JPY) 11
Slide 8: Operating Profit Variance Analysis: FY22 Q3 YTD
FY22 3 QUARTER FINANCIAL PERFORMANCE (EQUITY BASIS) OPERATING PROFIT VARIANCE ANALYSIS: FY22 Q3 YTD vs. PREVIOUS YEAR (BILLION YEN) +341.9 +161.8 | Manufacturing | Logistics | Regulatory/Product enrichment-33.7| 289.7 -13.8! [- Sales finance 191.3 - Asset decline -FY21 one-time Volume/Mix 92.7 Other
Slide 9: FY22 Outlook
FY22 Q3 RESULTS DFY22 OUTLOOK NISSAN Mor RATION
Slide 10: Sales Volume Outlook
SALES VOLUME OUTLOOK RETAIL VOLUME vs. FY21 vs. Previous Outlook’! GLOBAL -12.3% 8.1% JAPAN +9.8% -2.1% CHINA -24.3% -14.3% 2) AORTA “10.4% 10.9% Zz 5 Z -74% 5 EUROPE (49.0% excluding Russia) +5.0% fe} ez OTHERS -6.1% 0.0% FY21 FY22 PREVIOUS LATEST ACTUAL OUTLOOK"! OUTLOOK *1: Previous outlook annou
Slide 11: Outlook
FY22 OUTLOOK (EQUITY BASIS) NO CHANGE TO NET REVENUE, OPERATING PROFIT AND NET INCOME OUTLOOK FROM THE PREVIOUS OUTLOOK ANNOUNCED ON NOVEMBER 9, 2022 — FY29 FY29 FY29 VARIANCE (BILLION YEN) ACTUAL ORIGINAL PREVIOUS LATEST vs FY21 OUTLOOK = QUTLOOK® = OUTLOOK —(% Change) RETAIL VOLUME -476 he 3,876 4
Slide 12: Outlook: Operating Profit Variance Analysis
FY22 OUTLOOK (EQUITY BASIS) OPERATING PROFIT VARIANCE ANALYSIS FY22 LATEST OUTLOOK vs. PREVIOUS OUTLOOK"! (BILLION YEN) 360 -4 +2 -16 +18 0 360 es FC FY292 FOREX RAW VOLUME/ PERFORMANCE — INVESTMENT FY22 PREVIOUS MATERIALS/ MIX (excl. volume/mix) FOR NEW LATEST OUTLOOK"! LOGISTICS VEHICLE OUTLOOK FY
Slide 13: Latest Outlook for FY22
FY22 OUTLOOK (EQUITY BASIS) LATEST OUTLOOK FOR FY22 Automotive free cash flow Positive Automotive operating profit Positive 5 yen or more per share Year end dividend NISSAN MOTOR CORPORATION
Slide 14: Appendix
Appendix
Slide 15: Sales Financing
SALES FINANCING GILLION YEN) NET REVENUE OPERATING PROFIT TOTAL ASSETS PENETRATION NET CREDIT LOSS RATIO 788.5 sive 777A 8,971.6 8,569.2 52% — - | FY21 FY22 FY21 FY22 FY21 FY22 FY21 FY22 FY21 FY22 Q3YTD Q3 YTD Q3 YTD Q3 YTD Q3 Q3 Q3YTD Q3YTD Q3 YTD Q3 YTD - . . . FUNDING SOURCES AS OF DECEMBER 2022
Slide 16: Sales Financing: Penetration
SALES FINANCING PENETRATION NFS NMAC NCF DNAF (Retail) NRFM DNEFL (Lease) 100% 90% 80% 70% 60% 50% 40% i _ _ Zz | 20% 5 10% | | 0% FY21 FY22 FY21 FY22 FY21 FY29 Q3 YTD 03 YTD Q3 YTD Q3 YTD Q3 YTD O3 YTD MM LEASE NES: Nissan Financial Services, sales finance company in Japan MM RETAIL NMAC: Nissan Mo
Slide 17: Sales Financing: Net Credit Loss Ratio
SALES FINANCING NET CREDIT LOSS RATIO NFS NMAC NCF DNFL* DNAF FY21 Q3 YTD Lease: 0.01% Retail: 0.07% Total: 0.06% Lease:-0.37% Retail: 0.29% Total: 0.00% Lease:-0,02% Retail: 0.05% Total: 0.02% Lease: 0.88% Retail: 0.10% Total: 0.17% NFS: Nissan Financial Services, sales finance company in Japan NMA
Slide 18: Sales Financing: Operating Profit & Asset
SALES FINANCING OPERATING PROFIT & ASSET 18 FY21 Q3 YTD NES Asset: 1,343.3 (BILLION YEN) OP: 32.2 NMAC* Asset: 42,059 (MILLION USD) OP: 1,564 NCF Asset: 7,821 (MILLION CAD) OP: 218 NREM Asset: 82,809 (MILLION MXN) OP: 4,482 ONE. Asset: 70,192 (MILLION CNY) Ors Bek NFS: Nissan Financial Services, sal
Slide 19: 3rd Quarter YTD Sales Performance
FY22 3’ QUARTER YTD SALES PERFORMANCE 19 11,92 (10.63) (MILLION UNITS) TIV 59.00 12.41 (10.41) 55 vs. FY21 GLOBAL +2.0% JAPAN -0.5% CHINA +9.5% NORTH AMERICA eas (Us) 0 EUROPE -11.5% (Excl. Russia) (4.4%) OTHERS. +13.2% FY21 Q3 YTD FY22 Q3 YTD Includes China local brands and LCV Nissan estimation fo
Slide 20: 3rd Quarter Sales Performance
FY22 3'¢ QUARTER (3 montHs) SALES PERFORMANCE 18.46 (MILLION UNITS) TIV 21.18 GLOBAL JAPAN CHINA NORTH AMERICA (US) EUROPE (Excl. Russia) OTHERS vs. FY21 +14.7% +11.6% +31.6% +7.2% (+6.9%) +3,.2% (+11,0%) +10.6% FY21 Q3 Includes China local brands and LCV 90 Nissan estimation for TIV FY22 Q3 (THOUSA
Slide 21: 3rd Quarter Consolidated Sales Volume
FY22 3" QUARTER CONSOLIDATED SALES VOLUME FY22 Q3 YTD FY22 Q3 (3 MONTHS) vs. FY21 vs. FY21 170 GOEL Oleh 626 GLOBAL +4.2% JAPAN +9.9% JAPAN +14,2% NORTH 3.306 AMERICA NORTY america +8:1% SURGE 2B EUROPE +2.0% Ford RE <ileehs ASIA -13.4% OTHERS -5.0% OTHERS -4.8% (THOUSAND UNITS) (THOUSAND UNITS) 21
Slide 22: Inventory Status
INVENTORY STATUS (EXCLUDING CHINA JV) INVENTORY STATUS (THOUSAND UNITS) 800 380 230 330 600 400 250 - rp . (0) FY21 FY21 FY1I8Q4 FY1I9Q4 FY2004 HH -Dealer inventory, except some minor countries MH Consolidated Nissan inventory, except some minor countries 22 NISSAN MOTOR CORPORATION FY2103 FY21 04 F
Slide 23: Financial Performance
FY22 FINANCIAL PERFORMANCE (EQUITY BASIS) NET REVENUE 2,137.3 2,524.9 2,837.4 OPERATING PROFIT 64.9 91.7 133.1 OP MARGIN 3.0% 3.6% 47% NON-OPERATING’* 39.1 12 50.4 ORDINARY PROFIT 104.0 92.9 183.5 EXTRAORDINARY 2 16 -25.2 -88.8 PROFIT BEFORE TAX 105.6 677 O47 TAXES 53.2 44.8 -38.4 MINORITY INTEREST?
Slide 24: 3rd Quarter Operating Profit Variance Analysis
FY22 3'¢ QUARTER FINANCIAL PERFORMANCE (EQUITY BASIS) OPERATING PROFIT VARIANCE ANALYSIS: FY22 Q3 (8 MONTHS) vs. PREVIOUS YEAR +679 -577 (BILLION YEN) +151.2 -64.1 -26.4 Manufacturing 4, Logistics “14, Regulatory/Product enrichment -12.4 -29.7 Sales finance - Asset decline - FY2T one-time - Other 52
Slide 25: FY22 Q3 YTD Operating Profit Variance Analysis
FY22 FINANCIAL PERFORMANCE (EQUITY BASIS) FY22 Q3 YTD OPERATING PROFIT VARIANCE ANALYSIS FOREIGN EXCHANGE IMPACT USD CAD MXN CNY THB TRY OTHERS +161.8 +250.5 (111.1 3136.5) +29.5 (88.9 5 103.9) -29.6 (5.5 68) -23.4 (16.8 319.4) -15.3 (3.4 33.8) -13.2 (12.2 379) -36.7 (BILLION YEN) VOLUME/MIX +92.7 J
Slide 26: FY22 Q3 Operating Profit Variance Analysis
FY22 FINANCIAL PERFORMANCE (EQUITY BASIS) FY22 Q3 (3 MONTHS) OPERATING PROFIT VARIANCE ANALYSIS FOREIGN EXCHANGE IMPACT +679 USD +116.2 (113.7 3141.4) CAD +10.6 (90.2 3104.1) CNY -13.7 (17.0 20.2) MXN -11.3 (65 372) THB -65 (3.4 93.9) TRY -4.8 (10.6 7.6) OTHERS -22.6 26 (BILLION YEN) VOLUME/MIX +61.
Slide 27: Free Cash Flow (Auto Business)
FY22 FINANCIAL PERFORMANCE (EQUITY BASIS) 27 FREE CASH FLOW (AUTO BUSINESS) NET CASH INFLOW FROM P&L ITEMS +46.5 +56.5 +1974 +300.5 AP/AR -64.1 +350.1 +46.4 +342.4 INVENTORY -135.6 -220.4 -34.8 -390.8 TAX/OTHER OPERATING ACTIVITIES -75.0 +74.7 -22.9 -23.3 CASH FLOW FROM OPERATING ACTIVITIES -218.2 +
Slide 28: Net Cash by Business Segment
NET CASH BY BUSINESS SEGMENT (EQUITY BASIS) (BILLION YEN) AUTOMOBILE AUTOMOBILE SALES SALES & TOTAL & TOTAL ELIMINATIONS _ FINANCING ELIMINATIONS FINANCING BORROWINGS FROM 1,8675 5,264.9 7132.4 1,825.1 5,045.6 6,870.7 THIRD PARTIES INTERNAL LOAN TO SALES -894.5 894.5 10) -1,329.7 1,329.7 10) FINANCI
Slide 29: Forward-looking statements
29 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 dif