Nissan Motor Co., Ltd. · TSE:7201
Nissan Motor — Q4 2023 Earnings Presentation
44 slides from Nissan Motor's earnings presentation, May 9, 2024
Slide 1: Nissan Motor Corporation, May 9th, 2024
NISSAN MOTOR CORPORATION May 9th, 2024
Slide 2: Nissan NEXT Recap, Financial Results, FY2024 Outlook, The Arc
1 Nissan NEXT wy Recap 9 hY 20 = Financial Results 3 FY2024 Outlook 4 The Arc NISSAN MOTOR CORPORATION
Slide 3: Nissan NEXT Recap
7. we © Nissan NEXT Recap ww | NISSAN MOTOR CORPORATION
Slide 4: Nissan NEXT Recap
Nissan NEXT Recap Nissan NEXT FY 7 Business hree key areas R @ al = ce Inver the NISSAN MOTOR CORPORATION
Slide 5: Nissan NEXT Recap: Value Over Volume
Nissan NEXT Recap Value Over Volu 7 Nissan NEXT TRANSFORM 7 o - —_ reduced streamlined launched ahead of @ -20% production capacity cy -20% product portfolio e 1 2 models target timeline Qual ity maintained steady focus : re-shaped to of Sales across all regions Alliance valu NISSAN MOTOR CORPORATIO
Slide 6: Nissan NEXT Recap: Ambition 2030
Nissan NEXT Recap Nissan Next as st p> Nissan Ambition 2030 y REALIZE VISION Nissan NEXT M TRANSFOR a - = Refreshed Solid Strong portfolio profitability FCF & net cash Investment Enhanced Resumed for the future partnerships ivi NISSAN moro! n
Slide 7: FY2023 Highlights
Nissan NEXT Recap FY 2023 Highlights NET REVENUE OPERATING PROFIT NET INCOME +90% +51% 4+99% YEAR OVER YEAR YEAR OVER YEAR YEAR OVER YEAR
Slide 8: FY2023 Financial Results
FY2023 Financial Re: NISSAN nt MOTOR CoRPORATIO’
Slide 9: FY23 Full Year Volume Results
FY2023 FINANCIAL RESULTS FY23 Full Year Volume Results (Thousand units) RETAIL SALES PRODUCTION VOLUME +4.1% vs. FY22 +1.5% vs. FY22 3.305 aig 3,442 YTD 3,381 ——— 3,430 YTD Eclre¢ CHINA wast oes en 2a DFAC*) came 2a ~ JAPAN +6.5% Poe +23.3% | EXCLUDING Sioa EXCLUDING 4 14 19 ana CHINA b EUROPE +17.2
Slide 10: FY23 Q4 QTD Volume Results
FY2023 FINANCIAL RESULTS FY23 Q4 QTD Volume Results RETAIL SALES (Thousand units) PRODUCTION VOLUME vs. FY22 9 +12.0' % + O09 im CHINA +19.1% JAPAN +2.5% NORTH EXCLUDING america 90% | cHina: 49.9% EUROPE = + 17.5% OTHERS = + 14.3% 7 FY22 Q4 FY23 Q4 NISSAN MOTOR CORPORATION vs. FY22 Q4 CHINA +32.8% E
Slide 11: Japan
FY2023 FINANCIAL RESULTS JAPAN +6.5% @ 52% th +12% retail sales electrification ratio \ net revenue per unit (Thousand units) RETAIL SALES PRODUCTION +6.5% Domestic 957 + 0.7% FY22YTD FY23 YTD FY22YTD FY23 YTD a 144 +25% 148 167 +38% 173 NISSAN ey
Slide 12: North America
FY2023 FINANCIAL RESULTS NORTH AMERICA +23% Stronger sales -8% retail sales in Mexico and Canada net revenue per unit due to market normalization in the US (— (Thousand units) RETAIL SALES PRODUCTION +23,3% 1,262 +24.4% 1,235 FY22 YTD FY23 YTD FY22 YTD FY23 YTD on 316 +90% 345 308 +44% 322 (US) (236
Slide 13: Europe
| FY2023 FINANCIAL RESULTS EUROPE +17% &® 47% B® +4% 6 retail sales \ } electrification ratio © net revenue per unit Ae (Thousand units) RETAIL SALES PRODUCTION 10, THER eye $12.9% 308 988 325 FY22YTD FY23 YTD FY22YTD FY23 YTD Gip 100: +175 117 81 403% 81
Slide 14: China
FY2023 FINANCIAL RESULTS CHINA +3.3% @ Sylphy -9% retail sales in Q1 CY24; #1 in ICE PV segment net revenue per unit in 2 consecutive QTRs line with market of YoY sales growth (Thousand units) RETAIL SALES PRODUCTION | 1:045 16.1967 ee 5 = Excl. DFAC Excl. DFAC a 946 965 a 5 aa Fy22 FY23 Fy22 FY23 (
Slide 15: FY Financial Performance (Equity Basis)
FY2023 FINANCIAL RESULTS — Ree : a : ; mFY23 FY 23 Financial Performance (Equity Basis) (illon Yen) OPERATING PROFIT AUTO AUTO NET REVENUE (OP MARGIN) NET INCOME"! FREE CASH FLOW NET CASH 5687 12,685.7 10,5967 (4.5%) seeKo 1,546.0 ia (36%) 426.6 1,213.2 > sos sane 186.7 | 221.9 D LW 3,514.3 a 30970
Slide 16: Financial Performance (Equity Basis)
FY2023 FINANCIAL RESULTS Financial Performance (Equity Basis) (Billion Yen) FY22 YTD FY23 YTD Variance aioe onan Variance Net Revenue 10,596.7 12,685.7 +2,089.0 3,097.0 3,514.3 +4173 Operating Profit 377.1 568.7 +191.6 874 90.3 +2.9 OP Margin 3.6% 4.5% +0.9points 2.8% 2.6% -0.2 points Non-operating!
Slide 17: Operating Profit Variance Analysis FY23 YTD
FY2023 FINANCIAL RESULTS Financial Performance (Eauity Basis) Operating Profit Variance Analysis FY23 YTD Vs. Previous Year (Billion Yen) +324.7 -205.4 -0.8 568.7 +60.2 377.1 +12.9 as FY22 Forex Raw Materials Re eS ee Mon ozuae Others FY23 BREAKDOWN | Volume/Mix +2309] Manufacturing +7.5| Sales Fina
Slide 18: Operating Profit Variance Analysis FY23 QTD
FY2023 FINANCIAL RESULTS Financial Performance (Eauity Basis) Operating Profit Variance Analysis FY23 QTD Vs. Previous Year (Billion Yen) +39.7 -125.7 Pe +54.8 FY22 . Sales Monozukuri FY23 Qa Forex Raw Materials Performance (eoch Others Qa BREAKDOWN | Volume/Mix +253 | Manufacturing 8.0 | Sales Fina
Slide 19: FY2024 Outlook
NISSAN nM MOTOR CORPORATION
Slide 20: FY24 Volume Outlook
FY2024 OUTLOOK FY24 Volume Outlook RETAIL SALES (Thousand units) PRODUCTION VOLUME +75% 3,700 3,442 me CHINA JAPAN NORTH AMERICA EUROPE 5A OTHERS FY23 Actual Outlook NISSAN MOTOR CORPORATION +13.3% EXCLUDING CHINA: +9.5% +2.0% 3,430 _—> 3,500 CHINA EXCLUDING CHINA 2,650
Slide 21: FY24 Product Offensive
FY2024 OUTLOOK FY24 Product M JAPAN / ASEAN * Sales momentum driven by Note / Aura, Sakura, Serena and DAYZ * Continue leadership in electrification with Ariya, Sakura and e-Power offensive market dem affordable se. *Refresh ke’ new Arm INFINITI *Mexico sales momentum with Versa and all-new Kicks CH
Slide 22: FY24 Outlook (Equity Basis)
FY2024 OUTLOOK FY24 Outlook (Equity Basis) FY23 FY24 Variance Billion Yen) Actual Outlook vs FY23 Net Revenue 12,685.7 13,600.0 +914.3 Operating Profit 568.7 600.0 +31.3 OP Margin 4.5% 4.4% -0.1 points Net Income’! 426.6 380.0 -46.6 FX Rate (USD/JPY) 145 145 (0) (EUR/JPY) 157 157 (0) “1: Net income
Slide 23: Operating Profit Variance Analysis FY24 Outlook
FY2024 OUTLOOK Financial Performance (Equity Basis) Operating Profit Variance Analysis FY24 Outlook Vs. FY23 Actual (Billion Yen) +80.0 -100.0 +70.0 istOl nee a a 600.0 yai2s Forex Raw Materials ae acc Meyer Inflation Others aie, BREAKDOWN Volume/Mix -10.0 |Manufacturing +10.0)Monozukuri -60.0 | Cre
Slide 24: Dividend Per Share Outlook
FY2024 OUTLOOK Dividend Per Share Outlook 25 yen or more 10 yen 5 yen | FY20 FY21 FY22 FY24 Dividend P: it Rati > 9.19 17.69 18.19 ividend Payout Ratio % Yo % Shareholder Share Buyback = - - 119.95 Billion yen Return Ratio ; more than 30% Shareholder Return Ratio = 9.1% 17.6% 46.2% NISSAN MOTOR CORP
Slide 25: The Arc
YW The Arc NN a NISSAN MOTOR CORPORATION
Slide 26: The Arc: Steady growth, in our future
MOTOR CORPORATION The Arc Steady growth, in ur future MID-TERM Ensure volume growth through tailored regional strategy and prepare for EV transition sition and realize profitable growth Financial Smart EV Volume growth in discipline major markets Balanced portfolio NISSAN partnerships — competitiven
Slide 27: Shareholder Return
The Arc Shareholder Return Shareholder Return Maintain 30% or more Dividend Per Share Steady increase in dividend per share (Billion Yen) 300 mmm Total Dividend tee Share Buyback —Payout Ratio @ Shareholder Amount Amount Return Ratio 250 46% e >30% 200 e 150 100 50 20 yen yen ) FY2020 FY2021 FY2029
Slide 28: Nissan Business Plan
RC Nissan Business Plan NISSAN MOTOR CORPORATION
Slide 29: Appendix
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Slide 30: Financial Performance (Proportionate Basis)
APPENDIX: FY2023 FINANCIAL RESULTS mryo2 fel 20 Fi ial Perf i on Yen Inancial Ferrormance (Proportionate Basis) (Billion Yen) OPERATING PROFIT AUTO AUTO NET REVENUE (OP MARGIN) NET INCOME” FREE CASH FLOW NET CASH 13,580.0 570.0 1,851.9 18 5 484.6 ‘99 : « 1,811.8 a%) (4.2%) 1,543.7 a 4266 > = 285.0 =
Slide 31: Sales Financing
APPENDIX: SALES FINANCING m FY22 q : mFY23 Sales Financing Gili Yer) NET CREDIT NET REVENUE OPERATING PROFIT TOTAL ASSETS PENETRATION LOSS RATIO 0.45% 1,023.8 1,161.8 311.9 308.7 gil Oo — 7 Funding Sources as of Mar. 2024 * Profits lower year over year mainly due to normalization of credit Total Fun
Slide 32: Sales Financing: Penetration
APPENDIX: SALES FINANCING Penetration ei DNFL (Lease) NFS NMAC NCF NRFM DNAF (Retail) 50% F 47% 42% 3604 0 0 . 36% 30% ff 30% 31% 27% FF 28% 25% FY22. FY23 FY22. FY23 FY22 FY23 FY22-FY23 FY22 FY23 NFS: Nissan Financial Services, sales finance company in Japan NRFM: NR Finance Mexico, sales finance c
Slide 33: Sales Financing: Net Credit Loss Ratio
APPENDIX: SALES FINANCING Net Credit Loss Ratio NFS NMAC NCF DNAF/DNFL* Lease Retail Total Lease Retail Total Lease Retail Total Lease Retail Total FY) 0.02% 0.05% 0.05% -0.29% 0.40% 0.13% -0.01% 0.06% 0.03% 1.24% 031% 0.41% FY23 0.02% 0.06% 0.05% 0.07% 0.69% 0.45% 0.01% 0.07% 0.04% 0.78% 0.52% 0.56
Slide 34: Sales Financing: Operating Profit & Asset
APPENDIX: SALES FINANCING 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 FY22 1,373.6 35.2 37,517 1,104 6,691 225 82,842 4,638 59,272 2,642 FY23 1,444.8 31.6 39,188 1,047 6,795 21
Slide 35: TIV and Retail Sales: FY Full Year
APPENDIX: TIV and Retail Sales FY 23 Full Year Sales Performance TIV (Million units) RETAIL VOLUME (Thousand units) eS 84.54 vs. FY22 +4.1% vs. FY22 . 3,442 3,305 ——" a | CHINA -24.1% CHINA 46.0% (Excluding DFAC') — (-16.194) ~ Pore mae JAPAN +6.5% — Motu +13.1% telees Mig 124%) NORTH 498.3% (13.96)
Slide 36: TIV and Retail Sales: FY23 Q4 QTD
APPENDIX: TIV and Retail Sales FY23 Q4 QTD Sales Performance TIV (Million units) RETAIL VOLUME (Thousand units) +8.2% _— 22.30 vs. FY22 Q4 +12.0% vs. FY22 O04 20.62 yy 1,002 CHINA +17.9% nt +19.1% JAPAN 18.1% JAPAN +2.5% Molautn! +7.5% ail tea oot) NORTH +9.0% EXCLUDING AMERICA (.7'099) EXCLUDING EU
Slide 37: Consolidated Sales Volume (Equity Basis)
APPENDIX Consolidated Sales Volume (Equity Basis) FY23 (Thousand units) FY23 Q4 QTD (Thousand units) + yy 2,786 vs. FY29 an is 768 vs. FY22 2,451 JAPAN +3.7% JAPAN -3,6% NORTH NORTH AMERICA 26.0% AMERICA *102%6 EUROPE +17.1% 97 EUROPE +14.2% ASIA -25,8% 59 ASIA -25,5% 413 OTHERS +10.0% 125 OTHERS 5.
Slide 38: Quarterly Income Statement
APPENDIX Quarterly Income Statement (Billion Yen) Ql Q2 Q3 Q4 FY23 Net Revenue 2,9177 3,145.7 3,108.1 3,514.3 12,685.7 Operating Profit 128.6 208.1 141.6 90.3 568.7 OP Margin 44% 6.6% 46% 2.6% 45% Non-operating’! 38.0 38.0 -14.2 717 133.4 Ordinary Profit 166.6 246.1 127.4 162.0 702.2 Extraordinary -
Slide 39: Operating Profit Variance Analysis: Forex
APPENDIX Operating Profit Variance Analysis: Forex FULL YEAR Q4 QTD Curency Rate Rate Calon) Curtency "Rate Rate Calon USD 135.5 144.6 149.3 USD 132.4 148.6 62.8 GBP 163.2 181.7 14.4 CAD 979 110.2 10.8 CAD 102.5 107.2 172 GBP 161.0 188.5 6.2 BRL 26.3 29.3 11.3 BRL 25.5 30.0 42 CNY 19.5 19.8 -6.4 THB
Slide 40: Operating Profit Variance Analysis: Sales Performance
APPENDIX Operating Profit Variance Analysis: Sales Performance (Billion Yen) FY23 YTD FY23 Q4 x2 Volume’! Mix Incentives* — Total Volume’! Mix Incentives® Total 2 Japan 4.0 21.0 -13 23.6 -0.9 42 03 3.6 = US 196.8 -108.0 -26.6 62.3 23.9 -40.4 64 -10.1 a Europe 52.0 127 -27.2 375 12.6 87 -5.8 15.5 2)
Slide 41: Automotive Free Cash Flow
APPENDIX Automotive Free Cash Flow (Billion Yen) Qi Q2 Q3 Q4 FY23 Bega nto From P&L +1833 «+2358 = +1875 41656 = 4672.2 AP/AR +135.6 +91.9 +0.0 +46.0 +273.6 Inventory 119 -142.7 -83.7 +116.7 -181.6 Working Capital +63,7 -50.8 -83.6 +1627 +92.0 Tax/Other Operating Activities Pe -10.4 5.3 -61.6 -66.0
Slide 42: Inventory Status (Excluding China JV)
APPENDIX Inventory Status (Excluding China JV) (Thousand units) 850 300 570 390 330 380 oil 250 FY18Q4 FY19Q4 FY20Q4 FY2104 FY22Q1 FY2202 FY2203 FY2204 FY23Q1 FY2302 FY2303 FY2304 a Ny jo) oa B S §& Dealer inventory, except some minor countries Consolidated Nissan inventory, except some minor countr
Slide 43: Net Cash by Business Segment (Equity Basis)
APPENDIX Net Cash by Business Segment (Equity Basis) AS OF MARCH 31, 2023 AS OF MARCH 31, 2024 Automobile & Sales Total Automobile & Sales Total Eliminations Financing Eliminations Financing (Billion Yen) Borrowings From Third Parties 2,143.9 4,895.1 7,039.1 2,028.3 5,783.1 7,811.4 Internal Loan to
Slide 44: 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