Nissan Motor Co., Ltd. · TSE:7201
Nissan Motor — Q3 2025 Earnings Presentation
38 slides from Nissan Motor's earnings presentation, Feb 12, 2026
Slide 1: FY2025 Third Quarter Financial Results
FY2025 Third Quarter Financial Results 12 F E B R UARY 2026
Slide 2: FY2025 Third Quarter Financial Results
FY2025 Third Quarter Financial Results 2
Slide 3: Retail Sales Volume
Retail Sales Volume -5.8% (Thousand units) (Thousand units) 2,397 2,257 vs. FY24 -2.9% 497 801 vs. FY24 457 China -8.0% 778 328 158 270 178 China +12.7% Japan -17.7% 105 84 Japan -20.1% 940 North 950 +1.0% Excluding America 318 North China: 315 -0.8% Excluding -5.2% America China: -6.7% 238 216 Euro
Slide 4: FY25 Q3 YTD Financial Performance
FY25 Q3 YTD Financial Performance ■ FY24 Q3 YTD ■ ■ FY25 Q3 YTD (Billion Yen) Operating Profit Net Revenue (OP margin) Net Income * CAPEX R&D 9,143.2 8,578.0 64.0 5.1 (0.7%) 380.9 455.0 349.3 412.5 Consolidated 9.7 Lease 43.2 Asset 371.2 306.1 -10.1 (-0.1%) -250.2 Operating Profit Net Revenue (OP ma
Slide 5: Operating Profit Variance Analysis
Operating Profit Variance Analysis (Billion Yen) FY25 Third Quarter YTD Actual vs. Previous Year 64.0 (0.7%) -52.2 +9.3 -232.0 -10.1 +84.4 (-0.1%) +81.3 +109.9 -63.0 -11.8 FY24 Raw Sales Monozukuri FY25 Forex Tariff Inflation One Time Others Q3 YTD Materials Performance Cost Q3 YTD Warranty Sales Fi
Slide 6: FY2025 Outlook
FY2025 Outlook 6
Slide 7: FY25 Volume Outlook
FY25 Volume Outlook Retail Sales Production Volume (Thousand units) (Thousand units) vs. vs. FY24 Previous 3,346 Outlook 3,250 3,200 Global -4.4% -1.5% 3,101 3,000 2,900 697 645 653 China -6.3% +1.2% China 665 461 445 420 Japan -8.9% -5.6% 1,303 1,300 North 1,300 -0.2% 0.0% America Excluding 2,436 C
Slide 8: FY25 Outlook
FY25 Outlook (Billion Yen) FY25 Variance vs FY24 FY25 Variance Previous Previous Actual Outlook vs FY24 Outlook Outlook Net Revenue 12,633.2 11,700.0 11,900.0 -733.2 +200.0 Operating Profit 69.8 -275.0 -60.0 -129.8 +215.0 OP Margin 0.6% -2.4% -0.5% -1.1pts +1.9pts Net Income*1 -670.9 TBD -650.0 +20.
Slide 9: Operating Profit Variance Analysis
Operating Profit Variance Analysis (Billion Yen) FY25 Full year Outlook vs. Previous Year 69.8 (0.6%) -35.0 0.0 -275.0 -60.0 (-0.5%) +33.9 +200.0 -95.0 +81.3 -40.0 FY24 Raw Sales Monozukuri FY25 Forex Tariff Inflation One Time Others Actual Materials Performance Cost Outlook Warranty Volume/Mix +77.
Slide 10: Key Takeaways
Key Takeaways Sales Performance Financial Performance Outlook ▪ Q3 sales results challenging in a difficult market ▪ Q3: Positive operating profit ¥17.5B; cost ▪ Retail Sales outlook adjusted to 3.2mn with environment savings cover tariff impact expected strong finish in Q4 ▪ US market share stable,
Slide 11: Re:Nissan Update
Re:Nissan Update 11
Slide 12: Variable Cost - Actions & Decisions
Variable Cost - Actions & Decisions 5,150 IDEAS G E N E R AT E D ~240B yen P OTE NTIAL I M PA CT P R O G R E S S O F T O TA L D E L I V E R E D C O S T Categories of solutions Stages of implementation Idea Feasibility Implementation Technical (Billion yen) 3,530 Manufacturing & Logistics 250 740 200
Slide 13: Fixed Cost & Others - Actions & Delivery
Fixed Cost & Others - Actions & Delivery O N G O I N G E F F I C I E N CY T H R O U G H C O S T D I S C I P LI N E Restructure Manufacturing Reduce & Rationalize Announced 7 out of 7 sites Full value chain audit in 10 months >160B JPY cost savings materialized in FY25 3QYTD (1H:80B) 7. Rosslyn plant
Slide 14: Product Momentum
Product Momentum JAPAN | LEAF ~ 5,000 JAPAN | Roox USA | Sentra units ordered by the end of Jan CHINA | Teana Huawei >40,000 7,900 accumulated orders 10,000 since launch units sales in Jan, +30% year-on-year orders surpassed in Good design award its first month RJC car of the year NACTOY Car of the
Slide 15: Product Momentum
Product Momentum JAPAN | Elgrand USA | QX65 GLOBAL | Frontier Pro PHEV The fourth- Signals a confident, distinctive future; The first pickup truck developed in electrified powertrain technologies to be built in Smyrna China for global export AUSTRALIA | Navara CHINA | N6 INDIA | Gravite With advance
Slide 16: NISSAN
NISSAN F
Slide 17: Appendix
Appendix
Slide 18: FY25 Third Quarter Financial Performance
FY25 Third Quarter Financial Performance ■ FY24 Q3 ■ ■ FY25 Q3 (Billion Yen) Operating Profit Net Revenue (OP margin) Net Income * CAPEX R&D 3,159.0 2,999.3 150.1 2.1 159.3 117.2 137.7 Consolidated Lease 5.0 Asset 31.1 (1.0%) 17.5 -14.1 148.0 (0.6%) 112.2 -28.3 Operating Profit Net Revenue (OP margi
Slide 19: Operating Profit Variance Analysis
Operating Profit Variance Analysis (Billion Yen) FY25 Third Quarter Actual vs. Previous Year 31.1 +6.0 -82.3 +12.3 (1.0%) 17.5 +39.0 (0.6%) +43.4 -13.0 +16.4 -35.4 FY24 Raw Sales Monozukuri FY25 Forex Tariff Inflation One Time Others Q3 Materials Performance Cost Q3 Volume/Mix -12.9 Manufacturing +8
Slide 20: Operating Profit Variance Analysis
Operating Profit Variance Analysis (Billion Yen) FY25 Full year Outlook vs. Previous Outlook -275.0 -60.0 (-2.4%) (-0.5%) +28.6 +16.4 +40.0 +105.0 +80.0 -5.0 0.0 -50.0 FY25 Raw Sales Monozukuri FY25 Previous Forex Tariff Inflation One Time Others Materials Performance Cost Outlook Outlook Volume/Mix
Slide 21: Funding and Liquidity Status
Funding and Liquidity Status (Trillion Yen) (Trillion Yen) ~3.6 Auto Segment ~1.9 +0.2 ~2.1 +0.66 Internal Loan from Auto to 1.5 Sales Finance ~ -0.7 ~2.6 Unused FY24 End FY25 Straight Convertible FY25 End 1.0 Securitization Auto Debt Maturities Bond Bond Auto Debt Lines Cash & 2.1 Currency Tenor Am
Slide 22: Sales Financing
Sales Financing ■ FY24 Q3 YTD ■ FY25 Q3 YTD (Billion Yen) Net Credit Net Revenue Operating Profit Total Assets Penetration Loss Ratio 10,691.5 10,570.7 214.4 224.1 0.72% 947.6 977.3 0.60% 46% 42% Funding Sources (as of Dec 2025) Total Funding Amount: 9,514 Billion Yen Commercial Paper & Other • Desp
Slide 23: Penetration
Penetration ■ Lease ■ Retail N FS N MAC NCF N R FM D NAF/ D N FL 77% 78% 66% 59% 52% 49% *1 41% 1% 27% 50% 2% 35% 36% 21% 27% 5% 6% 22% *2 57% 3% 49% 1% 39% 37% 30% 29% 28% 27% 23% 21% FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 YTD YTD YTD YTD YTD YTD YTD YTD YTD
Slide 24: 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 0.01% 0.06% 0.05% 0.42% 0.84% 0.69% 0.05% 0.14% 0.09% 1.06% 0.75% 0.82% Q3 YTD FY25 0.01% 0.06% 0.05% 0.48% 0.95% 0.77% 0.07% 0.18% 0.12% 3.29% 0.99% 1.48% Q3 YTD *1 Va
Slide 25: 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 1,476.5 27.2 40,740 652 6,953 160 121,123 3,544 35,897 971 Q3 YTD FY25 1,468.6 23.6 39,795 735 7,820 185 140,698 4,109
Slide 26: Financial Performance
Financial Performance (Billion Yen) FY24 Q3 YTD FY25 Q3 YTD Variance FY24 Q3 FY25 Q3 Variance Net Revenue 9,143.2 8,578.0 -565.2 3,159.0 2,999.3 -159.7 Operating Profit 64.0 -10.1 -74.1 31.1 17.5 -13.6 OP Margin 0.7% -0.1% -0.8 points 1.0% 0.6% -0.4 points Non-Operating*1 95.4 -100.7 12.3 -50.4 Ordi
Slide 27: FY25 Q3 YTD Sales Performance
FY25 Q3 YTD Sales Performance TIV Retail Volume (Million units) (Thousand units) +5.3% 66.83 vs. FY24 -5.8% 63.45 2,397 2,257 vs. FY24 18.98 China +12.1% 497 16.94 457 China -8.0% 3.28 Japan -0.3% 328 3.29 270 Japan -17.7% 14.93 North 14.66 America +1.8% (12.11) (12.31) (US) (+1.6%) 940 North 950 +1
Slide 28: FY25 Third Quarter Sales Performance
FY25 Third Quarter Sales Performance TIV Retail Volume (Million units) (Thousand units) +5.3% vs. FY24 23.18 22.01 -2.9% 6.69 China +12.3% 801 778 vs. FY24 5.95 158 1.10 178 China +12.7% 1.12 Japan -1.9% North 105 5.07 4.87 84 Japan -20.1% (4.00) America -3.9% (4.21) (-5.0%) (US) Excluding 318 315 N
Slide 29: Production Volume
Production Volume Third Quarter YTD Third Quarter (Thousand units) (Thousand units) -8.2% 2,301 vs. FY24 2,112 481 -2.6% 742 723 vs. FY24 439 China -8.8% 143 171 China +19.7% 1,819 1,674 Others -8.0% 599 552 Others -7.9% FY24 Q3 YTD FY25 Q3 YTD FY24 Q3 FY25 Q3 29
Slide 30: Consolidated Sales Volume
Consolidated Sales Volume Third Quarter YTD Third Quarter (Thousand units) (Thousand units) -8.4% 1,926 -10.3% 1,765 vs. FY24 660 320 592 vs. FY24 274 Japan -14.5% 114 94 Japan -17.2% 950 918 North 319 North -3.3% 299 -6.0% America America 229 74 208 Europe -9.2% 73 Europe -0.2% 96 62 30 19 Asia -36
Slide 31: Operating Profit Variance Analysis Forex
Operating Profit Variance Analysis Forex FY24 FY25 OP Impact FY24 Q3 FY25 Q3 OP Impact Currency Q3 YTD Q3 YTD Currency (Billion Yen) Rate Rate (Billion Yen) Rate Rate USD 152.6 148.7 -19.2 USD 152.4 154.1 7.8 MXN 8.2 7.9 7.0 GBP 195.4 205.0 2.2 INR 1.8 1.7 5.3 INR 1.8 1.7 1.8 CNY 21.0 20.8 3.6 CAD 1
Slide 32: Operating Profit Variance Analysis Sales Performance
Operating Profit Variance Analysis Sales Performance (Billion Yen) FY25 Q3 YTD FY25 Q3 Volume *1 Mix Incentives *2 Total Volume*1 Mix Incentives*2 Total Japan -7.8 -4.8 +3.9 -8.7 -2.7 -4.7 +1.7 -5.7 Volume/Mix US -76.2 +41.5 +56.6 +21.9 -45.7 +13.2 +33.2 +0.7 Europe -25.9 +7.9 +22.5 +4.4 +0.0 +5.0 +
Slide 33: 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) 640 640 660 570 600 580 560 580 550 390 250 FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 *T
Slide 34: Automotive Free Cash Flow
Automotive Free Cash Flow (Billion Yen) FY25 Q1 Q2 Q3 Q3 YTD Net Cash Inflow from P&L Items -132.1 -51.9 +10.2 -173.9 Working Capital -125.7 -32.2 +71.5 -86.4 AP/AR -154.1 -23.0 +79.3 -97.8 Inventory +28.4 -9.2 -7.8 +11.4 Tax/Other Operating Activities -68.5 -35.4 -177.3 -281.2 Cash Flow from Operat
Slide 35: Net Cash by Business Segment
Net Cash by Business Segment (Billion Yen) As of March 31, 2025 As of December 31, 2025 Automobile & Sales Automobile & Sales Total Total Eliminations Financing Eliminations Financing Borrowings from Third Parties 1,947.6 6,152.2 8,099.9 2,678.9 6,430.9 9,109.9 Internal Loan to Sales Financing (Net)
Slide 36: Auto Net Cash & FCF
Auto Net Cash & FCF (Billion Yen) (Billion Yen) Auto Net Cash Auto Free Cash Flow 263.9 1,546.0 1,500.9 1,403.8 1,498.4 141.2 1,364.1 109.5 1,350.0 1,330.7 84.4 1,498.4 1,134.3 990.9 957.8 -12.1 -58.4 -98.6 -145.6 -202.3 -302.8 -390.5 FY23 FY23 FY23 FY23 FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY23 FY23
Slide 37: Auto Net Cash Change Analysis
Auto Net Cash Change Analysis (Billion Yen) 1,498.4 -541.5 +203.4 -52.6 957.8 -369.3 +219.4 FCF: -691.4 Cashflow from Dividends FY24 Operating from Sales FY25 Q4 End CAPEX* Others Others Q3 End Activities Finance * CAPEX does not include finance lease-related investments 37
Slide 38: Forward-looking statements notice
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