Nissan Motor Co., Ltd. · TSE:7201
Nissan Motor — Q2 2025 Earnings Presentation
39 slides from Nissan Motor's earnings presentation, Nov 6, 2025
Slide 1: FY2025 First Half Financial Results
FY2025 First Half Financial Results 6 NOVEMBER 2025
Slide 2: FY2025 First Half Financial Results
FY2025 First Half Financial Results 2
Slide 3: Retail Sales Volume
Retail Sales Volume First Half Second Quarter (Thousand units) -7.3% 1,596 -4.5% 1,480 vs. FY24 809 773 vs. FY24 339 279 China -17.6% 172 158 China -8.1% 222 186 Japan -16.5% 124 98 Japan -20.8% 622 North Excluding 634 +2.0% North Excluding America China: 299 319 +6.7% America China: -4.5% -3.6% 159
Slide 4: FY25 First Half Financial Performance
FY25 First Half Financial Performance ■ FY24 H1 ■ ■ FY25 H1 (Billion Yen) Operating Profit Net Revenue (OP margin) Net Income * CAPEX R&D 5,984.2 32.9 19.2 295.7 5,578.7 (0.5%) 230.8 232.1 274.8 Consolidated 7.6 39.6 Lease Asset 223.2 192.5 -27.7 (-0.5%) -221.9 Operating Profit Net Revenue (OP margi
Slide 5: Operating Profit Variance Analysis
Operating Profit Variance Analysis (Billion Yen) FY25 First Half Actual vs. Previous Year 32.9 (0.5%) -64.5 -27.7 (-0.5%) +3.3 -149.7 +45.3 +66.5 +64.9 -50.0 +23.6 FY24 Raw Sales Monozukuri FY25 Forex Tariff Inflation One Time Others H1 Materials Performance Cost* H1 Warranty Volume/Mix +61.7 Manufa
Slide 6: FY2025 Outlook
FY2025 Outlook 6
Slide 7: FY25 Volume Outlook
FY25 Volume Outlook Retail Sales (Thousand units) Production Volume vs. vs. FY24 Previous 3,346 outlook 3,250 3,250 Global -2.9% 0.0% 3,101 3,000 3,000 697 570 645 China -7.4% +13.2% China 665 461 460 445 Japan -3.4% -3.3% North 1,303 1,300 1,300 -0.2% 0.0% America Excluding 2,436 China 351 350 340
Slide 8: FY25 Outlook
FY25 Outlook (Billion Yen) FY25 FY24 Outlook Variance Actual vs FY24 (Including Tariff Impact) Net Revenue 12,633.2 11,700.0 -933.2 Operating Profit 69.8 -275.0 -344.8 OP Margin 0.6% -2.4% -3.0pts Net Income* -670.9 TBD - FX Rate (USD/JPY) 153 146 -7 (EUR/JPY) 164 168 +4 * Net income attributable to
Slide 9: Operating Profit Variance Analysis
Operating Profit Variance Analysis (Billion Yen) FY25 Full year Outlook vs. Previous Year 69.8 (0.6%) -115.0 -275.0 (-2.4%) +5.0 -275.0 +95.0 -135.0 +64.9 +5.3 +10.0 FY24 Raw Sales Monozukuri FY25 Forex Tariff Inflation One Time Others Actual Materials Performance Cost Outlook Warranty Volume/Mix +4
Slide 10: Funding and Liquidity Status
Funding and Liquidity Status (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 ~2.3 Unused FY24 End FY25 Straight Convertible FY25 End 0.8 Securitization Auto Debt Maturities Bond Bond Auto Debt Lines Cash & Cash 2.2 Currency Tenor Amount Curre
Slide 11: Key Takeaways
Key Takeaways Sales Performance Financial Performance Outlook ▪ Resilient amid volatility and competition - ▪ 3.6 trillion yen total liquidity with 2.2 trillion ▪ Expected stronger H2 with Re:Nissan Q2 decline narrows, signs of stability. yen gross cash strengthened in July product-led growth ▪ Nort
Slide 12: Re:Nissan Update
RE:NISSAN : Re:Nissan Update
Slide 13: Re:Nissan, the Plan
Re:Nissan, the Plan Key drivers 01 Reduce cost structure Positive 02 Redefine market and auto operating v product strategy profit & free cash flow 03 Reinforce partnerships BY F Y 2 6 * *excluding tariffs 13
Slide 14: Cost Targets by FY2026
Cost Targets by FY2026 Targeting savings to total Variable Cost 250B JPY 500B VS FY24 ACTUALS JPY Fixed Cost 250B JPY Vs FY24 actuals | FY26 forex assumption at 140 yen 14
Slide 15: Variable Cost - Actions & Decisions
Variable Cost - Actions & Decisions 4,500 IDEAS G E N E R AT E D ~200B 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) 3,050 Manufacturing 250 & Logistics 200 650
Slide 16: 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 Cost task force to audit entire value chain 6 of 7 targeted sites >80B JPY cost savings materialized in H1 (Q1:30B) 1. Argentina
Slide 17: Product Momentum
Product Momentum SEP: US LEAF N7 Wards 10 Best Engines & Propulsion Systems APR OCT: JPN 40K units in six JCOTY shortlist of 10 months after EARLY 2026: EU FY25 launch in April Launched models MAY SEP SEP Kicks Qashqai Roox - e-POWER Quatro Rodas | Best Buy 2025 (Brazil) Third Generation e-POWER | 1
Slide 18: Partnership
Partnership T E C H N O LO GY AUG | Boldly, Keikyu, Premier aid SEP | Wayve for OCT | for Mobility service Next gen ProPILOT HarmonySpace5.0 cockpit (China) 18
Slide 19: RE:NISSAN
RE:NISSAN el \ ie] rs
Slide 20: Appendix
Appendix
Slide 21: Sales Financing
Sales Financing ■ FY24 H1 ■ FY25 H1 (Billion Yen) Net Credit Net Revenue Operating Profit Total Assets Penetration Loss Ratio 632.1 640.3 10,144.3 10,235.0 149.0 149.0 0.69% 0.55% 47% 44% Funding Sources (as of Sep 2025) Total Funding Amount: 9,607 Billion Yen Commercial Paper & Other • Profits are
Slide 22: Penetration
Penetration ■ Lease ■ Retail N FS N MAC NCF N R FM D NAF/ D N FL 78% 70% 75% 56% 51% 56% 2% 29% 41% 3% 36% 50% 35% 22% 6% 6% 26% 19% 3% 54% 48% 1% 42% 37% 29% 30% 33% 25% 23% 18% FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 NFS: Nissan Financial Services, sales fin
Slide 23: 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 H1 0.02% 0.06% 0.06% 0.34% 0.79% 0.63% 0.05% 0.12% 0.08% 1.03% 0.66% 0.74% 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% *1 Variance -
Slide 24: 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 H1 1,485.0 19.0 41,358 451 6,947 102 112,516 2,393 38,252 787 FY25 H1 1,479.9 16.6 41,289 486 8,014 132 131,674 2,836 3
Slide 25: Financial Performance
Financial Performance (Billion Yen) FY24 H1 FY25 H1 Variance FY24 Q2 FY25 Q2 Variance Net Revenue 5,984.2 5,578.7 -405.5 2,985.8 2,871.8 -114.0 Operating Profit 32.9 -27.7 -60.6 31.9 51.5 +19.6 OP Margin 0.5% -0.5% -1.0 points 1.1% 1.8% +0.7 points Non-Operating*1 83.1 -50.3 19.0 -20.2 Ordinary Prof
Slide 26: FY25 Second Quarter Financial Performance
FY25 Second Quarter Financial Performance ■ FY24 Q2 ■ ■ FY25 Q2 (Billion Yen) Operating Profit Net Revenue (OP margin) Net Income * CAPEX R&D 2,985.8 147.8 2,871.8 130.0 134.6 51.5 Consolidated (1.8%) -9.3 5.5 104.7 31.9 5.0 Lease Asset (1.1%) 124.5 99.7 -106.2 Operating Profit Net Revenue (OP margi
Slide 27: Operating Profit Variance Analysis
Operating Profit Variance Analysis (Billion Yen) FY25 Second Quarter Actual vs. Previous Year 51.5 31.9 +27.2 (1.8%) (1.1%) -24.9 +36.0 +4.4 -81.1 +63.3 -24.1 +18.8 FY24 Raw Sales Monozukuri FY25 Forex Tariff Inflation One Time Others Q2 Materials Performance Cost* Q2 US Volume/Mix +57.5 Manufacturi
Slide 28: FY25 First Half Sales Performance
FY25 First Half Sales Performance TIV Retail Volume (Million units) (Thousand units) +5.4% 43.65 vs. FY24 -7.3% 41.43 1,596 1,480 vs. FY24 12.30 China +11.9% 339 10.99 279 China -17.6% 2.17 2.18 Japan +0.5% 222 186 Japan -16.5% North 9.59 10.06 +4.9% (8.31) America (7.90) (US) (+5.2%) 622 North 634
Slide 29: FY25 Second Quarter Sales Performance
FY25 Second Quarter Sales Performance TIV Retail Volume (Million units) (Thousand units) +5.6% -4.5% 22.04 vs. FY24 809 773 vs. FY24 20.87 172 6.38 China +11.0% 158 China -8.1% 5.75 124 98 Japan -20.8% 1.17 1.12 Japan -4.5% 4.98 North 4.71 America +5.9% (3.87) (4.12) North (US) (+6.6%) 299 319 +6.7%
Slide 30: Production Volume
Production Volume First Half Second Quarter (Thousand units) -10.8% 1,558 -7.4% 1,389 vs. FY24 774 338 716 vs. FY24 268 China -20.9% 170 151 China -11.0% 1,220 1,121 Others -8.1% 604 566 Others -6.4% FY24 H1 FY25 H1 FY24 Q2 FY25 Q2 30
Slide 31: Consolidated Sales Volume
Consolidated Sales Volume First Half Second Quarter (Thousand units) -7.3% 640 -7.1% 1,265 1,172 vs. FY24 594 vs. FY24 206 108 180 86 Japan -19.9% Japan -12.9% 631 302 North 619 North 311 +3.2% -1.9% America America 155 84 134 Europe -13.4% 70 Europe -17.1% 67 42 36 21 Asia -36.2% Asia -36.2% 206 19
Slide 32: Operating Profit Variance Analysis Forex
Operating Profit Variance Analysis Forex FY24 H1 FY25 H1 OP Impact FY24 Q2 FY25 Q2 OP Impact Currency Currency Rate Rate (Billion Yen) Rate Rate (Billion Yen) USD 152.8 146.0 -27.0 USD 149.7 147.5 -5.2 MXN 8.5 7.7 14.5 CNY 21.5 20.6 4.3 CNY 21.1 20.3 7.9 GBP 194.4 198.9 1.3 GBP 195.6 195.9 0.2 AUD 1
Slide 33: Operating Profit Variance Analysis Sales Performance
Operating Profit Variance Analysis Sales Performance (Billion Yen) FY25 H1 FY25 Q2 Volume *1 Mix Incentives *2 Total Volume*1 Mix Incentives*2 Total Japan -5.1 -0.1 +2.2 -3.0 -4.4 -1.5 +1.7 -4.3 Volume/Mix US -30.5 +28.3 +23.3 +21.1 +1.9 +21.8 +19.2 +42.9 Europe -25.9 +2.8 +19.8 -3.3 -18.1 +0.3 +14.
Slide 34: Inventory Status (Excluding China JV)
Inventory Status (Excluding China JV) (Thousand units) 640 640 660 570 600 580 550 550 390 250 FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 ■ Dealer inventory (except some minor countries) ■ Consolidated Nissan inventory (except some minor countries) 34
Slide 35: Automotive Free Cash Flow
Automotive Free Cash Flow FY25 Q1 Q2 H1 (Billion Yen) Net Cash Inflow from P&L Items -132.1 -51.9 -184.0 AP/AR -154.1 -23.0 -177.1 Inventory +28.4 -9.2 +19.2 Working Capital -125.7 -32.2 -157.9 Tax/Other Operating Activities -68.5 -35.4 -103.9 Cash Flow from Operating -326.3 -119.6 -445.9 Activities
Slide 36: Net Cash by Business Segment
Net Cash by Business Segment (Billion Yen) As of March 31, 2025 As of September 30, 2025 Automobile & Sales Automobile & Sales Total Total Eliminations Financing Eliminations Financing Borrowings from Third Parties 1,947.6 6,152.2 8,099.9 2,665.6 6,205.8 8,871.3 Internal Loan to Sales Financing (Net
Slide 37: Auto Net Cash & FCF
Auto Net Cash & FCF (Billion Yen) (Billion Yen) Auto Net Cash Auto Free Cash Flow 263.9 1,500.9 1,546.0 1,498.4 1,403.8 141.2 1,364.1 109.5 1,350.0 1,330.7 84.4 1,241.0 1,134.3 990.9 -12.1 -58.4 -145.6 -202.3 -302.8 -390.5 FY23 FY23 FY23 FY23 FY24 FY24 FY24 FY24 FY25 FY25 FY23 FY23 FY23 FY23 FY24 FY
Slide 38: Auto Net Cash Change Analysis
Auto Net Cash Change Analysis (Billion Yen) 1,498.4 -445.9 +203.1 -117.9 -263.6 990.9 +116.7 FCF: -592.8 Cashflow from Dividends FY24 Operating from Sales FY25 Q4 End CAPEX* Others Others Q2 End Activities Finance * CAPEX does not include finance lease-related investments 38
Slide 39: Forward-looking statements disclaimer
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