Renault Sa Unsp/Adr (RNLSY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to our 2025 Q1 revenue presentation. This presentation will be made by Duncan Minto, CFO of Renault Group, and will be followed by a Q&A session. Duncan, the floor is yours. Thanks, Philippine. Good morning, everybody, or good afternoon, wherever you're joining from around the world. Pleasure to be with you this morning to present the Group Q1 revenue results for 2025. So, in Q1, Group revenue was broadly in line with last year at €11.7 billion. Constant exchange rates it was up 0.6%. Automotive revenues stood at 10.1 billion euros, down 3%, or down 2.2% at constant exchange rates. Mobility services amounted to 23 million euros, up 8 million compared with last year. Mobilise financial services revenue was up 22.3% to €1.5 billion, mainly driven by the increase in average ticket per vehicle and still benefiting from growing interest rate trend over the last years. It increased by 23.5% at constant exchange rates. So moving on to the drill down of the automotive revenue. They stood at 10.1 billion euros, as I said, down 2.2 at constant exchange rates, with a negative forex impact of 0.8 points. As in previous quarters, this impact was driven by the devaluation of the Brazilian Riais, the Argentinian Peso, and the Turkish Lira. As you know, the Turkish Lira has a positive impact on our production costs though, so it's not all bad news. The second part is the volume. Volume effect was negative for minus 2.6 points in the quarter as the growth of 2.9% in group registrations was offset by a higher destocking at independent dealers this quarter compared to the same quarter last year. We'll come back to this in just a second. So to look into the registrations, the 2.9% growth worldwide in Q1 translated to 565,000 registrations at the group...