Notice of Variance between Consolidated Financial Forecast and Actual Results, and Variance between Unconsolidated Results and Actual Results for the Previous Fiscal Year

May 12, 2026

Moro Masahiro Representative Director and President Code No. 7261 TSE Prime

Contact: Keiji Watanabe General Manager, Accounting Department,

Financial Services Division Phone: 082-282-1111

With respect to the consolidated financial results for the fiscal year ended March 31, 2026 (April 1, 2025 through March 31, 2026), Mazda Motor Corporation hereby announces that there have been variances between the actual results announced today and the previously announced forecast released on February 10, 2026. In addition, with respect to the unconsolidated financial results, Mazda hereby announces that there have been variances between the results for the current fiscal year and those for the previous fiscal year.

1. Variance between Consolidated Financial Forecast and Actual Results for the Fiscal Year Ended March 31, 2026 (April 1, 2025 through March 31, 2026)

   	Net Sales	Operating Income	Ordinary Income	Net Income Attributable to Owners of the Parent	Net Income per Share
   Previous Forecast (A)	millions of yen 4,820,000	millions of yen 50,000	millions of yen 78,000	millions of yen 20,000	yen 31.71
   Actual Results (B)	4,918,172	51,579	131,835	35,086	55.64
   Variance in Amount (B-A)	98,172	1,579	53,835	15,086
   Variance in Percentage (%)	2.0	3.2	69.0	75.4
   (Ref.) Results for the Fiscal Year Ended March 31, 2026	5,018,893	186,125	188,996	114,079	181.00

   (Reasons for the Variance)

   Although net sales and operating income were generally in line with our forecast, ordinary income and net income attributable to owners of the parent increased due to, among other factors, foreign exchange gains resulting from the depreciation of the yen against the U.S. dollar and other currencies at the end of the period.

   Global retail volume for the full-year was 1,223 thousand units, and the foreign exchange rates were 151 yen to the U.S. dollar and 175 yen to the euro.

2. Variance between Unconsolidated Financial Results for the Fiscal Year Ended March 31, 2026 and Actual Results for the Previous Fiscal Year

(Reasons for the Variance)

Due to a decline in wholesales volume, as well as the impact of rising raw material prices and U.S. tariff measures, both net sales and operating income fell below the previous fiscal year's results.