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Nissan Motor (7201) investor relations material
Nissan Motor Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
First half FY25 retail sales volume declined 7.3% year-on-year, with notable drops in China and Japan, but North America grew 2.0%; Q2 showed stabilization and growth in key markets.
Net revenue for H1 was ¥5,578.7 billion, with an operating loss of ¥27.7 billion and net loss of ¥221.9 billion, mainly due to lower equity method income, asset impairments, and restructuring costs.
Q2 operating profit improved to ¥51.5 billion (1.8% margin), showing signs of stabilization.
Over ¥80 billion in fixed cost savings achieved in H1 through recovery initiatives, with a target of ¥500 billion by FY2026.
Strategic transformation includes cost reductions, product-market redefinition, partnerships, and restructuring of manufacturing sites.
Financial highlights
Automotive free cash flow was negative ¥592.8 billion in H1, but Q2 improved to negative ¥202 billion.
Net cash for the auto segment at September 30, 2025, was ¥990.9 billion, with total liquidity at ¥3.6 trillion, including ¥2.2 trillion in cash and ¥2.3 trillion in unused credit lines.
Extraordinary losses included a ¥70.8 billion impairment and other one-time items, while gross profit fell to ¥663.4 billion.
Foreign exchange and tariffs had a combined negative impact of ¥215 billion.
Net cash provided by financing activities increased to ¥575.9 billion, mainly from bond issuance.
Outlook and guidance
FY25 net revenue is forecast at ¥11,700 billion, with an operating loss of ¥275 billion and retail sales volume outlook of 3,250,000 units, a 2.9% year-on-year decline.
H2 is expected to be stronger, with positive auto free cash flow and a net cash target of ¥1 trillion by year-end.
No net income outlook or dividend forecast due to ongoing restructuring and cautious outlook.
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