Mitsubishi Motors (7211) Q3 2025 earnings summary

Executive summary

• Net sales for 3Q FY2024 were ¥1,989.3 billion, down 4% year-over-year, with operating profit at ¥104.6 billion and net income at ¥33.2 billion, reflecting slower market recovery, intensified price competition, and higher costs.

• Sales volume increased 7% year-over-year to 624,000 units, driven by new models and growth in ASEAN, Japan, and North America.

• Operating profit was pressured by negative FX impacts, inflation, higher sales and R&D expenses, and asset impairments, partially offset by procurement cost reductions.

Financial highlights

• Operating margin declined to 5.3% from 7.8% year-over-year, with ordinary profit at ¥78.5 billion and net income at ¥33.2 billion, down 68%.

• Cash & deposits fell to ¥400.2 billion from ¥674.2 billion; interest-bearing debt reduced to ¥347.6 billion.

• Equity ratio improved to 42.4% from 41.2%.

• Basic EPS was ¥22.80, down from ¥69.04 year-over-year.

• Procurement and shipping costs improved by ¥4.6 billion due to cost reduction activities, despite inflationary pressures.

Outlook and guidance

• Full-year net sales forecast revised to ¥2,760 billion, operating profit to ¥125 billion, ordinary profit to ¥90 billion, and net income to ¥35 billion, reflecting increased costs, forex losses, and restructuring costs.

• Sales volume forecast adjusted to 848,000 units, with growth in ASEAN, Japan, and North America, and downward revisions in Europe, Middle East, and ASEAN.

• Dividend per share forecast increased to ¥15 for FY2024.