Mitsubishi Motors (7211) Q3 2026 earnings summary

Executive summary

• Net sales for the third quarter year-to-date FY2025 were ¥1,976.5 billion, down 1% year-over-year, with global vehicle sales declining 6% to 589,000 units and both sales and profit falling globally.

• Operating profit dropped 70% year-over-year to ¥31.6 billion, and net loss attributable to owners was ¥4.5 billion, compared to a profit of ¥33.2 billion last year.

• Despite challenging market conditions, earnings have bottomed out and are showing gradual recovery, driven by new model launches and strategic initiatives.

• Retail sales volume declined notably in North America, Australia/NZ, and Europe, but grew in Latin America, Middle East/Africa, and Japan.

Financial highlights

• Operating profit margin fell to 1.6% from 5.3% year-over-year.

• Ordinary profit was ¥32.6 billion, down from ¥78.5 billion year-over-year; net loss for the third quarter YTD was ¥4.5 billion.

• Cash and deposits decreased by ¥118 billion, and net cash fell by ¥165.3 billion compared to March 2025.

• Capital expenditure rose 1% to ¥57.5 billion, R&D expense decreased 6% to ¥87.4 billion, and depreciation increased 10% to ¥60.5 billion year-over-year.

• Sales volume declined 6% worldwide to 589,000 units.

Outlook and guidance

• Full-year net sales forecast revised upward to ¥2,900.0 billion (+2.8% to +4% year-over-year), but operating profit is expected to halve to ¥70.0 billion, with net income forecast at ¥10.0 billion (-76%).

• Retail sales volume for FY2025 is projected at 830,000 units, down 1% from FY2024.

• Dividend per share forecast is ¥10, down from ¥15 in FY2024.

• U.S. tariff payments for the full year are estimated at ¥45.2 billion.