Renault (RNO) Q4 2025 earnings summary

Executive summary

• Achieved €57.9 billion in group revenue for 2025, up 3.0% year-over-year, with all brands growing and strong electrification and international expansion momentum.

• Sold 2,336,807 vehicles globally (+3.2%), outperforming the market, with significant gains in Europe and international markets.

• Operating margin was €3.6 billion (6.3% of revenue), but net income Group share was -€10.9 billion due to a €9.3 billion non-cash loss from Nissan stake revaluation and -€2.3 billion from associated companies.

• Automotive free cash flow reached €1.5 billion, and the net cash financial position stood at €7.4 billion at year-end 2025.

• Dividend of €2.20 per share proposed, with S&P upgrading credit rating to BBB- (investment grade).

Financial highlights

• Group revenue rose 3% year-over-year to €57.9B; automotive revenue €51.4B (+1.8%), Mobilize Financial Services revenue €6.4B (+13.2%).

• Operating margin was 6.3% (down from 7.6% in 2024); operating profit €3.63B.

• Net income Group share was -€10.9B, mainly due to Nissan-related non-cash losses; adjusted net income (ex-Nissan) was €715M.

• Automotive free cash flow reached €1.5B, supported by operational performance and MFS dividend.

• Automotive net cash position at €7.4B; liquidity reserves at €17.7B.

Outlook and guidance

• 2026 guidance: operating margin around 5.5% of revenue, automotive free cash flow around €1.0B, including €350M dividend from Mobilize Financial Services.

• Medium-term targets: operating margin between 5% and 7%, automotive free cash flow >€1.5B/year, with €500M annual dividend from Mobilize Financial Services.

• Focus on cost reduction, product innovation, and international expansion to drive growth.