Mazda Motor (7261) Q2 2027 earnings summary

Executive summary

• H1 FY2027 net sales rose 20.1% YoY to ¥2,688.1bn, a first-half record; operating income swung to ¥59.1bn profit from a ¥53.9bn loss, and parent net income reached ¥44.2bn from a ¥45.3bn loss.

• H1 global retail sales increased 1.2% to 617,000 units; consolidated wholesales rose 8% to 584,000.

• FY2027 guidance retains ¥150.0bn operating income and ¥5,500.0bn net sales; global retail sales guidance was cut by 27,000 units to 1.297m.

Financial highlights

• H1 ordinary income was ¥72.8bn versus a ¥21.3bn loss; net income attributable to owners was ¥44.2bn versus a ¥45.3bn loss, and EPS was ¥70.1 versus a loss of ¥71.8.

• Operating income improved ¥113.0bn YoY: volume/mix +¥69.9bn, FX +¥72.1bn, cost improvement +¥33.7bn, fixed costs/other +¥15.7bn, growth/security -¥17.1bn, and raw material/logistics costs -¥61.3bn.

• Q2 operating income was ¥26.3bn, up ¥34.1bn YoY; Q2 net sales reached a record.

• Comprehensive income was ¥27.4bn, compared with a ¥32.5bn loss in H1 FY2026.

Outlook and guidance

• FY2027 forecast: net sales ¥5,500.0bn, operating income ¥150.0bn, ordinary income ¥160.0bn and parent net income ¥90.0bn; ordinary income was raised ¥20.0bn versus the prior forecast, while the other major targets were unchanged.

• FY global retail sales forecast is 1.297m units, up 6.1% YoY and 27,000 below the prior forecast; consolidated wholesales are forecast at 1,208,000, 26,000 below August.

• H2 operating income is forecast at ¥90.9bn; volume/mix is expected to add ¥55.0bn, partly offset by a ¥23.2bn raw material, logistics and related-cost headwind.

• Forecast EPS is ¥142.61 and the full-year dividend forecast remains ¥55 per share; exchange-rate assumptions are ¥158/USD and ¥180/EUR.

• Priorities include growing CX-5, Mazda6e and CX-6e wholesales, improving pricing and mix, managing incentives, and accelerating variable and fixed cost reductions.