Mitsubishi Motors (7211) Q4 2025 earnings summary

Executive summary

• FY2024 net sales were ¥2,788.2 billion, nearly flat year-over-year, with operating profit down 27% to ¥138.8 billion and net income down 73% to ¥41.0 billion, despite a 3% increase in global vehicle sales to 842,000 units.

• Challenging sales environment in Thailand and Indonesia, intensified competition, and currency headwinds impacted results, especially in the second half.

• Cost and expense reductions, along with new model launches, helped maintain solid earnings and exceed revised operating profit forecasts.

• FY2025 guidance projects net sales of ¥2,950.0 billion (+6%), operating profit of ¥100.0 billion (–28%), and net income of ¥40.0 billion (–2%).

• Dividend per share is forecast to decrease from ¥15 to ¥10.

Financial highlights

• Net sales for FY2024 were ¥2,788.2 billion, down 0.0% year-over-year.

• Operating profit reached ¥138.8 billion with a 5% margin, down 27% year-over-year.

• Ordinary profit was ¥98.6 billion, net income was ¥41.0 billion, and comprehensive income was ¥19.0 billion.

• Retail sales volume increased by 27,000 units year-over-year to 842,000 units.

• Free cash flow improved by ¥14.0 billion to ¥45.0 billion; CAPEX rose 7% to ¥100.6 billion; R&D expenses increased 11% to ¥126.7 billion.

Outlook and guidance

• FY2025 forecast: net sales of ¥2,950 billion (+5.8%), operating profit of ¥100 billion (–28%), ordinary profit of ¥90 billion (–8.7%), net income of ¥40 billion (–2.4%).

• Retail sales volume forecast is 878,000 units (+4%), with growth in ASEAN (+15%), Japan (+10%), and Europe (+18%), but a decline in North America (–18%).

• Dividend guidance for FY2025 is ¥10 per share, with a commitment to maintain at least this level.

• Guidance reflects anticipated impact of U.S. tariffs, global economic uncertainties, and higher procurement, regulatory, and compliance costs; forecasts will be updated quarterly.