Renault (RNO) Q2 2026 earnings summary

Executive summary

• Group revenue rose 9.5% year-over-year to €30.3 billion in H1 2026, with strong contributions from both Automotive and Financial Services, and a significant turnaround in net income to €721 million from a prior year loss, mainly due to the absence of Nissan-related losses.

• Operating margin was 5.2% of revenue, down from 6.0% in H1 2025, reflecting increased regulatory and commercial pressures.

• Automotive free cash flow reached €653 million, supported by a €250 million dividend from Mobilize Financial Services.

• Electrification accelerated, with electrified vehicles accounting for 52% of European sales and EV sales up 47.6% year-over-year.

• Strong international sales growth in India (+61.2%), Türkiye (+15.4%), Morocco (+13.7%), and Brazil (+5.3%).

Financial highlights

• Automotive revenue was €26.8 billion (+9.3% year-over-year); Financial Services revenue was €3.4 billion (+11.0%).

• Operating margin at €1.567 billion (5.2% of revenue); automotive segment margin at €814 million (3%).

• Net income, group share, was €721 million (€2.39/share); effective tax rate 28%.

• Automotive net cash financial position stood at €6.6 billion as of June 30, 2026; liquidity reserves at €17.7 billion.

• Mobilize Financial Services contributed €753 million to operating profit, representing 50% of group margin.

Outlook and guidance

• Full-year 2026 guidance confirmed: operating margin around 5.5% and automotive free cash flow near €1 billion.

• Continued product launches and electrification to drive H2 momentum, with cost reduction remaining a priority.

• Inventory levels at 546,000 vehicles, supporting smooth H2 operations; order book at 2.1 months of forward sales.