Renault (RNO) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue rose 1.5% to €11.596bn despite global sales declining 6.0% to 498k; FY2026 guidance was confirmed.

• 9M revenue increased 7.1% to €41.848bn, while sales fell 2.2% to 1.662m; Q3 EV sales rose 84.7% and EV mix reached 25.8% of passenger cars.

Financial highlights

• Q3 automotive revenue was €9.835bn, flat reported and down 0.2% at constant FX; Sales Financing revenue rose 11.0% to €1.761bn.

• 9M automotive revenue was €36.6bn, up 6.6% reported; MFS revenue was €5.2bn, up 11.0%.

• Q3 automotive revenue bridge: volume -5.9 pts, partner sales +4.9 pts, product mix +2.3 pts, price +1.1 pts, geographic mix +0.5 pts and other -3.1 pts.

• Q3 revenue was up 1.4% at constant FX; the automotive revenue bridge also included FX +€229m, volume -€581m and geographic mix +€483m.

Outlook and guidance

• FY2026 guidance confirmed: operating margin ~5.5% of revenue and automotive free cash flow ~€1.0bn; margin expected in a 5.3%-5.7% range, weighted to the bottom half.

• H2 operating margin is expected to improve slightly versus H1, with a less pronounced seasonal uplift due to higher raw material costs and inflation.

• Full-year inventories are expected near the lower end of the 525,000-550,000 unit range; total inventories were 532,000 at September 30.

• Q4 launches are expected to support sales; new-model contributions build progressively, with a full-year effect in 2027.