Renault (RNO) Q4 2025 earnings summary

Executive summary

• Group revenue rose 3% year-over-year to €57.9 billion in 2025, with all brands growing and strong international and electrification momentum.

• Operating margin was 6.3% (€3.6B), but net income Group share was -€10.9B due to a €9.3B non-cash loss from Nissan stake revaluation and -€2.3B from associated companies; adjusted net income (ex-Nissan) was €715M.

• Automotive free cash flow reached €1.5B, with a record net cash position of €7.4B.

• Significant organizational streamlining, new leadership, and strategic partnerships (notably with Geely in Brazil and Ford in Europe) supported results.

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

Financial highlights

• Group operating profit was €3.63B (6.3% margin), down from €4.26B (7.6%) in 2024; automotive revenue €51.4B (+1.8%), Mobilize Financial Services revenue €6.4B (+13.2%).

• Net income Group share dropped to -€10.9B, mainly due to Nissan-related impacts; excluding Nissan, net income was €715M.

• Automotive free cash flow was €1.47B, supported by operational performance and MFS dividend.

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

• Proposed dividend of €2.20/share for 2025, with progressive increases planned.

Outlook and guidance

• 2026 guidance: operating margin around 5.5%, automotive free cash flow around €1B, including €350M MFS dividend.

• Medium-term: operating margin 5%-7%, automotive free cash flow >€1.5B/year, with €500M annual MFS dividend.

• Focus on cost reduction, product innovation, and international expansion, especially in India, South America, and South Korea.