Subaru (7270) Q3 2025 earnings summary

Executive summary

• Nine-month revenue rose to ¥3,536.3 billion, up 1.1% year-over-year, driven by price revisions and favorable exchange rates despite lower unit sales and higher incentives.

• Operating profit for the nine months was ¥369.2 billion, nearly flat year-over-year, as positive currency effects and price revisions offset lower sales and higher incentives.

• Profit before tax increased to ¥426.0 billion (+2.4%), and net profit attributable to owners rose to ¥317.4 billion (+6.2%).

• Nine-month production was 725,000 units, down 4.2% year-over-year; consolidated unit sales were 707,000 units, down 3.8% year-over-year, reflecting inventory and sales trends overseas.

• Full-year FYE 2025 production and sales forecasts remain unchanged at 950,000 units each, with operating profit guidance revised up to ¥430.0 billion due to updated exchange rate assumptions.

Financial highlights

• Gross profit for the period was ¥766.7 billion, with a gross margin of 21.7%.

• Basic EPS for the nine months was 428.81 yen, up from 394.48 yen year-over-year.

• Cash and cash equivalents including time deposits stood at ¥1,580.2 billion as of December 2024, up ¥6.9 billion from March 2024.

• Capex for the nine months was ¥109.1 billion (down ¥14.4 billion), while R&D expenditures increased to ¥105.2 billion (up ¥14.3 billion) year-over-year.

• Total assets increased to ¥5,046.9 billion from ¥4,814.1 billion at the previous fiscal year-end.

Outlook and guidance

• Full-year revenue forecast revised upward to ¥4,760.0 billion (+1.2% year-over-year), with operating profit expected at ¥430.0 billion (-8.2%), and net profit guidance at ¥330.0 billion (-14.3%).

• Dividend forecast raised to 115 yen per share, all ordinary dividends.

• Assumed exchange rates for FY2025 are 153 yen/USD and 164 yen/EUR.

• U.S. retail sales outlook for CY2025 projects stable market share around 4.0–4.5%.