日产汽车2024财年报告及2025财年展望-2025-05-企业研究

FY2024FinancialResults

NewRecoveryPlan

May13,2025

FY2024

FinancialResults

FY2025Outlook

FY2024Summary

Netrevenue

12,633.2B

-0.4%yearoveryear

Operatingprofit

69.8B

-87.7%yearoveryear

Netincome

-670.9B

3

4

FY24RetailSalesResults

FullYear

3,442

-2.8%

3,346

794

484

China

697

Japan

461

1,303

1,262

NorthAmerica

351

535

361

541

Europe

Others

FY23FY24

(Thousandunits)

vs.FY23

-12.2%

-4.8%

+3.3%

-2.9%

-1.2%

Excluding

China:

+0.0%

Q4

-5.2%

950

1,002

200

133

364

113

140

247

148

345

117

145

FY23Q4FY24Q4

China

Japan

NorthAmerica

Europe

Others

vs.FY23

-19.2%

-9.8%

+5.5%

-3.5%

-3.4%

ExcludingChina:

-0.6%

Automobile

&EliminationsConsolidated

FY24FinancialPerformance

NetRevenue

OperatingProfit

(OPmargin)

.FY23FY24(BillionYen)

NetIncome*CAPEXR&D

12,685.712,633.2

NetRevenue

11,523.911,371.2

568.7

(4.5%)

69.8

(0.6%)

OperatingProfit

(OPmargin)

260.0

(2.3%)

-215.9

(-1.9%)

426.6

-670.9

FreeCashFlow

323.0

-242.8

577.3

486.1

NetCash

1,546.01,498.4

609.9619.0

*NetincomeattributabletoownersoftheparentLiquidityStatus(asofMarch31,2025)

5

1.Autocashandcashequivalent:2,159.8billionyen

2.Unusedcommittedcreditlines:2,112.5billionyen

6

OperatingProfitVarianceAnalysis

FY24Q4YTDActualvs.PreviousYear

(BillionYen)

+13.6

+36.4

568.7

-299.9

-106.0

-135.1

-7.9

69.8

FY23

Forex

Raw

Materials

Sales

Performance

MonozukuriCost

Inflation

Others

FY24

Breakdown

Volume/Mix

Incentives/Pricing

AfterSalesOthers

-111.8

-177.5

-2.2

-8.3

Manufacturing+8.1

Regulatory/

Product-6.3

Enrichment

Monozukuri

Other

-79.9SalesFinance-13.1

-26.1-Creditloss-25.6

-Others+12.5Remarketing-57.0Others-65.0

LogisticsR&D

Others

+6.0

+7.1

-22.8

FY24Q4QTDvs.PreviousYear

90.3+5.0-9.9-85.6+51.6+0.3-45.95.8

FY2025

Outlook

8

FY25VoIumeOutIook(beforetariffimpact)

RetaiISaIes

3,3463,250

Global

China

570

460

Japan

NorthAmerica

1,300

Europe

Others

350

351

535570

697

461

1,303

FY24ActuaI

FY25

OutIook

(Thousandunits)

vs.FY24

-2.9%

-18.2%

-0.2%

-0.2%

-0.3%

+6.6%

Excluding

China:

+1.1%

ProductionVoIume

3,1013,000

665

China

2,436

ExcludingChina

FY24ActuaI

FY25

OutIook

9

OperatingProfitVarianceAnalysis(beforetariffimpact)

FY25Outlookvs.FY24Actual

(BillionYen)

+160.0-145.0

69.8

(+0.6%)

-120.0

-44.8

+60.0

0.0

+20.0

FY24Actual

Forex

Raw

Materials

Sales

Performance

MonozukuriCost

Inflation

Others

FY25

Outlook

beforeTariff

+40.0

+25.0

0.0

+95.0

-125.0

-20.0

-5.0+65.0

Manufacturing

Logistics

R&D

Creditloss

Remarketing

Others

Volume/Mix

Incentives/Pricing

Monozukuri

Breakdown

Other

-5.0+35.0

-74.8

Others

10

USTariffExposure

MitigationMeasures

•PrioritizeretailsalesofUS-assembledmodels

•FurtherleverageUSproductioncapacity

•Rogue:maintain2-shiftoperationinSmyrna

•Strategicproductionallocation

•Shiftsometariff-affectedmodelstoothermarketsinlinewithcustomerdemand

•Closecollaborationwithsuppliersonmitigationplans

•Futurelocalizationstudies

Exposure

•ExportfromMexico~300kunits

(Versa,Sentra,Kicks,QX50,QX55)

•ExportsfromJapan~120kunits

(Ariya,Armada,LEAF,QX80,Rogue,Z)

Lessthan45%oftotalUSsales

TariffmitigationexpectedinQ1

~30%

EstimatedFY25grossimpact

(beforemitigation)

-450B

11

*1:Netincomeattributabletoownersoftheparent

FY25Outlook

FY25Q1

Outlook

(IncludingTariffImpact)

2,750.0

-200.0

-7.3%

145

159

-550.0

(BillionYen)

FY24

Actual

FY25

Outlook

Variance

vsFY24

NetRevenue

12,633.2

12,500.0

-133.2

OperatingProfit

69.8

TBD

-

OPMargin

0.6%

TBD

-

NetIncome*1

-670.9

TBD

-

FXRate(USD/JPY)

153

145

-8

(EUR/JPY)

164

159

-5

AutoFCF

-242.8

TBD

Dividend

0yen

0yen

UnusedcommitmentlinessplitintoAutoBusiness~600BandSalesFinance~900B

12

NissaninPossessionofAmpIeLiquidityResource

~3.4T

AutoSegment

(Yen)

InternalLoanfrom

AutotoSales

1.3T

Finance

~-0.7T

~2.1T

0.6T

~1.6Tto

1.8T

~+0.4Tto+0.6T

~1.9T

Unused

Securitization

Lines

Cash&

CashEquivalent

2.2T

Unused

1.5T

Commitment

Lines

Unused

CreditLines*

TotaI

FY24EndAutoDebt

FY25

Maturities

FY25EndAutoDebt

FY25

Re-financing

LiquidityAvaiIabIe

*UnusedsecuritizationlinesarerelatedtoSalesFinance.

FY25-26

*Ratioscalculatedasnetsales14

CurrentStatus

Costofsales/unit

SG&Acost/unit

FY23Q1FY23Q2FY23Q3FY23Q4FY24Q1FY24Q2FY24Q3FY24Q4

Risingvariablecosts

Fixedcostsremainhigherthancurrentrevenuecansupport

FY25netrevenuetoremainflat

ConsolidatedsalesPer/unitSG&A*Per/unitcostofsales*

15

ReaIityRevisited:AGroundedPlan

MustEnsure:

SeIf

improvementatspeed

Profitability

with

lessrelianceonvolume

ChaIIenges

Coststructure

Marketuncertainty

16

ReaIityRevisited:AGroundedPlan

1

Reducecoststructure

Positive

Key

Drivers

autooperating

profit

&

freecashflowbyFY26

2

Redefinemarketandproduct

strategy

3

Reinforce

partnerships

Reduce

Cost

Structure

RevisitedCostTargets

RevisitedtargetvsFY24actuals**

AnnouncedvstheArc

~100BbyFY26

RevisitedTargetvstheArc

Forreference

200B

byFY26

250B

byFY26

VariabIeCost

Targeting

savingstototal

500B

VsFY24actuals

300BbyFY26

250B

350B

byFY26

FixedCost

byFY26

**FY26forexassumptionat140yen

Note:Allamountsinyen18

Variable

Cost

Reduction

Note:Allamountsinyen20

EfficiencyEfforts

Target10%Over3years

Cost

reduction

Inflationetc.

250B

FY24FY26FY27

CostReduction:250B

InitiateVariableCost

TransformationProgram

Achieveengineeringandcostefficiencies

Rethinksupplychain

•Challengeinternalstandards

•Increaseefficiency:moreforfew

21

Rapid-ResponseTeam

•

•TdCtransformationofficeledbyChiefofTdC

Upto300expertsfromR&D,

Purchasing,Manufacturing,TCSandCostControl

•Pausesomeadvancedandpost-FY26projectstoreassign3,000employeesforTdCreduction;utilizenewshorteneddevelopmentprocesstoensurenoimpactonstartofproduction

FuII-support

ExecutiveCommittee

R&D

CorporateExecutive

Purchasing

CorporateExecutive

Manufacturing

CorporateExecutive

ChiefofTotalDeliveredCostTransformation

Commodities

Activities

Interior

Exterior

Seat

Harness

PWTparts

Tire

ADAS

Nissanstandard/specupdate

Supplierstandardpartsutilization

Numberofsuppliersperpartconsolidation

Parts/colordiversityreduction

Chinapartsbenchmark&utilization

Intermediateinventoryreduction

+Vehicle

projectaxis

■■■

Lamp

FixedCost

Reduction

23

RestructureManufacturing

ConsolidatedPlants

(excludingChina)

Capacityutilizationratio*

70%>100%

3.5M

Partner

Flexibility

2.5M

0.8M

0.2M

By

FY26By

FY27

0.4M<0.5M

FY24FY27

From17pIantsto

10byFY27

Consolidatevehicleandpowertrainplantsglobally

Reformjobsandadjustshifts

Reducecapitalexpendituresandrefineefficiencies

*Harbourreportbase

24

ReduceWorkforce&Expenditure

GIobaIWorkforce

65%Manufacturing18%SG&A

17%R&D

9,000

15,500

20,000*

FY24-26

Original

Target

FY24-26

Revised

Target

FY27TotalTarget

ExpenseReduction

ReducelaborcostandexpensesExpandsharedservices

Achievemarketingefficiency

*includescontractualworkforces(contract/temporary)

25

RevampDeveIopment

Costofengineering

20%

workforceaveragecostperhour

RationalizeglobalR&Dresources

Complexity

70%

reductionof

partscomplexity

Globalplatforms

139-46%7

FY24FY32FY35

Developmentspeed

30-monthdeveIopmenttime

Initialmodels

AII-new

NissanSkyIine

AII-new

GIobaICSUV

AII-new

INFINITICompactSUV

26

RigorousImpIementation

:Kickoff

:Completionofaction

:P&Limpact

FY26

FY27

FY25

FixedVariable

costcost

Q1Q2Q3Q4

Q1Q2Q3Q4

Q1Q2Q3Q4

VariableCostTransformation

250B

3-monthsprint

Vehicleplantconsolidation

Powertrainplantconsolidation

Reduction/Consolidation@7plants

Revamp

development

GradualDeployment

Workforcereduction

Expense

optimization

wwwImpactofplantconsolidationactionsw

Redefined

Strategy

DeveIopmentStrategy

•Focusoncoresegmentsinkeymarkets,supportedbypartnersinotherregions

•UtiIizeNissan&partnerdeveIopedmodeIsforothermarkets

•ExpIorebusinesscoIIaborationintheUS

China

Others

N.AmericaMexicoJapanEurope

Frame

MitsubishiMotors

Segmentcoverage

D

DONGFENG

NISSAN

(Leverageforexports)

C

B

Renault

Group

RenaultGroup

A/Kei

MitsubishiMotors

RenaultGroup

Nissan-developedmodels

Coveredbyoneoftheabovedevelopment

approaches

Partner-developedmodelsJointlydevelopedmodels

28

KeyMarketStrategy

China

Accelerateexports

•SustainvolumewithNEVs

•Leveragelocalmodelsforexports

•ProofofConceptfortechpartnerships

Europe

Coremodels+partnership

TargetB&CSUVs

Flexiblepowertrainstrategyfor100%electrification

LeverageRenaultandChinapartnerships

Japan

Homemarket&brandshowcase

>100kunitmodelsw/exports

Raiseaveragelineuppricing

Expandmodelcoverage

Keicarsthroughpartnership

UnitedStates

Coremodelfocustoboostrevenue/unit

Focusoncore(C/D/F)segments

LeverageNissanXINFINITIsynergy

HEV/e-POWERforrevenue;PHEV/EVforstrategy

AlignEVinvestmentwithmarketpace

Utilizepartnershipsforcoverage

MiddleEast

Profit&competitiveentry

FocusonlargeSUVs

LeverageproductsfromChina

Optimizeentrycostswithpartners

India/ASEAN/Oceania

Minimalinvestmentforsustainability

PartnerwithRenault,MitsubishiMotorsandChina

LeverageIndiaforexports

MaintainprofitableASEANpresence

Mexico/LATAM

Regionalhubwithexports

Ensureprofitandgrowth

Core:1-tonpickup&B-segment

LeverageChinaandIndiaproducts

Optimizeentrycostsviaplatforms/partners

29

KeyProductStrategy

Growth

Futuremarketgrowthmodels:Conquest

Core

ARTNERS

Partnership

Portfolio-complimentingmodels

Volumeandprofitorientedmodels:Retention

Heartbeat

Iconicbrandname-platesrepresentingNissanDNA

30

CompIementThroughPartnerships

CollaborateonPick-up&EV

Batterysharing

Explorevehicleintelligenceandelectrification

StrengthencollaborationinEurope,India,andLatinAmerica

LCVcollaborationinvariousmarkets

Europe

WithRenault

OEM-in:MicraEV('25)

OEM-in:A-seg.EV('26)

China

WithDongfengNissan

Localdevelopmentandproduction

N7andFrontierProexport

MoreNEVs

Japan

WithMitsubishiMotors

Keicar(ICE/EV):

Jointdevelopmentandproduction

UnitedStates

WithMitsubishiMotors

OEM-in:RoguepHEV('25)

OEM-out:LEAFderivative('26)

USSUV:Explorejointinvestmentandproduction

ExploreU.S.businesscollaborationtoadapttoevolvingmarketenvironment

ASEAN/Oceania

WithMitsubishiMotors

OEM-out(philippines):van('25)

OEM-in(Australia):Pick-up('25)

ExploreOEM-outforEV

India

WithRenault

Jointdevelopment&production

OEM-in:B-MPV('26)

C-SUV('26/"27)

31

Results-

OrientedTeam

Re:NissanManagementOffice

SteeringCommitteeChairedbyCEO

VariabIeCost(TdC)FixedCostTopIineGrowth

Activities

Commodities

RegionalLeader

+Vehicleprojects

R&DMFGMFG/AFLG&AFMI

Sponsor

Leader

Japan

Americas

AMIEO

ASEAN

Regions

GlobalM&S

R&DTCSMFGAFL

VME

Distribution

AfterSales

Growth

Acceleration

Portfolio

ChinaExport

FMI

33

1.ReduceCostStructure

2.RedefineMarket

&ProductStrategy

3.ReinforcePartnerships

Appendix

35

Automobile

&EliminationsConsolidated

FY24Q4FinancialPerformance

NetRevenue

3,514.33,490.0

NetRevenue

3,215.03,175.5

OperatingProfit

(OPmargin)

90.3

(2.6%)

5.8

(0.2%)

OperatingProfit

(OPmargin)

18.8

(0.6%)

-65.4

(-2.1%)

NetIncome*

101.3

-676.0

FreeCashFlow

263.9

141.2

.FY23Q4FY24Q4(BillionYen)

CAPEXR&D

226.2

196.3

173.0164.1

NetCash

1,498.4

1,546.0

*Netincomeattributabletoownersoftheparent

36

AutoNetCash&FCF

ContinuingtomaintainheaIthyIeveIsofnetcash

AutoNetCashAutoFreeCashFlow

(BillionYen)

(BillionYen)

1,500.9

1,498.4

1,546.0

1,403.81,364.1

1,350.01,330.7

1,213.21,241.0

FY22Q4

FY23Q1

FY23Q2

FY23Q4

FY24Q1

FY24Q2

FY24Q3

FY24Q4

FY23Q3

FY24fullyearFCF:-242.8B263.9

141.2

109.5

84.4

-12.1

-58.4

-145.6

-302.8

FY23Q1

FY23Q2

FY23Q3

FY23Q4

FY24Q1

FY24Q2

FY24Q3

37

FY24Q4

FinancialPerformance

FY23Q4

FY24Q4

Variance

3,514.3

3,490.0

-24.3

90.3

5.8

-84.6

2.6%

0.2%

-2.4points

71.7

45.0

162.0

50.8

-111.3

-4.6

-558.0

157.5

-507.2

-664.7

-35.9

-169.4

-20.2

0.5

101.3

-676.0

-777.3

149

153

+4

161

161

-1

(BillionYen)

FY23

FY24

Variance

NetRevenue

12,685.7

12,633.2

-52.5

OperatingProfitOPMargin

Non-Operating*1

568.7

4.5%

133.4

69.8

0.6%

140.4

-498.9

-3.9points

OrdinaryProfitExtraordinary*2

702.2

-102.9

210.2

-623.8

-492.0

ProfitBeforeTaxTaxes

MinorityInterest*3

599.2

-149.7

-22.9

-413.6

-246.5

-10.8

-1,012.8

NetIncome*4

426.6

-670.9

-1,097.5

FXRate(USD/JPY)

145

153

+8

(EUR/JPY)

157

164

+7

*1:Includesprofitincompaniesunderequitymethodof113.5billionyeninFY23YTDand91.3billionyeninFY24YTD

*2:Includeslossrelatedtolitigation(41.0billionyen)andimpairmentloss59.0billionyeninFY23YTDand494.9billionyeninFY24YTD.

*3:Netincomeattributabletonon-controllinginterests

*4:Netincomeattributabletoownersoftheparent

38

OperatingProfitVarianceAnalysis

FY24Q4Actualvs.PreviousYear

(BillionYen)

90.3

+5.0

-9.9

-85.6

+51.6

+0.3

-45.9

5.8

FY23

Q4

Forex

Raw

Materials

Sales

Performance

MonozukuriCost

Inflation

Others

FY24

Q4

Breakdown

Volume/Mix

SellingExp/Pricing

AfterSales

Others

-7.5

-67.5

-6.4

-4.2

Manufacturing+14.3

Monozukuri

Other

+7.3

-7.0

Regulatory/

ProductEnrichment

Logistics

R&D

Others

-6.2+2.5

+17.1

+23.9

SalesFinance+1.2

-Creditloss-0.5

-Others+1.7Remarketing-6.2Others-40.9

FY24Q4YTDvsPreviousYear

568.7+36.4+13.6-299.9-7.9-106.0-135.169.8

39

1,262.1

1,161.8

10,375.910,145.6

SalesFinancing

.FY23FY24(BillionYen)

NetCredit

NetRevenueOperatingProfitTotalAssetsPenetrationLossRatio

onetime

accounting

adjustment

3.7285.6

•Excludingone-timeaccountingadjustmentofFY23,profitsareslightlyloweryearoveryear.Foreignexchangebenefitoffsetbyhighercreditlossesandhigherfundingcost.

(FY24NetCreditLossesarecomparabletoindustryaverage)

•Assetsdecreasedyearoveryearmainlyduetoforeignexchange

•Diversifiedfundingsources,strongliquidityandequityposition

0.63%

47%45%

0.45%

FundingSources(asofMar2025)TotalFundingAmount:9,512BillionYen

CommercialPaper&Other

14.4%

Equity

18.1%

Bonds

10.9%

AssetBackedSecurities

32.6%

BankLoans

24.0%

40

Penetration

.LeaseRetail

NFSNMACNCFNRFMDNAF/DNFL

74%

63%

27%

62%

26%

53%

2%

66%

49%

47%

35%

2%

35%

5%

40%

38%

27%

3%

24%

5%

15%

51%

47%

36%

30%

30%

36%

27%

25%

28%

FY23FY24FY23FY24FY23FY24FY23FY24FY23FY24

NFS:NissanFinancialServices,salesfinancecompanyinJapan

NMAC:NissanMotorAcceptanceCompanyLLC,salesfinancecompanyinUS

NCF:SalesfinancingdivisionofNissanCanadaInc.

NRFM:NRFinanceMexico,salesfinancecompanyinMexico

DNAF:DongfengNissanAutofinancecompanyinChina

DNFL:DongfengNissanFinancialLeasinginChina

41

NetCreditLossRatio

Lease

RetaiI

TotaI

0.02%

0.06%

0.05%

0.02%

0.06%

0.06%

0.00pt

0.00pt

+0.01pt

FY23

FY24

Variance

NFS

NMAC

LeaseRetaiITotaI

0.07%0.69%0.45%

0.43%0.91%0.74%

*1

+0.36pt+0.22pt+0.29pt

NFS:NissanFinancialServices(Japan)

NMAC:NissanMotorAcceptanceCompanyLLC(US)

NCF:SalesfinancingdivisionofNissanCanadaInc.(Canada)

LeaseRetaiITotaI

0.78%0.52%0.56%

1.20%0.80%0.89%

*2

+0.42pt+0.28pt+0.33pt

NCFDNAF/DNFL

Lease

RetaiI

TotaI

0.01%

0.07%

0.04%

0.04%

0.14%

0.09%

+

0.03pt

+0.07pt

+0.05pt

DNAF:DongfengNissanAutoFinance(China)

DNFL:DongfengNissanFinancialLeasing(China)

*1NMAC:DuetousedcarpricedecreaseandhigherdelinquencyinUS

42

*2DNAF/DNFL:Duetosignificantlylowerassets(drivenbylowerretailsalesandpenetration)andhigherdelinquencyinChina

OperatingProfit&Asset

FY23

FY24

Variance

NFS

(BillionJPY)

NMAC

AssetOP

39,1881,047

39,774

890

+585

-157

*1

(MillionUSD)

Asset

OP

1,444.8

31

.6

1,536.9

32

.9

+92.1

+1

.3

NFS:NissanFinancialServices(Japan)

NMAC:NissanMotorAcceptanceCompanyLLC(US)

NCF:SalesfinancingdivisionofNissanCanadaInc.(Canada)

NCFNRFM

(MillionCAD)(MillionMXN)

AssetOPAssetOP

216

6,795

4,478

102,132

217

7,741

4,892

126,670

+946+1+24,538+414

NRFM:NRFinanceMexico(Mexico)

DNAF:DongfengNissanAutoFinance(China)

DNFL:DongfengNissanFinancialLeasing(China)

DNAF/DNFL

(MillionCNY)

AssetOP

47,468

2,263

35,112

1,210

-12,356

*2

-1,053

*1NMACOP:Excludingone-timeaccountingadjustmentof122MUSDinFY23,profitloweryearoveryearby35MUSD

43

*2DNAF/DNFLOP:Lowermainlyduetosignificantassetsdecreasedrivenbylowerretailsalesandpenetration

FY24SaIesPerformance

TIV

+3.3%

87.30

84.54

24.7525.14

4.534.58

18.8019.36

(15.68)

(16.02)

16.3517.12(15.47)(15.49)

20.1221.10

China

Japan

North

America

(US)

Europe

(Excl.Russia)

Others

FY23FY24

(Millionunits)

vs.FY23

+1.6%

+1.0%

+3.0%

(+2.2%)

+4.7%

(+0.1%)

+4.8%

Excluding

China:

+3.9%

RetailVolume

-2.8%

3,4423,346

(

697

461

1,303

China

794

Japan

484

North

America

(US)

938

1,262

)

(916)

361351

541535

Europe

Others

FY24

FY23

(Thousandunits)

vs.FY23

-12.2%

-4.8%

+3.3%

(+2.5%)

-2.9%

-1.2%

Excluding

China:

+0.0%

*NissanestimationforTIVincludesChinalocalbrandsandLCV

44

FY24Q4QTDSaIesPerformance

TIV

23.85

8.21

+6.9%

22.30

China

7.44

1.29

4.70(3.91)

Japan

North

America

(US)

Europe

(Excl.Russia)

1.13

4.53(3.78)

4.34

(4.02)

4.24

(4.05)

4.965.32

Others

FY23Q4FY24Q4

vs.FY23

+10.3%

+13.6%

+3.6%

(+3.4%)

+2.4%

(-0.7%)

+7.3%

(Millionunits)

Excluding

China:

+5.3%

RetailVolume(Thousandunits)

200

133

364

345

(253)

117

145

(267)

113

140

-5.2%

950

1,002

247

148

FY23Q4FY24Q4

China

Japan

North

America

(US)

Europe

Others

vs.FY23

-19.2%

-9.8%

+5.5%

(+5.7%)

-3.5%

-3.4%

Excluding

China:

-0.6%

*NissanestimationforTIVincludesChinalocalbrandsandLCV

45

Japan

TIV

+1.0%

4,5304,577

2,9032,948

1,6271,629

FY23FY24

(Thousandunits)

RetailSalesProduction

-4.8%-11.5%

vs.FY23

Registered+1.6%

Mini+0.1%

484461

280

295

180

189

FY23FY24

vs.FY23

Registered-5.0%

Mini-4.5%

641

725

440

381

285261

FY23FY24

vs.FY23

Export-13.5%

Domestic-8.5%

FY23Q4

FY24Q4

1,131

1,286

Total+13.6%

747832Registered+11.3%

385454Mini+18.1%

FY23Q4

FY24Q4

148

133

Total-9.8%

8781Registered-7.0%

6052Mini-13.9%

FY23Q4

173

100

73

FY24Q4

158

88

69

Total

Export

Domestic

-9.0%

-11.5%

-5.6%

46

NorthAmerica

TIV

(Thousandunits)

+3.0%

19,354

3,337

vs.FY23

18,800

3,121

Others+6.9%

15,67916,017

US+2.2%

FY23FY24

FY23Q4

4,531

752

3,779

FY24Q4

4,692

786

3,906

Total

Others

US

+3.5%

+4.5%

+3.4%

RetailSales

Production

+3.3%

1,303

vs.FY23

vs.FY23

-4.5%

1,262

1,178

1,235

365

346

Others+5.5%

629

678

Others+7.8%

938

916

US+2.5%

500

606

US-17.4%

FY24

FY23FY24

FY23

FY23Q4

345

92

253

FY24Q4

364

96

267

Total

Others

US

+5.5%

+4.9%

+5.7%

FY23Q4

322

163

158

FY24Q4

-5.1%

+5.0%

-15.5%

Total

Others

US

305

171

134

47

Europe

TIV(Thousandunits)RetailSalesProduction

+4.7%

vs.FY23

Russia+86.8%

17,122

16,347

876

1,636

15,485

15,470

Excl.

Russia+0.1%

FY23FY24

FY24Q4

FY23Q4

Excl.Russia

4,024

-0.7%

4,051

-2.9%

361351

FY24

FY23

FY23Q4FY24Q4

117113Total-3.5%

-15.1%

、

325

276

FY24

FY23

FY23Q4

FY24Q4

81

73

Total

-9.7%

48

China

TIV

(Millionunits)

+1.6%

25.1

vs.FY23

24.7

14.2

16.5

Others+16.1%

10.6

8.7

Inial-17.9%

FY24

FY23

FY24Q1

5.23.22.1

FY25Q1

7.15.12.0

Total+36.5%

Others+61.8%

International

PVBrand-2.0%

RetailSales(Thousandunits)

-12.2%

794

697

vs.FY23

89

107

Others

Nissan

Brands

-16.8%

-11.5%

608

687

FY23FY24

FY24Q1

167

19

148

FY25Q1

121

15

106

Total

Others

Nissan

Brands

-27.5%

-23.1%

-28.0%

Production

-14.7%

780

665

FY24

FY23

FY24Q1FY25Q1

169117Total-30.8%

49

*Jan-DecforFullYear,Jan-MarforQ1

ConsoIidatedSaIesVoIume

FY24(Thousandunits)FY24Q4

-4.6%

2,657

2,786

439

1,303

337

132

446

474

1,341

364

154

454

FY24

FY23

Japan

NorthAmerica

EuropeAsia

Others

vs.FY23

-7.4%

-2.8%

-7.4%

-13.9%

-1.8%

-4.8%

768

731

125

119

353

370

108

36

115

111

44

118

FY23Q4FY24Q4

Japan

NorthAmerica

Europe

Asia

Others

vs.FY23

-5.3%

-4.5%

-2.2%

-17.5%

-2.9%

50

OperatingProfitVarianceAnalysisForex

Currency

FY23

Rate

FY24

Rate

OPImpact

(BillionYen)

USD

144.6

152.6

97.2

MXN

8.4

8.0

28.7

GBP

181.7

194.7

10.2

CAD

107.2

109.8

8.0

AUD

95.1

99.6

7.1

EUR

156.8

163.9

-7.0

BRL

29.3

27.3

-8.2

EGP

4.6

3.1

-14.1

THB

4.1

4.4

-14.4

ARS

0.4

0.2

-14.7

TRY

5.5

4.5

-21.5

CNY

19.8

21.0

-28.1

Others

--

--

-6.9

Total

--

--

36.4

Currency

FY23Q4

Rate

FY24Q4

Rate

OPImpact

(BillionYen)

MXN

8.8

7.5

18.3

USD

148.6

152.6

12.7

INR

1.8

1.8

0.6

EUR

161.3

160.6

0.1

AUD

97.7

95.7

-0.6

ARS

0.2

0.1

-1.3

TRY

4.8

4.2

-3.0

BRL

30.0

26.1

-3.9

CAD

110.2

106.3

-4.0

THB

4.2

4.5

-4.1

EGP

4.3

3.0

-4.2

CNY

20.4

21.2

-5.3

Others

--

--

-0.3

Total

--

--

5.0

51

OperatingProfitVarianceAnaIysisSaIesPerformance

(BillionYen)

VoIume/Mix

SeIIingExpenses/

Pricing

Japan

US

Europe

MEX/CAN

Others

Total

Japan

US

Europe

MEX/CAN

Others

Total

FY24

VoIume*1MixIncentives*2TotaI

-4.7+2.2+2.0-0.5

-85.3-27.9+19.8-93.3

-35.4-19.2+30.7-23.9

+25.3-25.6+1.2+1.0

-7.1+1.5+10.4+4.8

-107.2-68.9+64.3-111.8

Incentives*3/Pricing

OthersTotaI

+9.8

-171.4

-83.5

-20.0

+92.9

+2.4

-19.6

+11.4

-3.4+3.9

+12.2

-191.0

-72.1

-23.4

+96.8

-172.2