SUBARU CORPORATION, First Half Net Income Increases by 8%

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Fri Nov 1, 2024 1:00 pm JST Earnings

7270 SUBARU CORPORATION 【IFRS】

Earnings Report

SUBARU CORPORATION <7270> [TSE-P] announced its financial results (based on IFRS) in the afternoon session on November 1st (13:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 8.0% from the same period last year, reaching 163 billion yen. The progress rate against the 300 billion yen full-year plan was 54.3%, also surpassing the five-year average of 43.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to drop by 41.5% from the same period last year to 136 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income amounted to 79 billion yen, an increase of 1.7% compared to the same period last year. The operating profit margin improved from 9.0% in the same period last year to 11.1%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	1,750,896	110,445	120,356	77,858	101.5	43.2	Nov 2, 2022	IFRS
Apr - Sep, 2023	2,213,455	185,842	226,453	150,948	198.6	42.5	Nov 2, 2023	IFRS
Apr - Sep, 2024	2,266,158	221,997	220,972	163,033	219.1	52.6	Nov 1, 2024	IFRS
YoY	+2.4%	+19.5%	-2.4%	+8.0%	+10.3%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	ー	ー	－	48	May 13, 2024	IFRS
Apr - Sep, 2024 Results	2,266,158	221,997	220,972	163,033	219.1	48	Nov 1, 2024	IFRS
Revision Rate	－	－	－	－	－

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	2,489,492	282,356	306,121	234,136	309.6	58	May 13, 2024	IFRS
Oct - Mar, 2024 Guidance	2,453,842	178,003	199,028	136,967	187.4	48	Nov 1, 2024	IFRS
YoY	-1.4%	-37.0%	-35.0%	-41.5%	-39.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	3,774,468	267,483	278,366	200,431	261.3	76	May 11, 2023	IFRS
Mar, 2024	4,702,947	468,198	532,574	385,084	509.2	106	May 13, 2024	IFRS
Mar, 2025 Guidance	4,720,000	400,000	420,000	300,000	410.4	96	May 13, 2024	IFRS
YoY	+0.4%	-14.6%	-21.1%	-22.1%	-19.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,131,315	101,375	111,089	77,706	102.2	9.0	Nov 2, 2023	IFRS
Oct - Dec, 2023	1,282,943	185,151	189,773	147,911	195.2	14.4	Feb 8, 2024	IFRS
Jan - Mar, 2024	1,206,549	97,205	116,348	86,225	114.0	8.1	May 13, 2024	IFRS
Apr - Jun, 2024	1,092,134	91,126	108,026	84,007	112.1	8.3	Aug 5, 2024	IFRS
Jul - Sep, 2024	1,174,024	130,871	112,946	79,026	106.2	11.1	Nov 1, 2024	IFRS
YoY	+3.8%	+29.1%	+1.7%	+1.7%	+3.9%