SUBARU, The Current Fiscal Year Net Income Revised Upward by 10%, Dividend Revised Upward by 19 yen

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Fri Feb 7, 2025 1:00 pm JST Earnings

7270 SUBARU CORPORATION 【IFRS】

Earnings Report

SUBARU CORPORATION <7270> [TSE Prime] announced its financial results (based on IFRS) in the afternoon session on February 7th (13:00). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 6.2% from the same period last year, reaching 317 billion yen.

In addition, the full-year consolidated net income has been revised upward 10.0%, from the previous forecast of 300 billion yen to 330 billion yen (compared to 385 billion yen in the previous period), and the declining rate is expected to decrease from 22.1% to 14.3%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the October to March period (2H) has been revised upward 21.9%, from the previous forecast of 136 billion yen to 166 billion yen (compared to 234 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 41.5% to 28.7%.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 96 yen to 115 yen (compared to 106 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated net income grew 4.4% from the same period last year, reaching 154 billion yen. However, the operating profit margin decreased from 14.4% in the same period last year to 11.6%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	2,807,984	213,692	215,122	154,419	201.3	77.3	Feb 8, 2023	IFRS
Apr - Dec, 2023	3,496,398	370,993	416,226	298,859	394.5	78.2	Feb 8, 2024	IFRS
Apr - Dec, 2024	3,536,343	369,150	426,030	317,402	428.8	88.8	Feb 7, 2025	IFRS
YoY	+1.1%	-0.5%	+2.4%	+6.2%	+8.7%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	2,453,842	178,003	199,028	136,967	187.4	48	Nov 1, 2024	IFRS
Oct - Mar, 2024 New	2,493,842	208,003	259,028	166,967	228.4	67	Feb 7, 2025	IFRS
Revision Rate	+1.6%	+16.9%	+30.1%	+21.9%	+21.9%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	4,720,000	400,000	420,000	300,000	410.4	96	May 13, 2024	IFRS
Mar, 2025 New	4,760,000	430,000	480,000	330,000	451.4	115	Feb 7, 2025	IFRS
Revision Rate	+0.8%	+7.5%	+14.3%	+10.0%	+10.0%

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	2,493,842	208,003	259,028	166,967	228.4	67	Feb 7, 2025	IFRS
YoY	+0.2%	-26.3%	-15.4%	-28.7%	-26.2%

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	4,760,000	430,000	480,000	330,000	451.4	115	Feb 7, 2025	IFRS
YoY	+1.2%	-8.2%	-9.9%	-14.3%	-11.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
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
Oct - Dec, 2024	1,270,185	147,153	205,058	154,369	208.6	11.6	Feb 7, 2025	IFRS
YoY	-1.0%	-20.5%	+8.1%	+4.4%	+6.8%