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SUBARU, Net Income Forecast for the Fiscal Year Revised Downward by 22%

Fri Feb 6, 2026 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 6th (13:00). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2026 (April to December) significantly dropped 73.8% from the same period last year to 83.0 billion yen.

In addition, the full-year forecast for consolidated net income has decreased 21.9%, from the previous forecast of 160 billion yen to 125 billion yen (compared to 338 billion yen in the previous period), leading to an increase in the profit decline rate from 52.7% to 63.0%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the October to March period (second half) has decreased 50.3%, from the previous forecast of 69.5 billion yen to 34.5 billion yen (compared to 175 billion yen in the same period of the previous year), leading to an increase in the profit decline rate from 60.2% to 80.2%.

In the most recent three-month period, from October to December (3Q), the consolidated net income/loss turned to a loss of 7.33 billion yen (compared to a profit of 154 billion yen in the same period last year). The operating profit/loss margin drastically worsened from 11.6% in the same period last year to -3.2%.

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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, 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 95.0 Feb 7, 2025 IFRS
Apr - Dec, 2025 3,518,961 66,284 118,999 83,084 114.4 66.1 Feb 6, 2026 IFRS
YoY -0.5% -82.0% -72.1% -73.8% -73.3%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2025 Prev 2,194,338 97,330 100,521 69,585 97.3 58 Nov 10, 2025 IFRS
Oct - Mar, 2025 New 2,414,338 27,330 50,521 34,585 48.3 58 Feb 6, 2026 IFRS
Revision Rate +10.0% -71.9% -49.7% -50.3% -50.3%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 4,580,000 200,000 230,000 160,000 223.6 115 Aug 7, 2025 IFRS
Mar, 2026 New 4,800,000 130,000 180,000 125,000 174.7 115 Feb 6, 2026 IFRS
Revision Rate +4.8% -35.0% -21.7% -21.9% -21.9%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 2,419,605 183,311 227,535 175,029 237.1 67 May 14, 2025 IFRS
Oct - Mar, 2025 Guidance 2,414,338 27,330 50,521 34,585 48.3 58 Feb 6, 2026 IFRS
YoY -0.2% -85.1% -77.8% -80.2% -79.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 4,702,947 468,198 532,574 385,084 509.2 106 May 13, 2024 IFRS
Mar, 2025 4,685,763 405,308 448,507 338,062 458.0 115 May 14, 2025 IFRS
Mar, 2026 Guidance 4,800,000 130,000 180,000 125,000 174.7 115 Feb 6, 2026 IFRS
YoY +2.4% -67.9% -59.9% -63.0% -61.9%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2024 1,270,185 147,153 205,058 154,369 208.6 11.6 Feb 7, 2025 IFRS
Jan - Mar, 2025 1,149,420 36,158 22,477 20,660 28.0 3.1 May 14, 2025 IFRS
Apr - Jun, 2025 1,214,104 76,399 78,464 54,849 75.0 6.3 Aug 7, 2025 IFRS
Jul - Sep, 2025 1,171,558 26,271 51,015 35,566 48.7 2.2 Nov 10, 2025 IFRS
Oct - Dec, 2025 1,133,299 -36,386 -10,480 -7,331 -10.1 -3.2 Feb 6, 2026 IFRS
YoY -10.8% － － － －

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