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SUBARU, First Half Net Income Decreases by 45%

Mon Nov 10, 2025 1:30 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 November 10th (13:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2026 (April to September) dropped 44.5% from the same period last year to 90.4 billion yen. Progress toward the full-year plan of 160 billion yen was 56.5%, also surpassing the five-year average of 44.2%.

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 significant drop 60.2% from the same period last year to 69.5 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income significantly dropped to 35.5 billion yen, a 55.0% decrease compared to the same period last year. The operating profit margin sharply declined from 11.1% in the same period last year to 2.2%.

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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, 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 49.3 Nov 1, 2024 IFRS
Apr - Sep, 2025 2,385,662 102,670 129,479 90,415 123.9 56.3 Nov 10, 2025 IFRS
YoY +5.3% -53.8% -41.4% -44.5% -43.4%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance ー ー ー ー － 57 May 14, 2025 IFRS
Apr - Sep, 2025 Results 2,385,662 102,670 129,479 90,415 123.9 57 Nov 10, 2025 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, 2024 2,419,605 183,311 227,535 175,029 237.1 67 May 14, 2025 IFRS
Oct - Mar, 2025 Guidance 2,194,338 97,330 100,521 69,585 96.8 58 Nov 10, 2025 IFRS
YoY -9.3% -46.9% -55.8% -60.2% -59.2%

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 4,580,000 200,000 230,000 160,000 222.7 115 Aug 7, 2025 IFRS
YoY -2.3% -50.7% -48.7% -52.7% -51.4%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
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
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
YoY -0.2% -79.9% -54.8% -55.0% -54.1%

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