Subaru Corporation Announces Consolidated Financial Results
for the First Half of FYE 2025
Tokyo, November 1, 2024 – Subaru Corporation today announced its consolidated financial results for the first half of the fiscal year ending March 31, 2025.
Results for April–September 2024: Consolidated Revenue
While overseas production showed steady growth, increasing 2.5% to 177,000 units, domestic production fell 7.1% to 298,000 units due to factors including production adjustments at the beginning of the fiscal year. As a result, global production decreased 3.7% to 475,000 units.
In terms of consolidated unit sales, Japan showed strong performance, increasing 10.6%, driven primarily by sales of passenger vehicles, including the Levorg series with the Layback.
In the key U.S. market, retail sales posted the twenty-sixth consecutive month of increases through September 2024; however, due to the aforementioned production adjustment impacts, overseas consolidated sales decreased 5.8%.
As a result, global consolidated unit sales fell 4.2% to 450,000 units.
Consolidated revenue increased by 2.4% to 2,266.2 billion yen, as factors such as favorable exchange rates and price revisions more than offset higher sales incentives caused by a competitive environment in overseas market and lower sales volume.
Results for April–September 2024: Consolidated Profit and Loss
Due to the same factors impacting consolidated revenue, operating profit increased 19.5% to 222.0 billion yen, profit before tax decreased 2.4% to 221.0 billion yen, and profit for the period attributable to owners of parent increased 8.0% to 163.0 billion yen.
Forecast for FYE 2025
Based on recent sales trends and inventory levels in overseas markets, the Company is revising its initial production forecast announced on May 13, 2024, downward by 10,000 units to 950,000 units. Similarly, the consolidated unit sales forecast has been reduced by 30,000 units to 950,000 units.
On the other hand, the revenue and profit forecasts for the full year remain unchanged from the initial announcement*, incorporating factors such as controlling the increasing trend of sales incentives to industry-low levels and the effect of yen depreciation, with consolidated revenue expected to be 4,720 billion yen and operating profit 400 billion yen.
The latest forecasts for FYE 2025 are based on exchange rate assumptions of 149 yen to the U.S. dollar and 162 yen to the euro.
*Initial forecast for FYE 2025 (Announced on May 13, 2024):
- Revenue: 4,720 billion yen
- Operating profit: 400 billion yen
- Profit before tax: 420 billion yen
- Profit for the period attributable to owners of parent: 300 billion yen
Currency rate assumptions: 142 yen/US$, 153 yen/euro
Notes on figures in the results:
Vehicle volume figures are rounded to the nearest thousand. Yen figures are rounded to the nearest hundred million.
Forward-looking statements in this document, including financial and other projections, are based on information available at the time of publication and are subject to various risks and uncertainties that could cause actual results to vary materially.
Reference for the 1st Half of FYE 2025 Consolidated Financial Results
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