Subaru : Reference for FYE 2026 Consolidated Financial Results

May 15, 2026

Subaru Corporation

Reference for FYE 2026 Consolidated Financial Results (Yen in 100 millions, Units in thousands)

			FYE 2025	FYE 2026			FYE 2027
			[ 2024. 4 - 2025. 3 ]	[ 2025. 4 ‒ 2026. 3 ]			[ 2026. 4 ‒ 2027. 3 ]
			RESULTS	RESULTS			FORECASTS
					Change	%		Change	%
Revenue			46,858	47,850	992	2.1	52,000	4,150	8.7
		Japan	6,514	6,999	485	7.4	-	-	-
		Overseas	40,344	40,851	507	1.3	-	-	-
	Operating profit (loss)		4,053	401	(3,652)	(90.1)	1,500	1,099	273.9
		Profit margin (%)	8.6	0.8			2.9
	Profit (loss) before tax		4,485	1,075	(3,410)	(76.0)	1,800	725	67.5
		Profit margin (%)	9.6	2.2			3.5
Profit (loss) for the period attributable			3,381	908	(2,472)	(73.1)	1,300	392	43.1
to owners of parent Profit margin (%)			7.2	1.9			2.5
Factors contributing to				Changes in business		(2,893)
change in operating profit				environment
				Manufacturing activities		(503)
				Sales activities		524
				Cost reduction efforts		231
				Other		(1,011)
	Exchange rates	JPY/US$ JPY/EUR	152/US$ 162/EUR	150/US$ 174/EUR			155/US$ 180/EUR
Capital expenditures			1,761	2,102			1,600
Depreciation			968	1,036			1,250
R&D expenditures *			1,600	1,580			1,450
Interest bearing debts			3,995	3,845			-
Performance description				- First increase in revenue in 2 years			- 2nd consecutive year of increase in revenue
				- 2nd consecutive year of decrease in profits at all stages			- First increase in profits at all stages in 3 years
				- 2nd consecutive year of decrease in consolidated unit sales			- First increase in consolidated unit sales in 3 years
	Consolidated unit sales		104	103	(1)	(1.4)	108	5	5.1
	< Japan >	Passenger Cars	91	87	(4)	(4.3)	-	-	-
		Minicars	13	16	2	18.8	-	-	-
	Consolidated unit sales		832	793	(39)	(4.7)	832	39	4.9
	< Overseas >	North America	732	708	(24)	(3.2)	736	28	4.0
		Europe	23	23	(0)	(0.1)	96	11	12.9
		China	3	2	(1)	(24.7)
		Other	75	60	(15)	(19.9)
Consolidated unit sales total			936	896	(41)	(4.3)	940	44	4.9
Production units total			946	880	(66)	(7.0)	900	20	2.3
		Japan	602	525	(77)	(12.8)	-	-	-
		U.S.	345	355	11	3.1	-	-	-
Revenue by		Automobile	45,690	46,383	693	1.5
business segment
		Aerospace	1,116	1,417	301	27.0
		Other	51	50	(2)	(3.7)
Operating profit		Automobile	4,204	321	(3,883)	(92.4)
(loss)
		Aerospace	(196)	35	231	-
by business
		Other	37	36	(1)	(1.9)
segment
		Elimination &	9	9	1	7.6
		Corporate

* "R&D expenditures" indicate R&D activity related costs incurred during the reporting period. Under IFRS, a part of these costs that meets capitalization criteria is recognized as an intangible asset and amortized over its estimated useful life; thus, the amount of "R&D expenditures" stated here does not match that of "R&D expenses" stated on the Consolidated Statement of Income.

< Forward-looking statements in this document are based on the information available at the time of the announcement and are subject to various risks and uncertainties that could cause actual results to vary materially. >