Nissan Motor Co., Ltd. · TSE:7201
Nissan Motor — H1 FY2023 Earnings Presentation
37 slides from Nissan Motor's earnings presentation, Nov 9, 2023
Slide 1: FY2023 First-Half Financial Results
NISSAN MOTOR CORPORATION FY2023 FIRST-HALF FINANCIAL RESULTS November 9, 2023
Slide 2: H1 Highlights
H1 Highlights Net income Net Revenue I = +30% $115% — +359% year on year year on year year on year >i NISSAN A E<\ MOTOR CORPORATION he r | 1 fill 2 <e —
Slide 3: Agenda
| FY2023 H1 Financial Results 2 FY2023 Outlook 3 China Update
Slide 4: FY2023 H1 Financial Results
FY2023 H1 Financial Results
Slide 5: H1 Volume Results (Thousand units)
H1 Volume Results (Thousand units) H1 Retail Sales H1 Production Volume +3.3% vs. FY29 H1 vs. FY22 H1 1569 ——_1622 CHINA -34.3% CHINA -34,3% (Excluding DFAC*) (25.2%) (Excluding DFAC*) (24.4%) JAPAN +10.7% NORTH +39.2% | EXCLUDING EXCLUDING AMERICA CHINA: CHINA +25.1% +23.4% EUROPE +19.3% 234 OTHERS
Slide 6: Q2 Volume Results (Thousand units)
Q2 Volume Results (Thousand units) Q2 Retail Sales Q2 Production Volume +11.0% 933 een vs. FY22 Q2 CHINA -32.0% CHINA -20.5% (Excluding DFAC*) 25.3%) (Excluding DFAC*) (9.8%) ~ JAPAN +4.2% NORTH 46.79 AMERICA 467% CHINA. etary +20.5% +26.5% EUROPE +32.2% 18 OTHERS +10.4% 7 FY22 Q2 FY23 Q2 FY22 Q2 FY
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Slide 12: Financial Performance (Equity Basis)
Financial Performance (Equity Basis) (Billion Yen) FY22 H1 FY23 H1 Variance FY22 Q2 FY23 Q2 Variance Net Revenue 4,662.3 6,063.3 +1,401.1 2,524.9 3,145.7 +620.8 Operating Profit 156.6 336.7 +180.1 91.7 208.1 +116.4 OP Margin 3.4% 5.6% +2.2points 3.6% 6.6% +3.0 points Non-operating’! 40.3 75.9 1.2 38
Slide 13: Operating Profit Variance Analysis FY23 H1
Financial Performance (Equity Basis) Operating Profit Variance Analysis FY23 H1 vs. Previous Year (Billion Yen) +272.8 -42.0 a66 336.7 $22.6 156.6 Piss) — FY29 HI Forex Raokktats pee Res at Tk Others FY23 HI Breakdown | Volume/Mix +180.7 | Manufacturing +150 | Sales Finance —_-28,3 - Credit loss 19.
Slide 14: FY2023 Outlook
DS, FY2023 Outlook
Slide 15: FY23 Volume Outlook Unchanged
FY23 Volume Outlook Unchanged Retail Sales (Thousand units) GLOBAL CHINA (Excluding DFAC*) JAPAN NORTH AMERICA EUROPE 308 474 OTHERS FY22 Actual FY23 Outlook *DFAC (Dongfeng Automobile Co, Ltd.) has been deconsolidated from October 2022 (FY22 Q4) NISSAN MOTOR CORPORATION vs. FY22 +12.0% 23.4% (15.4%
Slide 16: FY23 Outlook (Equity Basis)
FY23 Outlook (Equity Basis) FY23 FY23 Variance FY22 Previous Revised Variance vs Previous (Billion Yen) Actual Outlook Outlook vs FY22 Outlook Net Revenue 10,596.7 12,600.0 13,000.0 +2,403.3 +400.0 Operating Profit 377.1 550.0 620.0 +242.9 +70.0 OP Margin 3.6% 44% 48% +1.2 points +0.4 points Net Inc
Slide 17: Shareholder Return
NISSAN MOTOR CORPORATION 5 yen Shareholder Return Dividend Per Share 10 yen 15 yen or more FY21 FY22 FY23 Outlook
Slide 18: China Update
3 China Update
Slide 19: China Strategy
China Strategy Strategic Actions by 2026 ' 4 eee 6 JV NEVs Export of re © 8 made in China ISSetlh starting H2 for Chima vehicles at 2024 100k level Leveraging Nissan R&D Assets 20-years JV experience & Full Value Chain — 3 a oe Design-to-market Time-to-market © © NISSAN MOTOR CORPORATION
Slide 20: Nissan Future Mobility and EV plans
100% all new models to be EV in Europe by 2030 Nissan Future Mobility at Japan Mobility Show 2023 Produce 2 SUVs in Brazil NISSAN MOTOR CORPORATION
Slide 21: Appendix
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Slide 24: Sales Financing
Sales Financing . | Oe Penetration Retail DNAF (Retail) DNFL (Lease) NFS NMAC NCF NRFM FY22 H1 FY23H1 FY22 H1 FY23H1 FY22 H1 FY23H1 FY22 H1 FY23H1 FY22 H1 FY23H1 NFS: Nissan Financial Services, sales finance company in Japan NRFM: NR Finance Mexico, sales finance company in Mexico NMAC: Nissan Motor
Slide 25: Sales Financing: Net Credit Loss Ratio
Sales Financing Net Credit Loss Ratio NFS NMAC NCF DNAF/DNFL* Lease Retail Total Lease Retail Total Lease Retail Total Lease Retail Total FY22H1 0.01% 0.05% 0.04% -0.39% 0.31% 0.03% -0.01% 0.05% 0.02% 1.45% 0.21% 0.34% FY23H1 0.02% 0.05% 0.04% -0.03% 0.56% 0.34% 0,00% 0.05% 0.03% 0.99% 0.53% 0.59% V
Slide 26: Sales Financing: Operating Profit & Asset
Sales Financing Operating Profit & Asset NFS NMAC NCF NRFM DNAF/DNFL (Billion JPY) (Million USD) (Million CAD) (Million MXN) (Million CNY) Asset OP Asset OP Asset OP Asset OP Asset OP FY22 H1 1,342.8 18.7 36,661 644 7,083 125 79,179 2,380 62,746 1,423 FY23 H1 1,376.7 16.9 39,735 606 6,705 105 92,098
Slide 27: FY23 H1 Sales Performance
FY23 H1 Sales Performance TIV (Million units) Retail Volume (Thousand units) 0) vs. FY22 H1 en 40.68 3.3% eas 1569 — 1,622 vs. FY22 H1 CHINA +2.2% CHINA 84.3% (Excluding DFAC*) (-24.4%) JAPAN +15.7% ~ NORTH JAPAN +10.7% +175% AMERICA (1750) (Us) NORTH EXCLUDING +39.2% AMERICA EUROPE +18.4% > CHINA:
Slide 28: FY23 Q2 Sales Performance
FY23 Q2 Sales Performance TIV (Million units) Retail Volume (Thousand units) vs. FY22 O2 vs. FY22 O2 CHINA +21.3% CHINA -20.5% (Excluding DFAC*) 9.8%) JAPAN +11,8% JAPAN +4.2% NORTH +18.5% AMERICA (417.9%) es) NORTE +46.7% EXCLUDING AMERICA (440.8%) EXCLUDING EUROPE +175% CHINA: Us) CHINA: (Excludin
Slide 29: Consolidated Sales Volume (Equity Basis)
Consolidated Sales Volume (Equity Basis) FY23 H1 (Thousand units) FY23 Q2 (Thousand units) 423.7% 1335 JAPAN 1,079 210 NORTH AMERICA 446 429 EUROPE 104 ASIA 190 OTHERS FY29 H1 NISSAN MOTOR CORPORATION vs. FY22 H1 +9.1% +43,7% +28.1% -21.7% +14.9% JAPAN 560 N12 NORTH AMERICA 233 EUROPE 65 ASIA 55 95
Slide 30: FY23 Q2 Financial Performance (Equity Basis)
FY23 Q2 Financial Performance (Equity Basis) Operating Profit Variance Analysis FY23 Q2 (3 months) vs. Previous Year (Billion Yen) +112.1 -22.8 -3.6 208.1 +19.7 917 +11.0 a [| FY22 02 F Raw Material pales Monezulcun Oth FY23 2 ‘orex aw Materials STiGninancel Cost ers Breakdown | Volume/Mix +649] Man
Slide 31: FY23 Financial Performance (Equity Basis)
NISSAN MOTOR CORPORATION FY23 Financial Performance (Equity Basis) FY23 Quarterly Income Statement (Billion Yen) ai Q2 FY23 H1 Net Revenue 2,917.7 3,145.7 6,063.3 Operating Profit 128.6 208.1 336.7 OP Margin 44% 6.6% 5.6% Non-operating’! 38.0 38.0 75.9 Ordinary Profit 166.6 246.1 A127 Extraordinary
Slide 32: Operating Profit Variance Analysis: Forex
Financial Performance (Equity Basis) Operating Profit Variance Analysis: Forex H1 coneney ee ee OF impact Currency eS “eo oF meat USD 134.0 141.1 60.5 USD 1383 144.6 26.2 GBP 162.9 1776 46 BRL 26.4 29.6 3.1 BRL 26.4 28.7 4.4 GBP 162.8 183.1 29 CAD 103.8 105.1 27 EUR 139.3 157.3 2.6 CNY 19.0 19.5 -6.
Slide 33: Operating Profit Variance Analysis: Sales Performance
Volume/Mix Selling Expenses/ Pricing NISSAN Financial Performance (Equity Basis) Operating Profit Variance Analysis: Sales Performance (Bitten FY23 H1 FY23 Q2 Volume’! Mix Incentives? Total Volume’! Mix Incentives? Total Japan 44 9.3 -1.2 12.6 -0.1 18 08 2.5 US 1576 -25.5 -479 84.2 61.8 -23.7 -22.2
Slide 34: Automotive Free Cash Flow
NISSAN MOTOR CORPORATION Financial Performance (Equity Basis) Automotive Free Cash Flow (Billion Yen) Qi Q2 FY23 H1 Net Cash Inflow From P&L Items +133.3 +235.8 +369.1 AP/AR +135.6 +91.9 +2275 Inventory “119 “142.7 -214.7 Working Capital +63.7 -50.8 +12.8 Tax/Other Operating Activities +1.2 -10.4 -9
Slide 35: Inventory Status (Excluding China JV)
Inventory Status (Excluding China JV) (Thousand units) 850 800 Sie 540 | | 330 ge» i i FY18 Q4 FY1I9Q4 FY20Q4 FY21Q4 FY22Q1 FY22Q2 FY2203 FY2204 FY23Q1 FY23 Q2 Il Dealer inventory, except some minor countries Consolidated Nissan inventory, except some minor countries NISSAN - S. . ADA MOTOR CORPORAT
Slide 36: Net Cash by Business Segment (Equity Basis)
Net Cash by Business Segment (Equity Basis) As of March 31, 2023 As of September 30, 2023 Automobile & Sales fatal Automobile & Sales fatal Eliminations Financing ora Eliminations Financing ora (Billion Yen) Borrowings From Third Parties 2,144.0 4,895.1 7,039.1 1,963.1 layelaxels} 7,316.4 Internal L
Slide 37: Forward-looking statements
This presentation contains forward-looking statements, based on judgments and estimates that have been made on the basis of currently available information. By nature, such statements are subject to uncertainty and risk. Therefore, you are advised that the final results might be significantly differ