Interim report
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Consolidated Financial Results for the Three Months Ended June 30, 2026 (Under IFRS) August 3, 2026 Company name: ISUZU MOTORS LIMITED Listing: Tokyo Stock Exchange Securities code: 7202 URL: https://www.isuzu-global.com/en/investor.html Representative: Naohiro Yamaguchi, President CEO Inquiries: Takayuki Aikawa, General Manager, Public Relations Department Telephone: +81-45-299-9099 Expected starting date for distribution of cash dividends: – Preparation of supplementary material on financial results: Yes Holding of financial results meeting: Yes (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for first three months of FY2027 (April 1, 2026 through June 30, 2026) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Revenue Operating profit Profit before tax Profit Three months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % June 30, 2026 832,519 6.8 74,761 30.7 81,431 26.8 62,662 24.5 June 30, 2025 779,854 3.6 57,222 (27. 7) 64,210 (25.7) 50,320 (21.5) Profit attributable to owners of parent Total comprehensive income Basic earnings per share Diluted earnings per share Three months ended Millions of yen % Millions of yen % Yen Yen June 30, 2026 50,938 23.0 72,389 66.2 74.12 74.09 June 30, 2025 41,417 (19.8) 43,557 (52.5) 58.18 58.16 Note: Basic earnings per share and diluted earnings per share ar e calculated based on the amount of profit attributable to owners of parent. (2) Consolidated financial position Total assets Total equity Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets As of Millions of yen Millions of yen Millions of yen % June 30, 2026 3,702,996 1,680,100 1,507,532 40.7 March 31, 2026 3,663,138 1,663,986 1,479,509 40.4 2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen FY2026 – 46.00 – 46.00 92.00 FY2027 – FY2027 (Forecast) 47.00 – 47.00 94.00 Note: Revision to the projected dividend for FY2027 most recently announced: None 3. Consolidated earnings forecasts for FY2027 (April 1, 2026 through March 31, 2027) (Percentages indicate year-on-year changes.) Revenue Operating profit Profit before tax Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen FY2027 3,700,000 6.4 260,000 27.6 260,000 12.8 160,000 18.6 232.82 Note: Revision to consolidated earnings fore casts for FY2027 most recently announced: None
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* Notes (1) Significant changes in the scope of consolidation during the period: Yes Excluded: 1 company (Isuzu (China) Engine Co., Ltd.) (2) Changes in accounting policies and changes in accounting estimates (i) Changes in accounting policies required by IFRS: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (3) Number of issued shares (ordinary shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of June 30, 2026 688,751,769 shares As of March 31, 2026 688,751,769 shares (ii) Number of treasury shares at the end of the period As of June 30, 2026 1,515,467 shares As of March 31, 2026 1,514,655 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Three months ended June 30, 2026 687,236,735 shares Three months ended June 30, 2025 711,846,931 shares Note: “(ii) Number of treasury shares at the end of the period” includes shares owned by the Company and by the fund whose beneficiaries are directors of the Company. “(iii) Average number of shares outstanding during the period” does not include shares owned by the Company and by the fund whose beneficiaries are directors of the Company. * Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: None * Proper use of earnings forecasts, and other special matters The financial forecast and other descriptions of the future presented in this document are based on currently available information and assumptions which are deemed reasonable at present, and are not intended to be a promise by the Company that they will be achieved. Consequently, the actual financial performance may vary significantly from the forecast due to various factors. For such assumptions and notes with respect to earnings forecasts, please refer to “1. Overview of Financial Results and Financial Position, (3) Explanation of Consolidated Earnings Forecast and Other Forward-Looking Statements” of the attachments. The Company has posted its materials for the financial results meeting on its website on Monday, August 3, 2026.
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- 1 - List of Contents of Attachments Index 1. Overview of Financial Results and Financial Position ............................................................................. 2 (1) Overview of Consolidated Financial Results ..................................................................................... 2 (2) Overview of Consolidated Financial Position .................................................................................... 2 (3) Explanation of Consolidated Earnings Forecast and Other Forward-Looking Statements ................ 3 2. Condensed Quarterly Consolidated Financial Statements and Major Notes ............................................ 4 (1) Condensed Quarterly Consolidated Statement of Financial Position ................................................. 4 (2) Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated Statement of Comprehensive Income ........................................................................... 6 (3) Condensed Quarterly Consolidated Statement of Changes in Equity ................................................ 8 (4) Condensed Quarterly Consolidated Statement of Cash Flows ......................................................... 10 (5) Notes to Condensed Quarterly Consolidated Financial Statements ................................................. 12 Notes on premise of going concern .................................................................................................. 12 Segment information, etc. ..................................................................................................... ........... 12 Additional information ..................................................................................................................... 17 Significant events after reporting period .......................................................................................... 17 3. Supplementary Information .................................................................................................................... 18 (1) Revenue Condition ........................................................................................................................... 18 Consolidated revenue results ............................................................................................................ 18
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- 2 - 1. Overview of Financial Results and Financial Position (1) Overview of Consolidated Financial Results As for the overview of financial results, please refer to the earnings report of FY2027 First Quarter Financial Results (April-June 2026) posted on the Company’s website (https://www.isuzu- global.com/en/investor.html) today (August 3, 2026). (2) Overview of Consolidated Financial Position (i) Assets, Liabilities and Equity Total assets as of June 30, 2026 rose 39.9 billion yen from the end of previous fiscal year to 3,703.0 billion yen. This was mainly due to increases in cash and cash equivalents of 14.9 billion yen, inventories of 79.4 billion yen, property, plant and equipment of 16.6 billion yen, and investments accounted for using equity method of 17.7 billion yen, partially offset by decreases in trade and other receivables of 60.2 billion yen and assets held for sale of 46.8 billion yen. Liabilities increased by 23.7 billion yen from the previous fiscal year to 2,022.9 billion yen. This was mainly because of an increase in interest-bearing liabilities of 153.6 billion yen, partially offset by a decrease in trade and other payables of 130.8 billion yen. Equity increased by 16.1 billion yen from the previous fiscal year to 1,680.1 billion yen. This was mainly due to the recording of 50.9 billion yen in profit attributable to owners of parent, partially offset by a decrease of 31.6 billion yen due to dividend payments of retained earnings and a decrease in non- controlling interests of 11.9 billion yen. The ratio of equity attributable to owners of parent to total assets stood at 40.7%, compared with 40.4% at the end of the previous fiscal year. Interest-bearing liabilities increased by 153.6 billion yen from the end of the previous fiscal year to 1,011.0 billion yen. (ii) Overview of Cash Flows Cash and cash equivalents (hereinafter referred to as “funds”) as of June 30, 2026 increased by 5.7 billion yen from the end of the previous fiscal year to 391.1 billion yen as a result of the use of funds provided by financing activities for operating activities and investing activities. The situation of each type of cash flow during the three months ended June 30, 2026 and the contributing factors are as follows: [Cash Flow from Operating Activities] Funds used in operating activities amounted to 45.3 billion yen, compared to the inflow of 63.4 billion yen in the same period of the previous fiscal year. This was mainly due to outflows of funds of 111.7 billion yen from a decrease in trade and other payables, which includes the impact of approximately 90.0 billion yen from shortening the payment terms to suppliers as planned, 71.9 billion yen from an increase in inventories, which includes a temporary increase in product inventories of approximately 35.0 billion yen due to shipment delays and a shortage of shipping capacity to various countries caused by the Middle East situation, and 16.4 billion yen from income taxes paid. However, these were partially offset by inflows of funds of 81.4 billion yen recorded for profit before tax, 39.0 billion yen for depreciation and amortization, and a decrease in trade and other receivables of 61.5 billion yen. The impacts of shortening the payment terms to suppliers and the temporary increase in inventories were temporary factors concentrated in the first quarter of FY2027 ending March 31, 2027. [Cash Flow from Investing Activities] Funds used in investing activities amounted to 64.2 billion yen, up 108.6% compared to the same period of the previous fiscal year. This was mainly due to an outflow of funds of 51.7 billion yen from purchase of property, plant and equipment.
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- 3 - [Cash Flow from Financing Activities] Funds provided by financing activities amounted to 106.4 billion yen, compared to the outflow of 5.3 billion yen in the same period of the previous fiscal year. This was mainly due to inflows of funds of 123.0 billion yen from an increase in commercial papers and 53.1 billion yen from execution of long-term borrowings, partially offset by outflows of funds of 31.2 billion yen from dividends paid and 25.3 billion yen from repayments of long-term borrowings. (3) Explanation of Consolidated Earnings Fo recast and Other Forward-Looking Statements There has been no change to the full-year consolidated earnings forecast released on May 13, 2026. * The Company calculated this forecast for the fiscal year ending March 31, 2027 by consolidating the information available at this moment of various markets around the world to figure out the expected timing of demand recovery. The forecast also includes risks and uncertainties such as global economic and market trends and exchange rate fluctuations. The Company’s actual consolidated financial results may differ considerably from the forecast above, which therefore should not be the sole basis for any investment decisions.
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- 4 - 2. Condensed Quarterly Consolidated Fi nancial Statements and Major Notes (1) Condensed Quarterly Consolidated Statement of Financial Position (Millions of yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and cash equivalents 376,246 391,117 Trade and other receivables 760,910 700,728 Other financial assets 22,016 28,762 Inventories 740,087 819,503 Income taxes receivable 7,321 9,250 Other current assets 86,518 96,477 Subtotal 1,993,102 2,045,840 Assets held for sale 53,792 7,040 Total current assets 2,046,894 2,052,881 Non-current assets Property, plant and equipment 923,587 940,234 Goodwill 15,213 15,213 Intangible assets 147,966 145,684 Right-of-use assets 107,348 108,819 Investments accounted for using equity method 131,266 148,918 Other financial assets 206,952 204,146 Retirement benefit asset 23,473 23,762 Deferred tax assets 54,225 54,184 Other non-current assets 6,208 9,151 Total non-current assets 1,616,243 1,650,115 Total assets 3,663,138 3,702,996
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- 5 - (Millions of yen) As of March 31, 2026 As of June 30, 2026 Liabilities and equity Liabilities Current liabilities Trade and other payables 751,877 621,077 Bonds and borrowings 195,690 328,895 Lease liabilities 24,821 25,360 Other financial liabilities 10,108 13,173 Income taxes payable 31,277 37,196 Provisions 60,828 57,599 Other current liabilities 96,078 111,631 Subtotal 1,170,683 1,194,935 Liabilities directly associated with assets held for sale 16,499 – Total current liabilities 1,187,182 1,194,935 Non-current liabilities Bonds and borrowings 548,322 566,000 Lease liabilities 88,567 90,739 Other financial liabilities 1,200 1,165 Retirement benefit liabilit y 83,475 83,863 Provisions 50,011 50,258 Deferred tax liabilities 18,910 13,904 Other non-current liabilities 21,480 22,029 Total non-current liabilities 811,968 827,960 Total liabilities 1,999,151 2,022,896 Equity Share capital 40,644 40,644 Capital surplus 42,451 42,589 Treasury shares (2,355) (2,358) Retained earnin gs 1,201,580 1,222,029 Other components of equity 193,367 204,627 Accumulated other comprehensive income associated with assets held for sale 3,820 – Total equity attributable to owners of parent 1,479,509 1,507,532 Non-controlling interests 184,476 172,567 Total equity 1,663,986 1,680,100 Total liabilities and equity 3,663,138 3,702,996
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- 6 - (2) Condensed Quarterly Consolidated Statemen t of Profit or Loss and Condensed Quarterly Consolidated Statement of Comprehensive Income Condensed quarterly consolidated statement of profit or loss (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Revenue 779,854 832,519 Cost of sales 623,578 644,647 Gross profit 156,276 187,872 Selling, general and administrative expenses 99,216 117,114 Other income 1,813 5,275 Other expenses 1,650 1,271 O perating profit 57,222 74,761 Finance income 6,228 7,266 Finance costs 2,041 2,570 Share of profit of investments accounted for using equity metho d 2,801 1,973 Profit before tax 64,210 81,431 Income tax expense 13,890 18,768 Profit 50,320 62,662 Profit attributable to Owners of parent 41,417 50,938 Non-controlling interests 8,903 11,723 Profit 50,320 62,662 Earnings per share Basic earnings per share (yen) 58.18 74.12 Diluted earnings per share (yen) 58.16 74.09
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- 7 - Condensed quarterly consolidated statement of comprehensive income (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Profit 50,320 62,662 Other comprehensive income Items that will not be reclassified to profit or loss Net change in fair value of financial assets measured at fair value through other comprehensive income 2,485 (1,786) Remeasurements of defined benefit plans 34 (14) Share of other comprehensive income of investments accounted for using equity method (20) 6 Total 2,499 (1,795) Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations (9,068) 11,912 Cash flow hedges (195) (390) Share of other comprehensive income of investments accounted for using equity method – 0 Total (9,263) 11,521 Other comprehensive income, net of tax (6,763) 9,726 Comprehensive income 43,557 72,389 Comprehensive income attributable to Owners of parent 35,569 59,504 Non-controlling interests 7,987 12,885 Comprehensive income 43,557 72,389
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- 8 - (3) Condensed Quarterly Consolidated Statement of Changes in Equity Three months ended June 30, 2025 (Millions of yen) Equity attributable to owners of paren t Share capital Capital surplus Treasury shares Retained earnings Other components of equity Exchange differences on translation of foreign operations Cash flow hedges Balance as of April 1, 2025 40,644 42,160 (2,364) 1,162,408 65,797 162 Profit – – – 41,417 – – Other comprehensive income – – – – (8,204) (195) Total comprehensive income – – – 41,417 (8,204) (195) Purchase of treasury shares – – (2,322) – – – Dividends of surplus – – – (32,754) – – Share-based payment transactions – 159 – – – – Transfer from other components of equity to retained earnings – – – 1,593 – – Reclassification of accumulated other comprehensive income associated with assets held for sale – – – – – – Balance as of June 30, 2025 40,644 42,320 (4,686) 1,172,664 57,593 (32) Equity attributable to owners of paren t Non- controlling interests Total equity Other components of equity Accumulated other comprehen- sive income associated with assets held for sale Total Net change in fair value of financial assets measured at fair value through other comprehen- sive income Remeasure- ments of defined benefit plans Total Balance as of April 1, 2025 62,255 – 128,215 1,797 1,372,863 164,796 1,537,659 Profit – – – – 41,417 8,903 50,320 Other comprehensive income 2,470 81 (5,847) – (5,847) (915) (6,763) Total comprehensive income 2,470 81 (5,847) – 35,569 7,987 43,557 Purchase of treasury shares – – – – (2,322) – (2,322) Dividends of surplus – – – – (32,754) (3,340) (36,095) Share-based payment transactions – – – – 159 – 159 Transfer from other components of equity to retained earnings (1,512) (81) (1,593) – – – – Reclassification of accumulated other comprehensive income associated with assets held for sale 1,797 – 1,797 (1,797) – – – Balance as of June 30, 2025 65,011 – 122,571 – 1,373,515 169,442 1,542,958
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- 9 - Three months ended June 30, 2026 (Millions of yen) Equity attributable to owners of paren t Share capital Capital surplus Treasury shares Retained earnings Other components of equity Exchange differences on translation of foreign operations Cash flow hedges Balance as of April 1, 2026 40,644 42,451 (2,355) 1,201,580 117,860 (70) Profit – – – 50,938 – – Other comprehensive income – – – – 10,747 (390) Total comprehensive income – – – 50,938 10,747 (390) Purchase of treasury shares – – (2) – – – Dividends of surplus – – – (31,615) – – Share-based payment transactions – 137 – – – – Loss of control of subsidiaries – – – – – – Transfer from other components of equity to retained earnings – – – 1,126 – – Reclassification of accumulated other comprehensive income associated with assets held for sale – – – – 2,725 – Balance as of June 30, 2026 40,644 42,589 (2,358) 1,222,029 131,332 (460) Equity attributable to owners of paren t Non- controlling interests Total equity Other components of equity Accumulated other comprehen- sive income associated with assets held for sale Total Net change in fair value of financial assets measured at fair value through other comprehen- sive income Remeasure- ments of defined benefit plans Total Balance as of April 1, 2026 75,576 – 193,367 3,820 1,479,509 184,476 1,663,986 Profit – – – – 50,938 11,723 62,662 Other comprehensive income (1,773) (18) 8,565 – 8,565 1,161 9,726 Total comprehensive income (1,773) (18) 8,565 – 59,504 12,885 72,389 Purchase of treasury shares – – – – (2) – (2) Dividends of surplus – – – – (31,615) (5,378) (36,994) Share-based payment transactions – – – – 137 – 137 Loss of control of subsidiaries – – – – – (19,415) (19,415) Transfer from other components of equity to retained earnings (1,144) 18 (1,126) – – – – Reclassification of accumulated other comprehensive income associated with assets held for sale 1,095 – 3,820 (3,820) – – – Balance as of June 30, 2026 73,754 – 204,627 – 1,507,532 172,567 1,680,100
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- 10 - (4) Condensed Quarterly Consolid ated Statement of Cash Flows (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Cash flows from operating activities Profit before tax 64,210 81,431 Depreciation and amortization 37,283 38,974 Finance income (5,115) (4,447) Finance costs 1,570 2,338 Share of loss (profit) of investments accounted for using equity method (2,801) (1,973) Loss (gain) on sale and retirement of fixed assets 184 79 Loss (gain) on sale of shares of subsidiaries and investments in capital of subsidiaries – (3,859) Decrease (increase) in inventories (22,862) (71,894) Decrease (increase) in trade and other receivables 37,340 61,538 Increase (decrease) in trade and other payables (8,587) (111,684) Increase (decrease) in provisions and employee benefit liability 10,160 7,836 Other (27,493) (27,174) Subtotal 83,889 (28,834) Income taxes paid (20,455) (16,437) Net cash provided by (used in) operating activities 63,433 (45,272) Cash flows from investing activities Purchase of other investments (4,329) (121) Proceeds from sale of other investments 3,491 1,906 Expenditure from loss of control of subsidiaries – (8,572) Payments for long-term loans receivable (50) (58) Collection of long-term loans receivable 78 74 Net decrease (increase) in short-term loans receivable (5) 3 Purchase of property, plant and equipment (37,148) (51,659) Proceeds from sale of property, plant and equipment 3,631 2,103 Purchase of intangible assets (7,859) (7,891) Net decrease (increase) in time deposits 2,023 (2,802) Interest received 2,413 1,804 Dividends received 7,177 3,142 Other (180) (2,089) Net cash provided by (used in) investing activities (30,757) (64,159)
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- 11 - (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Cash flows from financing activities Net increase (decrease) in short-term borrowings (24,050) – Net increase (decrease) in commercial papers 66,000 123,000 Proceeds from long-term borrowings 19,032 53,089 Repayments of long-term borrowings (20,057) (25,272) Repayments of lease liabilities (6,671) (6,499) Purchase of treasury shares (2,321) (1) Dividends paid (32,271) (31,192) Dividends paid to non-controlling interests (3,340) (5,378) Interest paid (1,585) (1,357) Net cash provided by (used in) financing activities (5,266) 106,387 Effect of exchange rate changes on cash and cash equivalents (916) 8,731 Net increase (decrease) in cash and cash equivalents 26,493 5,686 Cash and cash equivalents at beginning of period 358,711 385,431 Cash and cash equivalents at end of period 385,205 391,117
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- 12 - (5) Notes to Condensed Quarterly Co nsolidated Financial Statements Notes on premise of going concern Not applicable. Segment information, etc. (i) Summary of reportable segments The Group’s operating segments are the constituent units of the Group for which separate financial information is available, and are subject to periodic review by the management in order to decide on the allocation of management resources and evaluate business performance. Effective from FY2026, the Group has changed its reportable segments from a single segment to two segments, namely “Automobile” and “Financial Services,” due to a review of performance management categories and other factors. Therefore, the segment information for the three months ended June 30, 2025 was restated and presented using the revised classification method. The Group’s segment information identifies “Automobile” and “Financial Services” as reportable segments based on the structure of the management organization and the characteristics of products and services. In Automobile, the Group designs, manufactures, and sells CVs and LCVs, primarily heavy- and light-duty trucks and buses, as well as powertrains and related parts and accessories. In Financial Services, the Group operates financial services and vehicle leasing business to complement the sales of automobiles and other products manufactured by the Group. (ii) Information abou t reportable segments Three months ended June 30, 2025 (Millions of yen) Reportable segment Total Adjustments (Note 2) Amount recorded in the condensed quarterly consolidated financial statements Automobile Financial Services Revenue Revenue from external customers 738,004 41,849 779,854 – 779,854 Intersegment revenue 31,523 1,806 33,329 (33,329) – Total 769,528 43,655 813,184 (33,329) 779,854 Segment profit (Note 3) 53,735 3,108 56,843 378 57,222 Other items Depreciation and amortization 29,996 7,807 37,803 (520) 37,283 Capital expenditures (Note 4) 33,390 11,907 45,297 (289) 45,007 Lease receivables and vehicles on operating leases – 380,594 380,594 (6,065) 374,528 Interest-bearing liabilities (Note 5) 447,766 351,743 799,509 (441) 799,068 Notes: 1. Accounting policies applied to each segmen t are consistent with those used in the condensed quarterly consolidated financial statements. 2. Adjustments are primarily due to the el imination of intersegment transactions. 3. Segment profit matches operating profit in the condensed quarterly consolidated statement of profit or loss. 4. Capital expenditures are the amount of the increase in property, plant and equipment and intangible assets. Right-of-use assets are not included. 5. Interest-bearing liabilities is the total of bonds and borrowings, and lease liabilities.
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- 13 - 6. Condensed quarterly consolidated statement of financial position classified by the Automobile and Financial Services segments (Millions of yen) Automobile and adjustments Financial Services Amount recorded in the condensed quarterly consolidated financial statements Cash and cash equivalents 380,615 4,590 385,205 Trade and other receivables 377,986 241,084 619,070 Other 795,606 19,560 815,166 Total current assets 1,554,207 265,235 1,819,442 Property, plant and equipment 699,108 142,632 841,741 Other 641,183 8,137 649,321 Total non-current assets 1,340,292 150,770 1,491,062 Total assets 2,894,499 416,005 3,310,505 Trade and other payables 628,670 10,170 638,840 Bonds and borrowings (current) 203,939 103,075 307,015 Other 186,755 7,708 194,464 Total current liabilities 1,019,366 120,954 1,140,320 Bonds and borrowings (non-current) 132,198 246,069 378,268 Other 243,707 5,250 248,957 Total non-current liabilities 375,906 251,319 627,226 Total liabilities 1,395,272 372,274 1,767,546 Total equity attributable to owners of parent 1,351,213 22,302 1,373,515 Non-controlling interests 148,014 21,428 169,442 Total equity 1,499,227 43,731 1,542,958 Note: The figures for “Automobile and adjustments” are calculated by deducting figures for the Financial Services segment from the amounts recorded in the condensed quarterly consolidated financial statements.
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- 14 - 7. Condensed quarterly consolidated statement of cash flows classified by the Automobile and Financial Services segments (Millions of yen) Automobile and adjustments Financial Services Amount recorded in the condensed quarterly consolidated financial statements Cash flows from operating activities 64,765 (1,332) 63,433 Cash flows from investing activities (21,280) (9,476) (30,757) Cash flows from financing activities (16,337) 11,071 (5,266) Notes: 1. The figures for “Automobile and adjustments” are calculated by deducting figures for the Financial Services segment from the amounts recorded in the condensed quarterly consolidated financial statements. 2. Cash flows from financing activities for Financial Services include 5,067 million yen in dividends paid, of which 2,584 million yen is included in “Automobile and adjustments” as an elimination of intersegment transactions.
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- 15 - Three months ended June 30, 2026 (Millions of yen) Reportable segment Total Adjustments (Note 2) Amount recorded in the condensed quarterly consolidated financial statements Automobile Financial Services Revenue Revenue from external customers 785,281 47,237 832,519 – 832,519 Intersegment revenue 34,657 1,650 36,307 (36,307) – Total 819,939 48,887 868,827 (36,307) 832,519 Segment profit (Note 3) 71,180 3,255 74,435 326 74,761 Other items Depreciation and amortization 31,403 8,105 39,508 (534) 38,974 Capital expenditures (Note 4) 50,612 9,158 59,770 (219) 59,551 Lease receivables and vehicles on operating leases – 420,595 420,595 (5,558) 415,036 Interest-bearing liabilities (Note 5) 624,815 386,848 1,011,664 (667) 1,010,996 Notes: 1. Accounting policies applied to each segmen t are consistent with those used in the condensed quarterly consolidated financial statements. 2. Adjustments are primarily due to the el imination of intersegment transactions. 3. Segment profit matches operating profit in the condensed quarterly consolidated statement of profit or loss. 4. Capital expenditures are the amount of the increase in property, plant and equipment and intangible assets. Right-of-use assets are not included. 5. Interest-bearing liabilities is the total of bonds and borrowings, and lease liabilities.
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- 16 - 6. Condensed quarterly consolidated statement of financial position classified by the Automobile and Financial Services segments (Millions of yen) Automobile and adjustments Financial Services Amount recorded in the condensed quarterly consolidated financial statements Cash and cash equivalents 387,604 3,513 391,117 Trade and other receivables 420,035 280,692 700,728 Other 941,638 19,396 961,035 Total current assets 1,749,278 303,602 2,052,881 Property, plant and equipment 794,786 145,448 940,234 Other 702,732 7,147 709,880 Total non-current assets 1,497,519 152,596 1,650,115 Total assets 3,246,798 456,198 3,702,996 Trade and other payables 609,883 11,193 621,077 Bonds and borrowings (current) 184,897 143,998 328,895 Other 237,022 7,939 244,962 Total current liabilities 1,031,803 163,131 1,194,935 Bonds and borrowings (non-current) 325,546 240,453 566,000 Other 258,596 3,363 261,960 Total non-current liabilities 584,143 243,817 827,960 Total liabilities 1,615,947 406,949 2,022,896 Total equity attributable to owners of parent 1,482,258 25,273 1,507,532 Non-controlling interests 148,592 23,975 172,567 Total equity 1,630,851 49,249 1,680,100 Note: The figures for “Automobile and adjustments” are calculated by deducting figures for the Financial Services segment from the amounts recorded in the condensed quarterly consolidated financial statements.
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- 17 - 7. Condensed quarterly consolidated statement of cash flows classified by the Automobile and Financial Services segments (Millions of yen) Automobile and adjustments Financial Services Amount recorded in the condensed quarterly consolidated financial statements Cash flows from operating activities (41,037) (4,235) (45,272) Cash flows from investing activities (56,702) (7,456) (64,159) Cash flows from financing activities 95,363 11,023 106,387 Notes: 1. The figures for “Automobile and adjustments” are calculated by deducting figures for the Financial Services segment from the amounts recorded in the condensed quarterly consolidated financial statements. 2. Cash flows from financing activities for Financial Services include 4,767 million yen in dividends paid, of which 2,431 million yen is included in “Automobile and adjustments” as an elimination of intersegment transactions. Additional information Changes in significant subsidiaries (changes in specified subsidiaries resulting in changes in scope of consolidation) At the Management Meeting held on December 19, 2025, the Company resolved to transition to a joint operation structure for Isuzu (China) Engine Co., Ltd., which is a consolidated subsidiary of the Company, with its business partners in Chongqing, the People’s Republic of China, Qingling Motors (Group) Co., Ltd. and Qingling Motors Co., Ltd. The approval of this transition at the general meeting of shareholders of Isuzu (China) Engine Co., Ltd. held on February 13, 2026, including the local business partners, and the local procedures for the transition were completed on April 30, 2026. As a result, Isuzu (China) Engine Co., Ltd. has been changed from a consolidated subsidiary to an equity- method affiliate starting from the first quarter of FY2027 ending March 31, 2027. Significant events after reporting period Not applicable.
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- 18 - 3. Supplementary Information (1) Revenue Condition Consolidated revenue results Three months ended June 30, 2025 Three months ended June 30, 2026 Change V olume (units) Amount (millions of yen) V olume (units) Amount (millions of yen) V olume (units) Amount (millions of yen) Japan 9,108 108,050 7,913 104,704 (1,195) (3,346) North America 351 4,025 262 3,477 (89) (547) Asia 4,347 22,532 6,123 39,149 1,776 16,616 others 6,897 50,235 6,775 56,068 (122) 5,832 Overseas 11,595 76,793 13,160 98,694 1,565 21,900 HD/MD CV 20,703 184,844 21,073 203,398 370 18,554 Japan 8,734 41,511 8,066 42,551 (668) 1,039 North America 4,110 28,844 4,030 37,740 (80) 8,896 Asia 14,891 29,644 15,044 30,213 153 569 others 26,062 77,252 21,217 73,618 (4,845) (3,634) Overseas 45,063 135,741 40,291 141,572 (4,772) 5,831 LD CV 53,797 177,253 48,357 184,124 (5,440) 6,871 North America – – – – – – Asia 17,197 51,210 18,406 57,035 1,209 5,824 others 47,672 141,676 38, 436 144,915 (9,236) 3,239 Overseas 64,869 192,886 56,842 201,950 (8,027) 9,063 LCV 64,869 192,886 56,842 201,950 (8,027) 9,063 Japan 17,842 149,562 15,979 147,255 (1,863) (2,306) North America 4,461 32,869 4,292 41,217 (169) 8,348 Asia 36,435 103,387 39,573 126,398 3,138 23,010 others 80,631 269,164 66, 428 274,601 (14,203) 5,437 Overseas 121,527 405,421 110,293 442,217 (11,234) 36,795 Total vehicles 139,369 554,984 126,272 589,473 (13,097) 34,489
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- 19 - Three months ended June 30, 2025 Three months ended June 30, 2026 Change V olume (units) Amount (millions of yen) V olume (units) Amount (millions of yen) V olume (units) Amount (millions of yen) Japan – 13,560 – 16,066 – 2,506 North America – 2,333 – 2,659 – 325 Asia – 10,620 – 14,506 – 3,886 others – 1,290 – 765 – (524) Overseas – 14,243 – 17,932 – 3,688 Industrial Engines – 27,804 – 33,998 – 6,194 Japan – 138,846 – 146,369 – 7,522 North America – 10,984 – 13,163 – 2,178 Asia – 21,051 – 20,617 – (434) others – 26,184 – 28,897 – 2,713 Overseas – 58,220 – 62,678 – 4,457 Other – 197,066 – 209,047 – 11,980 Japan – 301,968 – 309,691 – 7,722 North America – 46,187 – 57,040 – 10,852 Asia – 135,059 – 161,522 – 26,462 others – 296,638 – 304,264 – 7,626 Overseas – 477,885 – 522,827 – 44,941 Revenue amount – 779,854 – 832,519 – 52,664 Notes: 1. CV and LCV stand for commercial vehicles (t rucks and buses) and pickup trucks and variant models, respectively. 2. Overseas revenue and unit represent the revenue a nd unit raised by the Company and its consolidated subsidiaries in countries and regions other than Japan. 3. The classification of countries and regions is determined by the degree of geographical proximity. 4. Major countries and re gions in each category: (1) North America: USA (2) Asia: Thailand, China, Indonesia and the Philippines (3) Other regions: Australia, Saudi Arabia, Mexico, UAE and Colombia