Slides
Page 1
1 MAZDA MOTOR CORPORATION MAZDA VISION X - COUPE FISCAL YEAR MARCH 2026 SECOND QUARTER FINANCIAL RESULTS Mazda Motor Corporation November 7, 2025
Page 2
2 MAZDA MOTOR CORPORATION PRESENTATION OUTLINE ▪Overview ▪FY March 2026 First Half Results ▪FY March 2026 Full Year Forecast ▪Summary Note: Net income/loss in this presentation indicates net income/loss attributable to owners of the parent
Page 3
3 MAZDA MOTOR CORPORATION OVERVIEW
Page 4
4 MAZDA MOTOR CORPORATION First Half Results ◼ Global sales volume: 609,000 units Net sales: ¥2,238.5 billion / Operating loss: ¥53.9 billion / Net loss: ¥45.3 billion ◼ The second quarter operating loss was ¥7.8 billion, breakeven excluding the delay in tariff reduction Full Year Forecast ◼ Global sales volume: 1.3 million units / Net sales: ¥4.9 trillion Operating income ¥50 billion / Net income: ¥20 billion – the plan remains unchanged Shareholder Return ◼ Interim dividend is ¥25 per share ◼ Annual dividend of ¥55 per share is planned OVERVIEW
Page 5
5 MAZDA MOTOR CORPORATION FY MARCH 2026 FIRST HALF RESULTS
Page 6
6 MAZDA MOTOR CORPORATION (Thousand Units) FY March 2025 FY March 2026 Change from Prior Year 1st Half 1st Half 1st Half Production Volume* 603 555 -48 -8% Global Sales Volume Japan 64 68 +4 +6% North America 304 306 +2 +1% Europe 89 74 -15 -17% China 34 32 -2 -7% Other Markets 139 129 -9 -7% Total 630 609 -21 -3% USA 213 209 -4 -2% Australia 50 45 -5 -9% FY MARCH 2026 FIRST HALF VOLUME RESULTS *Based on our monthly disclosure （global production volume including volume in China, excluding vehicles received from other OEMs )
Page 7
7 MAZDA MOTOR CORPORATION (Billion Yen) FY March 2025 FY March 2026 1st Half 1st Half Consolidated Wholesales 590 543 -47 -8% (Thousand Units) Net Sales 2,393.9 2,238.5 -155.4 -6% Operating Income 103.0 -53.9 -156.9 - Ordinary Income 83.5 -21.3 -104.8 - Net Income 35.3 -45.3 -80.6 - Operating Return on Sales 4.3 ％ -2.4 ％ -6.7 pts EPS (Yen) 56.1 -71.8 -127.9 Exchange Rate (Yen) US Dollar 153 146 -7 Euro 166 168 +2 Thai Baht 4.27 4.47 +0.20 Mexico Peso 8.49 7.67 -0.82 Change from Prior Year 1st Half FY MARCH 2026 FIRST HALF FINANCIAL METRICS
Page 8
8 MAZDA MOTOR CORPORATION 103.0 -97.1 -54.9 -34.1 -2.1 +10.4 +20.9 -53.9 Change from Previous Year -156.9 CHANGE IN FY MARCH 2026 FIRST HALF OPERATING INCOME (vs. FY MARCH 2025 FIRST HALF) (Billion Yen) FY March 2025 FY March 2026 Net Tariff Impact Volume & Mix Foreign Exchange Raw Material, Logistics Costs, etc. Cost Improvement Fixed Costs, Other Volume & Mix -54.9 Foreign Exchange -34.1 Raw Material, Logistics Costs, etc. -2.1 Cost Improvement +10.4 Fixed Costs, Other +20.9 Volume & Mix, Price Sales Incentives Other -42.9 +7.5 -19.5 USD EUR AUD THB MXN Other -7.0 +2.1 -9.4 -4.6 -4.8 -10.4 Raw Material Costs Logistics Costs -3.5 +1.4 Base CI +10.4 R&D Costs Depreciation Costs Quality-related Costs Advertising Costs Other -9.8 -0.4 +19.8 +1.3 +10.0
Page 9
9 MAZDA MOTOR CORPORATION FY MARCH 2026 FULL YEAR FORECAST
Page 10
10 MAZDA MOTOR CORPORATION (Thousand Units) FY March 2025 FY March 2026 Change from Prior Year Change from August Forecast Full Year 1st Half 2nd Half Full Year Full Year Full Year Global Sales Volume Japan 152 68 87 155 +3 +2% -6 North America 617 306 304 610 -7 -1% +15 Europe 174 74 103 177 +3 +2% 0 China 74 32 44 76 +2 +2% 0 Other Markets 285 129 153 282 -3 -1% -9 Total 1,303 609 691 1,300 -3 0% 0 USA 435 209 206 415 -20 -5% +15 Australia 97 45 53 98 +1 +1% 0 FY MARCH 2026 FULL YEAR VOLUME FORECAST
Page 11
11 MAZDA MOTOR CORPORATION (Billion Yen) FY March 2025 FY March 2026 Change from Prior Year Change from August Forecast Full Year 1st Half 2nd Half Full Year Full Year Full Year Consolidated Wholesales (Thousand Units) 1,219 543 650 1,192 -26 -2% 0.0 Net Sales 5,018.9 2,238.5 2,661.5 4,900.0 -118.9 -2% 0.0 Operating Income 186.1 -53.9 103.9 50.0 -136.1 -73% 0.0 Ordinary Income 189.0 -21.3 89.3 68.0 -121.0 -64% +15.0 Net Income 114.1 -45.3 65.3 20.0 -94.1 -82% 0.0 Operating Return on Sales 3.7 ％ -2.4 ％ 3.9 ％ 1.0 ％ -2.7 pts 0.0 pts EPS (Yen) 181.0 -71.8 103.5 3.17 -149.3 0.0 Exchange Rate (Yen) US Dollar 153 146 149 147 -5 +2 Euro 164 168 174 171 +7 +2 Thai Baht 4.38 4.47 4.60 4.54 +0.16 +0.17 Mexico Peso 8.02 7.67 8.06 7.87 -0.15 +0.23 FY MARCH 2026 FULL YEAR FINANCIAL METRICS
Page 12
12 MAZDA MOTOR CORPORATION 50.0 -20.3 +26.7 +8.0 -9.4 0.0 -5.0 50.0 Change from August Forecast 0.0 CHANGE IN FY MARCH 2026 OPERATING INCOME (vs. AUGUST FORECAST) (Billion Yen) August Forecast November Forecast Volume & Mix Foreign Exchange Raw Material, Logistics Costs, etc. Cost Improvement Fixed Costs, Other Volume & Mix +26.7 Foreign Exchange +8.0 Raw Material, Logistics Costs, etc. -9.4 Cost Improvement 0 Fixed Costs, Other -5.0 Volume & Mix, Price Sales Incentives Other +18.8 0 +7.9 USD EUR AUD THB MXN Other +3.7 +6.5 +2.6 -7.1 +4.0 -1.7 Raw Material Costs Logistics Costs -9.4 0 Base CI Structural Cost Reduction 0 0 R&D Costs Depreciation Costs Quality-related Costs Advertising Costs Other 0 0 0 -5.0 0 Net Tariff Impact
Page 13
13 MAZDA MOTOR CORPORATION 186.1 -165.5 -0.6 -10.6 -34.4 +40.0 +35.0 50.0 Change from Prior Year -136.1 CHANGE IN FY MARCH 2026 OPERATING INCOME (vs. FY MARCH 2025) (Billion Yen) FY March 2025 FY March 2026 Volume & Mix Foreign Exchange Raw Material, Logistics Costs, etc. Cost Improvement Fixed Costs, Other Volume & Mix -0.6 Foreign Exchange -10.6 Raw Material, Logistics Costs, etc. -34.4 Cost Improvement +40.0 Fixed Costs, Other +35.0 Volume & Mix, Price Sales Incentives Other -1.2 0 +0.6 USD EUR AUD THB MXN Other -10.5 +21.9 -9.6 -7.5 +0.9 -5.8 Raw Material Costs Logistics Costs -36.9 +2.5 Base CI Structural Cost Reduction +25.0 +15.0 R&D Costs Depreciation Costs Quality-related Costs Advertising Costs Other +8.0 -2.4 +5.1 +1.7 +22.6 Net Tariff Impact
Page 14
14 MAZDA MOTOR CORPORATION -53.9 +30.0 +130.0 +40.0 -20.0 +20.0 -42.2 103.9 Change from 1st Half +157.81st Half (Billion Yen) 2nd Half Volume & Mix Foreign Exchange Raw Material, Logistics Costs, etc. Cost Improvement Fixed Costs, Other Net Tariff Impact TRANSFORMATION OF PROFIT STRUCTURE AND ACHIEVEMENT OF PROFITABILITY IN THE SECOND HALF ◼ In the second half, we anticipate an approximate ¥150 billion improvement in operating income from the first half, thereby achieving a recovery to the previous fiscal year level ◼ We are aiming for a significant improvement in volume and mix through an increase in wholesales and improvements in pricing and model mix
Page 15
15 MAZDA MOTOR CORPORATION 1,500 2,000 2,500 3,000 3,500 4,000 4,500 '2024.1 '2024.5 '2024.9 '2025.1 '2025.5 '2025.9 Mazda Market Avg. U.S. Sales Incentive TrendU.S. Total Demand Trend / Mazda Sales Trend Total Demand (million units) Mazda Sales (unit) ◼ Demand remains solid. Despite ongoing supply uncertainties due to the trade environment, competitors are cautious about raising prices, resulting in a competitive market situation ◼ Amid efforts to restrain incentives, our sales performance in the first half was down 2% year on year ◼ In the second half, we will leverage reduced tariffs and sustained demand to actively pursue sales opportunities US SALES ENVIRONMENT 40,000 60,000 80,000 100,000 120,000 15 16 17 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Mazda SAAR 2024 2025 (USD) Source: Motor Intelligence
Page 16
16 MAZDA MOTOR CORPORATION ◼ Concentrate investment in urban areas and reform sales network to better respond to demand ◼ Expand awareness and boost showroom traffic to maximize Large product sales (full year volume up 12% from prior year) Japan ◼ Maximize use of MTM.* Expand CX-50 sales by promoting the US- produced model and its HEV version ◼ Implement ongoing advertising and promotional activities to generate demand and expand sales of Large products ◼ Promote Brand Value Management in Canada and Mexico to increase volume North America ◼ Leverage partner technologies to launch the Mazda6e in September 2025 ◼ Promote ongoing initiatives, such as measures to increase awareness, to boost volume of Large products (full year volume up 47% from prior year) ◼ Launch the new CX-5 at 2025 year-end Europe ◼ Deploy the right products in the right locations across 130 countries and regions to maximize sales opportunities ◼ Strengthen advertising/promotional activities for Large products while implementing optimal incentives INITIATIVES IN MAJOR MARKETS *Mazda Toyota Manufacturing, U.S.A., Inc. (Alabama, US), a joint-venture plant with Toyota MAZDA6e ◼ Introduction of the Mazda EZ-60, an electric crossover. Initial sales exceeded plans. ◼ Strengthening the NEV lineup including the Mazda EZ-6, driving sales expansion through synergistic effects. China MAZDA CX-50 HYBRID All-New MAZDA CX-5
Page 17
17 MAZDA MOTOR CORPORATION *1 Internal survey *2 Human Machine Interface NEW MAZDA CX-5 TO BE LAUNCHED THIS FISCAL YEAR ◼ With cumulative sales exceeding 4.5 million units,*1 the CX-5 is currently Mazda’s best-selling model sold in more than 100 countries and regions ◼ The model combines Mazda’s signature driving performance and design with top-class interior space ◼ Equipped with the “Mazda E/E Architecture+” electronic platform, it delivers a new driving experience through an evolved HMI*2 and advanced driving assistance system ◼ This new model also reflects results of “co-creation activities“ with suppliers ◼ Launch from end 2025 - Europe: December 2025 - US/Canada: early 2026 - Other markets incl. Japan and Australia: during 2026 ◼ During 2027, there are also plans to install Mazda’s unique hybrid system in combination with “Skyactiv-Z”
Page 18
18 MAZDA MOTOR CORPORATION SUMMARY
Page 19
19 MAZDA MOTOR CORPORATION SUMMARY ◼ Due to US tariffs and other factors, the challenging business environment is set to continue ◼ We at Mazda will accelerate our all-out efforts to respond to changes in the environment and aim for operating income of ¥50 billion ◼ Interim dividend is ¥25, and annual dividend of ¥55 is planned, on par with last year ◼ We see changes in the business environment as an opportunity for growth. Working with our partners, we will accelerate our brand value management to become an even stronger company and brand
Page 21
21 MAZDA MOTOR CORPORATION ATTACHMENT
Page 22
22 MAZDA MOTOR CORPORATION JAPAN 64 68 3.0% 3.1% FY March 2025 FY March 2026 +6% MAZDA CX - 60 (Thousand units) First Half Sales Volume & Market Share ◼ 68,000 units were sold, up 6% year on year ◼ The CX-60 and CX-80 contributed to growth in sales ◼ Market share increased by 0.1 points to 3.1%, while registered vehicle market share increased by 0.5 points to 3.8% ◼ Full-year sales forecast is 155,000 units, up 2% year on year ◼ In October, we began offering a new clean diesel engine model, known as the “XD Drive Edition,” for the Mazda3, CX-30, CX-5, CX-60 and CX-80
Page 23
23 MAZDA MOTOR CORPORATION NORTH AMERICA 213 209 91 97 304 306 2.7% 2.5% FY March 2025 FY March 2026 +1% MAZDA CX - 70 ◼ 306,000 units were sold, up 1% year on year ◼ Full-year sales forecast is 610,000 units, down 1% year on year ◼ USA: - 209,000 units were sold, down 2% year on year - Market share was 2.5%, down 0.2 points year on year - Sales of the CX-50 and Large products were up, but sales of the CX-30 were down ◼ Mexico: - 49,000 units were sold, same level as the prior year - Despite the industry slowdown, sales volume was maintained at the same level as the previous year and market share improved ◼ Canada: - 47,000 units were sold, up 14% year on year - The Mazda3, CX-30, and CX-70 contributed to a year-on- year increase in sales and improvement in market share (Thousand units) First Half Sales Volume & US Market Share Mexico, Canada, and Other USA
Page 24
24 MAZDA MOTOR CORPORATION 89 74 1.1% 0.9% FY March 2025 FY March 2026 -17% NEW MAZDA CX - 5 ◼ 74,000 units were sold, down 17% year on year ◼ Market share was 0.9%, down 0.2 points year on year ◼ Although sales of the Mazda3, CX-30, CX-60, and CX-80 increased year on year, discontinuation of the Mazda2 and CX-5 resulted in a decrease in overall sales volume and market share ◼ Full-year sales forecast is 177,000 units, up 2% year on year ◼ Sales in major countries - Germany: 19,000 units, down 14% year on year - UK: 16,000 units, up 4% year on year ◼ Sales of the Mazda6e began in September ◼ Sales of the new CX-5 to ramp up from the end of 2025 EUROPE (Thousand units) First Half Sales Volume & Market Share
Page 25
25 MAZDA MOTOR CORPORATION CHINA 34 32 0.2% 0.2% FY March 2025 FY March 2026 -7% MAZDA EZ - 60 ◼ 32,000 units were sold, down 7% year on year. Market share was 0.2% on a par with the previous year ◼ The new electric crossover SUV Mazda EZ-60 went on sale in September, with the number of orders received exceeding expectations ◼ As the shift in demand to new energy vehicles accelerates, the electric-only model Mazda EZ-6 and the new Mazda EZ-60 are complementing the decline in internal combustion engine vehicles ◼ Full-year sales forecast is 76,000 units, up 2% year on year (Thousand units) First Half Sales Volume & Market Share
Page 26
26 MAZDA MOTOR CORPORATION 33 27 50 45 56 57 139 129 8.0% 7.2% FY March 2025 FY March 2026 Other Australia ASEAN -7％ OTHER MARKETS MAZDA CX - 80 ◼ 129,000 units were sold, down 7% year on year ◼ Full-year sales forecast is 282,000 units, down 1% year on year ◼ Australia: - 45,000 units were sold, down 9% year on year - Market share was 7.2%, down 0.7 points year on year - Despite struggling with an increasingly competitive environment due to the rise of new entrants offering low prices and new technologies, sales of the Large products have increased by 57% year on year ◼ ASEAN: - 27,000 units were sold, down 17% year on year - Thailand: 4,000 units, down 22% year on year - Vietnam: 15,000 units, down 1% year on year - Malaysia: 4,000 units, down 48% year on year (Thousand units) First Half Sales Volume & Australia Market Share
Page 27
27 MAZDA MOTOR CORPORATION (Billion Yen) FY March 2025 FY March 2026 Change from Prior Year Change from August Forecast Full Year 1st Half 2nd Half Full Year Full Year Full Year Consolidated Wholesales (Thousand Units) 1,219 543 650 1,192 -26 -2% 0.0 Net Sales 5,018.9 2,238.5 2,661.5 4,900.0 -118.9 -2% 0.0 Operating Income 186.1 -53.9 103.9 50.0 -136.1 -73% 0.0 Non-Operating Income/Expenses 2.9 32.6 -14.6 18.0 +15.1 +527% +15.0 Ordinary Income 189.0 -21.3 89.3 68.0 -121.0 -64% +15.0 Extraordinary Income/Losses -33.2 -22.3 -15.7 -38.0 -4.8 +14% -20.0 Income before Income Taxes 155.8 -43.6 73.6 30.0 -125.8 -81% -5.0 Net Income 114.1 -45.3 65.3 20.0 -94.1 -82% 0.0 Operating Return on Sales 3.7 ％ -2.4 ％ 3.9 ％ 1.0 ％ -2.7 pts 0.0 pts EPS (Yen) 181.0 -71.8 103.5 31.7 -149.3 0.0 Exchange Rate (Yen) US Dollar 153 146 149 147 -5 +2 Euro 164 168 174 171 +7 +2 Thai Baht 4.38 4.47 4.60 4.54 +0.16 +0.17 Mexico Peso 8.02 7.67 8.06 7.87 -0.15 +0.23 FY MARCH 2026 FULL YEAR FINANCIAL METRICS
Page 28
28 MAZDA MOTOR CORPORATION (Thousand Units) FY March 2025 FY March 2026 Change from Prior Year Change from Aug. Forecast Full Year 1st Half 2nd Half Full Year Full Year Full Year Consolidated Wholesales Japan 136 70 81 151 +15 +11% -7 North America 643 289 319 607 -36 -6% +25 Europe 153 63 103 167 +13 +9% -5 Other Markets 287 121 147 268 -19 -7% -13 Total 1,219 543 650 1,192 -26 -2% 0 USA 447 189 230 418 -29 -6% +32 FY MARCH 2026 CONSOLIDATED WHOLESALES VOLUME
Page 29
29 MAZDA MOTOR CORPORATION (Billion Yen) FY March 2026 1st Half Cash Flow from Operating Activities 305.6 -197.9 Cash Flow from Investing Activities -200.0 47.1 Free Cash Flow 105.7 -150.7 (Billion Yen) FY March 2026 1st Half Cash and Cash Equivalents 1,105.6 1,053.3 -52.3 Interest-bearing Debt 705.2 802.1 +96.9 Net Cash 400.3 251.2 -149.1 Total Assets 4,090.1 4,027.9 -62.2 Equity 1,792.3 1,740.9 -51.4 Equity Ratio 44 % 43 % -1 pts Full Year FY March 2025 FY March 2025 Full Year Change from Prior FY End FY MARCH 2026 FIRST HALF CASH FLOW AND NET CASH
Page 30
30 MAZDA MOTOR CORPORATION (Yen) FY March 2026 Change from Prior Year Change from Aug. Forecast 1st Half 2nd Half Full Year 1st Half 2nd Half Full Year Full Year US Dollar 146 149 147 -7 -4 -5 +2 Euro 168 174 171 +2 +12 +7 +2 Canadian Dollar 106 107 106 -6 -1 -3 +1 Australian Dollar 95 98 96 -7 0 -4 +2 British Pound 196 200 198 0 +6 +3 +1 Thai Baht 4.47 4.60 4.54 +0.20 +0.11 +0.16 +0.17 Mexico Peso 7.67 8.06 7.87 -0.82 +0.52 -0.15 +0.23 EXCHANGE RATES (AVERAGES DURING THE YEAR)
Page 31
31 MAZDA MOTOR CORPORATION 15 15 15 15 15 20 25 25 25 15 20 20 20 20 20 25 30 30 30 5 30 35 35 35 35 0 20 45 60 55 55 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Interim Dividend Year-end Dividend Special Dividend DIVIDEND PAYMENT FY March (Forecast)
Page 32
32 MAZDA MOTOR CORPORATION DISCLAIMER The projections and future strategies shown in this presentation are based on various uncertainties including but not limited to conditions of the world economy in the future, trends in the automotive industry, and the risk of exchange rate fluctuations. Consequently, Mazda's actual performance may differ substantially from these projections. If you are interested in investing in Mazda, you are requested to take the foregoing into consideration and make a final investment decision at your own discretion. Please note that neither Mazda nor any third party providing information concerning Mazda will be liable for any damages incurred as a result of investment in Mazda based on information in this presentation.