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SUBARU | Consolidated Financial Results for the 1st Quarter of FYE 2027 SUBARU CORPORATION Shinsuke Toda , Director , Managing Executive Officer & CFO August 5th , 2026 https://www.subaru.co.jp/en/ir/
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https://www.subaru.co.jp/en/ir/ 2 K e y P o i n t s Operating profit reached 42.6 billion yen (exchange rate: 159 yen/USD; unit sales: 220 thousand units) , making steady progress toward the full - year forecast of 150.0 billion yen. ■ The impact of U.S. tariffs decreased by 32.9 billion yen , mainly due to the reduction in automobile tariff rates. ■ H igher raw material costs and unfavorable market conditions reduced earnings by 17.0 billion yen. ■ Mixed - model production of BEVs and ICE vehicles at the Yajima Plant will begin shortly, maximizing unit sales. ■ Further strengthen vehicle sales profit , advance cost innovation, and expand value chain profits to grow earnings. ■ Although raw material costs and market conditions softened around June, signs of reversal have recently emerged. Geopolitical uncertainty remains elevated, and risks persist. Future Initiatives and Outlook Main factors behind 1Q results (year-on-year)
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https://www.subaru.co.jp/en/ir/ 3 Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2027
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https://www.subaru.co.jp/en/ir/ 4 (Thousand Units) 1 s t Q u a r t e r ( 3 m o n t h s ) ： Complete Cars Production FYE 2026 1Q Results FYE 2027 1Q Results Variance 94 95 +0 152 118 -35 247 213 -34 Production in U.S. Production in Japan Production* Total * Production figures include Toyota GR86 units but exclude jointly developed BEVs with Toyota Motor Corporation, as they are ma nufactured under a contract manufacturing arrangement.
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https://www.subaru.co.jp/en/ir/ 5 FYE 2026 1Q Results FYE 2027 1Q Results Variance Passenger cars 20 20 +0 Minicars 4 3 -1 Domestic total 24 23 -0 U.S. 171 150 -21 Canada 19 19 +0 Europe 5 8 +2 Australia 15 11 -4 Others 10 9 -0 Overseas total 220 197 -23 Total 244 220 -23 (Thousand Units)(Thousand Units) 1 s t Q u a r t e r ( 3 m o n t h s ) ： : Consolidated Unit Sales (by market)
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https://www.subaru.co.jp/en/ir/ 6 FYE 2026 1Q Results FYE 2027 1Q Results Variance 12,141 12,509 +368 1,551 1,873 +322 10,590 10,635 +46 764 426 -338 785 614 -170 548 492 -57 Exchange rate US$ ¥146 ¥159 +¥13 EURO ¥162 ¥184 +¥22 CAN$ ¥104 ¥116 +¥12 Profit for the period attributable to owners of parent Operating profit Profit before tax Revenue Domestic Overseas Consolidated Profit Results 1 s t Q u a r t e r ( 3 m o n t h s ) ： (100 Million Yen)
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https://www.subaru.co.jp/en/ir/ 7 A n a l y s i s o f Va r i a n c e i n O p e r a t i n g P r o f i t ( C o n s o l i d a t e d ) * “Sales-purchase exchange rate difference” and “Unrealized gain” are variance affected by exchange rate fluctuations in overseas sales. “End-of-period exchange rate difference” is variance which arises from revaluing foreign currency -denominated provisions in yen. 1 s t Q u a r t e r ( 3 m o n t h s ) ： Manufacturing activities Sales activities Changes in business environment Cost reduction efforts FYE 2026 1Q Results FYE 2027 1Q Results Other - 338 Manufacturing activities Sales activities Cost reduction efforts Other Curerncy exchange * +135 -180 -94 +52 Warranty claims +156 ・ +397 -29 -249 ・ -164 +84 -9 ・ -98 Others -135 -170 -125 Fixed manufacturing cost R&D expenses -35Changes in business environment Sales and purchase exchange rate difference +123-353 Sales volume & mix, etc. Sales incentives Sales related cost +52 Cost reduction +102 Expenses related to environmental regulatory credits and associated lossesUnrealized gain End-of-period exchange rate difference Material cost, etc. Others (100 Million Yen) -35 -125 +123 +52 426 764 -353 Breakdown of Sales Volume & Price/Mix Variance Sales volume -329 Price/Mix +235 (incl. +329 from U.S. tariffs)
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https://www.subaru.co.jp/en/ir/ 8 As of March 2026 As of June 2026 Variance Cash and cash equivalents including time deposits(A) 14,534 13,577 -957 10,053 9,324 -730 4,480 4,253 -227 3,845 3,645 -200 Net cash including time deposits(A-B) 10,689 9,932 -757 Interest-bearing debts Balance at end of period*(B) Cash and cash equivalents Time deposits Consolidated Statement of Cash Flows / Cash and cash equivalents (100 Million Yen) * Lease liabilities are not included in the results above. F Y E 2 0 2 7 ： FYE 2026 1Q Results FYE 2027 1Q Results Net cash provided by (used in) operating activities 1,472 555 Net cash provided by (used in) investing activities -1,020 -317 Free cash flows 452 238 Net cash provided by (used in) financing activities -665 -1,040 Effect of exchange rate change on cash and cash equivalents -106 73
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https://www.subaru.co.jp/en/ir/ 9 FYE 2026 1Q Results FYE 2027 1Q Results Variance 351 211 -140 231 289 +58 346 351 +5 Depreciation *1 R&D expenditures *2 Capex *1 C a p e x / D e p r e c i a t i o n / R & D *1 : Leases, capex & amortization for intangible assets and lease liabilities are not included in the results and forecast above. *2 : Research and development activity related costs incurred during the reporting period are written. In accordance with IFRS, as a part of research and development expenditures is recorded as an intangible asset and amortized over its estimated useful life, this amount is different from "Research and development expenses" on Consolidated Statements of Income on IFRS. (It matches with R&D expenses in consolidated statement of income on JGAAP) (100 Million Yen)
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https://www.subaru.co.jp/en/ir/ 10 Subaru to Enter the Auto Financing Business in North America Subaru to enter the auto financing business in North America with operations targeted to begin in 2030 to further strengthen its relationships with customers and retailers Business scope includes retail loans and leases for customers, floorplan financing for retailers Aiming to expand value chain profits as part of efforts to strengthen the business foundation, as set out in the SUBARU Management Policy 2025
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https://www.subaru.co.jp/en/ir/ 11 Appendix •Segment information by Business & Geographic •Overseas Revenue •Consolidated Statement of Financial Position •Non-consolidated Unit Sales •Operating Results of Subsidiaries in U.S. •FYE 2026 and FYE 2027 Results (by Quarter) •Complete Cars Production / Retail Sales Units •Forecast for FYE 2027
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https://www.subaru.co.jp/en/ir/ 12 FYE 2026 1Q Results FYE 2027 1Q Results Variance FYE 2026 1Q Results FYE 2027 1Q Results Variance Automobile 11,839 12,109 +270 741 401 -340 Aerospace 288 387 +99 3 6 +3 Other 14 12 -2 18 17 -2 Elimination & Corporate - - - 1 2 +1 Total 12,141 12,509 +368 764 426 -338 Operating profitRevenue R e v e n u e a n d O p e r a t i n g P r o f i t b y B u s i n e s s S e g m e n t ( C o n s o l i d a t e d ) 1 s t Q u a r t e r ( 3 m o n t h s ) ： (100 Million Yen)
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https://www.subaru.co.jp/en/ir/ 13 Operating Profit of Automotive business unit (100 Million Yen) 1 s t Q u a r t e r ( 3 m o n t h s ) ： FYE 2026 1Q Results FYE 2027 1Q Results Variance New vehicle 355 -55 -409 Value Chain* 386 456 +69 741 401 -340Total * “Value Chain" includes profits from Parts & Accessories, Sales Finance, Connected Services, Used Vehicle Sales, and Maintenance.
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https://www.subaru.co.jp/en/ir/ 14 FYE 2026 1Q Results FYE 2027 1Q Results Variance FYE 2026 1Q Results FYE 2027 1Q Results Variance Japan 2,586 2,793 +207 355 554 +199 North America 9,279 9,362 +84 187 -132 -319 Other 276 353 +77 11 11 +0 Elimination & Corporate - - - 211 -8 -219 Total 12,141 12,509 +368 764 426 -338 Operating profitRevenue R e v e n u e a n d O p e r a t i n g P r o f i t b y G e o g r a p h i c A r e a ( C o n s o l i d a t e d ) 1 s t Q u a r t e r ( 3 m o n t h s ) ： (100 Million Yen)
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https://www.subaru.co.jp/en/ir/ 15 O v e r s e a s R e v e n u e (Consolidated ) (100 Million Yen) 1 s t Q u a r t e r ( 3 m o n t h s ) ： FYE 2026 1Q Results FYE 2027 1Q Results Variance North America 9,610 9,586 -25 Europe 235 372 +137 82 76 -6 663 602 -61 10,590 10,635 +46Total Asia Other
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https://www.subaru.co.jp/en/ir/ 16 As of March 2026 As of June 2026 Variance Total assets 54,923 54,114 -809 Current assets 33,744 33,080 -664 Non-current assets 21,179 21,034 -145 Total liabilities 27,106 26,374 -732 Interest bearing debts 3,845 3,645 -200 Total equity 27,817 27,740 -77 Retained earnings 20,673 20,745 +72 Equity attributable to owners of parent 27,804 27,727 -77 50.6% 51.2% +0.6% D/E ratio 0.14 0.13 -0.01 Ratio of equity attributable to owners of parent to total assets Consolidated Statement of Financial Position (100 Million Yen)
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https://www.subaru.co.jp/en/ir/ 17 Non - consolidated Unit Sales 1 s t Q u a r t e r ( 3 m o n t h s ) ： : (Thousand Units) FYE 2026 1Q Results FYE 2027 1Q Results Variance 152 118 -35 Domestic sales 24 23 -1 19 20 +1 4 3 -2 128 108 -20 82 100 +18 Total 234 231 -3 Domestic production* Passenger cars Minicars Export total Components for overseas production * Production figures include Toyota GR86 units but exclude jointly developed BEVs with Toyota Motor Corporation, as they are ma nufactured under a contract manufacturing arrangement.
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https://www.subaru.co.jp/en/ir/ 18 SIA *2 FYE 2026 1Q Results FYE 2027 1Q Results Variance Net sales 2,733 2,674 -60 Operating income 50 -35 -85 Net income 52 31 -22 Production (Thousand units) 94 95 +0 SOA *1 FYE 2026 1Q Results FYE 2027 1Q Results Variance Net sales 5,929 5,354 -575 Operating income 80 -115 -195 Net income 100 -43 -143 Retail sales (Thousand units) 154 165 +11 Operating Results of Subsidiaries in U.S. （Million US$） 1 s t Q u a r t e r ( 3 m o n t h s ) ： *1 SOA: Subaru of America, Inc. *2 SIA: Subaru of Indiana Automotive, Inc.
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https://www.subaru.co.jp/en/ir/ 19 (Thousand Units, 100 Million Yen) F Y E 2 0 2 6 a n d F Y E 2 0 2 7 R e s u l t s ( b y Q u a r t e r ) FYE 2027 Results 1Q 2Q 3Q 4Q 1Q Consolidated Unit Sales 244 229 203 220 220 Production * 247 206 204 223 213 Revenue 12,141 11,716 11,333 12,660 12,509 Operating profit 764 263 -364 -262 426 Profit for the period attributable to owners of parent 548 356 -73 78 492 SUBARU exchange rate US$ ¥146 ¥146 ¥152 ¥156 ¥159 FYE 2026 Results * Production figures include Toyota GR86 units but exclude jointly developed BEVs with Toyota Motor Corporation, as they are ma nufactured under a contract manufacturing arrangement.
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https://www.subaru.co.jp/en/ir/ 20 (1,000 units） C o m p l e t e C a r s P r o d u c t i o n / R e t a i l S a l e s U n i t s 196 184 158 207 177 205 220 246 202 243 250 264 213 239 236 250 221 247 206 204 223 213 240 229 209 182 193 187 202 220 212 228 232 241 225 236 241 240 244 224 231 224 203 230 0 50 100 150 200 250 300 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun 2021 2022 2023 2024 2025 2026 Production Retail Sales * Production figures include Toyota GR86 units but exclude jointly developed BEVs with Toyota Motor Corporation, as they are ma nufactured under a contract manufacturing arrangement.
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https://www.subaru.co.jp/en/ir/ 21 ◼ Capex / Depreciation / R&D • Capex*1 : 1,600 • Depreciation*1 : 1,250 • R&D expenditures*2 : 1,450 Forecast for FYE 2027 (unchanged from the previous forecast) *1 Leases, capex & amortization for intangible assets and lease liabilities are not included in the results and forecast above. *2 Research and development activity related costs incurred during the reporting period are written. In accordance with IFRS, as a part of research and development expenditures is recorded as an intangible asset and amortizedover its estimated useful life, this amount is different from "Research and development expenses" on Consolidated Statements of Income on IFRS. (It matches with R&D expenses in consolidated statement of income on JGAAP) ◼ Production / Consolidated Unit Sales • Production : 900,000 units • Consolidated Unit Sales : 940,000 units ◼ Revenue / Profit • Revenue : 52,000 • Operating Profit : 1,500 • Profit before tax : 1,800 • Profit for the period attributable to owners of parent : 1,300 ※ Exchange rate ¥155 / US$ (100 Million Yen) (100 Million Yen)
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Forward-looking statements including projections and future strategies mentioned in this presentation are based on currently available information and assumptions and are subject to risks and uncertainties. Actual results may vary materially as a result of various factors including, without limitation, economic conditions, market demand and fluctuations in foreign exchange rates. Investors are asked not to rely solely on the information in this presentation when they make their final investment decisions. 22https://www.subaru.co.jp/en/ir/