FY2024
First-Quarter
Financial Results
July 23, 2024

1

1. FY2024 First-Quarter Financial Results

2. FY2024 Financial Forecast

3. Business Highlights

22

1Q/FY2024 Financial Results Summary (vs. 1Q/FY2023)(Billion yen, k units)

Net Sales

1Q/FY2023

1Q/FY2024(APR-JUN 2023)(APR-JUN 2024)

635.8

627.5

Variance
Amount

Ratio

-8.3

-1%

-21%

Operating Profit

45.2

35.5

-9.7

(OP Margin)(7.1%)(5.7%)(-1.4pp)

Ordinary Profit

61.8

42.4

-19.4

-31%

Net Income*

47.9

29.5

-18.4

-38%

Sales Volume

195

194

-1

-1%

(Retail)* Net income attributable to owners of the parent

3

The competition environment began to normalize, as production constraints due to ashortage of semiconductor etc., have been resolved and inventory has been
replenished in general. And also, our core regions, demand for automobile is sluggish
due to delayed economic recovery. Therefore we recognize overall the businessenvironment surrounding us is becoming increasingly severe.
As shown in the slide our results for 1Q/FY24 showed a decrease in both sales andprofits on a YoY basis, due to intensifying sales competition, rising costs associatedwith inflation, and a temporary increase in quality related expenses.
Net sales ware ¥627.5 billion, almost the same level as in the previous year.
Operating profit decreased 21% YoY to ¥35.5 billion, and the OPM decreased 1.4
points YoY to 5.7%.
Ordinary profit decreased 31% YoY to ¥42.4 billion, and net income was ¥29.5 billion.
Retail sales were 194K units, almost unchanged from the previous year.

3

1Q/FY2024 Operating Profit Variance (vs. 1Q/FY2023)
FX rate(Yen)(Billion yen)

-12.0

1Q/FY23

USD

136

155

+10.6

148

168

-0.4

THB

3.96

4.23

-7.0

AUD

90

101

+6.6

PHP

2.46

2.71

+4.7

-

-

+10.1

ASEAN

-3.1

Australia/NZ+3.5

Latin America,
Middle East/
Africa, etc.

-5.3

Procurement
cost reduction

+7.5

Japan

+0.3

-0.2

North America-2.9

Raw material
price, etc.

Europe-4.4

Factory
expenses-2.7

China, others-0.1

Shipping cost

-2.6

Generalexpenses, etc.

（APR-JUN 2023）

VolumeMix/
Selling
Price

Sales
Expenses

Procurement
Cost/Shipping
Cost(bill yen)

EUR

Others1Q/
FY2023

Effect

1Q/FY24

Indirect labor
cost
Quality related
-4.1
cost

R&D

-1.2
-5.4

Others

Forex

1Q/
FY2024（APR-JUN 2024）

4

In terms of Volume and Mix/Selling price, although we promoted initiatives toimprove “net revenue strategy”, our wholesale volume declined YoY, due to delayed
shipping arrivals in some regions and inventory adjustments. As a result, operating
profit declined by ¥12 billion YoY.
Sales expenses reduced operating profit by ¥9.4 billion yen, mainly due to anincrease in incentives in the U.S. and Thailand in line with intensifying market
competition.
Procurement cost/Shipping cost improved ¥2 billion in total, as deterioration in
Factory expenses and Shipping cost was reversed by a reduction in Procurement
cost.
R&D expenses increased as planned, resulting in a ¥4.2 billion yen decrease inoperating profit.
Other items deteriorated by ¥10.7 billion due to an increase in general expenses
such as labor cost due to inflation and an increase in quality cost.
Regarding foreign exchange rates, the negative impact of the cost currency THB was
offset by other major currencies such as the USD, resulting in a favorable effect of¥24.6 billion yen.

4

1Q/FY2024 Sales Volume Results (vs. 1Q/FY2023)
Retail sales(000 units)

195

194

59

GLOBAL

-1

(-1%)

ASEAN

±0

(±0%)

Australia/NZ+2(+10%)

59

20

22

Latin America, Middle
East/Africa, etc.

±0

(±0%)

31

31

Japan

+2

(+10%)

21

23

North America

-3

(-7%)

43

40

Europe+5(+45%)

16

China, others-7(-70%)

11
10
1Q/FY2023(APR-JUN 2023)

3

1Q/FY2024(APR-JUN 2024)

From FY2024, the regional classification of some countries in Europe waschanged to “Middle East/Africa, etc.”. FY2023 actual numbers above werechanged accordingly.

5Compared with the previous fiscal year, retail sales volume in regions other thanNorth America is generally on an increasing trend.
The significant decrease in sales in China and others was due to the impact ofstructural reforms implemented in FY2023.

5

Regional Status in 1Q/FY2024
ASEAN, Oceania
Sales Volume / Market ShareAccording to research

1Q/FY2023

1Q/FY2024

ASEAN

59k units

59k units

Thailand9k units (4.7%)
20k units (8.5%)
19k units (18.4%)
6k units (9.3%)
5k units (3.2%)
20k units

7k units (4.8%)
17k units (8.6%)
22k units (18.8%)9k units (12.8%)
4k units (2.1%)
22k units

Indonesia
Philippines
Vietnam
Malaysia

Oceania Oceania: Focus on improving brand value through the launch of the new “TRITON”
 ASEAN: Focus on increasing sales share by rolling out new models in each country
Expand and strengthen product lineups, strengthen and improve sales & marketing anddistribution networks to prepare for medium- to long-term market growth

6

In Thailand, demand has been sluggish due to tightening of credit standard.
We were able to recover our market share while the sales volume decreased YoY.
Looking ahead, we will work to expand our market share focused on the new“XPANDER HEV”, which is performing well, the new “Triton”, which offers a full lineup,and “Mirage” and “Attrage”, which enjoy solid sales.
Indonesia is also experiencing a severe situation where total demand has fallen YoY
for 13 consecutive months since June 2023.
Our sales volume decreased YoY, but our market share improved.
Going forward, we will further expand our market share by strengthening the new“Xforce” model launched in FY2023, introducing the new “Triton”, and introducing
special edition models.
In the Philippines, automotive demand has been firm, and we are expanding both ourmarket share and sales volume. This was due to favorable sales of “Mirage G4” and“Xpander”, as well as the impact of the introduction of the new “Triton”.
In this 1Q/FY24, our sales share in the Philippines reached 18.8%.
In the 2Q onward, we will work to achieve further growth through the new “XForce”,
launched in July.
<Continued on next page>6

In Vietnam, although the economy seems to have hit the bottom,
automotive demand remains sluggish.
In such a situation, “Xpander” continued to rank No. 1 in sales among allmodels, and the new “XForce” also broke into the top five in sales
immediately after its launch, expanding both sales volume and market share
YoY.
While the market environment is unstable, due to reluctance to buy with the
expectation that the Vietnamese government will halve registration taxes,
we will continue to expand sales volume and market share by leveraging themain models of “Xpander” and new “XForce”, as well as the new “Triton”,
which is scheduled to be introduced soon.
And the Oceania region. In Australia, which makes up the majority of theregion, total demand grew by +5.3% YoY, and we increased our sales volume
by more than +30% YoY, partly due to the vehicle supply restored. Our
market share expanded as well.
Sales of the new “Triton” began in earnest in June, and we will continue tostrengthen sales.

6Regional Status in 1Q/FY2024
Latin America, Middle East/Africa
Sales Volume
1Q/FY2023

1Q/FY2024

Latin America,
Middle East/
Africa, etc.

31k units

31k units

Latin America

11k units

13k units

Middle East/
Africa, etc.

20k units

18k units Latin America: Aim to increase sales by introducing new models, despite concerns about
inflation
 Middle East: In addition to the existing models that are selling well, launch various campaigns
focusing on newly launched models
Improve brand image by expanding sales of SUV models and promote CX improvement
initiatives in cooperation with local distributors

7

In Latin America, automotive demand in Brazil is on a recovery track, partly due to a
reduction in policy interest rates, although it still does not reach the pre-Covid level.
In other major countries, the pace of recovery in automotive demand is moderate,
partly due to headwinds such as the tightening of automobile loan screening.
In this environment, we were able to increase sales volume YoY by leveraging the
introduction of the new “L200/Triton” and the new “Outlander Sport (Xforce)”. We willcontinue to focus on maintaining solid sales momentum and further increasing sales.
In the Middle East, despite the impact of the Israeli-Gaza conflict in some countries,
overall demand for automobiles has generally remained almost at the same level as
the previous year.
We generally recorded sales on a par with the previous year, as strong sales of“Xpander” and “Outlander” offset the decline in sales of “L200” whose inventory has
been reduced for the launch of the new model.
Meanwhile, in Africa, automotive demand was sluggish due to the high interest rates
and inflation, and we were also affected by these factors, resulting in a decline insales volume.
We plan to boost sales volume by launching new models.

7Regional Status in 1Q/FY2024
Japan, North America, Europe
Sales Volume
1Q/FY2023

1Q/FY2024Japan

21k units

23k units

North
America

43k units

40k units

Europe11k units

16k units Japan: Continue to promote “MITSUBISHI MOTORS-ness,” and focus on the utilization of web
marketing and the digitalization of the sales process North America: Focus on improving sales quality and customer satisfaction through theeffective use of incentives
 Europe: Focus on smooth replacement of new and old models for deployment of new models.
While promoting the improvement of sales quality and customer profile, implement a flexible
sales strategy by closely monitoring the trends of competitors

8

In the domestic market, automotive demand decreased YoY partly due to the impactof the suspension of shipments of some OEMs, but we maintained the strong sales
momentum of “Delica Mini” and increased sales volume. Going forward, in addition to
the introduction of “Outlander” PHEV and “Delica Mini” special edition models, we will
work to increase sales of the new Triton, which has been well received since its
launch.
In North America, in the U.S. and Canada, amid a deteriorating retail sales
environment due to the impact of high interest rates and inflation, we continued tofocus on improving the quality of sales, rather than trying to reduce prices.
In addition, a cyber-attack on a dealer IT system in late June had a significant impact
on the operations of approximately one-third of our dealers, and our sales volume
decreased YoY.
Going forward, we will strengthen our incentive program for target customers andwork to increase sales, focused on continued sales momentum for “Outlander” and“Outlander” PHEV.
Meanwhile, sales in Mexico, which is included in North America region, remained
strong, and both sales volume and market share increased YoY.
Looking ahead, we aim to increase sales volume and market share by further
expanding sales of the new “L200/Triton”, which is robust in sales, and by launching
the new “Xforce” (locally named Outlander Sport).
<Continued on next page>8

In Europe, competition remains challenging, but our sales volume increased
YoY, driven by the contributions of “ASX” and “COLT”, both of which are OEMmodels from Renault.
Going forward, we will expand sales of the new “ASX” and prepare for thelaunch of the “Outlander” PHEV scheduled at the end of the current fiscal
year.

8

1. FY2024 First-Quarter Financial Results

2. FY2024 Financial Forecast

3. Business Highlights

99FY2024 Financial Forecast (vs. FY2023)(Billion yen, 000 units)

FY2023

FY2024 Forecast(APR 2023 - MAR 2024)(APR 2024 - MAR 2025)

Variance
AmountRatio

Net Sales

2,789.6

2,880.0

Operating Profit

191.0

190.0

-1.0

(OP Margin)(6.8%)(6.6%)(-0.2pp)

Ordinary Profit

209.0

190.0

-19.0

-9%

Net Income*

154.7

144.0

-10.7

-7%

Dividend per share(¥)

¥10

¥15

815

895

+80

+10%

Sales Volume(Retail)

+90.4

+3%
-1%

* Net income attributable to owners of the parent

10

Although there is some leeway in the foreign exchange rate assumptions, we havedecided to maintain the forecasts announced at the beginning of the fiscal year inlight of the uncertain macro environment and the expected further intensification ofcompetition.
Although The business environment remains challenging, we as a company will makeconcerted efforts to achieve our forecasts.

101. FY2024 First-Quarter Financial Results

2. FY2024 Financial Forecast

3. Business Highlights

1111

Deployments of ASEAN Strategic Vehicles in Global Markets

TRITONXFORCE

April 2024 : Philippines
May 2024 : Mexico, Chile, Six GCC Countries
2Q/FY2024- : Vietnam, Jordan, South Africa, etc.

June 2024 : Egypt
July 2024 : Philippines
2Q/FY2024- : Mexico, Chile, Middle East/Africa

12

The new “Triton” and the new “Xforce,” which were launched in FY2023, have began
full-scale deployment since this fiscal year, and were launched in ASEAN, Latin
America, the Middle East, and other regions in the 1Q/FY24.
These products, which embody the unique characteristics of “Mitsubishi Motorsness”, have been well received by many customers in their respective regions andcountries.
From the 2Q onward, as shown on the slide, we plan to expand into the Middle East
and Africa.
By steadily developing our products, we will further penetrate and strengthen ourbrand.

12

New “Outlander PHEV” to be launched in Europe
Public opening in Madrid on
October 1st.
Production to begin at the endof 2024.

13

We announced the “Outlander” PHEV will make its public debut on October 1st 2024 in
Madrid.
The new “Outlander” PHEV starts production at the end of 2024, and will join ourrevitalized line-up following the new “ASX” and the All-new “COLT”.
In Europe, the “Outlander” is a pioneer in PHEV + SUV and has been winning
numerous awards and has been accepted by many customers, with sales of 0.2 milunits in Europe since its introduction back in 2013
We aim to take our brand to a new level and further strengthen the brand bylaunching the new “Outlander” PHEV in the European market.

13

14

APPENDIX

1515

1Q/FY2024 Balance Sheet (vs. FY2023)(Billion yen)

FY2023

1Q/FY2024(As end of MAR 2024)(As end of JUN 2024)

Variance

2,454.5

2,383.7-70.8

Cash & Deposits

674.2

562.0

-112.2

Total Liabilities

1,410.0

1,291.9-118.1

492.4

412.3

-80.1

1,044.5

1091.8+47.3

1,010.2

1,054.0(41.2%)(44.2%)

+43.8

453.5

419.5

Total Assets

Interest-bearing Debt

Total Net Assets
Shareholders’ Equity(Equity Ratio)

Net Cash【Automobiles & Eliminations】

-34.0
16

16

1Q/FY2024 Capital Expenditure, R&D Expense and Depreciation

(

CAPEX

R&D Expense

Depreciation¥11.1bn¥29.3bn¥18.0bn-24% (YoY)+17% (YoY)+16% (YoY)
6%

Billion
)
yen

29.3
5%

25.1
4%

18.0
15.5

14.6

3%
2%

11.1

1%
0%

0
1Q/FY2023
1

1Q/FY2024
2(APR-JUN 2023)(APR-JUN 2024)

3

1Q/FY2023
4

1Q/FY2024
5(APR-JUN 2023)(APR-JUN 2024)

6

1Q/FY2023
7

1Q/FY2024
8(APR-JUN 2023)(APR-JUN 2024)17

17

1Q/FY2024 Regional Performance (vs. 1Q/FY2023)
Net Sales(Billion yen)

GLOBAL‐ ASEAN‐ Australia/NZ‐ Latin America,
Middle East
/Africa, etc.

‐ Japan‐ NorthAmerica‐ Europe‐ China,others

1Q/FY2023

1Q/FY2024(APR–JUN 2023)(APR–JUN 2024)

Operating Profit
Variance

1Q/FY2023

1Q/FY2024(APR–JUN 2023)(APR–JUN 2024)

Variance

635.8

627.5

-8.3

45.2

35.5

-9.7

129.0

115.3

-13.7

6.2

4.1

-2.1

61.5

90.3

+28.8

3.6

8.2

+4.6

94.5

86.4

-8.1

9.6

5.3

-4.3

130.6

124.6

-6.0

-2.9

-3.4

-0.5

169.7

179.4

+9.7

25.7

20.7

-5.0

48.8

30.7

-18.1

2.7

0.6

-2.1

1.7

0.8

-0.9

0.3

0.0

-0.3

From FY2024, the regional classification of some countries in Europe was changed to “Middle East/Africa, etc.”. FY2023 actual numbers above were changed accordingly.

18

18

FY2024 Regional Sales Forecast (vs. FY2023)(Billion yen)

GLOBALFY2023

FY2024 Forecast(APR 2023 - MAR 2024)(APR 2024 - MAR 2025)

Variance

2,789.6

2,880.0+90.4‐ ASEAN

531.0

600.0

+69.0

‐ Australia/NZ

319.0

330.0

+11.0

‐ Latin America,
Middle East
/Africa, etc.

401.6

407.0

+5.4

‐ Japan

609.1

615.0

+5.9

‐ North America

711.1

750.0

+38.9

‐ Europe

211.8

175.0

-36.8

6.0

3.0

-3.0

‐ China, others

From FY2024, the regional classification of some countries in Europe was changed to “Middle East/Africa, etc.”. FY2023 actual numbers above were changed accordingly.

19

19

FY2024 Operating Profit Variance Forecast (vs. FY2023)(Billion yen)

+28.0

ASEAN
Australia/NZ
Latin America,
Middle East/
Africa, etc.
Japan
North America
EuropeChina, others

FY2023（ APR 2023- ）MAR 2024

Volume-2.8

Aftersales+1.3

Generalexpenses, etc.

+6.9

Procurement+26.9
cost reduction

+14.0
+0.5

Inflation
impact, etc.

+1.4
+4.6
+13.3
-5.3
-0.5

Mix/
Selling
Price

Indirect labor
cost

-10.6

Factory
expenses-7.1

Shipping cost

-4.2

FX rate(Yen)

Effect

FY23

FY24(bill yen)

USD

144

142

-7.0

EUR

156

159

+0.5

THB

4.10

4.14

-4.6

AUD

95

96

+2.2

PHP

2.60

2.61

+0.5

-

-

+7.4

OthersSales
Expenses

Procurement
Cost/Shipping
Cost

FY2024
R&D

OthersForex（ APR 2024- ）MAR 202520

20

FY2024 Sales Volume Forecast (vs. FY2023)
Retail sales(000 units)

GLOBAL+80(+10%)

ASEAN+38(+16%)

Australia/NZ

+2

(+2%)

86

Latin America, Middle
East/Africa, etc.

+16(+12%)

154

Japan

+1

(+1%)

111

112

North America+22(+13%)

163

185

Europe+11(+19%)

68

China, others-10(-43%)

895
815
277
239
84
138

23

57
FY2023(APR 2023-MAR 2024)

13

FY2024(APR 2024-MAR 2025)

From FY2024, the regional classification of some countries in Europe waschanged to “Middle East/Africa, etc.”. FY2023 actual numbers above werechanged accordingly.

21

21

FY2024 Capital Expenditure, R&D Expense and Depreciation Forecast

(

CAPEX

R&D Expense

Depreciation¥100.0bn¥125.0bn¥73.0bn+7% (YoY)+9% (YoY)+8% (YoY)
6%

Billion
)
yen

5%

125.0
114.6
93.6

4%

100.0
3%

67.7

73.0
2%
1%
0%

0
FY2023
1

APR 2023-

FY20242

APR 2024-（ MAR 2024) ） （ MAR 2025) ）3

FY2023
4

APR 2023-

FY2024
5

APR 2024-（ MAR 2024) ） （ MAR 2025) ）6

FY2023
7

APR 2023-

FY20248

APR 2024-（ MAR 2024) ） （ MAR 2025) ）22

22

FY2024 Shareholder Returns Forecast
Dividend per Share: 15 Yen Forecast
（￥）

15

14
12
10

10
8

期末
Year-end(Outlook)

6
中間Interim

5

4
2
0

0
FY20200
FY2021

FY2022

FY2023

FY2024(Outlook）

23

23

This presentation contains forward-looking statements, based on judgments and estimates thathave 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 besignificantly different from the aforementioned statements due to changes in economic
environments related to our business, market trends, fluctuations in interest rates and exchange
rate, changes in laws, regulations and government policies, etc.
Potential risks and uncertainties are not limited to the above and Mitsubishi Motors is not under
any obligation to update the information in this presentation to reflect any developments or eventsin the future.
If you are interested in investing in Mitsubishi Motors, you are requested to make a final
investment decision at your own risk, taking the foregoing into consideration. Please note thatneither Mitsubishi Motors nor any third party providing information shall be responsible for any
damage you may suffer due to investment in Mitsubishi Motors based on the information shown inthis presentation.

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