Translation

July 23, 2024

Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2025
[Japan GAAP]
Company name: Mitsubishi Motors Corporation
Listing:
Prime Market, the Tokyo Stock Exchange
Stock code:
7211
URL:
https://www.mitsubishi-motors.co.jp/
Representative: Takao Kato, Representative Executive Officer, President andChief Executive Officer
Contact:
Keiko Sasaki, Vice President and General Manager, IR Office,Corporate Strategy Management Div.
TEL: +81-3-3456-1111 (from overseas)
Scheduled date to deliver cash dividends: －Earnings supplementary explanatory documents: Yes
Earnings presentation: Yes

1. Consolidated performance for the first quarter of fiscal year ending March 31,
2025 (April 1, 2024 to June 30, 2024)(Figures less than one million yen are rounded down)(1) Consolidated operating results
Net sales

Operating income(Percentages indicate year-on-year changes)
Net income
Ordinary income
attributable to ownersof the parent

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

FY2024 1st quarter

627,522(1.3)

35,519(21.3)

42,388(31.4)

29,468(38.5)FY2023 1st quarter

635,753

20.2

45,15846.7

61,811

24.9

47,94924.3

Note: Comprehensive income

FY2024 1st quarter: ¥54,729 million ((28.8)%)

Net income
per share-basic

Net income pershare-diluted

Yen

Yen

FY2024 1st quarter

19.82

19.82

FY2023 1st quarter

32.22

32.21

FY2023 1st quarter: ¥76,848 million (4.9%)(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

June 30, 2024

2,383,654

1,091,780

44.2

March 31, 2024

2,454,470

1,044,456

41.2

As of

Reference: Net assets excluding share subscription rights and non-controlling interests
As of June 30, 2024: ¥1,053,957 million As of March 31, 2024: ¥ 1,010,213million

2. Cash dividends
Cash dividend per share
RecordDateFirst quarter

Second quarter

Third quarter

Fiscal year end

Annual

Yen

Yen

Yen

Yen

Yen

FY2023

—

5.00

—

5.00

10.00

FY2024

—
7.50

—

7.50

15.00

FY2024(Forecast)

Note: Revisions to the forecasts of cash dividends in the current quarter: No

3. Consolidated earnings forecasts for fiscal year 2024 (from April 1, 2024 toMarch 31, 2025)(Percentages indicate changes from the previous fiscal year)
Net income
Net income
Operating income Ordinary income attributable to owners
per shareof the parent

Net sales

Full year

Millions of yen%

Millions ofyen%Millions ofyen%Millions of yen%

Yen

2,880,000

3.2

190,000(0.5)

190,000(9.1)

144,000

(6.9)

96.85

Note: Modifications in the consolidated earnings forecasts from the latest announcement: No

Note(1) Significant changes in the scope of consolidation during the period: No(2) Application of specific accounting treatment for preparing the quarterly consolidated
financial statements: Yes
Please refer to “2. Quarterly consolidated financial statements (3) Notes to quarterly consolidated financial statements Notes to specific accounting policies for quarterly consolidated financial statement” in page 5 for details.

(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards: Yes(ii) Changes in accounting policies other than (i): No(iii) Changes in accounting estimates: No(iv) Restatement: No
Please refer to “2. Quarterly consolidated financial statements (3) Notes to quarterly consolidated financial statements Notes to changes of accounting policies” in page 5 for details.

(4) Number of shares issued and outstanding (common stocks)(i) Total number of shares issued and outstanding at the end of the period(including treasury stock)
As of June 30, 2024:
1,490,282,496 shares
As of March 31, 2024:
1,490,282,496 shares(ii) Number of shares of treasury stock at the end of the period
As of June 30, 2024:
3,413,138 shares
As of March 31, 2024:
3,474,193 shares(iii) Average number of shares during the period (cumulative from the beginningof the fiscal year)
FY 2024 1st quarter:
1,486,833,781 shares
FY 2023 1st quarter:
1,488,359,935 shares
Note: The number of treasury shares at the end of each period includes shares of the Company held by the BIP
Trust Account (2,607,451 shares as of June 30, 2024 and 2,668,506 shares as of March 31, 2024). The
shares of the Company held by the BIP Trust Account is included in the number of treasury sharesdeducted in the calculation of average number of shares during each period (2,643,028 shares as of June30, 2024 and 1,081,923 shares as of June 30, 2023).

* Review of the Japanese-language originals of the attached consolidated quarterly financial
statements by certified public accountants or an audit firm: No* Proper use of earnings forecasts, and other special matters:(Note for the description about financial forecasts)
This material 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 andexchange rates, changes in laws, regulations and government policies, etc.
Potential risks and uncertainties are not limited to the above and Mitsubishi Motors
Corporation (MMC) is not under any obligation to update the information in this material toreflect any developments or events in the future.
If you are interested in investing in MMC, you are requested to make a final investment
decision at your own risk, taking the foregoing into consideration. Please note that neither
MMC nor any third party providing information shall be responsible for any damage you may
suffer due to investment in MMC based on the information shown in this material.
(How to obtain additional information materials / details of the earnings release conference)
Additional information materials are disclosed on the MMC web site on the same day as
publication of the results. In addition, an audio recording of the earnings release conference
held on the same day will, together with the materials used for the conference, be postedon the MMC website promptly following the conference.

1. Overview of Financial Results, etc.
(1) Overview of Financial ResultsCompetition is returning to its previous state as production constraints due to a shortageof semiconductor and other parts have been resolved and inventories have been filled ingeneral. Against this backdrop, we recognize that the sales environment surrounding us
is becoming increasingly severe in areas such as our focus areas where demand forautomobiles is sluggish due to the delay in economic recovery.
Due to intensifying sales competition, rising costs associated with inflation, and atemporary increase in quality-related expenses, the number of vehicles sold for the threemonths ended June 30, 2024 was 194,000 units globally, down 1% year on year, andconsolidated net sales were down 1% year on year to 627.5 billion yen. Consolidated
operating profit was 35.5 billion yen (a decrease of 9.7 billion yen year on year).
Consolidated ordinary profit was 42.4 billion yen (a decrease of 19.4 billion yen year onyear) and quarterly net income attributable to the owners of the parent company was
29.5 billion yen (a decrease of 18.4 billion yen year on year).
The operating status by business segment is as shown below.
(i) Automobile businessNet sales for the three months ended June 30, 2024 were 622.1 billion yen (a decreaseof 7.1 billion yen year on year), and operating profit was 34.6 billion yen (a decrease of
10.0 billion yen year on year).
(ii) Financial service businessNet sales for the three months ended June 30, 2024 were 10.7 billion yen (an increaseof 1.6 billion yen year on year), and operating profit was 1.2 billion yen (an increase of
0.2 billion yen year on year).
(2) Financial Position
Total assets as of June 30, 2024 amounted to 2,383.7 billion yen (down 70.8 billion yen
from the end of the previous fiscal year). Cash and deposits amounted to 562.0 billion
yen (down 112.2 billion yen from the end of the previous fiscal year). Total liabilities
amounted to 1,291.9 billion yen (down 118.1 billion yen from the end of the previous
fiscal year). Of total liabilities, the interest-bearing debt balance was 412.3billion yen(down 80.1 billion yen from the end of the previous fiscal year). Net assets amounted to
1,091.8 billion yen (up 47.3 billion yen from the end of the previous fiscal year). As aresult, the equity ratio was 44.2% (41.2% at the end of the previous fiscal year).
(3) Summary of earnings forecasts
MITSUBISHI MOTORS CORPORATION has decided to leave unchanged its consolidated
forecasts announced on May 8, 2024 for the full-year of fiscal year 2024 (April 1, 2024
through March 31, 2025).

2. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits

674,234

562,033

Notes and accounts receivable –trade, and contract assets

151,006

143,444

Finance receivables

240,517240,673

Merchandise and finished goods

317,485

341,078Work in process

24,684

27,159Raw materials and supplies

69,71766,806

Other

151,538

158,673

Allowance for doubtful accounts(1,333)(1,096)

1,627,849

1,538,774

Buildings and structures, net

92,07993,590Machinery, equipment and vehicles,net

187,469

190,355

Tools, furniture and fixtures, net

66,49663,786

Land

122,506

123,379

Construction in progress

29,58330,999Total property, plant and equipment

498,135

502,110Intangible assets

44,90444,607

Investment securities

104,094

111,042

Other

183,996

191,788

Allowance for doubtful accounts(4,511)(4,669)Total investments and other assets

283,579

298,161

Total non-current assets

826,620844,879

2,454,470

2,383,654

Total current assets
Non-current assets
Property, plant and equipment

Investments and other assets

Total assets1

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations operating

337,434

309,574

102,141

94,138

Short-term borrowings

68,05352,230Commercial papers
Current portion of long-termborrowings
Accounts payable – other, and accrued
expenses

43,50025,000224,61270,379232,510201,082

Income taxes payable

9,540

11,657

Provision for product warranties

68,04870,803

Other

89,360106,773

1,175,202

941,638

Long-term borrowings

127,781234,706

Retirement benefit liability

20,367

20,384

Other

86,662

95,143

Total non-current liabilities

234,811350,234

1,410,014

1,291,873

Capital stock

284,382

284,382

Capital surplus

199,585

199,585

Retained earnings

478,239

500,261

Treasury shares(1,688)(1,666)

Total shareholders' equity

960,518

982,562

2,045

2,328

(739)

(5,322)35,45462,725

12,933

11,66349,694

71,39423

23

34,21937,8001,044,456

1,091,780

2,454,470

2,383,654

Total current liabilities
Non-current liabilities

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive
incomeValuation difference on available-forsale securities
Deferred gains or losses on hedges
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Total accumulated othercomprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets2(2) Quarterly consolidated statements of income and Consolidated statements ofQuarterly comprehensive income
Quarterly consolidated statements of income(Millions of yen)

FY2023 1st quarter(from April 1, 2023 toJune 30, 2023)

FY2024 1st quarter(from April 1, 2024 toJune 30, 2024)

Net sales

635,753

627,522

Cost of sales

507,952

497,501

Gross profit
Selling, general and administrative
expenses
Advertising and promotion expenses

127,801130,020

13,647

13,866

Freightage expenses
Provision of allowance for doubtful
accounts
Remuneration, salaries and allowances

19,26823,964

(520)

(188)

19,56721,510Retirement benefit expenses

1,058

1,050

Depreciation

3,848

4,471

Research and development expenses

13,43915,325

12,334

14,49982,643

94,50045,15835,519Interest income

3,342

3,597

Foreign exchange gains
Share of profit of entities accounted
for using equity method
Other

14,521

8,222

1,023

-

591

731

Total non-operating income

19,47812,551

1,357

1,735

511

901

-

824

Other
Total selling, general andadministrative expenses
Operating profit (loss)
Non-operating income

Non-operating expenses
Interest expenses
Litigation expenses
Share of loss of entities accounted forusing equity method
Other
Total non-operating expenses
Ordinary profit (loss)

956

2,222

2,825

5,683

61,811

42,38818

31

Extraordinary income
Gain on sales of non-current assets
Other

9

4

Total extraordinary income

28

36

3

(Millions of yen)
FY2023 1st quarter(from April 1, 2023 toJune 30, 2023)
Extraordinary losses
Loss on retirement of non-current
assetsOther

FY2024 1st quarter(from April 1, 2024 toJune 30, 2024)

160

550

34

332

194

883

Profit (loss) before income taxes
Income taxes

61,64541,54013,244

9,761

Profit (loss)

48,40031,778451

2,309

47,94929,468

Total extraordinary losses

Profit (loss) attributable to non-controllinginterests
Profit (loss) attributable to owners ofparentQuarterly consolidated statementsof comprehensive income(Millions of yen)
FY2024 1st quarter(from April 1, 2024 toJune 30, 2024)

FY2023 1st quarter(from April 1, 2023 toJune 30, 2023)
Profit (loss)

48,40031,778583

283

Deferred gains or losses on hedges(3,596)(4,572)Foreign currency translation
adjustment

29,04923,725Remeasurements of defined benefit
plans, net of tax(988)(1,246)

Share of other comprehensive incomeof entities accounted for using equity
method

3,400

4,760

Total other comprehensive income

28,447

22,950Comprehensive income

76,84854,729Comprehensive income attributable toowners of parent

73,991

51,169Comprehensive income attributable tonon-controlling interests

2,856

3,560

Other comprehensive income
Valuation difference on available-forsale securities

Comprehensive income attributable to:

4

(3)

Notes to quarterly consolidated financial statements

Notes to changes of accounting policies(Application of the Accounting Standard for Current Income Taxes)
The Accounting Standard for Current Income Taxes (ASBJ Statement No.27, October 28,
2022; hereinafter referred to as the “Revised Accounting Standard 2022”), etc. have been
adopted from the beginning of the first quarter ended June 30, 2024.
The amendment to categories in which current income taxes should be recorded (taxes onother comprehensive income) follows the transitional treatment prescribed in the proviso
of paragraph 20-3 of the Revised Accounting Standard 2022 and the transitional
treatment prescribed in the proviso (2) of paragraph 65-2 of the Implementation Guidanceon Tax Effect Accounting (ASBJ Guidance No.28, October 28, 2022; hereinafter referred toas the “Revised Implementation Guidance 2022”). This change in accounting policies has no
impact on the quarterly consolidated financial statements.
For the amendment related to the revised accounting treatment for consolidated financial
statements when gains or losses on sale of shares in subsidiaries resulting fromtransactions between consolidated companies were deferred for tax purposes, the Revised
Implementation Guidance 2022 has been adopted from the beginning of the first quarter
ended June 30, 2024. This change in accounting policies was applied retrospectively.
Hence, the quarterly consolidated financial statements for the same quarter of the priorfiscal year and the consolidated financial statements for the prior fiscal year have been
modified retrospectively. This change in accounting policies has no impact on the quarterly
consolidated financial statements for the same quarter of the prior fiscal year and theconsolidated financial statements for the prior fiscal year.
Notes to specific accounting policies for quarterly consolidated financial statements(Income tax expenses calculation)
Income tax expenses were calculated by multiplying profit (loss) before income taxes by aneffective tax rate that was reasonably estimated by applying tax effect accounting to a
projected annual profit (loss) before income taxes for the fiscal year including the firstquarter ended June 30, 2024. In case where an estimated effective tax rate is unavailable,
the statutory effective tax rate is used.

5Notes on segment Information
I. For the Three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
1. Net sales and profit (loss) for each reportable segment(Millions of yen)
Financialservices

Automobiles

Adjustment(Note 1)

Total

Grand total(Note 2)

Net sales(1) External customers
Revenue fromcontracts withcustomers

627,540

3,050

630,590-

630,590

Other income

128

5,034

5,163

-

5,163

627,668

8,085

635,753-

635,753

1,580

1,016

2,597

(2,597)-

Total

629,249

9,101

638,351(2,597)635,753

Segment profit (loss)

44,563

1,045

45,609(451)

45,158Subtotal(2) Intersegment
sales & transfers

Notes: 1. Adjustment represents the elimination of intersegment transactions.
2. Segment profit (loss) agrees to the amount of operating profit (loss) presented in the consolidated
statement of income.

(Supplementary information about geographic information)
1. Change in geographic information
For geographic information, please refer to “II. For the Three months ended June 30, 2024
(Supplementary information about geographic information) - “1. Change in geographic
information.”
2. Net sales to the external customers, classified by the geographic location of theexternal customers(Millions of yen)
Japan

North
America

Revenue fromcontracts withcustomers

125,497

169,557

48,772

130,663

Other income

5,061

88

-

Total

130,558

169,646

48,772Europe

Asia

Other

Total

61,522

94,576

630,590

-

13

-

5,163

130,663

61,536

94,576

635,753

Oceania

Net sales
Net sales toexternalcustomers

6

Note:

Main countries and regions outside Japan are grouped as follows:(1) North America.............The United States, Canada, Mexico(2) Europe........................Germany, Spain, the Netherlands, France(3) Asia.............................Indonesia, Thailand, the Philippines, Vietnam(4) Oceania.......................Australia, New Zealand(5) Other...........................U.A.E., Brazil

II. For the Three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)
1. Net sales and profit (loss) for each reportable segment(Millions of yen)
Automobiles

Financialservices

Total

Adjustment(Note 1)

Grand total(Note 2)

Net sales(1) External customers
Revenue fromcontracts withcustomers

617,675

4,056

621,732-

621,732

Other income

145

5,644

5,789

-

5,789

617,8219,700

627,522-627,522

4,264

989

5,253

(5,253)-

Total

622,085

10,689632,775(5,253)

627,522

Segment profit (loss)

34,5601,195

35,755(236)

35,519Subtotal(2) Intersegment
sales & transfers

Notes: 1. Adjustment represents the elimination of intersegment transactions.
2. Segment profit (loss) agrees to the amount of operating profit (loss) presented in the consolidated
statement of income.

(Supplementary information about geographic information)
1. Change in geographic information
National and regional groupings have been classified by “geographical proximity andmutual relevance of business activities.” However, for the consistency with in-housemanagement, Ukraine and Kazakhstan, which had been included in “Europe” until theprevious fiscal year are reclassified in “Other” from the first quarter ended June 30, 2024.
As a result of this change, the reclassified geographic information is presented for the firstquarter ended June 30, 2023.

7

2. Net sales to the external customers, classified by the geographic location of theexternal customers(Millions of yen)
Japan

North
America

Revenue fromcontracts withcustomers

118,966

179,300

30,709116,123

Other income

5,671

111

-

Total

124,637

179,41130,709Europe

Asia

Other

Total

90,28286,350621,732

-

7

-

5,789

116,123

90,28986,350627,522

Oceania

Net sales
Net sales toexternalcustomers

Note:

Main countries and regions outside Japan are grouped as follows:(1) North America.............The United States, Canada, Mexico(2) Europe........................Germany, France, Spain, the Netherlands(3) Asia.............................the Philippines, Indonesia, Thailand, Vietnam(4) Oceania.......................Australia, New Zealand(5) Other...........................U.A.E., Brazil

Notes on significant changes in the amount of shareholders’ equity
There is no item to be reported.

Notes on the going concern assumption
There is no item to be reported.
Notes on the quarterly consolidated cash flow statement
There is no quarterly consolidated statement of cash flows for the three months ended
June 30, 2024. Depreciation for the three months ended June 30, 2024 is as follows:(Millions of yen)
FY2023 1st quarter

FY2024 1st quarter(from April 1, 2023 to(from April 1, 2024 toJune 30, 2023)

June 30, 2024)

Depreciation

15,452

8

17,957