Consolidated Financial Results
for the Nine Months Ended December 31, 2022

(Under IFRS)
February 8, 2022
Company name
: SUBARU CORPORATION
Listing: Tokyo Stock Exchange
Securities code
: 7270URL: https://www.subaru.co.jp/en/ir/
Representative: Tomomi Nakamura, President and CEO
Inquiries: Yasushi Nagae, Vice President and General Manager of Investor Relations Department
Telephone: +81-3-6447-8825
Scheduled date to file quarterly securities report: February 13, 2023
Scheduled date to commence dividend payments: Preparation of supplementary material on quarterly financial results : Yes
Holding of quarterly financial results briefing: Yes (for investment analysts and institutional investors)(Yen amounts are rounded off to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1,
2022 to December 31 2022)(1) Consolidated operating results (cumulative)
Revenue

Operating profit Profit before tax

Nine months ended

Millions ofyen%Millions ofyen

December 31, 2022

2,807,984

39.9

213,692 176.9

December 31, 2021

2,007,514(3.2)

77,186 (21.4)

Profit for the period
per share, basic%

Millions ofyen(Percentages indicate year-on-year changes.)
Profit for the
Total
Profit for theperiod attributable comprehensive
periodto owners of parent
income%Millions ofyen%Millions ofyen%

215,122 135.8

153,554 143.5

154,419145.6

195,577

92.4

91,250 (13.7)

63,070 (15.8)

62,868(15.3)

101,639

91.3%

Millions ofyenProfit for the period
per share, diluted

Nine months ended

Yen

Yen

December 31, 2022

201.34201.34

December 31, 2021

81.98

－

(2) Consolidated financial position
Total assets
As ofTotal equity

Ratio of equity
attributable to owners ofparent to total assets

Equity attributable toowners of parent

Millions of yen

Millions of yen

Millions of yen%

December 31, 2022

3,847,504

2,045,939

2,036,639

52.9

March 31, 2022

3,543,753

1,901,019

1,890,789

53.4

2. Cash dividends
Annual dividends per shareFirst quarter-end
Fiscal year ended
March 31, 2022
Fiscal year ending
March 31, 2023
Fiscal year ending
March 31, 2023
(Forecast)Second quarter-end

Third quarter-end

Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

－

28.00

－

28.00

56.00

－

38.00

－
38.00

76.00

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Forecast of consolidated results for the fiscal year ending March 31, 2023 (from April 1, 2022
to March 31, 2023)
Revenue
Fiscal year ending
March 31, 2023
(Forecast)

Operating profit

Profit before tax

Profit for the period
attributable toowners of parent

Profit for the period
per share, basic

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

3, 700,000

34.8

300,000

231.7

300,000

180.4

210,000

200.0

273.81

Note: Revisions to the forecast of consolidated results most recently announced: Yes* Notes(1) Changes in significant subsidiaries during the period(Changes in specified subsidiaries resulting in the change in scope of consolidation): Yes
Newly included: 1 company (Subaru USA Holdings Inc.)(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 December 31, 2022
As of March 31, 2022(ii) Number of treasury shares at the end of the period
As of December 31, 2022
As of March 31, 2022

769,175,873 shares
769,175,873 shares

2,193,383 shares
2,248,102 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022
766,955,078 shares
Nine months ended December 31, 2021
766,906,380 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an
audit corporation.
* Proper use of earnings forecasts, and other special matters
The performance projections were based on the information available as of the date when this document was
released. Therefore, actual results may differ considerably due to various factors that might occur in the future.

Index of the attachments
1. Qualitative information on quarterly financial results............................................................................
2(1) Explanation about operating performance in the quarter under review..........................................
2(2) Explanation about financial position in the quarter under review....................................................
3(3) Explanation about cash flows in the quarter under review...............................................................
4(4) Explanation about future forecasts such as projections for the current fiscal year.......................
4
2. Condensed quarterly consolidated financial statements............................................................................... 5(1) Condensed quarterly consolidated statement of financial position....................................................... 5(2) Condensed quarterly consolidated statement of income and condensed quarterly consolidated
statement of comprehensive income........................................................................................................... 7
Condensed quarterly consolidated statement of income.......................................................................... 7
Condensed quarterly consolidated statement of comprehensive income............................................... 8(3) Condensed quarterly consolidated statement of changes in equity....................................................... 9(4) Condensed quarterly consolidated statement of cash flows.................................................................... 10(5) Notes to condensed quarterly consolidated financial statements............................................................ 11(Notes on premise of going concern) ......................................................................................................... 11(Segment information) ................................................................................................................................ 11(Significant subsequent event) ................................................................................................................... 11―1―

1. Qualitative information on quarterly consolidated financial results(1)Explanation about operating performance in the quarter under review
Revenue for the nine months ended December 31, 2022 increased by 800.5 billion yen (39.9%) year on year to2,808.0 billion yen due to profit contribution from foreign exchange fluctuation, an increase in unit sales, pricing
policies, and an improved sales mix.
Despite continually surging raw material costs and an increase in SG&A expenses, operating profit increased by
136.5 billion yen (176.9%) to 213.7 billion yen and profit before tax rose by 123.9 billion yen (135.8%) to 215.1
billion yen on a year on year basis due to the increase in revenue. Profit for the period attributable to owners ofparent increased by 91.6 billion yen (145.6%) year on year to 154.4 billion yen.
(In Japanese yen in million except for profit margin and percentage change from the previous period)
Profit for the
Operating Profit Profit before tax period attributable
Foreign
Revenue(Margin)(Margin) to owners of parent Exchange Rate
(Margin)
2,807,984
213,692
215,122
154,419¥136/US$FYE2023 3rd Quarter
(7.6)
(7.7)
(5.5) ¥141/EUR
2,007,514
77,186
91,25062,868¥111/US$FYE2022 3rd Quarter
(3.8)
(4.5)
(3.1)
¥131/EUR
Change800,470
136,506
123,872
91,551
Percentage Change
39.9
176.9
135.8
145.6
Performance by segment
Results for the nine months ended December 31, 2022 by business segment are as described below.
(In Japanese yen in million except for profit margin and percentage change from the previous period)
Revenue
FYE2022
FYE2023
3rd Quarter 3rd Quarter

Segment Profit

ChangePercentage FYE2022
FYE2023
Percentage
ChangeChange 3rd Quarter 3rd Quarter
ChangeAutomobile

1,957,335

2,750,316

792,98140.5

75,009211,462

136,453

181.9

Aerospace

46,61653,995

7,379

15.8

(2,481)(2,508)

(27)

-

Other

3,563

3,673

110

3.1

4,555

4,749

194

4.3

-

-

-

-

103

(11)

(114)

-

2,007,514

2,807,984

800,470

39.9

77,186

213,692

136,506

176.9

Adjustments
Total

Notes: 1. Revenue is the revenue from external customers.
2. Adjustment to segment profit refers to the elimination of intersegment transactions.

(i) Automobile Division
Although the risk of production constraints still remains due to a shortage of semiconductors supply, global
production for the nine months ended December 31, 2022 increased by 122,000 units (22.2%) year on year owing
to flexible adjustments to the production plan and other efforts made to minimize the impact.
Unit sales grew steadily especially in the United States, our mainstay market, and Japan. Overseas unit sales
increased by 77,000 units (16.0%) year on year to 559,000 units, and domestic unit sales increased by 10,000 units(15.8%) year on year to 76,000 units. This resulted in an increase in combined overseas and domestic unit sales by
88,000 units (16.0%) to 635,000 units. Demand for Subaru vehicles remains strong especially in the U.S., andretailer inventory continues to be at a low level.
Revenue increased by 793.0 billion yen (40.5%) year on year to 2,750.3 billion yen due to, as described above,
profit contribution from foreign exchange fluctuation, the increase in unit sales, pricing policies, and an improved
sales mix. Despite continually surging raw material costs and an increase in SG&A expenses, segment profit
increased by 136.5 billion yen (181.9%) year on year to 211.5 billion yen due to the increase in revenue.
―2―

Unit sales for the nine months ended December 31, 2022 by region are as described below.
(Units in thousands and percentage change from the previous period)
FYE2022
FYE2023
Percentage
Change3rd Quarter 3rd Quarter
ChangeTotal in Japan

66

76

10

15.8

Passenger cars

54

62

8

15.7

Minicars

12

14

2

16.0

Total Overseas

482

559

77

16.0

North America

411

470

60

14.5

Europe

12

15

3

26.8

Australia

27

34

7

26.1

China

11

8

(3)

(23.5)

Other regions

22

32

10

46.9

548

635

88

16.0

Total

(ii) Aerospace Division
Despite fewer deliveries of Boeing 787 components for the private sector, revenue increased by 7.4 billion yen(15.8%) year on year to 54.0 billion yen due to an increase in production of P-1 maritime patrol aircraft and C-2transport aircraft components for the Ministry of Defense. Segment loss was 2.5 billion yen, about the same asprevious period.
(iii) Other Businesses
Revenue increased by 0.1 billion yen (3.1%) to 3.7 billion yen. Segment profit increased by 0.2 billion yen(4.3%) year on year to 4.7 billion yen.

(2)Explanation about financial position in the quarter under review(i) Assets
Total assets at the end of December 2022 stood at 3,847.5 billion yen, an increase of 303.8 billion yen comparedto the end of the previous fiscal year. The key factors include: 1) an increase of 90.6 billion yen in inventories as
the stock of new vehicles increased at sales subsidiaries in the U.S.; 2) an increase of 76.8 billion yen in cash andcash equivalents due to exchange rate effects and the like; and 3) an increase of 68.2 billion yen in other financial
assets (current assets) due to exchange rate effects and the like.
(ii) Liabilities
Total liabilities increased by 158.8 billion yen to 1,801.6 billion yen at the end of December 2022 compared tothe end of the previous fiscal year. The key factors include: 1) an increase of 54.1 billion yen in trade and otherpayables due to an increase in accounts payable-trade; 2) an increase of 37.2 billion yen in other non-current
liabilities due to exchange rate effects and the like; and 3) an increase of 35.9 billion yen in other current liabilities
due to exchange rate effects and an increase in advances received.
(iii) Equity
Total equity increased by 144.9 billion yen to 2,045.9 billion yen at the end of December 2022 compared to theend of the previous fiscal year. The key factors include: 1) an increase of 103.5 billion yen in retained earnings
resulting from posting of profit for the period and payment of dividends; and 2) an increase of 42.1 billion yen inother components of equity due to an increase in foreign currency translation adjustments.

―3―(3)Explanation about cash flows in the quarter under review
Cash and cash equivalents at the end of December 2022 totaled 959.9 billion yen.
(i) Net cash provided by operating activities
Net cash provided by operating activities increased by 325.7 billion yen (same quarter a year earlier: an increaseof 85.9 billion yen). The key factors include: 1) 215.1 billion yen in profit before tax; 2) depreciation andamortization of 176.4 billion yen; 3) an increase of 75.3 billion yen in inventories; and 4) an increase of 61.0 billion
yen in trade and other payables.
(ii) Net cash provided by (used in) investing activities
Net cash provided by (used in) investment activities decreased by 201.8 billion yen (same quarter a year earlier:a decrease of 126.9 billion yen). The key factors include: 1) expenditures totaling 91.0 billion yen as a result ofpurchase of property, plant and equipment; and 2) 45.2 billion yen in purchase of intangible assets and expenditure
on internally generated intangible assets.
(iii) Net cash provided by (used in) financing activities
Net cash provided by (used in) financing activities declined by 94.2 billion yen (same quarter a year earlier: adecrease of 74.6 billion yen). The key factors include: 1) dividends of 50.5 billion yen paid to owners of the parent;and 2) 36.5 billion yen in repayments of lease liabilities.

(4)Explanation about future forecasts such as projections for the current fiscal year
With the production constraints due to semiconductor shortages expected to continue, the Company revises its
previous forecasts (announced on November 2, 2022) for global production, global unit sales, and revenue asfollows:- Global production: 880,000 units (a decrease of 90,000 units from previous forecast; up 21.1% from previous year)- Global unit sales: 870,000 units (a decrease of 50,000 units from previous forecast; up 18.5% from previous year)

Exchange rates assumed for forecast of the full-year consolidated earnings are 134 yen per US dollar (previously
133 yen per US dollar) and 140 yen per euro (previously 136 yen per euro).
Consolidated financial forecast for the fiscal year ending 2023 (from April 1, 2022 to March 31, 2023)
Revenue

OperatingprofitProfit before tax

Previous forecast (A)Millions of yen
3,800,000

Millions of yen
300,000

Millions of yen
300,000

Profit for theperiodattributable toowners of parent
Millions of yen
210,000

Revised forecast (B)3,700,000

300,000

300,000

210,000

273.81

Increase/Decrease (B-A)(100,000)

0

0

0

-

Percentage change (%)

(2.6)

0.0

0.0

0.0

-

(Ref.) Results forprevious fiscal year
(Ended March 31 2022)

2,744,520

90,452

106,972

70,00791.28―4―Profit for theperiod per share,
basic
Yen
273.812. Condensed quarterly consolidated financial statements(1) Condensed quarterly consolidated statement of financial position(Unit: Millions of yen)
FYE 2022(as of March 31, 2022)

3rd Quarter of FYE 2023
(as of December 31, 2022)

883,074
337,387

959,907349,891

Inventories

483,113573,667

Income taxes receivable

18,331

17,211Other financial assets
Other current assets

243,204
77,134311,432
99,428Subtotal

2,042,243

2,311,536

Assets held for sale－158

Total current assets

2,042,243

2,311,694

Property, plant and equipment

841,553

837,287

Intangible assets and goodwill

250,897

247,397

Investment property

21,942

21,663

AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables

Non-current assets

Investments accounted for using equity method

10,828

9,384

Other financial assets

124,574

109,824

Other non-current assets

161,167

184,298

Deferred tax assets

90,549125,957

Total non-current assets

1,501,510

1,535,810

3,543,753

3,847,504

Total assets―5―

(Unit: Millions of yen)
FYE 2022
3rd Quarter of FYE 2023
(as of March 31, 2022) (as of December 31, 2022)
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables

273,546

327,646

Financing liabilities

51,64572,692Other financial liabilities

69,62458,673

Income taxes payable

4,685

65,581

Provisions

143,217

128,623

Other current liabilities

309,538

345,467

Total current liabilities

852,255

998,682

Financing liabilities

282,400

254,095

Other financial liabilities

81,84893,042

Employee benefits

58,196

63,660

Provisions

95,44886,731Other non-current liabilities

267,530

304,767

Non-current liabilities

Deferred tax liabilities

5,057

588

Total non-current liabilities

790,479

802,883

1,642,734

1,801,565

Capital stock

153,795

153,795

Capital surplus

160,178

160,178

Treasury shares(6,324)(6,135)Retained earnings

1,466,322

1,569,864

116,818

158,937

1,890,789

2,036,639

10,2309,300

Total equity

1,901,019

2,045,939

Total liabilities and equity

3,543,753

3,847,504

Total Liabilities
EquityEquity attributable to owners of parent

Other components of equity
Total equity attributable to owners of parent
Non-controlling interests―6―(2) Condensed quarterly consolidated statement of income and condensed quarterly consolidated statementof comprehensive income
Condensed quarterly consolidated statement of income(Unit: Millions of yen)
FYE 2023(April 1, 2022 to
December 31, 2022)

FYE 2022(April 1, 2021 to
December 31, 2021)
Revenue

2,007,514

2,807,984

Cost of sales(1,626,818)(2,255,878)

Gross profit

380,696552,106

Selling, general and administrative expenses(219,360)(250,301)

Research and development expenses(77,703)(79,674)

Other income

3,321

3,961

Other expenses(9,890)(11,894)

122

(506)

77,186

213,692

Share of profit (loss) of investments accounted for using equity method
Operating profit
Finance income

16,68843,188Finance costs(2,624)(41,758)

Profit before tax

91,250215,122

Income tax expense(28,180)(61,568)

Profit for the period

63,070

153,554

62,868

154,419

Profit for the period attributable to
Owners of parent
Non-controlling interests

202

(865)

63,070

153,554

Basic (yen)81.98

201.34

Diluted (yen)－201.34

Profit for the period
Profit for the period per share attributable to owners of parent―7―

Condensed quarterly consolidated statement of comprehensive income(Unit: Millions of yen)
FYE 2023(April 1, 2022 to
December 31, 2022)

FYE 2022(April 1, 2021 to
December 31, 2021)
Profit for the period

63,070

153,554(124)－

14,692(13,862)－(830)

25,071

58,123(1,208)(1,769)138

361

Other comprehensive income (after deduction of tax) total

38,56942,023Comprehensive income

101,639

195,577

100,954

196,507

Other comprehensive income (after deduction of tax)
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans
Net changes in revaluation of capital financial assets measured at fairvalue through other comprehensive income
Share of other comprehensive income of investments accounted forusing equity method
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations
Net changes in revaluation of liability financial assets measured at fairvalue through other comprehensive income
Share of other comprehensive income of investments accounted forusing equity method

Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income

―8―

685

(930)

101,639

195,577

(3) Condensed quarterly consolidated statement of changes in equity
FYE 2022 (April 1, 2021 to December 31, 2021)(Unit: Millions of yen)
Equity attributable to owners of parent
Retainedearnings

Noncontrollinginterests

Total
capitalCapitalsurplus153,795

160,178(6,524)

1,435,291

34,995

1,777,735

8,648

1,786,383－－－

62,868－62,868

202

63,070－－－－38,08638,086483

38,569－－－62,86838,086

100,954685

101,639

－

－

－

55

(55)

－

－

－

Dividends paid

－

－

－

(42,969)－(42,969)－(42,969)

Purchase of treasury shares

－

－

(4)

－

－

(4)

－

(4)

Disposal of treasury shares
Transfer from retained
earnings to capital surplus
Change in scope of
consolidation

－

(72)

208

－

－

136

－

136

－

72

－

(72)

－

－

－

－

－

－

－

－

－

－

－

－

－

－

204

(43,041)－(42,837)－(42,837)

153,795

160,178(6,320)1,455,173

73,026

1,835,852

9,333

1,845,185

Balance at the beginning of theperiodTreasurysharesOther
componentsof equity

Capital
stock

Total

Comprehensive income
Profit for the period
Other comprehensive income(after deduction of tax)
Comprehensive income
totalTransfer to retained earnings
Transactions with owners

Total transactions withownersBalance at the end of the period

FYE 2023 (April 1, 2022 to December 31, 2022)(Unit: Millions of yen)
Equity attributable to owners of parent
Retainedearnings

Noncontrollinginterests

Total
capitalCapitalsurplus153,795

160,178(6,324)

1,466,322

116,818

1,890,789

10,2301,901,019－－－

154,419－

154,419(865)

153,554

－

－

－

－

42,08842,088(65)

42,023－－－

154,41942,088

196,507(930)

195,577

－

－

－

(31)

31

－

－

－

Dividends paid

－

－

－

(50,646)－(50,646)－(50,646)

Purchase of treasury shares

－

－

(3)

－

－

(3)

－

(3)

Disposal of treasury shares
Transfer from retained
earnings to capital surplus
Change in scope of
consolidation

－

(55)

192

－

－

137

－

137

－

55

－

(55)

－

－

－

－

－

－

－

(145)

－

(145)

－

(145)

－

－

189

(50,846)－(50,657)－(50,657)

153,795

160,178(6,135)

1,569,864

158,937

2,036,639

9,300

2,045,939

Balance at the beginning of theperiodTreasurysharesOther
componentsof equity

Capital
stock

Total

Comprehensive income
Profit for the period
Other comprehensive income(after deduction of tax)
Comprehensive income
totalTransfer to retained earnings
Transactions with owners

Total transactions withownersBalance at the end of the period―9―(4) Condensed quarterly consolidated statement of cash flows
FYE 2022(April 1, 2021 to
December 31, 2021)
Net cash provided by (used in) operating activities
Profit before tax
Depreciation and amortization
Share of loss (profit) of investments accounted for using
equity method
Finance income
Finance costs
Decrease (increase) in trade and other receivables
Decrease (increase) in inventories
Increase (decrease) in trade and other payables
Increase (decrease) in provisions and employee benefits
OthersSubtotalInterest received
Dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Net decrease (increase) in time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets and expenditure on internallygenerated intangible assets
Purchase of other financial assets
Proceeds from sale and collection of other financial assets
OthersNet cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Proceeds from long-term borrowings
Proceeds from issuance of bonds
Repayments of lease liabilities
Dividends paid to owners of parent
OthersNet cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period―10―(Unit: Millions of yen)
FYE 2023(April 1, 2022 to
December 31, 2022)

91,250168,164

215,122
176,432

(122)

506

(16,688)2,624
12,528(42,883)(7,941)(75,718)(27,098)
104,116
2,789
2,986(1,652)(22,295)
85,944(43,188)
41,758(9,160)(75,324)
61,038(19,720)(6,563)340,901
12,012
3,807(1,817)(29,230)
325,673(3,565)(79,651)423(30,808)(94,587)
3,635(57,629)(45,191)(157,189)
171,538(843)(126,916)(252,129)
218,487(1,176)(201,769)(200)(14,870)
16,00010,000(42,622)(42,832)(50)(74,574)
22,793(92,753)
907,326
814,573(300)(9,957)3,000－(36,468)(50,495)(4)(94,224)
47,15376,833
883,074
959,907(5) Note to condensed quarterly consolidated financial statements(Note on premise of going concern)
FYE 2023 (April 1, 2022 to December 31, 2022)
Not applicable.

(Segment information)
Information on revenue, profit or loss, and other significant items by segment
Segment information by business type of the Company and its consolidated subsidiaries during the third quarter of FYE
2022 and the third quarter of FYE 2023 is as follows.

FYE 2022 (April 1, 2021 to December 31, 2021)

Revenue(1) Outside customers(2) Inter-segment
Total revenue
Share of profit (loss) ofinvestments accounted forusing equity method
Operating profit (loss)(Unit: Millions of yen)

Automobile

Aerospace

Subtotal

1,957,335
1,796
1,959,131

46,616
2
46,6182,003,951
1,798
2,005,749

326－

75,009(2,481)OthersAdjustment

Consolidated

3,563
23,43626,999－(25,234)(25,234)

2,007,514－
2,007,514

326

(204)

－

122

72,5284,555

103

77,186

Finance income
Finance costs

16,688(2,624)

Profit before tax

91,250FYE 2023 (April 1, 2022 to December 31, 2022)

Revenue(1) Outside customers(2) Inter-segment
Total revenue
Share of profit (loss) ofinvestments accounted forusing equity method
Operating profit (loss)
Finance income
Finance costs
Profit before tax(Unit: Millions of yen)

Automobile

Aerospace

Subtotal

2,750,316
2,046
2,752,362

53,995－53,9952,804,311
2,046
2,806,357

668－

211,462(2,508)OthersAdjustment

Consolidated

3,673
24,443
28,116－(26,489)(26,489)

2,807,984－
2,807,984

668(1,174)－(506)

208,954

4,749

(11)

213,692
43,188(41,758)
215,122

Note: The method of calculating operating profit (loss) for each segment is consistent with the method of calculating
operating profit (loss) in the condensed quarterly consolidated statement of income, and does not include financial
income, financial costs, and income tax expense. In addition, operating expenses that cannot be charged directly toeach segment are allocated to each segment based on the most reasonable allocation criteria.

(Significant subsequent event)Not applicable.

―11―Subaru Corporation Announces Consolidated Financial Results for the Nine Months of FYE 2023
Tokyo, February 8, 2023 – Subaru Corporation today announced its consolidated financial results for the first ninemonths of the fiscal year ending March 31, 2023.
Results for April–December 2022: Consolidated Revenue
While production constraints due mainly to semiconductor shortages continued, global production increased 22.2% to671,000 units as the Company worked to minimize the impact by taking measures such as flexibly rescheduling
production plans. Production in Japan rose 30.7% to 457,000 units, while production in the U.S. grew 7.4% to 214,000
units.
As a result of the production increase, global unit sales rose 16.0% to 635,000 units led by steady sales in Subaru’s
key U.S. and Japanese markets.
Due to the positive effects of foreign exchange rates, the unit sales growth, and other factors, consolidated revenuerose 39.9% to 2,808.0 billion yen.
Results for April–December 2022: Consolidated Profit and Loss
As positive factors such as the effects of foreign exchange rates and the growth in unit sales more than offset the
impact of continuing material cost increases and higher SG&A expenses, operating profit rose 136.5 billion yen to213.7 billion yen, profit before tax grew 123.9 billion yen to 215.1 billion yen, and profit for the period attributable toowners of parent increased 91.6 billion yen to 154.4 billion yen.
Forecasts for FYE 2023
With the production constraints due to semiconductor shortages expected to continue, the Company revises its
previous forecasts (announced on November 2, 2022) for global production, global unit sales, and revenue as follows:- Global production: 880,000 units (a decrease of 90,000 units from previous forecast; up 21.1% from previous year)- Global unit sales: 870,000 units (a decrease of 50,000 units from previous forecast; up 18.5% from previous year)- Revenue: 3,700 billion yen (a decrease of 100 billion yen from previous forecast; up 34.8% from previous year)
Meanwhile, the forecasts for profit at each stage remain unchanged from the previous announcement*, reflecting theCompany’s efforts to carefully examine expenses and increase the efficiency of its value chain from manufacturing
through sales as well as the changes in exchange rate assumptions.
The latest forecasts for FYE 2023 are based on exchange rate assumptions of 134 yen to the U.S. dollar and 140 yen
to the euro.
*Profit forecasts for FYE 2023 announced on November 2, 2022:- Operating profit: 300 billion yen- Profit before tax: 300 billion yen- Profit for the period attributable to owners of parent: 210 billion yen(Based on exchange rate assumptions of 133 yen to the U.S. dollar and 136 yen to the euro)
Notes on results:
Vehicle volume figures are rounded off to the nearest thousand. Yen figures are rounded off to the nearest hundred million.
Forward-looking statements in this document including financial and other forecasts are based on the information available
at the time of announcement and are subject to various risks and uncertainties that could cause actual results to varymaterially.
###February 8, 2023
Subaru Corporation

Reference for the First Nine Months of FYE 2023 Consolidated Financial Results
FYE 2022
Nine Months[ 2021. 4–12 ]FYE 2023
Nine Months[ 2022. 4–12 ]FYE 2022
Full Year[ '21.4 – '22.3 ]RESULTSRESULTSRESULTS

ChangeRevenueJapan
Overseas

Operating profit (loss)

20,075
3,457
16,618
772

Profit margin (%)

Profit (loss) before tax

28,0804,318
23,762
2,137

3.8

7.6

913

2,151

Profit margin (%)

4.5

7.7

Profit for the quarter attributable
Profit margin (%)
to owners of parent

629

1,544

3.1

Exchange rates

JPY/EUR

Capital expenditures
Depreciation
R&D expenditures *Interest bearing debts

27,445
4,880
22,565
905
3.3

8.1

1,239

135.8

1,070

3,000

3.9

8.1

916

145.6

700

2,100

Consolidated unit sales< Japan >

-

-

-

-

-

-

3,000

2,095

231.7

3,000

1,930

180.4

3,000

1,400

200.0

2,100

7.9
7.9

5.7

5.5

Effects of foreignexchange rates
Sales volume, mix,
etc.

1,300

2,435
1,695

(944)

Cost impacts(614)

Increase in SG&A
exp., etc.

(640)

Increase in R&D exp.

(19)

Increase in R&D exp.

(102)

Other

(19)

Other

(56)

136/US$
141/EUR
767
759
759
3,268

(1,237)

134/US$
140/EUR
1,300
1,000
1,100
-

112/US$
130/EUR
861
946
1,138
3,340

133/US$
136/EUR
1,400
1,000
1,200
-

- First increase in revenue in threeyears- First increase in revenue in threeyears- First increase in profit at eachstage in seven years- First increase in profit at eachstage in three years- First increase in consolidated unit
sales in three years- First increase in consolidated unit
sales in three years

10
8
2
77
60
3
(3)
17
88
122
107
15

15.8
15.7
16.0
16.0
14.5
26.8
(23.5)
35.5
16.0
22.2
30.7
7.4

89
73
17
645
555
15
14
60
734
727
455
272

106
87
19
764
643
11
870
880
-

16
14
2
120
87
(3)
136
153
-

18.2
19.4
13.1
18.6
15.7
(20.3)
18.5
21.1
-

115
95
20
805
681
14
920
970
-

Automobile

19,57327,503

7,930

40.5

26,77536,167

9,393

35.1

37,135

Aerospace

466

540

74

15.8

623

784

161

25.9

819

Other

36

37

1

3.1

48

48

1

1.7

47

Automobile

750

2,115

1,365

181.9

925

2,951

2,026

218.9

2,951

Aerospace

(25)

(25)

(0)

1.1

(70)

2

72

-

2

Other

46

47

2

4.3

48

47

(1)

(2.6)

47

Elimination &Corporate

1

(0)

(1)

(110.7)

1

-

-

-

North America
Europe **
China
Other

Consolidated unit sales total
Production units total
Japan
U.S.

Operating profit (loss)
by businesssegment

38,000

-

76
62
14
559
470
15
8
66
635
671
457
214

Minicars

Revenue bybusiness segment

34.8

-

66
54
12
482
411
12
11
49
548
549
350
199

Passenger Cars

Consolidated unit sales< Overseas >

9,555

2.6

1,661

%

37,000

Increase in SG&A
exp., etc.

111/US$
131/EUR
506
699
869
3,449

Performance description

Change

39.9
24.9
43.0
176.9

Cost impacts

JPY/US$%

5.5

PREVIOUSFORECASTSFORECASTS

8,005
861
7,144
1,365

Effects of foreignexchange rates
Sales volume, mix,etc.

Factors contributing tochange in operating profit(Yen in 100 millions, Units in thousands)
FYE 2023
FYE 2023
Full Year
Full Year[ 2022.4 – 2023.3 ]['22.4-'23.3]-* "R&D expenditures" indicate R&D activity related costs incurred during the reporting period. Under IFRS, a part of these costs that meets capitalization criteria is recognized
as an intangible asset and amortized over its estimated useful life; thus, the amount of "R&D expenditures" stated here does not match that of "R&D expenses" stated on theConsolidated Statement of Income.
** Starting from the August 3, 2022 reporting, the regions under “Europe” have been redefined. (The figures of the previous-year results have been changed accordingly.)< Forward-looking statements in this document are based on the information available at the time of the announcement and are subject to various risks and uncertainties that
could cause actual results to vary materially. >