Consolidated Financial Results for the 1st Quarter of FYE 2024
SUBARU CORPORATION
Katsuyuki Mizuma, Director, Executive Vice President & CFO
August 2 nd, 2023

https://www.subaru.co.jp/en/ir/

Key Points◼ Results for 1st Quarter of FYE 2024
•Production: 243,000 units (up 18% y/y)
While production constraints due to the semiconductor shortage continued, global production increased year on year.

•Operating profit: 84.5 billion yen (up 128% y/y)
As sales volume growth and the positive effects of the weak yen more than offset the impact of increases in raw
material costs and SG&A expenses, operating profit increased significantly year on year.

◼ Forecast for FYE 2024
•Production: 1,010,000 units (up 16% y/y)
While production constraints due to the semiconductor shortage are expected to continue, the Company maintains its
production forecast unchanged as sales and production are generally progressing according to plan.

•Operating profit: 300 billion yen (up 12% y/y)Although the yen is weakening, the Company maintains its operating profit forecast unchanged due to wide
fluctuations in the yen exchange rate and uncertainties such as semiconductor supply and logistics constraints.
Notes on figures in the results: Vehicle volume figures are rounded to the nearest thousand. Yen figures are rounded to the nearest hundred million.

https://www.subaru.co.jp/en/ir/2Consolidated Financial Results for the 1st Quarter (3 months) of FYE 2024

https://www.subaru.co.jp/en/ir/

3

1 st Q u a r t e r ( 3 m o n t h s ) ：Consolidated Unit Sales / Complete Cars Production(Thousand Units)FYE 2023

FYE 2024

1Q Results

1Q ResultsVariance

Production in U.S.

7084+13Production in Japan

135159+24205

243+38

Production* Total

Consolidated Unit Sales Total

FYE 2023

FYE 2024

1Q Results

1Q Results

196236

Variance+40* Production figures include Toyota GR86.

https://www.subaru.co.jp/en/ir/

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1 st Q u a r t e r ( 3 m o n t h s ) ：Consolidated Unit Sales (by market)(Thousand Units):FYE 2023

FYE 2024

1Q Results

1Q Results

Variance

Passenger cars

1617+1Minicars

44-0

Domestic total

2021+1U.S.

139163+24Canada

1116+5Europe

57+2

Australia

915+6China

32-1Others

912+3

Overseas total

175

215+39Total

196236+40

https://www.subaru.co.jp/en/ir/

51 st Q u a r t e r ( 3 m o n t h s ) ：Consolidated Profit Results(100 Million Yen)

Revenue

FYE 2023

FYE 2024

1Q Results

1Q Results

Variance

8,341

10,821+2,480

Domestic

1,271

1,410+139

Overseas

7,070

9,412+2,341

Operating profit

370

845+475

Profit before tax

384

1,154+770

Profit for the period attributable toowners of parent

272

732+460

SUBARU
exchange rateUS$¥125¥135+¥11EURO¥134¥145+¥11CAN$

¥97

¥100

+¥2

https://www.subaru.co.jp/en/ir/

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1 st Q u a r t e r ( 3 m o n t h s ) ：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 )(100 Million Yen)

-262

+341
New car sales total： +489
by price & mixture +100-93+517
Gain on currency
exchange-25-3

R&D expenses

Other

Cost impacts
SG&A expenses,
etc.

845
Sales volume &mixture, etc.

370
FYE 2023
1Q ResultsSales volume &mix , etc.

DomesticOverseas

FYE 2024
1Q Results+475+517 Currency
exchange+26 US＄+463 EURO+341 Cost impacts+280 SUBARU+10Cost reduction
Material cost,etc.

Sales Incentive-21 CAN＄+8Others+49 CNY-Currency exchange
adjustment-55

Unrealized gain+98-262 SG&A expenses, etc.
-220 SIA*1+18Cost reduction-238

Material cost,etc.

-42 Fixed manufacturing cost
+6 SUBARU-48

Suppliers'
dies cost
Fixedprocessingcost*1 SIA: Subaru of Indiana Automotive, Inc. *2 SOA: Subaru of America Inc. *3 SCI: Subaru Canada Inc.
https://www.subaru.co.jp/en/ir/+18 SIA*1-93+12 SG&A
-6 SUBARU-85 Warranty claims+10Suppliers'
dies cost-10 Domestic dealers
SOA *2-19+8Fixedprocessingcost

SCI *3-11Others-23+4-20-28 (including impactof foreign currency-4 translation)7

1 st Q u a r t e r ( 3 m o n t h s ) ：Consolidated Statement of Cash Flows / Cash and cash equivalents(100 Million Yen)FYE 2023

FYE 2024

1Q Results

1Q Results

Net cash provided by (used in) operating activities

1,323

1,296

Net cash provided by (used in) investing activities-578-1,406

Free cash flows

746-109

Net cash provided by (used in) financing activities

-351

-677

Effect of exchange rate change on cash
and cash equivalents

688

497

As of March 2023

As of June 2023

Variance

Cash and cash equivalents at end of period

9,795

9,506

-290

Interest bearing debts Balance at end of period *3,126

3,102

-23

Net cash

6,669

6,403

-266

* Lease liabilities are not included in the results above.
https://www.subaru.co.jp/en/ir/

8Capex / Depreciation / R&D(100 Million Yen)FYE 2023

FYE 2024

1Q Results

1Q ResultsVariance

Capex *1280

321+41

Depreciation *1238

250+12R&D expenditures *2231280+49*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)

https://www.subaru.co.jp/en/ir/9Forecast for FYE 2024

https://www.subaru.co.jp/en/ir/

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FYE 2024 Plan ：Consolidated Unit Sales / Complete Cars Production(Thousand Units)FYE 2023

FYE 2024

Results

Plan

Variance

Production in U.S.

299--

Production in Japan575--874

1,010

Production*1 Total

Consolidated Unit Sales Total

FYE 2023

FYE 2024

ResultsPlan852

1,010+136Variance+158*1:Production figures include Toyota GR86.

https://www.subaru.co.jp/en/ir/

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FYE 2024 Plan ：Consolidated Unit Sales / Complete Cars Production(Thousand Units):FYE 2023

FYE 2024

ResultsPlan

Variance

Passenger cars

81

107+26

Minicars

1919+1

Domestic total

100

126+27U.S.

592

664+73

Canada4365+22

China

1014+4Others

108

141+33

Overseas total

753

884+131

Total

852

1,010+158

https://www.subaru.co.jp/en/ir/

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FYE 2024 Plan ：Consolidated Profit Plan
(Yen in 100 millions)

FYE 2023

FYE 2024Results

PlanVariance

Revenue

37,74542,000+4,255

Operating profit

2,675

3,000+325

Profit before tax

2,784

3,000+216

Profit for the period attributable toowners of parent

2,004

2,100+96

SUBARU
exchange rate

US$

¥135

¥128

-¥7EURO

¥141

¥138

-¥3CAN$

¥102

¥94

-¥8

https://www.subaru.co.jp/en/ir/

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FYE 2024 :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 )(100 Million Yen)

+60

+1,520-655-310

R&D expenses
Loss on currency
exchange
Sales volume &mixture, etc.

-267

SG&A expenses,etc.

-23

Cost impacts

Other3,000

2,675
FYE 2023
Results

FYE 2024
Plan+325

Sales volume &+1,520 Curerncy
mix , etc.
exchange

Domestic+155 US＄

Overseas+1,368 EURO-655 SG&A expenses, etc.
-768 Fixed manufacturing cost
-4 SUBARU

Sales Incentive-345 CAN＄-96

Suppliers'
dies cost

Others+342 CNY+1

Fixedprocessingcost

Currency exchange
adjustment-125

Unrealized gain+337+8 SIA*1-310 Cost reduction, etc.
-23 SG&A-283 Warranty claims-31 SUBARU-109

Cost reduction
Material cost,etc.

+56

Suppliers'
dies cost+37 Domestic dealers-30

Fixedprocessingcost

SOA *2-76-48-68

SCI *3-18Others-50-4 SUBARU-267-385 SIA*1+118+28

Cost reduction+18-413

Material cost,etc.

+100*1 SIA: Subaru of Indiana Automotive, Inc. *2 SOA: Subaru of America Inc. *3 SCI: Subaru Canada Inc.
https://www.subaru.co.jp/en/ir/

14Capex / Depreciation / R&D(100 Million Yen)FYE 2023

FYE 2024

ResultsPlanVariance

Capex *11,2281,800+572

Depreciation *1

1,030

1,000-30

R&D expenditures *2

1,078

1,200+122*1 : Leases, capex & amortization for intangible assets 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)

https://www.subaru.co.jp/en/ir/

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Appendix• Segment information by Business & Geographic• Operating Results of Subsidiaries in U.S.

• Overseas Revenue• FYE 2023 and FYE 2024 Results (by Quarter)• Consolidated Statement of Financial Position• Complete Cars Production / Retail Sales Units• Non-consolidated Unit Sales

https://www.subaru.co.jp/en/ir/

16

1 st Q u a r t e r ( 3 m o n t h s ) ：Revenue and Operating Profit by Business Segment (Consolidated)(100 Million Yen)

Revenue

Operating profitFYE 2023

FYE 2024

1Q Results

1Q Results

Automobile

8,181

10,620+2,439

Aerospace148189Other12

Elimination & CorporateTotal

https://www.subaru.co.jp/en/ir/

FYE 2024

FYE 2023

FYE 2024

Plan

1Q Results

1Q Results

40,907364

841+477

2,962+41

1,045-21-11+1017

12+0482613-1321-----

0

1+1-

8,341

10,821+2,480

42,000370

845+475

3,000

Variance

Variance

FYE 2024
Plan17

1 st Q u a r t e r ( 3 m o n t h s ) ：Revenue and Operating Profit by Geographic Area (Consolidated)(100 Million Yen)

Revenue
FYE 2023

FYE 2024

1Q Results

1Q Results

Operating profit
Variance

FYE 2023

FYE 2024

1Q Results

1Q Results

Variance

Japan

1,799

2,239+440

149

419+269

North America

6,230

8,236+2,006

451

538+87

312

346+3421-5-26----251-107+145

8,341

10,821+2,480

370

845+475

Other

Elimination & Corporate

Total

https://www.subaru.co.jp/en/ir/18

1 st Q u a r t e r ( 3 m o n t h s ) ：Overseas Revenue (Consolidated)(100 Million Yen)

North America

FYE 2023

FYE 2024

1Q Results

1Q Results

Variance

6,301

8,344+2,043

Europe188

272+84Asia

239

197-42Other343

598+255

Total

7,070

9,412+2,341

https://www.subaru.co.jp/en/ir/

19Consolidated Statement of Financial Position(100 Million Yen)

As of March2023
Total assets

As of June
2023

Variance

39,442

41,084+1,642Current assets

24,29825,524+1,227

Non-current assets

15,144

15,559+416

18,342

18,987+645

3,126

3,102

-23

21,09922,097+997

Retained earnings

16,237

16,677+440

Equity attributable to owners of parent

21,01022,075+1,066

Ratio of equity attributable to ownersof parent to total assets

53.3%

53.7%

+0.5%

0.15

0.14

-0.01

Total liabilities
Interest bearing debts
Total equity

D/E ratio
https://www.subaru.co.jp/en/ir/

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1 st Q u a r t e r ( 3 m o n t h s ) ：Non-consolidated Unit Sales:(Thousand Units)FYE 2023

FYE 2024

1Q Results

1Q Results

Variance

Domestic production*

135

159+24

Domestic sales

20

20-1

Passenger cars

16

16-0Minicars

43-1

Export total

107

131+24Components for overseas
production

7077+8Total

197

227+30* Production figures include Toyota GR86.

https://www.subaru.co.jp/en/ir/

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1 st Q u a r t e r ( 3 m o n t h s ) ：Operating Results of Subsidiaries in U.S.
（Million US$）SOA *1FYE 2023

FYE 2024

1Q Results

1Q Results

Net sales

Variance

4,484

5,531+1,047

Operating income

280

286+6Net income

174

249+75Retail sales (Thousand units)131

160+29SIA *2

Net sales

FYE 2023

FYE 2024

1Q Results

1Q Results

Variance

1,916

2,450+534

Operating income-4528+73Net income

-33

30+63

Production (Thousand units)

7084+13*1 SOA: Subaru of America Inc. *2 SIA: Subaru of Indiana Automotive, Inc.
https://www.subaru.co.jp/en/ir/

22

FYE 2023 and FYE 2024 Results(by Quarter)(Yen in 100 millions, Units in thousands)

1Q

FYE 2023

FYE 2024

Results

Results

2Q

3Q

4Q

1Q

Consolidated Unit Sales

196

203

237

217

236

Production *205

220

246

202

243

8,341

9,168

10,571

9,665

10,821

Operating profit

370

735

1,032

538

845

Profit for the period
attributable to owners of parent272

506

766460732

SUBARU exchange rateUS$¥125

¥135

¥144

¥133

¥135

Revenue* Production figures include Toyota GR86.

https://www.subaru.co.jp/en/ir/

23

Complete Cars Production / Retail Sales Units(1,000units）

Production

Retail Sales

300

228
212
202

220

187
AprJun

243

246

193
177
JanMar202

182
OctDec205

207

JulSep

184

196

182

209

220

229

240

240

254
260

262

204

200

271

236

242
227

254
262

277

OctDec

269
262

269
271

JulSep

250

241

278

264

252
257

249

253

261

270
268

276

276

280

269
273

237

242
245

249

264
258

250

158

150

100

92

50

0JanMar

AprJunJulSepOctDec

2016

JanMar

AprJunJulSep

OctDec2017

JanMar

AprJun2018

JanMar

AprJunJulSep2019

OctDecJanMar

AprJunJulSep2020

OctDecJanMar

AprJun2021

JulSep2022

OctDecJanMar

AprJun2023* Production figures include Toyota GR86.
https://www.subaru.co.jp/en/ir/

24

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 resultof 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.

https://www.subaru.co.jp/en/ir/

25