FY2024
First-Quarter
Financial Results
July 23, 2024

1. FY2024 First-Quarter Financial Results

2. FY2024 Financial Forecast

3. Business Highlights

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

Variance
Amount

627.5

Ratio

-8.3

-1%

Operating Profit

45.2

35.5

-9.7

(OP Margin)(7.1%)(5.7%)(-1.4pp)-21%

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

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

FX rate(Yen)-12.0

1Q/FY24(bill yen)136

155+10.6

USD
EUR

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

Others

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.

1Q/
FY2023APR-JUN 2023

VolumeMix/
SellingPrice

Sales
Expenses

Procurement
Cost/ShippingCost

Effect

1Q/FY23

Indirect labor
cost
Quality related
-4.1
cost

R&D

-1.2-5.4

Others

Forex

1Q/
FY2024APR-JUN 2024

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

GLOBAL

5959-1(-1%)

ASEAN

0(Australia/NZ+2(+10%)

0%)

2022

Latin America, Middle
East/Africa, etc.

0(3131Japan+2(+10%)2123

North America-3(-7%)

4340

Europe+5(+45%)

16China, others-7(-70%)111030%)From FY2024, the regional classification of some countries in Europe waschanged to “Middle East/Africa, etc.”. FY2023 actual numbers above werechanged accordingly.

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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 unitsLatin 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 aboutinflation◼ 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

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

1Q/FY2024Japan

21k units

23k units

NorthAmerica

43k units40k 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

1. FY2024 First-Quarter Financial Results

2. FY2024 Financial Forecast

3. Business Highlights

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+90.4

Operating Profit

191.0

190.0

-1.0

(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¥15815

895

+80

+10%

(OP Margin)

Sales Volume(Retail)* Net income attributable to owners of the parent+3%-1%

1. FY2024 First-Quarter Financial Results

2. FY2024 Financial Forecast

3. Business Highlights

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

New “Outlander PHEV” to be launched in Europe

APPENDIX

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

Total Assets

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

+43.8

453.5

419.5

-34.0

Interest-bearing Debt

Total Net Assets

Shareholders’ Equity(Equity Ratio)

Net CashAutomobiles & Eliminations(41.2%)(44.2%)

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

5%4%
3%2%
1%0%
1Q/FY2023
1(APR-JUN 2023)

1Q/FY2024
2(APR-JUN 2024)

31Q/FY2023
4(APR-JUN 2023)

1Q/FY2024
5(APR-JUN 2024)

61Q/FY2023
7(APR-JUN 2023)

1Q/FY2024
8(APR-JUN 2024)

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

Operating Profit

1Q/FY2023

1Q/FY2024

Variance

1Q/FY2023

1Q/FY2024

Variance

635.8

627.5

-8.3

45.2

35.5

-9.7

‐ ASEAN

129.0

115.3

-13.7

6.2

4.1-2.1‐ Australia

61.5

90.3+28.8

3.6

8.2+4.6

94.5

86.4

-8.1

9.6

5.3-4.3‐ Japan

130.6

124.6-6.0-2.9-3.4-0.5‐ North

169.7

179.4

+9.7

25.7

20.7-5.0‐ Europe

48.8

30.7

-18.1

2.7

0.6

-2.1

‐ China,

1.7

0.8

-0.9

0.3

0.0-0.3(APR–JUN 2023)

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

Americaothers(APR–JUN 2024)(APR–JUN 2023)(APR–JUN 2024)

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

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.

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 2023MAR 2024

Volume-2.8

Aftersales+1.3

Generalexpenses, etc.

+6.9

Procurement+26.9
cost reduction+14.0+0.5
+1.4

+4.6
+13.3
-5.3
-0.5

Mix/
SellingPrice

Indirect labor
cost

Inflation
impact, etc.

-10.6

Factoryexpenses-7.1

Shipping cost

-4.2

FX rate(Yen)FY24(bill yen)

USD

144

142-7.0

EUR156

159+0.5

THB

4.10

4.14-4.6

AUD

95

96+2.2PHP

2.60

2.61+0.5--+7.4

OthersSales
Expenses

Procurement
Cost/Shipping
Cost

R&D

EffectFY23

OthersForex

FY2024
APR 2024MAR 2025

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%)

111112

North America+22(+13%)

163185

Europe+11(+19%)

68

China, others-10(-43%)

277
239
84138

2357

13

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

FY2024 Capital Expenditure, R&D Expense and Depreciation ForecastCAPEXR&D Expense

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

5%
4%
3%
2%
1%FY2023
1APR 2023MAR 2024)

FY20242APR 2024MAR 2025)

3

FY2023
4APR 2023MAR 2024)

FY2024
5APR 2024MAR 2025)

6FY2023
7APR 2023MAR 2024)

FY20248APR 2024MAR 2025)

0%

FY2024 Shareholder Returns Forecast
Dividend per Share: 15 Yen Forecast

1412108Year-end(Outlook)

64Interim20(Outlook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 aresubject 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.