FY2023
Financial Result
May 8, 2024

1. FY2023 Financial Results

2. FY2024 Financial Forecast

3. FY2024 Priority Initiatives

FY2023 Financial Results Summary (vs. FY2022)
Full-year(Billion yen, 000 units)

FY2022

FY2023

QuarterlyVariance
Amount

Ratio

+13%

Net Sales

2,458.1

2,789.6+331.5

Operating Profit

190.5

191.0

+0.5

(OP Margin)(7.7%)

Ordinary Profit

+0%

1Q

2Q

3Q

4Q

635.8

695.0

733.1

725.7

45.2

59.0

55.9

30.9

(7.1%)(8.5%)(7.6%)(4.3%)(6.8%)(-0.9pp)182.0

209.0+27.0

+15%

61.8

59.1

45.1

43.0

Net Income*

168.7

154.7

-14.0

-8%

47.9

19.6

35.3

51.9

Sales Volume834815-19-2%

195194196

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

FY2023 Operating Profit Variance (vs. FY2022)(Billion yen)

+76.1

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

JapanNorth America
EuropeChina, others

-5.8
+7.3
+18.0

Procurement
cost

-18.6

Factory
expenses-6.8

Shipping cost

-14.7

Indirect laborcost-5.6

Quality related
cost

-19.0

Generalexpenses, etc.

-6.7+11.4+41.0+5.4-1.2

FX rate(Yen)FY23(bill yen)

USD

136

144

+27.0

EUR142

156+10.7

THB

3.82

4.10-34.1

AUD

9395+5.9

PHP

2.47

2.60

+6.9--+21.4

Others

FY2022
APR 2022MAR 2023

VolumeMix/
Selling
Price

Sales
Expenses

Procurement
Cost/Shipping
Cost

R&D

EffectFY22Others

Forex

FY2023
APR 2023MAR 2024

4Q/FY2023 Operating Profit Variance (vs. 4Q/FY2022)(Billion yen)

+11.4

FX rate(Yen)

Procurement
cost-5.6

Factory
expenses-2.0

Shipping cost

-3.5

4Q/FY23(bill yen)USD

134

148+10.7

EUR

143

161+3.1

THB

3.89

4.17-8.3

AUD

91

97+5.2

PHP

2.43

2.65

+2.9--+7.9

Others4Q/
FY2022
JAN-MAR 2023

ASEAN

-1.3

Australia/NZ+4.5

Latin America,
Middle East/
Africa, etc.

-2.7

Japan

+2.4

North America+11.3

Europe-2.3

China, others-0.5

VolumeMix/
Selling
Price

Indirect labor
cost
Quality related
cost

Sales
Expenses

Procurement
Cost/Shipping
Cost

-1.3

Effect4Q/FY22General
expenses, etc.

-3.9-8.3

R&D

Others

Forex

4Q/
FY2023
JAN-MAR 2024

FY2023 Sales Volume Forecast (vs. FY2022)
Retail sales(000 units)

262

GLOBAL-19(-2%)

ASEAN-23(-9%)

Australia/NZ-4(-5%)

239

88

84

Latin America, Middle
East/Africa, etc.

-14(-9%)150

136Japan+19(+21%)

92

111

North America+30(+23%)

133

163

Europe-2(-3%)

59China, others-25(-52%)

61
48

23

1. FY2023 Financial Results

2. FY2024 Financial Forecast

3. FY2024 Priority Initiatives

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

FY2023

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

VarianceAmountNet Sales

2,789.6

2,880.0+90.4

Operating Profit

191.0

190.0-1.0(OP Margin)(6.8%)(6.6%)(-0.2pp)

Ratio+3%-1%

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%

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

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

+28.0

ASEAN
Australia/NZ
Latin America,
Middle East/Africa, etc.
Japan
North AmericaEuropeChina, 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/Selling
Price

Indirect labor
cost

Inflation
impact, etc.

-10.6

Factory
expenses-7.1

Shipping cost

-4.2

FX rate(Yen)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

R&D

EffectFY23Others

Forex

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%)

111

112

North America+22(+13%)

163

185

Europe+11(+19%)

68

China, others-10(-43%)

277
239
84

138

2357

13

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

1. FY2023 Financial Results

2. FY2024 Financial Forecast

3. FY2024 Priority Initiatives

FY2024 Outlook
ASEAN Oceania
Sales Volume / Market ShareAccording to research

FY2023

FY2024 (Forecast)

Oceania

84k units

86k units

ASEAN

239k units

277k units

Thailand29k units (4.1%)
78k units (8.1%)
81k units (18.6%)
30k units (10.5%)
20k units (2.5%)

42k units (5.4%)
78k units (8.4%)
88k units (19.3%)
42k units (13.5%)
24k units (3.7%)

Indonesia
Philippines
Vietnam
Malaysia◼ The gradual recovery of TIV in Thailand, Indonesia, etc. is likely in the second half of the year
but lacks strong momentum.
◼ Aim to win loyal customers by strengthening CX DX.
◼ Smooth replacement of new and old models for deployment of 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.

FY2024 Outlook
Latin America, Middle East/Africa
Sales Volume
FY2023

FY2024 (Forecast)Latin America,
Middle East/Africa, etc.

138k units

154k units

Latin America

55k units

65k units

Middle East/Africa, etc.

83k units

89k units◼ The TIV in each country is expected to be generally strong.
◼ Strengthen initiatives to improve CX and promote initiatives to improve brand value centeredon new models.
Aim to improve CX through digital and IT use in line with the start of full rollout of new models.

FY2024 Outlook
JapanNorth America

EuropeSales Volume
FY2023

FY2024 (Forecast)Japan

111k units

112k units

NorthAmerica

163k units

185k units

Europe57k units

68k units◼ Market competition is intensifying as the semiconductor supply shortage is resolved amid therisk of an economic downturn.
◼ Start sales of the Outlander PHEV in Europe, where xEV demand is expected to grow.
◼ Improve sales efficiency by strengthening digital marketing.
While promoting the improvement of sales quality and customer profile, implement a flexible
sales strategy by closely monitoring the trends of each competitor.

Deployments of ASEAN Strategic Vehicles in Global Markets

TRITONXFORCE

March 2024- : Australia/NZ
1Q/FY2024 : Latin America, Middle East/Africa
Indonesia, Vietnam, Malaysia

March 2024- : Vietnam
1Q/FY2024 : Latin America, Middle East/Africa
Philippines

Challenges for Collaboration and New Business
GLOBALEurope
Renault

NissanNext-generation 1-ton pickup
Common battery strategy

The New ASX
Start of sales
from June

North America
Nissan1-ton pickup produced in Mexico
PHEV
Utilize EV assets

ThailandPhilippines

MMTh/PTT/Arun Plus

Security Bank

Start discussing collaboration inxEV business, including local
manufacturing operations,domestic sales, export, andrelated services

Established Mitsubishi Motors
Finance Philippines Inc.

ASEAN, Oceania
Nissan1-ton pickup
Future models

APPENDIXFY2023 Balance Sheet and Free Cash Flow (vs. FY2022)(Billion yen)

Total Assets

FY2022(As end of MAR 2023)

FY2023(As end of MAR 2024)

Variance

2,201.5

2,454.5+253.0Cash & Deposits

596.0

674.2

+78.2

Total Liabilities

1,371.1

1,410.0

+38.9

428.3

492.4

+64.1

830.4

1,044.5+214.1801.1

1,010.2(36.4%)(41.2%)+209.1

407.1

453.5

Interest-bearing Debt

Total Net Assets
Shareholders’ Equity(Equity Ratio)

Net Cash

Automobiles & Eliminations(Billion yen)Free Cash Flow

Automobiles & Eliminations

FY2022(APR 2022 - MAR 2023)

138.0

FY2023(APR 2023 - MAR 2024)

31.0+46.4
Variance-107.0FY2023 Capital Expenditure, R&D Expense and Depreciation
CAPEX

R&D Expense

Depreciation¥93.6bn¥114.6bn¥67.7bn+19% (YoY)(+7% (YoY)+13% (YoY)
6%Billion)
yen

5%
4%
3%
2%
1%

FY2022
1APR 2022MAR 2023)

FY2023
2APR 2023MAR 2024)

3

FY2022
4APR 2022MAR 2023)

FY2023
5APR 2023MAR 2024)

6

FY20227APR 2022MAR 2023)

FY20238APR 2023MAR 2024)

0%

FY2023 Regional Performance (vs. FY2022)
Net Sales(Billion yen)

FY2022

Operating Profit(APR 2022–MAR 2023)(APR 2023–MAR 2024)

FY2023

Variance

GLOBAL

2,458.1

2,789.6‐ ASEAN584.6‐ Australia/NZ

FY2022

FY2023

Variance(APR 2022–MAR 2023)(APR 2023–MAR 2024)+331.5

190.5

191.0

+0.5

531.0

-53.6

46.6

20.3

-26.3

281.9

319.0

+37.1

37.2

24.0

-13.2

‐ Latin America,
Middle East/Africa, etc.

334.3

394.0

+59.7

21.7

38.2

+16.5

‐ Japan

552.7

609.1

+56.4

-6.1

-13.1

-7.0

‐ NorthAmerica

538.0

711.1

+173.1

81.9

111.9

+30.0

‐ Europe

154.2

219.4

+65.26.8

8.4+1.6‐ China,others

12.4

6.0-6.4

2.4

1.3-1.1

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

GLOBALFY2023(APR 2023 - MAR 2024)

FY2024 Forecast(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 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%
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.