Nissan Motor: F3/26 Results: Restructuring Effects Exceed Market Expectations Again

Research evidence excerpt

Nissan Motor: F3/26 Results: Restructuring Effects Exceed Market Expectations Again

Update

MayMay 13,13, 20262026 02:4303:53 PMPM GMTGMT

Morgan Stanley MUFG Securities Co., Ltd.+MNissan Motor (7201) | Japan Hiroto Segawa

Equity Analyst

F3/26 Results: Restructuring Hiroto.Segawa@morganstanleymufg.comShinji Kakiuchi +81 3 6836-8403

Shinji.Kakiuchi@morganstanleymufg.com +81 3 6836-5416

Effects Exceed Market Hayato Takashima

Research Associate

Hayato.Takashima@morganstanleymufg.com +81 3 6836-5414

Expectations Again

Nissan Motor (7201.T, 7201 JT)

Autos & Shared Mobility | Japan

Reaction to earnings

Stock Rating Equal-weight

Unchanged In-line Modest revision higher Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥400

consensus EPS Shr price, close (May 13, 2026) ¥364

Mkt cap, curr, basic (bn) ¥1,273.8

Source: Company data, Morgan Stanley Research DPS (03/26e) ¥0.0

ROE (03/26e) (%)* (7.9)

Share price positive. There are still risks from the effects of P/BV, basic (03/26e) 0.3

P/E, basic (03/26e)* NM

rising materials costs, but Nissan issued robust F3/27 OP EV/EBITDA, basic (03/26e) 15.4

* = GAAP or approximated based on GAAPguidance supported by greater-than-expected contributions from

cost reductions.

Results vs our/consensus expectations: Nissan announced results and held a

briefing after the market close. F3/26 sales were -5% YoY to ¥12,007.9bn, while OP

came in at ¥58bn and the net loss was -¥533.1bn( Exhibit 1 ). The company posted

negative free cash flow for the automotive business of -¥480.8bn. As of the fiscal

year-end, net cash in the automotive business stood at ¥1,170.4bn. Earnings were in

line with revised guidance announced on Apr 27 (Nissan Motor: Announces Upward

Revision to F3/26 Guidance).