Nissan Shatai (7222): FY2025 Results Summary — Sharp Profit Growth on All-New Patrol and Armada Sales

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Nissan Shatai Co., Ltd. (Tokyo Stock Exchange, code 7222) reported its consolidated financial results for FY2025, the fiscal year ending March 31, 2026. Net sales increased by 15.2% from the previous fiscal year to 403.8 billion yen, and operating income increased by 175.1% to 14.1 billion yen, driven mainly by increased sales of the all-new Patrol and all-new Armada, production of which commenced in the previous fiscal year, as well as improvements in production efficiency. Ordinary income increased by 157.9% to 15 billion yen, and income attributable to owners of parent increased by 127.3% to 6.8 billion yen.

Consolidated Results (Full-Year Actual)

According to the company, the environment surrounding the Nissan Shatai Group required close attention not only to indirect effects on the global economy from trade issues, mainly led by the U.S., but also to the impact of developments in the Middle East that occurred in the fourth quarter. In this environment, net sales and income increased due to the impact of increased sales of the all-new Patrol and all-new Armada, as well as improvements in production efficiency. In special gains and losses, an impairment loss on fixed assets of 2.6 billion yen and a loss from business restructuring of 2.1 billion yen were recorded as special losses in connection with the business conversion of the Shonan Plant to service parts production, the latter representing a reasonable estimate of costs associated with personnel measures targeting approximately 800 employees across the Group.

Item (Million yen)	FY2024 (2025/3)	FY2025 (2026/3)	Variance	Change
Net sales	350,508	403,800	53,292	15.2%
Operating income/loss	5,147	14,161	9,014	175.1%
Ordinary income/loss	5,847	15,080	9,233	157.9%
Income/loss attributable to owners of parent	3,033	6,893	3,860	127.3%

In the company’s analysis of factors for operating income, operating income rose from 5.14 billion yen in FY2024 to 14.1 billion yen in FY2025, with vehicle sales volume and change in model mix contributing 3.8 billion yen and rationalization measures, etc. contributing 5.2 billion yen.

Sales by Product Area and Vehicle Sales Volume

Of total net sales of 403,800 million yen, passenger vehicles accounted for 289,825 million yen (71.8%), light commercial vehicles for 70,638 million yen (20.6%), microbuses for 20,905 million yen (5.2%), and vehicle parts and other products for 22,431 million yen (5.5%). Net sales increased mainly due to the increase in sales of the all-new INFINITI QX80, the all-new Patrol, and the all-new Armada, which have higher sales prices than previous models.

Product Area	FY2025 Net Sales (Million yen)	Share
Passenger vehicles	289,825	71.8%
Light commercial vehicles	70,638	20.6%
Microbuses	20,905	5.2%
Vehicle parts and other products	22,431	5.5%
Total	403,800	—

Vehicle sales volume increased by 5.6% compared to the same period last year to 154,668 units, mainly due to increased sales of the all-new Patrol and all-new Armada, production of which commenced in the previous consolidated fiscal year, among other factors.

Category (Thousand units)	FY2024	FY2025	Variance
Passenger vehicles	79	94	18.7%
Light commercial vehicles	55	49	-12.0%
Microbuses	12	12	-0.9%
Total	147	155	5.6%

FY2026 Forecast

The company states that the fiscal year ending March 2027 is expected to see an increase in unit sales compared with the fiscal year ending March 2026, due to the start of production of new models and so on. For the consolidated performance forecast for the fiscal year ending March 2027, the company expects net sales of 448 billion yen, operating income of 21 billion yen, ordinary income of 21.5 billion yen, and profit attributable to owners of parent of 14 billion yen.

Item (Million yen)	FY2025 (Actual)	FY2026 (Forecast)	Variance	Change vs. FY25 (%)
Net sales	403,800	448,000	44,200	10.9%
Operating income/loss	14,161	21,000	6,839	48.3%
Ordinary income/loss	15,080	21,500	6,420	42.6%
Income/loss attributable to owners of parent	6,893	14,000	7,107	103.1%

Shareholder Returns

The end of period cash dividends for FY2025 is set at 9.00 yen per share, representing an increase of 2.50 yen per share compared to the previous fiscal year. Combined with the interim dividend of 6.5 yen, the annual dividend for FY2025 totals 15.5 yen per share. The dividend forecast for FY2026 is undetermined at this time.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.