Renault Group reports revenue of: €57.9 billion

19 Feb Renault Group reports revenue of: €57.9 billion

(Oilandgaspress) – The consolidated financial statements of Renault Group and the company accounts of Renault SA at December 31, 2025, were approved by the Board of Directors on February 18, 2026, under the chairmanship of Jean-Dominique Senard.

Group revenue reached €57,922 million, up 3.0% compared to 2024. At constant exchange rates^[10], it increased by 4.5%.

The proposed dividend for the financial year 2025 is €2.20 per share, stable versus last year in absolute value. It would be paid fully in cash and will be submitted for approval at the Annual General Meeting on April 30, 2026. The ex-dividend date is scheduled on May 8, 2026 and the payment date on May 12, 2026.

Automotive revenue stood at €51,442 million, up 1.8% compared to 2024. It included -1.6 points of negative exchange rates effect (-€814 million) mainly related to the devaluation of the Turkish lira and Argentinean peso. At constant exchange rates³, it increased by +3.4%. This evolution was mainly explained by the following:

• A positive volume effect of +0.7 points. The 3.2% increase in registrations was partially offset by a lower restocking within the dealership network in 2025 compared to 2024.
  As of December 31, 2025, total inventories of new vehicles stood at a healthy level to operate and represented 539,000 vehicles, of which 442,000 vehicles at independent dealers and 97,000 at Group level.
• A positive product mix effect of +3.2 points thanks to our recent launches (Dacia Bigster, Renault Symbioz, Renault 5, Alpine A290, Renault 4, Renault Koleos…). This effect will continue to be supportive in 2026 with new launches.
• A small negative price effect of -0.2 points driven by market conditions in Europe that remain challenging with commercial pressure. Some of the negative currency impacts were offset by price increases. In line with its value‑over‑volume strategy, the Group’s pricing approach maintains a strong emphasis on residual values, which are a key driver of long‑term performance.
• A negative geographic mix of -0.5 points, mainly explained by the growth of sales outside Europe.
• A slight negative effect of sales to partners of -0.1 points. This evolution is primarily explained by the one-off R&D billings to partners in H1 2024 and the deconsolidation of Horse’s powertrains sales to partners at the end of May 2024, partly compensated by the positive effects of programs with our partners and the impact of the integration of RNAIPL (Renault Nissan Automotive India Private Ltd) into the consolidation perimeter since August 1, 2025.
• An “Other” effect of +0.3 points, mostly driven by the performance of parts and accessories and distribution activity.

The Group posted an operating margin of €3,632 million, representing 6.3% of revenue, to be compared to €4,263 million and 7.6% in 2024.

Automotive operating margin stood at 4.2% of Automotive revenue, or €2,184 million, compared to €2,996 million in 2024. This evolution was mainly explained by the following:

• An impact of foreign exchange of -€282 million, mostly attributable to the negative effect of the Argentinean peso. The Turkish lira positive impact on production costs was offset by the increase of the Group sales in Türkiye.
• A positive volume effect of +€186 million.
• Price/mix/enrichment and costs effects combined represented -€341 million. This evolution reflects increased commercial pressure, especially in Europe, together with a higher EV mix and increased international sales. It also encompasses a negative effect from lower LCV sales, for which margins are superior to the Group average. It was partly offset by an efficient cost management program. The latter includes the achievement of the target of €400 reduction on variable cost of goods sold (COGS) per vehicle in 2025 notably thanks to a strong purchasing performance, starting to benefit from the synergies on powertrains delivered by Horse Powertrain. It was counterbalanced to a limited extent by higher warranty costs (-€160 million).
• R&D posted a negative impact of -€87 million, primarily due to an unfavorable comparison base with non-recurring R&D billings to partners in H1 2024.
• SG&A improved by +€59 million, thanks to strict control of expenses.
• “Other” effect stood at -€59 million.
• Horse (deconsolidated since May 31, 2024): -€279 million deconsolidation impact in 2025 compared to 2024, detailed in 2025 H1 results press release.

The contribution of Mobilize Financial Services (Sales Financing) to the Group’s operating margin reached €1,468 million versus €1,295 million in 2024, mainly driven by the development of financing and service offers as a key leverage of Renault Group marketing strategy, particularly for electrified vehicles.

Other operating income and expenses were negative at -€11.5 billion (vs -€1.7 billion in 2024). It included the non-cash loss linked to the change of the accounting treatment of Renault Group’s stake in Nissan for -€9.3 billion, impairments for -€0.9 billion on vehicle developments and specific production assets and -€0.4 billion of restructuring costs.

After considering other operating income and expenses, the Group’s operating income stood at -€7,867 million compared to €2,576 million in 2024.

Net financial income and expenses amounted to -€208 million compared to -€517 million in 2024. Hyperinflation in Argentina had a lower negative impact in 2025 compared to 2024.

The contribution of associated companies amounted to -€2,198 million compared to -€521 million in 2024. It included Nissan’s contributions for -€2,331 million, which no longer affects the result since the change in accounting method (June 30, 2025), and the contribution of Horse Powertrain Limited for €245 million.

Current and deferred taxes represented a charge of -€522 million, including -€24 million related to the French exceptional surtax, compared to a charge of -€647 million in 2024. The effective tax rate stood at 42%. Its evolution in 2025 is significantly impacted by the lack of recognition of deferred taxes on expenses and on tax losses, particularly in France.

Renault Group’s consolidated results

(1) FY 2024: +€211 million of Nissan’s contribution in associated companies and -€1,527 million of capital losses on Nissan’s shares disposals and -€694 million of impairment of investment in Nissan.
FY 2025: -€2,331 million of Nissan’s contribution in associated companies, and -€9,315 million loss resulting from the evolution of the accounting treatment for the investment in Nissan.

(2) Automotive free cash flow: cash flows after interest and tax (excluding dividends received from publicly listed companies) minus tangible and intangible investments net of disposals +/- change in the working capital requirement.

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