FY2025 Consolidated Financial Results (Japan GAAP)

(April 1, 2024 through December 31, 2024)

English Translation of the Original Japanese-Language Document
February 7, 2025
Company name : ISUZU MOTORS LIMITED
Stock exchange on which the shares are listed : Tokyo Stock Exchange in Japan
Code number : 7202
URL : https://www.isuzu.co.jp/world/company/investor/
Representative : Shinsuke Minami, President COO
Contact : Takayuki Aikawa, General Manager,
Public Relations Department Tel. (045)299-9099
Expected starting date for distribution of cash dividends :-
The supplement materials of the quarterly financial results : Yes
Holding of the quarterly financial results meeting : Yes
(Amounts are rounded down to the nearest million yen.)
1. Consolidated Financial Highlights (April 1, 2024 through December 31, 2024)
<1> Consolidated Financial Results
(% indicates increase/decrease from previous term.)
Net Income attributable to owners
Net Sales Operating Income Ordinary Income
of parent
millions of yen ％ millions of yen ％ millions of yen ％ millions of yen ％
FY2025 3rd Quarter 2,355,772 (7.3) 192,479 (24.1) 204,609 (24.3) 109,852 (31.1)
FY2024 3rd Quarter 2,541,532 8.4 253,561 28.1 270,203 28.5 159,424 26.7
[Note] Comprehensive Income FY2025 3rd Quarter 170,454 millions of yen (34.5％)
FY2024 3rd Quarter 260,235 millions of yen 39.2％
Net Income per Share after
Net Income per Share
Dilution of Potential Stock
yen yen
FY2025 3rd Quarter 148.34 -
FY2024 3rd Quarter 206.31 -

<2> Consolidated Financial Position

Total Assets Net Assets The Capital adeqacy ratio
millions of yen millions of yen %
FY2025 3rd Quarter 3,290,803 1,619,773 44.2
FY2024 3,263,001 1,659,029 44.8
[Note] Total Amount of Shareholders' Equity FY2025 3rd Quarter 1,454,829 millions of yen
FY2024 1,460,695 millions of yen

2. Cash Dividends
Dividend per Share
1st Quarter 2nd Quarter 3rd Quarter Year-End Total
yen yen yen yen yen
FY2024 - 43.00 - 49.00 92.00
FY2025 - 46.00 -
FY2025(Forecast) 46.00 92.00
[Note] Revision to the projected dividend for FY2025: None
3. Consolidated Financial Forecast for FY2025 (April 1, 2024 through March 31, 2025)
(% indicates increase/decrease from previous term.)
Net Income attributable to
Net Sales Operating Income Ordinary Income Net Income per Share
owners of parent
millions of yen ％ millions of yen ％ millions of yen ％ millions of yen ％ yen
FY2025 3,250,000 (4.0) 230,000 (21.5) 245,000 (21.7) 135,000 (23.5) 183.76
[Note] Revision to Consolidated Financial Forecast for FY2025: None
Pursuant to the resolution at the meeting of the Board of Directors held on August 7, 2024, the Company acquired its treasury shares.
“Net income per share” in the consolidated business forecasts take into account the impact of the share acquisition as of January 31, 2025.

1
*Notes
<1> Changes in major subsidiaries during the period : YES
Newly consolidated : IC Engineering Corp.
Excluded from the scope of consolidation : IJTT Co., Ltd., UD Financial Services Co., Ltd.
TOKAI CORPORATION,
IJTT (Thailand) Co.,Ltd., PT.Jidosha buhin Indonesia
P.T. Asian Isuzu Casting Center,
Isuzu Diesel Services of America, Inc.
<2> Adoption of specific accounting methods for presenting quarterly consolidated financial statements : None
<3> Changes in accounting policies, accounting estimates and retrospective restatement
Changes in accounting policies due to revisions of accounting standards : Yes
Changes in accounting policies due to factors other than revisions of accounting standards : None
Changes in accounting estimates : None
Retrospective restatement : None
Note: For details, please refer to
2. Consolidated Quarterly Financial Statements and Major Notes
(8) Notes on changes in Accounting Policies on page 11 of the attached document.
<4> Number of shares issued (common stock)
Number of shares issued and outstanding FY2025 3rd Quarter 750,873,469 Shares
at the end of the term (inclusive of treasury shares) FY2024 777,442,069 Shares
Number of treasury shares at the end of the term FY2025 3rd Quarter 32,191,247 Shares
FY2024 28,760,765 Shares
Average number of shares issued FY2025 3rd Quarter 740,523,810 Shares
FY2024 3rd Quarter 772,750,931 Shares
Note: "Number of treasury shares at the end of the term" includes stocks owned by the
Company and by the fund whose beneficiaries are directors of the Company.
"Average number of shares issued" does not include stocks owned by the Company
and by the fund whose beneficiaries are directors of the Company.

*The accompanying quarterly consolidated financial statements reviewed by a certified public accountant or audit corporation: None

*Cautionary Statements with Respect to Forward-Looking Statements and Other Notes

・The financial forecast and other descriptions of the future presented in this document are based on currently available information
and assumptions which are deemed reasonable at present. Consequently, the actual financial performance may vary significantly
from the forecast due to various factors. For such assumptions and notes with respect to performance forecast, please refer to
"1. Overview of Financial Results and Financial Position (3) Overview of Future Estimates such as Consolidated Financial Forecast ".
・The Company has posted its financial results on its web site on February 7, 2025.

2
List of Contents of Attachments

1. Overview of Financial Results and Financial Position ...................................................................... 4

(1) Overview of Consolidated Quarterly Financial Results ................................................................................... 4
(2) Overview of Consolidated Financial Position .................................................................................................. 4
(3) Overview of Future Estimates such as Consolidated Financial Forecast .......................................................... 5
2. Consolidated Quarterly Financial Statements and Major Notes ....................................................... 6
(1) Consolidated Quarterly Balance Sheet ............................................................................................................. 6
(2) Consolidated Quarterly Statement of Income
and Consolidated Quarterly Statement of Comprehensive Income ............................................................... 8
(3) Consolidated Quarterly Statement of Cash Flows .......................................................................................... 10
(4) Notes on Premise of Going Concern ...............................................................................................................11
(5) Notes on consolidated quarterly statement of income .....................................................................................11
(6) Segment Information .......................................................................................................................................11
(7) Notes in the case of a Significant Change in Shareholders’ Equity .................................................................11
(8) Notes on Changes in Accounting Policies .......................................................................................................11
(9) Additional information ................................................................................................................................... 12
(10) Important Subsequent Events ....................................................................................................................... 12

3. Supplementary Information............................................................................................................. 13
(1) Sales Condition .............................................................................................................................................. 13
Consolidated sales results .............................................................................................................................. 13

3
1. Overview of Financial Results and Financial Position

(1) Overview of Consolidated Financial Results

As for the overview of financial results, please refer to the earnings report of FY2025 Third Quarter
Financial Results (April-December 2024) posted on the Company’s website today (February 7, 2025).

(2) Overview of Consolidated Financial Position

① Assets, Liabilities and Net Assets

Total assets as of the end of the current fiscal year’s third quarter increased by 27.8 billion yen from
March 31, 2024 to 3,290.8 billion yen, mainly due to increases in inventories of 40.8 billion yen, lease
receivables and investments in leases of 19.9 billion yen, intangible assets of 14.1 billion yen and other
current assets of 13.3 billion yen, partially offset by decreases in property, plant and equipment of 29.3
billion yen, cash and deposits of 21.7 billion yen and notes and accounts receivable, and contract assets of
13.8 billion yen.

Liabilities increased by 67.1 billion yen from March 31, 2024 to 1,671.0 billion yen, mainly because of
an increase in interest-bearing liabilities of 156.9 billion yen, partially offset by decreases in accounts
payable of 52.8 billion yen, provision for bonuses of 14.7 billion yen, accrued expenses of 14.6 billion
yen and income taxes payable and others of 12.8 billion yen.

Net assets decreased by 39.3 billion yen from March 31, 2024 to 1,619.8 billion yen, mainly associated
with decreases in non-controlling interests of 33.4 billion yen and valuation difference on
available-for-sale securities of 17.6 billion yen, acquisition of treasury shares of 62.0 billion yen and
retained earnings of 70.9 billion yen as a result of dividend payments, partially offset by 109.9 billion yen
posted as the profit attributable to owners of the parent and an increase in foreign currency translation
adjustment of 39.8 billion yen.

The capital adequacy ratio stood at 44.2%, compared with 44.8% as of March 31, 2024.

Interest-bearing liabilities increased by 156.9 billion yen from March 31, 2024 to 713.7 billion yen.

② Overview of Cash Flows

Cash and cash equivalents (hereafter funds) at the end of the third quarter of the current fiscal year
decreased by 15.5 billion yen from the end of the previous fiscal year to 369.3 billion yen as a result of
the use of funds acquired through operating activities and financing activities for investing activities.

The situation of each type of cash flow during the third quarter and the contributing factors are as follows:

[Cash Flow from Operating Activities]

Funds provided by operating activities amounted to 100.4 billion yen, down 41.7% compared to the
same quarter of the prior fiscal year, mainly due to fund outflows due to payments of income taxes and
others, partially offset by fund inflows of 196.9 billion yen recorded for quarterly profit before income
taxes and 82.8 billion yen for depreciation.

[Cash Flow from Investing Activities]

Funds used in investing activities reached 137.7 billion yen, up 24.9% compared to the same quarter of
the prior fiscal year, mainly because of a fund outflow due to purchase of non-current assets.

[Cash Flow from Financing Activities]

Funds gained from financing activities amounted to 1.7 billion yen, while there was 92.9 billion yen
outflow in the same quarter of the prior fiscal year, mainly because of fund outflows due to acquisition of
treasury shares and dividend payment, among other things, partially offset by fund inflows due to an
increase in Long-term borrowings, among other things.

4
 (3) Overview of Future Estimates such as Consolidated Financial Forecast

There has been no change to the full-year consolidated financial forecast released on November 11, 2024.

* The Company calculated this forecast for the current fiscal year 2025 by consolidating the information
available at this moment of various markets around the world to figure out the expected timing of demand
recovery. The forecast also includes risks and uncertainties such as global economic and market trends
and exchange rate fluctuations. The Company’s actual consolidated financial results may differ
considerably from the forecast above, which therefore should not be the sole basis for any investment
decisions.

5
2. Consolidated Quarterly Financial Statements and Major Notes
(1) Consolidated Quarterly Balance Sheet
(millions of yen)
As of March 31, As of December 31,
2024 2024
[ASSETS]
CURRENT ASSETS
Cash and deposits 400,786 379,122
Notes and accounts receivable, and contract assets 420,702 406,865
Lease receivables and investments in leases 223,370 243,268
Merchandise and finished goods 445,692 478,957
Work in process 72,096 61,094
Raw materials and supplies 153,970 172,501
Other 103,920 117,261
Allowance for doubtful accounts (2,970) (3,253)
Total Current Assets 1,817,568 1,855,817
NON-CURRENT ASSETS
Property, plant and equipment
Buildings and structures, net 213,224 195,936
Machinery, equipment and vehicles, net 161,946 137,001
Land 392,871 397,534
Leased assets, net 5,549 5,445
Vehicles on operating leases, net 92,622 98,898
Construction in progress 50,439 54,885
Other, net 59,040 56,701
Total Property, Plant and Equipment 975,694 946,403
Intangible assets
Goodwill 15,836 12,867
Other 73,748 90,781
Total Intangible Assets 89,584 103,648
Investments and other assets
Investment securities 283,581 279,737
Long-term loans receivable 1,028 1,040
Retirement benefit asset 3,785 4,089
Deferred tax assets 44,271 48,961
Other 49,309 53,177
Allowance for doubtful accounts (1,823) (2,072)
Total Investments and Other Assets 380,153 384,934
Total Non-Current Assets 1,445,432 1,434,986
TOTAL ASSETS 3,263,001 3,290,803

6
 (millions of yen)
As of March 31, As of December 31,
2024 2024
[LIABILITIES]
CURRENT LIABILITIES
Notes and accounts payable 476,578 458,516
Electronically recorded obligations - operating 75,542 40,844
Short-term borrowings 204,590 222,384
Commercial papers - 77,000
Lease obligations 8,977 7,020
Income taxes payable 32,533 19,776
Accrued expenses 140,704 126,119
Provision for bonuses 30,248 15,592
Provision for bonuses for directors 316 79
Provision for product warranties 6,618 7,768
Deposits received 6,313 12,616
Other 100,719 100,397
Total Current Liabilities 1,083,144 1,088,115
NON-CURRENT LIABILITIES
Bonds payable 80,000 100,000
Long-term borrowings 239,266 284,170
Lease obligations 23,987 23,139
Deferred tax liabilities 1,408 1,435
Deferred tax liabilities for land revaluation 42,135 42,135
Provision for maintenance costs 3,184 3,366
Provision for share-based remuneration for directors 1,517 152
Net defined benefit liability 86,292 82,926
Provision for product warranties 7,898 9,494
Long-term deposits received 2,502 2,559
Other 32,632 33,532
Total Non-Current Liabilities 520,827 582,913
TOTAL LIABILITIES 1,603,972 1,671,029
[NET ASSETS]
SHAREHOLDERS' EQUITY
Share capital 40,644 40,644
Capital surplus 43,304 43,880
Retained earnings 1,132,211 1,115,334
Treasury shares (53,133) (63,776)
Total Shareholders' Equity 1,163,027 1,136,082
ACCUMULATED OTHER COMPREHENSIVE INCOME
Valuation difference on available-for-sale securities 82,646 65,043
Deferred gains or losses on hedges (60) (149)
Revaluation reserve for land 83,952 83,952
Foreign currency translation adjustment 123,830 163,645
Remeasurements of defined benefit plans 7,299 6,254
Total Accumulated Other Comprehensive Income 297,668 318,747
NON-CONTROLLING INTERESTS 198,333 164,943
TOTAL NET ASSETS 1,659,029 1,619,773
TOTAL LIABILITIES AND NET ASSETS 3,263,001 3,290,803

7
(2)Consolidated Quarterly Statement of Income and Consolidated Quarterly Statement of Comprehensive
Income

Consolidated Quarterly Statement of Income

(millions of yen)
FY2024 3rd Quarter FY2025 3rd Quarter
For the first nine months ended December 31, 2023 December 31, 2024
Net sales 2,541,532 2,355,772
Cost of sales 2,013,000 1,861,443
GROSS PROFIT 528,532 494,329
Selling, general and administrative expenses 274,970 301,849
OPERATING INCOME 253,561 192,479
Non-operating income
Interest income 7,170 8,689
Dividend income 3,761 3,885
Share of profit of entities accounted for using equity method 7,373 6,949
Foreign exchange gains 1,057 -
Other 3,449 4,288
Total non-operating income 22,811 23,812
Non-operating expenses
Interest expenses 3,027 3,204
Litigation settlement 38 54
Compensation expenses - 118
Currency option cost 1,137 1,368
Foreign exchange losses - 3,720
Other 1,966 3,214
Total non-operating expenses 6,169 11,682
ORDINARY INCOME 270,203 204,609
Extraordinary income
Gain on sale of non-current assets 307 220
Gain on bargain purchase - 152
Gain on step acquisitions - 17
Gain on sale of investment securities 698 1226
Total extraordinary income 1,005 1,616
Extraordinary losses
Loss on disposal of non-current assets 1,070 2,362
Loss on sale of investment securities 22 1
Loss on sale of shares of subsidiaries 2,216 ※6,390
Impairment losses 613 594
Total extraordinary losses 3,922 9,349
PROFIT BEFORE INCOME TAXES 267,286 196,876
Income taxes 68,843 57,406
PROFIT 198,442 139,470
Profit attributable to non-controlling interests 39,017 29,617
Profit attributable to owners of the parent 159,424 109,852

8
Consolidated Quarterly Statement of Comprehensive Income
(millions of yen)
FY2024 3rd Quarter FY2025 3rd Quarter
For the first nine months ended December 31, 2023 December 31, 2024
Profit 198,442 139,470
Other comprehensive income
Valuation difference on available-for-sale securities 19,571 (17,489)
Deferred gains or losses on hedges 621 (88)
Foreign currency translation adjustment 35,699 45,686
Remeasurements of defined benefit plans, net of tax 4 (1,066)
Share of other comprehensive income of entities accounted for using equity method 5,895 3,941
Total other comprehensive income 61,793 30,984
Comprehensive income 260,235 170,454
Comprehensive income attributable to:
owners of the parent 212,880 130,931
non-controlling interests 47,355 39,522

9
(3) Consolidated Quarterly Statement of Cash Flows
(millions of yen)
FY2024 3rd Quarter FY2025 3rd Quarter
For the first nine months ended December 31, 2023 December 31, 2024

Cash Flows from Operating Activities

Profit before income taxes 267,286 196,876
Depreciation 85,926 82,794
Amortization of goodwill 2,701 2,969
Share of loss (profit) of entities accounted for using equity method (7,373) (6,949)
Increase (decrease) in provision for product warranties 2,485 3,103
Increase (decrease) in provision for bonuses (13,318) (13,979)
Increase (decrease) in provision for bonuses for directors (220) (240)
Increase (decrease) in allowance for doubtful accounts 850 392
Increase (decrease) in retirement benefit liability (1,030) (1,868)
Increase (decrease) in provision for maintenance costs 281 182
Increase (decrease) in provision for share-based remuneration for directors 233 (1,364)
Interest and dividend income (10,931) (12,574)
Interest expenses 3,027 3,204
Loss (gain) on sale of non-current assets (307) (220)
Loss (gain) on disposal of non-current assets 1,070 2,362
Loss (gain) on sale of investment securities (676) (1,224)
Loss (gain) on sale of shares of subsidiaries 2,216 6,390
Impairment losses 613 594
Gain on bargain purchase - (152)
Loss (gain) on step acquisitions - (17)
Decrease (increase) in trade receivables 2,228 41,307
Net decrease (increase) in lease receivables and investments in leases (15,860) (19,891)
Decrease (increase) in inventories (53,849) (33,197)
Decrease (increase) in other current assets (3,540) (14,844)
Increase (decrease) in notes and accounts payable (28,089) (76,457)
Increase (decrease) in accrued expenses (8,363) (13,533)
Increase (decrease) in deposits received 6,149 6,531
Increase (decrease) in other liabilities (15,948) 228
Other, net 911 32
Subtotal 216,471 150,454
Interest and dividends received 18,956 20,216
Interest paid (2,796) (2,918)
Income taxes paid (60,350) (67,316)
Net cash provided by (used in) operating activities 172,280 100,436
Cash Flows from Investing Activities
Purchase of investment securities (497) (8,107)
Proceeds from sale of investment securities 1,393 1,921
Purchase of non-current assets (118,483) (135,354)
Proceeds from sale of non-current assets 4,683 4,440
Long-term loan advances (300) (439)
Proceeds from collection of long-term loans receivable 380 229
Decrease (increase) in short-term loans receivable (147) (4)
Decrease (increase) in time deposits 3,046 6,398
Payments for sale of shares of subsidiaries resulting in change in scope of
(1,758) (7,647)
consolidation
Purchase of shares of subsidiaries resulting in change in scope of consolidation - (469)
Other, net 1,424 1,318
Net cash provided by (used in) investing activities (110,258) (137,713)
Cash Flows from Financing Activities
Net increase (decrease) in short-term borrowings 53,349 19,932
Net increase (decrease) in commercial papers 8,000 77,000
Proceeds from long-term borrowings 52,048 127,067
Repayments of long-term borrowings (62,953) (71,527)
Proceeds from issuance of bonds - 20,000
Repayments to non-controlling shareholders (3,375) -
Repayments of lease liabilities (6,471) (7,457)
Purchase of treasury shares (32,131) (62,021)
Dividends paid (66,295) (70,375)
Dividends paid to non-controlling interests (34,120) (30,961)
Purchase of shares of subsidiaries not resulting in change in scope of consolidation (979) -
Net cash provided by (used in) financing activities (92,930) 1,657
Effect of exchange rate change on cash and cash equivalents 18,345 19,070
Net Increase (Decrease) in Cash and Cash Equivalents (12,562) (16,548)
Cash and Cash Equivalents at Beginning of Period 364,396 384,878
Increase (decrease) in cash and cash equivalents resulting from change in fiscal
(3,462) 1,018
year-end of consolidated subsidiaries
Cash and Cash Equivalents at End of Period 348,371 369,348
10
(4) Notes on Premise of Going Concern
None

(5) Notes on consolidated quarterly statement of income

※ Loss on sale of shares of subsidiaries

As of April 26, 2024, the Company transferred all of its common shares of IJTT Co., Ltd., (hereafter
IJTT) to IJTT, that is to say a share buyback by IJTT, while reinvesting in the IJTT’s shareholder
ARTS-1 Co., Ltd., which is wholly owned by Japan Manufacturing Future Investment Business
Limited, for which Sparx Group Co., Ltd. is a general partner.

Subsequently, the Company recorded an extraordinary loss of 6.39 billion yen, which is a loss
resulting from the sales of its subsidiary’s shares.

(6) Segment Information

The Company and its consolidated subsidiaries are composed of a single business segment, primarily
engaged in manufacture and sale of vehicles and its components, industrial engines. Therefore the
disclosure of segment information is omitted.

(7) Notes in the case of a Significant Change in Shareholders’ Equity

None

(8) Notes on Changes in Accounting Policies

(Application of the Accounting Standard for Income Taxes-Current)

The Accounting Standard for Current Income Taxes (ASBJ Statement No.27, October 28, 2022;
hereinafter referred to as the Revised Accounting Standard 2022), etc. has been adopted from the
beginning of the first quarter ended June 30, 2024.
The amendment to categories in which current income taxes should be recorded (taxes on other
comprehensive income) follows the transitional treatment prescribed in the proviso of paragraph 20-3
of the Revised Accounting Standard 2022 and the transitional treatment prescribed in the proviso (2)
of paragraph 65-2 of the Implementation Guidance on Tax Effect Accounting (ASBJ Guidance No.28,
October 28, 2022; hereinafter referred to as the “Revised Implementation Guidance 2022”). This
change in accounting policies has no impact on the quarterly consolidated financial statements.
For the amendment related to the revised accounting treatment for consolidated financial
statements when gains or losses on sale of shares in subsidiaries resulting from transactions between
consolidated companies were deferred for tax purposes, the Revised Implementation Guidance 2022
has been adopted from the beginning of the first quarter ended June 30, 2024. This change in
accounting policies was applied retrospectively. Hence, the quarterly consolidated financial
statements for the same quarter of the prior fiscal year and the consolidated financial statements for
the prior fiscal year have been modified retrospectively. This change in accounting policies has no
impact on the quarterly consolidated financial statements for the same quarter of the prior fiscal year
and the consolidated financial statements for the prior fiscal year.

11
(9) Additional information
(Acquisition and cancellation of treasury stock)
At a meeting of the Board of Directors held on August 7, 2024, the Company resolved as below to
acquire its own shares pursuant to the provision of Article 156 of the Companies Act as applied
mutatis mutandis pursuant to the Paragraph 3 of Article 165 of the said Act, and to cancel its own
shares pursuant to Article 178 of the Companies Act.
1. Reasons for acquisition and cancellation of treasury shares
While actively implementing growth investments toward the 2030s, the Company will acquire and
retire treasury shares to raise capital efficiency and maintain an appropriate level of capital.
2. Details of the acquisition of treasury shares
(1) Class of shares to be acquired : Common shares
(2) Total number of shares to be acquired : 45 million shares (upper limit)
(6.0% of the total number of shares
outstanding excluding treasury shared)
(3) Total acquisition cost : 75 billion yen (upper limit)
(4) Acquisition period : August 8, 2024 to March 31, 2025
(5) Acquisition method : Market purchase based on a discretionary
transaction contract

3．Result of the cancellation of treasury shares

(1) Class of shares cancelled : Common shares
(2) Total number of shares cancelled : All treasury shares acquired as per 2. above
(3) Cancellation date : To be determined

4. The accumulative number and value of treasury shares acquired by January 31, 2025, pursuant to
the resolution above
(1) Class of shares acquired : Common shares
(2) Total number of shares acquired : 33,037,300 shares
(3) Total value of shares acquired : 66,379,468,751 yen
(4) Acquisition period : August 8, 2024 to January 31, 2025
(on an execution base)
(5) Acquisition method : Market purchase based on a discretionary
transaction contract

(10) Important Subsequent Events

None

12
3. Supplementary Information
(1) Sales Condition

< Consolidated sales results>

FY2024 FY2025
(3rd Quarter ended December 31, (3rd Quarter ended December 31, Change
2023) 2024)

Volume Amount Volume Amount Volume Amount

(units) (millions of yen) (units) (millions of yen) (units) (millions of yen)

Japan 24,843 281,484 27,734 329,339 2,891 47,855

North America 4,212 39,974 2,636 32,220 (1,576) (7,753)

Asia 19,840 123,911 14,893 85,859 (4,947) (38,052)

others 18,387 146,906 22,317 173,365 3,930 26,458

Overseas 42,439 310,792 39,846 291,444 (2,593) (19,347)

HD/MD CV 67,282 592,276 67,580 620,784 298 28,507

Japan 21,853 98,119 28,024 134,186 6,171 36,067

North America 30,685 209,808 19,625 153,409 (11,060) (56,399)

Asia 55,336 81,062 41,985 86,418 (13,351) 5,355

others 60,491 169,811 58,357 181,482 (2,134) 11,671

Overseas 146,512 460,682 119,967 421,310 (26,545) (39,372)

LD CV 168,365 558,802 147,991 555,497 (20,374) (3,305)

North America - - - - - -

Asia 122,368 296,552 47,683 153,107 (74,685) (143,444)

others 152,536 453,986 117,328 391,072 (35,208) (62,913)

Overseas 274,904 750,539 165,011 544,180 (109,893) (206,358)

LCV 274,904 750,539 165,011 544,180 (109,893) (206,358)

Japan 46,696 379,603 55,758 463,526 9,062 83,922

North America 34,897 249,783 22,261 185,630 (12,636) (64,153)

Asia 197,544 501,526 104,561 325,384 (92,983) (176,141)

others 231,414 770,705 198,002 745,920 (33,412) (24,784)

Overseas 463,855 1,522,014 324,824 1,256,935 (139,031) (265,079)

Total vehicles 510,551 1,901,618 380,582 1,720,461 (129,969) (181,156)

13
 FY2024 FY2025
(3rd Quarter ended December 31, (3rd Quarter ended December 31, Change
2023) 2024)

Volume Amount Volume Amount Volume Amount

(units) (millions of yen) (units) (millions of yen) (units) (millions of yen)

Japan - 48,980 - 39,635 - (9,345)

North America - 3,969 - 1,728 - (2,240)

Asia - 27,386 - 28,898 - 1,511

others - 8,826 - 5,857 - (2,968)

Overseas - 40,182 - 36,484 - (3,697)

Industrial Engines - 89,162 - 76,119 - (13,042)

Japan - 386,626 - 394,104 - 7,477

North America - 33,562 - 34,300 - 737

Asia - 62,529 - 58,224 - (4,304)

others - 68,033 - 72,561 - 4,528

Overseas - 164,125 - 165,086 - 961

Other - 550,751 - 559,191 - 8,439

Japan - 815,210 - 897,266 - 82,055

North America - 287,315 - 221,658 - (65,656)

Asia - 591,442 - 412,507 - (178,934)

others - 847,564 - 824,339 - (23,225)

Overseas - 1,726,321 - 1,458,506 - (267,815)

Sales amount - 2,541,532 - 2,355,772 - (185,760)

(Note) 1. CV and LCV stand for commercial vehicles (trucks and buses) and pickup trucks and variant models, respectively.
2. Overseas sales and unit sales represent the sales and unit sales raised by the Company
and its consolidated subsidiaries in countries and regions other than Japan.
3. The classification of countries and regions is determined by the degree of geographical proximity.
4. Major countries and regions in each category:
(1) North America: USA
(2) Asia: Thailand, Indonesia, China, and the Philippines
(3) Other regions: Australia, Saudi Arabia, Italy, Turkey and Mexico

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