Summary of Financial Statements[PDF:205.3 KB] (con202603 2e)

Consolidated Financial Results for the Six Months Ended September 30, 2025 (Under IFRS)

Company name: ISUZU MOTORS LIMITED Listing: Tokyo Stock Exchange

Securities code: 7202

URL: https://www.isuzu.co.jp/world/company/investor/ Representative: Shinsuke Minami, President COO

Inquiries: Takayuki Aikawa, General Manager, Public Relations Department Telephone: [phone]

Scheduled date for submission of semi-annual financial statement: November 13, 2025 Expected starting date for distribution of cash dividends: November 28, 2025 Preparation of supplementary material on financial results: Yes

Holding of financial results meeting: Yes

November 12, 2025

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for first six months of FY2026 (April 1, 2025 through September 30, 2025)
   1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      	Revenue		Operating profit		Profit before tax		Profit
      Six months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      September 30, 2025	1,637,309	5.4	104,649	(21.1)	117,386	(14.8)	88,054	(10.5)
      September 30, 2024	1,553,534	-	132,633	-	137,813	-	98,420	-

      	Profit attributable to owners of parent		Total comprehensive income		Basic earnings per share	Diluted earnings per share
      Six months ended	Millions of yen	%	Millions of yen	%	Yen	Yen
      September 30, 2025	69,823	(11.1)	112,381	28.9	98.76	98.71
      September 30, 2024	78,569	-	87,164	-	105.10	105.09

      Note: Basic earnings per share and diluted earnings per share are calculated based on the amount of profit attributable to owners of parent.

   2. Consolidated financial position

   	Total assets	Total equity	Equity attributable to owners of parent	Ratio of equity attributable to owners of parent to total assets
   As of	Millions of yen	Millions of yen	Millions of yen	%
   September 30, 2025	3,397,203	1,566,718	1,403,520	41.3
   March 31, 2025	3,303,310	1,537,659	1,372,863	41.6

2. Cash dividends

   	Annual dividends per share
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   FY2025	Yen -	Yen 46.00	Yen -	Yen 46.00	Yen 92.00
   FY2026	-	46.00
   FY2026 (Forecast)			-	46.00	92.00

   Note: Revision to the projected dividend for FY2026 most recently announced: None

3. Consolidated earnings forecasts for FY2026 (April 1, 2025 through March 31, 2026)

(Percentages indicate year-on-year changes.)

	Revenue		Operating profit		Profit before tax		Profit attributable to owners of parent		Basic earnings per share
	Millions of		Millions of		Millions of		Millions of
	yen	%	yen	%	yen	%	yen	%	Yen
FY2026	3,300,000	2.0	210,000	(8.5)	220,000	(10.2)	130,000	(7.2)	185.55

Notes: 1. Revision to consolidated earnings forecasts for FY2026 most recently announced: None

2. The Company is repurchasing its own shares based on a resolution at a meeting of its Board of Directors held on May 29, 2025. Basic earnings per share in the consolidated earnings forecasts takes into account the impact of the share repurchases as of October 31, 2025.

* Notes

1. Significant changes in the scope of consolidation during the period: Yes Newly included: 1 company (Isuzu Financial Services Australia Pty Ltd.)

2. Changes in accounting policies and changes in accounting estimates

   1. Changes in accounting policies required by IFRS: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

3. Number of issued shares (ordinary shares)

   1. Total number of issued shares at the end of the period (including treasury shares)

      As of September 30, 2025	713,526,569 shares
      As of March 31, 2025	713,526,569 shares

   2. Number of treasury shares at the end of the period

      As of September 30, 2025	15,825,153 shares
      As of March 31, 2025	1,522,493 shares

   3. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Six months ended September 30, 2025	707,029,855 shares
Six months ended September 30, 2024	747,566,191 shares

Note: "(ii) Number of treasury shares at the end of the period" includes shares owned by the Company and by the fund whose beneficiaries are directors of the Company. "(iii) Average number of shares outstanding during the period" does not include shares owned by the Company and by the fund whose beneficiaries are directors of the Company.

• Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.

• Proper use of earnings forecasts, and other special matters

  • 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, and are not intended to be a promise by the Company that they will be achieved. Consequently, the actual financial performance may vary significantly from the forecast due to various factors. For such assumptions and notes with respect to earnings forecasts, please refer to "1. Overview of Financial Results and Financial Position, (3) Explanation of Consolidated Earnings Forecast and Other Forward-Looking Statements" of the attachments.

  • The Company has posted its materials for the financial results meeting on its website on Wednesday, November 12, 2025.

List of Contents of Attachments

Index

1. Overview of Financial Results and Financial Position 2

   1. Overview of Consolidated Financial Results 2

   2. Overview of Consolidated Financial Position 2

   3. Explanation of Consolidated Earnings Forecast and Other Forward-Looking Statements 3

   4. Basic Policy regarding Profit Distribution and Dividend for FY2026 3

2. Condensed Semi-annual Consolidated Financial Statements and Major Notes 4

   1. Condensed Semi-annual Consolidated Statement of Financial Position 4

   2. Condensed Semi-annual Consolidated Statement of Profit or Loss and Condensed Semi-annual Consolidated Statement of Comprehensive Income 6

   3. Condensed Semi-annual Consolidated Statement of Changes in Equity 8

   4. Condensed Semi-annual Consolidated Statement of Cash Flows 10

   5. Notes to Condensed Semi-annual Consolidated Financial Statements 12

      Notes on premise of going concern 12

      Segment information, etc. 12

      Own shares 12

      Significant events after reporting period 13

3. Supplementary Information 14

   1. Revenue Condition 14

Consolidated revenue results 14

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

      The total number of vehicles sold in Japan and overseas for the six months ended September 30, 2025 increased by 33,613 units, or 13.6%, compared to the same period of the previous fiscal year to 280,364 units.

      Vehicle unit sales in Japan rose by 3,009 units, or 8.3%, compared to the same period of the previous fiscal year to 39,255 units due to a sales expansion leveraging product strength. Regarding overseas unit sales, the unit sales of CVs (commercial vehicles, including trucks and buses) grew by 10,872 units, or 12.8%, year on year to 115,707 units as a result of sales expansion mainly in the Middle East and Africa, despite a decrease in units sold to North America due to inventory adjustments by sales operations. The unit sales of LCVs (pickup trucks and variant models) increased by 19,732 units, or 18.7%, to 125,402 units. This was due to unit sales increasing in Thailand's domestic market compared to the same period of the previous year when sales operations conducted inventory adjustments, despite tough market conditions continuing for that market, as well as an increase in unit sales in Thailand's export market, mainly to Africa and Oceania despite a decrease in unit sales to the Middle East.

      Industrial engine revenue increased by 5.9 billion yen, or 11.3%, compared to the same period of the previous fiscal year to 57.6 billion yen, while other revenues increased by 40.0 billion yen, or 10.6%, compared to the same period of the previous fiscal year to 417.9 billion yen, mainly due to growth in the vehicle life-cycle management business.

      Consequently, revenue totaled 1,637.3 billion yen, increased by 83.8 billion yen, or 5.4%, compared to the same period of the previous fiscal year. This includes 661.3 billion yen of revenue in Japan, up 11.9% compared to the same period of the previous fiscal year, and 976.0 billion yen of revenue in the rest of the world, up 1.4% compared to the same period of the previous fiscal year.

      On the profit and loss front, the Company suffered a decrease in operating profit, which amounted to

      104.6 billion yen, down 21.1% year on year, due to the negative impacts from foreign exchange effects, a deterioration in the destination mix in overseas markets, the impact of U.S. tariffs, the increase in material costs, and other factors, outweighing the positive impacts from the increase in units sold and price realization. Profit before tax reached 117.4 billion yen, down 14.8% compared to the same period of the previous fiscal year, and profit attributable to owners of parent stood at 69.8 billion yen, down 11.1% compared to the same period of the previous fiscal year.

   2. Overview of Consolidated Financial Position

      1. Assets, Liabilities and Equity

         Total assets as of September 30, 2025 rose 93.9 billion yen from the end of previous fiscal year to 3,397.2 billion yen. This was mainly due to increases in inventories of 48.0 billion yen, property, plant and equipment of 20.5 billion yen, and other financial assets (non-current) of 21.7 billion yen.

         Liabilities increased by 64.8 billion yen from the end of the previous fiscal year to 1,830.5 billion yen. This was mainly because of increases in trade and other payables of 13.0 billion yen and interest-bearing liabilities of 42.3 billion yen.

         Equity increased by 29.1 billion yen from the end of the previous fiscal year to 1,566.7 billion yen. This was mainly due to the recording of 69.8 billion yen in profit attributable to owners of parent and an increase in other components of equity of 20.9 billion yen mainly due to an increase in exchange differences on translation of foreign operations, partially offset by a decrease in retained earnings of

         32.8 billion yen as a result of dividend payments and purchase of treasury shares of 27.6 billion yen.

         The ratio of equity attributable to owners of parent to total assets stood at 41.3%, compared with 41.6% at the end of the previous fiscal year.

         Interest-bearing liabilities increased by 42.3 billion yen from the end of the previous fiscal year to

         801.2 billion yen.

      2. Overview of Cash Flows

         Cash and cash equivalents (hereinafter referred to as "funds") as of September 30, 2025 decreased by

         1.8 billion yen from the end of the previous fiscal year to 356.9 billion yen as a result of the use of funds provided by operating activities for investing activities and financing activities.

         The situation of each type of cash flow during the six months ended September 30, 2025 and the contributing factors are as follows:

         [Cash Flow from Operating Activities]

         Funds provided by operating activities amounted to 111.5 billion yen, up 4.3% compared to the same period of the previous fiscal year.

         This was mainly due to inflows of funds of 117.4 billion yen and 75.2 billion yen recorded for profit before tax and depreciation and amortization, respectively, partially offset by outflows of funds of 41.0 billion yen from an increase in inventories and 26.4 billion yen from income taxes paid.

         [Cash Flow from Investing Activities]

         Funds used in investing activities amounted to 66.3 billion yen, up 14.4% compared to the same period of the previous fiscal year.

         This was mainly due to outflows of funds of 75.2 billion yen from purchase of property, plant and equipment.

         [Cash Flow from Financing Activities]

         Funds used in financing activities fell to 57.1 billion yen, down 11.3% compared to the same period of the previous fiscal year.

         This was mainly due to outflows of funds of 56.4 billion yen from a decrease in short-term borrowings,

         50.0 billion yen from a decrease in commercial papers, 54.8 billion yen from repayments of long-term borrowings, 27.6 billion yen from purchase of treasury shares, 32.7 billion yen from dividends paid, and 23.4 billion yen from dividends paid to non-controlling interests, partially offset by an inflow of

         205.1 billion yen from execution of long-term borrowings.

   3. Explanation of Consolidated Earnings Forecast and Other Forward-Looking Statements

      There has been no change to the full-year consolidated earnings forecast released on May 14, 2025.

      * The Company calculated this forecast for the fiscal year ending March 31, 2026 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.

   4. Basic Policy regarding Profit Distribution and Dividend for FY2026

   The Company deems profit distribution to shareholders as a key measure for corporate management. Thus, when it decides to do so, it carefully assesses and secures an optimal balance between rewarding shareholders and securing an optimal amount of retained earnings for building a stronger business foundation and future business development.

   The total annual dividend for this fiscal year remains unchanged from the previously announced 92 yen per share (i.e. interim dividend of 46 yen, year-end dividend of 46 yen).

2. Condensed Semi-annual Consolidated Financial Statements and Major Notes
   1. Condensed Semi-annual Consolidated Statement of Financial Position

      Assets

      Current assets

      (Millions of yen) As of March 31, 2025 As of September 30, 2025

      Cash and cash equivalents	358,711	356,905
      Trade and other receivables	660,512	664,449
      Other financial assets	29,910	27,683
      Inventories	681,798	729,842
      Income taxes receivable	7,978	4,597
      Other current assets	73,124	85,919
      Subtotal	1,812,036	1,869,397
      Assets held for sale	3,306	-
      Total current assets	1,815,343	1,869,397
      Non-current assets
      Property, plant and equipment	838,723	859,246
      Goodwill	15,213	15,213
      Intangible assets	133,401	138,852
      Right-of-use assets	108,696	106,629
      Investments accounted for using equity method	132,763	127,126
      Other financial assets	196,013	217,687
      Retirement benefit asset	12,876	12,336
      Deferred tax assets	45,987	46,152
      Other non-current assets	4,291	4,560
      Total non-current assets	1,487,966	1,527,805
      Total assets	3,303,310	3,397,203

      (Millions of yen) As of March 31, 2025 As of September 30, 2025

      Liabilities and equity Liabilities

      Current liabilities

      Trade and other payables	684,051	697,001
      Bonds and borrowings	262,484	237,145
      Lease liabilities	24,437	23,798
      Other financial liabilities	9,266	11,074
      Income taxes payable	22,302	20,137
      Provisions	44,179	44,776
      Other current liabilities	89,204	87,886
      Total current liabilities	1,135,926	1,121,819
      Non-current liabilities
      Bonds and borrowings	381,829	451,225
      Lease liabilities	90,094	89,003
      Other financial liabilities	1,195	1,146
      Retirement benefit liability	86,750	86,281
      Provisions	51,020	53,337
      Deferred tax liabilities	10,647	17,628
      Other non-current liabilities	8,188	10,042
      Total non-current liabilities	629,724	708,665
      Total liabilities	1,765,651	1,830,485
      Equity
      Share capital	40,644	40,644
      Capital surplus	42,160	42,415
      Treasury shares	(2,364)	(29,973)
      Retained earnings	1,162,408	1,201,332
      Other components of equity	128,215	149,102
      Accumulated other comprehensive income associated with assets held for sale	1,797	-
      Total equity attributable to owners of parent	1,372,863	1,403,520
      Non-controlling interests	164,796	163,197
      Total equity	1,537,659	1,566,718
      Total liabilities and equity	3,303,310	3,397,203

   2. Condensed Semi-annual Consolidated Statement of Profit or Loss and Condensed Semi-annual Consolidated Statement of Comprehensive Income Condensed semi-annual consolidated statement of profit or loss

      (Millions of yen)

      	Six months ended	Six months ended
      	September 30, 2024	September 30, 2025
      Revenue	1,553,534	1,637,309
      Cost of sales	1,212,407	1,316,678
      Gross profit	341,127	320,630
      Selling, general and administrative expenses	205,869	216,948
      Other income	2,575	3,795
      Other expenses	5,200	2,827
      Operating profit	132,633	104,649
      Finance income	10,624	10,450
      Finance costs	9,536	3,955
      Share of profit of investments accounted for using equity method	4,092	6,241
      Profit before tax	137,813	117,386
      Income tax expense	39,393	29,332
      Profit	98,420	88,054
      Profit attributable to
      Owners of parent	78,569	69,823
      Non-controlling interests	19,851	18,230
      Profit	98,420	88,054
      Earnings per share
      Basic earnings per share (yen)	105.10	98.76
      Diluted earnings per share (yen)	105.09	98.71

      Condensed semi-annual consolidated statement of comprehensive income

      Six months ended September 30, 2024

      (Millions of yen)

      Six months ended September 30, 2025

      Profit 98,420 88,054

      Other comprehensive income

      Items that will not be reclassified to profit or loss

      Net change in fair value of financial assets measured at fair value through other comprehensive income

      (30,525) 12,178

      Remeasurements of defined benefit plans (100) 170

      Share of other comprehensive income of investments accounted for using equity method

      (155) (47)

      Total (30,780) 12,301

      Items that may be reclassified to profit or loss

      Exchange differences on translation of foreign operations Cash flow hedges	18,831 693	12,208 (182)
      Total	19,524	12,026
      Other comprehensive income, net of tax	(11,255)	24,327
      Comprehensive income	87,164	112,381
      Comprehensive income attributable to Owners of parent	64,452	90,767
      Non-controlling interests	22,712	21,614
      Comprehensive income	87,164	112,381

   3. Condensed Semi-annual Consolidated Statement of Changes in Equity

      Six months ended September 30, 2024

      (Millions of yen)

      Equity attributable to owners of parent

      Other components of equity Exchange

      shares

      Share capital Capital surplus Treasury

      Retained earnings

      differences on translation of foreign operations

      Cash flow hedges

      Balance as of April 1, 2024 40,644 44,383 (53,133) 1,213,034 46,150 (60) Profit - - - 78,569 - -

      Other comprehensive income - - - - 16,056 693

      Total comprehensive income - - - 78,569 16,056 693

      Purchase of treasury shares - - (18,909) - - -Disposal of treasury shares - 48 1,388 - - -Cancellation of treasury shares - (49,990) 49,990 - - -Dividends of surplus - - - (36,687) - -

      Transfer from retained earnings to capital surplus

      Share-based payment transactions

      - 49,990 - (49,990) - -

      - (1,299) - - - -

      Loss of control of subsidiaries - - - - - -

      Changes in ownership interest in subsidiaries

      Transfer from other components of equity to retained earnings

      Reclassification of accumulated other comprehensive income associated with assets held for sale

      - (1,058) - - (413) -

      - - - 847 - -

      - - - - 1,058 -

      Balance as of September 30, 2024 40,644 42,073 (20,663) 1,205,773 62,851 632

      Equity attributable to owners of parent Other components of equity

      Net change

      through other comprehensive income	benefit plans		with assets held for sale
      89,293	-	135,382	1,630	1,381,942	153,792	1,535,735
      -	-	-	-	78,569	19,851	98,420
      (30,771)	(95)	(14,116)	-	(14,116)	2,860	(11,255)
      (30,771)	(95)	(14,116)	-	64,452	22,712	87,164
      -	-	-	-	(18,909)	-	(18,909)
      -	-	-	-	1,437	-	1,437
      -	-	-	-	-	-	-
      -	-	-	-	(36,687)	(25,570)	(62,258)
      -	-	-	-	-	-	-
      -	-	-	-	(1,299)	-	(1,299)
      -	-	-	-	-	(3,021)	(3,021)
      -	-	(413)	-	(1,471)	7,772	6,300
      (943)	95	(847)	-	-	-	-
      572	-	1,630	(1,630)	-	-	-
      58,151	-	121,635	-	1,389,463	155,684	1,545,148

      in fair value of financial assets measured at fair value

      Remeasurements of defined

      Total

      Accumulate d other comprehensive income associated

      Total

      Non-controlling interests

      Total equity

      Balance as of April 1, 2024 Profit

      Other comprehensive income Total comprehensive income

      Purchase of treasury shares Disposal of treasury shares Cancellation of treasury shares Dividends of surplus

      transactions

      to capital surplus

      Transfer from retained earnings Share-based payment

      in subsidiaries

      Loss of control of subsidiaries Changes in ownership interest

      Transfer from other components of equity to retained earnings

      Reclassification of accumulated other comprehensive income associated with assets held for sale

      Balance as of September 30, 2024

      Six months ended September 30, 2025

      Equity attributable to owners of parent

      (Millions of yen)

      shares

      Other components of equity Exchange

      Balance as of April 1, 2025 Profit

      Other comprehensive income Total comprehensive income

      Purchase of treasury shares Disposal of treasury shares Dividends of surplus

      Share-based payment transactions

      Establishment of subsidiary with non-controlling interests

      Transfer from other components of equity to retained earnings

      Reclassification of accumulated other comprehensive income associated with assets held for sale

      Balance as of September 30, 2025

      Share capital Capital surplus Treasury

      Retained earnings

      differences on translation of foreign operations

      Cash flow hedges

      40,644	42,160	(2,364)	1,162,408	65,797	162
      -	-	-	69,823	-	-
      -	-	-	-	8,777	(182)
      -	-	-	69,823	8,777	(182)
      -	-	(27,629)	-	-	-
      -	6	20	-	-	-
      -	-	-	(32,754)	-	-
      -	247	-	-	-	-
      -	-	-	-	-	-
      -	-	-	1,855	-	-
      -	-	-	-	-	-
      40,644	42,415	(29,973)	1,201,332	74,575	(20)

      Equity attributable to owners of parent Other components of equity

      Net change

      comprehensive income
      62,255	-	128,215	1,797	1,372,863	164,796	1,537,659
      -	-	-	-	69,823	18,230	88,054
      12,144	204	20,944	-	20,944	3,383	24,327
      12,144	204	20,944	-	90,767	21,614	112,381
      -	-	-	-	(27,629)	-	(27,629)
      -	-	-	-	27	-	27
      -	-	-	-	(32,754)	(23,366)	(56,121)
      -	-	-	-	247	-	247
      -	-	-	-	-	153	153
      (1,650)	(204)	(1,855)	-	-	-	-
      1,797	-	1,797	(1,797)	-	-	-
      74,546	-	149,102	-	1,403,520	163,197	1,566,718

      in fair value of financial assets measured at fair value through other

      Remeasurements of defined benefit plans

      Total

      Accumulate d other comprehensive income associated with assets held for sale

      Total

      Non-controlling interests

      Total equity

      Balance as of April 1, 2025 Profit

      Other comprehensive income Total comprehensive income

      Purchase of treasury shares Disposal of treasury shares Dividends of surplus

      transactions

      Share-based payment

      Establishment of subsidiary with non-controlling interests

      Transfer from other components of equity to retained earnings

      Reclassification of accumulated other comprehensive income associated with assets held for sale

      Balance as of September 30, 2025

   4. Condensed Semi-annual Consolidated Statement of Cash Flows

      (Millions of yen)

      	Six months ended	Six months ended
      	September 30, 2024	September 30, 2025
      Cash flows from operating activities
      Profit before tax	137,813	117,386
      Depreciation and amortization	69,945	75,152
      Impairment losses	594	73
      Finance income	(10,210)	(8,491)
      Finance costs	2,281	3,278

      Share of loss (profit) of investments accounted for using equity method

      (4,092) (6,241)

      Loss (gain) on sale and retirement of fixed assets 1,927 569

      Loss (gain) on sale of investments accounted for using equity method	-	(1,425)
      Decrease (increase) in inventories	(33,396)	(40,979)
      Decrease (increase) in trade and other receivables	63,622	12,490
      Increase (decrease) in trade and other payables	(60,349)	9,147
      Increase (decrease) in provisions and employee benefit liability	(1,014)	(299)
      Other	(16,522)	(22,783)
      Subtotal	150,598	137,876
      Income taxes paid	(43,751)	(26,392)
      Net cash provided by (used in) operating activities	106,847	111,484

      Cash flows from investing activities

      Proceeds from sale of investments accounted for using equity method	-	2,412
      Purchase of other investments	(4,761)	(4,352)
      Proceeds from sale of other investments	1,325	3,727
      Payments for acquisition of subsidiaries	(469)	-
      Expenditure from loss of control of subsidiaries	(10,977)	-
      Payments for long-term loans receivable	(390)	(134)
      Collection of long-term loans receivable	149	148
      Net decrease (increase) in short-term loans receivable	(2)	(26)
      Purchase of property, plant and equipment	(57,816)	(75,198)
      Proceeds from sale of property, plant and equipment	3,448	8,670
      Purchase of intangible assets	(13,278)	(15,694)
      Net decrease (increase) in time deposits	8,155	1,779
      Interest received	6,588	4,479
      Dividends received	9,228	8,245
      Other	867	(326)
      Net cash provided by (used in) investing activities	(57,931)	(66,268)

      (Millions of yen)

      	Six months ended	Six months ended
      	September 30, 2024	September 30, 2025
      Cash flows from financing activities
      Net increase (decrease) in short-term borrowings	40,173	(56,350)
      Net increase (decrease) in commercial papers	-	(50,000)
      Proceeds from long-term borrowings	47,398	205,118
      Repayments of long-term borrowings	(53,987)	(54,807)
      Repayments of lease liabilities	(14,617)	(14,395)
      Capital contribution from non-controlling interests	-	153
      Purchase of treasury shares	(18,908)	(27,628)
      Dividends paid	(36,654)	(32,746)
      Dividends paid to non-controlling interests	(25,570)	(23,366)
      Interest paid	(2,178)	(3,039)
      Net cash provided by (used in) financing activities	(64,344)	(57,061)
      Effect of exchange rate changes on cash and cash equivalents	6,113	10,039
      Net increase (decrease) in cash and cash equivalents	(9,316)	(1,806)
      Cash and cash equivalents at beginning of period	389,227	358,711
      Cash and cash equivalents at end of period	379,910	356,905

   5. Notes to Condensed Semi-annual Consolidated Financial Statements Notes on premise of going concern

      Not applicable.

      Segment information, etc.

      Six months ended September 30, 2024

      The Group is composed of a single business segment, primarily engaged in the manufacture and sale of vehicles, vehicle components, and industrial engines. Therefore, this information has been omitted.

      Six months ended September 30, 2025

      The Group is composed of a single business segment, primarily engaged in the manufacture and sale of vehicles, vehicle components, and industrial engines. Therefore, this information has been omitted.

      Own shares

      Repurchase and cancellation of own shares

      The Company resolved at a meeting of its Board of Directors held on May 29, 2025 to repurchase its own shares in accordance with Article 156 of the Companies Act (the "Act") applicable pursuant to Article 165, paragraph (3) of the Act and to cancel the repurchased shares in accordance with Article 178 of the Act.

      1. Reason for repurchase and cancellation

         The Company implements shareholder returns based on profits earned in each fiscal year and to purchase treasury shares flexibly, comprehensively taking into account a balance between securing funds for growth investments and enhancing internal reserves for the purpose of maintaining financial soundness. The Company aims to repurchase 50,000 million yen (maximum repurchase amount) of its own shares for the purpose of further improving capital efficiency with awareness of appropriate capital levels. All shares repurchased will be cancelled.

      2. Details of the repurchase

         1. Class of shares to be repurchased Ordinary shares

         2. Total number of shares to be repurchased

         3. Total purchase price for repurchase of shares

            Up to 35,000,000 shares

            (Represents 4.9% of the total number of issued shares (excluding treasury shares))

            Up to 50,000 million yen

         4. Period of repurchase From June 18, 2025 to March 31, 2026

         5. Method of repurchase Market purchases based on a discretionary transaction

            contract

      3. Cancellation of own shares

         1. Class of shares to be cancelled Ordinary shares

         2. Total number of shares to be cancelled

            All shares to be repurchased based on (2) Details of the repurchase described above.

         3. Planned date of cancellation TBD

      4. Cumulative total of shares repurchased by September 30, 2025, based on the above resolution of the Board of Directors

         1. Class of shares repurchased Ordinary shares

         2. Total number of shares repurchased 14,313,500 shares

         3. Total purchase price for repurchase of shares

            27,625 million yen

         4. Period of repurchase June 18, 2025 to September 30, 2025 (trade date basis)

         5. Method of repurchase Market purchases based on discretionary trading

   contracts

   Cumulative total of treasury shares repurchased by October 31 is 18,117,300 shares, amounting to 34,867 million yen.

   Significant events after reporting period

   Not applicable.

3. Supplementary Information

			Six months ended September 30, 2024		Six months ended September 30, 2025		Change
			Volume (units)	Amount (millions of yen)	Volume (units)	Amount (millions of yen)	Volume (units)	Amount (millions of yen)
	Japan		17,668	207,266	20,183	243,984	2,515	36,718
		North America Asia others	1,707	20,818	351	4,052	(1,356)	(16,765)
			8,982	51,873	8,881	48,525	(101)	(3,347)
			14,843	115,517	14,474	107,211	(369)	(8,306)
	Overseas		25,532	188,209	23,706	159,789	(1,826)	(28,419)
HD/MD CV			43,200	395,475	43,889	403,774	689	8,299
	Japan		18,578	88,377	19,072	91,806	494	3,429
		North America Asia others	15,234	118,302	8,187	62,471	(7,047)	(55,831)
			28,543	56,026	29,218	59,448	675	3,421
			35,526	112,617	54,596	165,898	19,070	53,280
	Overseas		79,303	286,946	92,001	287,818	12,698	871
LD CV			97,881	375,324	111,073	379,625	13,192	4,300
		North America Asia others	-	-	-	-	-	-
			25,919	86,638	31,403	94,660	5,484	8,022
			79,751	266,493	93,999	283,760	14,248	17,266
	Overseas		105,670	353,132	125,402	378,421	19,732	25,289
LCV			105,670	353,132	125,402	378,421	19,732	25,289
	Japan		36,246	295,643	39,255	335,791	3,009	40,148
		North America Asia others	16,941	139,121	8,538	66,524	(8,403)	(72,596)
			63,444	194,538	69,502	202,634	6,058	8,096
			130,120	494,629	163,069	556,870	32,949	62,241
	Overseas		210,505	828,288	241,109	826,029	30,604	(2,258)
Total vehicles			246,751	1,123,932	280,364	1,161,821	33,613	37,889

1. Revenue Condition Consolidated revenue results

   			Six months ended September 30, 2024		Six months ended September 30, 2025		Change
   			Volume (units)	Amount (millions of yen)	Volume (units)	Amount (millions of yen)	Volume (units)	Amount (millions of yen)
   	Japan		-	27,184	-	27,655	-	471
   		North America Asia others	-	4,359	-	4,602	-	243
   			-	16,010	-	22,505	-	6,495
   			-	4,157	-	2,813	-	(1,344)
   	Overseas		-	24,527	-	29,921	-	5,394
   Industrial Engines			-	51,711	-	57,577	-	5,865
   	Japan		-	268,212	-	297,844	-	29,631
   		North America Asia others	-	23,636	-	22,854	-	(781)
   			-	38,378	-	41,007	-	2,628
   			-	47,662	-	56,204	-	8,541
   	Overseas		-	109,677	-	120,066	-	10,388
   Other			-	377,890	-	417,910	-	40,020
   	Japan		-	591,040	-	661,291	-	70,250
   		North America Asia others	-	167,116	-	93,981	-	(73,134)
   			-	248,927	-	266,147	-	17,219
   			-	546,449	-	615,888	-	69,438
   	Overseas		-	962,493	-	976,018	-	13,524
   Revenue amount			-	1,553,534	-	1,637,309	-	83,775

   Notes: 1. CV and LCV stand for commercial vehicles (trucks and buses) and pickup trucks and variant models, respectively.

   1. Overseas revenue and unit represent the revenue and unit raised by the Company and its consolidated subsidiaries in countries and regions other than Japan.

   2. The classification of countries and regions is determined by the degree of geographical proximity.

   3. Major countries and regions in each category:

      1. North America: USA

      2. Asia: Thailand, China, Indonesia and the Philippines

      3. Other regions: Australia, Saudi Arabia, Mexico, UAE and Colombia