Mitsubishi Motors H1 FY2026 results: Operating profit rises 77%, full-year outlook is revised down

Mitsubishi Motors has reported its financial results for the first half of FY2026, covering 1 April to 30 September 2026.

Global retail sales fell amid higher oil prices linked to tensions in the Middle East, a faster shift towards electrification and intensifying price competition. However, steady sales in Japan and the Middle East, alongside favourable exchange rates, helped the automaker record a modest increase in revenue.

H1 FY2026 financial results

Mitsubishi Motors recorded net sales of JPY 1.3088 trillion (approximately RM 33.42 billion), up 4% year on year. Operating profit rose 77% to JPY 30.6 billion (approximately RM 782 million), an increase of JPY 13.3 billion, giving an operating margin of 2.3%.

The automaker posted a net loss of JPY 3 billion (approximately RM 76.6 million) attributable to owners of the parent, compared with a loss of JPY 9.2 billion in the same period last year. The loss therefore narrowed by JPY 6.2 billion.

Global retail sales fell 7% to 358,000 vehicles, down 26,000 units year on year. Weaker demand in ASEAN and Australia were the main factors behind the decline.

Regional sales performance

ASEAN

Mitsubishi Motors sold 100,000 vehicles across ASEAN in the first half, down 11% year on year. Sales slowed in Thailand, where 11,000 vehicles were sold, and Indonesia, which recorded 32,000 units, amid the shift towards electrification and tougher competition.

The Philippines remained a key market, with sales of 30,000 vehicles and a market share of 14.9%. Vietnam also bucked the regional trend, with sales rising to 20,000 units and a market share of 14.9%.

The Xforce HEV, which made its debut in Thailand last year, went on sale in Indonesia in July 2026. It got off to a positive start as demand for hybrid models remained strong. Mitsubishi Motors plans to introduce it in New Zealand and selected Latin American markets next.

The Destinator, the brand's strategic SUV for ASEAN, is also performing in line with expectations.

Japan

Japan was one of Mitsubishi Motors' stronger markets, with retail sales rising 7% to 62,000 vehicles.

The Delica continued to perform well. The Delica D:5 recorded sales of 16,800 units, up 24% year on year, extending its annual growth streak to six consecutive years. The model is also attracting younger buyers beyond its traditional customer base.

The Delica Mini kei car sold 24,200 units, up 11%. September sales exceeded 6,000 units, setting a new monthly record since its launch.

The new Pajero crossover SUV has also attracted strong interest in Japan. It had received 9,000 orders by 5 November, putting it close to its full-year sales target of 10,000 units.

Also Read: New Mitsubishi Pajero to launch in Japan in December: 5,500 pre-orders blow past annual target

Australia and New Zealand

Sales in Australia and New Zealand fell 31% to 25,000 vehicles. Mitsubishi Motors is now working to strengthen its dealer network ahead of upcoming product launches.

North America and Europe

North America delivered a strong improvement in operating profit. Measures to streamline the product line-up and improve sales efficiency helped lift operating profit to JPY 16.3 billion (approximately RM 417 million), an increase of JPY 20.2 billion year on year.

In Europe, sales fell to 16,000 vehicles due to intense competition, while operating profit also declined.

FY2026 full-year outlook revised

Mitsubishi Motors has lowered its full-year forecasts for FY2026, which runs from 1 April 2026 to 31 March 2027. The revision reflects prolonged tensions in the Middle East, a faster-than-expected shift towards electrification amid high oil prices, and rising raw material costs.

The automaker now expects:

• Net sales: JPY 2.96 trillion (approximately RM 75.61 billion), down JPY 300 billion from its previous forecast.
• Operating profit: JPY 70 billion (approximately RM 1.79 billion), down JPY 2 billion.
• Net profit: JPY 10 billion (approximately RM 255 million), down JPY 15 billion.

The full-year dividend forecast remains unchanged at JPY 10 per share (approximately RM 0.26), comprising an interim dividend of JPY 5 and a year-end dividend of JPY 5.

Mitsubishi Motors said it would focus on expanding the new Pajero crossover SUV and other core, higher-margin models in global markets. It also plans to keep improving its cost structure to protect profitability against an uncertain business environment.

Also Read: Honda teams up with Mitsubishi to rebadge Triton for ASEAN market, launching as soon as 2028