Renault Group upgrades its 2023 financial outlook
June 29, 2023
Renault Group upgrades its 2023 financial outlook
Link to the conference call at 8:00am today (CEST)
Given the current level of performance of the Group, which is above initial expectations, Renault Group upgrades its financial outlook for the full year 2023 and expects:
- a Group operating margin between 7% and 8% (versus superior or equal to 6% previously)
- an Automotive operational free cash flow superior or equal to €2.5 billion (versus superior or equal to €2 billion previously)
This improvement is mainly driven by the quality of the sales mix thanks to the success of our new launches and to our commercial policy focused on value.
Renault Group expects for the first half of 2023:
- a Group operating margin superior to 7%
- an Automotive operational free cash flow around €1.5 billion (including €600 million of Mobilize Financial Services dividends)
“Renault Group reaches record levels of performance. These results are the outcome of our strategy focused on value and of the unwavering commitment of the teams, over the last 3 years for Renaulution which is transforming the Group in depth. Thus, Renault Group upgrades its financial outlook for the year, thanks to the continuous efforts to reduce costs and to the unprecedented product offensive in the Group’s history. This product offensive, across all our brands, has only just begun and will further improve the Group’s performance, while leading a unique transformation to become the Next Gen automotive company.” said Luca de Meo, CEO of Renault Group
Renault Group will release its first half results on July 27, 2023.
About Renault Group
Renault Group is at the forefront of a mobility that is reinventing itself. Strengthened by its alliance with Nissan and Mitsubishi Motors, and its unique expertise in electrification, Renault Group comprises 4 complementary brands – Renault, Dacia, Alpine and Mobilize – offering sustainable and innovative mobility solutions to its customers. Established in more than 130 countries, the Group has sold 2.1 million vehicles in 2022. It employs nearly 106,000 people who embody its Purpose every day, so that mobility brings people closer. Ready to pursue challenges both on the road and in competition, Renault Group is committed to an ambitious transformation that will generate value. This is centred on the development of new technologies and services, and a new range of even more competitive, balanced and electrified vehicles. In line with environmental challenges, the Group’s ambition is to achieve carbon neutrality in Europe by 2040.
|RENAULT GROUP INVESTOR
|Philippine de Schonen
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This press release contains forward-looking statements. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements give the current expectations and projections of Renault Group relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “estimate,” “plan,” “project,” “will,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Renault Group’ control that could cause the Renault Group’ actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include those discussed or identified under Chapter 4 of the Universal Registration Document of Renault Group, filed with the French Autorité des marchés financiers (AMF) on 16 March 2023 and available on the Company’s website (www.renaultgroup.com) and the AMF’s website (www.amf-france.org). Such forward-looking statements are based on numerous assumptions regarding Renault Group’ present and future business strategies and the environment in which it will operate in the future. Accordingly, readers of this press release are cautioned against relying on these forward-looking statements. These forward-looking statements are made as of the date of this press release. In addition, the forward-looking financial information included in this press release has not been audited by Renault Group’s statutory auditors.
This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.
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