Renault Group posted a 2025 net loss after accounting adjustments tied to its Nissan stake, despite higher revenue, solid margins and positive automotive cash flow.
Group revenue increased 3% year on year to €57.92bn, or 4.5% at constant exchange rates, supported by growth across Renault, Dacia and Alpine and progress in international and electrification initiatives.
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Operating margin reached €3.63bn, equal to 6.3% of revenue.
In 2025, net income, Group share, was a loss of €10.93bn, compared with positive net income of €752m in 2024.
It includes a €9.31bn non-cash charge from the revised accounting treatment of the Nissan investment and a €2.33bn loss from associated companies.
Excluding Nissan-related impacts, net income was €715m.
Automotive free cash flow amounted to €1.47bn, including €300m in dividends from Mobilize Financial Services.
Automotive net cash increased to €7.37bn as of 31 December 2025, up from €7.09bn as of 31 December 2024.
Total inventories were 539,000 vehicles.
Renault Group sold 2,336,807 vehicles in 2025, up 3.2% and ahead of a global market that grew 1.6%.
Alpine registrations exceeded 10,000.
Outside Europe, Renault brand sales increased 11.7%, led by Latin America (up 11.3%), South Korea (55.9%) and Morocco (44.8%).
Electrified volumes expanded strongly: EV sales rose 77.3% and hybrids 35.2%, representing 14% and 30% of total sales respectively.
The Renault brand’s EV mix reached 20.3%, while Dacia hybrid sales grew 122%.
Automotive revenue rose 1.8% to €51.44bn, reflecting a favourable product mix from new launches including the Dacia Bigster, Renault 5 and Renault Symbioz.
This was partly offset by currency headwinds and pricing pressure in Europe.
Automotive operating margin was €2.18bn, or 4.2%, compared with €2.99bn in 2024, affected by currency movements, a higher EV mix, weaker light commercial vehicle sales and the deconsolidation of Horse Powertrain.
Other operating income and expenses totalled negative €11.49bn, including the Nissan accounting loss, €0.9bn of impairments and €0.4bn of restructuring costs, resulting in group operating income of negative €7.86bn.
Associated companies contributed negative €2.19bn, mainly from Nissan, while Mobilize Financial Services added €1.47bn to operating margin.
Renault Group CEO François Provost said: “Our 2025 results, in a challenging market environment, demonstrate our teams’ commitment to delivering consistent, top-tier performance among automotive industry players. This performance underscores the strength of our fundamentals and our agility.”
For 2026, Renault targets a group operating margin of around 5.5% and automotive free cash flow of about €1bn, including a €350m dividend from Mobilize Financial Services.
The company said international expansion, a higher EV mix and the full-year consolidation of Renault Nissan Automotive India Private Ltd are expected to support revenue but dilute margins, with cost reduction remaining a priority.
Over the medium term, Renault aims for a group operating margin of 5-7% and average annual automotive free cash flow of at least €1.5bn, including roughly €500m per year in dividends from Mobilize Financial Services.
Its strategy centres on product renewal in Europe, expansion in India and Latin America, development of EV and software technologies and ongoing cost reduction.
