Today, Renault has published its yearly results. As expected, there’s a big difference between the Group’s results with or without ‘other operating income and expenses’. The former resulted in a positive figure of €715 million; the latter in a deficit of €10,931 million (or -€40.0 per share).
Renault had to recalculate its 35% stake in Nissan following the restructuring of the Alliance, which led to a €11.2 billion loss in H1 2025 results.
Fairly strong results
Apart from the Nissan debacle, Renault Group achieved a fairly strong profitability and cash generation. At €57.9 billion, group revenue increased by 3.0% and 4.5% at constant exchange rates vs. 2024.
“This robust performance was driven by its complementary auto brands, all three of which delivered growth supported by the International Game Plan rollout and the electrification of the lineup,” says the press release.
The Group’s operating margin reached €3.6 billion, representing 6.3% of Group revenue, and free cash flow was €1.5 billion, driven by the Group’s operational performance.
The Group reported a record automotive net cash position of €7.4 billion as of December 31, 2025. A dividend of €2.20 per share will be submitted to approval of the Annual General Meeting on April 30, 2026.
S&P Global Ratings also upgraded Renault SA to an investment-grade long-term credit rating ‘BBB-‘ with a stable outlook from ‘BB+’ on December 18, 2025.
“Our 2025 results, in a challenging market environment, demonstrate our teams’ commitment to delivering consistent, top-tier performance among automotive industry players,” said François Provost, CEO of Renault Group.
“This performance underscores the strength of our fundamentals and our agility. Most importantly, this success validates our solid product strategy and the power of our brands, as recognized by our customers,” he added.
“In a few weeks, we will outline our strategy aimed at growing our business and bolstering the resilience of our operational and financial model. We position ourselves to face the future with confidence and ambition, anchoring Renault Group as an industry benchmark and creating value for all our stakeholders,” Provost concluded.
Positive signs despite a difficult market
At first glance, Renault is doing worse than last year, with its operating margin declining to 6.3%, down from 7.6% in 2024. This is partly due to a difficult car market (for everyone) and the rise of fully electric cars in Renault’s sales, electric cars which are still less profitable than ICE cars at the moment.
Compared to certain competitors, Renault also has some advantages. The Group is still scarcely present in China and North America, which makes the negative influence of trade and import tariffs minimal and Renault less vulnerable to the implosion of the EV market in the US or the fierce competition in the Chinese market. This is, for example, in stark contrast with Stellantis, which has announced a complete reshuffling of its electric plans, involving a write-off of €22.2 billion.
Last year, Renault Group also grew twice as fast as the global market average (+3.2% vs. 1.6%). It has gained market share in Europe and has deployed plans to conquer other markets outside Europe.
Regarding the 2026 results, analysts think Renault’s operating margin might still shrink slightly (to 5.6%, some forecasts say), but that “this is still a very honorable performance in the sector and probably one of the best in Europe for the year to come.”
