The Commission acknowledges that it has not disclosed any details regarding whether the aid aligns with the internal market.
During the period of April 1 to June 30, 2025, the financial performance of Nissan played a significant role in Renault Group's Q2 2025 net results.
Despite the lack of information regarding the identity of Nissan's CEO during the first quarter of the fiscal year 2025/2026, it is clear that Nissan's performance under Japanese accounting standards, after IFRS adjustments, had a negative impact on Renault Group. Specifically, Nissan's Q1 fiscal year 2025/2026 result contributed negatively €127 million to Renault Group's Q2 2025 net result.
It is important to note that Renault Group's ownership of Nissan shares was not affected by any previous divestment or cancellation of titles. As of the mentioned period, Renault Group held 18.66% of Nissan shares through a French trust, and an additional 17.05% directly. This gives Renault Group a total stake of 35.71% in Nissan's capital.
The financial troubles at Nissan were further evidenced by the negative contribution to Renault Group's net result being specific to Nissan's Q1 fiscal year 2025/2026 results. The average exchange rate for the quarter was 163.8 yen per euro, which may have also played a role in the financial performance of both companies.
Interest rates were also a factor, as the interest rate as of June 30, 2025, was 35.9%. However, the exact impact of these interest rates on the financial performance of Nissan and Renault Group is not specified.
As the beneficiary of the French trust that holds Nissan shares, Renault Group will continue to closely monitor the financial performance of Nissan in the coming quarters and adjust its strategy as necessary to ensure the long-term success of both companies.
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