ISUZU MOTORS LIMITED (7202) Q3 2026 Earnings Call Transcript

FY2026 3Q Financial Results (Apr.–Dec. 2025)

February 12, 2026 ISUZU MOTORS LIMITED

Contents

1. Overview
2. Financial Results for FY2026 3Q (Apr.–Dec. 2025) and Full-Year Outlook for FY2026 (ending March 31, 2026) *The Company has voluntarily adopted International Financial Reporting Standards (IFRS), transitioning from Japanese GAAP, for its consolidated financial statements starting with the Annual Securities Report for the fiscal year ended March 31, 2025. Accordingly, the financial results for both FY2025 and FY2026 shown in this document are presented under IFRS. Notice to The Readers

1

This document is intended for informational purposes and includes, but not limited to, statements on future business performance and business plans. Information contained in the document, other than historical or current facts, constitutes forward-looking statements which are based on assumptions and judgments formed by the management of the Company in view of information currently available. By its nature, ISUZU does not guarantee or give any warranty as to the accuracy of all information contained in this document. Moreover, ISUZU undertakes no obligations to update such forward-looking statements such as statements on future business performance and business plans, based on future events or new information. Such statements involve elements of risk and uncertainty contained in such assumptions and judgments, and/or various factors including but not limited to economic changes in future, changes in automotive market conditions, foreign currency exchange rate fluctuations, and changes of business environment surrounding the Company. Such elements and/or factors may therefore cause the actual results and performance to be materially different from any future results and performance expressed or implied by the predictive statements stated herein. If you actually have an intention to invest, you should not depend upon this document as your sole source of information, and should use your own discretion in making an investment decision. Please be aware that ISUZU will not be responsible for any damages you may suffer as a result of making an investment decision based on the information contained in this document.

1. Overview

2

Overview: Financial Results for FY2026 3Q (Apr.–Dec. 2025) ■Profit: While higher unit sales and price realization contributed positively, these effects were more than offset by foreign exchange impact, unfavorable destination mix for overseas CVs, U.S. tariffs, rising material costs, and increased growth-related expenses, resulting in a yearon-year decline in profit of 24.3 billion yen. ■CV: Unit sales in Japan increased as expected. In overseas markets, unit sales increased mainly in the Middle East and Africa, while declining in North America due to dealer inventory adjustments and weaker market conditions. ■LCV: Although challenging market conditions continued, unit sales in Thailand rose compared to the same period last year, when inventory adjustments were being made. For exports, unit sales increased mainly in Africa and Oceania, while decreasing in the Middle East. (Reference)

Apr.–Dec. 2024 Apr.–Dec. 2025 Global Sales Units (IFRS) (IFRS) (K-units) Japan 63 67 CV Total Overseas 162 173

LCV Total

Thailand Export

Total

225 34 130 164 389

Changes

Foreign Apr.–Dec. Apr.–Dec. 2024 Exchange Rate 2024 (J-GAAP) 152.5 63 USD/JPY 100.7 162 AUD/JPY 164.7 225 EUR/JPY 4.34 34 THB/JPY 130 164 389

Apr.–Dec. 2025

Change

148.8 96.8 171.9 4.58

-3.7 -3.9 +7.2 +0.24

+4 +11 +15 +10 +15 +25 +40

+6% +7% +6% +30% +12% +15% +10%

2,511.5 +127.0 172.5 -24.3 195.6 -12.7

+5% -12% -6%

2,355.8 *1: “Net Sales” on J-GAAP is shown as “Revenue”. 192.5 *2: “Operating Income” on J-GAAP is shown as “Operating Profit”. *3: “Profit before Income Taxes” on J-GAAP is shown as 196.9 “Profit before Tax”.

-1%

109.9 *4: “Net income attributable to owners of parent” on J-GAAP is

240 44 145 189 429

Financial Results (Bil. Yen) Revenue *1 Operating Profit *2 Profit before Tax *3 Profit Attributable to Owners of Parent *4

2,384.5 196.8 208.3 122.6

121.2

-1.4

shown as “Profit Attributable to Owners of Parent”.

*The Company has voluntarily adopted International Financial Reporting Standards (IFRS), transitioning from Japanese GAAP, for its consolidated financial statements starting with the Annual Securities Report for the fiscal year ended March 31, 2025. Accordingly, the financial results for both FY2025 and FY2026 shown in this document are presented under IFRS. *Refer to page 31 for explanation of the following words: CV (Commercial Vehicle) =Trucks & Buses, LCV (Light Commercial Vehicle) = Pickup trucks and vehicles deriving 3 from pickup trucks

First, I will present an overview of our overall performance. Let me begin with the results for the first nine months of the fiscal year. Despite positive impacts from higher unit sales and price realization efforts, they were outweighed by negative factors, such as foreign exchange impact, unfavorable overseas CV model mix, U.S. tariffs, increases in material costs, and higher growth-related expenses, resulting in a year-on-year decline in profit of 24.3 billion yen. Meanwhile, CV unit sales from the Japanese market increased as forecast. In overseas, unit sales in North America went down due to inventory adjustments by dealers and softer market conditions. However, driven mainly by growth in the Middle East and Africa, overseas CV volumes increased overall. LCV unit sales in Thailand rose year-on-year compared to the same period prior year when inventory adjustments were made, despite challenging market conditions. For exports, unit sales increased mainly in Africa and Oceania, while those decreased in the Middle East. Please note that revenue and profit for the three-month period from October to December increased year-on-year. For details, please refer to the supplementary materials on pages 20 to 24.

Overview: Full-Year Outlook for FY2026 (ending March 31, 2026) (vs. Previous Outlook Announced in November 2025) ■CV: The full-year forecast for CV unit sales in Japan remains unchanged from the previous outlook announced in November, as performance has been generally in line with expectations. In overseas markets, the forecast has been revised downward by 5 thousand units, as market conditions in North America are expected to remain below assumptions throughout the second half. ■LCV: The full-year forecast for LCV unit sales remains unchanged from the previous outlook, as both Thailand and export markets are progressing in line with expectations. ■Profit: The outlook remains unchanged, as the decline in CV unit sales in North America is expected to be offset by foreign exchange effects, further cost reduction initiatives, and expense reviews. Global Sales Units (K-units) CV Total

Japan Overseas

LCV Total

Thailand Export

Total

FY2026 FY2026 Prev. Outlook New Outlook 95 95 242 237 337 332 62 62 196 196 258 258 595 590

Changes -5 -5 -5

-2% -1% -1%

FY2025 Change (IFRS) (vs. New Outlook) 89 +6 220 +17 309 +23 46 +16 184 +12 230 +28 539 +51

Financial Forecast (Bil. Yen) Revenue Operating Profit Profit before Tax Profit Attributable to Owners of Parent Dividends per Share (Yen)

3,300.0 210.0 220.0 130.0 92

3,300.0 210.0 220.0

No Revisions to Sales, Incomes and 130.0 Dividends 92

3,235.6 229.5 245.0

+64.4 -19.5 -25.0

140.1

-10.1

92

-

4 【Foreign Exchange Rate Assumption for 4Q (Jan.-Mar. 2026)】USD/JPY: 145, AUD/JPY: 95, EUR/JPY: 170, THB/JPY: 4.45 (Unchanged from the previous outlook.)

Next, I will explain the full-year outlook, comparing it with the previous forecast announced in November 2025. In terms of unit sales, CV unit sales in Japan are progressing generally in line with expectations, with no change from the previous forecast. For overseas markets, the forecast has been revised downward by 5,000 units, as market conditions in North America are expected to remain below assumptions throughout the second half of the fiscal year. For LCVs, no change has been made from the previous forecast as the progress is in line with expectations both for Thailand and for export markets. On the profit and loss front, no changes have been made from the previous forecast, as the impact of the decline in CV unit sales in North America is expected to be offset by foreign exchange effects, additional cost reduction initiatives, and expense reviews. The foreign exchange assumptions for the fourth quarter are shown at the bottom of the page and remain unchanged from the previous outlook.

Overview: Shareholder Return and Capital Efficiency Improvement  Shareholder Return ・The forecast full-year dividend for the fiscal year ending March 2026 is 92 yen per share, maintained at the same level as the fiscal year ended March 2024, which marked record-high earnings, in line with the Company’s policy of a payout ratio of 40% or more.  Capital Efficiency Improvement ・The share repurchase of 50.0 billion yen was completed in December 2025, with the cancellation of the acquired shares scheduled for February 2026.

Total Shareholder Returns and Total shareholder return ratio

Dividends and Dividend Payout Ratio 300

●：Dividend Payout Ratio (%) ■：Dividend per Share (Yen)

250 200

40.5%

40.4%

48.2%

49.4% *1

40.0%

100

66

79

92

92

92

'21.4-'22.3

'22.4-'23.3

'23.4-'24.3

'24.4-'25.3

'25.4-'26.3 (Outlook)

0 (J-GAAP) 5

150

50 0

(IFRS)

200 ●：Total Shareholder Return Ratio (%) ■：Amount of Share Buyback (Bil. Yen) ■：Total Amount of Cash Dividends (Bil. Yen) 150

100

1.2 101.4% 87.6%*1

0.8

68.1%

40.5%

40.4%

50.0

75.0

50

51.3

61.4

70.2

67.0

50.0 *1

63.8

0 '21.4-'22.3 (J-GAAP)

1

'22.4-'23.3 '23.4-'24.3 '24.4-'25.3 '25.4-'26.3 (Outlook) (IFRS)

0.6 0.4 0.2 0

*1：Calculated based on the number of treasury shares as of the end of Dec. 2025.

Next, I will explain our shareholder returns and initiatives to improve capital efficiency. For the fiscal year ending March 2026, based on our policy of maintaining a payout ratio of 40% or higher, we will maintain the dividend at 92 yen per share, with no reduction from the fiscal year ended March 2024, when we recorded our highest-ever profit. Regarding the share repurchase of 50.0 billion yen, it was completed in December 2025, and the shares are scheduled to be cancelled on February 13 of this month.

2. Financial Results for the FY2026 3Q (Apr.–Dec. 2025) and Full-Year Outlook for FY2026 (ending March 31, 2026)

6

Now, I will move on to the results for the third quarter, and the full-year outlook for the fiscal year ending March 31, 2026.

Global CV Unit Sales (1): Results for FY2026 3Q (Apr.–Dec. 2025) ■ In Japan, unit sales increased as progress remained steady. ■ In overseas markets, unit sales increased mainly in the Middle East and Africa, while declining in North America due to dealer inventory adjustments and weaker market conditions in the third quarter. 77 10 4 2 4

(K-units) ：4Q (Jan.-Mar. 2026) (Outlook) ：3Q (Oct.-Dec. 2025) ：1H (Apr.–Sep. 2025)

15

22

24

4 4 7

19

20

36

38

FY2025 FY2026 Europe

37 11 10 16

46 10 12 24

FY2025 FY2026 Middle East

19 6 5 8

82

26 6 7 13

FY2025 FY2026 Africa

75

76

18

23

19

18

38

35

12 4 3 5

14 4 2 8

FY2025 FY2026 Oceania

19 6 5 8

FY2025 FY2026 North America

FY2025 FY2026 Japan

FY2025 FY2026 Asia (Including China)

15 3 4 8

27 5 5 17

13 4 3 6

FY2025 FY2026 UD TrucksJapan

10 3 2 5

10 3 2 5

27 8 7 12

31 8 8 15

FY2025 FY2026 Central/South America

FY2025 FY2026 UD TrucksOverseas

• Outlook FY2025 FY2026 Changes Apr.- Oct.- Jan.- Apr.- Apr.- Oct.- Jan.- Apr.- Apr.- Oct.- Jan.- Apr.CV Sep. Dec. Mar. Mar. Sep. Dec. Mar.* Mar.* Sep. Dec. Mar.* Mar.* Japan 41 22 26 89 44 23 28 95 +3 +1 +2 +6 Overseas 108 54 58 220 115 58 64 237 +7 +4 +6 +17 Total 149 76 84 309 159 81 92 332 +10 +5 +8 +23

• Note: Japan: Wholesale & Direct Sales to Customers; North America/Australia: Wholesale of Local Distributors; Other Regions: Shipment from Japan 7

• Wholesale Units in China: 19 K-units (Apr.–Dec. 2024), 26 K-units (FY2025), 18 K-units (Apr.–Dec. 2025), 25 K-units (Outlook for FY2026)

This slide shows the global CV unit sales for the first nine months of the fiscal year. The unit sales in the Japanese market increased, reflecting progress in line with expectations. In overseas markets, unit sales in North America went down due to inventory adjustments by dealers and softer market conditions during the 3Q. However, led primarily by growth in the Middle East and Africa which are the focus of the mid-term business plan, overseas CV volumes increased overall.

Global CV Unit Sales (2): Full-Year Outlook for FY2026 (vs. Previous Outlook)  In Japan, the full-year forecast for CV unit sales remains unchanged from the previous outlook announced in November, as performance has been generally in line with expectations.  In overseas markets, the forecast has been revised downward by 5 thousand units, as market conditions in North America are expected to remain below assumptions throughout the second half.

• For North American CVs, please refer to the supplementary materials on page 18 for the business environment and the Reference on page 26 for initiatives.
• Please refer to page 25 of the Reference for the regions where we have secured the No.1 market share, including LCVs.

82

（K-units）

82

：Prev. Outlook (Nov, 2025 Announced)

15

15

24 FY2026 FY2026 Prev. Outlook New Outlook

76

46

FY2026 FY2026 Prev. Outlook New Outlook Japan

13 FY2026 FY2026 Prev. Outlook New Outlook

FY2026 FY2026 Prev. Outlook New Outlook

Middle East

Asia (including China)

26

26

FY2026 FY2026 Prev. Outlook New Outlook Africa

19

76

Europe

46

：New Outlook

FY2026 FY2026 Prev. Outlook New Outlook Oceania

31

31

North America

10

10

FY2026 FY2026 FY2026 FY2026 Prev. Outlook New Outlook Prev. Outlook New Outlook UD TrucksUD TrucksOverseas Japan

14

14

13

FY2026 FY2026 Prev. Outlook New Outlook

FY2026 FY2026 Prev. Outlook New Outlook Central/South America

FY2026 FY2026 Change Prev. Outlook New Outlook Japan 95 95 ━ Overseas 242 237 -5 Total 337 332 -5 CV

• Note: Japan: Wholesale & Direct Sales to Customers; North America/Australia: Wholesale of Local Distributors; Other Regions: Shipment from Japan 8
• Wholesale Units in China: 28 K-units (Prev. Outlook), 25 K-units (New Outlook).

Here is a comparison of the full-year outlook for total global CV unit sales with the previous forecast. As for the Japanese market, the progression is generally in line with expectations, with no change from the previous forecast announced in November. Regarding the overseas markets, the forecast has been revised downward by 5,000 units, as market conditions in North America are expected to remain below assumptions throughout the second half. Please refer to the supplementary materials on page 18 for details on the CV business environment in North America, and to the Reference on page 26 for our business initiatives. We have outlined the regions where we hold the No.1 market share, including LCVs, on page 25 of the Reference. We will continue to expand our global sales activities.

Actual Japan Industry Sales and ISUZU's Market Share (Apr.–Dec. 2025) ■ Industry sales of heavy and medium-duty trucks remained flat year-on-year, while those of light-duty trucks declined significantly due to the impact of other OEMs. ■ Market shares exceeded 50% in both categories, supported by strong product competitiveness.

(K-units)

80

Heavy and Medium-Duty Trucks (4 tons or above) Others UD ISUZU

70 60

55.9

80 70

50

40

40

20 10 0

7.8

8.6

22.0

23.3

Others ISUZU

63.7 51.7

30 20

Apr.–Dec. 2024 Apr.–Dec. 2025 Market Share ISUZU 40.1% 41.6% UD Trucks 14.2% 15.3%

Light-Duty Trucks (2-3 tons)

60

50

30

9

54.8

(K-units)

10

27.7

26.6

0

Apr.–Dec. 2024 Apr.–Dec. 2025 Market Share ISUZU 43.5% 51.5%

Now, I will explain the results of industry sales and our market share in Japan. Industry sales for Heavy and Medium-Duty Trucks remained flat year-on-year, while the LightDuty Trucks segment declined significantly due to the impact of other OEMs. Market shares exceed 50% in both segments, supported by strong product competitiveness. In addition, despite being after price revision, orders in December and January were in line with the same months of the previous year, indicating steady progress.

Global LCV Unit Sales: Results for FY2026 3Q (Apr.–Dec. 2025) ■ In Thailand, although market conditions remain challenging, unit sales increased compared to the same period last year, when inventory reduction was implemented by dealers and distributors. ■ In export markets, unit sales increased mainly in Africa and Oceania, although they decreased in the Middle East. 19 5 4 10

18 6 2 10

The full-year forecast for LCV unit sales remains unchanged from the previous outlook for both Thailand and export markets

(K-units) ：4Q (Jan.-Mar. 2026) (Outlook) ：3Q (Oct.-Dec. 2025) ：1H (Apr.–Sep. 2025)

22 7 5 10

FY2025 FY2026 Europe

34 7 7 20

25 7 7 11

FY2025 FY2026 Middle East

22 7 4 11

20 7 4 9

FY2025

FY2026

62 46 12 17

Asia (including China)

17

56 38 13 9 16

14 13 29

FY2025 FY2026 Africa 10 *LCV: Shipments from Thailand

38 12 6 20

42 8 10 24

FY2025 FY2026 Oceania

FY2025 FY2026 Others

18 22 22

FY2025 FY2026 Thailand

22 6 5 11

11 3 2 6

13 3 3 7

FY2025 FY2026 Central/South America

• Outlook

FY2025 FY2026 Changes Apr.- Oct.- Jan.- Apr.- Apr.- Oct.- Jan.- Apr.- Apr.- Oct.- Jan.- Apr.LCV Sep. Dec. Mar. Mar. Sep. Dec. Mar.* Mar.* Sep. Dec. Mar.* Mar.* Thailand 17 17 12 46 22 22 18 62 +5 +5 +6 +16 Export 93 37 54 184 101 44 51 196 +8 +7 -3 +12 Total 110 54 66 230 123 66 69 258 +13 +12 +3 +28

• Wholesale Units in China: 9 K-units (Apr.–Dec. 2024), 12 K-units (FY2025), 8 K-units (Apr.–Dec. 2025), 11 K-units (Outlook for FY2026)

This slide shows the cumulative nine-month results for global LCV unit sales. In Thailand, although market conditions remain challenging, LCV unit sales increased compared to the same period last year, when inventory adjustments were implemented by dealers and distributors. For exports, overall unit sales increased year-on-year, as higher volumes mainly in Africa and Oceania more than offset a decline in the Middle East due to weaker demand in Saudi Arabia. The full-year forecast remains unchanged from the previous outlook as LCV unit sales in both Thailand and export markets are in line with assumptions.

Actual Thailand Industry Sales and ISUZU's Market Share/Production Units of LCV(Apr.–Dec. 2025) ■ Industry Sales: Challenging market conditions persist, remaining below the level of the same period last year. Although market share has declined, we continue sales activities that follow a disciplined sales policy, avoiding discounting, in preparation for demand recovery. ■ Production units increased for both the Thai domestic market and exports, compared to the same period last year.

• For Thailand LCVs, please refer to the supplementary materials on page 19 for the business environment and the Reference on page 27 for details on our sales initiatives.

(K-units)

200

Thailand Industry Sales and ISUZU's Market Share of LCV

(K-units)

200

Others

150

130

100

189 164

ISUZU

144

LCV Production Units in Thailand

150

84

11

Vehicle-Export Vehicle-Thailand

89

50

53 0

56

46

100

50

KD Set

45

Apr.–Dec. 2024 Apr.–Dec. 2025 Market Share ISUZU 37% 35%

34 0

44

Apr.–Dec. 2024 Apr.–Dec. 2025

I will now touch on the results of total industry sales, our market share, and units produced for LCVs in Thailand. Although challenging market conditions persist in Thailand, we continue disciplined sales activities to prepare for a recovery in demand. In addition, total industry demand for LCVs in Thailand and Isuzu’s retail sales remained below the year-earlier level through October 2025; however, since November, both have recovered to approximately the prior-year level, suggesting signs that the market is bottoming out. For details on the business environment, including monthly trends in total industry demand and Isuzu’s retail sales, please refer to the supplementary materials on page 19. In addition, our initiatives in Thailand are explained in the Reference on page 27, please refer to this material as well. LCV production volumes increased for both the Thailand domestic market and exports.

Actual Global Shipments of Industrial Engines and Revenue from After-Sales Business(Apr.–Dec. 2025) ■ Global shipments of industrial engines progressed in line with expectations, with no significant changes in market conditions. ■ After-Sales business: Both domestic and overseas markets have been making steady progress toward the full-year revenue target of 600.0 billion yen.

• Please refer to the Reference on page 28 for details on our After-Sales business initiatives.

Global Shipments of Industrial Engines

Revenue from After-Sales Business (Japan: Revenues from service and part sales; Overseas: Revenues from shipment of parts)

(No change from the previous outlook announced in November) ：4Q (Jan.-Mar. 2026) (Outlook) ：3Q (Oct.-Dec. 2025) ：1H (Apr.–Sep. 2025)

（K-units）

140 120 100

108

60

26

28

600.0

578.0

600.0

500.0

153.0

148.0

146.0

157.0

279.0

295.0

FY2025

FY2026

36

400.0 300.0

52

56

FY2025

FY2026

0 12

800.0 700.0

40 20

：4Q (Jan.-Mar. 2026) (Outlook) ：3Q (Oct.-Dec. 2025) ：1H (Apr.–Sep. 2025)

(Bil. Yen)

120 30

80

(No change from the previous outlook announced in November)

200.0 100.0 0.0

Now, I will touch on industrial engines and After-Sales business. Industrial engines have been progressing in line with expectations, supported by solid demand in emerging markets. The After-Sales business has also been making steady progress toward the full-year revenue target of 600.0 billion yen both in Japan and overseas. Therefore, the full-year outlook remains unchanged for both industrial engines and After-Sales business. For our After-Sales business initiatives, please refer to the Reference on page 28.

The analysis of the changes in Operating Profit: FY2026 (Apr.–Dec. 2025) vs. FY2025 (Apr.–Dec. 2024)

■ Positive impacts from increased unit sales, as well as improved price realization, were more than offset by negative factors, including yen and baht appreciation, an unfavorable destination mix for overseas CVs, U.S. tariffs, rising material costs, and increased growth-related expenses. As a result, operating profit declined by 24.3 billion yen year-on-year. FX Rates Apr.–Dec. 2024 Apr.–Dec. 2025 Change 148.8 USD/JPY 152.5 -3.7 96.8 AUD/JPY 100.7 -3.9 171.9 EUR/JPY 164.7 +7.2 4.58 THB/JPY 4.34 +0.24

(Bil. Yen)

-24.3

196.8

Operating Profit (Apr.–Dec. 2024) (IFRS)

13

+25.1 -10.5

+23.5

+10.0

Cost Reduction Price U.S. Tariff Sales/Model Impact Realization Activity Mix Operating Income ('24/4'24/6) (IFRS)

-23.0 -15.5 FX Steel, Oil Price etc. Fluctuation

-16.5 R&D Costs

-2.0

-15.4

Depreciation Fixed Cost Cost Fluctuation

172.5 Operating Profit (Apr.–Dec. 2025) (IFRS)

Breakdowns Sales/Model Mix CV-Japan CV-Overseas LCV Others FX USD AUD EUR THB Other Currencies Steel, Oil Price etc. Fluctuation Material Cost Logistics Fees Electricity, Gas etc. Fixed Cost Fluctuation Labor Cost Others

Change

+25.1 +5.0 +0.5 +8.6 +11.0 -23.0 -3.1 -3.2 -2.6 -10.5 -3.6 -15.5 -12.0 -3.5 -0.0 -15.4 -8.0 -7.4

Next, this is the change analysis of operating profit for the cumulative nine-month period. Although there were positive impacts from increased unit sales of CV/LCV and the promotion of price realization, these were outweighed by negative impacts from the appreciation of the yen and baht, deterioration in the destination mix of overseas CVs, the impact of U.S. tariffs, increases in material costs, and higher growth-related expenses, resulting in a decrease in operating profit of 24.3 billion yen year-on-year.

Consolidated Results : FY2026 (Apr.–Dec. 2025) vs. FY2025 (Apr.–Dec. 2024) (Bil. Yen)

Apr.–Dec. 2024 Apr.–Dec. 2025 (IFRS) (IFRS)

Revenue *1

Apr.–Dec. 2024 (J-GAAP)

Changes

2,384.5

2,511.5

+127.0

+5%

Operating Profit *2

196.8

172.5

-24.3

-12%

Profit before Tax *3

208.3

195.6

-12.7

-6%

Profit Attributable to Owners of Parent *4

122.6

121.2

-1.4

-1%

(IFRS)

Apr.–Dec. 2024 Apr.–Dec. 2025

Operating Profit Share of profit of investments accounted for using equity method

196.8

Finance income, finance costs

+5.5

Profit before Tax

208.3

+6.0

Income tax expense

-55.5

Profit attributable to non-controlling interests

-30.2

Profit Attributable to Owners of Parent

122.6

(Reference)

2,355.8 *1: “Net Sales” on J-GAAP is shown as “Revenue”. *2: “Operating Income” on J-GAAP is shown as “Operating Profit”. *3: “Profit before Income Taxes” on J-GAAP is 196.9 shown as “Profit before Tax”. *4: “Net income attributable to owners of parent” on J-GAAP is shown as “Profit 109.9 Attributable to Owners of Parent”.

192.5

(J-GAAP) <Reference>

172.5 Operating Income Share of profit of entities accounted for using +12.7 the equity method Foreign exchange gains/losses, dividend +10.4 income, interest expenses, and others 195.6 Ordinary Income -45.3 Gain/Loss on sales of investment securities, Loss on disposal of non-current assets, etc. -29.1 Loss on business restructuring 121.2 Income before Income Taxes

14

Apr.–Dec. 2024 192.5 +6.9 +5.2 204.6 -1.3 -6.4 196.9

Income taxes and others

-57.4

Profit attributable to non-controlling interests

-29.6

Net Income Attributable to Owners of Parent

109.9

This section explains items below operating profit. Profit before tax amounted to 195.6 billion yen, after adding the share of profit of investments accounted for using equity method, and finance income and finance costs from operating profit of 172.5 billion yen. The share of profit or loss of investments accounted for using the equity method included temporary dividend income recorded by an associate. In finance income and costs, foreign exchange gains and losses were negative in the same period of the previous year and contributed positively in the current period. Profit attributable to owners of parent amounted to 121.2 billion yen, after subtracting income tax expense and profit attributable to non-controlling interests from profit before tax of 195.6 billion yen.

The analysis of the changes in Operating Profit: Outlook for FY2026 ending March 31, 2026 vs. Actual for FY2025 ended March 31, 2025

■ The full-year outlook remains unchanged from the previous forecast announced in November, as the negative impact from lower CV unit sales in North America is expected to be offset by positive effects from foreign exchange, further cost reduction initiatives, and expense reviews.

(Bil. Yen) ():Prev. Outlook announced in Nov, 2025

-19.5

FX Rates FY2025 FY2026 Change USD/JPY 152.5 147.8 -4.7 AUD/JPY 99.5 96.4 -3.1 EUR/JPY 163.7 171.5 +7.8 THB/JPY 4.38 4.55 +0.17

Prev. Outlook

Breakdowns Change +34.5 Sales/Model Mix CV-Japan +5.0 CV-Overseas +10.5 LCV +9.0 Others +10.0 -27.5 FX -5.0 USD -3.7 AUD -3.5 EUR -11.7 THB -3.6 Other Currencies Steel, Oil Price etc. -23.5 Fluctuation Material Cost -18.5 Logistics Fees -5.0 Electricity, Gas etc. -0.0 -19.3 Fixed Cost Fluctuation Labor Cost -10.0 Others -9.3

Prev. Outlook

(+17.0) (-33.0) (+40.0) (-23.5) (+44.5) (-16.0) +40.0 +18.0 -27.5 -23.5 (-23.0) Cost +34.5 -16.0 -23.0 (-4.7) (-20.8) FX Reduction -2.7 -19.3 (210.0) 229.5 Steel, Oil Price U.S. Tariff Price Activity etc. 210.0 R&D Depreciation Impact Realization Sales/Model Mix

Fluctuation

Costs

Cost

Fixed Cost Fluctuation

Operating Profit FY2025

Operating Profit FY2026

(IFRS)

(IFRS)

15

【Foreign Exchange Rate Assumption for 4Q (Jan.-Mar. 2026)】 USD/JPY: 145, AUD/JPY: 95, EUR/JPY: 170, THB/JPY: 4.45

145.5 94.8 169.1 4.46 +44.5 +5.0 +20.5 +9.0 +10.0 -33.0 -7.5 -5.2 -3.0 -13.8 -3.5

Next, this is the change analysis of the full-year outlook for operating profit. Compared with the previous outlook shown in red, there is a negative impact from lower CV unit sales in North America; however, this is offset by positive impacts from foreign exchange effects, additional cost reduction initiatives, and expense reviews. As a result, the full-year outlook remains unchanged. The foreign exchange assumptions for the fourth quarter are shown at the bottom of the page and remain unchanged from the previous outlook.

-23.5 -18.5 -5.0 -0.0 -20.8 -10.0 -10.8

Consolidated Results : Outlook for FY2026 ending March 31, 2026 vs. Actual for FY2025 ended March 31, 2025 (Reference)

(Bil. Yen)

FY2025 (IFRS)

FY2026 (IFRS)

Revenue *1

Changes

FY2025 (J-GAAP)

3,235.6

3,300.0

+64.4

+2%

Operating Profit *2

229.5

210.0

-19.5

-8%

3,208.1 229.1 *1: “Net Sales” on J-GAAP is shown as “Revenue”.

Profit before Tax *3

245.0

220.0

-25.0

-10%

240.1 *3: “Profit before Income Taxes” on J-GAAP is shown as

Profit Attributable to Owners of Parent *4

140.1

130.0

-10.1

-7%

134.4 *4: “Net income attributable to owners of parent” on J-GAAP is

*2: “Operating Income” on J-GAAP is shown as “Operating Profit”. “Profit before Tax”. shown as “Profit Attributable to Owners of Parent”.

(IFRS)

FY2025 FY2026

(J-GAAP) <Reference>

Operating Profit Share of profit of investments accounted for using equity method

229.5

210.0

+9.2

+9.0

Finance income, finance costs

+6.3

+1.0

Profit before Tax

245.0

220.0

Income tax expense

-64.0

-58.0

Profit attributable to non-controlling interests

-40.9

-32.0

Operating Income Share of profit of entities accounted for using the equity method Foreign exchange gains/losses, dividend income, interest expenses, and others Ordinary Income Gain/Loss on sales of investment securities, Loss on disposal of non-current assets, etc. Loss on business restructuring

Profit Attributable to Owners of Parent

140.1

130.0

(No change from the previous outlook announced in November)

16

FY2025 229.1 +10.3 +8.8 248.2 -1.7 -6.4

Income before Income Taxes

240.1

Income taxes and others

-65.4

Profit attributable to non-controlling interests

-40.3

Net Income Attributable to Owners of Parent

134.4

This section explains items below Operating Profit. There are no changes from the previous outlook, including the breakdown of increases and decreases. This concludes my explanation.

With this, we conclude the financial result briefing of Isuzu Motors Limited for the third quarter of the fiscal year ending March 31, 2026. Thank you very much for your attention.

(Supplementary Materials) CVs in North America (Update since the November announcement) < Outlook for FY2026 ending March 31, 2026>  Market conditions are expected to underperform assumptions due to economic uncertainty, tariff impacts, and a decline in freight volumes. Retail unit sales: Unit sales in Nov.–Dec. 2025 fell below expectations, and the forecast has been revised downward by 4 thousand units, from 30 thousand units to 26 thousand units. Wholesale unit sales: The forecast has been revised downward by 5 thousand units, including an additional 1 thousand units reflecting further inventory adjustments by dealers. < Outlook for FY2027 ending March 31, 2027>  Although tariff impacts are expected to remain, the assumption that dealer inventory replenishment will begin alongside a moderate market recovery remains unchanged from the previous outlook. ⇒ Wholesale unit sales are expected to be at a level of approximately 30 to 35 thousand units. (Unchanged from the November announcement) *The impact of the 3.75% tariff rebate scheme is currently under review. （K-units）

50 40

Sales Volume (Wholesale) Forecast 44

Trends in Wholesale, Retail, and Dealer Inventory Volumes (Actual)

35

32

27

30

24

30

(New Outlook)

(Prev. Outlook)

（K-units） FY2023 FY2024 FY2025 FY2026 FY2027

FY2026 FY2027

Wholesale

34

44

27

19

30~35

24

30~35

Retail

26

32

29

26

30~35

30

30~35

Dealer Inventory

12

23

20

13

13~15

14

14~16

20 10 18

0

ー : Prev. Outlook announced in Nov, 2025 ー : New Outlook

FY2023

FY2024

FY2025

19

FY2026

FY2027

(Supplementary Materials) LCVs in Thailand (Update since the November announcement) < Outlook for FY2026 ending March 31, 2026>  Retail unit sales were below year-on-year levels from April to October; however, since November, both total industry demand and Isuzu’s retail sales have recovered to year-earlier levels. The forecast for both wholesale (shipments) and retail unit sales remains unchanged from the previous outlook. < Outlook for FY2027 ending March 31, 2027>  Although improvements in the financing environment are expected to take time, expectations for the start of a gradual demand recovery remain unchanged from the previous outlook. ⇒ Sales Volume (Shipments) is expected to be at a level of 60,000–80,000 units. (Unchanged from the November announcement) （K-units） 20.0

17.7 17.6

16.7 16.1

15.0

14.0

12.0

13.9 14.3 14.3 13.7 13.6 13.3

8.0

6.1

0.0 19

6.9

140

18.9

16.0

4.0

（K-units）

Retail Unit Sales Trend (FY2026)

6.1

13.4

14.4 14.5

12.9

18.4

19.1 15.4

（Total demand for January is currently being confirmed）

7.3 5.8

5.3

4.9

5.1

4.8

4.5

4.7

Apr

May

Jun

Jul

Aug

5.1

5.2

4.1

4.4

Sep

Oct

5.3

5.5

6.1

5.8

Dec

Total industry demand Forecast for FY2026 178 K-units

ー ー

FY2025 FY2026

Jan

Feb

Mar

120

90

100

80

80 60

6.4

7.3

5.5

Nov

16.1

Sales Volume (Shipments) Forecast 128 130 110

ISUZU Forecast for FY2026 64 K-units

62

40 20 0

46

60 No change since the November announcement

ー : The Unit Assumption under the Quantitative Targets for FY2027 in the Mid-Term Business Plan ー : New Outlook FY2024

FY2025

FY2026

FY2027

(Supplementary Materials) Overview: Financial Results for FY2026 3Q (Oct.–Dec. 2025)

(Reference)

Oct.–Dec. 2024 Oct.–Dec. 2025 Global Sales Units (IFRS) (IFRS) (K-units) Japan 22 23 CV Total Overseas 54 58

LCV Total

Thailand Export

Total

Changes +3% +7% +6% +30% +18% +22% +12%

Foreign Oct.–Dec. Oct.–Dec. 2024 Exchange Rate 2024 (J-GAAP) 152.5 22 USD/JPY 99.4 54 AUD/JPY 162.6 76 EUR/JPY 4.48 17 THB/JPY 37 54 130

Oct.–Dec. 2025

Change

154.2 101.3 179.5 4.80

+1.7 +1.9 +16.9 +0.32

76 17 37 54 130

81 22 44 66 147

+1 +4 +5 +5 +7 +12 +17

831.0 64.2 70.5

874.2 67.9 78.2

+43.2 +3.7 +7.7

+5% +6% +11%

819.5 *1: “Net Sales” on J-GAAP is shown as “Revenue”. 63.3 *2: “Operating Income” on J-GAAP is shown as “Operating Profit”. *3: “Profit before Income Taxes” on J-GAAP is shown as 69.2 “Profit before Tax”.

44.0

51.4

+7.4

+17%

40.7 *4: “Net income attributable to owners of parent” on J-GAAP is

Financial Results (Bil. Yen) Revenue *1 Operating Profit *2 Profit before Tax *3 Profit Attributable to Owners of Parent *4

20

shown as “Profit Attributable to Owners of Parent”.

(Supplementary Materials) Actual Japan Industry Sales and ISUZU's Market Share (Oct.–Dec. 2025)

(K-units)

25 20

Heavy and Medium-Duty Trucks (4 tons or above) Others 18.8

19.2

5 0

3.1

3.2

7.5

7.1

Light-Duty Trucks (2-3 tons) 22.3

20

Others ISUZU

17.8

10 5

Oct.–Dec. 2024 Oct.–Dec. 2025 Market Share ISUZU 39.6% 37.0% UD Trucks 16.3% 16.5% 21

25

15

15 10

UD ISUZU

(K-units)

0

9.8

9.4

Oct.–Dec. 2024 Oct.–Dec. 2025 Market Share ISUZU 44.1% 52.6%

(Supplementary Materials) Actual Thailand Industry Sales and ISUZU's Market Share/ Production Units of LCV(Oct.–Dec. 2025)

(K-units)

100

Thailand Industry Sales and ISUZU's Market Share of LCV

(K-units)

100

LCV Production Units in Thailand

Others

KD Set

ISUZU

75

50

47

17

Oct.–Dec. 2024 Oct.–Dec. 2025 Market Share ISUZU 38% 37% 22

50

25

18

66 54

46

25

0

Vehicle-Export

75

13 24 17

0

18 26 22

Oct.–Dec. 2024 Oct.–Dec. 2025

Vehicle-Thailand

(Supplementary Materials) The analysis of the changes in Operating Profit: FY2026 (Oct.–Dec. 2025) vs. FY2025 (Oct.–Dec. 2024) FX Rates Oct.–Dec. 2024 Oct.–Dec. 2025 Change USD/JPY 152.5 154.2 +1.7 AUD/JPY 99.4 101.3 +1.9 EUR/JPY 162.6 179.5 +16.9 THB/JPY 4.48 4.80 +0.32

(Bil. Yen)

+3.7

+16.0 64.2

-5.5 U.S. Tariff Impact

Sales/Model Mix Operating Operating Income Profit ('24/4(Oct.–Dec. '24/6) 2024) (IFRS) (IFRS)

23

+9.0 Price Realization

+3.0

-1.5

Cost Reduction Activity

FX

-5.0 Steel, Oil Price etc. Fluctuation

-4.1 R&D Costs

-1.0

-7.2

Depreciation Cost Fixed Cost

67.9

Fluctuation Operating Profit (Oct.–Dec. 2025) (IFRS)

Breakdowns Sales/Model Mix CV-Japan CV-Overseas LCV Others FX USD AUD EUR THB Other Currencies Steel, Oil Price etc. Fluctuation Material Cost Logistics Fees Electricity, Gas etc. Fixed Cost Fluctuation Labor Cost Others

Change

+16.0 +1.0 +6.0 +4.0 +5.0 -1.5 +0.4 +0.5 -1.9 +0.0 -0.5 -5.0 -4.0 -1.0 -0.0 -7.2 -2.5 -4.7

(Supplementary Materials) Consolidated Results : FY2026 (Oct.–Dec. 2025) vs. FY2025 (Oct.–Dec. 2024) (Reference)

(Bil. Yen)

Oct.–Dec. 2024 Oct.–Dec. 2025 (IFRS) (IFRS)

Revenue *1

831.0

874.2

+43.2

+5%

819.5 *1: “Net Sales” on J-GAAP is shown as “Revenue”.

Operating Profit *2

64.2

67.9

+3.7

+6%

63.3

Profit before Tax *3

70.5

78.2

+7.7

+11%

Profit Attributable to Owners of Parent *4

44.0

51.4

+7.4

+17%

(IFRS) Operating Profit Share of profit of investments accounted for using equity method

Oct.–Dec. 2024 Oct.–Dec. 2025 64.2 +1.9

Finance income, finance costs

+4.4

Profit before Tax

70.5

Income tax expense

-16.1

Profit attributable to non-controlling interests

-10.4

Profit Attributable to Owners of Parent

44.0

24

Oct.–Dec. 2024 (J-GAAP)

Changes

*2: “Operating Income” on J-GAAP is shown as “Operating Profit”. *3: “Profit before Income Taxes” on J-GAAP is 69.2 shown as “Profit before Tax”. *4: “Net income attributable to owners of parent” on J-GAAP is shown as “Profit 40.7 Attributable to Owners of Parent”.

(J-GAAP) <Reference>

67.9 Operating Income Share of profit of entities accounted for using +6.5 the equity method Foreign exchange gains/losses, dividend +3.8 income, interest expenses, and others 78.2 Ordinary Income -15.9 Gain/Loss on sales of investment securities, Loss on disposal of non-current assets, etc. -10.9 Income before Income Taxes 51.4 Income taxes and others

Oct.–Dec. 2024 63.3 +2.2 +3.8 69.3 -0.1 69.2 -18.6

Profit attributable to non-controlling interests

-9.9

Net Income Attributable to Owners of Parent

40.7

(Reference) Regions with ISUZU’s No.1 Market Share ISUZU holds the No.1 market share for vehicle models in 35 countries/regions worldwide (According to ISUZU’s survey, as of CY2024) Asian 8 countries/regions

Europe 5 countries/regions Portugal

Sweden

Cyprus

Serbia

Malta

Japan

Vietnam Cambodia

The Near and Middle East /Africa 7 countries/regions Israel

Egypt

Tunisia

25

South Africa Kenya

Mauritius

Thailand

Seychelles

Pakistan

New Zealand

Papua New Guinea

U.S.

Canada

Hong Kong

Oceania 4 countries/regions Australia

North America 2 countries/regions

Philippines Malaysia

Central and South America 9 countries/regions Ecuador

Peru

Colombia Barbados

Grenada

Fiji

Costa Rica

Panama

Aruba

Chile

(*1) Source: According to ISUZU’s survey based on available data, such as data from automobile industry associations in each country and region (*2) The following are examples of the No.1 market share vehicle models in each country and region. Portugal: Pickup truck (Maximum Payload Capacity (hereafter referred to as MPC):1t), Sweden: Pickup truck (MPC:1t), Serbia: Pickup truck (MPC: 1t), Cyprus: Pickup truck (MPC: 1t), Malta: Pickup truck (MPC:1t), Israel: Light and medium-duty truck(GVW: 6.1-12t), Egypt: Light-duty truck (GVW: 4-9t), Republic of South Africa: Light-duty truck (GVW: 3.5-8.5t), Kenya: Light and medium-duty truck(GVW: 3.5-19t), Tunisia: Pickup truck (MPC:1t), Mauritius: Light-duty truck (GVW: 3.0-9t), Seychelles: Light-duty truck (GVW: 3.0-9t), Japan: Light-duty truck (MPC: 2-3 tons), Medium-duty truck (MPC: 4 tons), Heavy-duty truck (MPC: 6 tons~), heavy-duty bus (overall width 2.5 meters), Thailand: Truck (MPC: 2t~), Philippines: Truck and bus(GVW:3t~), Malaysia: Truck(GVW: 3t~, excluding tractors), Vietnam: Truck(GVW: 3.5-24t), Cambodia: Truck, Pakistan: Truck(Excluding Bus), Hong Kong: Truck (GVW: 3.5-44t), U.S.: Cab-over Truck (GVW: 4.5-8.8t), Canada: Cab-over Truck (GVW: 4.5-8.8t), Australia: Truck, New Zealand: Truck, Papua New Guinea: Truck(MPC:1t~), Fiji: Truck(MPC: 1.5t~, excluding Bus), Ecuador: Pickup Truck(MPC: 1t), Peru: Truck (GVW: 3t~), Colombia: Truck(GVW: 3t~), Barbados: Truck, Grenada: Pickup truck(MPC: 1t), Costa Rica: Truck, Panama: Truck, Aruba: Pickup Truck(MPC:1t), Chile: Light-duty truck(GVW: 3-9t)

(Reference) CV Business (Overseas): Initiatives in North America The North American commercial vehicle market is dominated by large, conventional (hood-type) trucks used for long-haul loads, but Isuzu has established a position in the niche market for light- to medium-duty low cab forward (LCF) trucks, where there is little competition.  The LCF truck market in North America is a niche segment primarily serving urban delivery applications. With competitors having withdrawn from the market, Isuzu holds an overwhelming market share in this segment.  We have developed a dealer network of over 350 locations across the United States and Canada. We are working to expand sales by taking advantage of the features of LCF trucks, which are easy to maneuver in narrow spaces, particularly for urban and delivery applications. Isuzu’s current market positioning

Launch of a North American production base

ISUZU’s share in LCF truck market

Truck Type Breakdown: (Class 3–5*)

• Note: Isuzu brand only.

Overall market

121k units Hood-type Trucks etc.

77%

（CY24）

Low Cab Forward (LCF) Trucks

• In February 2025, we decided to establish a new production facility in the U.S. state of South Carolina to strengthen our supply framework in North America. • We aim to bring the new plant on stream in 2027, with the goal of reaching an annual production of 50,000 units by 2030. • Total investment is approximately US$280 million (approximately 43.0 billion yen). In response to environmental regulations, we will introduce flexible production methods for both internal combustion engine and electric vehicles.

Needs-Based Product Lineup Medium-Duty Trucks (Class 6-7**)

Light-Duty Trucks（Class 3-5*）

Diesel Engines 26

Gasoline Engines

*Class 3–5：Gross Vehicle Weight (GVW) 4.5-8.8t **Class 6–7：Gross Vehicle Weight (GVW) 8.8-15t

BEV

Diesel Engines Exterior of new production facility (image courtesy of Colliers International)

(Reference) LCV Business: Initiatives in Thailand The main users of ISUZU's pickup trucks in Thailand are farmers and merchants who use ISUZU vehicles for commercial purposes. ISUZU has succeeded in acquiring a loyal customer base by adopting a sales method that keeps the asset value of its vehicles  Since introducing short-hood trucks to the Thai market in 1961, ISUZU has been committed to delivering durable, fuel-efficient vehicles tailored to commercial needs, alongside ongoing efforts to enhance its brand strength. Following the original D-MAX in 2002, the Company has steadily expanded its market share by continuously refining its design and functionality in line with the needs of the Thai market.  Through continuous efforts, such as avoiding discount sales through a disciplined sales policy and maintaining high resale value, the Isuzu brand has solidified its position in the Thai market. ISUZU Brand Rooted in Thai industry ・The main users of ISUZU pickup trucks are farmers and merchants, who rank first and second in Thailand’s workforce. Approximately 50% of customers use ISUZU's pickup trucks for commercial purposes. (including both passenger and commercial use) < Main usage > Used for transporting heavy goods such as vegetables

Thailand Industry Sales (K-units) and ISUZU's Market Share of LCV

900

Industry Sales of LCV ISUZU's Market Share

42% 43% 42%

800 700

The sturdiness to meet commercial use and the High Resale Value helping households

500

The Sturdiness to withstand high operating rates

400

Maintain or enhance Brand Value

High Resale Value

Maintain pricing discipline

45% 40%

37% 33%

35%

34%

35%

32% 31%

600

27

41%

30%

512 492 394

425

410 394

455

25% 20%

325

300 200

15%

200 179

10%

100

5%

0

0%

(CY) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

(Reference) Initiatives in After-Sales Business Further strengthen the after-sales business by expanding overseas "services that ISUZU has cultivated to keep vehicles in operation throughout vehicle’s entire life cycle" Initiatives up to now

Growth potential in After-Sales overseas⇒ Initiatives going forward

Expansion of customer contacts by a proximity-to-market approach and structural reform focusing on after-sales service

Become a "Value Provider" for Stable Operations in Overseas CVs

・Expand sales and service bases as contact points for customers ・Promote sales activities with an eye toward an after-sales support system Japan Overseas The Number of 400 or more services bases 3,500 or more

・Consistency of operation quality and parts price ・Accelerating overseas market expansion for connected services and maintenance leasing services : Roll out programs required for the introduction of commercial EVs

＜The Number of CVs Owned and Sales Generated by After-Sales Services＞ Japan The number of After-Sales CVs owned (10K) (Bil. Yen)

Overseas The number of After-Sales CVs owned (10K) (Bil. Yen)

FY2020

129

220.6

261

FY2025

132

383.0

282

< Main Services > 【Parts Sales】 Sales and export of parts for repair 【Vehicle Services】 Maintenance services through extensive service networks 【Finance Services】 Financial services centering on stable maintenance leasing services 【Connected Service 】 Swift repair in the event of vehicle failure and preventative maintenance services through “operation management” and “uptime support services”

*Number of CVs Owned (ISUZU Data)

103.6

North America : Introduce Maintenance Lease + Overseas Connected Services Australia ASEAN

195.0

: Establish a maintenance lease system and develop services including UD maintenance packages

< Revenue from After-Sales Business (Bil. Yen) >

Japan

Overseas





■ Overseas ■ Japan

Room for



551.0

578.0

600.0

428.1

 

517.0

282.8

315.1 321.9 324.3 316.1

3Q Results (Apr.–Dec.

Growth

・ISUZU has a greater number of CVs owned overseas than in Japan, but overseas after-sales revenue is lower, suggesting room for further growth. ・In addition, ISUZU aims to increase earnings in Japan by continuing to strengthen 28 the after-sales service network and improving efficiency.

2025) 452.0

FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

(Outlook)

(Reference) Exchange Rate Trends: USD/THB & AUD/THB

USD/THB (THB)

(THB)

40.0

28.0

39.0

27.0

38.0

26.0

37.0

25.0 '24/4-'24/12 (Actual)

36.0

24.0

35.2 (Average)

23.0 '24/4-'25/3 (Actual) 34.8(Average)

33.0

'24/4-'24/12 (Actual) 23.2(Average)

35.0 34.0

AUD/THB

'25/4-'25/12 (Actual) 32.5 (Average)

22.0

'24/4-'25/3 (Actual) 22.7(Average)

'25/4-'26/3 (Outlook) 21.2(Average)

21.0 '25/4-'25/12 (Actual)

32.0 31.0

20.0

'24/4-'25/3 (Outlook) 32.5 (Average)

19.0

30.0

18.0 23/6 23/9 23/12 24/3 24/6 24/9 24/12 25/3 25/6 25/9 25/12 26/3

Outlook 29

21.1(Average)

23/6 23/9 23/12 24/3 24/6 24/9 24/12 25/3 25/6 25/9 25/12 26/3

Outlook

(Reference) Impact of Accounting Standard on Result for FY2025 ended March 31, 2025 '24/4-'24/12 (Bil. Yen)

Operating Income (J-GAAP)

J-GAAP

IFRS

'24/4-'25/3 Impact

J-GAAP

IFRS

Impact

192.5

192.5

-

229.1

229.1

-

Discontinuing the regular amortization of goodwill

-

+3.0

+3.0

-

+4.0

+4.0

Capitalize development costs

-

-0.8

-0.8

-

+0.7

+0.7 -2.7

Reclassification of non-operating and extraordinary items to operating profit

-

-1.6

-1.6

-

-2.7

Other operating profit adjustments

-

+3.7

+3.7

-

-1.6

-1.6

192.5

196.8

+4.3

229.1

229.5

+0.4

+10.3

+9.2

-1.1

Operating Profit (IFRS) Share of profit of investments accounted for using equity method

+6.9

+6.0

-0.9

Finance income, finance costs

+4.3

+5.5

+1.2

+8.0

+6.3

-1.7

Non-operating income and expenses excluding financial income and costs

+0.9

-

-0.9

+0.8

-

-0.8

Ordinary Income

204.6

+2.5

-3.5

-

+3.5

248.2

Extraordinary gains and losses, including the sale of fixed assets

-2.5

Gain or loss on sale of investment securities

+1.2

-

-1.2

+1.8

-

-1.8

Loss on business restructuring

-6.4

-

+6.4

-6.4

-

+6.4

Profit before Tax *1 Income tax expense

196.9

208.3

+11.4

240.1

245.0

+4.9

-57.4

-55.5

+1.9

-65.4

-64.0

+1.4

Profit attributable to non-controlling interests

-29.6

-30.2

-0.6

-40.3

-40.9

-0.6

109.9

122.6

+12.7

134.4

140.1

+5.7

Profit Attributable to Owners of Parent

30

*2

*1: “Profit before Income Taxes” on J-GAAP is shown as “Profit before Tax”. *2: “Net income attributable to owners of parent” on J-GAAP is shown as “Profit Attributable to Owners of Parent”.

(Reference)Word Glossary of Product Lineup CV (Commercial Vehicle) ■Collectively refers to trucks and buses ■Trucks are manufactured and exported mainly from Japan (ISUZU: Fujisawa Plant in Kanagawa Prefecture, UD Trucks: Ageo Plant in Saitama Prefecture） ■Buses are manufactured by J-Bus Limited, a joint venture with Hino Motors, Ltd and sold under both ISUZU and Hino brands <Major Product Lineups>

”C&E Series” and “Quon” heavy-duty trucks

“F-Series” medium-duty truck

“ERGA” route bus

“GALA” sightseeing bus

“N-Series” light-duty truck

LCV (Light Commercial Vehicle) ■ Collectively refers to 1-ton pickup trucks and PPV(Pick-up Passenger Vehicle) deriving from pickup trucks ■ Mainly manufactured and exported from Thailand <Major Product Lineups>

31

“D-MAX” pickup trucks

“MU-X” PPV

(Reference)Comparison of Global Unit Sales and Consolidated Sales Results Consolidated Sales Results: Unit Sales Disclosed in the English Translation of “Summary of Financial Results” (Kessan Tanshin)

CV Business

ISUZU MOTORS LIMITED

UD Trucks Corporation

Vehicles for Japan, North America, Australia

All Other Destinations

Consolidated Distributors & Consolidated Dealers

ISUZU LEASING SERVICES LIMITED

Consolidated Sales Results

Global Unit Sales Consolidated Subsidiaries

LCV Business

32

Isuzu Motors Co., (Thailand) Ltd.

Customers & Non-Consolidated Companies