Resultaten 2024: solide groei, record operationele marge en netto winst, financiële vooruitzichten overtroffen
- Record winstgevendheid en kasstroom, financiële vooruitzichten van 2024 overtroffen:
- Omzet Renault Group: € 56,2 miljard, +7,4% en +9,0% tegen constante wisselkoersen1 ten opzichte van 2023. Deze solide prestaties zijn te danken aan onze complementaire automerken, die alle drie groei lieten zien.
- Historische operationele marge van Renault Group met een waarde van € 4,3 miljard (+€ 146 miljoen ten opzichte van 2023 en +15% groei, exclusief invloed van Horse impacts2), 7,6% van de omzet.
- Nettowinst Renault Group:
- € 2,8 miljard (exclusief een totaal van - € 2,0 miljard, impact van Nissan, in verband met kapitaalverlies op de verkoop van aandelen, de bijdrage van Nissan en gedeeltelijke waardevermindering van de investering in Nissan)3, +21% versus 2023
- Gerapporteerde nettowinst Renault Group: € 0,8 miljard
- Solide vrije kasstroom4: van € 2,9 miljard ten opzichte van de richtlijn van ≥ € 2,5 miljard, dankzij sterke operationele prestaties
- Record in nettowinst Automotive, bijna verdubbeld: €7,1 miljard op 31 december 2024 (+€ 3,4 miljard versus 31 december 2023)
- Orderboeken in Europa al voor circa 2 maanden gevuld.
- Een dividend van € 2,20 (+19% ten opzichte van vorig jaar), zal ter goedkeuring worden voorgelegd aan de Algemene Vergadering op 30 april 2025, tegenover € 1,85 per aandeel in 2023.
- In 2025 zal Renault Group, gezien de onzekerheid op de markt als gevolg van de regulering van de CO2-uitstoot in Europa (CAFE), streven naar:
- Een operationele marge voor de Renault Group van ≥ 7% (inclusief ongeveer 1 punt van de geschatte negatieve impact van CAFE)
- Een vrije kasstroom van ≥ € 2 miljard, inclusief € 150 miljoen van het dividend van Mobilize Financial Services (MFS) (versus € 600 miljoen in 2024), vanwege een minimumniveau aan eigen vermogen van MFS om te blijven voldoen aan de eisen van de Europese Centrale Bank en de kredietbeoordelaars. Vanaf volgend jaar zal het MFS-dividend weer stijgen om terug te keren naar een niveau dat in lijn is met het historische gemiddelde (onder voorbehoud van goedkeuring door de toezichthouder en het bestuur van MFS).
Luca de Meo, CEO van Renault Group: “Renault Group blijft de operationele prestaties verbeteren, weet de strategie consistent uit te voeren en de doelstellingen te bereiken. 2024 was een belangrijk jaar, waarin de eerste positieve signalen te zien waren vanuit ons ongeëvenaarde productoffensief. Deze prestaties zijn het resultaat van een grote transformatie van het bedrijf, mede mogelijk gemaakt door diepgaande samenwerking. We hebben van Renault Group een veel flexibeler, efficiënter en krachtiger bedrijf gemaakt.
En daar laten we het niet bij! De afgelopen vier jaar zijn er sterke fundamenten gelegd. We bereiden nu het volgende hoofdstuk voor op basis van een slimme en innovatieve mentaliteit, met als doel een winstgevende groei en het investeren in de toekomst. Ik wil onze collega’s bedanken voor deze prestaties: hun passie, inzet en teamgeest zijn de belangrijkste motoren van ons succes”.
Dit persbericht gaat hieronder verder in het Engels
Commercial performance
- Complementary and growing automotive brands:
- Strong line-up renewal with 10 launches and 2 facelifts in 2024 and 7 launches and 2 facelifts to come in 2025.
- In Europe, Renault Group is on the podium of OEMs:
- Alpine sales increased +5.9% at 4,585 units in 2024, before its product offensive.
- Electrification[7] offensive:
- Renault Group continued its electrification offensive, with a mix of electrified[7] sales at 33% in Europe (+4.1 points vs. 2023), with a hybrid mix at 24% and an EV mix close to 9% in a transition year in the Group’s EV line-up. The EV offensive started to be reflected in the 4th quarter, with an EV mix at 12%, almost 5 points more than the rest of the year. Renault brand posted a 49% electrified sales mix in Europe: Renault brand was #2 in hybrid (HEV) in Europe with sales up 30% at 36% mix and EV sales at 13% reaching more than 16% in Q4.
- In 2024, Renault Group confirms it achieved its CAFE targets (passenger cars and light commercial vehicles) in Europe.
- Strong focus on value:
- Sales to retail customers in Europe[8] represent 63% of the Group sales (+21 points vs. market average) with 4 models[9] in the top 10 of this category.
- C-segment and above at 41.3% for Renault brand in Europe (+ 15 points in 4 years).
- Residual values[10] higher than in 2023, (respectively +9.1 points and + 9.5 points for Renault and Dacia in 4 years) outperforming the market in 2024.
Financial results
The consolidated financial statements of Renault Group and the company accounts of
Renault SA at December 31, 2024 were approved by the Board of Directors on February 19, 2025 under the chairmanship of Jean-Dominique Senard.
Group revenue reached €56,232 million, up 7.4% compared to 2023. At constant exchange rates[11], it increased by 9.0%.
Automotive revenue stood at €50,519 million, up 4.9% compared to 2023. It included 1.4 points of negative exchange rates effect mainly related to the Argentinean peso, to the Turkish lira devaluation and to a lesser extent to the Brazilian Real. At constant exchange rates4, it increased by 6.3%, mainly due to the following:
- Volume: +1.3 points, in line with the increase of our registrations thanks to the growing impact of our launches and a higher restocking within the dealership network compared 2023 to secure the ongoing product offensive.
- As of December 31, 2024, total inventories of new vehicles stood at 540,000 vehicles, of which 437,000 at independent dealers and 103,000 at Group level.
- Product mix: +2.7 points, in constant improvement over the year in line with the Group’s recent launches (Scenic, Rafale, Duster, Symbioz, Renault 5, Koleos, Espace…) which have more than offset the negative effect from the end of life of Zoe, the continuing success of Sandero and the transition to new Master.
- Price: +0.6 points, as expected, reflecting the entry into a phase of price stabilization. Renault Group aims to offset negative currency effects by pricing actions while giving a portion of its cost reduction back to its customers mostly through content. Thereby, it further supports the competitiveness of the Group’s vehicles while protecting margins.
- Geographic mix: +0.4 points.
- Sales to partners: -0.9 points, due to the decrease of new vehicles sales to partners in a transition period before the launch of new products, partially offset by R&D billings to partners in line with the ramp-up of common projects.
- Other: +2.2 points, primarily related to the strong performance of parts and accessories.
The Group posted a record operating profit in absolute value at €4,263m, up €146m vs. 2023. It represented 7.6% of revenue.
Adjusted from the impacts of Horse operations[12], the Group operating margin increased by 15% in absolute value and by 0.5 points from 6.9% in 2023 to 7.4% in 2024.
Automotive operating margin stood at 5.9% of Automotive revenue or €2,996m compared to €3,051 million in 2023. This evolution was mainly explained by the following:
- A positive impact of foreign exchange of +€143 million, mostly attributable to the impact of the Turkish lira devaluation on production costs.
- A flat volume effect of +€4 million, the positive impact of Group sales being offset by lower sales to partners.
- Price/mix/enrichment and costs effects represented together a positive impact of
€325 million. Price/mix/enrichment effect was negative by -€467 million and costs were reduced by €792 million thanks to a strong purchasing performance and to a lesser extent to a raw materials tailwind. - The Group continued to reduce its costs and to pass part of those gains to its customers to boost the competitiveness by offering attractive vehicles in terms of price and content while offsetting regulatory requirements, especially on new models and facelifts. Renault Group’s strategy is to work on the combination of these two effects to improve margins.
- A negative effect of R&D of -€115 million: the increase in gross R&D spendings and the lower capitalization rate in 2024 compared to 2023 (-7.4 points) were only partially offset by R&D billings to partners, and lower amortization of capitalized R&D expenses.
- A negative impact of SG&A, which increased by €177 million, mainly driven by an increase of marketing costs related to the brands’ offensives and motorsport activities.
- The “others” item was positive at +€157 million thanks to the strong performance of the aftersales business.
- Prior to deconsolidation, Horse was under the IFRS 5 assets held for sale accounting treatment and therefore, amortization of its assets had been suspended. Since Horse was deconsolidated on May 31st, 2024, invoices paid to Horse by Renault Group include the cost of amortization again as well as Horse’s mark up. The cumulated effect of these 2 elements represented a negative impact on the bridge of the operating margin of -€55 million for the month of June and -€330 million in H2, or -€385 million for the full year.
The contribution of Mobilize Financial Services (Sales Financing) to the Group’s operating margin reached €1,295 million versus €1,101 million in 2023 mainly thanks to the continuous strong growth of the customer financing activity as well as the non-repetition of a -€84 million negative impact of swaps valuation observed in 2023.
Mobility Services contribution to the Group’s operating profit increased by €7 million versus 2023 at -€28 million in 2024.
Other operating income and expenses were negative at -€1,687 million (versus -€1,632 million in 2023). This amount included -€1.5 billion of capital loss on the disposals of Nissan’s shares made in March and September 2024, +€0.5 billion of capital gain on Horse deconsolidation, -€0.3 billion of impairment on vehicles developments and specific production assets and -€0.3 billion of restructuring costs.
After taking into account other operating income and expenses, the Group’s operating income stood at €2,576 million versus €2,485 million in 2023 (+€91 million versus 2023).
Net financial income and expenses amounted to -€517 million compared to -€527 million in 2023. This evolution is explained by a lower cost of net debt partially offset by the negative impact of hyperinflation in Argentina.
The contribution of associated companies amounted to -€521 million compared to €880 million in 2023. This included +€211 million related to Nissan’s contribution and -€694 million of adjustment of the investment in Nissan following the impairment test carried out on December 31, 2024 subsequent to Nissan’s most recent assumptions.
The contribution of associated companies also included +€64 million of Horse contribution since its deconsolidation.
Current and deferred taxes represented a charge of -€647 million, compared to -€523 million in 2023. This increase is due to the performance improvement. The effective tax rate stood at 18%, stable compared to 2023.
Thus, net income stood at €891 million, and net income, Group share, was €752 million (or €2.76 per share). Excluding the capital loss on Nissan’s shares disposal (-€1.5 billion), Nissan’s contribution (+€0.2 billion) and the partial impairment of investment in Nissan (-€0.7 billion),net income stood at €2.8 billion versus €2.3 billion in 2023.
The cash flow of the Automotive business reached €5,239 million in 2024. It included €600 million of Mobilize Financial Services dividend. Tangible and intangible investments before asset disposals stood at €2,915 million (€2,821 million net of disposals) and restructuring expenses amounted to
€379 million.
The change in working capital requirement was positive at €844 million due to the strong activity in Q4 2024.
Excluding the impact of asset disposals, the Group’s net CAPEX and R&D stood at €4,066 million in 2024, representing 7.2% of revenue compared to 7.3% of revenue in 2023. It amounted to
7.1% including asset disposals.
Free cash flow[13] stood at €2,883 million including €600 million of Mobilize Financial Services dividend.
The Automotive net financial position stood at a record level of €7,096 million on December 31, 2024, compared to €3,724 million on December 31, 2023, an improvement of €3,372 million. This increase was driven by the strong free cash flow, a positive impact of Horse operations (€1,058 million of which €324 millionfrom the 10% stake sale to Aramco), cash received from the disposal of Nissan’s shares (€852 million) and dividends received from Nissan (€142 million). It was partly offset by dividends paid to shareholders for €631 million (of which €540 million of dividend paid by Renault SA to its shareholders), financial investments for €478 million, of which €260 million in Flexis SAS, and
-€454 million of other effects mainly related to treasury stock and IFRS16 impact.
Automotive liquidity reserve at the end of December 2024 stood at a high level at €18.5 billion versus €17.8 billion on December 31, 2023.
Dividend
The proposed dividend for the financial year 2024 is €2.20 per share, up 19% versus last year
(+€0.35 per share). The payout ratio is 21.5% of Group consolidated net income – parent share[14]. It would be paid fully in cash and will be submitted for approval at the Annual General Meeting on April 30, 2025. The ex-dividend date is scheduled on May 8, 2025 and the payment date on May 12, 2025.
2025 financial outlook
In a market still marked by uncertainty on demand and regulatory constraints, Renault Group will benefit in 2025 from full year impact of 2024 launches and 2025 product offensive, combined with the acceleration of cost reduction. They will be the drivers of operational performance and sound cash generation.
In 2025, considering market uncertainties especially due to CO2 emissions regulation impact in Europe (CAFE), Renault Group is aiming to achieve:
- A Group operating margin ≥7% (it includes around 1 point of estimated CAFE negative impact).
- A free cash flow ≥ €2bn including €150m of Mobilize Financial Services (MFS) dividend (versus €600m in 2024).
MFS dividend policy is based on a minimum level of equity to keep complying with both the European Central Bank and the credit rating agencies solvency ratios. Therefore, MFS pay-out ratio depends on the level of financing outstandings and equity. Financing outstandings have strongly increased in 2024 due to the increase of business and to the sharp rise in average vehicle prices, leading MFS to consider a dividend of €150m. From next year, MFS dividends will rise again to return to a level in line with historical average (subject to regulatory and MFS board approvals).
Renault Group’s consolidated results
| In € million | 2023 | 2024 | Change |
| Group revenue | 52,376 | 56,232 | +7.4% |
| Operating margin | 4,117 | 4,263 | +146 |
| % of revenue | 7.9% | 7.6% | -0.3 pts |
| Other operating income and expenses | -1,632 | -1,687 | -55 |
| of which capital loss on Nissan’s shares disposal | -880 | -1,527 | -647 |
| Operating income | 2,485 | 2,576 | +91 |
| Net financial income and expenses | -527 | -517 | +10 |
| Contribution from associated companies | 880 | -521 | -1,401 |
| of which Nissan | 797 | -483 | -1,280 |
| Current and deferred taxes | -523 | -647 | -124 |
| Net income | 2,315 | 891 | -1,424 |
| Net income, Group share | 2,198 | 752 | -1,446 |
| Net Income, Group share, adjusted from Nissan’s impacts1 | 2,281 | 2,762 | +481 |
| Free cash flow | 3,024 | 2,883 | -141 |
| Automotive net financial position | +3,724 at 2023-12-31 | +7,096 at 2024-12-31 | +3,372 |
1FY 2023: +€797m of contribution from Nissan’s results and -€880 million of capital losses on Nissan’s shares disposal.
FY 2024: +€211m of contribution from Nissan’s results and -€1,527 million of capital losses on Nissan’s shares disposals and -€694 million of impairment of investment in Nissan.
Horse accounting impacts on operating margin
| In € million | 2022 1 | 2023 | 2024 |
| Operating margin | 2,570 | 4,117 | 4,263 |
| % of revenue | 5.5% | 7.9% | 7.6% |
| Horse impacts | 87 | 482 | 97 |
| Operating margin excluding Horse impacts | 2,483 | 3,635 | 4,166 |
| % of revenue | 5.4% | 6.9% | 7.4% |
1The 2022 figures include restatements following the first application of IFRS 17 “Insurance contracts” in 2023.
Dividend payout calculation
| 2023 | 2024 | |
| Net income, Group share (€m) | 2,198 | 752 |
| Capital loss on Nissan shares disposal (€m) | 880 | 1,527 |
| Partial impairment of investment in Nissan (€m) | – | 694 |
| Net income adjusted, Group share | 3,078 | 2,973 |
| Dividend by share (€) | 1.85 | 2.20 (1) |
| Variation vs. previous year | +18.9% | |
| Dividend paid or to be paid by Renault SA (€m) | 540 (2) | 638 (3) |
| Payout ratio | 17.5% | 21.5% |
1 FY 2024 dividend pending Shareholders’ General Meeting approval.
2 Paid in 2024 for FY 2023.
3 Estimate based on number of shares as of Dec. 31, 2024, to be paid in 2025 pending Shareholders’ General Meeting approval.
Additional information
The consolidated financial statements of Renault Group and the company accounts of
Renault SA at December 31, 2024 were approved by the Board of Directors on February 19, 2025.
The Group’s statutory auditors have conducted an audit of these financial statements, and their report will be issued shortly.
The earnings report, with a complete analysis of 2024 financial results including condensed financial accounts, is available at www.renaultgroup.com in the “Finance” section.
2024 Financial Results Conference
Link to follow the conference at 8am CET on February 20th, and available in replay: events.renaultgroup.com/en/
1 Om de variatie in geconsolideerde omzet tegen constante wisselkoersen te analyseren, herberekent Renault Group de omzet voor de huidige periode door gemiddelde wisselkoersen van de vorige periode toe te passen.
2 De aanpassing van de impact van de activiteiten van Horse omvat de stopzetting van de afschrijving van activa in 2023 (12 maanden) en 2024 (5 maanden) voorafgaand aan de deconsolidatie op 31 mei 2024 en een opslag die door Horse sinds de deconsolidatie in rekening is gebracht (7 maanden in 2024).
3 Exclusief -€1,527 miljoen aan kapitaalverliezen op de verkoop van Nissan-aandelen, +€211 miljoen bijdrage van de resultaten van Nissan resultaten en -€694 miljoen aan waardevermindering van de investering in Nissan.
4 Automotive vrije kasstroom: kasstroom na rente en belastingen (exclusief dividende ontvangen van beursgenoteerde bedrijven) minus materiële en immateriële investeringen netto van desinvesteringen +/- verandering in werkkapitaalbehoefte.
[5] PC + LCV: Passenger Cars + Light Commercial Vehicles.
[6] Excluding pick-up trucks.
[7] Includes EV, hybrid (HEV) and Plug-In hybrid (PHEV) passenger cars, excludes Mild-hybrid (MHEV).
[8] France, Germany, Spain, Italy and United Kingdom.
[9] Sandero, Duster, Clio and Captur.
[10] For Renault brand and Dacia brand PC in France, Germany, Spain, Italy and United Kingdom.
[11] In order to analyze the variation in consolidated revenue at constant exchange rates, Renault Group recalculates the revenue for the current period by applying average exchange rates of the previous period.
[12] The adjustment from the impacts of Horse operations includes the cessation of assets amortization in 2023 (12 months) and 2024 (5 months) prior to the deconsolidation on May 31, 2024 and a mark-up invoiced by Horse since the deconsolidation (7 months in 2024).
[13] Automotive free cash flow: cash flow after interest and taxes (excluding dividends received from listed companies) less tangible and intangible investments net of disposals +/- change in working capital requirement.
[14] Excluding -€1,527m of capital loss on Nissan’s shares disposal and -€694m of impairment of investment in Nissan.