olivlawolivlaw

olivLaw · European equity research

Renault Group RNO.PA

France · Euronext Paris · ISIN FR0000131906 · Vertical: Listed companies from France

28.59EUR−0.14% · 1 dayClose 05 Nov 2026

Renault Group is a French carmaker that designs, produces and sells vehicles, with a banking arm through Mobilize Financial Services. In 2025-2026 the group is reshaping its portfolio towards electric vehicles and light commercial vans while regulatory and compliance costs rise. The annual report also shows an impairment on its Nissan stake.

At the close of 05 Nov 2026, Renault Group (RNO.PA) stock was 28.59 EUR (−0.14% on the day), with market capitalisation 7.8 bn EUR, dividend yield 7.69%, beta 0.81, 52-week range 24.68–37.40 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
7.8 bn EUR
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -39.99 · TTM to 31 Dec 2025
E/P (TTM)
-139.87%
TTM to 31 Dec 2025
Dividend yield
7.69%
DPS 12m 2.20
Beta (2y)
0.81
Volatility (1y) 35%
52-week range
24.6837.40

Price history

Loading chart…

Technical reading

RSI (14)
59.2
strong (55–70)
Bollinger (20, 2)
25.54 – 28.71
in the upper half of the band · %B 0.96 · band width 11.7%
SMA 50 / 200
27.44 / 28.49
mixed trend
MACD (12, 26, 9)
0.29 / 0.04
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+10.8%−0.6%+11.5 pp—
3 months+1.4%−4.2%+5.6 pp—
6 months−8.2%+4.3%−12.5 pp—
Year to date−19.3%+7.5%−26.8 pp—
1 year−17.0%+9.9%−26.9 pp−6.8%
3 years−17.5%+49.8%−67.3 pp−15.9%
5 years−12.1%+42.8%−55.0 pp—
Max drawdown (1y)
−34.0%
15 Dec 2025 → 02 Oct 2026
Max drawdown (5y)
−54.3%
30 May 2024 → 02 Oct 2026
Compound annual growth (5y)
−2.6%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202320242025
Revenue52.4 bn56.2 bn57.9 bn
Revenue YoYunavailable+7.4%+3.0%
Net income2.2 bn752.0 m-10.9 bn
Net income YoYunavailable−65.8%−1,553.6%
Diluted EPS7.992.72-39.99
Diluted EPS YoYunavailable−66.0%−1,570.2%
net %4.2%1.3%-18.9%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
20.0 bn EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
22.3 bn EUR
Total assets
121.0 bn EUR
Debt / equity
unavailable
Current ratio
1.03x
ROE
-40.9%
ROA
-8.7%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
52.4 bn
2024
56.2 bn
2025
57.9 bn

esef· 24 Mar 2026verified

Cost of revenue
2023
41.4 bn
2024
44.5 bn
2025
46.9 bn

esef· 24 Mar 2026verified

Gross profit
2023
11.0 bn ≈
2024
11.7 bn ≈
2025
11.0 bn ≈

esef· 24 Mar 2026derived

Research & development
2023
2.1 bn
2024
2.3 bn
2025
2.2 bn

esef· 24 Mar 2026verified

Operating income
2023
2.5 bn
2024
2.6 bn
2025
-7.9 bn

esef· 24 Mar 2026verified

Pre-tax income
2023
2.8 bn
2024
1.5 bn
2025
-10.3 bn

esef· 24 Mar 2026verified

Income tax
2023
523.0 m
2024
647.0 m
2025
522.0 m

esef· 24 Mar 2026verified

Net income
2023
2.2 bn
2024
752.0 m
2025
-10.9 bn

esef· 24 Mar 2026verified

Diluted EPS
2023
7.99
2024
2.72
2025
-39.99

esef· 24 Mar 2026verified

Weighted average diluted shares
2023
275.1 k
2024
276.9 m
2025
273.4 m

esef· 24 Mar 2026verified

Dividend per share
2023
—
2024
1.85
2025
2.20

esef· 24 Mar 2026verified

Balance sheet · EUR

Cash
2023
20.7 bn
2024
22.5 bn
2025
20.0 bn

esef· 24 Mar 2026verified

Inventories
2023
4.9 bn
2024
5.5 bn
2025
5.6 bn

esef· 24 Mar 2026verified

Current assets
2023
86.3 bn
2024
90.5 bn
2025
90.7 bn

esef· 24 Mar 2026verified

Property, plant & equipment, net
2023
12.3 bn
2024
13.9 bn
2025
—

esef· 24 Sept 2025verified

Total assets
2023
121.9 bn
2024
129.4 bn
2025
121.0 bn

esef· 24 Mar 2026verified

Accounts payable
2023
8.0 bn
2024
9.8 bn
2025
—

esef· 24 Sept 2025verified

Current liabilities
2023
77.9 bn
2024
86.5 bn
2025
88.5 bn

esef· 24 Mar 2026verified

Equity
2023
30.6 bn
2024
31.1 bn
2025
22.3 bn

esef· 24 Mar 2026verified

Shares outstanding at year end
2023
271.0 m
2024
272.5 m
2025
273.3 m

esef· 24 Mar 2026derived

Cash flow · EUR

Operating cash flow
2023
—
2024
7.2 bn
2025
2.3 bn

esef· 24 Mar 2026verified

Investing cash flow
2023
—
2024
-2.0 bn
2025
-3.3 bn

esef· 24 Mar 2026verified

Financing cash flow
2023
—
2024
-3.2 bn
2025
-1.3 bn

esef· 24 Mar 2026verified

Share repurchases
2023
175.0 m
2024
159.0 m
2025
64.0 m

esef· 24 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
3.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-405.4%
computed by olivLawFY 2025
Net income growth (YoY)
-1,553.6%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-1,570.2%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
19.1%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
-13.6%
computed by olivLawFY 2025
Net margin
-18.9%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
-42.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-8.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
-24.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
2.3 bn EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
43 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
7.8 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-139.9%
computed by olivLawFY 2025
P/B
0.4x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
7.7%
computed by olivLawFY 2025
Shareholder yield (distributions)
0.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 16.7% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

28.59 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 7.8 bn EUR

Key indicators

Market capitalisation
7.8 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
0.4x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-42.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-18.9%
computed by olivLawFY 2025
Revenue growth (YoY)
3.0%
computed by olivLawFY 2025
Dividend yield
7.7%
computed by olivLawFY 2025

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 24 Mar 2026
verified 68derived 3

Score by group

17% · Insufficient data

Estimated value range

Low
29.92
EUR per share
Mid
34.52
EUR per share
High
40.80
EUR per share
Price: 28.59 EUR
The price is below the range
Potential to the central value: 20.8% (value / price − 1)
Margin of safety: 17.2% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 29.92 – 40.80 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)29.92 – 40.80 (Mid 34.52)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-18.9%23 (vs peers)38%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.0x19 (on a fixed band)25%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns0.8%12 (on a fixed band)38%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial19/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial23/100 · 1/3 factors with a value
  • Returns· partial12/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

RENAULT (RNO.PA). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 57.9 bn EUR in 2025; YoY growth 3.0%; net margin -18.9%; ROE -42.8%.

The estimated value range is 29.92–40.80 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 34.52 EUR, the price of 28.59 EUR leaves a potential of 20.8% (value / price − 1) and a margin of safety of 17.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • The price is below the estimated value range

What contradicts it

  • Net margin: -18.9%
  • Current ratio: 1.0x
  • Shareholder yield (distributions): 0.8%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from France · same country · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 18.3x
EV/EBITDA
—
vertical median 6.3x
P/S
0.1x
vertical median 0.5x
below median (−73.6%)
P/B
0.4x
vertical median 1.1x
below median (−64.4%)
ROE
-42.8%
vertical median 4.2%
below median (−1,129.7%)
Net margin
-18.9%
vertical median 1.1%
below median (−1,774.5%)
EBIT margin
-13.6%
vertical median 3.2%
below median (−527.6%)
Revenue YoY
3.0%
vertical median 0.6%
above median (+410.6%)
Net debt/EBITDA
—
vertical median -1.2x
Dividend yield
7.7%
vertical median 1.7%
above median (+352.2%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude109.3 bn33.212.9%12.2%−2.0%+26% / +32%
AC.PAAccor13.8 bn30.79.6%8.0%+0.6%+6% / +56%
ADP.PAAeroports De Paris11.7 bn34.17.8%5.6%+12.1%−7% / +4%
RNO.PARenault7.8 bn—-42.8%-18.9%+3.0%−17% / −21%
AKE.PAArkema7.1 bn115.40.9%0.7%−5.0%+12% / −37%
ALO.PAAlstom5.8 bn18.33.1%1.7%+3.7%−51% / −4%
AF.PAAir France - Klm4.3 bn13.6—1.0%+4.8%+20% / +9%
ATE.PAAlten3.1 bn29.54.8%2.6%−1.1%+33% / −29%
BB.PASociete Bic2.7 bn31.35.0%4.1%−4.8%+32% / +5%
ANTIN.PAAntin Infrastructure Partners1.4 bn13.021.9%36.6%−8.1%−24% / −35%
74SW.PA74software792.7 m20.98.9%8.5%+44.8%−13% / +41%
AUB.PAAubay667.4 m17.813.6%6.3%+11.3%+3% / +45%
ASY.PAAssystem507.1 m69.92.5%1.1%+7.4%−19% / −18%
ATO.PAAtos Se483.0 m—-23,400.0%-17.5%−16.5%−45% / −94%
ARAMI.PAAramis Group298.8 m15.010.0%0.8%+6.3%−33% / −16%
ARVEN.PAArverne Group246.1 m—-14.0%-115.3%+27.0%+20% / −35%
BGO.PACompagnie Chargeurs Invest189.4 m—-8.6%-5.7%−2.9%unavailable / unavailable
ALCIS.PACatering International & Services145.0 m28.49.3%1.9%+5.8%+39% / +107%
ALCGM.PACegedim144.6 m—-2.6%-1.2%+10.9%−26% / −49%
ATEME.PAAteme144.0 m151.32.8%1.0%+2.2%+82% / +77%
ALHEX.PAHexaom144.0 m6.79.9%2.2%+13.1%−32% / +7%
ALBON.PACompagnie Lebon111.7 m16.54.2%8.8%−17.9%+6% / +8%
ALHYF.PALhyfe75.8 m—-33.4%-570.5%+287.2%unavailable / unavailable
ALFER.PASergeferrari Group61.5 m11.55.1%1.5%+7.4%−33% / −27%
ABEO.PAAbeo60.8 m7.36.9%3.0%+12.6%−13% / −54%

1- and 3-year price returns: for RNO.PA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Renault Group is a French carmaker that designs, produces and sells vehicles, with a banking arm through Mobilize Financial Services. In 2025-2026 the group is reshaping its portfolio towards electric vehicles and light commercial vans while regulatory and compliance costs rise. The annual report also shows an impairment on its Nissan stake.

    SWOT

    Strengths

    • The group has an extensive industrial base and partnerships such as Flexis, allowing it to develop the electric van range with modern technologies such as the skateboard platform and software-defined architecture 1.
    • Financing through Mobilize complements vehicle sales and is supervised under a known European prudential framework 1.
    • Sustainability reporting and the duty of vigilance plan show a structured governance system for environmental and social risks 1.

    Weaknesses

    • The Nissan impairment shows the parent's exposure to the share price of a strategic partner 1.
    • Capital and liquidity requirements lock up significant own resources in the financing entity 1.
    • Environmental compliance costs and investment in pollution-control equipment weigh on plant cost structures 1.

    Opportunities

    • The launch of electric vans and full takeover of Flexis could open a new revenue source if production starts on schedule 1.
    • Digital services linked to connected vehicles could benefit from the Data Act if the group adapts its business models 1.
    • Decarbonising plants could over time reduce compliance costs, if the investments prove efficient 1.

    Threats

    • Removing design protection for spare parts could let competitors copy visible parts and reduce after-sales revenue 1.
    • Regulatory pressure on substances, recycling and emissions could further raise production costs 1.
    • Cybersecurity and digital operational resilience risks, governed by DORA, could affect the financing business 1.

    Risks

    • Nissan impairmenthigh

      The Nissan stake was impaired in the Renault S.A. accounts, and a further fall in the share price could generate additional losses in the parent's financial statements 1.

    • Environmental costsmedium

      CAPEX and OPEX linked to environmental rules could rise more than estimated, especially before the decarbonisation plan is fully applied 1.

    • Spare partsmedium

      If design protection for spare parts disappears, after-sales revenue could fall because third parties copy parts 1.

    • Prudential requirementsmedium

      Mobilize must permanently meet capital and liquidity requirements, and a change in these rules could limit its financing capacity 1.

    • Flexis deal approvallow

      Full takeover of Flexis is subject to competition authority approval, and delays or conditions could change the timetable 1.

    Investment thesis

    What would need to be true (bull case)

    • If the electric van launch proceeds on time, the group could capture demand in a growing segment, supported by modern technology and partnerships 1.
    • Financing through Mobilize can support sales, and the established prudential framework could reduce operational risk in this activity 1.
    • Investment in compliance and decarbonisation could over time reduce regulatory risk and unforeseen compliance costs 1.

    What would break the thesis

    • The Nissan impairment shows the value of this asset could fall further if the share price stays below its reference level 1.
    • Compliance costs and capital requirements could absorb resources that might otherwise fund growth 1.
    • Removing design protection for spare parts could reduce after-sales revenue if cheap copies reach the market 1.

    What to watch

    • Start of Renault Trafic Van E-Tech production at Sandouville2026
    • Competition authority approval of full takeover of Flexis SAS2026
    • Entry into force of the European Data Actend 2026
    • Development of the Nissan stake value in the next annual reportnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Renault Group is the carmaker whose annual report for the year ended 31 December 2025 was analysed. The parent company Renault S.A. holds significant stakes, notably in Nissan, and records these shares in its accounts. Beyond vehicle production, the group includes Mobilize Financial Services, an entity acting as a credit institution subject to the European banking framework 1. Post-closing events include the 20 February 2026 agreement under which the group is set to take full control of Flexis SAS, the joint venture with Volvo Group and CMA CGM for electric light vans 1.

    Automotive activity covers design and production of passenger cars and light commercial vehicles, and the electric van range is being expanded. The Flexis venture is linked to the launch of the Renault Trafic Van E-Tech, with production planned at Sandouville in France if the industrial schedule holds 1. The group also conducts sustainability work and CSRD reporting, with a separate duty of vigilance plan 1.

    Mobilize Financial Services provides financing to customers and the dealer network, and its activity is governed by EU prudential rules, including capital and liquidity requirements the entity must meet at all times 1. These requirements lock up significant equity, so the financing activity depends on the group's capital discipline 1.

    Segments

    Automobiles and light commercial vehicles

    This segment covers design and production of passenger cars and light commercial vehicles. The electric range is being extended with the new Trafic Van E-Tech, built on a skateboard platform and an 800V system 1.

    Financial services (Mobilize)

    Mobilize Financial Services provides vehicle financing and is a credit institution with strict prudential obligations on capital and liquidity 1.

    Investments (Renault S.A.)

    At the parent level, the Nissan stake was impaired by 1 835 million euros based on the share price at 31 December 2025, showing the group's exposure to this partner 1.

    Market context

    The European car market is shaped by rules on emissions, recycling and chemicals that raise production costs. Operating costs linked to environmental rules are estimated at 25 euros per vehicle, and this amount could rise before the group's decarbonisation plan is fully applied 1.

    Rules on connected vehicles, data and spare parts also reshape the market. The European Data Act is due to take effect by the end of 2026, and design protection for spare parts could be removed, which would let competitors copy visible parts 1.

    Trends

    • Electrification of vanstailwind

      The launch of the electric light-van range through Flexis and the Trafic Van E-Tech could support segment growth if production starts in 2026 as planned 1.

    • Environmental compliance costsheadwind

      CAPEX in pollution-control equipment and OPEX of about 25 euros per vehicle could rise as the decarbonisation plan is applied 1.

    • Data and connected-vehicle regulationmixed

      The European Data Act and the rules for automated vehicle approval create both new obligations and digital service opportunities, with effects still uncertain 1.

    • Banking and prudential frameworkheadwind

      The CRR III, CRD VI and DORA packages impose capital, liquidity and cybersecurity requirements on auto financing, which could limit financial flexibility 1.

    Competitive position

    Renault Group competes with other European and Asian carmakers in cars and vans. The annual report does not detail direct competitors, but it names partners and joint ventures linked to electric vans, such as Volvo Group and CMA CGM 1.

    Renault Group also competes in auto financing, where Mobilize must meet the same prudential rules as European banks. Competitive pressure on financing rates is not detailed in the source analysed 1.

    • Nissan

      Partner and stake held by Renault S.A., with the shares impaired based on the share price at 31 December 2025 1.

    • Volvo Group

      Partner in the Flexis joint venture, which would become fully owned by Renault if competition authorities approve the deal 1.

    • CMA CGM

      Partner in the Flexis joint venture for electric light vans, alongside Volvo Group 1.

    • European light commercial vehicle makers

      Competitors in the light electric van segment where Renault is launching its new range 1.

    News & filings

    In the press

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Renault Group · 31 Dec 2025

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.