Subaru sales rose, but profit before tax fell back near 2022 levels
Subaru's annual report shows revenue rising to ¥4.78tn in the year to March 2026 from ¥4.69tn a year earlier, even as profit before tax fell to ¥107.47bn from ¥448.51bn and profit attributable to owners of parent dropped to ¥90.84bn from ¥338.06bn. Basic earnings per share fell to 125.50 yen from 458.03 yen, making this a profit-protection problem rather than a scale problem.