Renault: Revenue of €11.6 billion in third quarter, 2026 targets maintained
In the third quarter of 2026, Renault Group achieved revenue of €11.6 billion. Sales to partners, a more favorable product mix and the growth of Mobilize Financial Services offset the decline in registrations.
The carmaker maintained, on October 29, 2026, its target operating margin of approximately 5.5% and automotive free cash flow of approximately €1.0 billion. The difference is evident in the pace: over nine months, revenue increased by 7.1%, to €41.8 billion, compared with growth of 1.5% in the third quarter alone.
In this quarter, group sales fell by 6.0%, to 497,799 vehicles, while the automotive division posted stable revenue.
Automotive division stable, Mobilize Financial Services up 11%
Third quarter automotive revenue stood at €9,835 million, compared with €9,839 million a year earlier. At constant exchange rates, it declined by 0.2%, with the foreign exchange effect contributing €14 million, mainly thanks to the Brazilian real and Colombian peso.
Mobilize Financial Services recorded revenue of €1,761 million, up 11.0%. The financing subsidiary benefited from higher interest rates and average productive assets of €62.5 billion, increasing by 5.0%.
Over nine months, automotive revenue reached €36,641 million (+6.6%, +7.2% at constant rates) and that of Mobilize Financial Services €5,207 million (+11.0%). At the time of the half-yearly publication on July 30, 2026, the group reported revenue growth of 9.5%, 10.3% at constant exchange rates.
Partners, mix and electric offset a volume effect of -5.9 points
In the automotive division, the volume effect weighed down by -5.9 points. This was offset by sales to partners (+4.9 points), driven by the partnership with Geely in Brazil and the integration of RNAIPL, which contributed €165 million. The product mix effect added 2.3 points, the price effect 1.1 point.
Price increases intended to offset foreign exchange effects internationally were partly neutralized by price pressure in Europe. The "other" item deducted 3.1 points, reflecting the normalization of inventory at the integrated distribution network after a low level at the end of June 2026.
By brand, Renault sales declined by 2.9% in the quarter, to 349,901 units, with passenger car sales up 6.3% in Europe.
Dacia recorded a decline of 12.8%, facing a high comparison base and amid a full model range transition. Alpine increased by 58.4%, to 3,723 units.
In Europe, Renault Group's electric passenger car sales increased by 84.7% in the third quarter, bringing their share to 25.8% of passenger car sales, up 12.2 points. At the end of July, the group reported growth of 47.6% in the first half.
In Europe, the share of retail sales rose by 4.6 points, to 64.8%, while short-term rentals and demonstration vehicles fell by 18.0%.
Operating margin of approximately 5.5% confirmed for 2026
Renault Group confirmed its target operating margin of approximately 5.5% of revenue in 2026. The group anticipates a slight improvement in margin in the second half compared with the first half, with an expected seasonal effect less pronounced than in previous years due to rising raw material costs and inflation.
As of September 30, 2026, new vehicle inventories reached 532,000 units, of which 312,000 with independent dealers. The group plans to bring them back to the lower end of the 525,000 to 550,000 units range by end 2026. The European order book represented approximately two months of sales.
For the second half, the group has planned several launches, including the new Megane E-Tech electric, the Trafic Van E-Tech electric, the Duster E-Tech hybrid, as well as the Sandero Hybrid, the new Spring and the Striker at Dacia.
Prior to this publication, the stock had been among the biggest decliners on the CAC 40 on October 21 and 23, 2026. According to the consensus of analysts surveyed, it trades at approximately 4.2 times expected earnings for the current fiscal year.
The group thus maintains an operating margin target of approximately 5.5% and automotive free cash flow of approximately €1.0 billion for the full year 2026.
