Renault Group to sell to Nissan up to 100,242,900 Nissan shares representing approximately 2.5% of Nissan capital

This sale will be implemented as part of the share buyback program announced by Nissan on March 27, 2024. Nissan has also announced its decision to cancel all the acquired shares which will be accretive for Nissan’s shareholders.

The shares to be sold are part of the 24.63% of Nissan’s capital held by a French trust (as a reminder, 28.4% were initially transferred by Renault Group into this trust on November 8, 2023 pursuant to the New Alliance Agreement between Renault Group and Nissan). Assuming a maximum number of 100,242,900 Nissan shares sold at a share price of ¥593.4 (closing price of Nissan share on March 27, 2024 restated from ¥10 corresponding to upcoming dividend payment that Renault Group would receive in H1 2024 on these 100,242,900 shares), this sale would result, at the transaction date, in a cash inflow of up to €362 million, which would improve the Automotive net cash financial position of Renault Group. As a consequence of the sale of 100,242,900 Nissan shares, the accounting impacts would be the following:

- On Renault Group consolidated financial statements: a capital loss on disposal of up to €450 million, which would impact the net income (this capital loss, booked in "other operating income and expenses", would not impact the Group's operating income).

- On Renault S.A. statutory statements: a capital gain on disposal of up to €50 million.

This transaction will allow faster deleveraging and supports the Group’s determination to return to an investment grade rating.