SEC Form 6-K filed by Honda Motor Company Ltd.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF NOVEMBER 2025

COMMISSION FILE NUMBER: 1-07628

HONDA GIKEN KOGYO KABUSHIKI KAISHA

(Name of registrant)

HONDA MOTOR CO., LTD.

(Translation of registrant’s name into English)

2-3, Toranomon 2-chome, Minato-ku, Tokyo 105-8404, Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐ 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

Contents

Exhibit 1:

Honda Motor Co., Ltd. filed its consolidated interim financial statements ended September 30, 2025 with Financial Services Agency in Japan.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: November 17, 2025

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Condensed Consolidated Interim Financial Statements

September 30, 2025

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Consolidated Financial Results

Overview of Operating Performance

Honda’s consolidated sales revenue for the six months ended September 30, 2025 decreased by 1.5%, to ¥10,632.6 billion from the same period last year, due mainly to negative foreign currency translation effects, which was partially offset by increased sales revenue in Motorcycle business. Operating profit decreased by 41.0%, to ¥438.1 billion from the same period last year, due mainly to impact of changes in the electric vehicle (EV) market environment as well as tariff impacts, which was partially offset by increased profit attributable to price and cost impacts. Profit before income taxes decreased by 28.9%, to ¥527.4 billion from the same period last year. Profit for the period attributable to owners of the parent decreased by 37.0%, to ¥311.8 billion from the same period last year.

Business Segments

Motorcycle Business

For the six months ended September 30, 2024 and 2025

 

		Units (thousands)
		Honda Group Unit Sales*																Consolidated Unit Sales*
		Six months ended Sep. 30, 2024				Six months ended Sep. 30, 2025				Change				%				Six months ended Sep. 30, 2024				Six months ended Sep. 30, 2025				Change				%
Motorcycle Business			10,382				10,763				381				3.7				6,960				7,108				148				2.1
Japan			100				112				12				12.0				100				112				12				12.0
North America			269				273				4				1.5				269				273				4				1.5
Europe			265				225				(40	)			(15.1	)			265				225				(40	)			(15.1	)
Asia			8,861				9,068				207				2.3				5,439				5,413				(26	)			(0.5	)
Other Regions			887				1,085				198				22.3				887				1,085				198				22.3

*

Honda Group Unit Sales is the total unit sales of completed motorcycle, ATV and side-by-side products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries.

Sales revenue from external customers increased by 6.1%, to ¥1,920.7 billion from the same period last year, due mainly to increased consolidated unit sales. Operating profit increased by 13.0%, to ¥368.2 billion from the same period last year, due mainly to an increase in profit attributable to sales impacts as well as price and cost impacts.

Automobile Business

For the six months ended September 30, 2024 and 2025

 

		Units (thousands)
		Honda Group Unit Sales*																Consolidated Unit Sales*
		Six months ended Sep. 30, 2024				Six months ended Sep. 30, 2025				Change				%				Six months ended Sep. 30, 2024				Six months ended Sep. 30, 2025				Change				%
Automobile Business			1,779				1,680				(99	)			(5.6	)			1,396				1,362				(34	)			(2.4	)
Japan			302				280				(22	)			(7.3	)			259				238				(21	)			(8.1	)
North America			836				856				20				2.4				836				856				20				2.4
Europe			48				43				(5	)			(10.4	)			48				43				(5	)			(10.4	)
Asia			521				424				(97	)			(18.6	)			181				148				(33	)			(18.2	)
Other Regions			72				77				5				6.9				72				77				5				6.9

*

Honda Group Unit Sales is the total unit sales of completed products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed products of Honda and its consolidated subsidiaries. Certain sales of automobiles that are financed with residual value type auto loans and others by our Japanese finance subsidiaries and provided through our consolidated subsidiaries are accounted for as operating leases in conformity with IFRS and are not included in consolidated sales revenue to the external customers in our Automobile business. Accordingly, they are not included in Consolidated Unit Sales, but are included in Honda Group Unit Sales of our Automobile business.

Sales revenue from external customers decreased by 1.8%, to ¥6,859.4 billion from the same period last year, due mainly to decreased consolidated unit sales as well as negative foreign currency translation effects. Operating loss was ¥73.0 billion, a decrease of ¥331.0 billion from the same period last year, due mainly to impact of changes in EV market environment as well as tariff impacts, which was partially offset by increased profit attributable to price and cost impacts.

Financial Services Business

Sales revenue from external customers decreased by 7.4%, to ¥1,676.9 billion from the same period last year, due mainly to decreased revenues on disposition of lease vehicles as well as negative foreign currency translation effects, which was partially offset by increased operating lease revenues. Operating profit decreased by 12.0%, to ¥143.2 billion from the same period last year, due mainly to increased expenses.

Power Products and Other Businesses

For the six months ended September 30, 2024 and 2025

 

		Units (thousands)
		Honda Group Unit Sales / Consolidated Unit Sales*
		Six months ended Sep. 30, 2024				Six months ended Sep. 30, 2025				Change				%
Power Products Business			1,653				1,699				46				2.8
Japan			124				152				28				22.6
North America			482				473				(9	)			(1.9	)
Europe			252				312				60				23.8
Asia			652				600				(52	)			(8.0	)
Other Regions			143				162				19				13.3

*

Honda Group Unit Sales is the total unit sales of completed power products of Honda, its consolidated subsidiaries and its affiliates and joint ventures accounted for using the equity method. Consolidated Unit Sales is the total unit sales of completed power products corresponding to consolidated sales revenue to external customers, which consists of unit sales of completed power products of Honda and its consolidated subsidiaries. In Power products business, there is no discrepancy between Honda Group Unit Sales and Consolidated Unit Sales since no affiliate and joint venture accounted for using the equity method were involved in the sale of Honda power products.

Sales revenue from external customers decreased by 6.3%, to ¥175.5 billion from the same period last year, due mainly to decreased sales revenue in Other businesses as well as negative foreign currency translation effects. Operating loss was ¥0.2 billion, an improvement of ¥3.6 billion from the same period last year, due mainly to increased profit attributable to sales impacts in Power products business. In addition, operating loss of aircraft and aircraft engines included in Power products and other businesses was ¥16.7 billion, an improvement of ¥2.2 billion from the same period last year.

Cash Flows

Consolidated cash and cash equivalents on September 30, 2025 increased by ¥149.0 billion from March 31, 2025, to ¥4,677.8 billion. The reasons for the increases or decreases for each cash flow activity, when compared with the same period last year, are as follows:

Net cash provided by operating activities amounted to ¥365.8 billion of cash inflows. Cash inflows from operating activities increased by ¥297.1 billion from the same period last year, due mainly to an increase in collections of receivables from financial services as well as a decrease in payments for parts and raw materials, which was partially offset by decreased cash received from customers.

Net cash used in investing activities amounted to ¥356.7 billion of cash outflows. Cash outflows from investing activities decreased by ¥162.3 billion from the same period last year, due mainly to a decrease in payments for acquisitions of other financial assets.

Net cash provided by financing activities amounted to ¥99.4 billion of cash inflows. Cash inflows from financing activities decreased by ¥218.1 billion from the same period last year, due mainly to an increase in purchases of treasury stock, which was partially offset by increased proceeds from financing liabilities.

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Financial Position

March 31, 2025 and September 30, 2025

 

						Yen (millions)
Assets		Note				March 31,  2025				September 30, 2025
						unaudited				unaudited
Current assets:
Cash and cash equivalents			5			¥	4,528,795			¥	4,635,273
Trade receivables							1,160,847				995,998
Receivables from financial services							2,755,800				2,821,143
Other financial assets							208,478				207,039
Inventories							2,470,590				2,437,473
Other current assets							563,252				877,539
Total current assets							11,687,762				11,974,465
Non-current assets:
Investments accounted for using the equity method							1,242,614				1,219,557
Receivables from financial services							6,172,817				6,349,900
Other financial assets							873,459				1,076,186
Equipment on operating leases			6				5,748,187				5,998,159
Property, plant and equipment			7				3,209,921				3,123,296
Intangible assets							1,126,019				1,045,087
Deferred tax assets							143,499				158,477
Other non-current assets							571,589				546,092
Total non-current assets							19,088,105				19,516,754
Total assets						¥	30,775,867			¥	31,491,219
						Yen (millions)
Liabilities and Equity		Note				March 31,  2025				September 30, 2025
						unaudited				unaudited
Current liabilities:
Trade payables						¥	1,663,487			¥	1,520,260
Financing liabilities							4,497,747				4,471,379
Accrued expenses							728,935				635,008
Other financial liabilities							276,861				253,282
Income taxes payable							108,562				148,707
Provisions			8				388,441				468,321
Other current liabilities							951,124				975,118
Total current liabilities							8,615,157				8,472,075
Non-current liabilities:
Financing liabilities							6,953,520				8,133,269
Other financial liabilities							301,439				311,743
Retirement benefit liabilities							288,472				291,937
Provisions			8				667,274				645,256
Deferred tax liabilities							718,084				778,776
Other non-current liabilities							604,099				618,780
Total non-current liabilities							9,532,888				10,779,761
Total liabilities							18,148,045				19,251,836
Equity:
Common stock							86,067				86,067
Capital surplus							205,299				205,051
Treasury stock							(1,272,845	)			(1,943,026	)
Retained earnings							11,122,187				11,272,193
Other components of equity							2,185,821				2,337,478
Equity attributable to owners of the parent							12,326,529				11,957,763
Non-controlling interests							301,293				281,620
Total equity							12,627,822				12,239,383
Total liabilities and equity						¥	30,775,867			¥	31,491,219

See accompanying notes to condensed consolidated interim financial statements.

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

For the six months ended September 30, 2024 and 2025

 

						Yen (millions)
		Note				September 30,  2024				September 30, 2025
						unaudited				unaudited
Sales revenue			9			¥	10,797,613			¥	10,632,680
Operating costs and expenses:
Cost of sales							(8,451,364	)			(8,483,760	)
Selling, general and administrative							(1,125,099	)			(1,126,526	)
Research and development							(478,542	)			(584,250	)
Total operating costs and expenses							(10,055,005	)			(10,194,536	)
Operating profit							742,608				438,144
Share of profit (loss) of investments accounted for using the equity method							(20,759	)			10,895
Finance income and finance costs:
Interest income							100,693				81,756
Interest expense							(24,996	)			(29,348	)
Other, net							(55,593	)			25,972
Total finance income and finance costs							20,104				78,380
Profit before income taxes							741,953				527,419
Income tax expense							(215,106	)			(178,763	)
Profit for the period						¥	526,847			¥	348,656
Profit for the period attributable to:
Owners of the parent							494,683				311,829
Non-controlling interests							32,164				36,827
						Yen
						September 30, 2024				September 30, 2025
Earnings per share attributable to owners of the parent
Basic and diluted			12			¥	103.25			¥	76.30

See accompanying notes to condensed consolidated interim financial statements.

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

For the six months ended September 30, 2024 and 2025

 

				Yen (millions)
		Note		September 30, 2024				September 30, 2025
				unaudited				unaudited
Profit for the period				¥	526,847			¥	348,656
Other comprehensive income, net of tax:
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans					(1	)			(16,640	)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income					10,627				109,162
Share of other comprehensive income of investments accounted for using the equity method					(5,134	)			435
Items that may be reclassified subsequently to profit or loss
Net changes in revaluation of financial assets measured at fair value through other comprehensive income					650				139
Exchange differences on translating foreign operations					(409,590	)			66,225
Cash flow hedges					—				4,102
Share of other comprehensive income of investments accounted for using the equity method					18,547				(23,373	)
Total other comprehensive income, net of tax					(384,901	)			140,050
Comprehensive income for the period				¥	141,946			¥	488,706
Comprehensive income for the period attributable to:
Owners of the parent					107,112				448,940
Non-controlling interests					34,834				39,766

See accompanying notes to condensed consolidated interim financial statements.

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Equity

For the six months ended September 30, 2024 and 2025

 

						Yen (millions)
						Equity attributable to owners of the parent
		Note				Common stock				Capital surplus				Treasury stock				Retained earnings				Other components of equity				Total				Non-controlling interests				Total equity
Balance as of April 1, 2024 (unaudited)						¥	86,067			¥	205,073			¥	(550,808	)		¥	10,644,213			¥	2,312,450			¥	12,696,995			¥	308,877			¥	13,005,872
Comprehensive income for the period
Profit for the period																			494,683								494,683				32,164				526,847
Other comprehensive income, net of tax																							(387,571	)			(387,571	)			2,670				(384,901	)
Total comprehensive income for the period																			494,683				(387,571	)			107,112				34,834				141,946
Reclassification to retained earnings																			18,506				(18,506	)			—								—
Transactions with owners and other
Dividends paid			13																(188,418	)							(188,418	)			(62,599	)			(251,017	)
Purchases of treasury stock															(224,716	)											(224,716	)							(224,716	)
Disposal of treasury stock															322												322								322
Share-based payment transactions											149																149								149
Total transactions with owners and other											149				(224,394	)			(188,418	)							(412,663	)			(62,599	)			(475,262	)
Balance as of September 30, 2024 (unaudited)						¥	86,067			¥	205,222			¥	(775,202	)		¥	10,968,984			¥	1,906,373			¥	12,391,444			¥	281,112			¥	12,672,556

 

						Yen (millions)
						Equity attributable to owners of the parent
		Note				Common stock				Capital surplus				Treasury stock				Retained earnings				Other components of equity				Total				Non-controlling interests				Total equity
Balance as of April 1, 2025 (unaudited)						¥	86,067			¥	205,299			¥	(1,272,845	)		¥	11,122,187			¥	2,185,821			¥	12,326,529			¥	301,293			¥	12,627,822
Comprehensive income for the period
Profit for the period																			311,829								311,829				36,827				348,656
Other comprehensive income, net of tax																							137,111				137,111				2,939				140,050
Total comprehensive income for the period																			311,829				137,111				448,940				39,766				488,706
Reclassification to retained earnings																			(14,546	)			14,546				—								—
Transactions with owners and other
Dividends paid			13																(147,960	)							(147,960	)			(59,439	)			(207,399	)
Purchases of treasury stock															(670,931	)											(670,931	)							(670,931	)
Disposal of treasury stock															750												750								750
Share-based payment transactions											(248	)															(248	)							(248	)
Total transactions with owners and other											(248	)			(670,181	)			(147,960	)							(818,389	)			(59,439	)			(877,828	)
Other changes																			683								683								683
Balance as of September 30, 2025 (unaudited)						¥	86,067			¥	205,051			¥	(1,943,026	)		¥	11,272,193			¥	2,337,478			¥	11,957,763			¥	281,620			¥	12,239,383

See accompanying notes to condensed consolidated interim financial statements.

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

For the six months ended September 30, 2024 and 2025

 

						Yen (millions)
		Note				September 30, 2024				September 30, 2025
						unaudited				unaudited
Cash flows from operating activities:
Profit before income taxes						¥	741,953			¥	527,419
Depreciation, amortization and impairment losses excluding equipment on operating leases							366,806				479,023
Share of (profit) loss of investments accounted for using the equity method							20,759				(10,895	)
Finance income and finance costs, net							(37,677	)			12,776
Interest income and interest costs from financial services, net							(84,567	)			(92,639	)
Changes in assets and liabilities
Trade receivables							245,994				162,755
Inventories							(128,762	)			23,078
Trade payables							(50,094	)			(95,022	)
Accrued expenses							(45,638	)			(96,178	)
Provisions and retirement benefit liabilities							46,916				52,003
Receivables from financial services							(578,916	)			(184,470	)
Equipment on operating leases							(260,142	)			(280,600	)
Other assets and liabilities							(82,529	)			(191,431	)
Other, net							12,942				54,342
Dividends received							81,233				59,858
Interest received							362,299				374,017
Interest paid							(213,162	)			(227,939	)
Income taxes paid, net of refunds							(328,724	)			(200,236	)
Net cash provided by operating activities							68,691				365,861
Cash flows from investing activities:
Payments for additions to property, plant and equipment							(222,043	)			(233,686	)
Payments for additions to and internally developed intangible assets							(142,576	)			(130,948	)
Proceeds from sales of property, plant and equipment and intangible assets							2,058				12,277
Payments for acquisitions of investments accounted for using the equity method							(60,047	)			(45,825	)
Proceeds from sales of investments accounted for using the equity method							8,858				13,034
Payments for acquisitions of other financial assets							(249,330	)			(116,397	)
Proceeds from sales and redemptions of other financial assets							143,974				144,821
Net cash used in investing activities							(519,106	)			(356,724	)
Cash flows from financing activities:
Proceeds from short-term financing liabilities							4,282,239				4,060,685
Repayments of short-term financing liabilities							(4,188,493	)			(4,537,483	)
Proceeds from long-term financing liabilities							1,840,856				2,858,963
Repayments of long-term financing liabilities							(1,120,027	)			(1,372,396	)
Dividends paid to owners of the parent							(188,418	)			(147,960	)
Dividends paid to non-controlling interests							(46,947	)			(52,092	)
Purchases and sales of treasury stock, net							(224,394	)			(670,181	)
Repayments of lease liabilities							(37,215	)			(40,118	)
Net cash provided by financing activities							317,601				99,418
Effect of exchange rate changes on cash and cash equivalents							(199,462	)			40,544
Net change in cash and cash equivalents							(332,276	)			149,099
Cash and cash equivalents at beginning of year							4,954,565				4,528,795
Cash and cash equivalents at end of period			5			¥	4,622,289			¥	4,677,894

See accompanying notes to condensed consolidated interim financial statements.

 

1

 

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Interim Financial Statements

(1) Reporting Entity

Honda Motor Co., Ltd. (the “Company”) is a public company domiciled in Japan. The Company and its subsidiaries (collectively “Honda”) develop, manufacture and distribute motorcycles, automobiles, power products and others throughout the world, and also provide financial services to customers and dealers for the sale of those products. Principal manufacturing facilities are located in Japan, the United States of America, Canada, Mexico, China, India, Indonesia, Malaysia, Thailand, Vietnam and Brazil.

(2) Basis of Preparation

  (a) Compliance with Interim Financial Reporting Standards

The condensed consolidated interim financial statements of the Company have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The condensed consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the fiscal year ended March 31, 2025, since the condensed consolidated interim financial statements do not include all the information required in the annual consolidated financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

  (b) Functional Currency and Presentation Currency

The condensed consolidated interim financial statements are presented in Japanese yen, which is the functional currency of the Company. All financial information presented in Japanese yen has been rounded to the nearest million Japanese yen, except when otherwise indicated.

  (c) Use of Estimates and Judgments

The preparation of condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies, the reported amount of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. These estimates and underlying assumptions are reviewed on a continuous basis. Changes in these accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

The condensed consolidated interim financial statements are prepared based on the same judgments and estimations as those applied and described in the Company’s consolidated financial statements for the fiscal year ended March 31, 2025.

(3) Summary of Material Accounting Policies

The condensed consolidated interim financial statements are prepared based on the same accounting policies as those applied and described in the Company’s consolidated financial statements for the fiscal year ended March 31, 2025.

 

2

 

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Interim Financial Statements

 

(4) Segment Information

Based on Honda’s organizational structure and characteristics of products and services, Honda discloses segment information in four categories: Reportable segments of Motorcycle business, Automobile business and Financial services business, and other segments that are not reportable. The other segments are combined and disclosed in Power products and other businesses. Segment information is based on the components of Honda for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The accounting policies used for segment information are consistent with the accounting policies used in the Company’s condensed consolidated interim financial statements.

Principal products and services, and functions of each segment are as follows:

 

Segment		Principal products and services		Functions
Motorcycle Business		Motorcycles, all-terrain vehicles (ATVs), side-by-sides (SxS) and relevant parts		Research and development Manufacturing Sales and related services
Automobile Business		Automobiles and relevant parts		Research and development Manufacturing Sales and related services
Financial Services Business		Financial services		Retail loan and lease related to Honda products Others
Power Products and Other Businesses		Power products and relevant parts, and others		Research and development Manufacturing Sales and related services Others

Segment Information

Segment information as of and for the six months ended September 30, 2024 and 2025 is as follows:

As of and for the six months ended September 30, 2024

 

		Yen (millions)
		Motorcycle  Business				Automobile  Business				Financial   Services Business				Power Products  and Other Businesses				Segment  Total				Reconciling  Items				Consolidated
Sales revenue:
External customers		¥	1,810,786			¥	6,987,551			¥	1,811,879			¥	187,397			¥	10,797,613			¥	—			¥	10,797,613
Intersegment			—				142,974				2,639				15,846				161,459				(161,459	)			—
Total			1,810,786				7,130,525				1,814,518				203,243				10,959,072				(161,459	)			10,797,613
Segment profit (loss)		¥	325,852			¥	258,037			¥	162,707			¥	(3,988	)		¥	742,608			¥	—			¥	742,608
Segment assets		¥	2,027,742			¥	11,357,893			¥	14,236,061			¥	540,716			¥	28,162,412			¥	1,111,467			¥	29,273,879
Depreciation and amortization			35,855				319,282				431,182				8,030				794,349				—				794,349
Capital expenditures			28,702				295,368				1,571,614				5,161				1,900,845				—				1,900,845

 

3

 

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Interim Financial Statements

 

As of and for the six months ended September 30, 2025

 

		Yen (millions)
		Motorcycle  Business				Automobile  Business				Financial   Services Business				Power Products  and Other Businesses				Segment  Total				Reconciling  Items				Consolidated
Sales revenue:
External customers		¥	1,920,724			¥	6,859,418			¥	1,676,971			¥	175,567			¥	10,632,680			¥	—			¥	10,632,680
Intersegment			—				140,874				1,846				17,591				160,311				(160,311	)			—
Total			1,920,724				7,000,292				1,678,817				193,158				10,792,991				(160,311	)			10,632,680
Segment profit (loss)		¥	368,277			¥	(73,060	)		¥	143,224			¥	(297	)		¥	438,144			¥	—			¥	438,144
Segment assets		¥	2,321,404			¥	11,813,252			¥	16,191,676			¥	534,452			¥	30,860,784			¥	630,435			¥	31,491,219
Depreciation and amortization			35,040				310,129				455,735				7,889				808,793				—				808,793
Capital expenditures			43,140				263,569				1,376,166				7,401				1,690,276				—				1,690,276

Explanatory notes:

 

1.

Segment profit (loss) of each segment is measured in a consistent manner with consolidated operating profit, which is profit before income taxes before share of profit (loss) of investments accounted for using the equity method and finance income and finance costs. Expenses not directly associated with specific segments are allocated based on the most reasonable measures applicable.

 

2.

Segment assets of each segment are defined as total assets including investments accounted for using the equity method, derivatives, and deferred tax assets. Segment assets are based on those directly associated with each segment and those not directly associated with specific segments are allocated based on the most reasonable measures applicable except for the corporate assets described below.

 

3.	Intersegment sales revenues are generally made at values that approximate arm’s-length prices.

 

4.

Reconciling items include elimination of intersegment transactions and balances as well as unallocated corporate assets. Unallocated corporate assets, included in reconciling items as of September 30, 2024 and 2025 amounted to ¥1,399,039 million and ¥919,514 million, respectively, which consist primarily of the Company’s cash and cash equivalents and financial assets measured at fair value through other comprehensive income.

  Impact of changes in EV market environment

Due to the slowdown in the expansion of the electric vehicle (EV) market in regions such as North America and Europe, Honda has been experiencing impacts including lower EV sales units and higher sales incentives per unit than initially expected. Furthermore, following the United States government policy shifts, including the abolition of tax incentives for EV purchases and the easing of emissions regulations, as well as the imposition of import tariffs, the growth of the EV market in the United States is expected to slow down even further. Due to the recent EV market slowdown, the Honda global EV sales ratio in 2030 is now expected to be 20%, lower than the previously announced target of 30%.

As part of the revision to the product launch plan to address the changes in the market condition, Honda decided to cancel a certain EV model development, and discontinue and reduce manufacturing of EV models jointly developed under a certain alliance agreement.

As a result, for the six months ended September 30, 2025, the Company and its certain subsidiaries recognized losses and expenses of ¥139,888 million in cost of sales, ¥8,130 million in selling, general and administrative expenses, and ¥89,245 million in research and development expenses in the condensed consolidated statements of income. These losses and expenses are included in Automobile business. The breakdown of these losses and expenses is as follows.

- Additional provisions of ¥99,744 million related to the onerous contract under the alliance agreement, primarily due to a shift in the United States government policy, including the imposition of tariffs, the abolition of tax incentives for EV purchases, and the easing of emissions regulations, as well as a reduction in production volume, which resulted in decreased economic benefits and increased costs. For further details, see note “(8) Provisions”.

- Impairment losses of ¥80,741 million recognized for the entire carrying amount of property, plant and equipment, intangible assets and other non-current assets related to the discontinued EV model such as product specific equipment and capitalized development costs.

- Losses of ¥56,778 million from the disposal of the intangible assets due to the cancellation of development for a specific EV model.

For the contingent liability related to the alliance agreement described above, see note “(11) Contingent Liabilities”.

 

4

 

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Interim Financial Statements

 

(5) Cash and Cash Equivalents

The reconciliation of the amount of cash and cash equivalents between condensed consolidated statements of financial position and condensed consolidated statements of cash flows is as follows.

 

		Yen (millions)
		As of September 30, 2025
Cash and cash equivalents in the condensed consolidated statements of financial position		¥	4,635,273
Cash and cash equivalents included in assets held for sale			42,621
Cash and cash equivalents in the condensed consolidated statements of cash flows		¥	4,677,894

Assets held for sale as of September 30, 2025 are presented in other current assets in the condensed consolidated statements of financial position.

(6) Equipment on Operating Leases

The additions to equipment on operating leases for the six months ended September 30, 2024 and 2025 are ¥1,576,466 million and ¥1,374,944 million, respectively.

The sales or disposals of equipment on operating leases for the six months ended September 30, 2024 and 2025 are ¥886,264 million and ¥654,816 million, respectively.

(7) Property, Plant and Equipment

The additions to property, plant and equipment for the six months ended September 30, 2024 and 2025 are ¥206,877 million and ¥238,421 million, respectively.

The sales or disposals of property, plant and equipment for the six months ended September 30, 2024 and 2025 are ¥18,448 million and ¥13,801 million, respectively.

 

5

 

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Interim Financial Statements

 

(8) Provisions

The components of and changes in provisions for the six months ended September 30, 2025 are as follows:

 

		Yen (millions)
		Product warranties*1				Other*2				Total
Balance as of April 1, 2025		¥	858,103			¥	197,612			¥	1,055,715
Additional provisions		¥	127,788			¥	159,195			¥	286,983
Write-offs			(194,162	)			(20,782	)			(214,944	)
Reversal			(2,661	)			(23,562	)			(26,223	)
Other			11,722				324				12,046
Balance as of September 30, 2025		¥	800,790			¥	312,787			¥	1,113,577

Current liabilities and non-current liabilities of provisions as of March 31, 2025 and September 30, 2025 are as follows:

 

		Yen (millions)
		As of March 31, 2025				As of September 30, 2025
Current liabilities		¥	388,441			¥	468,321
Non-current liabilities			667,274				645,256
Total		¥	1,055,715			¥	1,113,577

Explanatory note:

 

*1	Honda recognizes provisions for product warranties to cover future product warranty expenses. Honda recognizes costs for general warranties on products Honda sells and for specific warranty programs, including product recalls.

(i) Honda recognizes general estimated warranty costs at the time products are sold to customers and estimates based on historical warranty claim experience with consideration given to the expected level of future warranty costs, including current sales trends, the expected number of units to be affected and the estimated average repair cost per unit for warranty claims.

(ii) Honda recognizes specific estimated warranty program costs as follows.

Honda accrues the provisions comprehensively for specific warranty programs of automobile products manufactured at our major production bases at the time of vehicle sales.

The estimated specific warranty costs are measured by the number of units sold over the past fiscal years and specific warranty cost per unit expected to be incurred (specific warranty cost per unit) after vehicle sales over their product life based on our historical experience. Expected specific warranty cost per unit is calculated based on the actual warranty costs incurred over specific range of past periods such as the average useful product life. This estimate is inherently uncertain as it is based on our historical experience as described above. Consequently, the actual specific warranty cost per unit may differ from the expected cost per unit and result in adjustments to the provisions in future reporting periods. The difference from estimated specific warranty cost per unit can be primarily driven by actual repair costs such as parts and labor.

In addition to the provisions comprehensively accrued, estimates of certain warranty program costs are individually made when it is deemed appropriate by considering its nature and magnitude of each program. Honda recognizes those provisions when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The provisions are estimated based on the expected level of future warranty costs, including the expected number of units to be affected and the estimated repair cost per unit for warranty claims.

Honda also accrues the provisions individually for specific warranty programs of our products manufactured at our production bases other than major automobile production bases.

Provisions for (i) and (ii) product warranties are utilized for expenditures based on the demand from customers and dealers. A portion of the product warranties is expected to be reimbursed by agreement with suppliers. The amount of expected reimbursement is ¥110,983 million as of September 30, 2025.

 

6

 

HONDA MOTOR CO., LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Interim Financial Statements

 

*2	Other provisions include the provision for the onerous contract under an alliance agreement. Provisions for the onerous contract as of April 1, 2025, and September 30, 2025, are ¥52,199 million and ¥140,648 million, respectively.

The Company has a long-term supply agreement for EV models jointly developed with an alliance partner. Provisions are recognized and measured as onerous contracts when the unavoidable costs of meeting the obligations under a contract exceed the economic benefits expected to be received under it.

For the six months ended September 30, 2025, Honda recorded additional provisions of ¥99,744 million for the onerous contract. This increase was primarily driven by a shift in the United States government policy, including the imposition of tariffs, the abolition of tax incentives for EV purchases, and the easing of emissions regulations, as well as a reduction in production volume, which resulted in decreased economic benefits and increased costs. The amounts of write-offs, reversal and other changes were not material.

(9) Sales Revenue

As stated in Note 4, Honda discloses segment information in four categories.

The sales revenue disaggregated by geographical markets based on the location of the customer and the reconciliation of the disaggregated revenue with each segment for the six months ended September 30, 2024 and 2025 are as follows:

For the six months ended September 30, 2024

 

		Yen (millions)
		Motorcycle Business				Automobile Business				Financial Services Business				Power Products and Other Businesses				Total
Revenue arising from Contracts with Customers
Japan		¥	47,738			¥	850,997			¥	94,487			¥	45,730			¥	1,038,952
North America			189,571				4,701,983				816,027				64,000				5,771,581
Europe			204,482				233,567				—				33,915				471,964
Asia			1,021,441				924,488				12				31,409				1,977,350
Other Regions			347,554				267,248				—				12,339				627,141
Total		¥	1,810,786			¥	6,978,283			¥	910,526			¥	187,393			¥	9,886,988
Revenue arising from the other sources*			—				9,268				901,353				4				910,625
Total		¥	1,810,786			¥	6,987,551			¥	1,811,879			¥	187,397			¥	10,797,613

For the six months ended September 30, 2025

 

		Yen (millions)
		Motorcycle Business				Automobile Business				Financial Services Business				Power Products and Other Businesses				Total
Revenue arising from Contracts with Customers
Japan		¥	57,750			¥	834,505			¥	92,736			¥	48,325			¥	1,033,316
North America			182,232				4,729,963				589,558				56,058				5,557,811
Europe			207,158				224,033				—				32,335				463,526
Asia			1,062,127				792,651				24				26,713				1,881,515
Other Regions			409,779				268,217				—				12,132				690,128
Total		¥	1,919,046			¥	6,849,369			¥	682,318			¥	175,563			¥	9,626,296
Revenue arising from the other sources*			1,678				10,049				994,653				4				1,006,384
Total		¥	1,920,724			¥	6,859,418			¥	1,676,971			¥	175,567			¥	10,632,680

Explanatory note:

 

*	Revenue arising from the other sources primarily includes lease revenues recognized under IFRS 16 and interest recognized under IFRS 9.