Renault Group lifts third-quarter revenue despite a six per cent sales decline
Renault Group has reported third-quarter 2026 revenue of €11.6 billion, up 1.5 per cent year on year, even as global vehicle registrations fell 6.0 per cent, with booming European EV sales and partner-vehicle production offsetting lower volumes. These are worldwide group figures, not Australian sales results.
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Revenue up as registrations fall
Renault Group reported third-quarter 2026 revenue of €11,596 million, up 1.5 per cent year on year, in a release issued on October 29, 2026. Automotive revenue was essentially flat at €9,835 million, while Mobilize Financial Services revenue rose 11.0 per cent to €1,761 million. At constant exchange rates, group revenue rose 1.4 per cent and automotive revenue slipped 0.2 per cent. Over the first nine months of 2026, group revenue reached €41,848 million, up 7.1 per cent, with nine-month vehicle sales of 1,662,222 units, down 2.2 per cent year on year. 12
The quarter's headline contrast is stark: group registrations fell 6.0 per cent to 497,799 vehicles against a high prior-year base, yet revenue still grew. Reuters reported that the result beat a company-compiled consensus of analyst forecasts, which had expected a 0.3 per cent decline at constant exchange rates, and that Paris-listed shares rose 7.8 per cent in morning trade on October 29, on track for their biggest daily gain since 2022. Renault CFO Duncan Minto told the earnings call the quarter "played out as we expected" and that the company confirmed its 2026 financial guidance. 45
These figures are global group results covering the July–September 2026 quarter and the year to September 30, 2026, covering passenger cars and light commercial vehicles and excluding the Twizy. They are not Australian sales, registration or delivery numbers, and no Australian-specific results are contained in the company release. 1
EV surge drives the mix
The standout commercial trend is electrification in Europe. Renault Group said European electric vehicle passenger car sales rose 84.7 per cent year on year in the third quarter, lifting the EV share of its passenger car sales by 12.2 points to 25.8 per cent. Including hybrid (HEV) and plug-in hybrid models, electrified vehicles represented 54.9 per cent of group passenger car sales in the quarter; mild-hybrids are excluded from that measure. 1
For the Renault brand specifically, EV sales rose 75.2 per cent over the first nine months, with electrified vehicles reaching 68.0 per cent of the brand's European passenger car sales. The company said the Twingo E-Tech electric had recorded nearly 26,000 sales since launch and already ranks first in its European A-segment electric category. Renault brand sales over nine months totalled 1,178,946 vehicles, up 1.1 per cent, taking the brand to second place in Europe on the ACEA scope, per the company's release. 1
Production capacity is being adjusted to match demand. Minto said on the earnings call that plants were running at 85 per cent utilisation worldwide and above 95 per cent in Europe, with a third shift added at Douai to sustain the pace. 5
Dacia slides during product transition; Alpine accelerates
Dacia sales fell 12.8 per cent in the third quarter to 144,175 vehicles and 9.7 per cent over nine months to 471,007 units. Renault Group attributed the decline to a transition in the brand's product and powertrain cycle — with Spring as its only EV ahead of that model's renewal — an exceptionally high comparison base in Q3 2025, and intensified competition from Chinese brands, particularly in the C-segment where the Bigster competes. Minto told journalists on the earnings call that Dacia faces "noticeable pressure from Chinese brands in Europe". 154
Despite the volume decline, the company said Dacia remained third on the European retail podium with Sandero the best-selling passenger car among retail customers, and full hybrids alone accounted for one in four Dacia sales, making it the fourth-largest full hybrid brand in Europe by that measure. LPG represented 39.2 per cent of Dacia sales over nine months. 1
Alpine continued to scale, with 12,269 worldwide registrations over the first nine months, up 65.6 per cent and already above its full-year 2025 volume, driven by the A290 with 8,618 registrations. The company said the A290 had attracted more than 10,000 European orders by the end of September, an all-time order record, and that September was Alpine's best-ever month for EV orders. The A390, now available in GTS version, added nearly 1,800 registrations since the start of the year. 1
What kept revenue growing while volumes fell
Renault Group's release details the automotive revenue bridge for the quarter. A negative volume effect of 5.9 points, mostly from the 6.0 per cent registration decline, was offset by a positive 4.9-point sales-to-partners effect, driven mainly by the ramp-up and September start of production for Geely-partnered vehicles in Brazil and by the Renault Nissan Automotive India consolidation, which contributed an extra €165 million versus Q3 2025 as the August 2025 integration meant one extra month in the quarter. Product mix added 2.3 points, led by the Clio V to Clio VI transition, LCVs and EVs; price effects added 1.1 points; geographic mix added 0.5 points; and a negative 3.1-point "other" effect reflected restocking at Retail Renault Group after unusually low inventories at the end of June. 13
Le Figaro, reporting AFP copy, noted that the sales-to-partners effect — vehicles Renault builds for or with others, such as Geely in Brazil — plus the India joint venture accounting effect contributed the 4.9-point positive to the year-on-year revenue movement. Value discipline also featured: European retail sales rose 5.0 per cent in the quarter, the retail mix rose 4.6 points to 64.8 per cent, and short-term rental and demo sales were cut by 18.0 per cent, with residual values stated as 5 to 13 points above market average. 31
Total inventories stood at 532,000 vehicles at September 30, 2026, of which 312,000 were at independent dealers and 220,000 at group level, and the European orderbook represented around two months of forward sales. Renault said it expects total inventories to trend towards the lower end of a 525,000 to 550,000 unit range by year-end. 1
Guidance confirmed and outlook
Renault Group confirmed its 2026 financial outlook: a group operating margin of around 5.5 per cent of revenue and automotive free cash flow of around €1.0 billion. The company said it expects a slight second-half margin improvement over the first half, with the usual seasonal uplift less pronounced than in previous years due to higher raw material costs and inflation. Minto said on the earnings call that the second half faces about €400 million of raw material and inflation pressure, after €200 million in the first half. 15
The second-half product offensive is fully electrified across the brands: the new Megane E-Tech electric, Trafic Van E-Tech electric and Duster E-Tech hybrid for Renault, and the Sandero Hybrid, new Spring and Striker for Dacia, alongside the Niagara pick-up for Renault's international markets. The company said Dacia's first European deliveries of the Sandero Hybrid, new Spring and Striker are expected in the fourth quarter, making Dacia a fully electrified brand, with European production of the new Spring giving access to all purchase incentives. 1
Reuters noted the contrast with rival Volkswagen, which the same day posted its worst quarterly result in more than a decade, and quoted Citi analysts describing Renault's year as "much better than expected" compared with struggling peers, crediting value-over-volume focus, strong retail sales, growing LCV sales and cost control. Reuters also reported that before the results-day rebound Renault shares had been down 26 per cent in 2026 and trading at their lowest level in more than four years. 4
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