Financials NIO Inc.

Equities

NIO

US62914V1061

Auto & Truck Manufacturers

Market Closed - Nyse Other stock markets 16:00:02 2025-06-13 EDT			Pre-market 08:39:18
3.510 ^USD	-3.04%		3.525	+0.43%

06-11	Hong Kong Stocks Rebound on US-China Trade Progress; Automakers Edge Higher	MT
06-11	China's Automakers Pledge 60-Day Supplier Payments Amid Scrutiny	MT

Projected Income Statement: NIO Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	16,258	36,136	49,269	55,618	65,732	89,680	116,866	133,414
Change	-	122.27%	36.34%	12.89%	18.18%	36.43%	30.31%	14.16%
EBITDA ¹	-3,561	-2,788	-10,492	-16,908	-14,070	-11,574	-4,995	-44.95
Change	-	21.7%	-276.3%	-61.15%	16.79%	17.74%	56.85%	99.1%
EBIT ¹	-4,608	-4,496	-15,641	-20,286	-19,946	-16,749	-11,324	-9,879
Change	-	2.42%	-247.86%	-29.7%	1.68%	16.03%	32.39%	12.77%
Interest Paid ¹	-426	-637.4	-333.2	-403.5	-798.4	-829	-816.2	-713.8
Earnings before Tax (EBT) ¹	-5,298	-3,975	-14,382	-20,459	-22,425	-16,495	-10,516	-8,099
Change	-	24.97%	-261.84%	-42.25%	-9.61%	26.44%	36.24%	22.99%
Net income ¹	-5,611	-10,572	-14,559	-21,147	-22,658	-16,310	-10,063	-7,600
Change	-	-88.43%	-37.71%	-45.25%	-7.14%	28.02%	38.3%	24.47%
Announcement Date	3/1/21	3/24/22	3/1/23	3/5/24	3/21/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	3,719	4,526	6,641	7,982	8,448	9,805	9,901	9,911	10,292	13,002	16,064	10,676	8,772	19,067	17,103	9,909	17,446	18,674	19,703	12,035	20,074	24,524	29,502	20,500	26,099	29,516	31,256	29,489
Change	-	21.7%	46.73%	20.2%	5.83%	16.07%	0.97%	0.1%	3.85%	26.33%	23.55%	-33.54%	-17.84%	117.36%	-10.3%	-42.07%	76.07%	7.04%	5.52%	-38.92%	66.8%	22.17%	20.3%	-30.51%	27.31%	13.09%	5.9%	-5.65%
EBITDA ¹	-914.1	-750.4	-634.6	-	-	-	-1,883	-	-	-	-	-	-	-	-	-	-	-	-	-	-4,184	-2,412	103.9	-2,665	-1,483	-693.7	206.6	-1,739
Change	-	17.91%	15.43%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	42.37%	104.31%	-2,663.97%	44.36%	53.22%	129.78%	-941.89%
EBIT ¹	-1,115	-896.7	-931.4	-199.4	-511.9	-726.3	-2,445	-1,716	-2,355	-3,258	-6,736	-6,016	-5,464	-4,240	-6,059	-5,113	-4,699	-4,591	-5,544	-5,544	-4,481	-3,416	-2,054	-	-	-	-	-
Change	-	19.55%	-3.86%	78.59%	-156.69%	-41.88%	-236.64%	29.84%	-37.27%	-38.36%	-106.73%	10.7%	9.17%	22.4%	-42.89%	15.62%	8.1%	2.3%	-20.76%	0%	19.17%	23.76%	39.89%	-	-	-	-	-
Charge d'intérêts ¹	-112.9	-108.8	-93.84	-423.8	-60.53	-77.19	-75.94	-77.34	-64.71	-100.6	-70.67	-68.66	-82.44	-88.55	-163.9	-170.9	-176.1	-203.8	-247.6	-244.9	-244.9	-244.9	-244.9	-244.9	-244.9	-244.9	-244.9	-
Earnings before Tax (EBT) ¹	-1,175	-1,046	-1,387	-447.1	-585.4	-832.1	-2,110	-1,752	-2,759	-4,101	-5,769	-4,732	-6,037	-4,555	-5,135	-5,178	-5,044	-5,021	-7,182	-6,745	-4,833	-3,605	-2,023	-4,258	-3,170	-2,402	-1,510	-3,390
Change	-	10.97%	-32.62%	67.76%	-30.93%	-42.14%	-153.61%	16.96%	-57.48%	-48.63%	-40.67%	17.98%	-27.58%	24.55%	-12.73%	-0.83%	2.58%	0.45%	-43.02%	6.07%	28.35%	25.42%	43.87%	-110.47%	25.57%	24.23%	37.13%	-124.54%
Net income ¹	-1,208	-1,188	-1,492	-4,875	-659.3	-2,859	-2,179	-1,825	-2,745	-4,142	-5,847	-4,804	-6,122	-4,629	-5,593	-5,258	-5,126	-5,142	-7,132	-6,891	-4,462	-3,383	-2,051	-3,261	-3,812	-3,548	-3,136	-
Change	-	1.65%	-25.61%	-226.7%	86.48%	-333.63%	23.77%	16.25%	-50.41%	-50.9%	-41.15%	17.85%	-27.44%	24.39%	-20.83%	5.99%	2.5%	-0.3%	-38.71%	3.38%	35.25%	24.18%	39.38%	-59.01%	-16.91%	6.93%	11.63%	-
Announcement Date	8/11/20	11/17/20	3/1/21	4/29/21	8/11/21	11/9/21	3/24/22	6/9/22	9/7/22	11/10/22	3/1/23	6/9/23	8/29/23	12/5/23	3/5/24	6/6/24	9/5/24	11/20/24	3/21/25	6/3/25	-	-	-	-	-	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2021 S2	2023 S1
Net sales	19,706	-
Change	-	-
EBITDA	-	-
Change	-	-
EBIT	-3,437	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT)	-2,942	-
Change	-	-
Net income ¹	-5,038	-10,926
Change	-	-116.86%
Announcement Date	3/24/22	8/29/23

¹CNY in Million

Estimates

Forecast Balance Sheet: NIO Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-34,507	-37,422	-22,896	-26,881	-2,159	-2,209	8,332	12,567
Change	-	-8.45%	38.82%	-17.4%	91.97%	-2.33%	477.18%	50.83%
Announcement Date	3/1/21	3/24/22	3/1/23	3/5/24	3/21/25	-	-	-

¹CNY in Million

Estimates

Cash Flow Forecast: NIO Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,128	4,079	6,973	14,341	9,142	7,457	6,763	7,089
Change	-	261.69%	70.96%	105.67%	-36.25%	-18.44%	-9.3%	4.82%
Free Cash Flow (FCF) ¹	823.2	-2,112	-10,839	-15,722	-16,991	-13,935	-8,076	-5,136
Change	-	-356.6%	-413.11%	-45.06%	-8.07%	17.99%	42.04%	36.41%
Announcement Date	3/1/21	3/24/22	3/1/23	3/5/24	3/21/25	-	-	-

¹CNY in Million

Estimates

Forecast Financial Ratios: NIO Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-21.9%	-7.72%	-21.3%	-30.4%	-21.41%	-12.91%	-4.27%	-0.03%
EBIT Margin (%)	-28.34%	-12.44%	-31.75%	-36.47%	-30.34%	-18.68%	-9.69%	-7.4%
EBT Margin (%)	-32.59%	-11%	-29.19%	-36.78%	-34.12%	-18.39%	-9%	-6.07%
Net margin (%)	-34.51%	-29.26%	-29.55%	-38.02%	-34.47%	-18.19%	-8.61%	-5.7%
FCF margin (%)	5.06%	-5.85%	-22%	-28.27%	-25.85%	-15.54%	-6.91%	-3.85%
FCF / Net Income (%)	-14.67%	19.98%	74.45%	74.35%	74.99%	85.44%	80.26%	67.58%
Profitability
ROA	-16.21%	-15.38%	-16.25%	-17.29%	-18.12%	-15.19%	-9.2%	-7.19%
ROE	-53.77%	-34.17%	-49.71%	-74.77%	-129.35%	-242.6%	-156.42%	-133.6%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-1.67x	-279.55x
Debt / Free cash flow	-	-	-	-	-	-	-1.03x	-2.45x
Capital Intensity
CAPEX / Current Assets (%)	6.94%	11.29%	14.15%	25.78%	13.91%	8.31%	5.79%	5.31%
CAPEX / EBITDA (%)	-31.67%	-146.28%	-66.46%	-84.82%	-64.98%	-64.42%	-135.41%	-15,770.51%
CAPEX / FCF (%)	136.99%	-193.09%	-64.33%	-91.21%	-53.81%	-53.51%	-83.74%	-138.03%
Items per share
Cash flow per share ¹	1.65	1.25	-2.362	-0.8126	-3.82	-0.6173	0.3964	-0.7656
Change	-	-24.21%	-288.88%	65.59%	-370.14%	83.84%	164.22%	-293.13%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	17.31	21.12	14.58	15.03	2.904	-4.248	-5.713	-7.856
Change	-	21.96%	-30.96%	3.05%	-80.67%	-246.26%	-34.5%	-37.5%
EPS ¹	-4.74	-6.72	-8.89	-12.44	-11.03	-7.828	-5.074	-3.016
Change	-	-41.77%	-32.29%	-39.93%	11.33%	29.03%	35.18%	40.55%
Nbr of stocks (in thousands)	1,562,643	1,590,573	1,652,453	2,079,974	2,102,374	2,242,518	2,242,518	2,242,518
Announcement Date	3/1/21	3/24/22	3/1/23	3/5/24	3/21/25	-	-	-