Financials NIO Inc.

Equities

NIO

US62914V1061

Auto & Truck Manufacturers

Market Closed - Nyse Other stock markets 16:00:02 2025-12-12 EST			5-day change	1st Jan Change
5.030 ^USD	-1.95%		-0.20%	+15.37%

12-12	Chinese Automakers' Output, Sales Top 3 Million Each in November	MT
12-12	China Resumes Talks with EU on EV Minimum Price Plan	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	86,835	126,414	146,330
Change	-	122.27%	36.34%	12.89%	18.18%	32.11%	45.58%	15.75%
EBITDA ¹	-3,561	-2,788	-10,492	-16,908	-14,070	-9,958	913.8	5,289
Change	-	21.7%	-276.3%	-61.15%	16.79%	29.22%	109.18%	478.81%
EBIT ¹	-4,608	-4,496	-15,641	-20,286	-19,946	-15,769	-7,054	-3,311
Change	-	2.42%	-247.86%	-29.7%	1.68%	20.94%	55.26%	53.06%
Interest Paid ¹	-426	-637.4	-333.2	-403.5	-798.4	-934.2	-787.1	-727.2
Earnings before Tax (EBT) ¹	-5,298	-3,975	-14,382	-20,459	-22,425	-16,121	-6,530	-2,261
Change	-	24.97%	-261.84%	-42.25%	-9.61%	28.11%	59.49%	65.37%
Net income ¹	-5,611	-10,572	-14,559	-21,147	-22,658	-16,128	-6,799	-3,017
Change	-	-88.43%	-37.71%	-45.25%	-7.14%	28.82%	57.84%	55.62%
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 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	2027 Q2	2027 Q3
Net sales ¹	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	19,009	21,794	32,771	24,702	33,177	35,542	38,158	28,693	30,615	32,647
Change	-	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%	57.95%	14.65%	50.37%	-24.62%	34.31%	7.13%	7.36%	-24.81%	6.7%	6.64%
EBITDA ¹	-634.6	-	-	-	-1,883	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,126	153.1	-26.28	343.9	677.7	-561.3	391.3	1,064
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-86.41%	-117.17%	1,408.52%	97.04%	-182.82%	169.72%	171.83%
EBIT ¹	-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	-4,909	-3,522	-489.2	-1,546	116.2	-154.5	-223.9	-	-	-
Change	-	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%	11.45%	28.26%	86.11%	-215.96%	107.52%	-233.02%	-44.92%	-	-	-
Charge d'intérêts	-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	-212.7	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-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	-4,952	-3,423	-326.8	-1,364	-937.3	-715.6	-306.7	-1,654	-812.2	-147.4
Change	-	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%	26.59%	30.87%	90.45%	-317.45%	31.29%	23.65%	57.14%	-439.18%	50.89%	81.85%
Net income ¹	-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	-5,141	-3,661	-350.6	-1,734	-533.2	-434.5	85.27	-	-	-
Change	-	-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%	25.39%	28.8%	90.42%	-394.71%	69.26%	18.5%	119.62%	-	-	-
Announcement Date	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	9/2/25	11/25/25	-	-	-	-	-	-	-	-

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	3,245	4,392	6,299
Change	-	-8.45%	38.82%	-17.4%	91.97%	250.33%	35.35%	43.42%
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	7,519	6,725	6,665
Change	-	261.69%	70.96%	105.67%	-36.25%	-17.75%	-10.56%	-0.9%
Free Cash Flow (FCF) ¹	823.2	-2,112	-10,839	-15,722	-16,991	-21,947	-4,023	2,706
Change	-	-356.6%	-413.11%	-45.06%	-8.07%	-29.16%	81.67%	167.27%
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%	-11.47%	0.72%	3.61%
EBIT Margin (%)	-28.34%	-12.44%	-31.75%	-36.47%	-30.34%	-18.16%	-5.58%	-2.26%
EBT Margin (%)	-32.59%	-11%	-29.19%	-36.78%	-34.12%	-18.56%	-5.17%	-1.55%
Net margin (%)	-34.51%	-29.26%	-29.55%	-38.02%	-34.47%	-18.57%	-5.38%	-2.06%
FCF margin (%)	5.06%	-5.85%	-22%	-28.27%	-25.85%	-25.27%	-3.18%	1.85%
FCF / Net Income (%)	-14.67%	19.98%	74.45%	74.35%	74.99%	136.08%	59.17%	-89.69%
Profitability
ROA	-16.21%	-15.38%	-16.25%	-17.29%	-18.12%	-15.06%	-6.98%	-1.92%
ROE	-53.77%	-34.17%	-49.71%	-74.77%	-129.35%	-205.45%	-97.79%	-33.28%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-0.33x	4.81x	1.19x
Debt / Free cash flow	-	-	-	-	-	-0.15x	-1.09x	2.33x
Capital Intensity
CAPEX / Current Assets (%)	6.94%	11.29%	14.15%	25.78%	13.91%	8.66%	5.32%	4.55%
CAPEX / EBITDA (%)	-31.67%	-146.28%	-66.46%	-84.82%	-64.98%	-75.51%	735.97%	126.01%
CAPEX / FCF (%)	136.99%	-193.09%	-64.33%	-91.21%	-53.81%	-34.26%	-167.18%	246.28%
Items per share
Cash flow per share ¹	1.65	1.25	-2.362	-0.8126	-3.82	-2.1	5.522	-0.4162
Change	-	-24.21%	-288.88%	65.59%	-370.14%	45.03%	362.97%	-107.54%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	17.31	21.12	14.58	15.03	2.904	-3.89	-5.108	-4.24
Change	-	21.96%	-30.96%	3.05%	-80.67%	-233.96%	-31.31%	17.01%
EPS ¹	-4.74	-6.72	-8.89	-12.44	-11.03	-7.477	-3.502	-1.747
Change	-	-41.77%	-32.29%	-39.93%	11.33%	32.21%	53.16%	50.12%
Nbr of stocks (in thousands)	1,562,643	1,590,573	1,652,453	2,079,974	2,076,918	2,737,543	2,737,543	2,737,543
Announcement Date	3/1/21	3/24/22	3/1/23	3/5/24	3/21/25	-	-	-