Yonex Co., Ltd. · TSE:7906
Yonex — Q3 FY3/25 Earnings Presentation
22 slides from Yonex's earnings presentation, Feb 7, 2025
Slide 1: Fiscal Year Ending March 31, 2025 Q1-3 Financial Results
Fiscal Year Ending March 31, 2025 Q1-3 Financial Results Yonex Co., Ltd. Tokyo Stock Exchange Code: 7906 February 7, 2025
Slide 2: Table of Contents
Table of Contents 1. Consolidated Financial Results for FY3/25 Q1-3 ・・・・・・・・・・ 3 2. Segment Overview ・・・・・・・・・・・・・・・・・・・・・・・・・・ 7 3. Forecasts for FY3/25 ・・・・・・・・・・・・・・・・・・・・・・・・・・ 14 4. Topics ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 15 5. Appendix ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 18 © 2025 YONEX Co., Lt
Slide 3: Highlights
Highlights Net Sales Operating Profit Net Profit Attributable to owners of parent 101.7 billion yen 11.3 billion yen 9.2 billion yen YoY YoY YoY +19.5％ +38.8％ +47.3％ ⚫ The sports market was boosted by the global sporting event in Paris and other international tournaments, and by the success of athle
Slide 4: Consolidated Income Statement
Consolidated Income Statement (Million yen) FY3/24 Q1-3 FY3/25 Q1-3 FY3/25 YoY Results Forecasts* Results Margins Net Sales 85,172 101,758 ― +19.5% 134,000 (+16,586) Gross Profit 37,738 46,522 45.7％ +23.3% ― (+8,784) SGA 29,533 35,131 34.5％ +19.0% ― (+5,597) Operating Profit 8,204 11,391 11.2％ +38.8
Slide 5: Factors behind Operating Profit Changes
Factors behind Operating Profit Changes Gross profit increased due to a combination of higher sales and improved gross profit margin. These gains more than offset the rise in SGA, which included advertising costs from enhanced marketing efforts, system-related expenditures for global IT reinforcemen
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets Property, plant and equipment increased due to capital investments in our new R&D facility (Yonex Performance Innovation Center) and new tennis factory. Interest-bearing debt increased due to borrowings for these investments. ⚫ Assets ⚫ Liabilities (Million yen) End FY3/2
Slide 7: Segment Information
Segment Information Our business consists of the Sporting Goods Division, which is divided into the four regional segments of Japan, Asia, North America, and Europe, and the Sports Facilities Division. (Million yen) FY3/25 Q1-3 Results Related Entities Sales Segment Composition Net Sales Operating P
Slide 8: Net Sales Changes and Forex Impact (Reported Segments)
Net Sales Changes and Forex Impact (Reported Segments) The yen depreciated against all major currencies, contributing to an overall increase in consolidated sales. Excluding the effects of the weaker yen, sales in North America decreased on a local currency basis. ⚫ Forex Rate 1RMB 1TWD 1USD 1EUR 1G
Slide 9: Japan Segment
Japan Segment (Million yen) YoY Net Sales 41,819 million yen +11.4 % 37,545 41,819 35,640 Badminton sales increased on the back of continued strong demand. Sales of racquets were particularly strong in a wide price range. Within tennis sales, Domestic racquets increased, but shoes declined, resultin
Slide 10: Asia Segment
Asia Segment (Million yen) YoY Net Sales 50,502 million yen +28.5 % 50,502 36,940 39,290 Badminton market continues to be strong, and the success of the Chinese national team at the men's and women’s national competitions (Apr-May) and the China international sports events held in Paris afterwards f
Slide 11: North America Segment
North America Segment (Million yen) YoY 4,506 4,843 4,843 million yen +7.5 % 3,874 Net Sales Tennis sales grew due to improved market inventory levels and increased demand for our products, including favorable sales of our new racquets. In badminton, people continue to play actively, and sales incre
Slide 12: Europe Segment
Europe Segment (Million yen) YoY 4,097 4,097 million yen +21.6 % 2,710 3,370 Net Sales Both our German and UK subsidiaries saw sales increase in tennis due to continued favorable demand for our products. In badminton, participation level remained high, and sales increased mainly for racquets. Overal
Slide 13: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories The badminton market continued to trend solidly, with increased sales both in Japan and overseas. Tennis sales saw an uptick abroad, particularly in North America and Europe. Other categories such as apparel, bags, and accessories also recorded higher sale
Slide 14: Earnings Forecasts for FY3/25
Earnings Forecasts for FY3/25 We maintain our revised earnings forecasts announced in November 2024. With the sports market expected to remain strong, we will increase our investment aimed at expanding the Yonex fanbase. ⚫ Assumptions ⚫ Forex Rate （average） （yen） FY3/24 Results FY3/25 Forecasts* ・ T
Slide 15: Tennis: New EZONE Racquet Launched
Tennis: New EZONE Racquet Launched The 8th generation of EZONE series launched in January 2025： the most popular Yonex tennis racquet among top players and customers. Power and plush feel exceeding previous model The iconic ISOMETRIC* frame has The world’s first integration of advanced carbon been e
Slide 16: Tennis: Australian Open 2025, Achievement of Team Yonex
Tennis: Australian Open 2025, Achievement of Team Yonex Team Yonex won 12 out of 19 events. New Team Yonex athletes, Madison Keys and Alfie Hewett took home the championships titles using the new EZONE. Women's Singles Men's Doubles Women's Doubles Men's Singles Winner Winner Winner TOP 4 Harri Heli
Slide 17: Yonex Osaka Showroom Opened in December 2024
Yonex Osaka Showroom Opened in December 2024 The 3rd showroom in the world opened in Umeda, Osaka. As the largest Yonex Showroom, it offers a full lineup of Yonex products, including apparel and shoes. A unique showroom experience Brand Experience Communicating the history and innovation of Yonex, a
Slide 18: Appendix
Appendix
Slide 19: Reference: Fiscal Year End for Domestic and Overseas Businesses
Reference: Fiscal Year End for Domestic and Overseas Businesses Our Japan segment, including domestic sales and sales to overseas distributors, closes their fiscal year in March, while our overseas subsidiaries close their fiscal year in December. ⚫ Period Covered in Consolidated Financial Results f
Slide 20: Net Sales by Reported Segments
Net Sales by Reported Segments (Million yen) FY3/21 Q1-3 FY3/22 Q1-3 FY3/23 Q1-3 FY3/24 Q1-3 FY3/25 Q1-3 Japan (Domestic sales and sales to 19,911 27,307 35,640 37,545 41,819 overseas distributors) Asia 12,488 22,177 36,940 39,290 50,502 (Subsidiaries) North America 1,511 2,444 3,874 4,506 4,843 (Su
Slide 21: Net Sales by Geographic Region
Net Sales by Geographic Region (Million yen) FY3/21 Q1-3 FY3/22 Q1-3 FY3/23 Q1-3 FY3/24 Q1-3 FY3/25 Q1-3 Japan 15,732 20,447 24,045 24,554 26,982 Overseas 19,982 33,528 55,587 60,617 74,776 Asia 15,654 27,529 43,839 48,054 60,125 North America 1,511 2,444 3,874 4,506 4,843 Europe 2,447 2,455 6,366 6
Slide 22: Disclaimer
Disclaimer Statements made in these materials with respect to plans, strategies and future performances are forward-looking statements based on information and assumptions available to Yonex when these materials were prepared. Investors are cautioned that various unforeseen factors could cause actua