Yamaha Motor Co., Ltd. · TSE:7272
Yamaha Motor — Q4 2025 Earnings Presentation
30 slides from Yamaha Motor's earnings presentation, Feb 13, 2026
Slide 1: FY2025 Earnings Presentation
FY2025 Earnings Presentation February 13, 2026 Yamaha Motor Co., Ltd. (Ticker symbol: 7272) Kenichi Kuroyama became the first-ever All Japan Trial Champion with an electric trials bike—the TY-E
Slide 2: Business Results for the Full Fiscal Year Ending December 31, 2025
Business Results for the Full Fiscal Year Ending December 31, 2025 President, CEO, and Representative Director SHITARA, Motofumi Executive Officer HASHIMOTO, Mitsuru Forecast Consolidated Results The forecast consolidated results stated herein are based on management's assumptions and beliefs in lig
Slide 3: Outline
Outline © Yamaha Motor Co., Ltd. 3
Slide 4: Key Points
Key Points 2025 Results Revenue: 2,534.2 billion yen (98% YoY) Operating income: 126.4 billion yen (70% YoY) ◼ There was no change in operating income trends since Q3 and the year ended at the expected levels ◼ Following a careful review of our future outlook, a larger-than-expected amount of deferr
Slide 5: Unit Sales and Inventory Levels by Main Products
Unit Sales and Inventory Levels by Main Products (FY2025) ◼ Healthy shipments recorded in Indonesia, the Philippines, and Thailand. In India, inventory temporarily decreased due to higher retail sales following Goods and Services Tax (GST) cuts, but an early return to normal is expected ◼ Demand in
Slide 6: FY2025 Business Results
FY2025 Business Results ◼ Revenue and operating income was largely in line with the revised forecast ◼ Net income fell short of the revised forecast due to a higher amount of deferred tax assets to be reversed FY2024 FY2025 Revised 2025 (¥ Bil.) Results Results Vs. FY2024 Forecast Revenue 2,576.2 2,
Slide 7: FY2025 Operating Income Factors
FY2025 Operating Income Factors ◼ The impact of U.S. tariffs; increases to R&D spending, labor costs, and other SG&A expenses; recording impairment losses on tangible fixed assets; and other factors resulted in decreased operating income ◼ Land sale by Taiwanese subsidiary resulted in a year-on-year
Slide 8: Transitioning to a Strong, Robust Company
Initiatives to Address U.S. Market Environment Changes and Improve Profitability －Transitioning to a Strong, Robust Company that Adapts Quickly to Change － ◼ Higher costs from tariffs and a stagnating market have resulted in a profitability structure at our U.S. businesses deviating significantly fr
Slide 9: FY2026 Forecast – Business Results
FY2026 Forecast – Business Results ◼ Revenue increases primarily due to higher unit sales in core businesses ◼ Increased tariffs impact results, but higher profits achieved thanks to pricing strategies and cost structure reforms FY2025 FY2026 (¥ Bil.) Results Forecast Vs. FY2025 Revenue 2,534.2 2,70
Slide 10: FY2026 Forecast – Operating Income Factors
FY2026 Forecast – Operating Income Factors ◼ Increased sales and improved profitability leads to higher profits (¥ Bil.) +108.1 -14.0 -10.5 +10.3 -4.1 +1.0 -37.2 180.0 126.4 Sales Net cost R&D SG&A Others Exchange Tariff effects effects impact expenses Expenses effects FY2025 FY2026 ($/€: 150/169) (
Slide 11: Shareholder Returns
Shareholder Returns ◼ In consideration of our business performance and financial soundness, we plan to pay a year-end dividend of ¥10 per share for fiscal 2025, resulting in an annual dividend of ¥35 per share ◼ For fiscal 2026, we forecast an increase in the annual dividend to ¥50 per share Dividen
Slide 12: Details by Business Segment
Details by Business Segment © Yamaha Motor Co., Ltd.
Slide 13: FY2025 Revenue and Operating Income by Business
FY2025 Revenue and Operating Income by Business Revenue Operating Income FY2024 FY2025 FY2024 FY2025 Vs. Vs. (¥ Bil.) Results Results (¥ Bil.) Results Results FY2024 FY2024 Land Mobility 1,609.6 1,615.1 100% Land Mobility 103.8 108.7 105% Motorcycle 1,571.1 1,578.1 100% Motorcycle 126.5 123.5 98% SP
Slide 14: FY2026 Forecast – Revenue and Operating Profit by Business
FY2026 Forecast – Revenue and Operating Profit by Business Revenue Operating Income FY2025 FY2026 FY2025 FY2026 Vs. Vs. (¥ Bil.) Results Forecast (¥ Bil.) Results Forecast FY2025 FY2025 Land Mobility 1,615.1 1,725.0 107% Land Mobility 108.7 127.0 117% Motorcycle 1,578.1 1,680.0 106% Motorcycle 123.5
Slide 15: Motorcycles
Motorcycles Unit sales and revenue remained on par with last year, but profits fell due to higher SG&A expenses, including procurement 2025 Results costs and R&D expenses Higher revenue and profits through greater sales in growth markets and our premium segment strategy in ASEAN markets. 2026 Foreca
Slide 16: Two New Electric Scooter Models Announced for India
Two New Electric Scooter Models Announced for India AEROX E EC-06 © Yamaha Motor Co., Ltd. 16 16
Slide 17: Marine Products
Marine Products Although outboard motor unit sales rose, lower water vehicle unit sales, the impact of U.S. tariffs, and increased SG&A expenses such as 2025 Results R&D costs led to lower revenue and lower profits Overall demand remains flat. While water vehicle shipments decrease with ongoing inve
Slide 18: Robotics and Financial Services
Robotics and Financial Services Robotics Business Financial Services Business Revenue remained on par with last year, but operating income rose 2025 2025 Revenue increased thanks to growth in retail receivables, due to an improved operating income ratio and reduced Results Results but profits decrea
Slide 19: Smart Power Vehicle and Outdoor Land Vehicle
Smart Power Vehicle and Outdoor Land Vehicle SPV Business OLV Business Revenue decreased due to lower unit sales, but the deficit was Lower revenue and profits due to lower unit sales, 2025 2025 lowered due to last year’s inventory write-downs and the outcome reduced profitability from U.S. tariffs,
Slide 20: YAMAHA
@) YAMAHA FRevs yourHear
Slide 21: FY2025 Single-Quarter Operating Income Variation Factors
FY2025 Single-Quarter Operating Income Variation Factors +5.2 +31.1 (¥ Bil.) 14.0 -10.0 Exchange effects Tariff effects +11.1 -0.7 +0.1 -3.4 Net cost R&D expenses Others -19.5 impact SG&A Sales effects expenses Q4 2024 Results Q4 2025 Results ($/€: 152/164) ($/€: 154/179) Breakdown of Breakdown of B
Slide 22: Main Financial Indicators
Main Financial Indicators 2022 2023 2023 2024 2022–2024 2025 2026 2025–2027 Result Result Result Result Average*1 Result Forecast Average Target (¥ Bil.) (J-GAAP) (J-GAAP) (IFRS) (IFRS) (IFRS) (IFRS) Medium-Term Management Plan (2022–2024) Medium-Term Management Plan (2025–2027) Revenue*2 2,248.5 2,
Slide 23: FY2026 Forecast – Total Demand and Unit Sales by Main Products
FY2026 Forecast – Total Demand and Unit Sales by Main Products Total Demand Unit Sales Product/Region (vs. FY2025) (vs. FY2025) Europe, U.S., Japan 97%*1 101% Indonesia 93% 95% Thailand 100% 119% Motorcycles Vietnam 104%*2 138% Philippines 105% 116% India 104% 123% Brazil 100% 108% Outboards North A
Slide 24: Motorcycles
Regional Sales Volume, Revenue/Operating Income Variation Factors Unit Sales FY2024 FY2025 FY2026 (1,000 units) Results Results Forecast Vs. FY2025 Japan 72 76 61 80% North 82 79 89 113% America Europe 226 210 220 105% Asia 3,863 3,903 4,170 107% Motorcycles Other 718 731 765 105% All 4,961 4,999 5,
Slide 25: Marine Products
Regional Sales Volume, Revenue/Operating Income Variation Factors Unit Sales (Outboard Motors) FY2024 FY2025 FY2026 (1,000 units) Results Results Forecast Vs. FY2025 North 81 84 89 106% America Europe 30 34 37 108% Other 155 153 158 104% Marine Products All 266 271 284 105% Revenue Operating Income
Slide 26: Robotics
Regional Sales Volume, Revenue/Operating Income Variation Factors Revenue Operating Income Factors FY2024 FY2025 FY2026 +7.4 +0.1 +1.7 +0.3 -0.1 +0.0 -7.0 (¥ Bil.) Results Results Forecast Vs. FY2025 Net cost -1.5 SG&A Others Exchange Tariff +3.3 impact R&D expenses effects effects +4.0 +2.9 -0.4 -0
Slide 27: OLV
Factors Affecting Regional Revenue/Operating Income Revenue Operating Income Factors FY2024 FY2025 FY2026 Exchange Vs. Sales effects (¥ Bil.) Results Results effects Forecast FY2025 Net cost R&D Others +10.1 +0.1 -17.4 impact expenses +0.9 Exchange North -8.8 -0.0 -0.5 effects R&D +6.2 -3.5 -24.0 71
Slide 28: Financial Condition
Financial Condition FY2024 FY2025 FY2026 (¥ Bil.) Results Results Forecast Cash flows from operating 176.8 138.6 - Cash flows from investing -128.7 -86.1 - Free cash flow 48.1 52.5 - Cash flows from financing -46.4 -30.4 - Capital expenditures 126.6 128.0 140.0 Depreciation 83.1 88.8 89.0 R&D expend
Slide 29: Foreign Exchange Effects
Foreign Exchange Effects (vs. FY2025 / FY2026 Forecast) FY2025Results 2026 Forecast (¥ Bil.) US$ EURO Other Total US$ EURO Other Total Foreign exchange effects on gross income -3.4 3.9 -1.9 -1.3 8.5 4.5 -1.9 11.2 (headquarters) Conversion effects on gross income -2.1 1.3 -10.1 -10.9 4.3 2.3 -3.9 2.8
Slide 30: YAMAHA
@) YAMAHA FRevs yourHear