Yamaha Corporation · TSE:7951
Yamaha — Q1 FY2026.3 Earnings Presentation
28 slides from Yamaha's earnings presentation, Aug 1, 2025
Slide 1: Analyst and Investor Briefing on First Quarter of FY2026.3
Analyst and Investor Briefing on First Quarter of FY2026.3 (Fiscal year ending March 31, 2026) August 1, 2025 Yamaha Corporation
Slide 2: FY2026.3 1Q Highlights
FY2026.3 1Q Highlights Overview Achievements of first quarter of FY2026.3 (three months) - Revenue decreased due to the slowdown in sales of audio equipment, which was in line with our projections, and the slow recovery of musical instruments, particularly pianos, as well as the appreciation of the
Slide 3: 1. Performance Summary
1. Performance Summary YAMAHA
Slide 4: FY2026.3 1Q (Three Months) Summary
FY2026.3 1Q Performance FY2026.3 (three months) Full Year Outlook FY2026.3 1Q (Three Months) Summary (billions of yen) FY2025.3 1Q FY2026.3 1Q Change (YoY) *2 Revenue 112.1 103.9 -8.3 -7.4% Core Operating Profit 9.2 4.7 -4.5 -49.2% (Core Operating Profit Ratio) (8.2%) (4.5%) *1 Net Profit 9.4 2.4 -7
Slide 5: Core Operating Profit Analysis
FY2026.3 1Q Performance FY2026.3 (three months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Impact of 9.2 exchange rates Impact of -1.1 Cost increase U.S. tariff -0.3 Decrease in sales, -1.8 production and model mix, etc. Other Previous year SG&A business
Slide 6: Performance by Business Segment
FY2026.3 1Q Performance FY2026.3 (three months) Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2025.3 1Q FY2026.3 1Q Change rate impact Revenue 71.4 66.5 -4.8 -3.5 Musical Core Operating Profit 4.2 2.1 -2.1 -0.7 Instruments Core Operating Profit Ratio 5.8％ 3.1％ -2.7P
Slide 7: FY2026.3 Outlook
FY2026.3 1Q Performance FY2026.3 (three months) Full Year Outlook FY2026.3 Outlook (billions of yen) FY2025.3 FY2026.3 Full year Change Full year (projections) *2 Revenue 462.1 452.0 -10.1 -2.2% Core Operating Profit 36.7 32.0 -4.7 -12.9% (Core Operating Profit Ratio) (7.9%) (7.1%) *1 Net Profit 13.
Slide 8: Core Operating Profit Analysis
FY2026.3 1Q Performance FY2026.3 (three months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Impact of 36.7 exchange rates Impact of Previous year structural -3.1 U.S. tariff reforms SG&A 32.0 -0.9 2.3 -1.3 0.5 Cost increase 2.0 -11.2 7.0 Previous year Othe
Slide 9: Performance by Business Segment
FY2026.3 1Q Performance FY2026.3 (three months) Full Year Outlook Performance by Business Segment (billions of yen) FY2025.3 FY2026.3 Exchange Full year Change Full Year (projections) rate impact Revenue 296.1 293.0 -3.1 -10.9 Musical Core Operating Profit 22.1 20.5 -1.6 -2.1 Instruments Core Operat
Slide 10: 2. Segment Overview & Updates
2. Segment Overview & Updates
Slide 11: Segment Revenue and Core Operating Profit: Musical Instruments
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Three Months: Revenue decreased due to sluggish piano sales despite continued growth in guitar sales; downward trend in China has halted - Piano sales declined significantly due to weak demand in China and other reg
Slide 12: Revenue by Major Product Category
Musical Instruments Audio Equipment Others Revenue by Major Product Category (billions of yen) Pianos Digital Musical Winds, Strings Guitars Instruments /Percussion (100%) (102%) 100.9 99.0 97.3 (98%) 23.0 23.5 (98%) (103%) 68.8 69.7 69.4 (106%) (96%) 31.1 55.9 28.6 19.2 18.5 (111%) (99%) 4Q 13.0 (7
Slide 13: Revenue by Region
Musical Instruments Audio Equipment Others Revenue by Region (billions of yen) (93%) 84.0 82.4 (101%) 79.1 (96%) 24.8 24.5 (105%) (95%) (99%) (102%) 62.2 61.9 63.8 (101%) (107%) 59.6 59.0 60.0 58.6 59.0 (78%) 56.5 (92%) 14.4 11.0 (104%) 4Q 16.1 14.9 (91%) 14.2 21.6 13.9 20.4 42.8 (104%) (103%) 20.7
Slide 14: Segment Revenue and Core Operating Profit: Audio Equipment
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Three Months: Revenue growth in audio equipment for professional use and mobility use has leveled off (billions of yen) - In audio equipment for consumer use, the home audio business scaled down. 150 Revenue - Sales
Slide 15: Revenue by Major Product Category
Musical Instruments Audio Equipment Others Revenue by Major Product Category (billions of yen) Consumer Use Professional Use Mobility Use (114%) (100%) 72.1 70.0 (90%) 61.3 17.4 48.7 (89%) (99%) 19.5 (112%) 44.9 42.9 17.5 4Q 11.1 (84%) 9.3 (83%) 15.6 (123%) 3Q 15.6 13.3 17.7 (122%) 18.8 (85%) (97%)
Slide 16: Revenue by Region
Musical Instruments Audio Equipment Others Revenue by Region (billions of yen) (110%) 43.0 39.4 (103%) (105%) 33.9 34.1 (94%) 32.8 (97%) 32.8 (99%) 31.2 12.4 31.5 (78%) 31.4 30.3 31.0 31.0 6.3 6.3 (90%) (81%) 7.2 9.8 7.0 26.6(102%) (110%) 8.3 25.3 25.5 4Q 10.9 8.4 (96%) 8.3 8.4 22.6(105%) 6.5 10.6 (
Slide 17: Segment Revenue and Core Operating Profit: Others
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Three Months: - Revenue increased for automobile interior wood components Revenue and FA equipment (billions of yen) Full Year Projections: - Revenue expected to increase due to recovery in automobile interior wood
Slide 18: 3. Other Financial Figures
3. Other Financial Figures mam I ten YAMAHA
Slide 19: Balance Sheet Summary
Performance Other Segment Overview Topics Summary Financial Figures Balance Sheet Summary (billions of yen) As of March As of June As of March Change 31, 2026 31, 2025 30, 2025 (projections) Cash and cash equivalents 99.8 103.2 3.3 96.0 Trade and other receivables 87.3 77.6 -9.8 84.5 Other financial
Slide 20: ROE, ROIC and Shareholder Returns
Performance Other Segment Overview Topics Summary Financial Figures ROE, ROIC and Shareholder Returns ROE FY2026.3 forecast 5.0% ROIC FY2026.3 forecast 4.9% (Cost of shareholders’ equity* 6.9%) （WACC 6.6%） 10% 10% 9.2％ 8.8% 7.8% 7.3% 6.1% 5.5% 5.0% 4.4% 4.9% 2.8% FY2022.3 FY2023.3 FY2024.3 FY2025.3
Slide 21: Capital Expenditure/Depreciation and R&D Expenses
Performance Other Segment Overview Topics Summary Financial Figures Capital Expenditure/Depreciation and R&D Expenses Capital Expenditure/Depreciation (billions of yen) 20.0 ■Others 1.3 15.0 4.1 1.0 ■Audio Equipment 4.1 0.1 2.5 4.5 ■Musical Instruments 0.8 0.1 14.6 14.3 14.0 ■Depreciation 3.3 3.7 0.
Slide 22: 4. Topics
4. Topics
Slide 23: Medium-Term Management Plan Key Themes
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Themes Rebuilding a strong Setting sustainability as a Evolving to create the future business foundation source of value New products that pursue intrinsic Towards universal design of words Expand mus
Slide 24: Corporate Governance
Performance Other Segment Overview Topics Summary Financial Figures Corporate Governance New management structure (committee chairs now external directors, cross-appointments with Yamaha Motor Co., Ltd. dissolved) Expertise held by the Company’s Directors ◆ Corporate Legal and risk Finance and IT an
Slide 25: Appendix
Appendix YAMAHA
Slide 26: 1Q Other Income and Expenses
1Q Other Income/ FY2026.3 Full Year Expenses (three months) Other Income/Expenses 1Q Other Income and Expenses （billions of yen ） FY2025.3 1Q FY2026.3 1Q Core Operating Profit 9.2 4.7 Profit from (loss on) disposal of fixed assets 0 -0 Other Income and Expenses Others -0.1 -0.1 Total -0.1 -0.1 Opera
Slide 27: Full Year Other Income and Expense
1Q Other Income/ FY2026.3 Full Year Expenses (three months) Other Income/Expenses Full Year Other Income and Expense （billions of yen ） FY2025.3 FY2026.3 Full year Full year ( projections) Core Operating Profit 36.7 32.0 Profit from (loss on) disposal of fixed assets 0.4 -0.1 Other Income and Expens
Slide 28: Forward-looking statements notice
In this report, the figures forecast for the Company’s future performance have been calculated on the basis of information currently available to Yamaha and the Yamaha Group. Forecasts are, therefore, subject to risks and uncertainties. Accordingly, actual performance may differ greatly from our pro