Yonex Co., Ltd. · TSE:7906
Yonex — FY3/26 Earnings Presentation
38 slides from Yonex's earnings presentation, May 19, 2026
Slide 1: Financial Results, Fiscal Year Ending March 31, 2026
Fiscal Year Ending March 31, 2026 Financial Results Yonex Co., Ltd. Tokyo Stock Exchange Code： 7906 May 19, 2026
Slide 2: Table of Contents
Table of Contents 1. Consolidated Financial Results for FY3/26 ・・・・・・・・・・・ 3 2. Segment Overview ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 8 3. Forecasts for FY3/27 ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 15 4. Dividends ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 16 5. Progress of Global Growth Strategy (GGS)
Slide 3: Highlights
Highlights Net Sales Operating Profit Net Profit Attributable to owners of parent 163.6 billion yen 16.5 billion yen 12.0 billion yen YoY YoY YoY +18.3％ +16.7％ +14.2％ ⚫ Amid solid conditions in the sports market, consolidated net sales reached a new record high, supported by communications leveragin
Slide 4: Consolidated Income Statement
Consolidated Income Statement （Million yen) FY3/26 Full Year FY3/25 FY3/26 Forecasts YoY Results Results Margins (Announced on Nov 7, 2025) Net Sales 138,276 163,643 ― +18.3％ 162,000 (+25,367) Gross Profit 62,061 72,527 44.3％ +16.9％ ― (+10,465) SGA 47,884 55,980 34.2％ +16.9％ ― (+8,096) Operating Pro
Slide 5: Factors behind Operating Profit Changes
Factors behind Operating Profit Changes Gross profit increased due to higher sales, despite a lower gross profit margin. SGA expenses increased, mainly due to higher advertising expenses for brand-building initiatives and personnel expenses. (Million yen） +11,385 -919 -1,922 16,546 -4,297 -313 14,17
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets Property, plant and equipment and interest-bearing debt increased due to property acquisitions for workplace development and capital investments related to the new tennis racquet factory, as well as associated borrowings. ⚫ Assets ⚫ Liabilities (Million yen) End FY3/25 En
Slide 7: Consolidated Cash Flow
Consolidated Cash Flow Maintained the necessary cash on hand to support growth investments under the Global Growth Strategy (GGS). (Million yen) FY3/25 FY3/26 Change Operating activities 12,978 9,485 -3,492 • Property acquisitions for workplace Investing activities -5,765 -10,035 -4,270 development
Slide 8: 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） FY3/26 Results Related Entities Sales Segment Operating Composition Net Sales Sales
Slide 9: Net Sales Changes and Forex Impact (Reported Segments)
Net Sales Changes and Forex Impact (Reported Segments) The negative foreign exchange translation impact from yen appreciation against certain currencies was limited by yen depreciation in the second half, while sales growth contributed to higher net sales. ⚫ Forex rate 1RMB 1TWD 1USD 1EUR 1GBP FY3/2
Slide 10: Japan Segment
Japan Segment (Million yen) YoY Net Sales 64,092 millon yen +10.5 % 58,005 64,092 51,039 Domestic In badminton, sales increased on solid demand, with strong sales of racquets across a wide price range, as well as strings. In tennis, sales grew across Sales categories, including racquets, shoes, and
Slide 11: Asia Segment
Asia Segment (Million yen) YoY 85,562 Net Sales 85,562 million yen +25.8 % 67,999 54,849 The badminton market remained solid. We focused on grassroots promotions and strengthening Head-to-Toe proposals, driving sales growth across a wide range of China badminton products and other products, includin
Slide 12: North America Segment
North America Segment (Million yen) YoY 7,358 million yen +15.8 % 7,358 6,354 5,512 Net Sales Sales of tennis products remained solid, mainly driven by racquets. Badminton product sales also increased, supported by increased participation in sporting activities, while sales of other products, includ
Slide 13: Europe Segment
Europe Segment (Million yen) YoY 6,077 6,077 million yen +13.4 % 4,518 5,359 Net Sales Tennis product sales increased, mainly driven by racquets, as brand recognition grew, supported by the achievements of Team Yonex athletes. Badminton product sales also grew, mainly driven by racquets, as demand r
Slide 14: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories Badminton sales increased both domestically and overseas amid continued sports market activity. Tennis sales also rose domestically and overseas, supported by improved brand recognition driven by the achievements of Team Yonex athletes. In the Others categ
Slide 15: Earnings Forecasts for FY3/27
Earnings Forecasts for FY3/27 Despite continued uncertainty in the external environment, the sports market is expected to remain solid to a certain extent. Under the Global Growth Strategy (GGS), we will strengthen our growth foundation and aim for sustainable growth. ⚫ Assumptions ⚫ Forex Rate (ave
Slide 16: Dividends
Dividends The full-year dividend is expected to be 25 yen per share, with the year-end dividend expected to be 13 yen per share. The full-year dividend for the FY3/27 is forecast at 28 yen. ⚫ Policy We maintain stable dividends over the medium to long term, with a DOE (dividend on equity) of around
Slide 17: Progress of Global Growth Strategy (GGS)
Progress of Global Growth Strategy (GGS)
Slide 18: Global Growth Strategy (GGS)
Global Growth Strategy (GGS) We are steadily advancing initiatives in line with our Global Growth Strategy (GGS), formulated in May 2023. Before GGS Target GEOGRAPHIC Further growth in other regions – broaden East Asia centric FOOTPRINT our global footprint MARKETING Focus on supporting regional sal
Slide 19: Marketing: Head-to-Toe Strategy in Action
Marketing: Head-to-Toe Strategy in Action Leveraging product development and Monozukuri expertise built through racquets to support customers’ performance from head to toe Beyond Racquets Sales Growth (excluding racquets) FY3/26 FY3/25 FY3/24 Key Initiatives Supporting Shoes and Apparel Growth ⚫ Exp
Slide 20: Head-to-Toe: Expansion in the China market
Head-to-Toe：Expansion in the China market Expansion of “Head-to-Toe” proposals in the China market through enhanced communications and product offerings tailored to local needs, driven by badminton demand ⚫ Strengthened product development tailored to the preferences of Chinese consumers, led by loc
Slide 21: Head-to-Toe: Tennis Initiatives
Head-to-Toe：Tennis Initiatives Strengthening Head-to-Toe presence in tennis through athlete achievements and major tournament touchpoints Head-to-Toe Presence Initiatives at Global Tournaments at the 2026 Australian Open Tour Platinum, ITF-approved official ball ⚫ YONEX TOUR PLATINUM selected as the
Slide 22: DTC: Toward Yonex's DTC Ecosystem
DTC: Toward Yonex’s DTC Ecosystem Strengthening Yonex’s DTC ecosystem as a foundation for expanding customer touchpoints and purchasing opportunities with the brand Pop-up Stores Showrooms E-commerce DTC Sales（Consolidated） (NY、LA、Shanghai) (Tokyo、Osaka、Shanghai) (Various Countries) FY 3/26 Over 40%
Slide 23: DTC: Progress in the U.S. market
DTC: Progress in the U.S. market Following the launch of the Yonex USA E-commerce site, online and offline customer touchpoints are expanding Connecting E-commerce with retail stores ※2 ⚫ Yonex USA E-commerce site launched in April 2025 ⚫ In addition to online purchases, customers can search for nea
Slide 24: Offline Customer Touchpoints: Tennis Pop-Up at the Shanghai Masters
Offline Customer Touchpoints: Tennis Pop -Up at the Shanghai Masters Expanding product experience and customer touchpoints through a tournament-linked pop-up Promotion of brand understanding through Development of tournament-linked pop-up immersive experiences Promotion of official ball adoption Int
Slide 25: Tennis: Reaching a Broader Range of Players
Tennis: Reaching a Broader Range of Players Aiming to reach a broader range of players, supported by top-level usage and sales momentum at U.S. specialty stores Yonex Tennis Racquet Share in U.S. Specialty Stores Yonex racquet usage rate at Australian Open ※2 （dollar share） Pros: No. 2 (27%) No. 4 J
Slide 26: Tennis: Sales Performance at Major U.S. Tournaments
Tennis: Sales Performance at Major U.S. Tournaments Combined sales results at the official booths of the BNP Paribas Open and the Miami Open increased significantly. Approx. 7x growth vs. 2022 ※2 + approx. 50% vs. 2025 ※1 BNP Paribas Open （2026 March, USA） 2022 2023 2024 2025 2026 2026 YONEX Racquet
Slide 27: Badminton: Expanding Fan Base and Sales Growth in India
Badminton: Expanding Fan Base and Sales Growth in India Sales for the Indian market have grown through activities to promote and develop badminton, as well as expanded production at our own factory in this key market. Sales Growth for the Indian Market Promoting and Developing Badminton Sales from J
Slide 28: Monozukuri: Innovation for the Sustainable Development of Badminton
Monozukuri: Innovation for the Sustainable Development of Badminton Advancing technology beyond racquets and proposing a new option for the future of badminton Synthetic Feather Shuttlecock 「CROSSWIND70」 Product Concept Wing Pursuing flight performance close Porous nylon for to natural feather shutt
Slide 29: Monozukuri: Technology Evolution in Footwear
Monozukuri: Technology Evolution in Footwear Introducing the new GRPHT THRTTL structure in a performance model to enhance the functionality of badminton shoes Badminton Shoes 「SUBAXIA GT」 Product Concept GRPHT THRTTL THE ONLY WAY IS UP A next-generation model combining Designed to support 「POWER CUS
Slide 30: Monozukuri: Strengthening Manufacturing Capabilities
Monozukuri: Strengthening Manufacturing Capabilities Strengthening manufacturing capabilities through the operation and construction of new factories to respond to growing demand New tennis racquet factory in Niigata completed in June 2025 Expansion of Tennis Racquet Production Capacity Production T
Slide 31: Evolution of Corporate Culture
Evolution of Corporate Culture Fostering a corporate culture that enables the people driving GGS to fully demonstrate their capabilities Target Culture: “Passionately Competitive Camaraderie, Crafting Consumer-centric Value” Internal Communication Strategy Career Path Development Strengthening commu
Slide 32: Capital Allocation Plan
Capital Allocation Plan Allocate generated cash to growth investments and long-term stable shareholder returns. Cash-In Cash-Out FY3/26 Results （ FY3/26-FY3/31 ） （ FY3/26-FY3/31 ） Investments for Business Growth Operating CF • Monozukuri （Production Increase / Innovation) Expansion of Investments fo
Slide 33: Global Growth Strategy (GGS) Outlook for 2030
Global Growth Strategy (GGS) Outlook for 2030 We have defined the following as our current outlook, considering the uncertainty in the business environment. We aim for steady growth while continuing to strengthen investments in line with the GGS. Items Indicator Financial Benchmarks Toward FY3/31 Gr
Slide 34: Appendix
fs Appendix
Slide 35: 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 its fiscal year in March, while our overseas subsidiaries close their fiscal year in December. ⚫ Period Covered in FY3/26 2025 2026 Jan Feb Mar Apr M
Slide 36: Net Sales by Reported Segments
Net Sales by Reported Segments (Million yen) FY3/22 FY3/23 FY3/24 FY3/25 FY3/26 Japan (Domestic sales and sales to 37,515 47,750 51,039 58,005 64,092 overseas distributors) Asia (Subsidiaries) 30,968 49,662 54,849 67,999 85,562 North America (Subsidiaries) 3,194 5,257 5,512 6,354 7,358 Europe (Subsi
Slide 37: Net Sales by Geographic Region
Net Sales by Geographic Region (Million yen) FY3/22 FY3/23 FY3/24 FY3/24 FY3/26 Japan 28,252 32,146 33,914 38,217 41,874 Overseas 46,232 74,873 82,528 100,058 121,769 Asia 38,095 59,122 66,418 80,677 99,443 North America 3,194 5,263 5,512 6,354 7,385 Europe 3,484 8,662 8,823 10,936 12,122 Others 1,4
Slide 38: 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