Slide 1: Analyst and Investor Briefing on Second Quarter of FY2025.3
Analyst and Investor Briefing on Second Quarter of FY2025.3 (Fiscal year ending March 31, 2025) November 1, 2024 Yamaha Corporation
Slide 2: FY2025.3 1H Highlights
FY2025.3 1H Highlights Overview FY2025.3 1H Achievements - Revenue declined year-on-year in real terms due to continued sluggish musical instrument market conditions in China, despite the strong performance of B2B audio equipment and impact of yen depreciation. - Core operating profit increased main
Slide 3: 1. Performance Summary
1. Performance Summary mnnigusee ok LER OMG @ YAMAHA
Slide 4: FY2025.3 1H (Six Months) Summary
FY2025.3 1H Performance FY2025.3 (six months) Full Year Outlook FY2025.3 1H (Six Months) Summary (billions of yen) FY2024.3 1H FY2025.3 1H Change (YoY) *2 Revenue 219.6 228.1 8.5 +3.9% Core Operating Profit 15.3 20.4 (Core Operating Profit Ratio) 5.1 +33.3% (7.0%) (9.0%) *1 Net Profit 14.9 5.3 -9.7
Slide 5: Core Operating Profit Analysis
FY2025.3 1H Performance FY2025.3 (six months) Full Year Outlook Core Operating Profit Analysis Versus previous year (billions of yen) Impact of Ocean freight *1 charges IMC business exchange rates SG&A and others 20.4 -0.4 -0.3 -0.2 -0.3 Cost increase -0.5 15.3 6.8 Decrease in sales, production and
Slide 6: Performance by Business Segment
FY2025.3 1H Performance FY2025.3 (six months) Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2024.3 1H FY2025.3 1H Change rate impact Revenue 148.2 145.2 -3.0 7.9 Musical Core Operating Profit 13.0 10.6 -2.4 4.3 Instruments Core Operating Profit Ratio 8.8% 7.3% -1.5P
Slide 7: FY2025.3 Outlook
FY2025.3 1H Performance FY2025.3 (six months) Full Year Outlook FY2025.3 Outlook (billions of yen) FY2024.3 FY2025.3 FY2025.3 Change from the Full year Full year Change previous Full year (previous projections) (projections) projections *2 Revenue 462.9 475.0 460.0 -2.9 -15.0 Core Operating 33.7 46.
Slide 8: Core Operating Profit Analysis
FY2025.3 1H Performance FY2025.3 (six months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Impact of Decrease in sales, exchange rates production and -1.2 model mix, etc. Cost increase -1.5 SG&A 37.0 8.0 Ocean freight -1.1 33.7 charges -5.3 4.4 One-time exp
Slide 9: Outlook by Business Segment
FY2025.3 1H Performance FY2025.3 (six months) Full Year Outlook Outlook by Business Segment (billions of yen) FY2024.3 FY2025.3 Exchange Full year Change Full year (projections) rate impact Revenue 305.2 292.0 -13.2 5.8 Musical Core Operating Profit 25.3 21.0 -4.3 5.4 Instruments Core Operating Prof
Slide 10: 2. Segment Overview & Updates
2. Segment Overview & Updates
Slide 11: Musical Instruments: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit 1H overview: Revenue declined, primarily due to continued sluggish Chinese market - Piano sales decreased due to continued market slowdown in China. Sales of digital musical instruments also decline
Slide 12: Revenue by Major Product Category
Musical Instruments Audio Equipment IMC Business and Others Revenue by Major Product Category (billions of yen) Pianos Digital Musical Winds, Strings Guitars Instruments /Percussion (100%) 103.0 (89%) 97.3 99.4 22.9 (93%) 23.5 (104%) (97%) 68.8 68.6 60.6 (88%) 30.1 (89%) 62.3 (109%) 55.9 28.6 19.2 1
Slide 13: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) (95%) (95%) 82.7 84.0 81.7 (100%) 22.2 24.8 (101%) (100%) (101%) (98%) 64.4 62.2 (103%) 59.6 58.5 (95%) 58.9 57.4 55.6 (96%) 56.0 56.5 (106%) 14.4 51.0 (90%) (95%) 4Q 15.0 16.1 (82%) 22.8 21.6 13.2 13.2 1
Slide 14: Audio Equipment: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit 1H overview: Revenue increased due to strong B2B product sales - Consumer product sales declined due to shrinking home audio business despite strong sales of music production software. - B2B product
Slide 15: Revenue by Major Product Category
Musical Instruments Audio Equipment IMC Business and Others Revenue by Major Product Category (billions of yen) Consumer Products B2B Products (116%) 72.5 (128%) 61.3 (90%) (94%) (128%) 50.8 48.7 46.7 19.5 (79%) 45.3 4Q 12.6 11.1 14.1 (126%) (101%) 15.6 (123%) 3Q 14.5 15.6 17.7 11.8 (136%) (91%) (97
Slide 16: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (110%) (billions of yen) 36.2 (102%) (99%) (102%) (105%) 32.1 (116%) 31.8 31.5 31.2 31.0 30.3 (99%) (110%) 26.9 (98%) 8.3 (108%) 4Q 11.4 10.9 24.5 8.4 (119%) 24.6 7.4 22.6 6.9 (99%) (116%) 8.5 17.7 6.0 (106%) (139%) 3Q 7.5
Slide 17: IMC Business and Others: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit 1H overview: - Sales of electronic devices increased driven by sales of automotive sound systems. (billions of yen) - Sales of automobile interior wood components, factory automation equipment and g
Slide 18: 3. Other Financial Figures
3. Other Financial Figures UT Tee | p ca eek i re oo Ve * AE ad VW -e t i muni 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 Sept. As of March Change 31, 2025 31, 2024 30, 2024 (projections) Cash and cash equivalents 101.6 117.2 15.6 131.5 Trade and other receivables 88.0 77.4 -10.6 80.5 Other fina
Slide 20: ROE, ROIC and Shareholder Returns
Performance Other Segment Overview Topics Summary Financial Figures ROE, ROIC and Shareholder Returns ROE FY2025.3 forecast 3.6% ROIC FY2025.3 forecast 5.1% (Cost of shareholders’ equity* 7.3%) (WACC 7.3%) 10% or 10% or 10.1% more more 9.7% 9.2％ 8.8% 7.4% 7.9% 7.8% 7.3% 6.1% 5.5% 5.1% 3.6% FY2020.3
Slide 21: Sale of a Portion of Yamaha Motor Shares and Acquisition of Treasury Stock
Performance Other Segment Overview Topics Summary Financial Figures Sale of a Portion of Yamaha Motor Shares and Acquisition of Treasury Stock Sale of a Portion of Yamaha Motor Shares Percentage of shares held by Yamaha Corporation to outstanding shares of Yamaha Motor Corporation 30% Shares sold: 1
Slide 22: Capital Expenditure/Depreciation, R&D Expense
Performance Other Segment Overview Topics Summary Financial Figures Capital Expenditure/Depreciation, R&D Expense Capital Expenditure/Depreciation (billions of yen) 27.1 12.8 1.7 0.6 20.0 8.0 4.9 ■Others 2.5 2.0 0.4 4.0 ■Audio Equipment 1.4 9.7 20.5 ■Musical Instruments 6.9 6.1 7.4 13.8 14.0 14.5 ■D
Slide 23: 4. Topics
4. Topics | rad annie ek that Wiad @ UT Tee YAMAHA
Slide 24: Priority Themes of Make Waves 2.0 (1)
Performance Other Segment Overview Topics Summary Financial Figures Priority Themes of Make Waves 2.0 (1) Further strengthen the business foundation Develop closer ties with Create new value customers Expand business domain Develop Products with Accelerate external collaboration Yamaha brand audio s
Slide 25: Priority Themes of Make Waves 2.0 (2)
Performance Other Segment Overview Topics Summary Financial Figures Priority Themes of Make Waves 2.0 (2) EnableYamahacolleaguesto bemorevalued,more Set sustainability as a source of value engaged and morecommitted 【Social】 [Culture] Foster open organizational culture Enhance brand and competitivene
Slide 26: Appendix
Appendix | rad annie ek that Wiad @ UT Tee YAMAHA
Slide 27: Performance in 2Q FY2025.3 (Three Months)
Performance in 2Q FY2025.3 (Three Months) (billions of yen) FY2024.3 2Q FY2025.3 2Q Change *2 Revenue 113.4 116.0 2.6 +2.3% Core Operating Profit 8.8 11.2 2.4 ＋27.2% (Core Operating Profit Ratio) (7.8%) (9.6%) *1 Net Profit 8.5 -4.2 -12.6 -149.1% *2 Exchange Rate (yen) -0.5 % (Excluding the impact R
Slide 28: Performance by Business Segment in 2Q FY2025.3 (Three Months)
Performance by Business Segment in 2Q FY2025.3 (Three Months) (billions of yen) Exchange FY2024.3 2Q FY2025.3 2Q Change rate impact Revenue 76.0 73.8 -2.2 2.1 Musical Core Operating Profit 8.3 6.4 -1.9 1.9 Instruments Core Operating Profit Ratio 10.9% 8.6% -2.2P Revenue 28.5 32.5 4.0 0.7 Audio Core
Slide 29: 1H Other Income and Expenses (Six Months)
1H Other Income and Expenses (Six Months) (billions of yen) FY2024.3 1H FY2025.3 1H Core Operating Profit 15.3 20.4 Profit from (loss on) disposal of fixed assets -0 -0 Other Income and Expenses Others 0.1 -8.4 Total 0.1 -8.5 Operating Profit 15.4 12.0 Dividends income 1.6 1.5 Financial Income and O
Slide 30: Full Year Other Income and Expenses
Full Year Other Income and Expenses (billions of yen) FY2024.3 FY2025.3 Full year Full year (projections) Core Operating Profit 33.7 37.0 Profit from (loss on) disposal of fixed assets -0 -0.3 Other Income and Expenses Others -4.6 -9.7 Total -4.7 -10.0 Operating Profit 29.0 27.0 Dividends income 3.0
Slide 31: 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