Yonex Co., Ltd. · TSE:7906
Yonex — H1 FY3/26 Earnings Presentation
24 slides from Yonex's earnings presentation, Nov 18, 2025
Slide 1: Fiscal Year Ending March 31, 2026 H1 Financial Results
Fiscal Year Ending March 31, 2026 H1 Financial Results Yonex Co., Ltd. Tokyo Stock Exchange Code: 7906 November 18, 2025
Slide 2: Table of Contents
Table of Contents 1. Consolidated Financial Results for FY3/26 H1 ・・・・・・・・・・・・ 3 2. Segment Overview ・・・・・・・・・・・・・・・・・・・・・・・・・・ 8 3. Forecasts for FY3/26 ・・・・・・・・・・・・・・・・・・・・・・・・・・ 15 4. Topics ・・・・・・・・・・・・・・・・・・・・・・・・・・ 17 5. Appendix ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 20 © 2025 YONEX Co., Ltd. 2
Slide 3: Highlights
Highlights Net Sales Operating Profit Net Profit Attributable to owners of parent 79.5 billion yen 8.8 billion yen 6.3 billion yen YoY YoY YoY +18.8％ +15.0％ +17.4％ ⚫ Demand within the sporting goods market remained favorable. To further stimulate market growth, we focused on marketing initiatives an
Slide 4: Consolidated Income Statement
Consolidated Income Statement (Million yen) FY3/25 H1 FY3/26 H1 FY3/26 YoY Results Forecasts* Results Margins Net Sales 66,942 79,532 ― +18.8% 162,000 （+12,590） Gross Profit 30,248 34,875 43.9％ +15.3% ― （+4,626） SGA 22,556 26,028 32.7％ +15.4% ― （+3,471） Operating Profit 7,691 8,847 11.1％ +15.0% 16,2
Slide 5: Factors behind Operating Profit Changes
Factors behind Operating Profit Changes While gross profit margin declined due to higher procurement and manufacturing costs and quality-related losses, gross profit increased due to the higher sales. SGA increased mainly due to higher advertising expenses for strengthened global marketing activitie
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets Property, plant and equipment and interest-bearing debt increased due to capital investments related to property acquisitions for workplace development and a new tennis racquet factory, as well as loans for these investments. ⚫ Assets ⚫ Liabilities (Million yen) End FY3/2
Slide 7: Consolidated Cash Flows
Consolidated Cash Flows Secured sufficient cash on hand to prepare for growth investments under our Global Growth Strategy (GGS). （Million yen） FY3/25 H1 FY3/26 H1 Change Operating activities 7,710 7,750 +39 Investing activities -3,115 -7,256 -4,141 • Property acquisitions for workplace 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 H1 Results Related Entities Sales Segment Composition Net Sales Operating Pro
Slide 9: Net Sales Changes and Forex Impact (Reported Segments)
Net Sales Changes and Forex Impact (Reported Segments) The yen appreciated against all major currencies, negatively influencing results in each segment. However, sales increased steadily across all regions. ⚫ Forex Rate 1RMB 1TWD 1USD 1EUR 1GBP FY3/25 H1 （Jan-Jun） 21.05yen 4.76yen 152.24yen 164.59ye
Slide 10: Japan Segment
Japan Segment (Million yen) YoY 31,278 Net Sales 31,278 million yen +11.0 % 26,078 28,167 Badminton demand remained solid, with racquet sales increasing across a wide Domestic range of price points. The summer tournament season contributed to stronger playing activity, leading to higher string sales
Slide 11: Asia Segment
Asia Segment (Million yen) YoY 40,931 Net Sales 40,931 million yen +26.2 % 32,438 Amid steady growth in the badminton market, grassroots promotions and “Head- 26,005 to-Toe” offerings leveraging the Chinese national team’s success drove sales China growth across a wide range of products including ap
Slide 12: North America Segment
North America Segment (Million yen) YoY 3,876 3,876 million yen +24.6 % 3,059 3,109 Net Sales Sales increased as strong demand for our new EZONE racquet series and strings drove strong growth in tennis, while badminton demand expanded with rising playing activity in the U.S. and Canada, supporting h
Slide 13: Europe Segment
Europe Segment (Million yen) YoY 3,085 Net Sales 3,085 million yen +8.0 % 2,858 2,247 Tennis sales grew, led by favorable response to our new EZONE racquet series. Brand visibility and player engagement were further enhanced through the Germany international tournament held in May, contributing to c
Slide 14: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories Badminton sales increased both in Japan and overseas as the markets continued to expand. Tennis also saw higher overseas sales, particularly in North America and Europe. Sales in ‘Others’ category were driven by strong sales of apparel and bags in China. (
Slide 15: Earnings Forecasts for FY3/26 (Upward Revision)
Earnings Forecasts for FY3/26 (Upward Revision) We made upward revisions to our forecasts announced in May. While the sports market is expected to remain solid, we will further strengthen investments to expand our fan base. ⚫ Reasons for the Revision ⚫ Forex Rate (average) (Yen) In the first half, b
Slide 16: Dividends
Dividends Our basic policy is to maintain a stable and appropriate level of dividends. Our interim dividend is set at 12 yen per share, unchanged from our initial forecast. Our forecasts call for a full year dividend of 24 yen per share. FY3/26 FY3/22 FY3/23 FY3/24 FY3/25 （Interim Dividend/ Year-end
Slide 17: DTC①: Pop-up Event in New York Timed with the US Open
DTC①： Pop-up Event in New York Timed with the US Open Developed as a place to experience the Yonex brand through products, services, and our community of athletes and tennis fans. NY (SoHo) Pop-up Store (Aug–Sep 2025) Key visuals displayed in the city Theme: Crafting Every Sweet Spot ⚫ Head to Toe,
Slide 18: DTC②: Expanding Customer and Junior Engagement through the Shanghai Showroom
DTC②： Expanding Customer and Junior Engagement through the Shanghai Showroom Centered on Viktor Axelsen’s visit to the Shanghai Showroom, we strengthened engagement with customers and junior players through his interactions and the launch of the Viktor Axelsen Collection. Viktor Axelsen Visits the S
Slide 19: Sustainability: Renewable Energy Adoption at the Thailand Factory
Sustainability: Renewable Energy Adoption at the Thailand Factory As part of our efforts toward carbon neutrality, we started using on-site PPA*1–based renewable energy at our Thailand subsidiary, YONEX TECNIFIBRE CO., LTD., in October 2025. *1 Third-party provider installs solar panels and the comp
Slide 20: Appendix
Appendix
Slide 21: 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 22: Net Sales by Reported Segments
Net Sales by Reported Segments (Million yen) FY3/22 H1 FY3/23 H1 FY3/24 H1 FY3/25 H1 FY3/26 H1 Japan (Domestic sales and sales to 18,836 24,291 26,078 28,167 31,278 overseas distributors) Asia 13,344 21,215 26,005 32,438 40,931 (Subsidiaries) North America 1,451 2,568 3,059 3,109 3,876 (Subsidiaries
Slide 23: Net Sales by Geographic Region
Net Sales by Geographic Region (Million yen) FY3/22 H1 FY3/23 H1 FY3/24 H1 FY3/25 H1 FY3/26 H1 Japan 14,417 17,135 17,138 18,906 20,767 Overseas 20,370 32,956 40,586 48,035 58,765 Asia 16,860 25,343 32,150 38,567 47,304 North America 1,451 2,568 3,059 3,109 3,903 Europe 1,326 4,098 4,498 5,501 6,229
Slide 24: 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