Slide 1: Analyst and Investor Briefing on Second Quarter of FY2026.3
Analyst and Investor Briefing on Second Quarter of FY2026.3 (Fiscal year ending March 31, 2026) November 4, 2025 Yamaha Corporation Good afternoon, everyone. I am Yamaura. Thank you for gathering on your busy schedule. I would now like to explain the results for the second quarter of FY2026.3. 0
Slide 2: FY2026.3 1H Highlights
FY2026.3 1H Highlights Overview Achievements of first half of FY2026.3 (six months) - Revenue declined due to sluggish market conditions in China, the absence of last years’ high demand of audio equipment for professional use, and the delayed recovery of the European market. - Core operating profit
Slide 3: 1. Performance Summary
1. Performance Summary YAMAHA
Slide 4: FY2026.3 1H (Six Months) Summary
FY2026.3 1H Performance FY2026.3 (six months) Full Year Outlook FY2026.3 1H (Six Months) Summary (billions of yen) FY2025.3 1H FY2026.3 1H Change (YoY) *2 Revenue 228.1 216.4 -11.8 -5.2% Core Operating Profit 20.4 12.8 (Core Operating Profit Ratio) (9.0%) (5.9%) -7.6 -37.4% *1 Net Profit 5.3 9.8 4.5
Slide 5: Core Operating Profit Analysis
FY2026.3 1H Performance FY2026.3 (six months) Full Year Outlook Core Operating Profit Analysis Versus previous year (billions of yen) Impact of Decrease in sales, 20.4 exchange rates production and model mix, etc. -0.9 -0.5 Cost increase Previous year -6.5 Impact of U.S. tariffs structural SG&A 12.8
Slide 6: Performance by Business Segment
FY2026.3 1H Performance FY2026.3 (six months) Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2025.3 1H FY2026.3 1H Change rate impact Revenue 145.2 140.4 -4.8 -3.6 Musical Core Operating Profit 10.6 7.7 -2.9 -0.5 Instruments Core Operating Profit Ratio 7.3% 5.5% -1.8P
Slide 7: FY2026.3 Outlook
FY2026.3 1H Performance FY2026.3 (six months) Full Year Outlook FY2026.3 Outlook (billions of yen) FY2025.3 FY2026.3 FY2026.3 Change from the Full year Full year Change previous Full year (previous projections) (projections) projections *2 Revenue 462.1 452.0 458.0 -4.1 6.0 Core Operating Profit 36.
Slide 8: Core Operating Profit Analysis
FY2026.3 1H Performance FY2026.3 (six months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Impact of Decrease in sales, Previous year exchange rates production and structural 36.7 model mix, etc. U.S. tariffs reforms SG&A -0.1 -0.9 33.0 -2.9 counter- -0.7 0
Slide 9: Outlook by Business Segment
FY2026.3 1H Performance FY2026.3 (six months) Full Year Outlook Outlook by Business Segment (billions of yen) FY2025.3 FY2026.3 Exchange Full year Change Full year (projections) rate impact Revenue 296.1 299.0 2.9 -5.7 Musical Core Operating Profit 22.1 21.5 -0.6 0.1 Instruments Core Operating Profi
Slide 10: Outlook by Business Segment
FY2026.3 1H Performance FY2026.3 (six months) Full Year Outlook Outlook by Business Segment (billions of yen) FY2026.3 FY2026.3 Exchange Full year Full year Change rate impact (previous projections) (projections) Revenue 293.0 299.0 6.0 5.3 Musical Core Operating Profit 20.5 21.5 1.0 2.2 Instruments
Slide 11: 2. Segment Overview & Updates
2. Segment Overview & Updates 10
Slide 12: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Six Months: Hardware product sales for musical instruments, excluding pianos, are shifting to growth. - Piano revenue declined due to China's slowdown and delayed recovery in European markets. Digital musical instru
Slide 13: 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 (105%) (100%) 104.0 100.9 97.3 (98%) 23.0 23.5 (98%) (102%) 68.8 69.7 69.7 (106%) (96%) 55.9 31.1 18.5 28.6 19.2 (111%) (99%) 4Q (73%)
Slide 14: Revenue by Region
Musical Instruments Audio Equipment Others Revenue by Region (billions of yen) (93%) 84.0 82.4 (103%) 80.8 (96%) (106%) 24.8 24.5 68.0 (95%) (99%) (100%) (107%) 62.2 61.9 (101%) 59.6 59.0 59.0 58.6 60.1 (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 15: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Six Months: Revenue growth in audio equipment for professional use and mobility use has leveled off - In audio equipment for consumer use, the home audio business scaled down. 150 Revenue (billions of yen) - Sales o
Slide 16: 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%) 72.1 (97%) 69.5 (90%) 61.3 17.4 48.7 (89%) 19.5 (97%) (112%) 44.9 43.0 17.5 4Q 11.1 (84%) 9.3 (83%) 15.6 (123%) 3Q 15.6 13.3 17.7 (94%) 16.7 (122%) 18.8 (8
Slide 17: Revenue by Region
Musical Instruments Audio Equipment Others Revenue by Region (billions of yen) (111%) 43.7 39.4 (103%) (105%) 33.9 34.1 32.8 (97%) 32.8 (97%) (86%) 31.2 12.4 31.5 (78%) 30.3 31.0 30.8 6.3 30.1 6.3 (90%) (81%) 7.2 (102%) (110%)26.6 9.8 7.0 8.3 25.3 26.1 4Q 10.9 8.4 (96%) 8.3 8.4 22.6 (105%) 6.5 10.6
Slide 18: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Six Months: - Revenue of automobile interior wood components remained (billions of yen) strong. Revenue Full Year Projections: - Revenue is expected to increase due to strong performance of automobile interior wood
Slide 19: 3. Other Financial Figures
3. Other Financial Figures 18
Slide 20: 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, 2026 31, 2025 30, 2025 (projections) Cash and cash equivalents 99.8 107.5 7.7 94.0 Trade and other receivables 87.3 80.3 -7.0 88.3 Other financia
Slide 21: ROE, ROIC and Shareholder Returns
Performance Other Segment Overview Topics Summary Financial Figures ROE, ROIC and Shareholder Returns ROE FY2026.3 forecast 5.1% ROIC FY2026.3 forecast 5.0% (Cost of shareholders’ equity* 6.8%) （WACC 6.6%） 10% 10% 9.2％ 8.8% 7.8% 7.3% 6.1% 5.5% 5.1% 4.4% 5.0% 2.8% FY2022.3 FY2023.3 FY2024.3 FY2025.3
Slide 22: Acquisition of Treasury Shares
Performance Other Segment Overview Topics Summary Financial Figures Acquisition of Treasury Shares Date of Resolution November 4, 2025 Reasons for the acquisition To enhance shareholder returns and capital efficiency Acquisition period November 5, 2025 to March 31, 2026 Number of shares to be acquir
Slide 23: 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) 20.0 8.0 1.3 15.0 ■Others 0.3 5.1 4.1 1.0 ■Audio Equipment 1.6 0.3 4.5 ■Musical Instruments 6.1 7.4 1.6 6.9 14.6 14.3 14.0 3.3 9.5 ■Dep
Slide 24: 4. Topics
4. Topics 23
Slide 25: Medium-Term Management Plan Key Themes
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Themes Rebuilding a strong business foundation Evolving to create the future New products that pursue intrinsic Sales growth through proactive Explore new business areas product value refined through
Slide 26: Medium-Term Management Plan Key Themes
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Themes Setting sustainability as a source of value Strengthening the management foundation Evaluation of environmental Expand music education Deepening bonds and fostering a impact reduction initiativ
Slide 27: Appendix
YAMAHA Appendix 26
Slide 28: Performance in 2Q FY2026.3 (Three Months)
Performance in 2Q FY2026.3 (Three Months) (billions of yen) FY2025.3 2Q FY2026.3 2Q Change *2 Revenue 116.0 112.5 -3.5 -3.0% Core Operating Profit 11.2 8.1 -3.1 (Core Operating Profit Ratio) (9.6%) (7.2%) -27.6% *1 Net Profit -4.2 7.4 11.5 +277.4% *2 Exchange Rate (yen) -2.9 % (Excluding the impact
Slide 29: Performance by Business Segment in 2Q FY2026.3 (Three Months)
Performance by Business Segment in 2Q FY2026.3 (Three Months) (billions of yen) Exchange FY2025.3 2Q FY2026.3 2Q Change rate impact Revenue 73.8 73.9 0 -0.1 Musical Core Operating Profit 6.4 5.6 -0.8 0.2 Instruments Core Operating Profit Ratio 8.6% 7.6% -1.1P Revenue 38.3 34.7 -3.6 0.1 Audio Core Op
Slide 30: 1H Other Income and Expenses (Six Months)
1H Other Income and Expenses (Six Months) (billions of yen) FY2025.3 1H FY2026.3 1H Core Operating Profit 20.4 12.8 Profit from (loss on) disposal of fixed assets -0 0 Other Income and Expenses Others -8.4 -0.4 Total -8.5 -0.3 Operating Profit 12.0 12.5 Dividends income 1.5 1.0 Financial Income and
Slide 31: Full Year Other Income and Expenses
Full Year Other Income and Expenses (billions of yen) FY2025.3 FY2026.3 Full year Full year (projections) Core Operating Profit 36.7 33.0 Profit from (loss on) disposal of fixed assets 0.4 -0.1 Other Income and Expenses Others -16.4 -2.0 Total -16.0 -2.1 Operating Profit 20.7 31.0 Dividends income 2
Slide 32: In this report, the figures forecast for the Company’s future performance have been calculated
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