Slide 1: Fiscal Year Ending March 31, 2025 Financial Results
Fiscal Year Ending March 31, 2025 Financial Results Yonex Co., Ltd. Tokyo Stock Exchange Code：7906 May 16, 2025
Slide 2: Table of Contents
Table of Contents 1. Consolidated Financial Results for FY3/25 ・・・・・・・・・・・ 3 2. Segment Overview ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 8 3. Forecasts for FY3/26 ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 15 4. Dividends ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 16 5. Progress of Global Growth Strategy ・・・・・・・・・・・・・
Slide 3: Highlights
Highlights Net Sales Operating Profit Attributable to owners of parent Net Profit 138.2 billion yen 14.1 billion yen 10.5 billion yen YoY YoY YoY +18.8％ +22.1％ +19.6％ The global sporting event held in Paris and other international tournaments held around the world, and the successes of athletes at
Slide 4: Consolidated Income Statement
Consolidated Income Statement （Million yen) FY3/25 Full Year FY3/24 FY3/25 Forecasts YoY Results Results Margins (Announced on Nov 8, 2024) Net Sales 116,442 138,276 ― +18.8％ 134,000 (+21,833) Gross Profit 51,611 62,061 44.9％ +20.2％ ― (+10,449) SGA 40,000 47,884 34.6％ +19.7％ ― (+7,884) Operating Pro
Slide 5: Factors behind Operating Profit Changes
Factors behind Operating Profit Changes Gross profit increased mainly due to higher sales. SGA increased due to rises in advertising costs for enhanced marketing efforts, personnel expenses, and system-related expenditures for global IT reinforcement. (Million yen） +9,677 +772 -1,888 -4,125 14,176 -
Slide 6: Consolidated Balance Sheets
Consolidated Balance Sheets Property, plant and equipment increased due to capital investments in our new R&D facility (Yonex Performance Innovation Center) and new tennis factory. Interest-bearing debt increased due to borrowings for these investments. Assets Liabilities (Million yen) End FY3/2
Slide 7: Consolidated Cash Flow
Consolidated Cash Flow We reinforced investments in IT and manufacturing facilities in accordance with our Global Growth Strategy (GGS), while at the same time securing stable cash reserves. (Million yen) FY3/24 FY3/25 Change Operating activities 12,489 12,978 +488 • Yonex Performance Innovation Cen
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） FY3/25 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 yen depreciated against all major currencies, and this contributed to an increase in consolidated sales. Forex rate 1RMB 1TWD 1USD 1EUR 1GBP FY3/24 (Jan-Dec) 19.81 yen 4.50 yen 140.55 yen 151.98 yen 174.85 yen FY3/25 (Jan-Dec) 21.01 yen 4.
Slide 10: Japan Segment
Japan Segment (Million yen) 58,005millon yen YoY Net Sales +13.6 % 58,005 47,750 51,039 Badminton sales increased, particularly for racquets and shoes, supported by Domestic steady market trends and strong demand for our new products. In tennis, sales increased in Q4, driven by the positive market r
Slide 11: Asia Segment
Asia Segment (Million yen) YoY Net Sales 67,999million yen +24.0 % 67,999 54,849 49,662 The badminton market remained strong, supported by the success of the Chinese national team at international tournaments. This led to increased sales of China badminton equipment, apparel, and bags. We strengthen
Slide 12: North America Segment
North America Segment (Million yen) YoY 6,354 million yen +15.3 % 6,354 5,257 5,512 Tennis sales increased, particularly for racquets and strings, driven by Yonex’s Net Sales growing momentum supported by the successes of Team Yonex athletes, as well as by the favorable market reaction to our new pr
Slide 13: Europe Segment
Europe Segment (Million yen) YoY 5,359 million yen +18.6 % 4,518 5,359 3,815 Net Sales Badminton sales increased, supported by solid demand driven by active participation in the sport. Tennis sales also grew, on the back of heightened awareness of the Yonex brand through the growing use of its produ
Slide 14: Consolidated Net Sales by Sports Categories
Consolidated Net Sales by Sports Categories Sales for badminton and tennis increased both in Japan and overseas due to the strong demand. The increase in “others” is mainly due to the sales growth of apparel, bags, and accessories in China. (Million yen) Sporting Goods Division Sports Facilities Div
Slide 15: Earnings Forecasts for FY3/26
Earnings Forecasts for FY3/26 Amid the uncertainties in the external environment, we endeavor to achieve sustained growth by steadily advancing our medium- to long-term initiatives in line with the Global Growth Strategy (GGS). Assumptions Forex Rate (average) (Yen) • While the business environm
Slide 16: Dividends
Dividends The full-year dividend is expected to be 22 yen per share, with the year-end dividend expected to be 11 yen per share (an ordinary dividend of 10 yen and a special dividend of 1 yen). The full-year dividend for the FY3/26 is forecast at 24 yen. Policy We maintain stable dividends over th
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: Business Performance and Future Outlook
Business Performance and Future Outlook In FY3/25, net sales have grown by 29% compared to the baseline year of the GGS (FY3/23). We aim to maintain steady growth going forward, targeting a CAGR of between 7%–10% through FY3/31. Consolidated Financial Results （Million yen) 250,000 200,000 Toward 203
Slide 20: Target Sales Mix
Target Sales Mix We aim to grow our tennis business as the second pillar of our business, while expanding the Head-to-Toe Yonex fan base across both badminton and tennis. Head-to-Toe ＝ All categories including racquets, strings, shoes, apparel, balls(shuttlecocks) Sales Mix CAGR Goal (Unit： million
Slide 21: Badminton and Tennis: Market and our Positioning
Badminton and Tennis: Market and our Positioning In badminton, Yonex is in a position to nurture the sport and lead the market. In tennis, we are a challenger pursuing our goal of increasing the number of Yonex fans Badminton Tennis ATP*1000 or higher: 14 tournaments $358 million BWF* World Tour Sup
Slide 22: Yonex's Marketing Investments
Yonex’s Marketing Investments Yonex engages in various initiatives to promote and develop sports across a wide range of players, from top athletes to recreational players as a marketing investment aimed at mid- to long-term market expansion. Supporting athletes / Providing opportunities Top Athlete
Slide 23: Effectiveness of Advertising Expenses
Effectiveness of Advertising Expenses Advertising expenses are not intended to generate not only short-term sales impact, but are positioned as investments to drive market expansion and build brand equity, with returns expected to be derived over the medium to long term. 5-year Cumulative Advertisin
Slide 24: Tennis: Toward the No.1 Head-to-Toe Brand
Tennis: Toward the No.1 Head-to-Toe Brand Focusing on diversifying our sales mix and expanding our customer base to become the No.1 Head-to-Toe brand. Goal: No.1 Head-to-Toe Brand Diversification of sales mix Expansion of customer base Driving growth across all product categories, Reaching more casu
Slide 25: Tennis: Growing Attention Focused upon Yonex in the US
Tennis: Growing Attention Focused upon Yonex in the US Yonex continues to gain traction in the US, with its racquet market share steadily increasing. Increase in Racquet Share Ranked among the Top in Racquet Sales at Major US Tournaments Yonex Tennis Racquet Share in US Specialty Stores （Dollar shar
Slide 26: Tennis: Initiatives to Increase Yonex Fans in the US
Tennis: Initiatives to Increase Yonex Fans in the US Strengthen online and offline DTC sales channels to increase touchpoints with new customers. Pop-up Shop in LA (March 2025) Launch of US E-Commerce Site (April 2025) Opened for one month in conjunction with an international tournament Communicat
Slide 27: Badminton: Growth Potential in China
Badminton: Growth Potential in China With its large market size and broad-ranging player base, China presents significant growth potential. We aim to achieve sustained growth by strengthening our Head-to-Toe strategy there. Characteristics of the Chinese Market Number of Badminton Facilities Broad
Slide 28: Badminton: Indian Market
Badminton： Indian Market The popularity of badminton is rising in India, and further market growth is expected in the coming years. Indian Badminton Market Rising Popularity of Badminton Growing health consciousness is leading to an increase Global The 2nd largest badminton fan base after China in
Slide 29: Badminton: Driving Growth in India
Badminton: Driving Growth in India In the key market of India, we are driving growth by implementing a market-driven approach, expansion of local production, and initiatives to promote badminton participation. Market Research Local Manufacturing Market Expansion Increase production of Promoting a ma
Slide 30: DTC
DTC We are advancing both online and offline initiatives to build the Yonex DTC ecosystem. Expanding Yonex Showrooms Unified Global EC Platform to Major Cities around the World US E-Commerce Site Launched in April 2025 Opened Osaka Showroom in December 2024 Seamless purchasing experience The 3rd
Slide 31: IT: Global IT Transformation Supports GGS
IT: Global IT Transformation Supports GGS Strengthening our internal structure and establishing a roadmap. Strengthening Internal Structure Established a Global IT Department led by the Chief Information Officer (CIO) in May 2025 Vision and Roadmap ~ 2030 ~ 2028 Scalable and optimized supply and d
Slide 32: Monozukuri (Craftsmanship)
Monozukuri (Craftsmanship) To support Head-to-Toe growth, we are strengthening our global production network and ensuring consistent MADE BY YONEX quality and performance. Niigata Factory Badminton racquets, tennis racquets, golf clubs, snowboards, road bikes Yonex Performance Innovation Center R&D
Slide 33: Monozukuri (craftsmanship)
Monozukuri (craftsmanship) To deliver the best products to more customers, we are expanding our production capabilities, pursuing innovation, and promoting sustainable manufacturing. Expansion of Production Pursuit of Innovation Sustainability Capacity Expansion of domestic manufacturing sites Use
Slide 34: Corporate Culture
Corporate Culture We are fostering a corporate culture where employees can fully demonstrate their abilities to drive GGS. Target Culture： “Passionately Competitive Camaraderie, Crafting Consumer-centric Value” Rediscovering Fostering Promoting DE＆I the Soul of Yonex Performance-driven Culture Deepe
Slide 35: Capital Allocation Plan
Capital Allocation Plan Allocate generated cash to growth investments and long-term stable shareholder returns. Investments for Cash-In Cash-Out (FY3/26-FY3/31) (FY3/26-FY3/31) Business Growth • Monozukuri （Production Increase / Innovation) • Improvement of Work Environment Operating CF • Developmen
Slide 36: ROE
ROE Maintain ROE in excess of our cost of equity (Million yen) Net Profit 当期純利益 Return on Equity 自己資本当期純利益率 (ROE) (ROE) 16.3% 15.6% 14~16% 14.9% 13.6% ROE : Maintain 13% or higher 9.0% Expected Cost of Equity 7.0% 10,591 10,800 5.6% 8,859 5.2% 4.6% 4.3% 7,331 3.9% 2.8% 5,780 2.6% 2.5% 2.1% 3,037 2,2
Slide 37: 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 Indicators 2019-2024 2025-2030 (FY3/20～FY3/25)
Slide 38: Appendix
fn Appendix
Slide 39: 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 FY3/25 2024 2025 Jan Feb Mar Apr M
Slide 40: Net Sales by Reported Segments
Net Sales by Reported Segments (Million yen) FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 Japan (Domestic sales and sales to 29,009 37,515 47,750 51,039 58,005 overseas distributors) Asia (Subsidiaries) 18,276 30,968 49,662 54,849 67,999 North America (Subsidiaries) 1,945 3,194 5,257 5,512 6,354 Europe (Subsi
Slide 41: Net Sales by Geographic Region
Net Sales by Geographic Region (Million yen) FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 Japan 22,766 28,252 32,146 33,914 38,217 Overseas 28,787 46,232 74,873 82,528 100,058 Asia 23,181 38,095 59,122 66,418 80,677 North America 1,945 3,194 5,263 5,512 6,354 Europe 3,131 3,484 8,662 8,823 10,936 Others 529 1
Slide 42: 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