Yamaha Corporation · TSE:7951
Yamaha — Q3 2026 Earnings Presentation
30 slides from Yamaha's earnings presentation, Feb 4, 2026
Slide 1: Analyst and Investor Briefing on Third Quarter of FY2026.3
Analyst and Investor Briefing on Third Quarter of FY2026.3 (Fiscal year ending March 31, 2026) February 4, 2026 Yamaha Corporation
Slide 2: FY2026.3 3Q Highlights
FY2026.3 3Q Highlights Overview Achievements of first three quarters of FY2026.3 (nine months) - Revenue declined due to sluggish market conditions in China, the absence of last years’ high demand of audio equipment for professional use. - Core operating profit declined due to sluggish market condit
Slide 3: 1. Performance Summary
1. Performance Summary nnn YAMAHA
Slide 4: FY2026.3 3Q (Nine Months) Summary
FY2026.3 3Q Performance FY2026.3 (nine months) Full Year Outlook FY2026.3 3Q (Nine Months) Summary (billions of yen) FY2025.3 1-3Q FY2026.3 1-3Q Change (YoY) *2 Revenue 350.7 341.0 -9.7 -2.8％ Core Operating Profit 31.9 25.1 -21.3％ -6.8 (Core Operating Profit Ratio) (9.1%) (7.4％) *1 Net Profit 14.3 2
Slide 5: Core Operating Profit Analysis
FY2026.3 3Q Performance FY2026.3 (nine months) Full Year Outlook Core Operating Profit Analysis Versus previous year (billions of yen) Impact of Decrease in sales, exchange rates production and 31.9 model mix, etc. 0.6 -0.6 Cost increase -7.8 Other Impact of SG&A business 25.1 U.S. tariffs U.S. tari
Slide 6: Performance by Business Segment
FY2026.3 3Q Performance FY2026.3 (nine months) Full Year Outlook Performance by Business Segment (billions of yen) FY2025.3 FY2026.3 Exchange Change 1-3Q 1-3Q rate impact Revenue 224.9 223.3 -1.7 -1.4 Musical Core Operating Profit 18.3 16.4 -2.0 0.7 Instruments Core Operating Profit Ratio 8.2％ 7.3％
Slide 7: FY2026.3 Outlook
FY2026.3 3Q Performance FY2026.3 (nine 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 462.1 458.0 462.0 -0.1 4.0 Core Operating Profit 36
Slide 8: Core Operating Profit Analysis
FY2026.3 3Q Performance FY2026.3 (nine months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Impact of Decrease in sales, exchange production and rates 36.7 model mix, etc. Other 2.0 -1.2 Impact of U.S. tariffs One-time Cost increase -4.2 U.S. tariffs counte
Slide 9: Outlook by Business Segment
FY2026.3 3Q Performance FY2026.3 (nine 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 296.1 303.0 6.9 1.6 Musical Core Operating Profit 22.1 22.5 0.4 1.8 Instruments Core Operating Profit
Slide 10: Outlook by Business Segment
FY2026.3 3Q Performance FY2026.3 (nine 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 299.0 303.0 4.0 7.2 Musical Core Operating Profit 21.5 22.5 1.0 1.6 Instrument
Slide 11: 2. Segment Overview & Updates
2. Segment Overview & Updates
Slide 12: Musical Instruments: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Nine Months: Revenue was solid excluding pianos with China turning to revenue growth in 3Q. - Piano revenue declined due to sluggish market conditions in all other markets, despite China’s sales return to growth in
Slide 13: Musical Instruments: 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 (104%) (100%) 105.8 100.9 97.3 (98%) 23.0 23.5 (98%) (102%) 68.8 69.7 71.1 (106%) (99%) (96%) 55.9 31.1 31.9 18.5 28.6 19.2 (110%) 4Q (
Slide 14: Musical Instruments: Revenue by Region
Musical Instruments Audio Equipment Others Revenue by Region (billions of yen) (93%) (101%) 84.0 82.4 82.1 (107%) 24.8 (96%) 70.0 24.5 (95%) (106%) (99%) (99%) 62.2 61.9 (101%) 60.9 59.6 59.0 58.2 58.6 (78%) 56.5 (92%) 14.4 11.0 (104%) 4Q 16.1 14.9 (91%) (103%) 14.2 21.6 13.9 20.4 21.1 42.8 (104%) (
Slide 15: Audio Equipment: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Nine 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. Revenue (billions of yen) - Sales of a
Slide 16: Audio Equipment: 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 (95%) 69.2 (90%) 61.3 17.4 48.7 (89%) (96%) 19.5 (112%) 44.9 43.9 17.5 (93%) 4Q 11.1 (84%) 16.9 9.3 (83%) 15.6 (123%) 3Q 15.6 13.3 (93%) 17.7 (94%) 12
Slide 17: Audio Equipment: Revenue by Region
Musical Instruments Audio Equipment Others Revenue by Region (112%) (billions of yen) 44.3 39.4 (103%) (105%) 33.9 34.1 32.8 (97%) 32.8 (96%) (83%) 31.2 12.4 31.2 31.5 (78%) 30.3 31.0 30.5 6.3 6.3 (90%) (102%) (81%) 7.2 (101%) (110%) 26.6 9.8 10.8 7.0 8.3 25.3 26.0 4Q 10.9 8.4 (96%) 8.3 8.4 22.6(105
Slide 18: Others: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Nine Months: - Revenue of automobile interior wood components remained (billions of yen) strong. Revenue Full Year Projections: - Revenue is projected to remain flat year-on-year due to sluggish sales of golf produc
Slide 19: 3. Other Financial Figures
3. Other Financial Figures nnn YAMAHA
Slide 20: Balance Sheet Summary
Performance Other Segment Overview Topics Summary Financial Figures Balance Sheet Summary (billions of yen) As of March As of Dec. As of March Change 31, 2026 31, 2025 31, 2025 (projections) Cash and cash equivalents 99.8 118.8 19.0 99.3 Trade and other receivables 87.3 85.1 -2.3 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 5.3% ROIC FY2026.3 forecast 4.8% (Cost of shareholders’ equity* 6.1%) （WACC 5.8%） 10% 10% 9.2％ 8.8% 7.8% 7.3% 6.1% 5.5% 5.3% 4.4% 4.8% 2.8% FY2022.3 FY2023.3 FY2024.3 FY2025.3
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) 20.0 12.8 ■Others 1.3 15.0 0.5 8.9 4.1 1.0 2.6 0.4 ■Audio Equipment 4.5 2.8 14.6 14.3 9.7 10.9 10.5 14.0 ■Musical Instruments 5.7 9.5 ■
Slide 23: 4. Topics
4. Topics
Slide 24: Medium-Term Management Plan Key Themes
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Themes Rebuilding a strong Evolving to create the Setting sustainability as a business foundation future source of value New products that pursue intrinsic Explore new business areas product value ref
Slide 25: Appendix
Appendix ques YAMAHA
Slide 26: Performance in 3Q FY2026.3 (Three Months)
Performance in 3Q FY2026.3 (Three Months) (billions of yen) FY2025.3 3Q FY2026.3 3Q Change *2 Revenue 122.6 124.7 2.1 ＋1.7％ Core Operating Profit 11.5 12.3 0.8 +7.3% (Core Operating Profit Ratio) (9.4%) (9.9%) *1 Net Profit 9.0 10.4 1.4 ＋15.6% *2 Exchange Rate (yen) -1.1% (Excluding the impact US$ 1
Slide 27: Performance by Business Segment in 3Q FY2026.3
Performance by Business Segment in 3Q FY2026.3 (Three Months) (billions of yen) Exchange FY2025.3 3Q FY2026.3 3Q Change rate impact Revenue 79.7 82.9 3.1 2.2 Musical Core Operating Profit 7.8 8.7 0.9 1.2 Instruments Core Operating Profit Ratio 9.8％ 10.5％ ＋0.7P Revenue 37.9 37.0 -0.9 1.2 Audio Core O
Slide 28: 3Q Other Income and Expenses (Nine Months)
3Q Other Income and Expenses (Nine Months) (billions of yen) FY2025.3 FY2026.3 1-3Q 1-3Q Core Operating Profit 31.9 25.1 Profit from (loss on) disposal of fixed assets -0.1 -0.1 Other Income and Expenses Others -11.5 -0.7 Total -11.6 -0.7 Operating Profit 20.3 24.4 Dividends income 1.8 1.1 Financial
Slide 29: 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 0.9 Other Income and Expenses Others -16.4 -3.9 Total -16.0 -3.0 Operating Profit 20.7 30.0 Dividends income 2.
Slide 30: Forecasts and Forward-Looking Statements
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