Yamaha Corporation · TSE:7951
Yamaha — FY2025.3 Earnings Presentation
36 slides from Yamaha's earnings presentation, May 8, 2025
Slide 1: Analyst and Investor Briefing on FY2025.3
Analyst and Investor Briefing on FY2025.3 (Fiscal year ended March 31, 2025) May 8, 2025 Yamaha Corporation Courtesy of Yamaha Motor Co., Ltd.
Slide 2: FY2025.3 Full Year Highlights
FY2025.3 Full Year Highlights Overview Performance in FY2025.3 - Revenue remained almost flat year on year due to weak musical instruments business from sluggish Chinese market, despite strong sales of B2B audio equipment and impact of yen depreciation. - Core operating profit increased due to the e
Slide 3: 1. Performance Summary
1. Performance Summary YAMAHA
Slide 4: FY2025.3 Summary
FY2025.3 FY2026.3 Full Year Performance Full Year Outlook FY2025.3 Summary (billions of yen) FY2024.3 FY2025.3 Change (YoY) *2 Revenue 462.9 462.1 -0.8 -0.2% Core Operating Profit 33.7 36.7 ＋9.1% 3.1 (Core Operating Profit Ratio) (7.3%) (7.9%) *1 Net Profit 29.6 13.4 -16.3 -55.0% *2 -3.4% Exchange R
Slide 5: Core Operating Profit Analysis
FY2025.3 FY2026.3 Full Year Performance Full Year Outlook Core Operating Profit Analysis Versus previous year (billions of yen) Impact of exchange rates Decrease in sales, production and *1 -1.2 model mix, etc. IMC business Cost increase -1.5 SG&A and others Previous year 36.7 8.0 Ocean freight -0.6
Slide 6: Performance by Business Segment
FY2025.3 FY2026.3 Full Year Performance Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2024.3 FY2025.3 Change rate impact Revenue 305.2 296.1 -9.1 9.8 Musical Core Operating Profit 25.3 22.1 -3.2 5.5 Instruments Core Operating Profit Ratio 8.3％ 7.5％ -0.8P Revenue 121.
Slide 7: FY2026.3 Outlook
FY2025.3 FY2026.3 Full Year Performance Full Year Outlook FY2026.3 Outlook （billions of yen） FY2025.3 FY2026.3 Change (YoY) (projections) *2 Revenue 462.1 455.0 -7.1 -1.5% Core Operating Profit 36.7 40.0 3.3 +8.9% (Core Operating Profit Ratio) (7.9%) (8.8%) *1 Net Profit 13.4 28.5 15.1 +113.5% *2 +1
Slide 8: Core Operating Profit Analysis
FY2025.3 FY2026.3 Full Year Performance Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year One-time expenses SG&A Previous year Other business 40.0 structural -2.0 reforms 2.3 Increase in sales, 0.5 production and 36.7 Impact of model mix, etc. 2.0 exchange rates
Slide 9: Outlook by Business Segment
FY2025.3 FY2026.3 Full Year Performance Full Year Outlook Outlook by Business Segment (billions of yen) FY2025.3 FY2026.3 Exchange Change (projections) rate impact Revenue 296.1 298.0 1.9 -10.7 Musical Core Operating Profit 22.1 27.5 5.4 -1.8 Instruments Core Operating Profit Ratio 7.5％ 9.2% +1.8P R
Slide 10: U.S. Reciprocal Tariff Impacts
U.S. Reciprocal Tariff Impacts - Considering only the impact of increased tariffs in the U.S. Assumptions (excluding recovery from the following countermeasures, etc.) - Tax rate April-June: Chinese products +145%, Products from other regions +10% July onwards: Tax rate for each country Estimated Im
Slide 11: 2. Segment Overview & Updates
2. Segment Overview & Updates
Slide 12: Segment Revenue and Core Operating Profit: Musical Instruments
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit FY2025.3: Revenue declined, due to sluggish market conditions continued in China, despite recovery trend in digital pianos - Piano sales declined sharply due to continued sluggish Chinese market and weak global dema
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 (100%) (104%) 100.9 100.9 97.3 (98%) 23.0 23.5 (98%) (104%) 68.8 69.7 69.8 (106%) (96%) 31.1 55.9 28.6 19.2 18.5 (110%) (73%) (99%) 4Q
Slide 14: Revenue by Region
Musical Instruments Audio Equipment Others Revenue by Region (billions of yen) (93%) (104%) 84.0 82.4 81.7 (96%) 24.8 24.5 (107%) (95%) (99%) (104%) 64.4 (101%) (107%) 61.1 62.2 61.9 59.6 59.0 58.6 59.5 (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: Audio Equipment
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit FY2025.3: Revenue increased due to strong B2B product sales - Consumer product sales declined due to downsizing of home audio business. Revenue (billions of yen) - B2B products continued to see doub
Slide 16: Segment Revenue and Core Operating Profit: Audio Equipment Projections
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit FY2026.3 Projections: Revenue is expected to decline due to a brief interval of sales increase in B2B growth and lower Revenue automotive sound system sales in China 150 (billions of yen) - Consumer product sales ar
Slide 17: Revenue by Major Product Category
Musical Instruments Audio Equipment Others Revenue by Major Product Category (billions of yen) Consumer Products B2B Products Automotive Products (114%) 72.1 (97%) 68.1 (90%) 61.3 17.4 48.7 (89%) (99%) 19.5 (112%) 44.9 42.6 17.5 4Q 11.1 (84%) 9.3 (83%) 15.6 (123%) 3Q 15.6 13.3 17.7 (122%) 18.8 (83%)
Slide 18: Revenue by Region
Musical Instruments Audio Equipment Others Revenue by Region (billions of yen) (108%) 42.4 39.4 (103%) (105%) (97%) (100%) 33.9 34.1 (94%) 32.8 32.8 31.2 12.4 31.3 31.5 (78%) 31.3 30.3 31.0 6.3 6.3 (90%) (81%) 7.2 (110%) 9.8 7.0 8.3 26.6 (96%) 8.4 25.3 4Q 10.9 (96%) 23.9 8.3 8.4 22.6 (105%) 6.5 10.6
Slide 19: Segment Revenue and Core Operating Profit: IMC Business and Others
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit Revenue FY2025.3 (billions of yen) - Sales of electronic devices increased significantly 40 driven by sales of automotive sound systems. - Sales of automobile interior wood components, factory autom
Slide 20: Segment Revenue and Core Operating Profit: Others Projections
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Revenue FY2026.3 Projections (billions of yen) - Revenue is expected to increase due to recovery of factory automation (FA) equipment 30 (Comments are on local currency basis) Core Operating Profit 20 [1.6%] [2.5%]
Slide 21: 3. Other Financial Figures
3. Other Financial Figures mam I ten YAMAHA
Slide 22: Balance Sheet Summary
Performance Other Segment Overview Topics Summary Financial Figures Balance Sheet Summary (billions of yen) As of March As of March As of March Change 31, 2026 31, 2024 31, 2025 (projections) Cash and cash equivalents 101.6 99.8 -1.8 107.0 Trade and other receivables 88.0 87.3 -0.7 86.5 Other financ
Slide 23: ROE, ROIC and Shareholder Returns
Performance Other Segment Overview Topics Summary Financial Figures ROE, ROIC and Shareholder Returns ROE FY2025.3 2.8% ROIC FY2025.3 4.4% (Cost of shareholders’ equity* 7.4%) (WACC 7.2%) 10.1% 9.2％ 8.8% 9.7% 7.4% 7.9% 7.8% 6.1% 6.3% 7.3% 6.0% 5.5% 2.8% 4.4% FY2020.3 FY2021.3 FY2022.3 FY2023.3 FY202
Slide 24: Capital Expenditure/Depreciation and R&D Expenses
Performance Other Segment Overview Topics Summary Financial Figures Capital Expenditure/Depreciation and R&D Expenses Capital Expenditure/Depreciation (billions of yen) 27.1 1.7 20.0 20.0 ■Others 4.9 15.0 1.7 1.3 ■Audio Equipment 3.7 4.1 1.0 ■Musical Instruments 20.5 4.5 13.8 14.6 14.3 14.6 14.3 14.
Slide 25: 4. Topics
4. Topics
Slide 26: Medium-Term Management Plan: Further strengthen the business foundation
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Theme/ Further strengthen the business foundation (1) Develop closer ties (3) Be more flexible and (2) Create new value with customers resilient Creating customer interactions that Cultivating new way
Slide 27: Develop Products with Distinctive Individuality
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Theme/ Further strengthen the business foundation (2) Create new value - Develop Products with Distinctive Individuality Digital piano Digital piano Portable Keyboards Bösendorfer grand piano Trans Ac
Slide 28: Set sustainability as a source of value
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Theme/ Set sustainability as a source of value [Environment] [Society] [Culture] (1) Build a value chain that supports the (2) Enhance brand and competitiveness (3) Expand market through the promotion
Slide 29: Enable Yamaha colleagues to be more valued, engaged, committed
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Theme/ Enable Yamaha colleagues to be more valued, more engaged, and more committed (3) Foster open organizational (2) Promote respect for human rights (1) Increase job satisfaction culture where peop
Slide 30: Medium-Term Management Plan: Results of Financial Indicators
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Results of Financial Indicators Revenue/Revenue growth Core operating profit ratio 6,000 ■■ Revenue（billions of yen） 35% 462.1 14% 414.2 408.2 451.4 462.9 20% 372.6 10.9％ 25% 10.5% 10.2% 4,000 13% 13% 11%
Slide 31: External Evaluation
Performance Other Segment Overview Topics Summary Financial Figures External Evaluation Yamaha selected for all six ESG indices for Japanese equities adopted by the GPIF Best Japan Brands 2025 FTSE Blossom Japan Index Selected for 11 consecutive years FTSE Blossom Japan Sector Relative Index Brand v
Slide 32: Appendix
Appendix YAMAHA
Slide 33: FY2025.3 4Q Summary (Three Months)
FY2025.3 4Q Performance FY2025.3 4Q Segment Full Year (three months) Overview (three months) Other Income/Expenses FY2025.3 4Q Summary (Three Months) （billions of yen） FY2024.3 4Q FY2025.3 4Q Change *2 Revenue 121.1 111.4 -9.7 -8.0% Core Operating Profit 5.9 4.8 -1.1 -18.2% （Core Operating Profit Ra
Slide 34: Performance by Business Segment (Three Months)
FY2025.3 4Q Performance FY2025.3 4Q Segment Full Year (three months) Overview (three months) Other Income/Expenses Performance by Business Segment (Three Months) (billions of yen) Exchange FY2024.3 4Q FY2025.3 4Q Change rate impact Revenue 77.1 71.2 -6.0 0.2 Musical Core Operating Profit 4.0 3.7 -0.
Slide 35: Full Year Other Income and Expenses
FY2025.3 4Q Performance FY2025.3 4Q Segment Full Year (three months) Overview (three months) Other Income/Expenses Full Year Other Income and Expenses （billions of yen） FY2024.3 FY2025.3 FY2026.3 （projections） Core Operating Profit 33.7 36.7 40.0 Profit from (loss on) disposal of fixed assets -0 0.4
Slide 36: 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