Yamaha Corp (YAMCF) Q2 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:01.988 -- 00:00:07.768 Good afternoon, everyone. I am Yamara. Thank you for gathering on your busy schedule. 00:00:07.768 -- 00:00:12.498 I would now like to explain the results for the second quarter of FY2026.3. 00:00:14.155 -- 00:00:18.320 I'd like to start by presenting the highlights of the first half of fiscal year ending 00:00:18.320 -- 00:00:20.343 in March 2026. 00:00:20.343 -- 00:00:24.348 Regarding the financial results summary for the first half of the fiscal year ending 00:00:24.348 -- 00:00:29.535 March 2026, revenue decreased due to sluggish market conditions in China, the 00:00:29.535 -- 00:00:34.301 absence of high demand for audio equipment for professional use, and delayed recovery 00:00:34.301 -- 00:00:39.087 in European markets. Core operating profit decreased due to the impact of additional 00:00:39.087 -- 00:00:43.894 U.S. tariffs and a worsening product mix resulting from lower sales of high-margin audio 00:00:43.894 -- 00:00:48.700 equipment for professional use. Regarding the earnings forecast for the full fiscal year 00:00:48.700 -- 00:00:53.826 ending March 2026, we anticipate that revenue decrease due to the end of high 00:00:53.826 -- 00:00:58.634 demand for audio equipment for professional use and the sluggish market conditions in 00:00:58.634 -- 00:01:03.545 China. We also expect a decrease in operating profit due to the impact of U.S. 00:01:03.545 -- 00:01:08.435 tariffs and a deterioration in the product and regional mix. 00:01:08.435 -- 00:01:13.121 Next, I will explain the overview of the financial results. 00:01:13.167 -- 00:01:15.832 Here are the actual results for the first half. 00:01:15.832 -- 00:01:21.023 For the fiscal year ending March 2026, revenue was 216.4 00:01:21.023 -- 00:01:26.254 billion yen, core opera...