Presentation: Financial Results for FY3/26

Fiscal Year Ending March 31, 2026

Financial Results

Yonex Co., Ltd.

Tokyo Stock Exchange Code： 7906

May 19, 2026

1. Consolidated Financial Results for FY3/26 ・・・・・・・・・・・ 3
2. Segment Overview ・・・・・・・・・・・・・・・・・・・・・・・・・ ・・・・ 8
3. Forecasts for FY3/27 ・・・・・・・・・・・・・・・・・・・・・・・・・・・・ ・・・・・・ 15
4. Dividends ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ ・・・・・・・・・・・・・ 16
5. Progress of Global Growth Strategy (GGS) ・・・・・・・ 17
6. Appendix ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ ・・・・・・・・・・・・ 34

Net Sales

163.6billion yen

YoY

+18.3％

Operating Profit

16.5billion yen

YoY

+16.7％

Net Profit

Attributable to owners of parent 12.0billion yen YoY

+14.2％

Net Sales Operating Profit

• Amid solid conditions in the sports market, consolidated net sales reached a new record high, supported by communications leveraging the achievements of Team Yonex athletes, Head-to-Toe proposals, and sales initiatives.

• In badminton, demand remained solid, supported by continued popularity, particularly in Asia.

• In tennis, sales grew as brand recognition increased, supported by the achievements of Team Yonex athletes at

  international tournaments..

• Despite the impact of higher raw material prices and foreign exchange rates, gross profit increased due to higher sales.

• Although SGA expenses increased, mainly due to higher advertising expenses and personnel expenses, the increase in gross profit exceeded the increase in SGA expenses, resulting in record-high operating profit.

  （Million yen)

  	FY3/25 Results	FY3/26		YoY		FY3/26 Full Year Forecasts (Announced on Nov 7, 2025)
  		Results	Margins
  Net Sales	138,276	163,643	-	+18.3％ (+25,367)	162,000
  Gross Profit	62,061	72,527	44.3％	+16.9％ (+10,465)	-
  SGA	47,884	55,980	34.2％	+16.9％ (+8,096)	-
  Operating Profit	14,176	16,546	10.1％	+16.7％ (+2,369)	16,200
  Ordinary Profit	13,964	16,316	10.0％	+16.8％ (+2,352)	15,600
  Net Profit (Attributable to owners of parent)	10,591	12,092	7.4％	+14.2％ (+1,501)	11,600
  EPS	122.96 yen	141.42 yen	-	+18.46 yen	135.76 yen
  ROE	16.3％	16.2％	-	-0.1%pt	-

  Gross profit increased due to higher sales, despite a lower gross profit margin. SGA expenses increased, mainly due to higher advertising expenses for brand-building initiatives and personnel expenses.

  (Million yen）

  +11,385

  -919

  -1,922

  14,176

  -4,297

  16,546

  -313

  -1,562

  Increase in SGA -8,096

  FY3/25	Gross Profit	Decline in	Personnel	Advertising	R&D	Other	FY3/26
  	Increase due to	Gross Profit	Expenses	Expenses	Expenses	Expenses
  	Higher Sales	Margin

  Property, plant and equipment and interest-bearing debt increased due to property acquisitions for workplace development and capital investments related to the new tennis racquet factory, as well as associated borrowings.

• Assets ⚫ Liabilities (Million yen)

  	End FY3/25	End FY3/26	Change
  Cash and deposits	29,478	34,312	+4,834
  Notes and accounts receivable- trade	20,003	22,655	+2,651
  Inventory	20,005	24,196	+4,190
  Property, plant and equipment	30,607	37,423	+6,816
  Intangible assets	1,725	1,452	-272
  Others	7,731	8,580	+849
  Total Assets	109,551	128,620	+19,069

  	End FY3/25	End FY3/26	Change
  Accounts payable	10,402	11,115	+713
  Interest-bearing debt	10,213	17,402	+7,188
  Others	19,508	19,362	-146
  Total Liabilities	40,124	47,880	+7,755
  Equity Capital	69,201	80,493	+11,291
  Non-controlling Interests	224	247	+22
  Total Net Assets	69,426	80,740	+11,313
  Total Liabilities and Net Assets	109,551	128,620	+19,069

  Maintained the necessary cash on hand to support growth investments under the Global Growth Strategy (GGS).

  • Proceeds from borrowings

  • Property acquisitions for workplace development

  • Investment in new tennis racquet factory

  (Million yen)

  	FY3/25	FY3/26	Change
  Operating activities	12,978	9,485	-3,492
  Investing activities	-5,765	-10,035	-4,270
  Free cash flow	7,213	-549	-7,762
  Financial activities	-2,614	4,501	+7,115
  Net effect of exchange rate changes	1,220	785	-435
  Net increase (decrease) in cash and cash equivalents	5,820	4,737	-1,082
  Cash and cash equivalents	29,000	33,738	+4,737

  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）

  Segment		FY3/26 Results		Sales Composition	Related Entities
  		Net Sales	Operating Profit		Sales	Manufacture
  Sporting Goods Division	Japan	64,092	3,962	39.2%		Co., Ltd.
  	Asia	85,562	11,864	52.3%		LIMITED LTD. (Thailand)
  	North America	7,358	256	4.5%	(US and Canada)
  	Europe	6,077	506	3.7%
  Sports Facilities Division		552	-22	0.3%

  • YONEX JAPAN (Domestic sales)

  • Sales to overseas distributors※

  • Niigata Factory

  • Tokyo Factory

  • YONEX Precision Machinery

  • YONEX SPORTS (CHINA) CO., LTD.

  • YONEX TAIWAN CO., LTD.

  • YONEX TAIWAN CO., LTD.

  • YONEX INDIA PRIVATE

  • YONEX TECNIFIBRE CO.,

  • YONEX CORPORATION

  • YONEX GmbH (Germany)

  • YONEX U.K. LIMITED (UK)

  • Operation of a golf course, a golf driving range, and a tennis club

  ※ Main regions where our sales are conducted through distributors: Southeast Asia, India, Korea, France, Australia

  The negative foreign exchange translation impact from yen appreciation against certain currencies was limited by yen depreciation in the second half, while sales growth contributed to higher net sales.

  1RMB

  1TWD

  1USD

  1EUR

  1GBP

• Forex rate

  FY3/25 (Jan-Dec)	21.01 yen	4.71 yen	151.57 yen	163.94 yen	193.68 yen
  FY3/26 (Jan-Dec)	20.81 yen	4.79 yen	149.70 yen	168.99 yen	197.24 yen
  YoY	-1.0%	+1.7%	-1.2%	+3.1%	+1.8%

  (Million yen)

  +18,011

  （+26.5%）

  -4

  （-0.8%）

  +6,333

  （+10.9%）

  Japan

Sporting Goods Division

-246

138,276

Consolidated Net Sales

Changes Excluding Forex Impact (%) Forex Impact

-93

-448

Total -633 million yen

163,643

+155

+563

（+10.5%）

+1,097

（+17.3%）

FY3/25 FY3/26

(Million yen)

Net Sales

64,092 millon yen

YoY

+10.5%

51,039

58,005

64,092

Domestic

Sales

In badminton, sales increased on solid demand, with strong sales of racquets

across a wide price range, as well as strings. In tennis, sales grew across categories, including racquets, shoes, and strings.

Overseas

Distributors

In badminton, sales increased on firm demand in Asia and increased participation

in sporting activities in Europe. In tennis, sales grew, supported by marketing activities leveraging the achievements of Team Yonex athletes.

FY3/24

FY3/25

FY3/26

FY3/26

FY3/25

FY3/24

1,641

Gross profit increased due to higher sales. Although SGA expenses increased,

mainly due to higher global advertising and personnel expenses, the increase in gross profit exceeded the increase in SGA expenses, resulting in higher operating profit.

3,962

3,694

Operating

Profit

+ 7.3%

million yen

(Million yen)

YoY

3,962

(Million yen)

Net Sales

85,562 million yen

YoY

+25.8%

85,562

67,999

China

The badminton market remained solid. We focused on grassroots promotions and

strengthening Head-to-Toe proposals, driving sales growth across a wide range of badminton products and other products, including apparel and bags. In tennis, sales grew, supported by marketing initiatives leveraging the adoption of our tennis balls as official tournament balls at international tournaments.

54,849

Taiwan

Sales of badminton racquets, and other products grew, supported by the active

badminton market and the achievements of Team Yonex athletes at international tournaments.

FY3/24

FY3/25

FY3/26

FY3/26

FY3/25

FY3/24

Gross profit increased due to higher sales. Although advertising expenses

increased, mainly at the China subsidiary, reflecting enhanced marketing activities, the increase in gross profit exceeded this, resulting in higher operating profit.

11,864

9,712

8,883

Operating

Profit

million yen

(Million yen)

YoY

+22.2%

11,864

• Forex Rate

  (Million yen)

  7,358 million yen

  YoY

  +15.8%

  7,358

  5,512

  6,354

  Net Sales

  FY3/24

  FY3/25

  FY3/26

  Sales of tennis products remained solid, mainly driven by racquets. Badminton product sales also increased, supported by increased participation in sporting activities, while sales of other products, including apparel, grew. Through DTC initiatives, including e-commerce sites and pop-up stores, we focused on strengthening direct customer touchpoints.

Operating

Profit

256 million yen

YoY

-54.2%

(Million yen)

560

251

256

FY3/24

FY3/25

FY3/26

• Forex Rate

  (Million yen)

  6,077 million yen

  YoY

  +13.4%

  6,077

  5,359

  4,518

  Net Sales

  FY3/24

  FY3/25

  FY3/26

  Tennis product sales increased, mainly driven by racquets, as brand recognition grew, supported by the achievements of Team Yonex athletes. Badminton product sales also grew, mainly driven by racquets, as demand remained solid amid growing excitement around the sport, including from international tournaments.

506 million yen

YoY

+6.2%

(Million yen)

533

477

506

Operating

Profit

FY3/24

FY3/25

FY3/26

YoY

FY3/26

FY3/25

• Forex Rate

  1EUR 163.94 yen 168.99 yen 5.05 yen weaker

  FY3/25 FY3/26 YoY

1GBP 193.68 yen

197.24 yen 3.56 yen weaker

Badminton sales increased both domestically and overseas amid continued sports market activity. Tennis sales also rose domestically and overseas, supported by improved brand recognition driven by the achievements of Team Yonex athletes. In the Others categories, sales increased mainly in China, led by apparel and accessories.

(Million yen)

FY3/26

Japan

Overseas

+19.6%

16,212

Badminton

Tennis

Golf

18,762

101,707

+17.1%

7,450

18,774

FY3/25

FY3/26

62.4%

8,266

21,983

Others

-11.7%

+17.5%

-0.8%

FY3/26

64.5%

FY3/25

13,472

32,282

37,939

13,009

557 552

85,008

1,653

1,460

FY3/25 FY3/26 FY3/25 FY3/26

Overseas Sales

Composition

（YoY）

81.6%

（+0.7%pt）

（+2.1%pt）

988

FY3/25

FY3/26

43.8%

820

（+3.6%pt）

（+4.8%pt）

62.2%

Racquets, shuttlecocks, strings, and shoes for badminton

13.4%

Racquets, strings for tennis and soft tennis, shoes, and tennis balls

0.9%

Clubs, shafts, apparel, bags, shoes, and accessories for golf

23.2%

Apparel for tennis and badminton, ー

bags, accessories, off-court and running shoes, snowboards, and sports cycles

0.3%

* Sales to overseas distributors are included in "Overseas"

© 2026 YONEX Co., Ltd. 14

Despite continued uncertainty in the external environment, the sports market is expected to remain solid to a certain extent. Under the Global Growth Strategy (GGS), we will strengthen our growth foundation and aim for sustainable growth.

• Assumptions

  1RMB	FY3/26 Results 20.81	FY3/27 Forecasts 22.5
  1TWD	4.79	4.9
  1USD	149.70	155
  1EUR	168.99	180
  1GBP	197.24	205

  • The business environment will require continued attention due to geopolitical risks, raw material prices, logistics costs, and impacts on procurement and supply, while the sports market is expected to remain solid to a certain extent.

  • Under GGS, we will continue building the foundation for medium- to long-term growth, focusing on initiatives to expand our customer base globally and further develop sports.

  • We expect marketing investments to enhance global brand recognition and higher personnel

    expenses associated with strengthening our business foundation.

• Forex Rate (average)

  (Yen)

  (Million yen)	FY3/26 Results		FY3/27 Forecasts		VS FY3/26 Results
  	H1	Full Year	H1	Full Year	H1	Full Year
  Net Sales	79,532	163,643	89,000	178,000	+11.9% （+9,467）	+8.8% （+14,356）
  Operating Profit	8,847	16,546	9,500	17,800	+7.4% （+652）	+7.6% （+1,253）
  Operating Profit Margin	11.1%	10.1%	10.7%	10.0%	-0.4%pt	-0.1%pt
  Ordinary Profit	8,199	16,316	9,400	17,600	+14.6% （+1,200）	+7.9% （+1,283）
  Net Profit (Attributable to owners of parent)	6,371	12,092	7,100	13,200	+11.4% （+728）	+9.2% （+1,107）

  The full-year dividend is expected to be 25 yen per share, with the year-end dividend expected to be 13 yen per share. The full-year dividend for the FY3/27 is forecast at 28 yen.

• Policy

We maintain stable dividends over the medium to long term, with a DOE (dividend on equity) of around 3% as a benchmark.

Progress of Global Growth Strategy (GGS)

We are steadily advancing initiatives in line with our Global Growth Strategy (GGS), formulated in May 2023.

Leveraging product development and Monozukuri expertise built through racquets to support customers' performance from

Beyond Racquets Sales Growth (excluding racquets)

FY3/26

FY3/25

FY3/24

head to toe

Key Initiatives

Supporting Shoes and Apparel Growth

• Expanding the shoe lineup to strengthen

  proposals to a broader range of customers

• Coordinated product proposals linked to racquet designs

• Strong performance of badminton national team model apparel

SPIN OPERATOR | NEW VCORE | YONEX (video)

▲ MUSE capsule collection

Strengthened proposals encompassing not only racquets but also shoes, apparel, and bags

Expansion of "Head-to-Toe" proposals in the China market through enhanced communications and product offerings tailored

• Strengthened product development tailored to the preferences of Chinese consumers, led by local development teams

• Increased use of Yonex products, including apparel and shoes, at domestic amateur tournaments

Sales trend in other categories (including apparel)

to local needs, driven by badminton demand

2021 2022 2023 2024 2025

*CAGR : Compound Annual Growth Rate

Expansion of Head-to-Toe proposals through an enhanced lineup of training and off-court products