Yonex Co., Ltd. TSE:7906

Presentation: Financial Results for FY3/26 Q3

Published

Source: MarketScreener



Fiscal Year Ending March 31, 2026 Q1-3

Financial Results Yonex Co., Ltd. Tokyo Stock Exchange Code: 7906

February 10, 2026

1. Consolidated Financial Results

for FY3/26 Q1-3 ・・・・・・ ・・・・

3

2. Segment Overview

・・・・・・・・・・・・・・・・・・・ ・・・・・・・

7

3. Forecasts for FY3/26

・・・・・・・・・・・・・・・・・・・ ・・・・・・・

14

4. Topics

・・・・・・・・・・・・・・・・・・・ ・・・・・・・・・・・・・・

15

5. Appendix

・・・・・・・・・・・・・・・・・・・ ・・・・・・・・・・・・・・

18

Net Sales 120.4billion yen YoY

+18.4％

Operating Profit

12.9billion yen

YoY

+13.5％

Net Profit

Attributable to owners of parent

9.6billion yen

YoY

+3.9％

Net Sales Operating Profit

  • Amid a strong global sports market, we focused on communication and marketing activities leveraging the achievements of Team Yonex athletes, while strengthening initiatives that emphasize customer touchpoints, including pop-up stores and other events.

  • In badminton, demand remained solid, particularly in Asia. In tennis, brand recognition improved, supported by the achievements of Team Yonex athletes at international tournaments, and contributed to sales growth.

  • Despite negative translation effects of the stronger yen upon our overseas operations, consolidated net sales for the cumulative Q1-Q3 period reached a record high.

  • SGA expenses increased, mainly due to higher advertising and promotional expenses and personnel costs associated with strengthened marketing activities.

  • However, the increase in gross profit driven by higher sales exceeded the rise in SGA expenses, resulting in record-high consolidated operating profit for the cumulative Q1-Q3 period.

    (Million yen)

    FY3/25 Q1-3

    Results

    FY3/26 Q1-3

    YoY

    FY3/26

    Forecasts*

    Results

    Margins

    Net Sales

    101,758

    120,474

    -

    +18.4%

    (+18,715)

    162,000

    Gross Profit

    46,522

    53,308

    44.2％

    +14.6%

    (+6,786)

    -

    SGA

    35,131

    40,376

    33.5％

    +14.9%

    (+5,245)

    -

    Operating Profit

    11,391

    12,932

    10.7％

    +13.5%

    (+1,540)

    16,200

    Ordinary Profit

    11,446

    12,702

    10.5％

    +11.0%

    (+1,256)

    15,600

    Net Profit

    (Attributable to owners of parent)

    9,249

    9,610

    8.0％

    +3.9%

    (+361)

    11,600

    EPS

    107.14 yen

    112.41 yen

    -

    +5.27 yen

    135.76 yen

    * Revised on November 7, 2025

    Despite a decline in gross profit margin, gross profit increased due to higher sales. SGA expenses increased, mainly reflecting higher advertising expenses related to marketing activities aimed at enhancing brand recognition, as well as increased personnel expenses.

    (Million yen)

    +8,556 -1,769 -1,361

    11,391

    -3,289

    12,932

    -255 -339 Increase in SGA -5,245

    FY3/25

    Gross Profit

    Decline in

    Personnel

    Advertising

    R&D

    Other

    FY3/26

    Q1-3

    Increase due to

    Gross Profit

    Expenses

    Expenses

    Expenses

    Expenses

    Q1-3

    Higher Sales

    Margin

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

  • Assets ⚫ Liabilities (Million yen)

    End FY3/25

    End FY3/26 Q3

    Change

    Cash and Deposits

    29,478

    35,367

    +5,889

    Notes and Accounts

    receivable- trade

    20,003

    21,021

    +1,018

    Inventory

    20,005

    21,266

    +1,261

    Property, Plant and

    Equipment

    30,607

    35,980

    +5,373

    Intangible Assets

    1,725

    1,486

    -238

    Others

    7,731

    8,547

    +816

    Total Assets

    109,551

    123,671

    +14,120

    End FY3/25

    End FY3/26

    Q3

    Change

    Account payable

    10,402

    10,241

    -160

    Interest-bearing debt

    10,213

    17,840

    +7,626

    Others

    19,508

    18,901

    -607

    Total Liabilities

    40,124

    46,983

    +6,858

    Equity Capital

    69,201

    76,456

    +7,255

    Non-controlling Interests

    224

    231

    +6

    Total Net Assets

    69,426

    76,688

    +7,261

    Total Liabilities and

    Net Assets

    109,551

    123,671

    +14,120

    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 Q1-3 Results

    Sales Composition

    Related Entities

    Net Sales

    Operating Profit

    Sales

    Manufacture

    Sporting Goods Division

    Japan

    46,153

    2,710

    38.3%

    Asia

    63,478

    9,066

    52.7%

    LTD. (Thailand)

    North America

    5,804

    419

    4.8%

    (US and Canada)

    Europe

    4,544

    421

    3.8%

    Sports Facilities Division

    493

    39

    0.4%

    • YONEX JAPAN (Domestic sales)

    • Sales to overseas distributors※

    • Niigata Factory

    • Tokyo Factory

    • YONEX Precision Machinery Co., Ltd.

    • YONEX SPORTS (CHINA) CO., LTD.

    • YONEX TAIWAN CO., LTD.

    • YONEX TAIWAN CO., LTD.

    • YONEX INDIA PRIVATE LIMITED

    • YONEX TECNIFIBRE CO.,

    • YONEX CORPORATION

    • YONEX GmbH (Germany)

    • YONEX U.K. LIMITED (UK)

    • Operation of golf courses, golf driving ranges, and tennis club

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

    Despite negative foreign exchange translation effects from yen appreciation in certain currencies, strong sales growth resulted in higher net sales.

  • Forex Rate

FY3/25 Q1-3 （Jan-Sep） FY3/26 Q1-3 （Jan-Sep） YoY

1RMB

1TWD

1USD

1EUR

1GBP

20.97 yen

20.50 yen

-2.2%

4.71 yen

4.74 yen

+0.6%

151.28 yen

148.22 yen

-2.0%

164.39 yen

165.53 yen

+0.7%

193.13 yen

194.67 yen

+0.8%

Consolidated Net Sales

Change Excluding Forex Impact (%) Forex Impact

+14,206

（+28.1%）

+1,083

（+22.4%）

+414

（+10.1%）

+33

120,474

Total -1,597million yen

-1,231

-122

-1

（-0.3%）

+4,610

（+11.0%）

101,758

-277

Sporting Goods Division

Sports

Facilities Division

Europe

North America

Asia

Japan



(Million yen)

FY3/25 Q1-3 FY3/26 Q1-3

(Million yen)

Net Sales

46,153

million yen

YoY

+10.4%

46,153

41,819

37,545

Domestic

Sales

Overseas

Distributors

FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3

In badminton, demand remained solid, with increased sales of racquets across a wide range of price points, while sales of other products, including bags and apparel, also remained steady, contributing to higher sales. In tennis, sales increased, supported by steady demand across various product categories, including shoes and strings.

In badminton, demand remained solid in Asia, while sales in Europe also remained steady, supported by increased participation in sporting activities, resulting in higher sales. In tennis, sales increased, supported by marketing activities leveraging the achievements of Team Yonex athletes.



2,710 million yen

YoY

+21.9%

(Million yen)

2,710

Operating

Profit

2,223

1,045

FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3

Gross profit increased due to higher sales. Although SGA expenses rose mainly due to higher personnel expenses and increased global advertising expenses, the increase in gross profit exceeded the rise in SGA expenses, resulting in higher operating profit.



(Million yen)

Net Sales

63,478 million yen

YoY

+25.7%

63,478

50,502

39,290

China

Taiwan

FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3

Driven by the achievements of Team Yonex athletes at international tournaments, interest in the sport remained strong, supporting higher sales of badminton products.

The badminton market remained solid, with continued grassroots promotional activities and enhanced "Head to Toe" proposals. Sales increased across a wide range of badminton products, while sales of apparel and bags also grew. In tennis, sales increased, supported by marketing initiatives leveraging the adoption of Yonex balls as official balls at international tournaments.



YoY

Operating Profit

9,066 million yen +14.0%

(Million yen)

7,955 9,066

6,007

FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3

Gross profit increased due to higher sales. Despite higher advertising expenses mainly at the China subsidiary, the increase in gross profit exceeded the rise in expenses, resulting in higher operating profit.



Jan-Sep, 2024

Jan-Sep, 2025

YoY

Jan-Sep, 2024

Jan-Sep, 2025

YoY

1RMB

20.97 yen

20.50 yen

0.47 yen stronger

1TWD

4.71 yen

4.74 yen

0.03 yen weaker

  • Forex Rate