Yamaha (7951) investor relations material

Executive summary

• Revenue for FY2026.3 increased 0.7% year-over-year to ¥465.3 billion, supported by digital instruments and guitars, but offset by declines in pianos and normalization in professional audio demand.

• Net profit rose 77.7% to ¥23.7 billion, mainly due to the absence of prior-year restructuring expenses, despite challenging market conditions in China and lower demand for professional audio in Europe and the U.S.

• Core operating profit declined 13.2% to ¥31.9 billion due to U.S. tariffs, higher component costs, and a less favorable product mix.

• Comprehensive income rose sharply to ¥56.3 billion from ¥624 million a year earlier.

• Structural reforms and price adjustments were implemented to address underperforming businesses and cost pressures, as part of a medium-term plan to rebuild competitiveness and strengthen management.

Financial highlights

• Revenue: ¥465.3 billion (+0.7% YoY); Core operating profit: ¥31.9 billion (-13.2% YoY); Net profit: ¥23.7 billion (+77.7% YoY).

• Total assets rose 4.4% year-over-year to ¥617.6 billion; equity attributable to owners of parent increased to ¥478.3 billion.

• Cash and cash equivalents at year-end were ¥109.0 billion, up ¥9.1 billion from the prior year.

• 4Q revenue grew 11.6% YoY to ¥124.3 billion, with core operating profit up 40.9% to ¥6.7 billion.

• Basic earnings per share doubled to ¥52.70 from ¥27.58, reflecting a 3-for-1 stock split.

Outlook and guidance

• FY2027.3 revenue is forecast at ¥490.0 billion (+5.3% YoY), with core operating profit projected at ¥38.0 billion (+19.2% YoY) and net profit at ¥28.0 billion (+18.0% YoY); EPS forecast at ¥63.65.

• Growth expected across all regions and product categories, with continued focus on price optimization and cost control.

• Assumed FX rates: ¥155/USD, ¥180/€; guidance excludes potential US tariff refunds.

• Dividend forecast for FY2027.3 is ¥26 per share, unchanged from FY2026.3.