Yamaha Motor Company Financial Results for Q1 FY2026 and Full-Year Forecast

Date: August 1, 2025

Company: Yamaha Motor Company

Representative: Atsushi Yamaura, Representative Executive Officer and President

Stock Code: 7951 (Prime Market, Tokyo Stock Exchange)

Contact: Keiko Sugiyama, Corporate Communications Department

TEL: 053-460-2210

Q1 FY2026 Performance Overview: Decrease in Revenue and Profit

For the first quarter of fiscal year 2026, Yamaha Motor Company reported revenue of 103.9 billion yen, a decrease of 8.3 billion yen (7.4%) year-on-year. This decline was attributed to reduced piano sales in China, a normalization of demand for professional audio equipment, and the impact of a stronger yen, which negatively affected results by approximately 5.1 billion yen.

Operating profit decreased by 4.5 billion yen (49.2%) year-on-year to 4.7 billion yen. This was due to efforts to control selling, general, and administrative expenses, offset by the impact of the strong yen, U.S. tariffs, and a decline in the model mix.

Profit attributable to owners of the parent company decreased by 7.0 billion yen (74.7%) year-on-year to 2.4 billion yen.

Performance by Business Segment (Revenue and Profit/Loss)

Starting from FY2026, the reporting segment for "Electronic Devices Business" has been changed to "Mobility Sound Equipment Business." The "Sound Equipment Business" segment has been reorganized to include the former "Other Business." Comparative figures for previous periods have been restated accordingly.

Musical Instruments Business

Revenue: 66.5 billion yen (6.8% decrease year-on-year)

Operating Profit: 2.1 billion yen (49.8% decrease year-on-year)

Acoustic piano sales declined significantly due to reduced sales in China. For electronic instruments, while digital pianos showed strong sales, sales in North America were sluggish due to tariff impacts, resulting in performance similar to the previous year. Wind and string instruments performed steadily, with increased sales. Guitar sales were strong for both acoustic and electric guitars, contributing to increased revenue.

Segment revenue decreased by 4.8 billion yen year-on-year. Segment operating profit decreased by 2.1 billion yen.

Sound Equipment Business

Revenue: 33.0 billion yen (9.7% decrease year-on-year)

Operating Profit: 2.3 billion yen (50.6% decrease year-on-year)

Consumer audio equipment sales decreased due to a contraction in the home audio market. Professional audio equipment sales declined due to the easing of demand for professional audio equipment, particularly in Europe, which was strong in the previous period. Mobility sound equipment sales decreased due to reduced sales in China.

Segment revenue decreased by 3.5 billion yen year-on-year. Segment operating profit decreased by 2.4 billion yen.

Other Business

Revenue: 4.4 billion yen (2.6% increase year-on-year)

Operating Profit: 0.3 billion yen (23.8% decrease year-on-year)

Automotive interior parts and FA equipment sales increased, while golf equipment sales decreased.

Segment revenue increased by 0.1 billion yen year-on-year. Segment operating profit decreased by 0.1 billion yen.

FY2026 Full-Year Earnings Forecast Revision: Incorporating Impact of U.S. Tariffs

The business environment remains uncertain. Yamaha Motor Company has revised its full-year earnings forecast for FY2026, incorporating the impact of U.S. tariffs and countermeasures. The previous forecast, announced on May 8, was for revenue of 455.0 billion yen (1.5% decrease year-on-year), operating profit of 40.0 billion yen (8.9% increase year-on-year), and profit attributable to owners of the parent of 28.5 billion yen (113.5% increase year-on-year).

The revised forecast is for revenue of 452.0 billion yen (2.2% decrease year-on-year), operating profit of 32.0 billion yen (12.9% decrease year-on-year), and profit attributable to owners of the parent of 22.5 billion yen (68.5% increase year-on-year). This represents a downward revision.

The assumed exchange rates for the second half of FY2026 are 145 yen to the U.S. dollar and 160 yen to the Euro.

Note 1: Operating profit is calculated by deducting selling, general, and administrative expenses from gross profit, equivalent to operating income under Japanese accounting standards.

Note 2: Revenue and profit figures in this document are rounded down to the nearest hundred million yen.

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