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Earnings presentation7906YONEX CO.,LTD.Information and Communications, Services and Others

Materials for the Financial Results Briefing for the Fiscal Year Ending March 2026

For the fiscal year ended March 2026, net sales, operating income, and net income attributable to owners of the parent all exceeded the previous fiscal year, with net sales and operating income reaching record highs. For the fiscal year ending March 2027, the Company expects higher net sales and operating income, including net sales of ¥178.0 billion and operating income of ¥17.8 billion.

Worth reading
80Important
Scored from 5 of 6 sections
Direction
Improvement
Direction inferred from the company’s description.
Scale
25367
¥ million (year-on-year increase in net sales)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationFiscal year ending March 2026, full year10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥163,643 million+18.3%
Operating profit¥16,546 million+16.7%
Ordinary income¥16,316 million+16.8%
Net income¥12,092 million +14.2%net income attributable to owners of the parent
Selling, general and administrative expenses¥55,980 million
Gross Profit Margin
Rate44.3%
Operating profit margin
Rate10.1%
Full-year earnings forecast
Fiscal year ending March 2027
Net Sales
¥178,000 million
Operating profit
¥17,800 million
Ordinary income
¥17,600 million
Net income
¥13,200 million net income attributable to owners of the parent
Operating profit margin
10.0%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Increase in gross profit from higher revenue¥11,385 million
  • Decline in gross margin¥-919 million
  • Increase in personnel expenses¥-1,922 million
  • Increase in Advertising Expenses¥-4,297 million
  • Increase in R&D expenses¥-313 million
  • Increase in other SG&A expenses¥-1,562 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • 22.5 Yen FY2027 forecast, average during the fiscal year
    Assumptions1RMB
  • 4.9 Yen FY2027 forecast, average during the fiscal year
    Assumptions1TWD
  • 155 Yen FY2027 forecast, average during the fiscal year
    Assumptions1USD
  • 180 Yen FY2027 forecast, average during the fiscal year
    Assumptions1EUR
  • 205 Yen FY2027 forecast, average during the fiscal year
    Assumptions1GBP
  • AssumptionsSports Market
    DetailsExpected to remain solid to a certain degree
New initiatives
  • Launch of a US e-commerce site and BOPIS services
  • Expansion of tournament-linked tennis pop-up stores, including at the Shanghai Masters
  • Construction of a new badminton factory in Toyama scheduled to begin in August 2026
  • Synthetic-feather shuttlecock “CROSSWIND70”
  • New “GRPHT THRTTL” structure incorporated into the “SUBAXIA GT” badminton shoes
  • Transition to personnel management centered on a grading system and establishment of a specialist career path
Key KPIsA metric the company considers important as a management benchmark.
  • EPS¥141.42
    Year on year against the same period last year+¥18.46
  • ROE16.2 %
    Year on year against the same period last year△0.1pt
  • Overseas revenue ratio74.4 %
    Year on year against the same period last year+2.1pt
  • DTC revenueMore than 40% increase year on year
    Year on year against the same period last yearMore than 40% increase year on year
  • Number of stores carrying Yonex products listed on the US website1,200 Approximately 1,200 stores April 2026
    Year on year against the same period last yearIncreased from 940 stores in April 2025
  • Racket sales share at US specialty tennis retailers (¥250 or more)29.9 % 2025
  • Yonex racket usage rate at the Australian Open (professionals)27 %
  • Yonex racket usage rate at the Australian Open (juniors)32 %
  • Standalone female manager ratio31.2 %
Segment results
  • Japan
    Net Sales¥64,092 million
    Year-on-year change in revenue+10.5%
    Operating profit¥3,962 million
    Year-on-year operating profit growth+7.3%
  • Asia
    Net Sales¥85,562 million
    Year-on-year change in revenue+25.8%
    Operating profit¥11,864 million
    Year-on-year operating profit growth+22.2%
  • North America
    Net Sales¥7,358 million
    Year-on-year change in revenue+15.8%
    Operating profit¥256 million
    Year-on-year operating profit growth△54.2%
  • Europe
    Net Sales¥6,077 million
    Year-on-year change in revenue+13.4%
    Operating profit¥506 million
    Year-on-year operating profit growth+6.2%
  • Sports Facilities Business
    Net Sales¥552 million
    Year-on-year change in revenue△0.8%
    Operating profit¥-22 million
Medium-term management plan targets
PlanGlobal Growth Strategy (GGS)
Target fiscal yearFiscal year ending March 2031
Sales growth rateCAGR 7〜10%
Operating profit margin10% or higher
ROE13% or more
Financial targets
Medium-term target
ROE13% or higher (fiscal year ending March 2031)
Actual results
ROE16.2% (fiscal year ended March 2026)
Market Size / Share
Racket sales share at US specialty tennis retailers29.9% in the ¥250-and-above price range (2025, No. 1)
Australian Open racket usage rateProfessionals 27%, juniors 32%
Number of stores and locations
The number of stores listed on the US website increased from 940 in April 2025 to approximately 1,200 in April 2026. Other period-end store and facility counts, as well as store openings and closures, are Not disclosed
Annual Dividend
Fiscal year ending March 2026
Annual¥25 per share
Interim¥12 per share
End of period¥13 per share
Forecast for the fiscal year ending March 2027
Annual¥28 per share
Interim¥14 per share
End of period¥14 per share
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredFiscal year ending March 2026, full year
Net Sales¥163,643 million (YoY +18.3%)
Operating profit¥16,546 million (YoY +16.7%)
Ordinary income¥16,316 million (YoY +16.8%)
Net income¥12,092 million (net income attributable to owners of the parent) (YoY +14.2%)
Gross Profit MarginRate 44.3% / Year-on-year change (points) Not disclosed
Operating profit marginRate 10.1% / Year-on-year change (points) Not disclosed
Selling, general and administrative expenses¥55,980 million
Full-year earnings forecastFiscal year ending March 2027 Net Sales ¥178,000 million / Operating profit ¥17,800 million / Ordinary income ¥17,600 million / Net income ¥13,200 million (net income attributable to owners of the parent) / Operating profit margin 10.0%
Segment resultsSegment Japan / Net Sales ¥64,092 million / Year-on-year change in revenue +10.5% / Operating profit ¥3,962 million / Year-on-year operating profit growth +7.3%, Segment Asia / Net Sales ¥85,562 million / Year-on-year change in revenue +25.8% / Operating profit ¥11,864 million / Year-on-year operating profit growth +22.2%, Segment North America / Net Sales ¥7,358 million / Year-on-year change in revenue +15.8% / Operating profit ¥256 million / Year-on-year operating profit growth △54.2%, Segment Europe / Net Sales ¥6,077 million / Year-on-year change in revenue +13.4% / Operating profit ¥506 million / Year-on-year operating profit growth +6.2%, Segment Sports Facilities Business / Net Sales ¥552 million / Year-on-year change in revenue △0.8% / Operating profit ¥-22 million / Year-on-year operating profit growth Not disclosed
Breakdown of Factors Affecting the ChangeFactors Increase in gross profit from higher revenue / Amount ¥11,385 million, Factors Decline in gross margin / Amount ¥-919 million, Factors Increase in personnel expenses / Amount ¥-1,922 million, Factors Increase in Advertising Expenses / Amount ¥-4,297 million, Factors Increase in R&D expenses / Amount ¥-313 million, Factors Increase in other SG&A expenses / Amount ¥-1,562 million
Key KPIsIndicator name EPS / Value ¥141.42 / Year on year against the same period last year +¥18.46, Indicator name ROE / Value 16.2 % / Year on year against the same period last year △0.1pt, Indicator name Overseas revenue ratio / Value 74.4 % / Year on year against the same period last year +2.1pt, Indicator name DTC revenue / Value More than 40% increase year on year / Year on year against the same period last year More than 40% increase year on year, Indicator name Number of stores carrying Yonex products listed on the US website / Value 1,200 Approximately 1,200 stores (April 2026) / Year on year against the same period last year Increased from 940 stores in April 2025, Indicator name Racket sales share at US specialty tennis retailers (¥250 or more) / Value 29.9 % (2025) / Year on year against the same period last year Not disclosed, Indicator name Yonex racket usage rate at the Australian Open (professionals) / Value 27 % / Year on year against the same period last year Not disclosed, Indicator name Yonex racket usage rate at the Australian Open (juniors) / Value 32 % / Year on year against the same period last year Not disclosed, Indicator name Standalone female manager ratio / Value 31.2 % / Year on year against the same period last year Not disclosed
Number of stores and locationsThe number of stores listed on the US website increased from 940 in April 2025 to approximately 1,200 in April 2026. Other period-end store and facility counts, as well as store openings and closures, are Not disclosed
Assumptions Underlying the Business OutlookAssumptions 1RMB / Value 22.5 Yen (FY2027 forecast, average during the fiscal year), Assumptions 1TWD / Value 4.9 Yen (FY2027 forecast, average during the fiscal year), Assumptions 1USD / Value 155 Yen (FY2027 forecast, average during the fiscal year), Assumptions 1EUR / Value 180 Yen (FY2027 forecast, average during the fiscal year), Assumptions 1GBP / Value 205 Yen (FY2027 forecast, average during the fiscal year), Assumptions Sports Market / Details Expected to remain solid to a certain degree
Medium-term management plan targetsPlan Global Growth Strategy (GGS) / Target fiscal year Fiscal year ending March 2031 / Sales growth rate CAGR 7〜10% / Operating profit margin 10% or higher / ROE 13% or more
Financial targetsMedium-term target ROE 13% or higher (fiscal year ending March 2031) / Actual results ROE 16.2% (fiscal year ended March 2026)
Annual DividendFiscal year ending March 2026 Annual ¥25 per share / Interim ¥12 per share / End of period ¥13 per share / Forecast for the fiscal year ending March 2027 Annual ¥28 per share / Interim ¥14 per share / End of period ¥14 per share
Market Size / ShareRacket sales share at US specialty tennis retailers 29.9% in the ¥250-and-above price range (2025, No. 1) / Australian Open racket usage rate Professionals 27%, juniors 32%
New initiativesLaunch of a US e-commerce site and BOPIS services, Expansion of tournament-linked tennis pop-up stores, including at the Shanghai Masters, Construction of a new badminton factory in Toyama scheduled to begin in August 2026, Synthetic-feather shuttlecock “CROSSWIND70”, New “GRPHT THRTTL” structure incorporated into the “SUBAXIA GT” badminton shoes, Transition to personnel management centered on a grading system and establishment of a specialist career path
Items this document does not state (11)
Results for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of employeesRisk amount incorporated into the outlookPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

Amid a solid sports market, the Company worked to disseminate information leveraging the performance of its contracted athletes, promote its “Head-to-Toe” proposals, and strengthen sales channels. Sales increased due to continued demand for badminton and improved brand recognition in tennis. Although raw material prices rose and foreign exchange movements, as well as higher selling, general and administrative expenses including advertising and personnel expenses, had an impact, the increase in gross profit from higher sales exceeded the increase in SG&A expenses.

How to read this page

This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Materials for the Financial Results Briefing for the Fiscal Year Ending March 2026 | YONEX CO.,LTD. (7906) timely disclosure | Komori