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Presentation materials for financial results7951YAMAHA CORPORATIONInformation and Communications, Services and Others

Financial Results Presentation Materials for the Fiscal Year Ending March 2026

In FY2026, revenue remained broadly unchanged year on year, while business profit declined due to higher costs, tariffs and lower sales of audio equipment. In FY2027, the company expects higher revenue and profit, driven by price optimization, structural reforms, new products and growth investments.

Worth reading
86Important
Scored from 4 of 6 sections
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
48
¥100 million (year-on-year decline in business profit)
Wording
Conditional
How definitive the wording is.

Contents of this document

Presentation materials for financial resultsFiscal year ending March 2026, full year12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales4,653 Hundreds of millions of yen+0.7%
Operating profit¥319 100 million -13.2%business profit
Ordinary income¥353 100 million profit before tax
Net income¥237 100 million +77.7%profit for the year attributable to owners of the parent
Operating profit margin6.9 % business profit margin
Results for the three months of the current quarter
Revenue
1,243 Hundreds of millions of yen+11.6%
Business profit
67 Hundreds of millions of yen+40.9%
Profit for the period
35 Hundreds of millions of yen
Full-year earnings forecast
Revenue
4,900 Hundreds of millions of yen
Business profit
380 Hundreds of millions of yen
Profit for the period
280 Hundreds of millions of yen
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The first year of the medium-term plan fell short of its targets. Structural reforms in underperforming businesses, expansion of the value added of experiences and services, and the creation of new businesses are progressing as planned.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Foreign Exchange Effects27
  • Cost increases-14
  • Tariff impact-86
  • Tariff recovery68
  • Production cuts, product mix and other factors-65
  • Benefits of structural reforms implemented in the previous fiscal year23
  • One-time processing costs22
  • Selling, general and administrative expenses-19
  • Other Businesses-4
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • U.S. dollar exchange rate¥155
  • Euro exchange rate¥180
New initiatives
  • Promoting price optimization
  • Expanding sales of high-value-added products
  • Expanding market share through new product launches
  • Accelerating investment in new businesses
  • Investment in アイ・ペアーズ株式会社
  • Launch of Yamaha Creator Pass
  • Opening of an experience center in Bangalore
  • Signing of a memorandum of cooperation with the Philippine Department of Education
  • Ending sales of golf equipment
Key KPIsA metric the company considers important as a management benchmark.
  • Revenue growth rate (CAGR)0.7 %
  • ROE5.1 %
  • Business profit margin6.9 %
  • Number of Yamaha Music IDs800 10,000 IDs
  • Number of businesses launched and services introduced in new and adjacent areas7 Engagements
  • Percentage of sustainably sourced wood used71.2 %
  • CO2 emissions-39 % versus FY2017
Segment results
  • Musical Instruments Business
    Revenue3,049
    Business profit212
    Year-on-year revenue comparison3
    Year-on-year change in profit-4.1
  • Audio Equipment Business
    Revenue1,424
    Business profit108
    Year-on-year revenue comparison-3.6
    Year-on-year change in profit-25.2
  • Other Businesses
    Revenue180
    Business profit-1
    Year-on-year revenue comparison-1.6
Medium-term management plan targets
Target fiscal yearFY2028 (medium-term plan target)
Target value
  • Revenue growth rate (CAGR) 5%
  • ROE 10%
  • Business profit margin 13.5%
  • Total payout ratio of 50% or more
  • ¥60 billion in strategic investments
  • 10 million Yamaha Music IDs
Comparison with actual resultsRevenue growth rate 0.7%, ROE 5.1%, business profit margin 6.9%, ¥11.4 billion in strategic investments, and 8 million Yamaha Music IDs. The total payout ratio was 112%, exceeding the target.
Financial targets
ROE
Actual results5.1 %
Target10 %
Target unit%
ROIC
Actual results4.5 %
Capital expenditures
¥144 100 million FY2026 actual
Annual Dividend
FY3/26
¥26 per share
FY3/27 forecast
¥26 per share
Payout ratio
40.8 %
Total payout ratio
135.1 %
Acquisition of treasury shares
Acquisition amount150 Hundreds of millions of yen
Contents of this document
ItemDetails
Document typePresentation materials for financial results
Fiscal Period CoveredFiscal year ending March 2026, full year
Net Sales4,653 Hundreds of millions of yen (YoY +0.7%)
Operating profit¥319 100 million (business profit) (YoY -13.2%)
Ordinary income¥353 100 million (profit before tax)
Net income¥237 100 million (profit for the year attributable to owners of the parent) (YoY +77.7%)
Operating profit margin6.9 % (business profit margin)
Results for the three months of the current quarterRevenue 1,243 Hundreds of millions of yen (YoY +11.6%) / Business profit 67 Hundreds of millions of yen (YoY +40.9%) / Profit for the period 35 Hundreds of millions of yen
Full-year earnings forecastRevenue 4,900 Hundreds of millions of yen / Business profit 380 Hundreds of millions of yen / Profit for the period 280 Hundreds of millions of yen
Self-assessment against the planThe first year of the medium-term plan fell short of its targets. Structural reforms in underperforming businesses, expansion of the value added of experiences and services, and the creation of new businesses are progressing as planned.
Segment resultsSegment Musical Instruments Business / Revenue 3,049 / Business profit 212 / Year-on-year revenue comparison 3 / Year-on-year change in profit -4.1, Segment Audio Equipment Business / Revenue 1,424 / Business profit 108 / Year-on-year revenue comparison -3.6 / Year-on-year change in profit -25.2, Segment Other Businesses / Revenue 180 / Business profit -1 / Year-on-year revenue comparison -1.6 / Year-on-year change in profit Not disclosed
Breakdown of Factors Affecting the ChangeFactors Foreign Exchange Effects / Amount 27, Factors Cost increases / Amount -14, Factors Tariff impact / Amount -86, Factors Tariff recovery / Amount 68, Factors Production cuts, product mix and other factors / Amount -65, Factors Benefits of structural reforms implemented in the previous fiscal year / Amount 23, Factors One-time processing costs / Amount 22, Factors Selling, general and administrative expenses / Amount -19, Factors Other Businesses / Amount -4
Key KPIsIndicator name Revenue growth rate (CAGR) / Value 0.7 % / Year on year against the same period last year Not disclosed, Indicator name ROE / Value 5.1 % / Year on year against the same period last year Not disclosed, Indicator name Business profit margin / Value 6.9 % / Year on year against the same period last year Not disclosed, Indicator name Number of Yamaha Music IDs / Value 800 10,000 IDs / Year on year against the same period last year Not disclosed, Indicator name Number of businesses launched and services introduced in new and adjacent areas / Value 7 Engagements / Year on year against the same period last year Not disclosed, Indicator name Percentage of sustainably sourced wood used / Value 71.2 % / Year on year against the same period last year Not disclosed, Indicator name CO2 emissions / Value -39 % (versus FY2017) / Year on year against the same period last year Not disclosed
Assumptions Underlying the Business OutlookItem U.S. dollar exchange rate / Value ¥155, Item Euro exchange rate / Value ¥180
Medium-term management plan targetsTarget fiscal year FY2028 (medium-term plan target) / Target value Revenue growth rate (CAGR) 5%, ROE 10%, Business profit margin 13.5%, Total payout ratio of 50% or more, ¥60 billion in strategic investments, 10 million Yamaha Music IDs / Comparison with actual results Revenue growth rate 0.7%, ROE 5.1%, business profit margin 6.9%, ¥11.4 billion in strategic investments, and 8 million Yamaha Music IDs. The total payout ratio was 112%, exceeding the target.
Financial targetsROE Actual results 5.1 % / Target 10 % / Target unit % / ROIC Actual results 4.5 % / Target Not disclosed / Equity ratio Not disclosed
Annual DividendFY3/26 ¥26 per share / FY3/27 forecast ¥26 per share / Interim and Year-End Breakdown Not disclosed
Payout ratio40.8 %
Acquisition of treasury sharesAcquisition amount 150 Hundreds of millions of yen / Number of Shares Not disclosed / Period Not disclosed
Capital expenditures¥144 100 million (FY2026 actual)
New initiativesPromoting price optimization, Expanding sales of high-value-added products, Expanding market share through new product launches, Accelerating investment in new businesses, Investment in アイ・ペアーズ株式会社, Launch of Yamaha Creator Pass, Opening of an experience center in Bangalore, Signing of a memorandum of cooperation with the Philippine Department of Education, Ending sales of golf equipment
Items this document does not state (10)
Gross Profit MarginSelling, general and administrative expensesProgress against full-year forecastUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders received and order backlogMarket Size / ShareKey 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.

In FY2026, weak market conditions in China, the normalization of high demand for professional audio equipment in Europe and the United States, additional U.S. tariffs, higher parts and raw material costs, and a change in product mix resulting from lower digital mixer sales reduced profit. Meanwhile, the recovery in musical instrument sales, the weaker yen, structural reforms and price optimization supported revenue and profit. In FY2027, the company expects profit growth from price optimization, the benefits of structural reforms, expanded sales of high-value-added products and new product launches.

How to read this page

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Financial Results Presentation Materials for the Fiscal Year Ending March 2026 | YAMAHA CORPORATION (7951) timely disclosure | Komori