Under Make Waves 2.0, we aim to achieve sales growth of 20% or more, a business profit margin of 14% or more, ROE of 10% or more, and ROIC of 10% or more.
First written in FY2022. 2 of 6 entries say "Softened", first in FY2025-H1. Latest entry: 2026-05-11.
Yamaha moved to the "Worse" side of this theme in 2026.
The whole theme swung hardest in 2026: 3 of 8 companies on the "Worse" side.
0 other companies' latest entry also says "Softened".
- 2026-05-11SoftenedRevision of earnings forecasts
「Business profit fell short of the initial target as higher U.S. tariffs, parts and raw material costs, labor costs, and logistics costs overlapped, despite structural reforms in underperforming businesses and pricing adjustments.」
The company explicitly stated that it fell short of the initial financial targets under Make Waves 2.0. - FY2026-H1The interim business profit margin was below targetAnnual report
「Business profit decreased by ¥7,633 million, or 37.4%, year on year to ¥12,797 million, mainly due to the impact of additional U.S. tariffs and a deterioration in the product mix.」
The business profit margin for the interim period was approximately 5.9%, based on revenue of ¥216,364 million and business profit of ¥12,797 million. This interim performance was substantially below the 14% business profit margin target under Make Waves 2.0, with the impact of additional U.S. tariffs and an adverse product mix cited as factors behind the decline in profit. - FY2025-H1SoftenedAnnual report
「In China, weak piano demand has persisted beyond expectations because of the stagnation and structural changes in the market, and a rapid recovery in market conditions is not expected. Accordingly, achieving the financial targets set in the three-year medium-term management plan Make Waves 2.0, which began in April 2022, is difficult.」
The Company explicitly stated that achieving the Make Waves 2.0 financial targets would be difficult because weak piano demand in China is expected to persist. It did not state that the targets had been withdrawn. - FY2024-Q3The nine-month business profit margin was below targetAnnual report
「For the nine months ended the third quarter, business profit decreased by ¥10,937 million, or 28.2%, year on year to ¥27,798 million, mainly due to lower musical instrument sales and production adjustments to reduce inventories.」
Business profit for the nine months ended the third quarter was ¥27,798 million and revenue was ¥341,788 million, resulting in a business profit margin of approximately 8.1%. This was below the 14% business profit margin target under Make Waves 2.0, with lower musical instrument sales and production adjustments to reduce inventories cited as factors behind the decline in profit. - FY2024-Q2The interim business profit margin declinedAnnual report
「For the six months ended the second quarter, business profit decreased by ¥9,097 million, or 37.3%, year on year to ¥15,325 million, mainly due to lower musical instrument sales and production adjustments to reduce inventories.」
Business profit for the six months ended the second quarter was ¥15,325 million and revenue was ¥219,628 million, resulting in a business profit margin of approximately 7.0%. This disclosed the interim performance against the 14% business profit margin target under Make Waves 2.0, and did not indicate that the target had been achieved. - FY2022First statedAnnual report
「② Financial targets ・Revenue growth: 20% ・Business profit margin: 14% ・ROE: 10% or more ・ROIC: 10% or more」
The Company set financial targets for the three-year period covered by Make Waves 2.0 of 20% revenue growth, a 14% business profit margin, ROE of 10% or more, and ROIC of 10% or more.