Japan · Delayed Price · Currency is JPY Yamaha Earnings Call Transcripts
Fiscal Year 2026
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Revenue and core operating profit declined year-on-year due to weak demand in China and lower sales of high-margin Audio Equipment, but the full-year revenue forecast was raised on yen depreciation. Structural reforms and new product launches are expected to support future growth.
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Q1 saw revenue and profit declines due to yen appreciation, U.S. tariffs, and weak piano sales, with full-year forecasts revised downward. Strategic investments and new product launches continue, while tariffs and market softness in China and Europe remain key risks.
Fiscal Year 2025
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FY2025 revenue was flat year-on-year, with musical instruments weak in China but strong B2B audio equipment and FX gains supporting profit. FY2026 guidance expects recovery in musical instruments outside China, but U.S. tariff risks remain. Dividend per share is set to rise.
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Q3 saw strong B2B Audio Equipment growth and digital piano recovery, but overall revenue declined in real terms due to weak musical instrument sales, especially in China. Structural reforms and one-time costs impacted net profit and guidance, with further share buybacks and a new innovation fund announced.
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First-quarter revenue and profit rose year-over-year, driven by strong B2B audio equipment sales and favorable exchange rates, but underlying sales declined due to weak demand in China. Full-year forecasts were revised down, with continued headwinds from procurement costs and sluggish Chinese markets.