YAMAHA, The Current Fiscal Year Net Income Revised Downward by 25%

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Wed Feb 5, 2025 4:00 pm JST Earnings

7951 YAMAHA CORPORATION 【IFRS】

Earnings Report

YAMAHA CORPORATION <7951> [TSE Prime] announced its financial results (based on IFRS) after the market closed on February 5th (16:00). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2025 (April to December) dropped 31.0% from the same period last year to 14.2 billion yen.

In addition, the full-year consolidated net income has decreased 25.0%, from the previous forecast of 18 billion yen to 13.5 billion yen (compared to 29.6 billion yen in the previous period), leading to an increase in the profit decline rate from 39.3% to 54.5%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the October to March period (2H) has decreased 35.3%, from the previous forecast of 12.7 billion yen to 8.23 billion yen (compared to 14.6 billion yen in the same period of the previous year), leading to an increase in the profit decline rate from 13.3% to 43.9%.

In the most recent three-month period, from October to December (3Q), the consolidated net income increased 56.3% from the same period last year, reaching 9.02 billion yen. However, the operating profit margin worsened from 8.3% in the same period last year to 6.8%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	338,221	39,151	41,848	30,004	58.3	82.8	Feb 7, 2023	IFRS
Apr - Dec, 2023	341,788	25,630	29,460	20,719	40.8	78.3	Feb 6, 2024	IFRS
Apr - Dec, 2024	350,690	20,323	24,116	14,288	29.1	120.6	Feb 5, 2025	IFRS
YoY	+2.6%	-20.7%	-18.1%	-31.0%	-28.7%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	231,866	15,049	17,429	12,738	28.1	13	Nov 1, 2024	IFRS
Oct - Mar, 2024 New	231,866	5,549	10,929	8,238	18.2	13	Feb 5, 2025	IFRS
Revision Rate	0.0%	-63.1%	-37.3%	-35.3%	-35.3%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	460,000	27,000	26,500	18,000	39.7	25.33	Nov 1, 2024	IFRS
Mar, 2025 New	460,000	17,500	20,000	13,500	29.8	25.33	Feb 5, 2025	IFRS
Revision Rate	0.0%	-35.2%	-24.5%	-25.0%	-25.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	243,238	13,569	15,894	14,697	29.0	12.34	May 8, 2024	IFRS
Oct - Mar, 2024 Guidance	231,866	5,549	10,929	8,238	18.2	13	Feb 5, 2025	IFRS
YoY	-4.7%	-59.1%	-31.2%	-43.9%	-37.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	451,410	46,484	50,552	38,183	74.2	22	May 9, 2023	IFRS
Mar, 2024	462,866	28,999	37,629	29,642	58.6	24.67	May 8, 2024	IFRS
Mar, 2025 Guidance	460,000	17,500	20,000	13,500	29.8	25.33	Feb 5, 2025	IFRS
YoY	-0.6%	-39.7%	-46.8%	-54.5%	-49.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	122,160	10,200	7,725	5,774	11.4	8.3	Feb 6, 2024	IFRS
Jan - Mar, 2024	121,078	3,369	8,169	8,923	17.6	2.8	May 8, 2024	IFRS
Apr - Jun, 2024	112,146	9,191	13,411	9,418	19.1	8.2	Jul 31, 2024	IFRS
Jul - Sep, 2024	115,988	2,760	-4,340	-4,156	-8.4	2.4	Nov 1, 2024	IFRS
Oct - Dec, 2024	122,556	8,372	15,045	9,026	18.4	6.8	Feb 5, 2025	IFRS
YoY	+0.3%	-17.9%	+94.8%	+56.3%	+61.7%