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YAMAHA, Net Income Forecast for the Fiscal Year Revised Upward by 2%

Tue Nov 4, 2025 3:30 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 November 4th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2026 (April to September) expanded 9.75 billion yen, an increase 85.4% compared to the same period last year.

In addition, the full-year forecast for consolidated net income has been revised upward 2.2%, from the previous forecast of 22.5 billion yen to 23.0 billion yen (compared to 13.3 billion yen in the previous period), increasing the growth rate from 68.5% to 72.3%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand 63.7% from the same period last year, reaching 13.2 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income/loss turned to a profit of 7.37 billion yen (compared to a loss of 4.15 billion yen in the same period last year). The operating profit margin significantly improved from 2.4% in the same period last year to 7.0%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2023 219,628 15,430 21,735 14,945 29.4 57.8 Nov 1, 2023 IFRS
Apr - Sep, 2024 228,134 11,951 9,071 5,262 10.7 40.4 Nov 1, 2024 IFRS
Apr - Sep, 2025 216,364 12,473 14,210 9,755 21.5 43.7 Nov 4, 2025 IFRS
YoY -5.2% +4.4% +56.7% +85.4% +101.7%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance ー ー ー ー － 13 May 8, 2025 IFRS
Apr - Sep, 2025 Results 216,364 12,473 14,210 9,755 21.5 13 Nov 4, 2025 IFRS
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 452,000 30,000 31,500 22,500 50.0 26 Aug 1, 2025 IFRS
Mar, 2026 New 458,000 31,000 32,500 23,000 51.1 26 Nov 4, 2025 IFRS
Revision Rate +1.3% +3.3% +3.2% +2.2% +2.2%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 233,946 8,744 13,391 8,089 16.7 13 May 8, 2025 IFRS
Oct - Mar, 2025 Guidance 241,636 18,527 18,290 13,245 29.4 13 Nov 4, 2025 IFRS
YoY +3.3% +111.9% +36.6% +63.7% +76.1%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 462,866 28,999 37,629 29,642 58.6 24.67 May 8, 2024 IFRS
Mar, 2025 462,080 20,695 22,462 13,351 27.6 25.33 May 8, 2025 IFRS
Mar, 2026 Guidance 458,000 31,000 32,500 23,000 51.1 26 Nov 4, 2025 IFRS
YoY -0.9% +49.8% +44.7% +72.3% +85.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
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
Jan - Mar, 2025 111,390 372 -1,654 -937 -1.9 0.3 May 8, 2025 IFRS
Apr - Jun, 2025 103,888 4,589 3,788 2,382 5.3 4.4 Aug 1, 2025 IFRS
Jul - Sep, 2025 112,476 7,884 10,422 7,373 16.3 7.0 Nov 4, 2025 IFRS
YoY -3.0% +185.7% － － －

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