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YAMAHA, Net Income Forecast for the Fiscal Year Revised Upward by 4%

Wed Feb 4, 2026 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 February 4th (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2026 (April to December) expanded 20.1 billion yen, an increase 41.3% compared to the same period last year.

In addition, the full-year forecast for consolidated net income has been revised upward 4.3%, from the previous forecast of 23.0 billion yen to 24.0 billion yen (compared to 13.3 billion yen in the previous period), increasing the growth rate from 72.3% to 79.8%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the October to March period (second half) is expected to increase 7.6%, from the previous forecast of 13.2 billion yen to 14.2 billion yen (compared to 8.08 billion yen in the same period of the previous year), increasing the growth rate from 63.7% to 76.1%.

In the most recent three-month period, from October to December (3Q), the consolidated net income grew 15.6% from the same period last year, reaching 10.4 billion yen. The operating profit margin improved from 6.8% in the same period last year to 9.6%.

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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, 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 29.1 107.4 Feb 5, 2025 IFRS
Apr - Dec, 2025 341,014 24,403 29,037 20,189 44.6 84.2 Feb 4, 2026 IFRS
YoY -2.8% +20.1% +20.4% +41.3% +53.2%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2025 Prev 241,636 18,527 18,290 13,245 29.8 13 Nov 4, 2025 IFRS
Oct - Mar, 2025 New 245,636 17,527 20,290 14,245 32.0 13 Feb 4, 2026 IFRS
Revision Rate +1.7% -5.4% +10.9% +7.6% +7.6%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 458,000 31,000 32,500 23,000 51.7 26 Nov 4, 2025 IFRS
Mar, 2026 New 462,000 30,000 34,500 24,000 54.0 26 Feb 4, 2026 IFRS
Revision Rate +0.9% -3.2% +6.2% +4.3% +4.4%

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 245,636 17,527 20,290 14,245 32.0 13 Feb 4, 2026 IFRS
YoY +5.0% +100.4% +51.5% +76.1% +91.7%

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 462,000 30,000 34,500 24,000 54.0 26 Feb 4, 2026 IFRS
YoY 0.0% +45.0% +53.6% +79.8% +95.7%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
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
Oct - Dec, 2025 124,650 11,930 14,827 10,434 23.1 9.6 Feb 4, 2026 IFRS
YoY +1.7% +42.5% -1.4% +15.6% +25.4%

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