Yamaha Motor Co., Ltd. · TSE:7272
Yamaha Motor — H1 2026 Earnings Presentation
32 slides from Yamaha Motor's earnings presentation, Aug 4, 2026
Slide 1: First Half of FY2026 Earnings Presentation
First Half of FY2026 Earnings Presentation August 4, 2026 Yamaha Motor Co., Ltd. (Ticker symbol: 7272) The Yamaha Factory Racing Team finished 2nd in a rain-soaked Suzuka 8 Hours
Slide 2: Contents of today's presentation
Contents of today's presentation Business Results for the First Half of the Fiscal Year Ending December 31, 2026 President, CEO and Representative Director SHITARA, Motofumi Executive Officer HASHIMOTO, Mitsuru Forecast Consolidated Results The forecast consolidated results stated herein are based o
Slide 3: Outline
Outline © Yamaha Motor Co., Ltd. 3
Slide 4: Key Points
Key Points FY2026 H1 Results Revenue: 1,498.0 billion yen (117% YoY), Operating profit: 158.5 billion yen (189% YoY) Continuing from the first quarter, shipments were strong across nearly every business—particularly the motorcycle business—and higher unit sales led to higher revenue Operating pr
Slide 5: Unit Sales and Inventory Levels by Main Products (FY2026 H1)
Unit Sales and Inventory Levels by Main Products (FY2026 H1) Motorcycle wholesale shipments remained strong in developed markets, ASEAN markets, and India. Demand continued to grow in Indonesia, with retail sales increasing while wholesale shipments remaining flat YoY Outboard motor wholesale sh
Slide 6: FY2026 H1 Business Results
FY2026 H1 Business Results Revenue increased, driven by higher unit sales across nearly all businesses Operating profit increased significantly despite tariff impacts and rising raw material costs thanks to higher sales, cost reductions, and favorable exchange rates 2025 2026 2026 (¥ Bil.) H1*²
Slide 7: FY2026 H1 Operating Profit Factors
FY2026 H1 Operating Profit Factors Operating profit increased significantly, driven by higher unit sales, lower R&D and SG&A expenses, and favorable exchange effects +30.3 -20.0 (¥ Bil.) -19.6 +5.2 +5.5 158.5 +65.7 +7.3 84.0* Sales Net cost R&D SG&A Exchange Tariff effects impact expenses expenses
Slide 8: Structural Reforms for the OLV Business
Structural Reforms for the OLV Business Discontinuing in-house ROV production to improve profitability and focusing management resources on core strengths, targeting profitability by 2028 One-time costs of 12.0 billion yen related to structural reforms have been factored into the full-year plan
Slide 9: Multi-Product Strategy for the North American Market
Multi-Product Strategy for the North American Market Even after ceasing in-house production of ROVs, Yamaha Motor will continue to offer a wide product lineup through OEM supply Implement a multi-product strategy covering outdoor recreation, aiming to drive sales growth across the entire product
Slide 10: FY2026 Revised Forecast: Operating Conditions
FY2026 Revised Forecast: Operating Conditions Revenue increases due to sales growth in each segment. While accounting for higher costs from the situation in the Middle East and expenses related to structure reforms for the OLV business, operating profit rises due to sales growth and cost reducti
Slide 11: FY2026 Revised Forecast: Operating Profit Factors
FY2026 Revised Forecast: Operating Profit Factors Strong performance continues in the Motorcycle business. Profit increases on sales growth, price pass-throughs to offset higher raw material costs, and continuing cost reduction efforts and favorable exchange effects (¥ Bil.) +133.9 +45.9 -11.2 260
Slide 12: Shareholder Returns
Shareholder Returns The annual dividend of 50 yen per share planned for 2026 remains unchanged from the announced forecast Dividend per share 50.0 50.0 48.3 35.0 Annual dividend (¥) 2023 2024 2025 2026 Results Results Results Forecast EPS ¥157.89 ¥110.12 ¥16.59 ¥175.16 Acquisition of treasury stoc
Slide 13: Details by Business Segment
Details by Business Segment © Yamaha Motor Co., Ltd. 13
Slide 14: FY2026 H1 Revenue and Operating Profit by Business
FY2026 H1 Revenue and Operating Profit by Business Revenue Operating Profit 2025 2026 2025 2026 (¥ Bil.) H1 H1 YoY (¥ Bil.) H1*² H1 YoY Land Mobility 808.2 984.6 122% Land Mobility 59.4 112.7 190% Motorcycle 789.0 964.3 122% Motorcycle 61.6 116.0 188% SPV 19.1 20.2 106% SPV -2.2 -3.3 - Marine Pro
Slide 15: FY2026 Revised Forecast: Revenue and Operating Profit by Business
FY2026 Revised Forecast: Revenue and Operating Profit by Business Revenue Operating Profit 2025 2026 2025 2026 Revised Revised (¥ Bil.) Results YoY (¥ Bil.) Results YoY Forecast Forecast Land Mobility 1,615.1 1,908.0 118% Land Mobility 108.7 184.0 169% Motorcycle 1,578.1 1,867.0 118% Motorcycle 123.
Slide 16: Motorcycles
Motorcycles Revenue and operating profit increased due to higher unit sales in emerging markets, particularly in India and ASEAN nations, Results together with pricing pass-throughs and cost reductions Revenue increases driven by higher unit sales in India and ASEAN markets. Operating profit grows d
Slide 17: New AEROX ABS Sport Scooter Launched in Japan
New AEROX ABS Sport Scooter Launched in Japan © Yamaha Motor Co., Ltd. 17 17
Slide 18: Marine Products
Marine Products Revenue grew as higher unit sales in regions outside the U.S. more than offset slight YoY declines in U.S. demand and wholesale shipments of Results outboards. Operating profit increased, driven by higher unit sales, lower R&D expenses, reduced SG&A expenses, and favorable exchange r
Slide 19: Robotics and Financial Services
Robotics and Financial Services Robotics Business Financial Services Business Revenue increased from higher surface mounter unit sales. Revenue increased from higher receivables Operating profit Results Operating profit also increased, driven by higher unit sales and Results increased due to improve
Slide 20: Smart Power Vehicle and Outdoor Land Vehicle
Smart Power Vehicle and Outdoor Land Vehicle SPV Business OLV Business Revenue increased from higher e-Kit unit sales. Operating profit Revenue increased from higher ATV unit sales and operating Results decreased due to higher procurement costs and increased R&D Results deficit narrowed thanks to SG
Slide 21: Appendix
@) YAMAHA FRevs your Hear
Slide 22: FY2026 Q2 Operating Profit Factors
FY2026 Q2 Operating Profit Factors (¥ Bil.) +18.0 95.8 -4.9 +41.6 +3.8 +3.4 +6.4 -12.8 40.5 Sales Net cost R&D SG&A Exchange Tariff Others effects impact expenses expenses effects effects Q2 2025 Q2 2026 ($/€: 145/164) ($/€: 160/185) Breakdown of Breakdown of Breakdown of SG&A Breakdown of Breakdown
Slide 23: Main Financial Indicators
Main Financial Indicators 2026 2022 2023 2023 2024 2022–2024 2025 2025–2027 Revised Results Results Results Results Average*1 Results Average Target (¥ Bil.) (J-GAAP) (J-GAAP) (IFRS) (IFRS) (IFRS) Forecast (IFRS) Medium-Term Management Plan (2022–2024) Medium-Term Management Plan (2025–2027) Revenue
Slide 24: Total Demand and Unit Sales by Main Products (FY2026 Revised Forecast)
Total Demand and Unit Sales by Main Products (FY2026 Revised Forecast) Reference: Original plan Total Demand Unit Sales Total Demand Unit Sales Product/Region (vs. 2025) (vs. 2025) (vs. 2025) (vs. 2025) Europe*¹,U.S., Japan 104% 103% 97% 101% Indonesia 102% 102% 93% 95% Thailand 102% 117% 100% 119%
Slide 25: Motorcycles: Unit Sales and Revenue by Region/Operating Profit Factors
Unit Sales and Revenue by Region/Operating Profit Factors Unit Sales Operating Profit Factors 2025 2026 H1 H1 Revised +20.0 (1,000 units) YoY YoY 116.0 Results Results forecast +46.7 -5.7 +5.1 Japan 42 35 84% 65 85% +1.6 +1.9 -15.1 N. America 47 57 123% 91 115% 61.6 Europe 127 136 107% 218 104% Asia
Slide 26: Marine Products: Unit Sales and Revenue by Region/Operating Profit Factors
Unit Sales and Revenue by Region/Operating Profit Factors Unit Sales (outboard motors) Operating Profit Factors 2025 2026 +9.1 H1 H1 Revised +4.8 +0.8 +0.2 (1,000 units) YoY YoY +7.5 46.0 Results Results forecast -11.8 38.9 -3.4 N. America 51 50 99% 86 102% Europe 21 20 99% 31 92% Other 73 79 108% 1
Slide 27: SPV: Unit Sales and Revenue by Region/Operating Profit Factors
Unit Sales and Revenue by Region/Operating Profit Factors Revenue Operating Profit Factors 2025 2026 H1 H1 Revised (¥ Bil.) YoY YoY Results Results forecast All 19.1 20.2 106% 41.0 111% -2.2 -0.1 -0.4 +0.0 +0.1 -0.6 -0.1 ±0.0 -3.3 2025 H1 Sales Net cost R&D SG&A Exchange Tariff 2026 H1 SPV Others Re
Slide 28: Robotics: Unit Sales and Revenue by Region/Operating Profit Factors
Unit Sales and Revenue by Region/Operating Profit Factors Revenue Operating Profit Factors 3.7 +0.9 +0.6 2025 2026 +4.8 -0.1 -0.0 H1 H1 Revised -0.3 (¥ Bil.) YoY YoY Results Results forecast -0.6 Japan 9.2 9.8 107% - - North 1.5 2.4 159% - - America Europe 2.1 3.9 185% - - Asia 35.3 43.9 125% - - -1
Slide 29: OLV: Unit Sales and Revenue by Region/Operating Profit Factors
Unit Sales and Revenue by Region/Operating Profit Factors Revenue Operating Profit Factors 2025 2026 H1 Revised (¥ Bil.) H1 Results YoY YoY Results forecast +4.4 +0.2 +0.4 North 36.9 38.7 105% - - America -1.7 -12.0 RV -13.7 Other 11.4 12.5 110% - - -1.3 -0.1 -0.1 Total 48.2 51.2 106% 85.0 91% 2025
Slide 30: Financial Condition
Financial Condition 2025 2026 2026 Revised Forecast (¥ Bil.) H1 Results H1 Results Cash flows from operating 36.7 153.4 - Cash flows from investing -39.7 -50.8 - Free cash flow -3.1 102.6 - Cash flows from financing 4.2 -110.8 - Capital expenditures 46.4 53.8 140.0 Depreciation*¹ 42.7 46.0 89.0 R&D
Slide 31: Foreign Exchange Effects (vs. FY2025 / FY2026 Forecast)
Foreign Exchange Effects (vs. FY2025 / FY2026 Forecast) 2026 H1 Results 2026 Revised Forecast (¥ Bil.) US$ EURO Other Total US$ EURO Other Total Foreign exchange effects on gross income 6.8 10.5 5.1 22.4 15.8 11.4 5.2 32.4 (headquarters) Conversion effects on gross income 5.3 6.2 12.5 24.0 10.4 7.2
Slide 32: @) YAMAHA
@) YAMAHA FRevs your Hear