Yamaha Corporation · TSE:7951
Yamaha — H1 FY2027.3 Earnings Presentation
33 slides from Yamaha's earnings presentation, Nov 5, 2026
Slide 1: Analyst and Investor Briefing on Second Quarter of FY2027.3
Analyst and Investor Briefing on Second Quarter of FY2027.3 (Fiscal year ending March 31, 2027) November 5, 2026 Yamaha Corporation
Slide 2: FY2027.3 1H Highlights
FY2027.3 1H Highlights Overview Achievements of first half of FY2027.3 (six months) - Both revenue and profit increased year-on-year. - Revenue increased, driven by higher sales of musical instruments, particularly digital musical instruments, as well as the positive impact of yen depreciation. - Co
Slide 3: 1. Performance Summary
1. Performance Summary YAMAHA
Slide 4: FY2027.3 1H (Six Months) Summary
FY2027.3 1H Performance FY2027.3 (six months) Full Year Outlook FY2027.3 1H (Six Months) Summary (billions of yen) FY2026.3 1H FY2027.3 1H Change (YoY) *2 Revenue 216.4 237.9 21.5 +9.9% Core Operating Profit 12.8 22.3 9.5 +74.2% (Core Operating Profit Ratio) (5.9%) (9.4%) *1 Net Profit 9.8 18.7 8.9
Slide 5: Core Operating Profit Analysis
FY2027.3 1H Performance FY2027.3 (six months) Full Year Outlook Core Operating Profit Analysis Versus previous year (billions of yen) Increase in sales, production and SG&A Other model mix, etc. 1.3 -2.7 business 22.3 Impact of Effect of P -0.1 exchange rates production 8.9 structural -3.9 reforms 1
Slide 6: Performance by Business Segment
FY2027.3 1H Performance FY2027.3 (six months) Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2026.3 1H FY2027.3 1H Change rate impact Revenue 140.4 159.5 19.1 11.8 Musical Core Operating Profit 7.7 15.4 7.7 4.7 Instruments Core Operating Profit Ratio 5.5% 9.6% +4.2P R
Slide 7: FY2027.3 Outlook
FY2027.3 1H Performance FY2027.3 (six months) Full Year Outlook FY2027.3 Outlook (billions of yen) FY2026.3 FY2027.3 FY2027.3 Change from the Full year Full year Change previous Full year (previous projections) (projections) projections *2 Revenue 465.3 490.0 490.0 24.7 0 Core Operating Profit 31.9
Slide 8: Core Operating Profit Analysis
FY2027.3 1H Performance FY2027.3 (six months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Increase in sales, production and SG&A Other Impact of model mix, etc. 1.8 business 40.0 exchange rates -5.4 Effect of 0.7 31.9 6.4 Production 17.0 -12.4 structural r
Slide 9: Outlook by Business Segment
FY2027.3 1H Performance FY2027.3 (six months) Full Year Outlook Outlook by Business Segment (billions of yen) FY2026.3 FY2027.3 Exchange Full year Change Full year (projections) rate impact Revenue 304.9 322.0 17.1 12.6 Musical Core Operating Profit 21.2 26.5 5.3 5.1 Instruments Core Operating Profi
Slide 10: Outlook by Business Segment
FY2027.3 1H Performance FY2027.3 (six months) Full Year Outlook Outlook by Business Segment (billions of yen) FY2027.3 FY2027.3 Exchange Full year Full year Change rate impact (previous projections) (projections) Revenue 322.0 322.0 0 5.7 Musical Core Operating Profit 24.0 26.5 2.5 2.4 Instruments C
Slide 11: 2. Segment Overview & Updates
2. Segment Overview & Updates
Slide 12: Musical Instruments: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Six Months: Revenue increased in all categories except pianos - Piano revenue decreased due to weak demand. Digital musical instruments achieved double-digit growth, supported by new product launches. Wind, string a
Slide 13: Musical Instruments: Revenue by Major Product Category
Musical Instruments Audio Equipment Others Revenue by Major Product Category (billions of yen) Pianos Digital Musical Winds, Strings Guitars Instruments /Percussion (106%) 117.0 (103%) 105.4 100.9 (112%) 23.0 27.5 (102%) (103%) 76.8 69.7 72.4 (99%) (102%) 31.1 31.9 18.5 19.7 (100%) (111%) 49.3 51.7
Slide 14: Musical Instruments: Revenue by Region
Musical Instruments Audio Equipment Others Revenue by Region (billions of yen) (101%) (104%) 89.2 84.6 82.4 (100%) (103%) (106%) (110%) 71.0 24.5 27.6 68.0 67.9 (105%) (100%) (102%) 61.9 (125%) 59.0 58.8 59.9 60.8 15.9 58.6 11.0 (103%) (103%) 4Q 14.9 14.2 15.5 15.4 (103%) 20.4 21.1 (100%) (96%) 20.7
Slide 15: Highly Anticipated New Products
Musical Instruments Audio Equipment Others Highly Anticipated New Products Pianos Digital Musical Winds, Strings Guitars Instruments /Percussion Grand Piano Portable Keyboard Digital Saxophones Acoustic Guitar GCB PSR-SX620 YDS-152 YDS-122 FG7/FS7 series Released in September 2026 Released in Octobe
Slide 16: Audio Equipment: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Six Months: Professional use audio equipment recovered, while consumer use remained weak - Revenue for consumer use audio equipment decreased due to weak market (billions of yen) Revenue - conditions across all regi
Slide 17: Audio Equipment: Revenue by Major Product Category
Musical Instruments Audio Equipment Others Revenue by Major Product Category (billions of yen) Consumer Use Professional Use Mobility Use (104%) (96%) 74.5 72.1 69.7 17.4 (101%) 18.6 (96%) (99%) 44.9 44.0 45.3 17.5 (93%) (116%) 16.9 4Q 9.3 11.5 (93%) (94%) (105%) 3Q 13.3 17.7 18.4 12.8 16.7 (113%) (
Slide 18: Audio Equipment: Revenue by Region
Musical Instruments Audio Equipment Others Revenue by Region (104%) (billions of yen) (116%) 47.6 45.6 39.4 (104%) 12.8 (104%) (97%) 34.3 34.1 (102%) 32.8 (83%) 32.0 4Q 12.4 31.7 30.4 (104%) 6.3 28.4 (102%) 7.2 (98%) (125%) (109%) 17 26.6 25.8 10.8 9.2 7.9 (89%) 3Q 8.4 6.5 6.2 10.6 9.0 (88%) (92%) (
Slide 19: Highly anticipated new products
Musical Instruments Audio Equipment Others Highly anticipated new products Consumer Use Professional Use Mobility Use Photo courtesy of Mitsubishi Motors Stereo Receiver Digital Mixer Brand Audio R200A DM5 series Released in November Released in November Scheduled for December 2026 Carrying on Yamah
Slide 20: Others: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Six Months (billions of yen) - Revenue from factory automation (FA) equipment recovered, Revenue while revenue from automobile interior wood components decreased. Full Year Projections - Despite growth in FA equipme
Slide 21: 3. Other Financial Figures
3. Other Financial Figures mga YAMAHA
Slide 22: Balance Sheet Summary
Performance Other Segment Overview Topics Summary Financial Figures Balance Sheet Summary (billions of yen) As of March As of Sept. As of March Change 31, 2027 31, 2026 30, 2026 (projections) Cash and cash equivalents 109.0 147.8 38.9 147.9 Trade and other receivables 87.7 75.9 -11.8 84.5 Other fina
Slide 23: ROE, ROIC and Shareholder Returns
Performance Other Segment Overview Topics Summary Financial Figures ROE, ROIC and Shareholder Returns ROE FY2027.3 forecast 6.2% ROIC FY2027.3 forecast 5.5% (Cost of shareholders’ equity* 7.0%) (WACC 6.9%) 10% 10% 9.2％ 8.8% 7.8% 7.3% 6.1% 6.2% 5.5% 5.1% 4.4% 5.5% 4.5% 2.8% FY2022.3 FY2023.3 FY2024.3
Slide 24: Capital Expenditure/Depreciation, R&D Expense
Performance Other Segment Overview Topics Summary Financial Figures Capital Expenditure/Depreciation, R&D Expense Capital Expenditure/Depreciation (billions of yen) 14.4 16.0 ■Others 1.0 5.1 5.4 1.0 ■Audio Equipment 0.3 4.2 4.5 0.7 ■Musical Instruments 1.6 6.9 1.6 7.5 14.1 15.5 9.2 10.5 3.3 3.1 ■Dep
Slide 25: 4. Topics
4. Topics
Slide 26: Medium-Term Management Plan New Products and Services
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan New Products and Services Highly anticipated new products and services that pursue intrinsic value honed through the fusion of technology and sensibility Grand Piano Upright Piano Electone Digital Piano P
Slide 27: Medium-Term Management Plan Key Theme
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Theme Rebuilding a strong Setting sustainability as a Strengthening the business foundation source of value management foundation Maintaining a High Share of Expand music education Reduction of Strate
Slide 28: Appendix
Appendix YAMAHA
Slide 29: Performance in 2Q FY2027.3 (Three Months)
Performance in 2Q FY2027.3 (Three Months) (billions of yen) FY2026.3 2Q FY2027.3 2Q Change *2 Revenue 112.5 121.5 9.1 +8.1% Core Operating Profit 8.1 13.0 4.9 +60.5% (Core Operating Profit Ratio) (7.2%) (10.7%) *1 Net Profit 7.4 8.0 0.6 +8.2% *2 Exchange Rate (yen) +1.6 % (Excluding the impact of ex
Slide 30: Performance by Business Segment in 2Q FY2027.3 (Three Months)
Performance by Business Segment in 2Q FY2027.3 (Three Months) (billions of yen) Exchange FY2026.3 2Q FY2027.3 2Q Change rate impact Revenue 73.9 81.8 8.0 5.2 Musical Core Operating Profit 5.6 8.9 3.3 2.4 Instruments Core Operating Profit Ratio 7.6% 10.9% +3.3P Revenue 34.7 35.8 1.2 1.9 Audio Core Op
Slide 31: 1H Other Income and Expenses (Six Months)
1H Other Income and Expenses (Six Months) (billions of yen) FY2026.3 1H FY2027.3 1H Core Operating Profit 12.8 22.3 Profit from (loss on) disposal of fixed assets 0 0.1 Other Income and Expenses Others -0.4 4.4 Total -0.3 4.5 Operating Profit 12.5 26.8 Dividends income 1.0 1.0 Financial Income and O
Slide 32: Full Year Other Income and Expenses
Full Year Other Income and Expenses (billions of yen) FY2026.3 FY2027.3 Full year Full year (projections) Core Operating Profit 31.9 40.0 Profit from (loss on) disposal of fixed assets 0.7 0.2 Other Income and Expenses Others -3.3 4.3 Total -2.6 4.5 Operating Profit 29.3 44.5 Dividends income 1.6 1.
Slide 33: Forward-looking statements notice
In this report, the figures forecast for the Company’s future performance have been calculated on the basis of information currently available to Yamaha and the Yamaha Group. Forecasts are, therefore, subject to risks and uncertainties. Accordingly, actual performance may differ greatly from our pro