Yamaha Motor (7272) investor relations material

Executive summary

• First half of fiscal year 2026 saw record highs in sales, operating profit, and net income, driven by strong motorcycle shipments, cost reductions, and favorable foreign exchange rates.

• Structural reforms in the OLV/ROV business are underway, including discontinuation of in-house ROV production, shift to OEM/collaborative models, and workforce optimization, with one-time costs incorporated.

• Full-year forecasts have been revised upward, anticipating continued sales growth and record-high revenue, operating profit, and EPS.

• U.S. structural reforms progressing as planned; OLV business restructuring targets profitability by 2028.

• Major acquisitions include Robotics Plus Limited and full ownership of Yamaha Motor Taiwan Co., Ltd.

Financial highlights

• First half revenue reached ¥1,498.0 billion (117% YoY), operating profit ¥158.5 billion (189% YoY), and net income ¥113.9 billion (215% YoY); EPS for the first half was ¥117.37.

• Operating profit margin improved by 4 percentage points to 10.6% for H1 FY2026.

• Revised full-year revenue forecast: ¥2,900.0 billion (114% YoY), operating profit ¥260.0 billion (206% YoY), and EPS ¥175.16.

• Free cash flow for H1 FY2026: ¥102.6 billion; cash and cash equivalents at end of June 2026: ¥401.5 billion.

• Total assets increased to ¥3,021.2 billion, and equity attributable to owners of parent rose to ¥1,251.3 billion.

Outlook and guidance

• Expectation of record-high revenue, operating profit, and EPS for the full year, with upwardly revised guidance.

• Forecast incorporates higher raw material costs due to Middle East situation and one-time OLV restructuring costs of approximately ¥12.0 billion.

• Interim dividend of ¥25 per share and annual dividend of ¥50 per share planned, with a payout ratio target of 40% or more.