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Yonex Co., Ltd. Tokyo Stock Exchange Code: 7906 November 7, 2025 Fiscal Year Ending March 31, 2026 H1 Financial Results
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2© 2025 YONEX Co., Ltd. 1. Consolidated Financial Results for FY3/26 H1 ・・・・・・・・・・・・ 3 2. Segment Overview ・・・・・・・・・・・・・・・・・・・・・・・・・・ 8 3. Forecasts for FY3/26 ・・・・・・・・・・・・・・・・・・・・・・・・・・ 15 4. Appendix ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 17 Table of Contents
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3© 2025 YONEX Co., Ltd. Net Sales 79.5 billion yen YoY +18.8 ％ Highlights Demand within the sporting goods market remained favorable. To further stimulate market growth, we focused on marketing initiatives and grassroots promotions highlighting international tournaments and the achievements of Team Yonex athletes. Badminton demand continued to grow solidly, particularly in China. In tennis, Yonex’s global brand recognition continued to rise, and sales of new model racquets expanded significantly. Despite the negative influence of currency translation due to the stronger yen, first half consolidated net sales rose to a record high. Net Sales Net Profit Attributable to owners of parent 6.3 billion yen YoY +17.4 ％ Operating Profit 8.8 billion yen YoY +15.0 ％ SGA increased, mainly due to higher advertising and personnel costs associated with enhanced global marketing activities to revitalize markets and strengthen brand recognition. The increase in gross profit driven by higher sales more than offset the rise in SGA, resulting in record-high consolidated operating profit for the first half. Operating Profit
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4© 2025 YONEX Co., Ltd. Consolidated Income Statement (Million yen) * Revised on November 7, 2025 FY3/26 Forecasts* YoY FY3/26 H1 FY3/25 H1 Results Margins Results 162,000 +18.8% （+12,590 ）―79,532 66,942 Net Sales ―+15.3% （+4,626 ） 43.9 ％34,875 30,248 Gross Profit ―+15.4% （+3,471 ） 32.7 ％26,028 22,556 SGA 16,200 +15.0% （+1,155 ）11.1 ％8,847 7,691 Operating Profit 15,600 +11.6% （+854 ）10.3 ％8,199 7,344 Ordinary Profit 11,600 +17.4% （+946 ） 8.0 ％6,371 5,425 Net Profit (Attributable to owners of parent) 135.76 yen +11.87 yen ―74.55 yen 62.68 yen EPS
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5© 2025 YONEX Co., Ltd. Factors behind Operating Profit Changes While gross profit margin declined due to higher procurement and manufacturing costs and quality-related losses, gross profit increased due to the higher sales. SGA increased mainly due to higher advertising expenses for strengthened global marketing activities to revitalize markets and enhance brand recognition, as well as higher personnel expenses. Increase in SGA -3,471 +5,688 -1,062 -1,774 -226 7,691 8,847 FY3/25 H1 Decline in Gross Profit Margin Personnel Expenses Advertising Expenses R&D Expenses Other Expenses FY3/26 H1 -1,042 -427 Gross Profit Increase due to Higher Sales (Million yen)
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6© 2025 YONEX Co., Ltd. Change End FY3/26 H1 End FY3/25 -283 10,118 10,402 Accounts payable +7,277 17,491 10,213 Interest-bearing debt -278 19,229 19,508 Others +6,714 46,839 40,124 Total Liabilities +4,582 73,784 69,201 Equity Capital -9215 224 Non-controlling Interests +4,573 73,999 69,426 Total Net Assets +11,287 120,838 109,551 Total Liabilities and Net Assets Change End FY3/26 H1 End FY3/25 +5,377 34,856 29,478 Cash and Deposits +241 20,244 20,003 Notes and Accounts Receivable- Trade -535 19,469 20,005 Inventory +5,475 36,082 30,607 Property, Plant and Equipment -227 1,497 1,725 Intangible Assets +956 8,687 7,731 Others +11,287 120,838 109,551 Total Assets Consolidated Balance Sheets Property, plant and equipment and interest-bearing debt increased due to capital investments related to property acquisitions for workplace development and a new tennis factory, as well as loans for these investments. Assets Liabilities (Million yen)
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7© 2025 YONEX Co., Ltd. Consolidated Cash Flows Secured sufficient cash on hand to prepare for growth investments under our Global Growth Strategy (GGS). （Million yen ） • Property acquisitions for workplace development • Investment in new tennis racquet factory • Proceeds from borrowings Change FY3/26 H1 FY3/25 H1 +39 7,750 7,710 Operating activities -4,141 -7,256 -3,115 Investing activities -4,101 494 4,595 Free cash flow +4,348 5,876 1,528 Financial activities -2,487 -948 1,539 Net effect of exchange rate changes -2,240 5,422 7,663 Net increase (decrease) in cash and cash equivalents +3,579 34,423 30,843 Cash and cash equivalents
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8© 2025 YONEX Co., Ltd. Segment Information Our business consists of the Sporting Goods Division, which is divided into the four regional segments of Japan, Asia, North America, and Europe, and the Sports Facilities Division. Related Entities Sales Composition FY3/26 H1 Results Segment Manufacture Sales Operating Profit Net Sales • Niigata Factory • Tokyo Factory • YONEX Precision Machinery Co., Ltd. • YONEX JAPAN (Domestic sales) • Sales to overseas distributors ※39.3% 2,074 31,278 Japan Sporting Goods Division • YONEX TAIWAN CO., LTD. • YONEX INDIA PRIVATE LIMITED • YONEX TECNIFIBRE CO., LTD. (Thailand) • YONEX SPORTS (CHINA) CO., LTD. • YONEX TAIWAN CO., LTD. 51.4% 6,044 40,931 Asia • YONEX CORPORATION (US and Canada) 4.9% 286 3,876 North America • YONEX GmbH (Germany) • YONEX U.K. LIMITED (UK) 3.9% 227 3,085 Europe • Operation of a golf course, golf driving ranges, and tennis club 0.5% 46 361 Sports Facilities Division (Million yen) ※ Main regions where our sales are conducted through distributors: Southeast Asia, India, Korea, France, Australia
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9© 2025 YONEX Co., Ltd. 1GBP 1EUR 1USD 1TWD 1RMB 192.66yen 164.59yen 152.24yen 4.76yen 21.05yen FY3/25 H1 （Jan-Jun ） 192.57yen 162.14yen 148.59yen 4.66yen 20.46yen FY3/26 H1 （Jan-Jun ） -0.0% -1.5% -2.4% -2.1% -2.8% YoY Net Sales Changes and Forex Impact (Reported Segments) Forex Rate Japan Asia North America Europe 66,942 FY3/25 H1 FY3/26 H1 Sporting Goods Division +3,489 （+12.4%） -378 +863 （+27.8%） +257 （+9.0%） -29 +9,653 （+29.8%） -97 -1,160 -7 （-2.1% ） 79,532 Total -1,665 million yen (Million yen) Change Excluding Forex Impact (%) Forex Impact Consolidated Net Sales Sports Facilities Division The yen appreciated against all major currencies, negatively influencing results in each segment. However, sales increased steadily across all regions.
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10 © 2025 YONEX Co., Ltd. Japan Segment Net Sales Domestic Sales Overseas Distributors Badminton demand remained solid, with racquet sales increasing across a wide range of price points. The summer tournament season contributed to stronger playing activity, leading to higher string sales and overall revenue growth. In tennis, sales also rose supported by the launch of new products. st half. Badminton demand remained strong in Asia and picked up in Europe, where the World Championships held in France further stimulated the market and contributed to higher sales. Tennis sales increased as marketing efforts leveraging Team Yonex players’ strong achievements and new product launches proved successful. 31,278 million yen +11.0 % YoY 26,078 28,167 31,278 FY3/24 H1 FY3/25 H1 FY3/26 H1 (Million yen) Operating Profit Although gross profit margin declined due to higher procurement and manufacturing costs and quality-related losses, higher sales boosted gross profit and more than offset the rise in SGA from higher personnel and global advertising expenses, resulting in higher earnings. 2,074 million yen +8.0 % YoY 1,003 1,921 2,074 FY3/24 H1 FY3/25 H1 FY3/26 H1 (Million yen)
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11 © 2025 YONEX Co., Ltd. YoY Jan-Jun, 2025 Jan-Jun, 2024 0.10 yen stronger 4.66 yen 4.76 yen 1TWD Asia Segment Gross profit increased on the back of higher sales. And while SGA rose mainly from higher advertising and personnel expenses in China, the increase in gross profit more than offset this rise in costs and resulted in higher earnings. Operating Profit 6,044 million yen YoY Forex Rate 40,931 million yen +26.2 % YoY Net Sales Amid steady growth in the badminton market, grassroots promotions and “Head- to-Toe” offerings leveraging the Chinese national team’s success drove sales growth across a wide range of products including apparel and bags. In tennis, sales grew as leveraged our role as the official ball supplier for major international tournaments to enhance brand visibility and drive overall category growth. China Local players’ strong performances at an international tournament held in May attracted record crowds and kept excitement for badminton high, contributing to sales growth. Taiwan (Million yen) (Million yen) 3,730 5,070 6,044 FY3/24 H1 FY3/25 H1 FY3/26 H1 +19.2 % YoY Jan-Jun, 2025 Jan-Jun, 2024 0.59 yen stronger 20.46 yen 21.05 yen 1RMB 26,005 32,438 40,931 FY3/24 H1 FY3/25 H1 FY3/26 H1
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12 © 2025 YONEX Co., Ltd. North America Segment Gross profit increased on the back of higher sales, but SGA rose due to higher personnel, marketing, and DTC-related expenses, resulting in lower earnings. Operating Profit 286 million yen YoY Forex Rate 3,876 million yen +24.6 % YoY Net Sales Sales increased as strong demand for our new EZONE racquet series and strings drove strong growth in tennis, while badminton demand expanded with rising playing activity in the U.S. and Canada, supporting higher sales of strings and shuttlecocks. In April, Yonex launched a DTC e-commerce site in the U.S. to improve product access, enhance brand visibility, and promote “Head-to-Toe” product communications. YoY Jan-Jun, 2025 Jan-Jun, 2024 3.65 yen stronger 148.59 yen 152.24 yen 1USD -13.0 % (Million yen) (Million yen) 3,059 3,109 3,876 FY3/24 H1 FY3/25 H1 FY3/26 H1 291 329 286 FY3/24 H1 FY3/25 H1 FY3/26 H1
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13 © 2025 YONEX Co., Ltd. 266 297 227 FY3/24 H1 FY3/25 H1 FY3/26 H1 2,247 2,858 3,085 FY3/24 H1 FY3/25 H1 FY3/26 H1 Europe Segment Although gross profit increased with higher sales, SGA rose due to higher personnel and tournament-related advertising expenses, resulting in lower earnings. Operating Profit 227 million yen -23.3 % YoY Forex Rate 3,085 million yen +8.0 % YoY Net Sales Tennis sales grew, led by favorable response to our new EZONE racquet series. Brand visibility and player engagement were further enhanced through the international tournament held in May, contributing to continued sales growth. Badminton products also performed well amid steady demand. Germany Tennis sales remained solid, driven by our new EZONE series. Badminton sales also increased, supported by steady demand for racquets and strings. UK YoY Jan-Jun, 2025 Jan-Jun, 2024 2.45 yen stronger 162.14 yen 164.59 yen 1EUR YoY Jan-Jun, 2025 Jan-Jun, 2024 0.09 yen stronger 192.57 yen 192.66 yen 1GBP (Million yen) (Million yen)
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14 © 2025 YONEX Co., Ltd. Sports Facilities Division Consolidated Net Sales by Sports Categories Badminton sales increased both in Japan and overseas as the markets continued to expand. Tennis also saw higher overseas sales, particularly in North America and Europe. Sales in ‘Others’ category were driven by strong sales of apparel and bags in China. FY3/26 H1 Apparel for tennis and badminton, bags, accessories, off-court and running shoes, snowboards, and sports cycles Sales Composition Products (Million yen) ※ Sales to overseas distributors are included in “Overseas” 33,217 39,818 7,428 9,057 9,036 11,963 6,893 7,221 326 271 593 418 61.4 % Racquets, shuttlecocks, strings, badminton shoes Racquets, strings for tennis and soft tennis, tennis shoes, and tennis balls Clubs, shafts, apparel, bags, shoes, and accessories for golf 13.1 % 0.9 % 24.1 % 0.5 % ー 690 919 -24.9% 19,184 15,929 +20.4% 369 361 -2.1% 48,876 40,646 5,456 6,711 3,621 3,708 81.5 % （ -0.2% pt ） 64.4 % （＋ 4.3% pt ） 39.3 % （-3.8% pt ） 62.4 % （＋ 5.7% pt ） 10,420 9,078 +14.8%+20.2% Badminton Tennis Golf Others Sporting Goods Division FY3/25 H1 FY3/26 H1 FY3/25 H1 FY3/26 H1 FY3/25 H1 FY3/26 H1 FY3/25 H1 FY3/26 H1 FY3/25 H1 FY3/26 H1 Overseas Japan Overseas Sales Composition (YoY)
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15 © 2025 YONEX Co., Ltd. Earnings Forecasts for FY3/26 (Upward Revision) We made upward revisions to our forecasts announced in May. While the sports market is expected to remain solid, we will further strengthen investments to expand our fan base. Forex Rate (average) (Yen) VS FY 3/26 Forecasts FY 3/25 Results （Million yen ） VS Previous Forecasts FY 3/25 Results Revised Forecasts （November 7 ） Previous Forecasts （May 9 ） +9.5% （+14,000 ） +17.2% （+23,723 ）162,000 148,000 138,276 Net Sales +9.5% （+1,400 ） +14.3% （+2,023 ）16,200 14,800 14,178 Operating Profit +0.0%pt -0.3%pt 10.0% 10.0% 10.3% Operating Profit Margin +6.8% （+1,000 ） +11.7% （+1,635 ）15,600 14,600 13,964 Ordinary Profit +7.4% （+800 ） +9.5% （+1,008 ）11,600 10,800 10,591 Net Profit (Attributable to owners of parent) FY3/26 Revised Forecasts FY3/26 Previous Forecasts FY3/25 Results 21.0 19.5 21.01 1RMB 4.8 4.5 4.71 1TWD 150 140 151.57 1USD 170 160 163.94 1EUR 195 190 193.68 1GBP Reasons for the Revision In the first half, both overseas and domestic markets remained strong, supported by steady sports demand and effective marketing leveraging international tournaments and Team Yonex players’ strong achievements. In addition, the yen was weaker than the rate assumed at the beginning of the fiscal year, resulting in sales and profit exceeding our May forecast. Assumptions ・ The sports market is expected to continue trending solidly. ・ We will continue to implement strengthened strategic investments under the Global Growth Strategy (GGS) to drive further growth.
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16 © 2025 YONEX Co., Ltd. Dividends Our basic policy is to maintain a stable and appropriate level of dividends. Our interim dividend is set at 12 yen per share, unchanged from our initial forecast. Our forecasts call for a full year dividend of 24 yen per share. FY3/26 （Interim Dividend/ Year-end forecasts ） FY3/25 FY3/24 FY3/23 FY3/22 24.0 22.0 16.0 13.0 10.0 Total Dividend (Yen) 12.0 10.0 7.0 5.0 3.0 Ordinary Interim Dividend ―1.0 ―1.0 1.0 Extra ― ― ― ―1.0 Comme morative 12.0 10.0 7.0 5.0 3.0 Ordinary Year-end Dividend ―1.0 2.0 2.0 2.0 Extra ―2.9% 2.4% 2.3% 2.1% DOE （%）
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Appendix
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18 © 2025 YONEX Co., Ltd. Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Q4 Q3 Q2 Q1 Japan Segment (Domestic sales and sales to overseas distributors) Q4 Q3 Q2 Q1 Asia, North America, Eruope Segments (Overseas Subsidiaries) 2025 2026 Our Japan segment, including domestic sales and sales to overseas distributors, closes their fiscal year in March, while our overseas subsidiaries close their fiscal year in December. Period Covered in Consolidated Financial Results for FY3/25 H1 Reference: Fiscal Year End for Domestic and Overseas Businesses
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19 © 2025 YONEX Co., Ltd. FY3/26 H1 FY3/25 H1 FY3/24 H1 FY3/23 H1 FY3/22 H1 31,278 28,167 26,078 24,291 18,836 Japan (Domestic sales and sales to overseas distributors) 40,931 32,438 26,005 21,215 13,344 Asia (Subsidiaries) 3,876 3,109 3,059 2,568 1,451 North America (Subsidiaries) 3,085 2,858 2,247 1,671 864 Europe (Subsidiaries) 361 369 334 346 290 Sports Facilities 79,532 66,942 57,725 50,092 34,788 Consolidated Sales Net Sales by Reported Segments (Million yen) Japan Asia Domestic sales and sales to overseas distributors (Southeast Asia, India, Korea, France, Australia, others) China, Taiwan, India, and Thailand subsidiaries North America Europe US and Canada subsidiaries UK and Germany subsidiaries
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20 © 2025 YONEX Co., Ltd. FY3/26 H1 FY3/25 H1 FY3/24 H1 FY3/23 H1 FY3/22 H1 20,767 18,906 17,138 17,135 14,417 Japan 58,765 48,035 40,586 32,956 20,370 Overseas 47,304 38,567 32,150 25,343 16,860 Asia 3,903 3,109 3,059 2,568 1,451 North America 6,229 5,501 4,498 4,098 1,326 Europe 1,326 857 878 946 732 Others 79,532 66,942 57,725 50,092 34,788 Total 73.9% 71.8% 70.3% 65.8% 58.6% Overseas Sales Composition Net Sales by Geographic Region (Million yen) ※Sales to overseas distributors are included in “Overseas” Japan Asia Domestic sales including the Sports Facilities Division China, Taiwan, Southeast Asia, Korea, India, others North America Europe US and Canada Germany, UK, Denmark, France, others Others Australia, the Middle and Near East, South and Central America, others
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21 © 2025 YONEX Co., Ltd. Disclaimer Statements made in these materials with respect to plans, strategies and future performances are forward-looking statements based on information and assumptions available to Yonex when these materials were prepared. Investors are cautioned that various unforeseen factors could cause actual results to differ materially from those discussed in these forward-looking statements.