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Yonex Co., Ltd. Tokyo Stock Exchange Code: 7906 February 10, 2026 Fiscal Year Ending March 31, 2026 Q1-3 Financial Results
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2© 2026 YONEX Co., Ltd. 1. Consolidated Financial Results for FY3/26 Q1-3 ・・・・・・・・・・ 3 2. Segment Overview ・・・・・・・・・・・・・・・・・・・・・・・・・・ 7 3. Forecasts for FY3/26 ・・・・・・・・・・・・・・・・・・・・・・・・・・ 14 4. Topics ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 15 5. Appendix ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 18 Table of Contents
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3© 2026 YONEX Co., Ltd. Net Sales 120.4 billion yen YoY +18.4 ％ Highlights Amid a strong global sports market, we focused on communication and marketing activities leveraging the achievements of Team Yonex athletes, while strengthening initiatives that emphasize customer touchpoints, including pop-up stores and other events. In badminton, demand remained solid, particularly in Asia. In tennis, brand recognition improved, supported by the achievements of Team Yonex athletes at international tournaments, and contributed to sales growth. Despite negative translation effects of the stronger yen upon our overseas operations, consolidated net sales for the cumulative Q1–Q3 period reached a record high. Net Sales Net Profit Attributable to owners of parent 9.6 billion yen YoY +3.9 ％ Operating Profit 12.9 billion yen YoY +13.5 ％ SGA expenses increased, mainly due to higher advertising and promotional expenses and personnel costs associated with strengthened marketing activities. However, the increase in gross profit driven by higher sales exceeded the rise in SGA expenses, resulting in record-high consolidated operating profit for the cumulative Q1–Q3 period. Operating Profit
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4© 2026 YONEX Co., Ltd. Consolidated Income Statement (Million yen) * Revised on November 7, 2025 FY3/26 Forecasts* YoY FY3/26 Q1-3FY3/25 Q1-3 Results Margins Results 162,000 +18.4% (+18,715) ―120,474 101,758 Net Sales ―+14.6% (+6,786) 44.2 ％53,308 46,522 Gross Profit ―+14.9% (+5,245) 33.5 ％40,376 35,131 SGA 16,200 +13.5% (+1,540) 10.7 ％12,932 11,391 Operating Profit 15,600 +11.0% (+1,256) 10.5 ％12,702 11,446 Ordinary Profit 11,600 +3.9% (+361) 8.0 ％9,610 9,249 Net Profit (Attributable to owners of parent) 135.76 yen +5.27 yen ―112.41 yen 107.14 yen EPS
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5© 2026 YONEX Co., Ltd. Factors behind Operating Profit Changes Despite a decline in gross profit margin, gross profit increased due to higher sales. SGA expenses increased, mainly reflecting higher advertising expenses related to marketing activities aimed at enhancing brand recognition, as well as increased personnel expenses. Increase in SGA -5,245 FY3/25 Q1-3 Gross Profit Increase due to Higher Sales Decline in Gross Profit Margin Personnel Expenses Advertising Expenses R&D Expenses Other Expenses FY3/26 Q1-3 (Million yen) 11,391 +8,556 -1,769 -1,361 -3,289 -255 -339 12,932
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6© 2026 YONEX Co., Ltd. Consolidated Balance Sheets Change End FY3/26 Q3 End FY3/25 +5,889 35,367 29,478 Cash and Deposits +1,018 21,021 20,003 Notes and Accounts receivable- trade +1,261 21,266 20,005 Inventory +5,373 35,980 30,607 Property, Plant and Equipment -238 1,486 1,725 Intangible Assets +816 8,547 7,731 Others +14,120 123,671 109,551 Total Assets Change End FY3/26 Q3 End FY3/25 -160 10,241 10,402 Account payable +7,626 17,840 10,213 Interest-bearing debt -607 18,901 19,508 Others +6,858 46,983 40,124 Total Liabilities +7,255 76,456 69,201 Equity Capital +6 231 224 Non-controlling Interests +7,261 76,688 69,426 Total Net Assets +14,120 123,671 109,551 Total Liabilities and Net Assets Assets Liabilities (Million yen) Property, plant and equipment and interest-bearing debt increased due to capital investments related to property acquisitions for workplace development and a new tennis racquet factory, as well as loans for these investments.
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7© 2026 YONEX Co., Ltd. Segment Information Related Entities Sales Composition FY3/26 Q1-3 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 ※38.3% 2,710 46,153 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. 52.7% 9,066 63,478 Asia • YONEX CORPORATION (US and Canada) 4.8% 419 5,804 North America • YONEX GmbH (Germany) • YONEX U.K. LIMITED (UK) 3.8% 421 4,544 Europe • Operation of golf courses, golf driving ranges, and tennis club 0.4% 39 493 Sports Facilities Division (Million yen) ※ Main regions where our sales are conducted through distributors: Southeast Asia, India, Korea, France, Australia 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.
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8© 2026 YONEX Co., Ltd. 1GBP 1EUR 1USD 1TWD 1RMB 193.13 yen 164.39 yen 151.28 yen 4.71 yen 20.97 yen FY3/25 Q1-3 （Jan-Sep ） 194.67 yen 165.53 yen 148.22 yen 4.74 yen 20.50 yen FY3/26 Q1-3 （Jan-Sep ） +0.8% +0.7% -2.0% +0.6% -2.2% YoY Net Sales Changes and Forex Impact (Reported Segments) Forex Rate Japan Asia North America Europe FY3/25 Q1-3 FY3/26 Q1-3 Sporting Goods Division Sports Facilities Division Change Excluding Forex Impact (%) Forex Impact Consolidated Net Sales Total -1,597 million yen (Million yen) Despite negative foreign exchange translation effects from yen appreciation in certain currencies, strong sales growth resulted in higher net sales. 101,758 +4,610 （+11.0% ） -277 +1,083 （+22.4%） +414 （+10.1%） +33 +14,206 （+28.1%） -122 -1,231 -1 （-0.3%） 120,474
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9© 2026 YONEX Co., Ltd. Japan Segment Gross profit increased due to higher sales. Although SGA expenses rose mainly due to higher personnel expenses and increased global advertising expenses, the increase in gross profit exceeded the rise in SGA expenses, resulting in higher operating profit. 2,710 million yen +21.9 % YoY Domestic Sales In badminton, demand remained solid in Asia, while sales in Europe also remained steady, supported by increased participation in sporting activities, resulting in higher sales. In tennis, sales increased, supported by marketing activities leveraging the achievements of Team Yonex athletes. Overseas Distributors Net Sales (Million yen) Operating Profit 46,153 million yen +10.4 % YoY In badminton, demand remained solid, with increased sales of racquets across a wide range of price points, while sales of other products, including bags and apparel, also remained steady, contributing to higher sales. In tennis, sales increased, supported by steady demand across various product categories, including shoes and strings. (Million yen) 37,545 41,819 46,153 FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3 1,045 2,223 2,710 FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3
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10 © 2026 YONEX Co., Ltd. Asia Segment Gross profit increased due to higher sales. Despite higher advertising expenses mainly at the China subsidiary, the increase in gross profit exceeded the rise in expenses, resulting in higher operating profit. Operating Profit 9,066 million yen +14.0 % YoY Forex Rate 63,478 million yen +25.7 % YoY Net Sales The badminton market remained solid, with continued grassroots promotional activities and enhanced “Head to Toe” proposals. Sales increased across a wide range of badminton products, while sales of apparel and bags also grew. In tennis, sales increased, supported by marketing initiatives leveraging the adoption of Yonex balls as official balls at international tournaments. China Driven by the achievements of Team Yonex athletes at international tournaments, interest in the sport remained strong, supporting higher sales of badminton products. Taiwan YoY Jan-Sep, 2025 Jan-Sep, 2024 0.47 yen stronger 20.50 yen 20.97 yen 1RMB YoY Jan-Sep, 2025 Jan-Sep, 2024 0.03 yen weaker 4.74 yen 4.71 yen 1TWD (Million yen) (Million yen) 39,290 50,502 63,478 FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3 6,007 7,955 9,066 FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3
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11 © 2026 YONEX Co., Ltd. North America Segment Gross profit increased due to higher sales. However, operating profit decreased, mainly reflecting higher personnel expenses, increased marketing expenses, and higher DTC-related costs. Operating Profit 419 million yen YoY Forex Rate 5,804 million yen +19.8 % YoY Net Sales In tennis, sales remained steady, led by racquets and strings. In badminton, sales of racquets and strings increased, supported by continued sporting activities. In addition, sales of other products, mainly apparel, grew significantly. As part of our DTC initiatives, we focused on strengthening direct customer engagement through our e-commerce site and pop-up store operations. YoY Jan-Sep, 2025 Jan-Sep, 2024 3.06 yen stronger 148.22 yen 151.28 yen 1USD -28.6 % (Million yen) (Million yen) 4,506 4,843 5,804 FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3 395 586 419 FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3
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12 © 2026 YONEX Co., Ltd. Europe Segment The increase in gross profit driven by higher sales exceeded the rise in SGA expenses, mainly reflecting personnel expenses and advertising expenses associated with marketing activities, resulting in higher operating profit. Operating Profit 421 million yen +4.3 % YoY Forex Rate 4,544 million yen +10.9 % YoY Net Sales Brand recognition improved, supported by the achievements of Team Yonex athletes, leading to increased sales of tennis products, mainly racquets. In badminton, demand remained solid amid continued interest in the sport driven by international tournaments, and sales of racquets and strings increased. YoY Jan-Sep, 2025 Jan-Sep, 2024 1.14 yen weaker 165.53 yen 164.39 yen 1EUR YoY Jan-Sep, 2025 Jan-Sep, 2024 1.54 yen weaker 194.67 yen 193.13 yen 1GBP (Million yen) (Million yen) 3,370 4,097 4,544 FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3 427 404 421 FY3/24 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3
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13 © 2026 YONEX Co., Ltd. 15,097 19,245 9,710 10,303 510 410 774 623 8,607 10,392 4,805 5,070 50,561 60,821 11,196 13,114 Consolidated Net Sales by Sports Categories Sporting Goods Division Sports Facilities Division FY3/26 Q1-3 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 Apparel for tennis and badminton, bags, accessories, off-court and running shoes, snowboards, and sports cycles 12.8 % 0.9 % 24.5 % 0.4 % ー Sales Composition Products （Million yen) -19.6% +19.1% -0.3% FY3/25 Q1-3 FY3/26 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3 FY3/25Q1-3 FY3/26 Q1-3 FY3/25 Q1-3 FY3/26 Q1-3 82.3 % (+0.4%pt ） Overseas Sales Composition (YoY) 67.2 % （＋ 3.0% pt ） 39.7 % （-0.1%pt ） 65.1 % （＋ 4.2.% pt ） +15.3% Badminton Tennis Golf Others +19.7% Overseas Japan Badminton sales increased both domestically and overseas amid continued sports market activity. Tennis sales also rose domestically and overseas, supported by improved brand recognition driven by the achievements of Team Yonex athletes. In the Others categories, sales increased mainly in China, led by apparel and accessories. ※ Sales to overseas distributors are included in “Overseas” 1,033 24,807 29,549 495 493 1,284 61,758 73,936 13,412 15,462
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14 © 2026 YONEX Co., Ltd. FY3/26 Forecasts* FY3/25 Results 21.0 21.01 1RMB 4.8 4.71 1TWD 150 151.57 1USD 170 163.94 1EUR 195 193.68 1GBP Earnings Forecasts for FY3/26 Forex Rate （average ） （ yen ） Assumptions VS FY 3/25 Results FY3/26 Forecasts （Revised on November 7 ） FY 3/25 Results （Million yen ） +17.2% （+23,723 ）162,000 138,276 Net Sales +14.3% （+2,023 ）16,200 14,176 Operating Profit -0.3pt 10.0% 10.3% Operating Profit Margin +11.7% （+1,635 ）15,600 13,964 Ordinary Profit +9.5% （+1,008 ）11,600 10,591 Net Profit (Attributable to owners of parent) *Revised on November 7 ・ The sports market is expected to remain solid ・ Strengthening strategic investments for growth under the Global Growth Strategy (GGS) We maintain our revised earnings forecasts announced in November 2025. With the sports market expected to remain solid, we will increase our investment aimed at expanding the Yonex fan base.
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15 © 2026 YONEX Co., Ltd. Badminton / Tennis – Season-Ending Finals Highlights At the season-ending finals - where only the top eight players or pairs in the annual rankings qualify - Team Yonex athletes delivered outstanding performances across both badminton and tennis. Badminton Tennis BWF World Tour Finals ▲Christo Popov (FRA) ▲Elena Rybakina (KAZ) Team Yonex athletes won 4 of the 5 titles at the tournament. Men’s Singles: Christo Popov captured his first World Tour Finals title, becoming the first French player to win the event. Yonex racquet usage rate: 72% (46 of 64 players), 14 of the 16 finalists across all five events used Yonex racquets. Singles: Elena Rybakina claimed her first WTA Finals title in her third consecutive appearance. Doubles: Elise Mertens won the title for the first time in three years. Yonex racquet usage: 3 of 8 singles players and 9 of 16 doubles players used Yonex racquets. 3 of the 6 finalists competed with Yonex racquets. WTA Finals ATP Finals Doubles: Harri Heliovaara won the championship title. ▲Elise Mertens (BEL)
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16 © 2026 YONEX Co., Ltd. Tennis: New VCORE Racquet Launched More stable spin with an expanded sweet spot New grommet structure for enhanced snapback Designed for competitive junior players and recreational tennis players, Combining the latest technology with an accessible price point. “SPIN ACCESS GRANTED” - enabling every player to experience exceptional spin α Series Now Added to VCORE https://www.yonex.com/vcore The 8th generation of the VCORE series launched in January 2026: Designed to deliver signature spin performance Integrated Marketing Initiatives with the Australian Open Launch party at our Australian Open pop-up store Demo events held in Melbourne Product Info
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17 © 2026 YONEX Co., Ltd. Tennis: Australian Open 2026, Achievements of Team Yonex Xiaohui Li （CHN) Wheelchair Women ’s Singles Elena Rybakina (KAZ) Women's Singles Xiaohui Li （CHN) Wheelchair Women's Doubles Elise Mertens （BEL ）Women's Doubles Connor Doig (RSA) Junior Men's Doubles Tokito Oda (JPN) Wheelchair Men's Singles Lucas John De Gouveia (GBR) Wheelchair Men’s Junior Doubles Tokito Oda (JPN) Gustavo Fernandez (ARG) Wheelchair Men's Doubles Elena Rybakina (KAZ) Captured her first Australian Open singles title with a comeback victory - her second Grand Slam title since Wimbledon 2022. Head to toe in Yonex. Tokito Oda (JPN) Another Grand Slam title following his career Golden Slam achieved at last year’s US Open. Also captured the doubles title with Team Yonex athlete Gustavo Fernández (Argentina), completing a double. Women's Singles Winner Wheelchair Men's Singles and Doubles Winner Women’s Doubles Winner Xiaohui Li (CHN) Elise Mertens (BEL) Team Yonex Won 8 Titles Elena Rybakina captured her first Australian Open title, as Team Yonex athletes claimed 8 of the 19 events. Wheelchair Women's Singles and Doubles Winner
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Appendix
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19 © 2026 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 FY3/26 Q1-3 Reference: Fiscal Year End for Domestic and Overseas Businesses
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20 © 2026 YONEX Co., Ltd. FY3/26 Q1-3 FY3/25 Q1-3 FY3/24 Q1-3 FY3/23 Q1-3 FY3/22 Q1-3 46,153 41,819 37,545 35,640 27,307 Japan (Domestic sales and sales to overseas distributors) 63,478 50,502 39,290 36,940 22,177 Asia (Subsidiaries) 5,804 4,843 4,506 3,874 2,444 North America (Subsidiaries) 4,544 4,097 3,370 2,710 1,638 Europe (Subsidiaries) 493 495 459 466 407 Sports Facilities 120,474 101,758 85,172 79,632 53,975 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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21 © 2026 YONEX Co., Ltd. FY3/26 Q1-3 FY3/25 Q1-3 FY3/24 Q1-3 FY3/23 Q1-3 FY3/22 Q1-3 29,605 26,982 24,554 24,045 20,447 Japan 90,869 74,776 60,617 55,587 33,528 Overseas 73,705 60,125 48,054 43,839 27,529 Asia 5,832 4,843 4,506 3,874 2,444 North America 9,179 8,288 6,734 6,366 2,455 Europe 2,151 1,518 1,323 1,506 1,099 Others 120,474 101,758 85,172 79,632 53,975 Total 75.4% 73.4% 71.1% 69.8% 62.1% 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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22 © 2026 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.