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YONEX Fiscal Year Ending March 31 , 2027 Q1 Financial Results Yonex Co. , Ltd. Tokyo Stock Exchange Code : 7906 August 10 , 2026
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2© 2026 YONEX Co., Ltd. 1. Consolidated Financial Results for FY3/27 Q1 ・・・・・・・・・・・・ 3 2. Segment Overview ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 7 3. Forecasts for FY3/27 ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 14 4. Topics ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 15 5. Appendix ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 18 Table of Contents
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3© 2026 YONEX Co., Ltd. Net Sales 45.4billion yen YoY + 14.1％ Highlights ⚫ Amid firm sports markets, interest in Yonex products grew further as Team Yonex athletes performed strongly in international tournaments; sales also benefited from yen depreciation. ⚫ In badminton, the sport expanded further, supported by the success of athletes not only in Asia but also in a wide range of regions including Europe. ⚫ In tennis, brand recognition increased with the success of Team Yonex athletes, and our “Head-to-Toe” approach highlighted the entire product lineup, driving sales growth. Net Sales ⚫ SGA increased, mainly due to higher advertising expenses associated with strengthened global marketing investment and higher personnel expenses. ⚫ The increase in gross profit driven by higher sales exceeded the rise in SGA, resulting in higher operating profit. Operating Profit Operating Profit 6.8 billion yen YoY Net Profit Attributable to owners of parent 5.5 billion yen YoY + 31.9％+ 9.4％
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4© 2026 YONEX Co., Ltd. Consolidated Income Statement (Million yen) * Revised on August 10, 2026 FY3/26 Q1 Results FY3/27 Q1 YoY FY3/27 Forecasts* Results Margins H1 Full Year Net Sales 39,856 45,468 ― +14.1% （+5,611） 90,500 181,000 Gross Profit 18,823 20,888 45.9％ +11.0% （+2,065） ― ― SGA 12,546 14,021 30.8％ +11.8% （+1,475） ― ― Operating Profit 6,277 6,867 15.1％ +9.4% （+590） 10,500 18,900 Ordinary Profit 5,954 7,096 15.6％ +19.2% （+1,141） 10,800 19,100 Net Profit (Attributable to owners of parent) 4,237 5,590 12.3％ +31.9% （+1,352） 8,100 14,200 EPS 49.60 yen 65.34 yen ― +15.74 yen 94.68 yen 165.98 yen
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5© 2026 YONEX Co., Ltd. Factors behind Operating Profit Changes Gross profit rose on higher sales, though the margin declined against an exceptionally high prior-year base and on higher raw material prices. SGA increased mainly on higher advertising expenses from stronger global marketing and personnel expenses. Increase in SGA -1,475 +2,650 -584 -592 +23 6,277 6,867 FY3/26 Q1 Gross Profit Increase due to Higher Sales Decline in Gross Profit Margin Personnel Expenses Advertising Expenses R&D Expenses Other Expenses FY3/27 Q1 -466 -438 (Million yen)
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6© 2026 YONEX Co., Ltd. Consolidated Balance Sheets Notes and accounts receivable - trade increased in line with sales growth. Inventories also rose, partly reflecting slower sales growth in China. End FY3/26 End FY3/27 Q1 Change Cash and Deposits 34,312 33,646 -666 Notes and accounts receivable- trade 22,655 24,370 +1,715 Inventory 24,196 27,580 +3,384 Property, Plant and Equipment 37,423 37,627 +203 Intangible Assets 1,452 1,559 +106 Others 8,580 8,669 +88 Total Assets 128,620 133,453 +4,833 End FY3/26 End FY3/27 Q1 Change Accounts payable 11,115 10,658 -457 Interest-bearing debt 17,402 17,711 +309 Others 19,362 19,428 +65 Total Liabilities 47,880 47,798 -81 Equity Capital 80,493 85,405 +4,911 Non-controlling Interests 247 249 +2 Total Net Assets 80,740 85,654 +4,914 Total Liabilities and Net Assets 128,620 133,453 +4,833 ⚫ Assets ⚫ Liabilities （Million yen） WORKS連携
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7© 2026 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. Segment FY3/27 Q1 Results Sales Composition Related Entities Net Sales Operating Profit Sales Manufacture Sporting Goods Division Japan 17,481 2,248 38.4% • YONEX JAPAN (Domestic sales) • Sales to overseas distributors※ • Niigata Factory • Tokyo Factory • YONEX Precision Machinery Co., Ltd. Asia 23,714 4,098 52.2% • YONEX SPORTS (CHINA) CO., LTD. • YONEX TAIWAN CO., LTD. • YONEX TAIWAN CO., LTD. • YONEX INDIA PRIVATE LIMITED • YONEX TECNIFIBRE CO., LTD. (Thailand) North America 2,215 9 4.9% • YONEX CORPORATION (US and Canada) Europe 1,851 224 4.1% • YONEX GmbH (Germany) • YONEX U.K. LIMITED (UK) Sports Facilities Division 205 41 0.4% • Operation of golf courses, golf driving ranges, and tennis club (Million yen) ※ Main regions where our sales are conducted through distributors: Southeast Asia, India, Korea, France, Australia WORKS連携
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8© 2026 YONEX Co., Ltd. 1RMB 1TWD 1USD 1EUR 1GBP FY3/26 Q1 （Jan-Mar） 20.94 yen 4.64 yen 152.59 yen 160.50 yen 192.13 yen FY3/27 Q1 （Jan-Mar） 22.65 yen 4.95 yen 156.86 yen 183.64 yen 211.56 yen YoY +8.2% +6.7% +2.8% +14.4% +10.1% Net Sales Changes and Forex Impact (Reported Segments) The yen depreciated against all major currencies, contributing to higher consolidated net sales. In the North America segment, although sales declined slightly on a local currency basis, reported sales increased due to the positive effect of currency translation. ⚫ Forex Rate Japan Asia North America Europe 39,856 FY3/26 Q1 FY3/27 Q1 Sporting Goods Division Sports Facilities Division +1,506 （ +9.7 %） +435 -31 （-1.4%） +138 （+9.2%） +211 +1,312 （+6.4%） +61+1,980 -2 （-1.3%） 45,468 Total +2,689million yen （Million yen） Change Excluding Forex Impact (%) Forex Impact Consolidated Net Sales
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9© 2026 YONEX Co., Ltd. Japan Segment Although SGA increased due to higher personnel expenses and advertising expenses, the increase in gross profit from higher sales exceeded this, resulting in higher operating profit. 2,248 million yen +19.9 % YoY Supported by the success of Team Yonex athletes in international tournaments and growing popularity of the sport, sales grew significantly across a wide range of regions including Asia and Europe. Overseas Distributors 13,133 15,539 17,481 FY3/25 Q1 FY3/26 Q1 FY3/27 Q1 Net Sales （Million yen） （Million yen） Operating Profit 17,481 million yen +12.5 % YoY Domestic Sales Badminton demand remained solid, with sales exceeding the previous year's high level, supported by spring seasonal demand. Tennis sales held at the previous year's high level, driven by new products launched at the beginning of the year. アジア各国でのバドミントン用品の販売が牽引したことに加え、テニス用 品も増収。円高に伴う為替換算による下押し影響はあったものの増収 増収に加え、粗利率の改善も寄与し粗利が増加。人件費、研究開発費、広 告宣伝費等の増加により販管費は増加したものの、粗利の増加が上回り 増益 604 1,875 2,248 FY3/25 Q1 FY3/26 Q1 FY3/27 Q1
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10© 2026 YONEX Co., Ltd. Asia Segment Although SGA rose on higher advertising and personnel expenses for strengthened marketing investment, the larger increase in gross profit resulted in higher operating profit. Operating Profit 4,098 million yen +17.0 % YoY ⚫ Forex Rate 23,714 million yen +16.1 % YoY Net Sales Badminton demand remained solid and sales increased, though growth moderated after the substantial gains through the previous fiscal year. Other products such as apparel and bags also continued to grow, and the positive effect of currency translation also lifted net sales. China In Taiwan, badminton continued to be played actively and the market remained stable, and net sales increased, also supported by the positive effect of currency translation. Taiwan Jan-Mar, 2025 Jan-Mar, 2026 YoY 1RMB 20.94 yen 22.65 yen 1.71 yen weaker Jan-Mar, 2025 Jan-Mar, 2026 YoY 1TWD 4.64 yen 4.95 yen 0.31 yen weaker 14,685 20,421 23,714 FY3/25 Q1 FY3/26 Q1 FY3/27 Q1 2,350 3,501 4,098 FY3/25 Q1 FY3/26 Q1 FY3/27 Q1 （Million yen） （Million yen）
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11© 2026 YONEX Co., Ltd. North America Segment SGA increased due to higher advertising expenses and personnel expenses associated with strengthened marketing investment in this priority region under the GGS, resulting in a significant decline in operating profit. Operating Profit 9 million yen ⚫ Forex Rate 2,215 million yen +1.4 % YoY Net Sales Tennis products remained solid, sustaining the prior year's high level. In badminton, racquet sales rose while overall sales held steady. Segment sales declined slightly on a local currency basis, but reported sales slightly exceeded the previous year, supported by the positive effect of currency translation. Jan-Mar, 2025 Jan-Mar, 2026 YoY 1USD 152.59 yen 156.86 yen 4.27 yen weaker 1,627 2,185 2,215 FY3/25 Q1 FY3/26 Q1 FY3/27 Q1 225 289 9 FY3/25 Q1 FY3/26 Q1 FY3/27 Q1 YoY -96.6 % （Million yen） （Million yen）
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12© 2026 YONEX Co., Ltd. Europe Segment Gross profit increased in line with higher net sales. Although SGA increased due to higher personnel expenses and advertising expenses, the increase in gross profit exceeded this, resulting in higher operating profit. Operating Profit 224 million yen +161.4 % YoY ⚫ Forex Rate 1,851 million yen +23.3 % YoY Net Sales Sales of badminton products remained solid, and tennis product sales also increased, supported by improved brand recognition resulting from the success of Team Yonex athletes. For the Europe segment as a whole, net sales increased significantly, due to increased sales and the positive effect of currency translation associated with yen depreciation. Jan-Mar, 2025 Jan-Mar, 2026 YoY 1EUR 160.50 yen 183.64 yen 23.14 yen weaker Jan-Mar, 2025 Jan-Mar, 2026 YoY 1GBP 192.13 yen 211.56 yen 19.43 yen weaker 1,406 1,501 1,851 FY3/25 Q1 FY3/26 Q1 FY3/27 Q1 135 86 224 FY3/25 Q1 FY3/26 Q1 FY3/27 Q1 （Million yen） （Million yen）
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13© 2026 YONEX Co., Ltd. 208 205 6,372 7,709 3,210 3,343 9,582 11,052 99 201 196 193 295 394 3,457 4,144 2,129 2,120 5,586 6,264 19,709 23,002 4,472 4,547 24,182 27,549 Consolidated Net Sales by Sports Categories In the Sporting Goods Division, overseas sales grew and net sales increased across all sports. Our strengthened "Head -to- Toe" approach also drove higher sales of footwear and apparel. Sporting Goods Division Sports Facilities Division FY3/27 Q1 60.6 % 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 13.8 % 0.9 % 24.3 % 0.4 % ー Sales Composition Products （Million yen） +33.6% +15.3% -1.3% FY3/26 Q1 FY3/27 Q1 FY3/26 Q1 FY3/27 Q1 FY3/26 Q1 FY3/27 Q1 FY3/26 Q1 FY3/27 Q1 FY3/26 Q1 FY3/27 Q1 83.5% （+2.0%pt） Overseas Sales Composition (YoY) 66.2% （+4.3%pt） 51.0% （+17.4%pt） 69.7% （+3.2%pt） +12.1% Badminton Tennis Golf Others +13.9%Overseas Japan * Sales to overseas distributors are included in “Overseas”
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14© 2026 YONEX Co., Ltd. Earnings Forecasts for FY3/27 (Upward Revision) We made upward revisions to our forecasts announced on May 12, 2026. While the sports market is expected to remain solid, we will carefully assess demand trends by region and the external environment. ⚫ Forex Rate (average) (Yen) (Million yen) Previous Forecasts (May 12) Revised Forecasts Change (Amount) FY3/26 (Reference) H1 Full Year H1 Full Year H1 Full Year Full Year Results YoY (Revised vs FY3/26) Net Sales 89,000 178,000 90,500 181,000 +1,500 +3,000 163,643 +10.6% Operating Profit 9,500 17,800 10,500 18,900 +1,000 +1,100 16,546 +14.2% Operating Profit Margin 10.7% 10.0% 11.6% 10.4% +0.9pt +0.4pt 10.1% +0.3pt Ordinary Profit 9,400 17,600 10,800 19,100 +1,400 +1,500 16,316 +17.1% Net Profit (Attributable to owners of parent) 7,100 13,200 8,100 14,200 +1,000 +1,000 12,092 +17.4% FY3/26 Results FY3/27 Previous Forecasts FY3/27 Revised Forecasts 1RMB 20.81 22.5 23.0 1TWD 4.79 4.9 4.9 1USD 149.70 155 155 1EUR 168.99 180 180 1GBP 197.24 205 210 ⚫ Reasons for the Revision In the first quarter, sales to overseas distributors in the Japan segment progressed above expectations, and SGA expenses were held below plan in light of uncertainty over the situation in the Middle East. As a result, sales and profit at each level exceeded our May forecast. ⚫ Assumptions ・ Revise some assumed exchange rates toward a weaker yen to reflect recent movements. ・ Continue strategic investments for growth under the Global Growth Strategy (GGS).
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15© 2026 YONEX Co., Ltd. Badminton: Thomas & Uber Cup Finals 2026 – China and Korea Triumph Thomas & Uber Cup Finals 2026 (April 24 – May 3, 2026 / Horsens, Denmark) China took the men's Thomas Cup for its 12th title overall, and Korea the women's Uber Cup for its 3rd. France reached its first-ever final, beating former champions to finish runner-up. Korea won a fiercely contested final for its first Uber Cup in 4 years. ▲ Thomas Cup: China ▲ Uber Cup: Korea Global Growth Strategy (GGS) Perspective Among the teams that reached the knockout stage, approx. 75% wore Yonex apparel ▲ Head-to-Toe Initiatives • France beat former champions to finish runner-up in the men's event, symbolizing the sport's widening base • The strong performance of European teams demonstrates badminton's expanding geographic footprint ▲ Geographic Footprint The men's and women's national/regional team competitions were held in Denmark, with China winning the men's event and Korea the women's.
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16© 2026 YONEX Co., Ltd. Champion ChampionChampion Key Topics ✓ Team Yonex dominates the women's singles 9 Team Yonex players reached the round of 16. ✓ Team Yonex players have won 2 women's singles titles at the 2026 GS Following Rybakina at the Australian Open, Noskova also won at Wimbledon. In the women's game, Head-to-Toe Team Yonex players have now taken two GS titles. ✓ The junior boys' singles final was an all-Team Yonex clash 16-year-old J. Lee rallied from a set down to beat C. Hewitt in the final, completing a remarkable run from qualifying. Tennis: Wimbledon 2026 – Team Yonex Shines Women's Singles Linda Noskova (CZE) Men's Doubles Harri Heliovaara (FIN) Wheelchair Men's Singles Tokito Oda (JPN) Wheelchair Men's Doubles Alfie Hewett / Gordon Reid (GBR) Junior Boys' Singles Jordan Lee (USA) Women's Singles Wheelchair Men's Singles Men's Doubles Harri Heliovaara (Finland) 2nd Wimbledon title (first since 2024). Also reached world No. 1 in doubles this season. Team Yonex won in 5 events Linda Noskova won her first Grand Slam (GS) title. Of the 15 events, Team Yonex captured titles in 5. Linda Noskova (Czech Republic) Won an all-Czech final to claim her first GS title at 21. A rising star Yonex has accompanied on a long journey—including our junior program "Vamos J". Head-to-Toe Yonex, from racquet to apparel and shoes. Tokito Oda (Japan) 2nd straight Wimbledon title, in an all-Team Yonex final without dropping a set all tournament. At 20, the 10th major singles title of his career.
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17© 2026 YONEX Co., Ltd. Tennis: Launch of the New MUSE Racquet Series MUSE "Feel the rally and forget everything else" MUSE Capsule Collection MUSE(English) MUSE(English)Product Information ⚫ Smooth handling and efficient power transfer let you focus on the rally, with Yonex's most forgiving response to date. ⚫ The new Synchro Frame synchronizes three core Yonex technologies for smooth handling, stable performance, and reduced fatigue. MUSE, a new tennis racquet series crafted for effortless, stress-free rallying — on sale from April 2026. The collection, featuring bags, strings, shoes, and more, enables a complete coordinated look inspired by the MUSE concept.
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Appendix
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19© 2026 YONEX Co., Ltd. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Japan Segment (Domestic sales and sales to overseas distributors) Q1 Q2 Q3 Q4 Asia, North America, Europe Segments (Overseas Subsidiaries) Q1 Q2 Q3 Q4 2026 2027 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 FY3/27 Q1 Reference: Fiscal Year End for Domestic and Overseas Businesses
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20© 2026 YONEX Co., Ltd. FY3/23 Q1 FY3/24 Q1 FY3/25 Q1 FY3/26 Q1 FY3/27 Q1 Japan (Domestic sales and sales to overseas distributors) 11,294 12,974 13,133 15,539 17,481 Asia (Subsidiaries) 10,056 11,908 14,685 20,421 23,714 North America (Subsidiaries) 1,292 1,731 1,627 2,185 2,215 Europe (Subsidiaries) 857 1,191 1,406 1,501 1,851 Sports Facilities 192 185 214 208 205 Consolidated Sales 23,694 27,992 31,067 39,856 45,468 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. FY3/23 Q1 FY3/24 Q1 FY3/25 Q1 FY3/26 Q1 FY3/27 Q1 Japan 8,388 8,532 9,206 10,217 10,411 Overseas 15,306 19,460 21,860 29,638 35,056 Asia 11,620 14,982 17,261 23,770 28,430 North America 1,292 1,731 1,627 2,212 2,215 Europe 1,988 2,318 2,534 2,972 3,808 Others 405 426 437 683 601 Total 23,694 27,992 31,067 39,856 45,468 Overseas Sales Composition 64.5% 69.5% 70.4% 74.4% 77.1% 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.