Slides
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August 4, 2026 Yamaha Corporation Analyst and Investor Briefing on First Quarter of FY2027.3 (Fiscal year ending March 31, 2027)
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FY2027.3 1Q Highlights Overview Outlook Achievements of the first quarter of FY2027.3 (three months) - Revenue increased due to a recovery in musical instrument sales and a weakening yen. - Core operating profit increased driven by an improved product mix resulting from growth in the digital musical instruments, price optimization, and favorable exchange rates, and other factors, despite higher procurement costs. Full year forecast for FY2027.3 - Revenue and core operating profit remain unchanged from the previous forecast announced in May 2026. Despite uncertainties including rising procurement costs and the situation in the Middle East, positive factors such as efforts to optimize pricing further and the weak yen have helped offset these challenges. - Net income has been revised upward following the refund of U.S. tariffs. 1
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1. Performance Summary
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FY2027.3 1Q Performance (three months) FY2027.3 Full Year Outlook FY2027.3 1Q (Three Months) Summary FY2026.3 1Q FY2027.3 1Q Change (YoY) Revenue 103.9 116.3 12.4 +12.0% Core Operating Profit (Core Operating Profit Ratio) 4.7 (4.5%) 9.3 (8.0%) 4.6 +97.7% Net Profit 2.4 10.7 8.3 +348.8% US$ 145 160 EUR 164 185 +2.9% (Excluding the impact of exchange rate) (billions of yen) *1 *1 Net profit is presented as net profit attributable to owners of parent on the consolidated financial statements. *2 *2 Exchange Rate (yen) 3
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FY2027.3 1Q Performance (three months) FY2027.3 Full Year Outlook Core Operating Profit Analysis 4.7 9.3 3.0 -1.2 4.0 0.6 -1.4 -0.4 FY2026.3 1Q FY2027.3 1Q Cost increase Impact of exchange rates SG&A Increase in sales, production and model mix, etc. Other businessEffect of Production structural reforms Full year price adjustments resulting from price optimization Musical Instruments: 1.3% Audio Equipment: 1.7% (billions of yen) Versus previous year 4
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FY2027.3 1Q Performance (three months) FY2027.3 Full Year Outlook Performance by Business Segment FY2026.3 1Q FY2027.3 1Q Change Exchange rate impact Musical Instruments Revenue 66.5 77.7 11.1 6.6 Core Operating Profit 2.1 6.5 4.4 2.3 Core Operating Profit Ratio 3.1％ 8.3％ +5.2P Audio Equipment Revenue 33.0 35.0 2.0 2.7 Core Operating Profit 2.3 2.8 0.5 0.6 Core Operating Profit Ratio 7.0％ 8.1% +1.0P Others Revenue 4.4 3.7 -0.7 0.2 Core Operating Profit 0.3 0 -0.3 0.1 Core Operating Profit Ratio 6.5％ 0.5％ -6.1P (billions of yen) 5
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FY2027.3 1Q Performance (three months) FY2027.3 Full Year Outlook First Quarter Progress 1Q Progress Upright Piano B series Musical Instruments: The new product effect is significant for pianos and digital musical instruments. Audio Equipment: The new product effect is also significant for professional audio equipment 1Q New Products AV Receiver RX300A New Product Effect Released in January 2026 Released in June 2026 Portable Keyboard Electone ELS-03 series PSR-SX720+YDP-166/146 Released in February 2026 Released in June 2026 Released in April 2026 Digital Piano Made in India March 2026 Piano Digital Musical Instruments PSR-E483 16% 1Q Sales Ratio of New Products Upright Pianos 17% 1Q Sales Ratio of New Products Digital Musical Instruments By product category, more than 80% of Electone models and more than 30% of portable keyboards are new products 9% 1Q Sales Ratio of New Products AV Receivers Consumer Use PA Speaker DXR mk3/CXR mk3/ DXS mk3/CXS mk3 series Released in June 2026 16% 1Q Sales Ratio of New Products PA Speakers Professional Use Musical Instruments: Plan to launch 31 new models Audio Equipment: High expectations for new mixer models Sales progressed as planned (+12% year-on-year, +2.9% excluding forex) New product launches proceeded as planned. The effects of price optimization have materialized and will accelerate further starting in July. 1Q sales of major new products: over ¥6 billion* *Limited to major products, primarily the models shown below 1Q Performance 2Q and Beyond January 2026 Indian exclusive model PSR-I610/I510 Audio Equipment Audio Equipment 6
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FY2027.3 1Q Performance (three months) FY2027.3 Full Year Outlook FY2027.3 Outlook FY2026.3 FY2027.3 (projections) Change (YoY) Revenue 465.3 490.0 24.7 +5.3% Core Operating Profit (Core Operating Profit Ratio) 31.9 (6.9%) 38.0 (7.8%) 6.1 +19.2% Net Profit 23.7 31.0 7.3 +30.7% US$ 150 155 Revenue JPY 910 million Profit JPY 110 million EUR 173 180 Revenue JPY 660 million Profit JPY 410 million *1 +3.1% (Excluding the impact of exchange rate) （billions of yen） *2 *2 Exchange Rate (yen) *1 Net profit is presented as net profit attributable to owners of parent on the consolidated financial statements. Currency Sensitivity per JPY1 7
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FY2027.3 1Q Performance (three months) FY2027.3 Full Year Outlook Outlook by Business Segment FY2026.3 FY2027.3 (projections) Change Exchange rate impact Musical Instruments Revenue 304.9 322.0 17.1 7.1 Core Operating Profit 21.2 24.0 2.8 1.7 Core Operating Profit Ratio 7.0％ 7.5% +0.5P Audio Equipment Revenue 142.4 150.0 7.6 2.7 Core Operating Profit 10.8 13.0 2.2 1.1 Core Operating Profit Ratio 7.6% 8.7％ +1.1P Others Revenue 18.0 18.0 0 0.2 Core Operating Profit -0.1 1.0 1.1 -0.1 Core Operating Profit Ratio -0.6％ 5.6% +6.2P (billions of yen) 8
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2. Segment Overview & Updates
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Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Three Months: Revenue increased in all product categories - Piano sales increased as markets outside China recovered. Digital musical instrument sales posted double-digit growth with revenue increases across all regions, driven by new products. Wind, string, and percussion instrument sales increased as demand remained strong and guitar sales increased, with double-digit growth continuing in North America, Europe, and other regions. Full Year Projections: Revenue growth is expected across all products and regions - Piano sales are expected to increase with the launch of a new upright series; digital musical instruments sales are expected to maintain our leading market share; demand for wind, string and percussion instrument is expected to remain strong; and further sales growth is expected for guitars. 66.5 304.9 77.7 322.0 0 50 100 150 200 250 300 350 FY2026.3 1Q FY2026.3 Full year FY2027.3 1Q FY2027.3 Full year (projections) Revenue (107%) (103%) 2.1 21.2 6.5 24.0 0 10 20 30 FY2026.3 1Q FY2026.3 Full year FY2027.3 1Q FY2027.3 Full year (projections) Core Operating Profit [7.0%][3.1%] [7.5%][8.3%] (billions of yen) Red figures show actual YoY changes discounting impact of exchange rates Figures in [ ] indicate core operating profit ratio (billions of yen) (Comments are on local currency basis) 10
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Musical Instruments Audio Equipment Others Revenue by Major Product Category 1Q 2Q 3Q 4Q 11.5 8.6 10.0 22.0 20.6 26.8 18.3 17.8 20.0 10.0 10.2 11.7 10.4 9.7 24.8 25.4 17.6 18.1 11.2 11.4 11.4 11.0 31.1 31.9 15.3 16.7 12.5 13.9 9.3 10.7 23.0 27.5 18.5 19.7 10.4 13.8 42.6 40.0 42.2 100.9 105.4 113.4 69.7 72.4 75.1 44.2 49.3 52.9 FY2025.3 FY2026.3 FY2027.3 (projections) FY2025.3 FY2026.3 FY2027.3 (projections) FY2025.3 FY2026.3 FY2027.3 (projections) FY2025.3 FY2026.3 FY2027.3 (projections) (111%) (93%) (103%) (103%) (79%) (99%) (102%) (108%) (93%) (103%) (103%) (103%) (94%) (99%) (106%) (109%) (107%) (112%) (102%) (126%) (104%) (103%) (105%) (101%) (104%) (118%) (103%) (104%) Pianos Digital Musical Instruments Winds, Strings /Percussion Guitars (billions of yen) Red figures show actual YoY changes discounting impact of exchange rates 11
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Musical Instruments Audio Equipment Others 15.6 15.9 16.5 18.4 16.5 19.8 13.5 12.9 15.9 10.0 7.9 9.0 13.9 13.3 16.6 14.5 14.0 19.1 19.4 16.7 16.9 8.8 8.3 14.8 15.3 14.1 13.4 20.4 21.1 20.7 22.4 8.9 9.2 15.7 16.8 14.9 15.4 24.5 27.6 11.0 15.9 6.5 7.3 14.2 15.5 59.0 58.8 61.4 82.4 84.6 88.1 61.9 68.0 73.1 34.2 32.7 35.5 58.6 60.8 63.9 FY2025.3 FY2026.3 FY2027.3 (projections) FY2025.3 FY2026.3 FY2027.3 (projections) FY2025.3 FY2026.3 FY2027.3 (projections) FY2025.3 FY2026.3 FY2027.3 (projections) FY2025.3 FY2026.3 FY2027.3 (projections) Revenue by Region 1Q 2Q 3Q 4Q (100%) (104%) (103%) (95%) (105%) (102%) (97%) (98%) (84%) (105%) (97%) (104%) (97%) (96%) (105%) (96%) (103%) (100%) (101%) (106%) (103%) (110%) (125%) (102%) (103%) (104%) (102%) (104%) (105%) (102%) (103%) (109%) (108%) (98%) (112%) North America Europe China Other RegionsJapan Red figures show actual YoY changes discounting impact of exchange rates * Software products and music schools included (billions of yen) 12
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Musical Instruments Audio Equipment Others Three Months: Revenue declined due to weakness in consumer and professional use audio equipment - Revenue for consumer use declined due to sluggish home audio sales. - Revenue for professional use declined despite increased speaker sales, due to weakness in Europe and China. - Revenue for mobility use posted double-digit growth, as growth in regions other than China offset the decline in China. Full Year Projections: Revenue is expected to increase and return to a growth trajectory Segment Revenue and Core Operating Profit 33.0 142.4 35.0 150.0 0 25 50 75 100 125 150 FY2026.3 1Q FY2026.3 Full year FY2027.3 1Q FY2027.3 Full year (projections) Revenue (98%) (103%) 2.3 10.8 2.8 13.0 0 5 10 15 FY2026.3 1Q FY2026.3 Full year FY2027.3 1Q FY2027.3 Full year (projections) Core Operating Profit [7.6%][7.0%] [8.7%][8.1%] (billions of yen) Red figures show actual YoY changes discounting impact of exchange rates Figures in [ ] indicate core operating profit ratio (billions of yen) (Comments are on local currency basis) 13
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Musical Instruments Audio Equipment Others Revenue by Major Product Category 10.4 9.3 9.7 19.5 17.5 18.1 4.9 4.2 5.1 11.9 10.4 17.7 16.7 5.5 4.3 13.3 12.8 17.5 16.9 3.8 4.6 9.3 11.5 17.4 18.6 4.5 3.4 44.9 44.0 46.9 72.1 69.7 75.7 18.8 16.5 17.2 FY2025.3 FY2026.3 FY2027.3 (projections) FY2025.3 FY2026.3 FY2027.3 (projections) FY2025.3 FY2026.3 FY2027.3 (projections) 1Q 2Q 3Q 4Q (104%) (106%) (96%) (94%) (87%) (93%) (116%) (96%) (94%) (94%) (93%) (101%) (89%) (90%) (80%) (119%) (75%) (104%) (94%) (95%) (114%) Consumer Use Professional Use Mobility Use (billions of yen) Red figures show actual YoY changes discounting impact of exchange rates 14
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Musical Instruments Audio Equipment Others Revenue by Region 7.1 10.3 10.7 7.6 7.0 7.9 10.8 7.2 7.4 4.9 2.5 2.1 6.2 6.0 6.9 9.3 11.6 9.0 7.3 8.6 6.7 4.6 2.4 6.7 6.7 10.6 10.8 9.0 8.1 8.4 8.6 2.7 2.5 7.2 7.0 12.4 12.8 7.2 9.2 6.3 7.9 2.6 1.7 6.5 6.2 39.4 45.6 44.3 32.8 31.7 35.0 34.1 30.4 33.0 14.8 9.0 9.0 26.6 25.8 28.6 FY2025.3FY2026.3FY2027.3 (projections) FY2025.3FY2026.3FY2027.3 (projections) FY2025.3FY2026.3FY2027.3 (projections) FY2025.3FY2026.3FY2027.3 (projections) FY2025.3FY2026.3FY2027.3 (projections) (92%) (74%) 1Q 2Q 3Q 4Q (125%) (83%) (61%) (98%) (145%) (99%) (69%) (55%) (106%) (125%) (81%) (101%) (54%) (102%) (88%) (97%) (89%) (116%) (104%) (97%) (109%) (59%) (89%) (106%) (97%) (108%) (97%) (108%) (102%) (102%) (91%) (103%) (73%) North America Europe China Other RegionsJapan Red figures show actual YoY changes discounting impact of exchange rates (billions of yen) 15
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Musical Instruments Audio Equipment Others Segment Revenue and Core Operating Profit Three Months - Sales of automobile interior wood components and factory automation (FA) equipment decreased. Full Year Projections - Revenue is expected to decline due to the discontinuation of golf products business, despite growth in FA equipment. 4.4 18.0 3.7 18.0 0 10 20 FY2026.3 1Q FY2026.3 Full year FY2027.3 1Q FY2027.3 Full year (projections) Revenue (81%) (99%) 0.3 -0.１ 0.0 1.0 -0.5 1.5 FY2026.3 1Q FY2026.3 Full year FY2027.3 1Q FY2027.3 Full year (projections) Core Operating Profit [-0.6%][6.5%] [5.6%][0.5%] (billions of yen) (billions of yen) Red figures show actual YoY changes discounting impact of exchange rates Figures in [ ] indicate core operating profit ratio (Comments are on local currency basis) 16
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3. Other Financial Figures
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Performance Summary Segment Overview Other Financial Figures Topics Balance Sheet Summary As of March 31, 2026 109.0 87.7 4.2 152.3 11.8 252.6 617.6 98.0 39.8 479.7 617.6 Cash and cash equivalents Trade and other receivables Other financial assets Inventories Other current assets Non-current assets Total Assets Current liabilities Non-current liabilities Total equity Total liabilities and equity Change 12.0 -8.8 1.8 8.8 0 7.7 21.4 4.8 1.7 14.8 21.4 As of June 30, 2026 120.9 78.9 6.0 161.0 11.8 260.3 638.9 102.8 41.6 494.5 638.9 As of March 31, 2027 (projections) 144.6 89.9 4.3 146.0 3.8 258.0 646.5 102.6 41.2 502.7 646.5 (billions of yen) 18
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Performance Summary Segment Overview Other Financial Figures Topics <Evaluation of the current situations and policies for improvement> ROE is expected to remain below the cost of shareholders’ equity at 6.3%. We will continue to improve earnings and steadily return profits to shareholders with the aim of achieving ROE that exceeds the cost of shareholders’ equity. ROE, ROIC and Shareholder Returns Shareholder returns Cross-holdings 9.2％ 8.8% 6.1% 2.8% 5.1% 6.3% 10% FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 FY2027.3 (projections) FY2028.3 (mid-term plan) 7.3% 7.8% 5.5% 4.4% 4.5% 5.3% 10% FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 FY2027.3 (projections) FY2028.3 (mid-term plan) Make Waves 2.0 Make Waves 2.0 ¥22.0 ¥22.0 ¥24.7 ¥25.3 ¥26 ¥26 30.7% 29.6% 42.1% 91.9% 49.3% 36.9% 0 10 20 30 40 50 60 70 80 90 100 0 30 FY2022.3 FY2023.3 FY2024.3 FY2025.3 FY2026.3 FY2027.3 (projections) FY2028.3 Annual Dividend Share Payout Ratio 72,799 94,446 45,650 41,142 45,328 15.9% 18.5% 10.1% 8.6% 9.2% 0% 10% 20% 30% 0 50,000 100,000 150,000 FY2023.3 FY2024.3 FY2025.3 FY2026.3 FY2026.6 Book value of shareholdings Ratio to total equity ROE ROIC Make Waves 2.0 Make Waves 2.0 Rebuild & Evolve Number of companies held** 8 7 6 6 6 Rebuild & Evolve Total Payout Ratio 135.1% Target 50% or more Rebuild & Evolve Rebuild & Evolve FY2027.3 forecast 6.3% (Cost of shareholders’ equity* 6.7%) FY2027.3 forecast 5.3% (WACC 6.5%) *Yamaha carried out a three-for-one stock split with an effective date of October 1, 2024. The above graph shows the dividend per share reflecting the split. ROIC = Core operating profit after income taxes / (Equity attributable to owners of parent + Interest-bearing debt)* calculated with CAPM (Capital Asset Pricing Model) Share Buyback ¥15 billion ¥15 billion¥28 billion ¥44 billion ¥15 billion （millions of yen） 19
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Performance Summary Segment Overview Other Financial Figures Topics Cash Allocation and Strategic Investments Three-Year Mid-Term Management Plan Three-Year Mid-Term Management Plan Cash In Cash Out ¥42.1 billion ¥42.8 billion¥170 billion+ (3 years) ¥170 billion+ (3 years) First Year Results Net Income ¥120 billion ¥23.7 billion Net Income ¥14.1 billion Depreciation ¥50 billion Depreciation Sale of Cross- shareholdings ¥4.3 billion Sale of Cross- shareholdings Shareholder Returns ¥60 billion+ ¥26.8 billion Shareholder Returns Strategic Investment ¥60 billion+ ¥4.6 billion Strategic Investment Regular Investment ¥50 billion ¥11.4 billion Regular Investment Debt Capacity KPIs for Financial Soundness - Net Debt-to-Equity Ratio - Equity Ratio - Net Interest-Bearing Debt/EBITDA - Maintain an “A” credit-rating Same level as depreciation Total return ratio of 50% or more (over 3 years) Measures for Proactive Strategic Investment - Establish a governance framework - Centralize management of the project list - Set investment guidelines - Establish investment evaluation criteria - Cultivate markets in India/ASEAN - Accelerate growth in audio equipment business - Expand business domain for audio equipment and new business development - Venture capital that enables challenges to shape the future - ESG investment including sustainability and human capital 20
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Performance Summary Segment Overview Other Financial Figures Topics Capital Expenditure/Depreciation and R&D Expenses 2.9 3.1 3.4 4.0 0.3 0.3 6.6 7.4 FY2026.3 1Q FY2027.3 1Q 1.7 1.3 0.7 0.6 0.1 0.2 2.5 2.1 3.4 3.7 FY2026.3 1Q FY2027.3 1Q 9.2 10.5 4.2 4.5 1.0 1.0 14.4 16.0 14.1 15.5 FY2026.3 Full year FY2027.3 Full year (projections) 12.0 12.5 14.5 15.5 1.2 1.0 27.7 29.0 FY2026.3 Full year FY2027.3 Full year (billions of yen)Capital Expenditure/Depreciation R&D Expenses ■Others ■Audio Equipment ■Musical Instruments ■Depreciation ■Others ■Audio Equipment ■Musical Instruments (projections) 21
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4. Topics
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Performance Summary Segment Overview Other Financial Figures Topics Developed Music:AI for Lighting, which uses light to enhance the onboard experience Challenges to create new value https://www.yamaha.com/ja/news_release/2026/26042402/ Launched a pilot program using recorders in music education in public elementary schools in India https://www.yamaha.com/ja/news_release/2026/26070901/ Teacher training Launched Smartphone Receiver, a cloud-free local audio and subtitle system https://www.yamaha.com/ja/news_release/2026/26060401/ Yamaha’s Sound xR Core integrated into the video game Granblue Fantasy: Relink - Endless Ragnarok https://www.yamaha.com/en/news_release/2026/26070901/ Audio Equipment for Mobility Use New Business Development Audio Equipment for Professional Use Introduce new value through our proprietary technology Upcoming new products (2Q onwards) 1Q new product launches and price optimization progressed as planned. Mixers MGP32X A MGP24X A Wireless LAN Access Point WLX232 C2X espressivo Grand Piano HiFi Speaker NX70A Yamaha Music Innovations and the International Society for Music Education Begin Strategic Collaboration https://www.yamaha.com/en/news_release/2026/26073101/ Announced the joint hosted Global Student Creator Challenge with ISME, and international contest for student creators using the Yamaha Creator Pass, an integrated platform for creators Portable Keyboard PRIMARY-01 (in Japanese) (in Japanese) (Photo: by Ahmedabad Municipal Education Board) (in Japanese) New products that pursue intrinsic product value refined through technology and sensitivity Rebuilding a strong business foundation Evolving to create the future Setting sustainability as a source of value Expand music education initiatives in emerging countries Medium-Term Management Plan Key Themes 23
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Performance Summary Segment Overview Other Financial Figures Topics Corporate Governance ◆ ◆Chairperson◆ ◆◆◆Chairperson◆◆Chairperson ◆ ◆ New Independent Outside Director Kerrie Waring New management structure (committee chairs external directors) Directors Corporate management Governance, risk and compliance Finance and accounting IT and digital Manufacturing, technology, and R&D Marketing and sales Global Takuya Nakata - x x x x x Atsushi Yamaura - x x x x Hiromichi Shinohara Outside x x x x Naoko Yoshizawa Outside x x x x Naho Ebata Outside x x Shuji Ito Outside x x x x Saimon Nogami Outside x x X x Kerrie Waring (New) Outside x x x Expertise held by the Company’s Directors Director Atsushi Yamaura Director Takuya Nakata ◆Nominating Committee (4 members) ◆Compensation Committee (3 members) ◆Audit Committee (3 members) Independent Outside Director Naho Ebata Independent Outside Director Hiromichi Shinohara Independent Outside Director Naoko Yoshizawa Independent Outside Director Shuji Ito Independent Outside Director Saimon Nogami https://www.yamaha.com/en/about/officers/ 24
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Appendix
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1Q Other Income/ Expenses (three months) FY2027.3 Full Year Other Income/Expenses 1Q Other Income and Expenses FY2026.3 1Q FY2027.3 1Q Core Operating Profit 4.7 9.3 Other Income and Expenses Profit from (loss on) disposal of fixed assets -0 0 Others -0.1 4.5 Total -0.1 4.5 Operating Profit 4.6 13.8 Financial Income and Expenses Dividends income 0.2 0.2 Others -1.0 0.8 Total -0.8 1.0 Profit before Income Taxes 3.8 14.8 Income taxes -1.4 -4.1 Net profit attributable to non-controlling interests 0 0 Net Profit 2.4 10.7 （billions of yen ） * Net profit is presented as profit attributable to owners of the parent on the consolidated financial statements. * 26
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1Q Other Income/ Expenses (three months) FY2027.3 Full Year Other Income/Expenses Full Year Other Income and Expense FY2026.3 Full year FY2027.3 Full year ( projections) Core Operating Profit 31.9 38.0 Other Income and Expenses Profit from (loss on) disposal of fixed assets 0.7 -0 Others -3.3 4.5 Total -2.6 4.5 Operating Profit 29.3 42.5 Financial Income and Expenses Dividends income 1.6 1.9 Others 4.4 -0.9 Total 6.0 1.0 Profit before Income Taxes 35.3 43.5 Income taxes -11.5 -12.5 Net profit attributable to non-controlling interests -0.1 0.1 Net Profit 23.7 31.0 （billions of yen ） * Net profit is presented as profit attributable to owners of the parent on the consolidated financial statements. * 27
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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 projections depending on changes in the economic conditions surrounding our business, demand trends, and the value of key currencies, such as the U.S. dollar and the euro.